Fieldstone Community Development District
12051 Corporate Blvd., Orlando, FL 32817
Phone: 407-723-5900, Fax: 407-723-5901
www.fieldstonecdd.com

The meeting of the Board of Supervisors for the Fieldstone Community Development District will be held Wednesday, July 14, 2021 at 1:30 p.m. located at 8141 Lakewood Main Street, Bradenton, FL 34202. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 790 562 990 #
BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

General Business Matters
Consideration of the Minutes of the May 12, 2021 Board of Supervisors’ Meeting
Review and Consideration of Supplemental Assessment Methodology Reports Fieldstone Community Development District July 1, 2021 (Updated June 8, 2021)
Review and Consideration of Change Order No. 2, Under Specific Authorization No. 23
Review and Consideration of Change Order No. 4, North River Ranch Phases 1C & 1D West
Review and Consideration of Change Order No. 5, North River Ranch Phases 1C & 1D West
Review and Consideration of Change Order No. 13, Morgan’s Glen Phases 1, 2 & 3
Review and Consideration of Morgan’s Glen Phases 1B, IC, IIB Project Letter of Recommendation of Award
Discussion of Grau & Associates Fiscal Year 2020 Fee Increase
Review and Acceptance of Fiscal Year 2020 Audit Report
Ratification of Funding Requests 2021-46 – 2021-56
Ratification of Payment Authorizations # 27-35
Ratification of Requisitions Morgan’s Glen Project # 2019-93 – 2019-100
Review of District Financial Statements

Other Business
Staff Reports
District Counsel
District Engineer
District Manager
Audience Comments
Supervisors Requests

Adjournment

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Consideration of the Minutes of the May 12, 2021 Board of Supervisors’ Meeting

MINUTES OF MEETING

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING
Wednesday, May 12, 2021 at 1:30 p.m. 8141 Lakewood Main Street, Bradenton, FL 34202

Board Members present at roll call via speakerphone or in person:

Pete Williams Sandy Foster Priscilla Heim John Blakley Dale Weidemiller

Chairperson Vice Chairperson
Assistant Secretary Assistant Secretary Assistant Secretary

Also present at roll call via speakerphone or in person:

Vivian Carvalho Venessa Ripoll

Amanda Lane Kevin Plenzler

Ed Vogler Kim Ashton Rob Engle Jim Schier
John McKay Janice Snow John Leinaweaver
Tom Panaseny
Pam Curran Misty Taylor Sete Zare

District Manager-PFM Group Consulting LLC
Assistant District Manager- PFM Group Consulting LLC
(via phone)		
PFM Group Consulting, LLC	(via phone)	
PFM Financial Advisors, LLC	(via phone)	
District Counsel- Vogler Ashton	(via phone)	
Vogler Ashton	(via phone)	
District Engineer- Stantec	(via phone)	
Neal Communities		
Neal Communities		
Neal Communities		
Neal Communities	(via phone)	
Neal Communities	(via phone)	
Neal Communities	(via phone)	
Bond Counsel-Bryant Miller Olive		
MBS Capital Markets, LLC	(via phone)	

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

Ms. Carvalho called the meeting to order at 2:05 p.m. and proceeded with roll call. The Board Members and Staff in attendance are outlined above.

Public Comment Period

There were no members of the public present.

SECOND ORDER OF BUSINESS	General Business Matters

Consideration of the Minutes of the April 14, 2021 Board of Supervisors’ Meeting

The Board reviewed the Minutes of the April 14, 2021 Board of Supervisors’ Meeting.

On MOTION by Mr. Williams, seconded by Ms. Foster, with all in favor, the Board approved the Minutes of the April 14, 2021 Board of Supervisors’ Meeting.

Consideration of Resolution 2021- 09, Approving a Preliminary Budget for Fiscal Year 2022 and Setting a Public Hearing Date
Ms. Carvalho suggested August 11, 2021 as the public hearing date at this location at 1:30PM. This District still has to go through the process of proposing a budget with the anticipation that most likely the North River Ranch Improvement Stewardship District merger will occur over the summer prior to the beginning of the new fiscal year. There will be notice sent to all the owners about the merger as it relates to Fieldstone CDD and this District assessment have gone on the tax roll.

Ms. Carvalho noted that Ms. Snow previously mentioned there is potential for not sufficient streetlighting. Ms. Snow stated there are also not enough funds for the Activities Director. Ms. Snow stated she needs another 24-48 hours to finalize that line item as she just received the redlined version back on the WTS agreement. There is currently $20,000.00 budgeted but it will be closer to $80,000.00 but it will not exceed $100,000.00. A discussion took place to go with the higher number of $10,000.00.

Mr. Panaseny recommended adjustments on the Field expenses. He recommended
$50,000.00 for Lake Maintenance. He recommended $250,000.00 for Landscape Maintenance.	He	recommended	$50,000.00	for	Streetlights.	He	recommended
$15,000.00 for Maintenance Staff

Ms. Lane calculated the increases for a Total Fiscal Year 2022 Preliminary Budget of
$1,043,826.50.

Ms. Carvalho explained between now and the June meeting the Budget can be revised down before they notice to the owners and it cannot increase after today. All the owners will have an assessment notice with a revision that the District is in the process of merging so the tax bill might be under Fieldstone CDD or the North River Ranch Improvement Stewardship District. There were no other changes to the budget. Ms. Carvalho requested

a motion to approve Resolution 2021-09 setting August 11, 2021 as the Public Hearing date at this location at 1:30PM and approving a Net Revenue Budget of $1,043,826.50.

A discussion took place about the meeting location and possible call in option. Ms. Vogler stated the call in option is ok but District staff should monitor for any criticism on that decision and be flexible about changing it in the future. Ms. Carvalho noted the District can put a provision in the agenda for the upcoming meetings that space is limited. A discussion ensued. Ms. Carvalho will look into a meeting location at Gateway Publix on Moccasin Wallow Rd.

Ms. Lane stated there was one other additional change regarding the Budget. Fieldstone is issuing new Bonds so the Dissemination Agent Fee should go up to $15,000.00 rather than staying at $10,000.00 which would increase the Total Budget to $1,048,826.50.

On MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board approved Resolution 2021-09, Approving a Preliminary Budget for Fiscal Year 2022 in the amount of $1,048,826.50 and Setting August 11, 2021 as the Public Hearing Date at this location at 1:30PM.

Review and Consideration of Supplemental Assessment Methodology Report

Mr. Plenzler reviewed the Supplemental Assessment Methodology Report. This document is in similar form to what the Board reviewed in its prior meeting and it was adjusted for final pricing. The only table with significant change is Table 4. The Par amount stayed the same but there was a slight reduction in annual assessments associated with a slightly lower interest rate than initially bonded. It takes the net assessments to between $658.00 and $779.00 annually. There were no other significant changes to the document. Ms. Carvalho requested a motion to approve the Supplemental Assessment Methodology Report as presented.

On MOTION by Mr. Williams, seconded by Mr. Blakley, with all in favor, the Board approved the Supplemental Assessment Methodology Report.

Consideration of Resolution 2021- 10, Special Assessment Bonds for Series 2021B

Ms. Ashton explained Resolution 2021-10 supplements Resolution 2019-07 by taking the final Bond pricing numbers for the Series 2021B Bonds applies them to an updated

assessment methodology that the Board just approved dated May 6, 2021 and confirms the final assessments associated with the Series 2021B Bonds for the lands within Phase 1C and 1D West. This confirmation was authorized by the CDD’s prior Resolution 2019- 07 noting that, that Resolution would be updated and supplemented with each Bond closing for final bond price numbers and final assessment numbers.

On MOTION by Mr. Williams, seconded by Ms. Heim, with all in favor, the Board approved Resolution 2021-10, Special Assessment Bonds for Series 2021B Bonds.

Update of WTS Agreement with the District for Onsite Management Services

Ms. Carvalho asked Ms. Snow to provide an update of the conference call they had between the Stewardship District Counsel, Mr. Vogler Fieldstone CDD Counsel and the Counsel representing WTS. Ms. Snow stated she just received the redlined version from WTS before the meeting started. She forwarded to Mr. Vogler and Mr. Johnson. Ms. Snow will follow up with Mr. Johnson outside the meeting and obtain confirmation that he and Mr. Vogler are in agreement with all the changes so the WTS Agreement can be fully executed by Mr. Williams.

Ms. Carvalho questioned will the WTS Agreement be in place with staff onsite by June 1, 2021. Ms. Snow stated that most likely that is too soon and more realistic timeframe be by June 30, 2021. No action was required by the Board.

Letter from Supervisor of Elections - Manatee County

Ms. Carvalho explained the District is required to state on the record the number of registered voters living within the District boundaries. As of April 15, 2021, there are 61 registered voters within the District.

On MOTION by Mr. Williams, seconded by Mr. Blakley, with all in favor, the Board accepted the Letter from the Supervisor of Elections – Manatee County.

Ratification if PRECO Agreement, Morgans Glen 3A

The Board reviewed the PRECO Agreement, Morgans Glen 3A.

On MOTION by Mr. Williams, seconded by Ms. Foster, with all in favor, the Board ratified the PRECO Agreement, Morgans Glen 3A.

Review and Consideration of Change Order No. 12, Woodruff & Sons, Inc.

Mr. Engle presented Change Order No. 12 to the Woodruff & Sons Contract in the increased amount of $104,390.58.

These are extras for the month which include hydroseeding, additional mail kiosks, trails/ walks outside the project area, construction items which were field changes, and change off road base material. The road base was bid as soil cement base and the team decided to change to crushed concrete base. A discussion took place.

On MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board approved Change Order No. 12 to the Woodruff & Sons Contract in the increased amount of $104,390.58.

Ratification of Funding Requests 2021- 28 – 2021-45

The Board reviewed Funding Requests 2021-28 – 2021-45.

On MOTION by Mr. Williams, seconded by Mr. Blakley, with all in favor, the Board ratified Funding Requests 2021-28 – 2021-45.

Ratification of Payment Authorizations # 22-26

The Board reviewed Payment Authorizations # 22-26.

On MOTION by Mr. Williams, seconded by Mr. Blakley, with all in favor, the Board ratified Payment Authorizations # 22-26.

Ratification of Requisitions Morgan’s Glen Project #2019-84 – 2019-92

The Board reviewed Requisitions Morgan’s Glen Project #2019-84 – 2019-92

On MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board ratified Requisitions Morgan’s Glen Project #2019-84 – 2019-92.

Review of District Financial Statements

The Board reviewed the District Financial Statements through April 30, 2021.

On MOTION by Mr. Weidemiller, seconded by Mr. Williams, with all in favor, the Board accepted the District Financial Statements.

THIRD ORDER OF BUSINESS	Staff Reports District Counsel –	No Report
District Engineer –	No Report

District Manager –	Ms. Carvalho noted the next Board of Supervisors’ Meeting is scheduled for June 9, 2021.

Audience	Comments	and Supervisor Requests

There were no audience comments or Supervisor requests.

FOURTH ORDER OF BUSINESS	Adjournment

There were no other questions or comments. Ms. Carvalho requested a motion to adjourn the meeting.

On MOTION by Mr. Blakley, seconded by Ms. Foster, with all in favor, the May 12, 2021 Meeting of the Board of Supervisors’ for the Fieldstone Community Development District was adjourned at 2:30 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review and Consideration of Supplemental Assessment Methodology Reports Fieldstone Community Development District July 1, 2021
(Updated June 8, 2021)

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

July 1, 2019 (Updated June 8, 2021) Prepared for
Board of Supervisors
Fieldstone Community Development District Prepared by
PFM Financial Advisors, LLC 12051 Corporate Boulevard
Orlando, Florida 32817
407-723-5900

`

Supplemental Assessment Methodology Report Fieldstone Community Development District

1.0	Background

The Fieldstone Community Development District (“District”) adopted its Master Assessment Methodology on January 11, 2017 pursuant to Resolution 2017-04. On April 12, 2017 the District Court validated $75,000,000 in Capital Improvement Revenue Bonds that the District plans to issue in phases to fund it capital improvement plan (“CIP”). The District’s Engineer issued a Supplemental Engineer’s Report for Phase 1 and Morgan’s Glen Infrastructure Improvements dated April 12, 2019. The District then adopted its supplemental assessment methodology dated April 16, 2019.

Subsequently, the District Engineer has amended and restated the supplement and published the updated report dated June 12, 2019. The District then adopted its supplemental assessment methodology report dated June 21, 2019. The supplement described the District’s plan to issue its Series 2019 A-1 and 2019 A-
2 Bonds to fund a portion of the capital improvements for Phase 1 of the development. The District has successfully sold the Series 2019 A-1 and A-2 Bonds. This supplemental assessment report describes the planned bond issue and applies the adopted assessment methodology to the proposed financing.

2.0	Revised Master Plan of Improvement

The land development plan for the District has not changed since the April supplemental report according to the Master Developer (Parrish Holdings, LLC). For convenience Table 1 summarizes the development plan which includes 1,279 residential units of various sizes, 40,000 square feet of retail/commercial space, and 20,000 square feet of office space. Figure 1 shows the District and the improvements.

Figure 1. Fieldstone and Improvements Contemplated

Table 1. Updated Development Plan for the District

Area/Phase	Lot Width Category	Units	
1A	40'	119	
1A	50'	81	
1B	40'	77	
1B	50'	58	
1C	40'	100	
1C	50'	75	
1D (West)	60'	56	
1D (East)	60'	54	
2	TBD	279	
Morgan's Glen	45'	60	
Morgan's Glen	50'	168	
Morgan's Glen

Total Residential	TH	152
=======
1,279	
Retail/Commercial		40,000	
Office

Total Non-residential		20,000
======= 60,000	
	Source: Master Developer		

The District Engineer’s capital improvement plan (“CIP”) for Phase 1 estimates the total for Phase 1 is $20,614,986. The District will fund $12,467,492 from the proceeds of the Series 2019 Bonds and either the Landowner, NP Land Partners (an affiliate of the Landowner), or Neal Land Development, LLC (the Developer) or future bond issuances will fund the balance of the Phase 1 CIP costs per Table 2.

Table 2. Summary of Capital Improvement Plan for Phase 1

Category

Master Infrastructure (1)	District

$941,222	Future Phase/Developer
$0	Total Phase 1 Cost

$941,222	
Amenity Center Phase 1 Entry Phase 1A	$3,082,408
$5,738,806
$472,401	$0
$0
$1,422,849	3,082,408
5,738,806
1,895,250	
Phase 1B	$1,152,657	$3,471,743	4,624,400	
Phase 1C	$457,882	$1,379,118	1,837,000	
Phase 1D West	$151,183	$455,357	606,540	
Phase 1D East	$470,933	$1,418,427	1,889,360	
	============	============	============	
TOTAL	$12,467,492	$8,147,494	$20,614,986	

Source: District Engineer (June 12, 2019), “Supplemental Engineer’s Report for Phase 1 and Morgan’s Glen Infrastructure Improvements" and District Financial Advisor

Initially, the Series 2019A Assessments securing the Series 2019A Bonds will be levied on an equal per acre basis on the Fieldstone Phase 1 lands planned to include 620 residential units (the “Series 2019A Assessment Area”). The Series 2019A Assessments levied in connection with the Series 2019A will then be allocated to a per unit amount upon the sale of property within the Series 2019A Assessment Area with specific entitlements transferred thereto or platting.

3.0	Financing Plan

The District plans to finance the cost of the Phase 1 CIP by issuing its Series 2019 Bonds as shown in Table 3. The bonds were sold by the District’s Underwriter, MBS Capital Markets, LLC totaling $13,265,000. The proceeds of the bonds will fund the District’s portion of the CIP for Phase 1 as outlined in Table 2.

Table 3. Series 2019 Bond Fieldstone Community Development District

Category	Series 2019 A-1	Series 2019 A-2	Total	
Construction Fund	$9,231,694	$3,235,798	$12,467,492	
Debt Service Reserve	$166,058	$0	$166,058	
Capitalized Interest	160,149	$0	$160,149	
Cost of Issuance	$153,898	$52,102	$206,000	
Underwriter's Discount	$198,200	$67,100	$265,300	
Rounding	$0	$0	$0	
	============	============	============	
Total	$9,910,000	$3,355,000	$13,265,000	

Source: MBS Capital Markets, LLC

Allocating the Costs CIP as Financed to Properties Receiving Special Benefits Based on the Master Methodology

Overview

As noted above, the District has adopted its Master Methodology to allocate the costs of the CIP (the “Assessments”), as financed, to properties (“Properties”) in the District that receive special benefits (as discussed below) from the installation of the District’s CIP. At the outset, the allocation is based on the projected land uses the Landowner plans for the Properties in the District as shown in Table 1.

However, until either: (a) parcels of land along with their development entitlements are sold or (b) plats are filed, the precise land uses are unknown. Therefore, the District initially will impose the Assessments on a per gross acre basis on the unsold and unplatted developable property in the District.

The numerical analysis provided below is illustrative of the assessment methodology. Since actual costs may vary from the estimates, the actual figures may change as information becomes available. However, the information provided here is the best available at this time. There is one important proviso. The debt per acre on the developable property that remains unplatted in the District is not allowed to increase above its Ceiling Amount. The Ceiling Amount is set whenever the District issues debt. It is calculated by dividing the unplatted developable acres in the District into the debt allocated to the unplatted developable land. In addition, this requirement will be tested at four intervals based upon the percentage of total acres that are developed. The intervals are when 25%, 50%, 75% and 90% of the gross acres are platted.

Application of the Methodology to the Series 2019 Bonds

As noted above, the District has adopted its Master Assessment Methodology. The methodology uses the equivalent residential unit (“ERU”) method. In the master report the standard unit is a single-family unit with a lot having front footage ranging from 41’ to 51’ which was allocated 1 ERU. Single-family homes on larger lots were assigned higher ERU counts. For example, single-family homes on lots with front footage ranging from 52’ to 61’ are assigned 1.2 ERU, and homes on larger lots are assigned 1.4 ERU per unit. Single-family homes on lots up to 40’ in frontage are assigned 0.8 ERU per unit. Townhomes are allocated 0.7 ERU per unit, and multifamily units were determined to be 0.5 ERU per unit.

Initially, the Series 2019A Assessments securing the Series 2019A Bonds will be levied on an equal per acre basis on the Fieldstone Phase 1 lands planned to include 620 residential units (the “Series 2019A Assessment Area”). The Series 2019A Assessments levied in connection with the Series 2019A will then be allocated to a per unit amount upon the sale of property within the Series 2019A Assessment Area with specific entitlements transferred thereto or platting.

Table 4 shows the assignment of ERUs to the land use plan anticipated for the Phase 1 development program1. There is a total of 582.8 ERUs based on the land plan for Phase 1.

Table 4. Analysis of ERUs for the Phase 1 Development Plan

Area/Phase	Lot Width Category	Units	ERU/Unit	ERUs	
1A	40'	119	0.8	95.20	
1A	50'	81	1	81.00	
1B	40'	77	0.8	61.60	
1B	50'	58	1	58.00	
1C	40'	100	0.8	80.00	
1C	50'	75	1	75.00	
1D (West)	60'	56	1.2	67.20	
1D (East)	60'	54	1.2	64.80	
		=======		=======	
Total		620		582.80	

All Properties benefit from master infrastructure and each is allocated a pro rata share of the master infrastructure depending upon their ERU assignment. Table 5 presents the calculations for allocating master infrastructure costs to the Phase 1 development plan.

Area/Phase	Master Costs	Amenity Costs	Entry Monument	Total	
1A	$153,748	$503,509	$937,430	$1,594,688	
1A	$130,815	$428,406	$797,603	$1,356,824	
1B	$99,484	$325,800	$606,572	$1,031,857	
1B	$93,670	$306,760	$571,123	$971,553	
1C	$129,200	$423,117	$787,756	$1,340,074	
1C	$121,125	$396,672	$738,522	$1,256,319	
1D (West)	$108,528	$355,418	$661,715	$1,125,662	
1D (East)	$104,652	$342,725	$638,083	$1,085,460	
	==========	==========	==========	==========	
Total	$941,222	$3,082,408	$5,738,806	$9,762,436	

Each neighborhood also benefits from the installation of local infrastructure that specifically benefits that neighborhood. Table 6 allocates this portion of the CIP to the neighborhoods on an ERU basis.

Table 6. Allocation of Neighborhood Improvement Costs

Area/Phase	Neighborhood Cost/ERU	Neighborhood Cost	
1A	$10,756	$1,023,971	
1A	$10,756	$871,236	
1B	$38,666	$2,381,826	
1B	$38,666	$2,242,628	
1C	$11,852	$948,160	
1C	$11,852	$888,900	
1D (West)	$9,026	$606,547	
1D (East)	$29,157	$1,889,374	
		============	
Total		$10,852,642	

In Table 7 the costs for master and neighborhood infrastructure are brought together. In addition, the costs are shown on a per unit basis as well.

Area/Phase	Total Cost/ERU	Total Cost/Unit	
1A	$27,507	$22,006	
1A	$27,507	$27,507	
1B	$55,416	$44,333	
1B	$55,416	$55,416	
1C	$28,603	$22,882	
1C	$28,603	$28,603	
1D (West)	$25,777	$30,932	
1D (East)	$45,908	$55,089	

As noted previously, the total cost of the Phase 1 CIP is $20,614,986. The allocations shown in Table 7 are based on this total cost.

However, also as discussed above, the District’s portion of the Phase 1 CIP is
$12,467,492. It is the District’s portion of the Phase 1 CIP that is funded from the Series 2019 Bonds. Table 8 displays the allocation of the Series 2019 Bonds to the benefitting properties to be developed in the Phase 1 land plan shown in Table 1.

Table 8. Allocation of the Series 2019 Bonds to the Benefitting Properties

Area/Phase	Series 2019 A-1	Series 2019 A-2	Total	
1A	$1,742,179	$0	$1,742,179	
1A	$1,377,506	$0	$1,377,506	
1B	$1,081,745	$1,060,000	$2,141,745	
1B	$919,140	$1,100,000	$2,019,140	
1C	$1,404,864	$0	$1,404,864	
1C	$1,188,543	$0	$1,188,543	
1D (West)	$1,117,976	$0	$1,117,976	
1D (East)	$1,078,048	$1,195,000	$2,273,048	
	=========	=========	=========	
Total Par Debt	$9,910,000	$3,355,000	$13,265,000	

Table 9 shows the allocation of the Series 2019 Bonds on a per unit basis.

Table 9. Allocation of the Series 2019 Bonds to the Benefitting Properties On a Per Unit Basis

Area/Phase	Series 2019 A-1	Series 2019 A-2	Total	
1A	$14,640	$0	$14,640	
1A	$17,006	$0	$17,006	
1B	$14,049	$13,766	$27,815	
1B	$15,847	$18,966	$34,813	
1C	$14,049	$0	$14,049	
1C	$15,847	$0	$15,847	
1D (West)	$19,964	$0	$19,964	
1D (East)	$19,964	$22,130	$42,093	

The rate on Series 2019-A1 Bonds will be 5.28% and the rate on the A-2 Bonds will be 5.35%. On this basis Table 10 presents the annual debt service amounts. The total gross debt service column includes allowance for the administrative costs of 7% related to collection costs and the discount for early payment of assessments.

Table 10. Estimated Annual Debt Service Costs

Area/Phase	Series 2019 A-1	Series 2019 A-2	Total Net Debt Service	Total Gross Debt Service	
1A	$990	$0	$990	$1,065	
1A	$1,150	$0	$1,150	$1,237	
1B	$950	$1,813	$2,763	$2,971	
1B	$1,072	$2,498	$3,570	$3,838	
1C	$950	$0	$950	$1,022	
1C	$1,072	$0	$1,072	$1,152	
1D (West)	$1,350	$0	$1,350	$1,452	
1D (East)	$1,350	$2,915	$4,265	$4,586	

True Up Mechanism

The true up mechanism provides a critical safeguard in the assessment process preventing a buildup of debt on undeveloped property. The mechanism has two parts: (1) establishment of the Ceiling Amount and (2) application of the test to assure the Ceiling is not exceeded.

The Ceiling Amount is established whenever the District issues debt by dividing:
the debt that is not allocated to platted properties by (b) the number of unplatted and developable acres. For example, if the District had $100 of debt that was not allocated to platted properties and 10 acres of unplatted and developable gross acres, the Ceiling Amount would be $10 per acre. Each time the District issues debt, the Ceiling Amount is reset according to the formula outlined previously. As noted in Table 3, the District envisions issuing $13,265,000 in Bonds to fund its portion of the Phase 1 CIP. In no event with the Ceiling Amount exceed its original level of $66,365.

The second part of the process is the application of the test to assure that a plat does not cause the debt on the remaining unplatted and developable acres to exceed the Ceiling Amount. The test is conducted at the platting thresholds of 25%, 50%, 75% and 90% based on gross acreage.

6.0	Tax Roll

The tax roll will be completed when the survey and plat for Phase 1 is provided to the District.

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review and Consideration of Change Order No. 2, Under Specific Authorization No. 23

May 11, 2021

215615408

Stantec Consulting Services Inc. 6900 Professional Parkway East Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

Via: E-Mail (carvalhov@pfm.com)

Fieldstone Community Development District c/o PFM Group Consulting, LLC
12051 Corporate Boulevard
Orlando, FL 32817

Attn:	Ms. Vivian Carvalho, District Manager

Reference:	Change Order No. 2 Under Specific Authorization No. 23 Morgan’s Glen Phase 3 – Design and Permitting Project

Dear Ms. Carvalho:
Due to ongoing project needs and changes proposed by the Client. Stantec is requesting approval to proceed with the following additional professional services as follows:
New Task 560 – Topographic Collection Phases IA, IIA and IIB
Stantec will gather topographic information for Phases IA, IIA and IIB on an approximate 50-foot grid, picking up the building pads and other areas where fill has been placed in order to determine a base elevation for the future construction. The topographic datum will be relative to the North American Vertical Datum (NAVD) of 1988. Topographic information will be processed and provided to the Client and Project Engineer in AutoCAD Format. We are requesting a fixed fee budget of $6,000 for this new task.

S.A. Contract to Date	$ 219,600	
Increase this Change Order
New Contract Sum	$	6,000
$ 225,600	
  Stantec Consulting Services Inc.		  Fieldstone Community Development District
  c/o PFM Group Consulting LLC		

  Sarasota, FL 34240	

By

    May 11, 2021	
Date

By

  6900 Professional Parkway East		12051 Corporate Blvd	

  Orlando, FL 32817	

By

Date

    May 11, 2021	
Date

05/11/2021 – JVEGA
V:\2156\active\215615408\admin\documents\proposal\pro_v-carvalho_pfm_sa-23_morgans-glen-3_co-2_nw-tsk-560_ph-1a-2a-2b_topo_rc_rae_20210511.docx

SCHEDULE OF FEES
Effective January 1, 2021

Staff Level	Rate	
Level 3	$ 101.00	
Level 4	$ 112.00	
Level 5	$ 127.00	
Level 6	$ 131.00	
Level 7	$ 138.00	
Level 8	$ 148.00	
Level 9	$ 153.00	
Level 10	$ 158.00	
Level 11	$ 172.00	
Level 12	$ 181.00	
Level 13	$ 190.00	
Level 14	$ 200.00	
Level 15	$ 212.00	
Level 16	$ 234.00	
Level 17	$ 241.00	
Level 18	$ 246.00	
Level 19	$ 256.00	
Level 20	$ 265.00	
Level 21	$ 282.00	
1 Person Field Crew	$ 95.00	
2 Person Field Crew	$ 135.00	
3 Person Field Crew	$ 155.00	
4 Person Field Crew	$ 175.00	

Unit billings, such as printing and survey materials, will be billed at standard rates. All other out-of- pocket expenses will be billed at cost +10%.

Z:\billing_level_rates\2021\Schedule of Fees-2021_table-20190924.docx

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review and Consideration of Change Order No. 4, North River Ranch Phases 1C & 1D West

Change Order
No.	4	_

Date of Issuance:      June 3, 2021	Effective Date:   June 9, 2021	

Project: North River Ranch Phase 1C & 1D West	Owner: Fieldstone Community Development District	Owner's Contract No.:	
Contract: $7,291,514.51	Date of Contract: 01/04/2021	
Contractor: Jon M Hall Company, LLC	Engineer's Project No.: 215613809	

The Contract Documents are modified as follows upon execution of this Change Order:

Description:

Time extension request due to redesign of MH-75 through MH-72 and weather impacts to critical path in Feb/Mar. Lake 3 Penetration; Weir W-2-1 Rip Rap Retrofit.
Attachments: (List documents supporting change):

John M Hall Company letter dated 6/1/2021. Jon M Hall RCO 006 and 007

		
 	CHANGE IN CONTRACT PRICE:		 	CHANGE IN CONTRACT TIMES:		
Original Contract Price:

$ 7,291,514.51		Original Contract Times:    Working days		 Calendar days Substantial completion (days or date):	150 Days (6/3/2021)	
Ready for final payment (days or date):	180 Days (7/3/2021)		
[Increase] [Decrease] from previously approved Change Orders No.	1	to No.	3	:

$(1,476,727.75)	[Increase] [Decrease] from previously approved Change Orders No.	1	to No.	3	:
Substantial completion (days):	26 Days (6/29/2021)
Ready for final payment (days): 26 Days (7/29/2021)		

Contract Price prior to this Change Order:

$ 5,814,786.76		

Contract Times prior to this Change Order: Substantial completion (days or date):  	
Ready for final payment (days or date):  		

176 Days (6/29/2021)
206 Days (7/29/2021)		

[Increase] [Decrease] of this Change Order:

$	18,545.68		
[Increase] [Decrease] of this Change Order:
Substantial completion (days or date):     15 Days (7/14/2021)	
Ready for final payment (days or date): 15 Days (8/13/2021)		

Contract Price incorporating this Change Order:

$ 5,833,332.44		
Contract Times with all approved Change Orders:
Substantial completion (days or date):	191 Days (7/23/2021)
Ready for final payment (days or date):	221 Days (8/22/2021)		

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By:  		By:  		By:  		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:   6/3/2021		Date:  		Date:  		
Approved by Funding Agency (if applicable):	 		Date:	

V:\2156\active\215613809\civil\construction_phase_documents\phase_1c_1d_west\change_orders\received\con_fieldstone_nrr-1c-1d-west_co-4_18545-68_15-day-time-ext_rdsgn-mh-72-75_wthr-feb-mar_earthwrk_weir_jon-m-hall-co_rae_20210603.docx

EJCDC No. C-941 (2002 Edition)	Page 1 of 1
Prepared by the Engineers' Joint Contract Documents Committee and endorsed by the Associated General Contractors of America and the Construction Specifications Institute.

To: Address:	Fieldstone Community Development District Sarasota	Contact:

Phone: Fax:	Robert A Engineer	Engel, PE, District	
Project Name:
Project Location:	North River Ranch Ph 1C 1D West - RCO 006 New Lake 3 Penetration
Moccasin Wallow Rd, Parrish, FL	Bid Number:
Bid Date:	20-752	

Item Description	Estimated Quantity Unit	Unit Price	Total Price

Phase 1D West Earthwork 03 EARTHWORK
Silt Fence
Silt Fence Double Row
Selective Clearing From Lake 3 To Moccasin W And RCP Install	

300.00 LF
250.00 LF
allow Rd. For Silt Fence	1.00 LS	

$1.20
$2.45
$5,303.18	

$360.00
$612.50
$5,303.18	
	Total Price for above 03 EARTHWORK Items:	$6,275.68	
	
Total Price for above Phase 1D West Earthwork Items:	
$6,275.68	

Phase 1D West

Total Bid Price:	$6,275.68

Phase 1D West Earthwork	$6,275.68
Total Price for above Phase 1D West Items:	$6,275.68

Notes:
1) RCP to terminate at ROW and be sealed with plywood.
Work to be installed per plan sheet sent to JMH on 4.19.2021
This work will be TV and inspected per Manatee County specifications to the ROW. Future testing and inspection for connection will be by others. Payment Terms:
Payment terms are net 30 days. Overdue amounts will collect interest at 18% APR. Customer agrees to pay any attorney fees associated with collecting unpaid amounts.

ACCEPTED:
The above prices, specifications and conditions are satisfactory and are hereby accepted.

Buyer: Signature:
Date of Acceptance:	CONFIRMED:
Jon M. Hall Company

Authorized Signature:

Estimator: James Justice
407-215-0410 jjustice@jonmhallcompany.com	

To: Address:	Fieldstone Community Development District Sarasota	Contact:

Phone: Fax:	Robert A Engel, PE, District Engineer	
Project Name:
Project Location:	North River Ranch Ph 1C 1D West - RCO 007 Box Culvert Rip Rap
Moccasin Wallow Rd, Parrish, FL	Bid Number:
Bid Date:	20-752	

Item Description	Estimated Quantity Unit	Unit Price	Total Price

08 STORM SEWER
Outfall Control Structures Weir W-2-1 Rip Rap Retrofit	
1.00 LS	$12,270.00
Total Price for above 08 STORM SEWER Items:	
$12,270.00
$12,270.00	
	
Total Price for above Items:	
$12,270.00	

Total Bid Price:	$12,270.00

Notes:
1 ) Rip Rap detail to be installed per Stantec's direction on 4/26/21. Payment Terms:
Payment terms are net 30 days. Overdue amounts will collect interest at 18% APR. Customer agrees to pay any attorney fees associated with collecting unpaid amounts.

ACCEPTED:
The above prices, specifications and conditions are satisfactory and are hereby accepted.

Buyer: Signature:
Date of Acceptance:	CONFIRMED:
Jon M. Hall Company

Authorized Signature:

Estimator: Andrew Kinnear
407-215-0410 akinnear@jonmhallcompany.com	

June 1st, 2021

Fieldstone Community Development District 5800 Lakewood Ranch Boulevard N Sarasota, FL 34240

Project:	North River Ranch – Phase 1C and 1D West
Located:	Section 17, Township 33 South, Range 19 East

To Whom it May Concern,

Jon M Hall would like to submit the following request for schedule compensation for the re- design of MH-75 and the corresponding downstream structures which was due to an invert issue with the existing structure. This invert issue was forwarded to the engineer on March 8th, 2021 and after re-design of MH-75 through MH-72, work re-commenced on March 25th, 2021. JMH would also like to request schedule compensation for weather impacts that affects sanitary installation (critical path) for the months of February 2021 and March 2021.

Delay Item	Total Days Requested
(Calendar)	
MH-75 through MH-72 Re-Design	9	
Weather	Impacts	to	Critical	Path
(February and March)	6	
Total Days Requested:	15	

AJ Gross
Project Manager
Jon M Hall Company

1400 Martin Luther King Jr. Blvd., Sanford, FL 32771 Phone: 407-215-0410 * Fax: 407-215-0411

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review and Consideration of Change Order No. 5, North River Ranch Phases 1C & 1D West

Change Order
No.	5	_

Date of Issuance:      July 7, 2021	Effective Date:   July 14, 2021	

Project: North River Ranch P West	hase 1C & 1D	Owner: Fieldstone Comm District	unity Development	Owner's Contract No.:	
Contract: $7,291,514.51	Date of Contract: 01/04/2021	
Contractor: Jon M Hall Compa	ny, LLC			Engineer's Project No.: 215613809	

The Contract Documents are modified as follows upon execution of this Change Order:

Description:

1C Crossing, 1D Sleeves, Berm Construction, Structure 5-11 Modifications, and Existing Structure 75 Repair/ Remove/ Install; Deduct for Seed and Mulch.
Attachments: (List documents supporting change):

John M Hall Company RCOs 008. 009. 010. 011, and 013 dated 6/28/2021 and 7/2/2021.

 	CHANGE IN CONTRACT PRICE:	   	CHANGE IN CONTRACT TIMES:	

Original Contract Price:

Original Contract Times:

 Working days	 Calendar days

$ 7,291,514.51	

Substantial completion (days or date):	150 Days (6/3/2021)	
Ready for final payment (days or date):	180 Days (7/3/2021)	

[Increase] [Decrease] from previously approved Change Orders No.	1	to No.	4	:

$(1,458,182.07)

[Increase] [Decrease] from previously approved Change Orders No.	1	to No.	4	:
Substantial completion (days):	41 Days (7/14/2021)
Ready for final payment (days): 41 Days (8/13/2021)	

Contract Price prior to this Change Order:

$ 5,833,332.44	

Contract Times prior to this Change Order:
Substantial completion (days or date):	191 Days (7/14/2021)
Ready for final payment (days or date):	221 Days (8/13/2021)	

[Increase] [Decrease] of this Change Order:

$	50,666.78	

[Increase] [Decrease] of this Change Order:
Substantial completion (days or date):  	 Ready for final payment (days or date):  	

Contract Price incorporating this Change Order:

$ 5,883,999.22	

Contract Times with all approved Change Orders:
Substantial completion (days or date):	191 Days (7/14/2021)
Ready for final payment (days or date):	221 Days (8/13/2021)	

RECOMMENDED:	
ACCEPTED:	
ACCEPTED:	
By:  		By:  	
re)		By:  	
ture)		
Engineer (Authorized Signatu		Owner (Authorized Signa		Contractor (Authorized Signature)	
Date:  		Date:  			Date:	 		

Approved by Funding Agency (if applicable):		Date:
V:\2156\active\215613809\civil\construction_phase_documents\phase_1c_1d_west\change_orders\received\con_fieldstone_nrr-1c-1d-west_co-5_50666-78_1c-crx_1d-slvs_berm_str-5-11-mod_str-75-p_ddct-sd-mlch_jon-m-hall-co_rae_v2_20210707.docx

EJCDC No. C-941 (2002 Edition)	Page 1 of 1
Prepared by the Engineers' Joint Contract Documents Committee and endorsed by the Associated General Contractors of America and the Construction Specifications Institute.

To: Address:	Fieldstone Community Development District Sarasota	Contact:

Phone: Fax:	Robert A Engel, PE, District Engineer	
Project Name:
Project Location:	North River Ranch Ph 1C 1D West - RCO 008 Crossings
Moccasin Wallow Rd, Parrish, FL	Bid Number:
Bid Date:	20-752	

Item Description	Estimated Quantity	Unit	Unit Price	Total Price	
PHASE 1C General					
01 MOBILIZATION & GENERAL CONDITIONS					
Staking And Layout For Crossing Phase 1C	1.00	LS	$2,419.73	$2,419.73	
2" Sleeves - Including Frontier, PRECO, Spectrum And Irrigation - Phase	6,820.00	LF	$5.39	$36,759.80	
1D West
DEDUCT 4" Sleeves	
-1,000.00	
LF	
$7.09	
($7,090.00)	
DEDUCT 6" Sleeves	-1,000.00	LF	$8.84	($8,840.00)	
Total Price for above 01 MOBILIZATION & GENERAL CONDITIONS Items:	$23,249.53

Total Price for above PHASE 1C General Items:	$23,249.53

Phase 1D West General
01 MOBILIZATION & GENERAL CONDITIONS		
Staking And Layout For Crossing Phase 1D West	1.00	LS	$1,209.87	$1,209.87	
2" Sleeves - Including Frontier, PRECO, Spectrum And Irrigation - Phase	2,520.00	LF	$5.39	$13,582.80	
1C
DEDUCT 4" Sleeves	
-1,000.00	
LF	
$7.09	
($7,090.00)	
DEDUCT 6" Sleeves	-1,000.00	LF	$8.84	($8,840.00)	
Total Price for above 01 MOBILIZATION & GENERAL CONDITIONS Items:	($1,137.33) Total Price for above Phase 1D West General Items:	($1,137.33)

Phase 1C
PHASE 1C General

Phase 1D West
Phase 1D West General

Total Bid Price:	$22,112.20

$23,249.53
Total Price for above Phase 1C Items:	$23,249.53

($1,137.33)
Total Price for above Phase 1D West Items:	($1,137.33)

Notes:
1) JMH to supply material for irrigation only. Material supplied will be SCH 40.
2) JMH will be installing crossings in accordance with draiwngs supplied on 5/7/2021.
3) All crossing material will be furninshed by others. JMH to furnish the 2in. (SCH 40) irrigation line material.
4) This work will require 19 calendar days be added to the contract. Payment Terms:
Payment terms are net 30 days. Overdue amounts will collect interest at 18% APR. Customer agrees to pay any attorney fees associated with collecting unpaid amounts.

ACCEPTED:	CONFIRMED:	
The above prices, specifications and conditions are satisfactory and are hereby accepted.	Jon M. Hall Company	
Buyer: Signature:
Date of Acceptance:	

Authorized Signature:

Estimator: James Justice
407-215-0410 jjustice@jonmhallcompany.com	

To: Address:	Fieldstone Community Development District Sarasota	Contact:

Phone: Fax:	Robert A Engel, PE, District Engineer	
Project Name:
Project Location:	North River Ranch Ph 1C 1D West - RCO 009 Berm Construction
Moccasin Wallow Rd, Parrish, FL	Bid Number:
Bid Date:	20-752	

Item Description	Estimated Quantity Unit	Unit Price	Total Price

03 EARTHWORK				
Re-Handle, Stockpile And Relocate Additional Unsuitable Material	13,000.00 CY	$2.59	$33,670.00	
Place & Shape Unsuitable Material For New Berms	8,550.00 CY	$2.67	$22,828.50	
Install Remaining Unsuitable Material In Lake 3 Bottom	4,450.00 CY	$2.67	$11,881.50	
	Total Price for above 03 EARTHWORK Items:	$68,380.00	
	
Total Price for above Items:	
$68,380.00	

Total Bid Price:	$68,380.00

Notes:
1) New berms installed per the design details supplied by Stantec on 6/1/2021. These details were only supplied as redlines to the contract documents. Grades and location will be roughed in and installed as required per these red line drawings.
Remaining unsuitable materail will be installed at Lake 3.
2) This work will require 8 calendar days be added to the contract. Payment Terms:
Payment terms are net 30 days. Overdue amounts will collect interest at 18% APR. Customer agrees to pay any attorney fees associated with collecting unpaid amounts.

ACCEPTED:
The above prices, specifications and conditions are satisfactory and are hereby accepted.

Buyer: Signature:
Date of Acceptance:	CONFIRMED:
Jon M. Hall Company

Authorized Signature:

Estimator: James Justice
407-215-0410 jjustice@jonmhallcompany.com	

To: Address:	Fieldstone Community Development District Sarasota	Contact:

Phone: Fax:	Robert A Engel, PE, District Engineer	
Project Name:
Project Location:	North River Ranch Ph 1C 1D West - RCO 010 Structure 5-11 Mods.
Moccasin Wallow Rd, Parrish, FL	Bid Number:
Bid Date:	20-752	

Item Description	Estimated Quantity Unit	Unit Price	Total Price

08 STORM SEWER
Structure 5-11 Modifications For Pipe Angle Valley Gutter Inlet	
1.00 EACH	$5,839.18
Total Price for above 08 STORM SEWER Items:	
$5,839.18
$5,839.18	
	
Total Price for above Items:	
$5,839.18	

Total Bid Price:	$5,839.18

Notes:
1) Contractor to complete this work as directed by Manatee County.
2) This work will require 3 calendar days be added to the contract. Payment Terms:
Payment terms are net 30 days. Overdue amounts will collect interest at 18% APR. Customer agrees to pay any attorney fees associated with collecting unpaid amounts.

ACCEPTED:
The above prices, specifications and conditions are satisfactory and are hereby accepted.

Buyer: Signature:
Date of Acceptance:	CONFIRMED:
Jon M. Hall Company

Authorized Signature:

Estimator: James Justice
407-215-0410 jjustice@jonmhallcompany.com	

To: Address:	Fieldstone Community Development District Sarasota	Contact:

Phone: Fax:	Robert A Engel, PE, District Engineer	
Project Name:
Project Location:	North River Ranch Ph 1C 1D West - RCO 011 Existing Str 75 Repair
Moccasin Wallow Rd, Parrish, FL	Bid Number:
Bid Date:	20-752	

Item Description	Estimated Quantity Unit	Unit Price	Total Price

08 STORM SEWER		
Excavate Existing Structure 75 And Remove Top For Band Installation.	60.00 LF	$244.67 Install 36in. Repair Band And Reinstall MH Top. Backfill MH And Grade
Area.	$14,680.20	
Total Price for above 08 STORM SEWER Items:	$14,680.20	

Total Price for above Items:	
$14,680.20	

Total Bid Price:	$14,680.20

Notes:
1) This work has delayed the connection of storm pipe to the existing storm structure and was identified on 6/11/2021. After analysis by the EOR and the County, this repair is expected to take place on 7/9/2021. This delay will require 13 calendar days be added to the contract.
Payment Terms:
Payment terms are net 30 days. Overdue amounts will collect interest at 18% APR. Customer agrees to pay any attorney fees associated with collecting unpaid amounts.

ACCEPTED:
The above prices, specifications and conditions are satisfactory and are hereby accepted.

Buyer: Signature:
Date of Acceptance:	CONFIRMED:
Jon M. Hall Company

Authorized Signature:

Estimator: James Justice
407-215-0410 jjustice@jonmhallcompany.com	

To: Address:	Fieldstone Community Development District Sarasota	Contact:

Phone: Fax:	Robert A Engel, PE, District Engineer	
Project Name:
Project Location:	North River Ranch Ph 1C 1D West - RCO 013 Seed/Multch Deduct
Moccasin Wallow Rd, Parrish, FL	Bid Number:
Bid Date:	20-752	

Item Description	Estimated Quantity Unit	Unit Price	Total Price

Phase 1C Earthwork 03 EARTHWORK
Seed & Mulch (Lots)
Seed & Mulch (Utility Strip After Utilities Are Installed)	

-25.00 ACRE	$1,403.60
-3.00 ACRE	$1,403.60
Total Price for above 03 EARTHWORK Items:	

($35,090.00)
($4,210.80)
($39,300.80)	
	
Total Price for above Phase 1C Earthwork Items:	
($39,300.80)	

Phase 1D West Earthwork			
03 EARTHWORK			
Seed & Mulch Lots	-13.00 ACRE	$1,403.60	($18,246.80)	
Seed & Mulch (Utility Strip After Utilities Are Installed)	-2.00 ACRE	$1,403.60	($2,807.20)	
	Total Price for above 03 EARTHWORK Items:	($21,054.00)	
	
Total Price for above Phase 1D West Earthwork Items:	
($21,054.00)	

Phase 1C

Total Bid Price:	($60,354.80)

Phase 1C Earthwork	($39,300.80)
Total Price for above Phase 1C Items:	($39,300.80)
Phase 1D West
Phase 1D West Earthwork	($21,054.00)
Total Price for above Phase 1D West Items:	($21,054.00)

Payment Terms:
Payment terms are net 30 days. Overdue amounts will collect interest at 18% APR. Customer agrees to pay any attorney fees associated with collecting unpaid amounts.

ACCEPTED:	CONFIRMED:	
The above prices, specifications and conditions are satisfactory and are hereby accepted.	Jon M. Hall Company	
Buyer: Signature:
Date of Acceptance:	

Authorized Signature:

Estimator: James Justice
407-215-0410 jjustice@jonmhallcompany.com	

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review and Consideration of Change Order No. 13, Morgan’s Glen Phases 1, 2 & 3

Change Order
No.	13	

Date of Issuance:      June 3, 2021	Effective Date:   June 9, 2021	

Project: Morgan’s Glen Phases 1 & 2 (Site Civil) & Phase 3 (Earthwork)	Owner: Fieldstone Community Development District	Owner's Contract No.:	
Contract: $7,407,885.73	Date of Contract: October 14, 2019	
Contractor: Woodruff & Sons, Inc.	Engineer's Project No.: 215614811	
2730

The Contract Documents are modified as follows upon execution of this Change Order:

Description:

Extras for the month of May: pad densities, silt fence, inflow protection, remove damaged curb, pour valley curb,

sidewalk, install meter on bldg side of re-setter, sod, extend reclaimed blowoffs, grade to bridge, earthwork, water repair, restake, valve, flusher.

Attachments: (List documents supporting change):

Woodruff & Sons Proposals, Worksheet for Extras dated 05/25/2021.

			
 	CHANGE IN CONTRACT PRICE:	
Original Contract Price:

$ 7,407,885.73		 	CHANGE IN CONTRACT TIMES:	
Original Contract Times:    Working days	 Calendar days Substantial completion (days or date): 1A: 150 days	
Ready for final payment (days or date): 1A: 180 days			
[Increase] [Decrease] from previously approved Change Orders No.	1	to No.   12	:

$ 517,909.68		[Increase] [Decrease] from previously approved Change Orders No.	1	to No.	12	:
Substantial completion (days):	1A: 90 days	
Ready for final payment (days):     1A: 90 days			

Contract Price prior to this Change Order:

$ 7,925,795.41		
Contract Times prior to this Change Order:
Substantial completion (days or date): 1A: 150 days	
Ready for final payment (days or date): 1A: 180 days			

[Increase] [Decrease] of this Change Order:

$      98,174.75		
[Increase] [Decrease] of this Change Order:
Substantial completion (days or date):  	 Ready for final payment (days or date): 			

Contract Price incorporating this Change Order:

$ 8,023,970.16		
Contract Times with all approved Change Orders:
Substantial completion (days or date): 1A: 240 days (11/21/2020)	 Ready for final payment (days or date): 1A: 270 days (12/21/2020)			

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By:  		By:  		By:  		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:  6/3/2021		Date:  		Date:  		
Approved by Funding Agency (if applicable):	 		Date:	

V:\2156\active\215614811\civil\construction_phase_documents\change_orders\phases_1_2_3\con_morgans-glen-1-2-3_co-13_98174-75_may-extras_woodruff_ejcdc_c941_rae_20210603.docx

EJCDC No. C-941 (2002 Edition)	Page 1 of 1
Prepared by the Engineers' Joint Contract Documents Committee and endorsed by the Associated General Contractors of America and the Construction Specifications Institute.

WOODRUFF & SONS, INC - WORKSHEET for EXTRAS
P.O. Box 10127, Bradenton, Florida 34282-0127 ~ T# 941.756.1871 ~ F# 941.755.1379 ~ www.woodruffandsons.com
NAME	OF	JOB: Morgan's Glen Phases 1 & 2 (Site Civil) and Phase 3 (Earthwork)		JOB/WORK ORDER NO:	2730

JOB	LOCATION: Fort Hamer Road off Moccasin Wallow Road - Parrish, FL		DATE:	May 25, 2021

NATURE OF JOB: Monthly Extras Outside The Scope Of The Original Contract		REFERENCE NO:
 		W&S INVOICE NO:	May Extras

BILL TO:     A/R C#     Fieldstone CDD	ORDERED BY:	Tom Panseny COMPANY:   Fieldstone Community Development District	TAX LOCATION:		Manatee ADDRESS:	TAX PERCENTAGE:			7.00%	
	DATE	WORKMAN	TICKET #	QTY	UNITS	DESCRIPTION OF WORK	UNIT $	EXTENSION $	
		
				1.00	LS	Pad Densities Phase 1C	$1,782.50	$1,782.50	
				972.00	LF	F&I Silt Fence	$1.41	$1,370.52	
				7.00	EA	Manatee Co Inflow Protection Additional Cost	$80.00	$560.00	
				1.00	LS	Remove Damaged Curb 3A	$857.50	$857.50	
				19.00	LF	Form & Pour Valley Curb	$22.65	$430.35	
				76.00	SY	Phase 3A Sidewalk Quantity Over Contract Amount	$33.09	$2,514.84	
				1.00	LS	Install Meter Adpt. Fitting On Bldg. Side Of Re-setter	$3,450.00	$3,450.00	
				1.00	LS	Remove Sod On North Half Of Berm	$4,395.00	$4,395.00	
				1.00	LS	Extend Reclmd Water Main Beyond Design Location	$1,093.20	$1,093.20	
				1.00	LS	Relocate Reclmd Blow-offs From Design Location	$1,820.00	$1,820.00	
				1.00	LS	Match Trail Grade To Pedestrian Bridge	$305.00	$305.00	
				1.00	LS	Phase 3B Earthwork Deleted From Orig. Contract	$40,511.16	$40,511.16	
				1.00	LS	Material For Water Repair In April (Box & Re-setter)	$146.17	$146.17	
				10,577.00	SY	Additional Sod 3A / 3B	$3.04	$32,154.08	
				1.00	LS	Restake By Surveyor	$810.00	$810.00	
				1.00	LS	Add. Reclmd. Valve & Flusher At Phase Line 2A	$3,081.35	$3,081.35	
				1.00	LS	Add. Potable Flusher At Phase Line 2A	$2,420.58	$2,420.58	
				4.50	HR	Project Management Time For Additional Work	$105.00	$472.50	
									
	SUBTOTAL	$98,174.75	
	TAX %		
		TOTAL		

2730 2021.5 May Extras_r worksheet - Pgs 1 of 1

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review and Consideration of Morgan’s Glen Phases 1B, IC, IIB Project Letter of Recommendation of Award

June 25, 2021

File:	215613718 260

Stantec Consulting Services Inc.
6920 Professional Parkway
Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

Via: Hand Delivery and E-Mail (carvalhov@pfm.com)

Fieldstone Community Development District c/o Public Financial Management
12051 Corporate Blvd.
Orlando, FL 32817

Attn:	Mr. Pete Williams, Chairman

Reference: Morgan’s Glen Phases 1B, IC, IIB and IIIB Project Letter of Recommendation of Award

Dear Mr. Williams:

On June 23, 2021, we received and opened one bid from Fieldstone Community Development District’s pre-qualified firm for the Morgan’s Glen Phases IB, IC, IIB and IIIB project. We received a bid from Woodruff & Sons, Inc. Attached is a tabulation of the bid received.

Moccasin Wallow Associates, LLC decided to place Phases IB and IIIB under contract with Woodruff & Sons. Therefore, we are only looking at Phases IC and IIB for this project. Woodruff & Sons, Inc. submitted the lowest Base Bid for $2,449,875.87. We have reviewed the bid package provided and determined that it is responsive, and we find the Contractor acceptable to perform the work on this project based on the information received.

Therefore, we recommend that Fieldstone Community Development District award the Phase IC and IIB contract to Woodruff & Sons, Inc. for the total bid of $2,449,875.87.
If you have any questions or comments, please contact our office. Sincerely,
Stantec Consulting Services Inc.

Robert A. Engel, P.E. District Engineer

Approved by Fieldstone CDD Board
Tel: (941) 907-6900
E-Mail: rob.engel@stantec.com

C:	Vivian Carvalho, PFM Group Consulting LLC
Venessa Ripoli, PFM Group Consulting LLC	 	
Date

06/25/2021 - JVEGA
V:\2156\active\215613718\admin\correspondence\documents\final_document\letter\let_p-williams_fieldstone-cdd_morgans-glen_1b-1c-2b-3b_award-rcmndtn_woodruff_rae_20210625.docx

Bid Tabulation Morgan's Glen Phase IC & IIB

Summary of Construction Costs
	Woodruff & Sons, Inc.	
Morgan's Glen Phase IC	$1,988,250.91	
Morgan's Glen Phase IIB	$461,624.96	

Sub-Total =

$2,449,875.87

Grand Total =

$2,449,875.87

6/24/2021-2:29 PM
V:\2156\active\215613718\civil\specification\morgn-gln_1b-1c-2b-3b\bid_tab\morgan-glen-1c-2b_bid-tab_20210624.xlsx-Cost Summary	1 of 15

Bid Summary Morgan's Glen Phase IC & IIB

Category	Morgan's Glen
Phase IC	Morgan's Glen
Phase IIB	
	79 Lots	25 Lots	
General	$77,409.54	$71,308.54	
Earthwork	$170,150.06	$50,456.34	
Roadways & Pavement	$499,006.06	$92,411.26	
Drainage	$464,344.97	$71,983.19	
Potable Water	$264,806.69	$79,277.95	
Irrigation	$186,629.47	$50,542.26	
Sanitary	$325,904.12	$45,645.42	
Total	$1,988,250.91	$461,624.96	

 	Summary of Construction Costs	          Woodruff & Sons, Inc.

6/24/2021-2:29 PM
V:\2156\active\215613718\civil\specification\morgn-gln_1b-1c-2b-3b\bid_tab\morgan-glen-1c-2b_bid-tab_20210624.xlsx-Break-down-summary	2 of 15

Morgan's Glen Phase IC & IIB

General
Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total
Phase IC					
Mobilization	1	LS	$30,228.30	$30,228.30	
2" Conduit (Material & Install)	1,000	LF	$7.65	$7,650.00	
4" Conduit (Material & Install)	1,000	LF	$10.53	$10,530.00	
6" Conduit (Material & Install) Performance Bond	1,000
1	LF
LS	$13.98
$7,080.24	$13,980.00
$7,080.24	
Extended Warranty Bond	1	LS	$7,941.00	$7,941.00	
	Phase IC General Total =	$77,409.54	
Phase IIB					
Mobilization	1	LS	$30,228.30	$30,228.30	
2" Conduit (Material & Install)	1,000	LF	$7.65	$7,650.00	
4" Conduit (Material & Install)	1,000	LF	$10.53	$10,530.00	
6" Conduit (Material & Install) Performance Bond	1,000
1	LF
LS	$13.98
$7,080.24	$13,980.00
$7,080.24	
Extended Warranty Bond	1	LS	$1,840.00	$1,840.00	
	Phase IIB General Total =	$71,308.54	
		General Grand Total =	$148,718.08	

6/24/2021-2:29 PM
V:\2156\active\215613718\civil\specification\morgn-gln_1b-1c-2b-3b\bid_tab\morgan-glen-1c-2b_bid-tab_20210624.xlsx-General	3 of 15

Morgan's Glen Phase IC & IIB	
Earthwork					
Woodruff & Sons, Inc.	
Item	Quantity	Unit	Unit Price	Total	
Phase IC					
Finish Grading - Canal	1	LS	$ 2,278.49	$2,278.49	
Finish Grading	1	LS	$66,695.75	$66,695.75	
Sod	21,471	SY	$2.39	$51,315.69	
Seed & Mulch (Lots)	14	AC	$2,405.53	$33,677.42	
Inlet Protection	11	EA	$283.65	$3,120.15	
Silt Fence	6,104	LF	$2.14	$13,062.56	
	Phase IC Earthwork Total =	$170,150.06	
Phase IIB					
Finish Grading - Canal	1	LS	$2,278.49	$2,278.49	
Finish Grading	1	LS	$17,827.49	$17,827.49	
Sod	6,420	SY	$2.39	$15,343.80	
Seed & Mulch (Lots)	4	AC	$2,405.53	$9,622.12	
Inlet Protection	2	EA	$283.65	$567.30	
Silt Fence	2,251	LF	$2.14	$4,817.14	
	Phase IIB Earthwork Total =	$50,456.34	
	Earthwork Grand Total =	$220,606.40	

6/24/2021-2:29 PM
V:\2156\active\215613718\civil\specification\morgn-gln_1b-1c-2b-3b\bid_tab\morgan-glen-1c-2b_bid-tab_20210624.xlsx-Earthwork	4 of 15

Roadways & Pavement

Phase IC

Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total

1.25" Type S-1 Asphaltic Concrete or 1" Type S-III Asphaltic
Concrete (First Lift)	8,215	SY	$6.17	$50,686.55	
1.25" Type SP 9.5 Asphaltic Concrete	(Second Lift)	8,215	SY	$7.76	$63,748.40	
6" Road Base FDOT Group 4		8,215	SY	$16.40	$134,726.00	
6" Stabilized Subgrade (Min. LBR 40)		10,116	SY	$6.02	$60,898.32	
Valley Gutter Curb		4,164	LF	$11.29	$47,011.56	
	Type "F" Curb & Gutter	1,589	LF	$13.47	$21,403.83	
	Handicap Ramps (w/ Detectable Warnings)	6	EA	$1,164.09	$6,984.54	
	Concrete Sidewalk	687	SY	$34.66	$23,811.42	
	Retaining Wall (Contractor to submit signed & sealed shop		
	drawings)	1	LS	$50,533.69	$50,533.69	
	Trail Path	1,968	SY	$16.73	$32,924.64	
	Traffic Control Striping and Pavement Markings (First Lift)	1	LS	$882.27	$882.27	
	Traffic Control Striping and Pavement Markings (Second Lift)	1	LS	$1,157.29	$1,157.29	
	Traffic Control Signage	1	LS	$4,237.55	$4,237.55	
	Phase IC Roadways & Pavement Total =	$499,006.06	
Phase IIB							
	1.25" Type S-1 Asphaltic Concrete or	1" Type S-III Asphaltic					
	Concrete (First Lift)		2,007	SY	$7.12	$14,289.84	
	1.25" Type SP 9.5 Asphaltic Concrete	(Second Lift)	2,007	SY	$8.77	$17,601.39	
	6" Road Base FDOT Group 4		2,007	SY	$16.40	$32,914.80	
	6" Stabilized Subgrade (Min. LBR 40)		2,366	SY	$6.02	$14,243.32	
	Valley Gutter Curb		1,063	LF	$12.57	$13,361.91	
Phase IIB Roadways & Pavement Total =	$92,411.26

Roadways & Pavement Grand Total=	$591,417.32

6/24/2021-2:29 PM
V:\2156\active\215613718\civil\specification\morgn-gln_1b-1c-2b-3b\bid_tab\morgan-glen-1c-2b_bid-tab_20210624.xlsx-Roadways & Pavement	6 of 15

Morgan's Glen Phase IC & IIB
Drainage	Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total
Phase IC					
12" PVC	1,652	LF	$30.91	$51,063.32	
15" RCP	57	LF	$56.57	$3,224.49	
18" RCP	499	LF	$54.26	$27,075.74	
24" RCP	588	LF	$66.17	$38,907.96	
30" RCP	176	LF	$116.50	$20,504.00	
36" RCP	808	LF	$132.63	$107,165.04	
12" Endwall	2	EA	$1,593.10	$3,186.20	
24" Endwall	1	EA	$2,996.30	$2,996.30	
30" Endwall	1	EA	$3,798.04	$3,798.04	
Valley Gutter Inlet	6	EA	$5,104.04	$30,624.24	
Grate Inlet	2	EA	$3,999.47	$7,998.94	
Yard Drain	9	EA	$1,373.78	$12,364.02	
Throat Inlet	3	EA	$5,171.48	$15,514.44	
Storm Manhole	4	EA	$4,753.52	$19,014.08	
6" Underdrain	2,504	LF	$23.03	$57,667.12	
Single Grate Control Structure	1	EA	$7,972.20	$7,972.20	
Bubbler Box Structure	1	EA	$7,429.56	$7,429.56	
Underdrain Clean-out	36	EA	$781.26	$28,125.36	
Storm Sewer Testing Per Manatee County Standards	1	LS	$19,713.92	$19,713.92	
	Phase IC Drainage Total =	$464,344.97	

Drainage	Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total
Phase IIB					
12" PVC	538	LF	$31.49	$16,941.62	
15" RCP	207	LF	$47.77	$9,888.39	
12" Endwall	1	EA	$1,814.74	$1,814.74	
15" Endwall	1	EA	$2,048.42	$2,048.42	
Valley Gutter Inlet	2	EA	$4,863.78	$9,727.56	
Yard Drain	3	EA	$1,428.21	$4,284.63	
6" Underdrain		LF	$23.03	$16,005.85	
Underdrain Clean-out		EA	$781.26	$7,031.34	
Storm Sewer Testing Per Manatee County Standards	1	LS	$4,240.64	$4,240.64	
	Phase IIB Drainage Total =	$71,983.19	
	Drainage Grand Total =	$536,328.16	

Potable Water					
Woodruff & Sons, Inc.	
Item	Quantity	Unit	Unit Price	Total	
Phase IC					
2" PVC (DR-18) Water Main	304	LF	$15.89	$4,830.56	
4" PVC (DR-18) Water Main	92	LF	$29.12	$2,679.04	
8" PVC (DR-18) Water Main	2,070	LF	$36.32	$75,182.40	
8" DIP Water Main	441	LF	$69.75	$30,759.75	
4" Gate Valve Assembly	1	EA	$1,666.04	$1,666.04	
8" Gate Valve Assembly	6	EA	$2,295.10	$13,770.60	
8"x4" Reducer	1	EA	$487.85	$487.85	
4"x2" Reducer	1	EA	$465.81	$465.81	
Single Water Service (Short)	11	EA	$823.61	$9,059.71	
Single Water Service (Long)	5	EA	$1,086.14	$5,430.70	
Double Water Service (Short)	15	EA	$1,324.61	$19,869.15	
Double Water Service (Long)	16	EA	$1,531.28	$24,500.48	
Fire Hydrant	4	EA	$6,502.85	$26,011.40	
Blow - Off Assembly w/ Auto Flushing Configuration	1	EA	$8,487.64	$8,487.64	
Connect to Existing Water Main	2	EA	$9,722.01	$19,444.02	
Water Main Testing per Manatee County Standards	2,907	LF	$3.62	$10,523.34	
Potable Water Main Fittings	1	LS	$11,638.20	$11,638.20	
	Phase IC Potable Water Total =	$264,806.69	

Potable Water					
Woodruff & Sons, Inc.	
Item	Quantity	Unit	Unit Price	Total	
Phase IIB					
2" PVC (DR-18) Water Main	118	LF	$16.80	$1,982.40	
4" PVC (DR-18) Water Main	165	LF	$25.04	$4,131.60	
8" PVC (DR-18) Water Main	314	LF	$38.46	$12,076.44	
4" Gate Valve Assembly	1	EA	$1,666.04	$1,666.04	
8"x4" Reducer	1	EA	$487.85	$487.85	
4"x2" Reducer	1	EA	$465.81	$465.81	
Single Water Service (Short)	2	EA	$823.61	$1,647.22	
Single Water Service (Long)	3	EA	$1,086.14	$3,258.42	
Double Water Service (Short)	7	EA	$1,324.61	$9,272.27	
Double Water Service (Long)	4	EA	$1,531.28	$6,125.12	
Fire Hydrant	1	EA	$6,545.76	$6,545.76	
Blow - Off Assembly w/ Auto Flushing Configuration	1	EA	$8,487.64	$8,487.64	
Connect to Existing Water Main	1	EA	$16,216.25	$16,216.25	
Water Main Testing per Manatee County Standards	597	LF	$7.48	$4,465.56	
Potable Water Main Fittings	1	LS	$2,449.57	$2,449.57	
	Phase IIB Potable Water Total =	$79,277.95	
	Potable Water Grand Total =	$344,084.64	

Morgan's Glen Phase IC & IIB
Irrigation	Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total
Phase IC					
8" PVC Irrigation Main	2,888	LF	$31.36	$90,567.68	
8" DIP Irrigation Main	118	LF	$77.78	$9,178.04	
8" Gate Valve Assembly	3	EA	$2,128.07	$6,384.21	
Single Irrigation Service (Short)	5	EA	$844.04	$4,220.20	
Single Irrigation Service (Long)	6	EA	$1,038.47	$6,230.82	
Double Irrigation Service (Short)	18	EA	$1,312.70	$23,628.60	
Double Irrigation Service (Long)	16	EA	$1,528.58	$24,457.28	
Connect to Existing Reclaim Main	2	EA	$2,605.73	$5,211.46	
Irrigaton Fittings	1	LS	$12,392.48	$12,392.48	
Irrigation Main Testing per Manatee County Standards	3,006	LF	$1.45	$4,358.70	
	Phase IC Irrigation Total =	$186,629.47	

Irrigation	Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total
Phase IIB			
8" PVC Irrigation Main	634	LF	$32.48	$20,592.32	
8" DIP Irrigation Main	20	LF	$86.36	$1,727.20	
Blow-off Assembly	1	EA	$3,564.83	$3,564.83	
Single Irrigation Service (Short)	8	EA	$844.04	$6,752.32	
Double Irrigation Service (Short)	4	EA	$1,312.70	$5,250.80	
Double Irrigation Service (Long)	4	EA	$1,528.58	$6,114.32	
Connect to Existing Reclaim Main	1	EA	$3,239.32	$3,239.32	
Irrigaton Fittings	1	LS	$1,607.29	$1,607.29	
Irrigation Main Testing per Manatee County Standards	654	LF	$2.59	$1,693.86	
	Phase IIB Irrigation Total =	$50,542.26	
	Irrigation Grand Total=	$237,171.73	

Morgan's Glen Phase IC & IIB
Sanitary	Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total
Phase IC					
Single Sanitary Sewer Service	11	EA	$1,275.89	$14,034.79	
Double Sanitary Sewer Service	34	EA	$1,944.06	$66,098.04	
8" PVC Sanitary Sewer SDR-26 (6-8 FT)	761	LF	$41.52	$31,596.72	
8" PVC Sanitary Sewer SDR-26 (8-10 FT)	483	LF	$43.11	$20,822.13	
8" PVC Sanitary Sewer SDR-26 (10-12 FT)	485	LF	$47.32	$22,950.20	
8" PVC Sanitary Sewer SDR-26 (12-14 FT)	496	LF	$52.79	$26,183.84	
8" PVC Sanitary Sewer SDR-26 (14-16 FT)	479	LF	$60.99	$29,214.21	
Manhole 4' Diameter (6-8 FT)	4	EA	$4,423.34	$17,693.36	
Manhole 4' Diameter (8-10 FT)	3	EA	$6,412.80	$19,238.40	
Manhole 4' Diameter (10-12 FT)	2	EA	$6,638.16	$13,276.32	
Manhole 4' Diameter (12-14 FT)	3	EA	$7,122.68	$21,368.04	
Manhole 4' Diameter (14-16 FT)	2	EA	$8,489.29	$16,978.58	
Connect to Existing Sanitary Manhole	2	EA	$6,684.71	$13,369.42	
Gravity Sewer Testing Per Manatee County Standards	1	LS	$13,080.07	$13,080.07	
	Phase IC Sanitary Total =	$325,904.12	

Sanitary	Woodruff & Sons, Inc.
Item	Quantity	Unit	Unit Price	Total
Phase IIB			
Single Sanitary Sewer Service	2	EA	$1,275.89	$2,551.78	
Double Sanitary Sewer Service	8	EA	$1,944.06	$15,552.48	
8" PVC Sanitary Sewer SDR-26 (6-8 FT)	321	LF	$41.51	$13,324.71	
Manhole 4' Diameter (6-8 FT)	1	EA	$4,618.25	$4,618.25	
Connect to Existing Sanitary Manhole	1	EA	$5,049.63	$5,049.63	
Gravity Sewer Testing Per Manatee County Standards	1	LS	$4,548.57	$4,548.57	
	Phase IIB Sanitary Total =	$45,645.42	
	Sanitary Grand Total=	$371,549.54	

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Discussion of Grau & Associates Fiscal Year 2020 Fee Increase

From: Nicholas Venuto <NVenuto@graucpa.com>
Sent: Thursday, May 27, 2021 11:47 AM
To: Amanda Lane <lanea@pfm.com>
Cc: Tony Grau Jr. <TGrauJr@graucpa.com>
Subject: Fieldstone - Fee Increase due to Developer Advances Situation

 EXTERNAL EMAIL: Use care with links and attachments.	 Hi Amanda,
I just wanted to let you know that we will have to increase the FY20 fee by $1,500 due to the situation with the Developer Advances at the government wide. We spent a considerable amount of extra time combined between the audit as well as during offseason testing of opening balances related to the Developer Advances balance as of 9/30/19 which we determined to book a prior period adjustment to remove from books.

Please let us know if any concerns. Sincerely,
Nicholas Venuto, CPA* Audit Manager
Grau & Associates
951 Yamato Road, Suite 280 Boca Raton, FL 33431 Phone: 561-939-6673
Email: nvenuto@graucpa.com

*Regulated by the State of Florida

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review and Acceptance of Fiscal Year 2020 Audit Report

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

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT MANATEE 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 the Financial Statements	13-22	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –		
Budget and Actual – General Fund	23	
Notes to Required Supplementary Information	24	
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	25-26	
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	27	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES		
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	28-29	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Fieldstone Community Development District Manatee County, Florida

Report on the Financial Statements

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

We have audited the accompanying financial statements of the governmental activities and each major fund of Fieldstone Community Development District, Manatee County, Florida ("District") as of and for the fiscal year ended September 30, 2020, 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 June 17, 2021 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

June 17, 2021

MANAGEMENT’S DISCUSSION AND ANALYSIS

The management of the Fieldstone Community Development District, Manatee County, Florida (“District”) would like to offer the readers of the District’s financial statements this discussion and analysis 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 deficit balance of $3,313,745.

The change in the District’s total net position in comparison with the prior fiscal year was ($7,252,813), 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
$5,336,063, a decrease of ($2,460,565) in comparison with the prior fiscal year. A portion of fund balance is non-spendable for prepaid items, restricted for debt services and capital projects, 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 basic financial statements. The District’s basic financial statements are comprised of three components: 1) government- wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

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 difference between the two 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 assessments and Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (management), and maintenance 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, the 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 three 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, debt service fund, and capital projects fund, all 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 POSITION SEPTEMBER 30,
			2019	
		2020	(Restated)	
Assets, excluding capital assets	$	7,518,191	$ 8,752,340	
Capital assets, net		22,087,986	16,193,324	
Total assets		29,606,177	24,945,664	
Liabilities, excluding long-term liabilities		2,692,432	1,114,106	
Long-term liabilities		23,600,000	13,265,000	
Total liabilities		26,292,432	14,379,106	
Net Position				
Net investment in capital assets		(1,512,014)	10,398,078	
Restricted		4,776,556	126,420	
Unrestricted		49,203	42,060	
Total net position	$	3,313,745	$ 10,566,558	

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

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 restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. 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 is attributed to the conveyance of completed infrastructure to another entity for maintenance and ownership responsibilities.

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,
			2019	
		2020	(Restated)	
Revenues:				
Program revenues				
Charges for services	$	545,082	$	253,222	
Operating grants and contributions		1,029,999	4,804	
Capital grants and contributions		1,855,528	-	
General revenues		2,481	2,500,082	
Total revenues		3,433,090	2,758,108	
Expenses:				
General government		145,770	129,701	
Maintenance and operations		8,931,656	-	
Recreation		73,753	-	
Interest		1,155,799	158,394	
Bond issuance costs		378,925	461,506	
Total expenses		10,685,903	749,601	
Change in net position		(7,252,813)	2,008,507	
Net position - beginning, restated (Note 13)		10,566,558	8,558,051	
Net position - ending	$	3,313,745	$ 10,566,558	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2020 was $10,685,903. The costs of the District’s activities were primarily funded by program revenues. Program revenues, comprised primarily of Developer contributions and assessments, increased during the current fiscal year as a result of an increase in both Developer contributions and prepayment revenue. In total, expenses, including depreciation, increased from the prior fiscal year due to conveyances of infrastructure in the current 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. The general fund budget for the fiscal year ended September 30, 2020 was amended to increase revenues by $8 and increase appropriations by $8. 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 $22,460,692 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $372,706 has been taken, which resulted in a net book value of $22,087,986. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2020, the District had $23,600,000 in Bonds outstanding. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET

For the subsequent fiscal year, the District anticipates that the costs of operations will increase significantly as more of the project improvements are placed into service thus requiring to be operated and maintained.

Subsequent to fiscal year end, the District issued $4,130,000 of Series 2021B Capital Improvement Revenue Bonds due on May 1, 2031 with a fixed interest rate of 4%. The Bonds were issued to finance the acquisition and construction of certain improvements for Phases 1C and 1D for the benefit of the District. In addition, the District has entered into completion and acquisition agreements with the Developer which provide that the District will acquire certain Series 2021 improvements from the Developer and that the Developer may fund certain project costs based on the availability of Bond proceeds.

Subsequent to fiscal year end, the District is in the process of merging with North River Ranch Improvement Stewardship District. As of the report date, the matter has not been finalized.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide property 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 Fieldstone Community Development District’s Finance Department at 12051 Corporate Boulevard, Orlando, Florida 32817.

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT MANATEE COUNTY, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2020

Governmental
	 		Activities		
ASSETS			
Cash	$	209,961	
Due from Developer		949,510	
Accounts receivable		32,686	
Interest receivable		29	
Prepaid items		26,158	
Restricted assets:			
Investments		6,299,847	
Capital assets:			
Nondepreciable		6,387,784	
Depreciable, net		         15,700,202  	
Total assets		         29,606,177  	
LIABILITIES			
Accounts payable		46,356	
Retainage payable		2,135,503	
Unearned revenue		269	
Accrued interest payable		510,304	
Non-current liabilities:			
Due within one year		235,000	
Due in more than one year		         23,365,000  	
Total liabilities		         26,292,432  	
NET POSITION			
Net investment in capital assets		(1,512,014)	
Restricted for debt service		166,031	
Restricted for capital projects		4,610,525	
Unrestricted		                49,203  	
Total net position	  $		3,313,745  	

See notes to the financial statements

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

Net (Expense) Revenue and Changes in Net
Program Revenues		Position Charges	Operating	Capital
for		Grants and		Grants and	Governmental Functions/Programs	 	Expenses	Services	Contributions	Contributions		Activities	 Primary government:
Governmental activities:
General government	$		145,770	$	-	$	145,770	$		-	$		- Maintenance and operations		8,931,656		-		126,333		1,855,528		(6,949,795)
Recreation	73,753	-	-	-	(73,753)
Interest on long-term debt		1,155,799	545,082	757,896	-		147,179 Bond issuance costs	 		378,925		-		-	-	(378,925)
Total governmental activities	 	10,685,903	545,082	1,029,999	1,855,528	(7,255,294)

General revenues:
Miscellaneous income	2,473	
Unrestricted investment earnings	 	8  	
Total general revenues	 	2,481  	
Change in net position	(7,252,813)	
Net position - beginning, restated (Note 13)	 	10,566,558  	
Net position - ending	  $	3,313,745  	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2020

 	Major Funds		Total
Debt	Capital	Governmental
	General		Service		Projects		Funds	
ASSETS
Cash	
$	
209,961	
$	
-	
$	
-	
$	
209,961	
Investments	-	676,332	5,623,515	6,299,847	
Due from Developer	23,675	-	925,835	949,510	
Accounts receivable	-	-	32,686	32,686	
Interest receivable	-	3	26	29	
Due from other funds	-	-	164,235	164,235	
Prepaid items	26,158	-	-	26,158	
Total assets	$	259,794	$	676,335	$	6,746,297	$	7,682,426  	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	

$	

46,356	

$	

-	

$	

-	

$	

46,356	
Contracts and retainage payable	-	-	2,135,503	2,135,503	
Unearned revenue	-	-	269	269	
Due to other funds	164,235	-	-	164,235	
Total liabilities	210,591	-	2,135,772	2,346,363	

Fund balances:
Nonspendable:
Prepaid items
Restricted for:	26,158	-	-	26,158	
Debt service	-	676,335	-	676,335	
Capital projects	-	-	4,610,525	4,610,525	
Unassigned	23,045	-	-	23,045	
Total fund balances	49,203	676,335	4,610,525	5,336,063	

Total liabilities and fund balances	$	259,794	$	676,335	$	6,746,297	$	7,682,426  

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2020
Total fund balances - governmental funds	$	5,336,063 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 in the net position of the government as a whole.
Cost of capital assets	22,460,692
Accumulated depreciation	(372,706)    22,087,986
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(510,304)
Bonds payable	(23,600,000)   (24,110,304) 
Net position of governmental activities	$	3,313,745  

See notes to the financial statements

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT	
MANATEE COUNTY, FLORIDA	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
GOVERNMENTAL FUNDS	
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020	
	 		Major Funds			Total	
		Debt	Capital	Governmental	
	General	Service	Projects	Funds	
REVENUES					
Assessments	$	-	$	545,082	$	-	$	545,082	
Developer contributions	272,103	757,712	1,813,536	2,843,351	
Miscellaenous income	2,473	-	32,686	35,159	
Interest income	8	184	9,306	9,498	
Total revenues	274,584	1,302,978	1,855,528	3,433,090	

EXPENDITURES					
Current:					
General government	145,770	-	-	145,770	
Maintenance and operations	83,616	-	-	83,616	
Recreation	36,144	-	-	36,144	
Debt service:					
Principal	-	240,000	-	240,000	
Interest	-	803,889	-	803,889	
Bond issue costs	-	-	378,925	378,925	
Capital outlay	-	-	14,780,311	14,780,311	
Total expenditures	265,530	1,043,889	15,159,236	16,468,655	

Excess (deficiency) of revenues					
over (under) expenditures	9,054	259,089	(13,303,708)	(13,035,565)	
OTHER FINANCING SOURCES (USES)					
Interfund transfers	-	(176)	176	-	
Bond proceeds	-	91,059	10,483,941	10,575,000	
Total other financing sources (uses)	-	90,883	10,484,117	10,575,000	

Net change in fund balances	
9,054	
349,972	
(2,819,591)	
(2,460,565)	
Fund balances - beginning	40,149	326,363	7,430,116	7,796,628	

Fund balances - ending	
$	49,203	$	676,335	$	4,610,525	
$	5,336,063	

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	$	(2,460,565)	
Amounts reported for governmental activities in the statement of activities are different because:			
Governmental funds report capital outlays as expenditures; however, in the statement of activities, the cost of those assets is eliminated and is capitalized in the statement of net position as capital assets.		

14,780,311	
Depreciation of capital assets is not recognized in the governmental fund statements but is reported as an expense in the statement of activities.		

(372,706)	
Conveyances of infrastructure improvements to other governments of previously capitalized capital assets is recorded as an expense in the statement of activities.		

(8,512,943)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund statement but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.		

240,000	
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long- term liabilities in the statement of net position.		

(10,575,000)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the fund financial statements.		

            (351,910)	
Change in net position of governmental activities	  $		(7,252,813)	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Fieldstone Community Development District ("District") was created on April 2, 2015 by Ordinance 15-16 of the Board of County Commissioners of Manatee County, Florida, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Ordinance was amended by Ordinance 19-23 on May 21, 2019 which expanded the District’s boundaries. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board exercises all general powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2020, three of the Board members are affiliated with Lansdowne Partners Group, LLC (“Developer”).

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

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 all assessable property within the District. Assessments are levied to pay for the operations and maintenance and debt service of the District. The fiscal year for which annual assessments are levied begins on October 1 and, if collected using the Uniform Method of Collection, with discounts available for payments through February 28 and become delinquent on April 1. Alternatively, the District adopts a resolution providing for the collection dates and directly collects the assessments.

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.

Debt Service Funds
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

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

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

When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first 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 on hand and demand deposits are considered to be cash and cash equivalents.

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 Interlocal 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.

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 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

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

Property, plant and equipment of the District are depreciated using the straight-line method over the following
estimated useful lives:		
Assets	Years	
Infrastructure - stormw ater system	30	
Infrastructure - amenity facilities	20	
Landscaping and other	20	
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.

Assigned fund balance – Includes spendable fund balance amounts 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 public 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.

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, 2020:

	Amortized Cost	Credit Risk	Maturities	
US Bank Mmkt 5 - Ct	$	6,299,847	Not available	Not available	
Total Investments	$	6,299,847			

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.

Investments (Continued)
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.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – INTERFUND RECEIVABLES AND PAYABLES

Interfund receivables and payables at September 30, 2020 were as follows:

Receivable	Payable
General fund	$		-	$	164,235 Capital project fund		164,235			-
$	164,235   $	164,235

The outstanding balances between funds result primarily from the time lag between the dates that transactions are recorded in the accounting system and payments between funds are made. In the case of the District, the balances between the general fund and the capital projects fund relate to Developer contributions collected in the general fund that have not yet been either transferred to the capital projects fund or used to cover project costs of the capital projects fund.

NOTE 6 – CAPITAL ASSETS						
Capital asset activity for the fiscal year ended September 30, 2020 was as follows:	

Governmental activities
Capital assets, not being depreciated Construction in progress
Total capital assets, not being depreciated	Beginning
Balance	Additions	
Reductions	

$	Ending Balance	

$  16,193,324	$  14,780,311
16,193,324	14,780,311	

$ (24,585,851)
(24,585,851)		

6,387,784
6,387,784	

Capital assets, being depreciated						
Infrastructure - stormw ater system	-	3,494,025	-		3,494,025	
Infrastructure - amenity facilities	-	1,504,363	-		1,504,363	
Landscaping and other	-	11,074,520	-		11,074,520	
Total capital assets, being depreciated	-	16,072,908	-		16,072,908	

Less accumulated depreciation for:						
Infrastructure - stormw ater system	-	58,234	-		58,234	
Infrastructure - amenity facilities	-	37,609	-		37,609	
Landscaping and other	-	276,863	-		276,863	
Total accumulated depreciation	-	372,706	-		372,706	

Total capital assets, being depreciated, net	
-	
15,700,202	
-		
15,700,202	

Governmental activities capital assets	
$  16,193,324	$ 30,480,513	
$ (24,585,851)	
$	
22,087,986	

The infrastructure intended to serve the District has been estimated at a total cost of approximately
$50,860,000. The infrastructure will include roadways, potable water and wastewater systems, a stormwater system, amenity facilities, and other improvements. A portion of the project costs was expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. Upon completion, certain assets are to be conveyed to others for ownership and maintenance responsibilities. This occurred during the current fiscal year as the District conveyed $8,512,943 of improvements to other entities.

During the current fiscal year, the District acquired improvements from the Developer valued at a total of
$1,115,073. The District also received from contributions from the Developer to cover project costs in the capital projects fund; see Note 8 – Developer Transactions and Concentration for further details.

Depreciation expense was charged to function/programs as follows:

Governmental activities:
Maintenance and operations	$ 335,097	
Recreation	37,609	
Total depreciation expense, governmental activiti	$ 372,706	

NOTE 7 – LONG-TERM LIABILITIES

Series 2019
On June 27, 2019, the District issued $13,265,000 of Capital Improvement Revenue Bonds, Series 2019 consisting of $9,910,000 Series 2019A-1 Term Bonds due on May 1, 2049 and $3,355,000 Series 2019A-2 Term Bonds due on May 1, 2029 with fixed interest rates ranging from 4.75% to 5.35%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1 and principal is to be paid serially on each May 1, commencing May 1, 2020.

The Series 2019 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

Series 2019 (Continued)
The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District is in compliance with those requirements of the Bond Indenture at September 30, 2020.

Series 2019 (Morgan’s Glen)
On November 21, 2019, the District issued $10,575,000 of Capital Improvement Revenue Bonds, Series 2019 (Morgan’s Glen) consisting of $5,530,000 Series 2019A-1 Term Bonds due on May 1, 2049 and $5,045,000 Series 2019A-2 Term Bonds due on May 1, 2029 with fixed interest rates ranging from 4.6% to 5.2%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1 and principal is to be paid serially on each May 1, commencing May 1, 2020.

The Series 2019 (Morgan’s Glen) Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District is in compliance with those requirements of the Bond Indenture at September 30, 2020.

Long-term debt activity
Changes in long-term liability activity for the fiscal year ended September 30, 2020 were as follows

Beginning			Ending	Due Within	
Balance	Additions	Reductions	Balance	One Year	

Governmental activities									
Series 2019A-1	$	9,910,000	$	-	$	145,000	$ 9,765,000	$	150,000	
Series 2019A-2		3,355,000	-		-	3,355,000		-	
Series 2019A-1 (Morgan's Glen)		-	5,530,000		95,000	5,435,000		85,000	
Series 2019A-2 (Morgan's Glen)		-	5,045,000		-	5,045,000		-	
Total	$ 13,265,000	$ 10,575,000	$	240,000	$ 23,600,000	$	235,000	

At September 30, 2020, the scheduled debt service requirements on the long-term debt were as follows:

Year ending	Governmental Activities
September 30:	Principal	Interest	Total	
2021	$	235,000	$ 1,206,390	$ 1,441,390	
2022	245,000	1,195,355	1,440,355	
2023	270,000	1,183,853	1,453,853	
2024	275,000	1,171,170	1,446,170	
2025	290,000	1,158,258	1,448,258	
2026-2030	10,070,000	5,147,280	15,217,280	
2031-2035	2,150,000	2,988,835	5,138,835	
2036-2040	2,785,000	2,376,535	5,161,535	
2041-2045	3,610,000	1,566,528	5,176,528	
2046-2049	3,670,000	498,968	4,168,968	
	$ 23,600,000	$ 18,493,172	$ 42,093,172	

The Developer owns a portion of land within the District; therefore, assessment revenues in the debt service fund include the assessments levied on those lots owned by the Developer.

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $272,103 which includes a receivable of $23,675 at September 30, 2020.

The Developer has also agreed to fund the debt service on the Bonds which is not paid through special or prepaid assessments. During the current fiscal year, the Developer provided $757,712 to the debt service fund.

The Developer has also agreed to fund certain project costs of the capital project fund. During the current fiscal year, the Developer provided $1,813,536 to the capital projects fund in order to cover project costs which includes a receivable of $925,835 at September 30, 2020.

The District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.

NOTE 9 – MANAGEMENT COMPANY

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

NOTE 10 – COMMITMENTS AND CONTINGENCIES

As of September 30, 2020, the District had open contracts for various construction projects. The contracts totaled approximately $20 million, of which approximately $5.2 million was uncompleted at September 30, 2020.

During the current fiscal year, the Board approved retaining the amount of $62,000 from one of its construction contractors due to damages incurred for contractor delays. Subsequent to fiscal year end, the contractor agreed to this and the matter is fully resolved.

NOTE 11 – EQUIPMENT LEASE

During the current fiscal year, the District entered into a lease agreement for multiple pieces of gym equipment for its amenity center. The District incurred lease expenditures of $17,247 in the current fiscal year.

NOTE 12 – 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 claims during the past three years.

During the current fiscal year, it was determined that a previously recorded Developer liability for Developer advances made to cover project costs from previous fiscal years is not expected to be repaid to the Developer. Accordingly, the following prior period adjustment has been recorded to remove the liability from the books of the District:
Governmental Activities
Net position - beginning, as previously stated	$  2,877,888	
Prior period adjustment	7,688,670	
Net position - beginning, restated	$ 10,566,558	

NOTE 14 – SUBSEQUENT EVENTS

Series 2021 Bond Issuance
Subsequent to fiscal year end, the District issued $4,130,000 of Series 2021B Capital Improvement Revenue Bonds due on May 1, 2031 with a fixed interest rate of 4%. The Bonds were issued to finance the acquisition and construction of certain improvements for Phases 1C and 1D for the benefit of the District. In addition, the District has entered into completion and acquisition agreements with the Developer which provide that the District will acquire certain Series 2021 improvements from the Developer and that the Developer may fund certain project costs based on the availability of Bond proceeds.

Bond Payments
Subsequent to fiscal year end, the District prepaid a total of $715,000 and $345,000 of the Series 2019A-2 and 2019A-2 (Morgan’s Glen) Bonds, respectively. The prepayments were considered extraordinary mandatory redemptions as outlined in the Bond Indenture.

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

Variance with
Final Budget -	
	 	Budgeted Amounts		Actual		Positive	
	Original	Final	Amounts	(Negative)	
REVENUES									
Developer contributions	$	488,910	$	488,910	$	272,103	$	(216,807)	
Miscellaenous income		-		-		2,473		2,473	
Interest income		-		8		8		-	
Total revenues	488,910	488,918		274,584		(214,334)	

EXPENDITURES
Current:
General government Maintenance and operations Recreation
Total expenditures	

143,325
312,225
33,360
488,910	

163,453
275,020
50,445
488,918		

145,770
83,616
36,144
265,530		

17,683
191,404
14,301
223,388	

Excess (deficiency) of revenues over (under) expenditures	

  $		

-		

$		

-			

9,054	

$	

9,054	

Fund balance - beginning					
 	40,149  			
Fund balance - ending					  $		49,203  			

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. The general fund budget for the fiscal year ended September 30, 2020 was amended to increase revenues by $8 and increase appropriations by $8. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2020.

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
Fieldstone Community Development District Manatee 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 Fieldstone Community Development District, Manatee 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 June 17, 2021.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

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

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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.

June 17, 2021

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
Fieldstone Community Development District Manatee County, Florida

We have examined Fieldstone Community Development District, Manatee 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 Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Fieldstone Community Development District, Manatee County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 17, 2021

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

To the Board of Supervisors
Fieldstone Community Development District Manatee County, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of Fieldstone Community Development District, Manatee County, Florida ("District") as of and for the fiscal year ended September 30, 2020, and have issued our report thereon dated June 17, 2021.

Auditor’s Responsibility

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

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 17, 2021, should be considered in conjunction with this management letter.

Purpose of this Letter

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

Current year findings and recommendations.
Status of prior year findings and recommendations.
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 Fieldstone Community Development District, Manatee County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Fieldstone Community Development District, Manatee 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.

June 17, 2021

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

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.

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Ratification of Funding Requests 2021-46 – 2021-56

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Funding Request 2021-46 - 2021-56

PA #	Description	Amount	Total	
				
2021-46	RIPA & Associates	$16,820.00		
				
			$16,820.00	
				
2021-47	Forterra	$34,370.15		
				
	Fortiline Waterworks	$82,765.20		
				
	John M Hall Compnay	$676,242.73		
				
			$793,378.08	
				
2021-48	Booth Design Group	$1,512.50		
				
			$1,512.50	
				
2021-49	Booth Design Group	$670.00		
				
			$670.00	
				
2021-50	Forterra	$34,370.15		

By Amanda Lane at 4:58 pm, May 03, 2021

By Amanda Lane at 4:58 pm, May 03, 2021

By Amanda Lane at 9:47 am, May 10, 2021

By Amanda Lane at 9:47 am, May 10, 2021

By Amanda Lane at 8:54 am, Jun 02, 2021

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Ratification of Payment Authorizations # 27-35

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Payment Authorizations #27-35

PA #	Description	Amount	Total	
				
27	Frontier	$605.74		
				
	Jan-Pro of Manasota	$895.00		
				
	MarcoLease	$695.00		
				
	Manatee County Utilites Department	$1,039.54		
				
	Peace River Electric Cooperative	$2,864.57		
				
	Southern Land Services of Southwest Florida	$75.00		
				
	Sunrise Landscape	$11,949.10		
				
			$18,123.95	
				
28	Eco-Logic Services	$3,375.00		
				
	Jan-Pro of Manasota	$106.20		
				
	McClatchy Company	$323.20		
				
	S&G Pools	$900.00		
				
	Vogler Ashton	$6,645.50		
				
			$11,349.90	
				
29	MI-BOX Gulf Coast	$189.00		
				
	PFM Group Consulting	$9.55		
				
	Sunrise Landscape	$19,200.00		
				
	Supervisor Fees - 05/12/2021 Meeting	$1,000.00		

	VGlobalTech	$100.00		
				
			$20,498.55	
				
30	Daystar Exterior Cleaning	$1,250.00		
				
	Florida Department of Health	$250.35		
				
	PFM Group Consulting	$3,333.33		
			$4,833.68	
				
31	Bliss Products and Services	$261.84		

	Eco-Logic Services	$2,650.00		

	Frontier	$605.74		

	MacroLease	$695.00		

	Manatee County Utilities Department	$1,594.32		

	Peace River Electric Cooperative	$2,925.59		
				
	Sunrise Landscape	$3,072.00		
				
			$11,804.49	
				
32	Envera			
		$817.82		
		$817.82		
				
	Grau and Associates			
		$4,700.00		
				
	Jan-Pro of Manasota			
		$895.00		
				
	McClatchy Company			
		$121.68		
				
	S&G Pools			
		$900.00		

	Sunrise Landscape			
		$190.28		
				
			$8,442.60	
				
33	Eco-Logic Services			
		$	8,035.00		
				
	MI-Box Gulf Coast			
		$	189.00		
				
	Peace River Electric Cooperative			
		$	129.78		
				
			$ 8,353.78	
				
34	Daystar Exterior Cleaning	$	1,250.00		

	Jones & Sons Pest Control	$	55.00		

	PFM Group Consulting	$	2,500.00		
		$	3,333.33		

	SignProStudios	$	615.00		
				
			$ 7,753.33	

35	Frontier	$	605.74		
				
	PFM Group Consulting	$	9.55		
				
	Peace River Electric Cooperative	$	3,196.78		
				
	Sunrise Landscape	$	218.80		
		$	975.55		

	VGlobalTech	$	100.00		

	Vogler Ashton	$	4,689.00		

			$ 9,795.42	

		Total	$100,955.70	

By Amanda Lane at 4:58 pm, May 03, 2021

By Amanda Lane at 9:47 am, May 10, 2021

By Amanda Lane at 11:32 am, May 19, 2021

By Amanda Lane at 9:23 am, May 24, 2021

By Amanda Lane at 8:44 am, Jun 02, 2021

By Amanda Lane at 10:08 am, Jun 07, 2021

By Amanda Lane at 2:53 pm, Jun 14, 2021

By Amanda Lane at 10:20 am, Jun 21, 2021

By Amanda Lane at 1:25 pm, Jun 28, 2021

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Ratification of Requisitions Morgan’s Glen Project # 2019-93 – 2019-100

Requisition	Vendor	Amount	Special Instructions	Submit Payment

93	

Sunrise Landscape	

$	77,697.05	
Please overnight the payment and include a copy of the pay app(s) (page(s) 6 of the .pdf file) with the payment.	Please overnight the payment to:

Sunrise Landscape
5521 Baptist Church Road Tampa, FL 33610
(813) 985-9381	

Total	$	77,697.05

Requisition	Vendor	Amount	Special Instructions	Submit Payment

94	

Booth Design Group	

$	

675.00	

Please reference invoice(s) 2709 on the payment.	Booth Design Group
146 Second Street North Suite 302
St. Petersburg, FL 33701	

95	

Windward Building Group	

$	

97,537.47	Please include a copy of
the pay app(s) (pages 10, 12, & 14 of the .pdf file) with the payment.	
Windward Building Group, Inc. 650 2nd Ave South
St. Petersburg, FL 33701	

Total	$	98,212.47

Requisition	Vendor	Amount	Special Instructions	Submit Payment

96	

Driggers Engineering Services	

$	

2,218.00	
Please reference invoice(s) SAL15233 and SAL15243
on the payment.	
Driggers Engineering Services PO Box 17839
Clearwater, FL 33762	

97	

SignPro Studios	

$	

16,172.50	Please reference invoice(s)
233-2021 with the payment.	SignPro Studios
827 Victoria Drive
Dunedin, FL 34698	

Total	$	18,390.50

Requisition	Vendor	Amount	Special Instructions	Submit Payment

98	

Dewberry Engineers	

$	

2,205.00	
Please reference invoice(s) 1967549 on the payment.	Dewberry Engineers
PO Box 821824
Philadelphia, PA 19182-1824	

99	

Onsight Industries	

$	

12,506.30	Please reference invoice(s)
006-21-295276-1 on the
payment.	Onsight Industries, LLC
900 Central Park Drive Sanford, FL 32771-6634	

100	

Woodruff & Sons	

$	

486,980.10	
Please overnight the payment and reference project 2730 and pay app(s) 16 with the
payment.	Please overnight the payment to:

Woodruff & Sons 6450 31st Street East PO Box 10127
Bradenton, FL 34282-0127	

Total	$	501,691.40

FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT

Review of District Financial Statements

Debt Service
General Fund	Fund (S2019,

Debt Service Fund (S2021B)

Construction Fund (S2019,

Construction	Long-Term Debt Fund (S2021B)		Fund

Total

MG)	MG)

Current Assets
General Checking Account Debit Card
Prepaid Expenses Deposits
Due From Other Funds
Debt Service Reserve (Series 2019) Debt Service Reserve (Morgan's Glen) Revenue (Series 2019)
Revenue (Morgan's Glen) Interest A1 (Series 2019) Interest A2 (Series 2019) Interest A1 (Morgan's Glen) Interest A2 (Morgan's Glen) Prepayment A2 (Series 2019) Prepayment A2 (Morgan's Glen) Sinking Fund A1 (Series 2019) Sinking Fund (Morgan's Glen) Interest (Series 2021B)
Accounts Receivable - Due from Developer Acquisition/Construction (Series 2019) Restricted Acq/Constr (Morgan's Glen) Acquisition/Construction (Series 2021B) Cost of Issuance (Series 2021B)
Total Current Assets	

$98,820.67
500.00
337.94
2,000.00

$101,658.61		

$1,377.42 166,060.54
91,059.90
228,808.56
130,448.16
0.20
0.06
0.12
0.05
763,766.75
538,106.45
0.06
0.03

$1,919,628.30		Assets

$74,799.02

$74,799.02		

$777,892.57 24,857.83
2.82

$802,753.22		

$329,258.14 21,700.07

$350,958.21		

$0.00		

$98,820.67
500.00
337.94
2,000.00
1,377.42
166,060.54
91,059.90
228,808.56
130,448.16
0.20
0.06
0.12
0.05
763,766.75
538,106.45
0.06
0.03
74,799.02
777,892.57
24,857.83
2.82
329,258.14
21,700.07

$3,249,797.36	

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments	

$0.00		

$0.00		

$0.00		

$0.00		

$0.00		

$1,993,049.90 19,146,950.10

$21,140,000.00		

$1,993,049.90 19,146,950.10

$21,140,000.00	
Total Assets	$101,658.61		$1,919,628.30		$74,799.02		$802,753.22		$350,958.21		$21,140,000.00		$24,389,797.36	

General Fund		Debt Service Fund (S2019, MG)	Debt Service Fund (S2021B)		Construction Fund (S2019, MG)		Construction Fund (S2021B)		Long-Term Debt Fund		
Total	

Current Liabilities Accounts Payable Due To Other Funds Accounts Payable Retainage Payable Deferred Revenue Retainage Payable
Total Current Liabilities	

$9,795.42 1,377.42

$11,172.84	
Liabilities and Net Assets

 	
$0.00	$0.00		

$812,210.73 1,098,143.78
777,892.57

$2,688,247.08		

$145,474.38

$145,474.38		

$0.00		

$9,795.42 1,377.42
812,210.73
1,098,143.78
777,892.57
145,474.38

$2,844,894.30	

Long Term Liabilities
Revenue Bonds Payable - Long-Term Total Long Term Liabilities	

$0.00	

$0.00		

$0.00		

$0.00		

$0.00		

$21,140,000.00

$21,140,000.00		

$21,140,000.00

$21,140,000.00	
Total Liabilities	$11,172.84	$0.00		$0.00		$2,688,247.08		$145,474.38		$21,140,000.00		$23,984,894.30	

General Fund		Debt Service Fund (S2019, MG)		Debt Service Fund (S2021B)		Construction Fund (S2019, MG)		Construction Fund (S2021B)		Long-Term Debt Fund		
Total	
Net Assets
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Net Assets - General Government
Current Year Net Assets - General Government

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Current Year Net Assets, Unrestricted Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Current Year Net Assets, Unrestricted

Total Net Assets	

$207,466.74 (161,770.89)
5,970.95
38,818.97

$90,485.77		

$676,334.67 1,243,293.63

$1,919,628.30		

74,799.02

$74,799.02		

$4,446,290.88 (6,331,784.74)

($1,885,493.86)		

205,483.83

$205,483.83		

$0.00		

$207,466.74 (161,770.89)
5,970.95
38,818.97

676,334.67
1,243,293.63

0.00
74,799.02

4,446,290.88
(6,331,784.74)

0.00
205,483.83

$404,903.06	
														
Total Liabilities and Net Assets	$101,658.61		$1,919,628.30		$74,799.02		$802,753.22		$350,958.21		$21,140,000.00		$24,389,797.36	

Debt Service General Fund	Fund (S2019,

Debt Service Fund (S2021B)

Construction Fund (S2019,

Construction	Long-Term Fund (S2021B)		Debt Fund

Total

MG)	MG)

Revenues								
On-Roll Assessments	$202,449.82						$202,449.82	
Off-Roll Assessments	288,510.42						288,510.42	
Other Assessments	3,858.96						3,858.96	
Developer Contributions	10,152.01						10,152.01	
Other Income & Other Financing Sources	100.83						100.83	
Inter-Fund Transfers In	(161,770.89)						(161,770.89)	
On-Roll Assessments		$351,529.42					351,529.42	
Off-Roll Assessments		734,266.19					734,266.19	
Other Assessments		3,822,638.39					3,822,638.39	
Inter-Fund Group Transfers In		2,875.81					2,875.81	
Debt Proceeds			$74,798.89				74,798.89	
Developer Contributions				$4,129,840.18			4,129,840.18	
Other Income & Other Financing Sources				23,038.42			23,038.42	
Inter-Fund Transfers In				158,895.08			158,895.08	
Other Income & Other Financing Sources					$5,500.00		5,500.00	
Debt Proceeds					3,972,601.11		3,972,601.11	
Total Revenues	

$343,301.15	

$4,911,309.81	$74,798.89	

$4,311,773.68	

$3,978,101.11	$0.00	

$13,619,284.64	
Expenses								
Supervisor Fees	$8,400.00						$8,400.00	
POL Insurance	2,421.00						2,421.00	
Trustee Services	11,183.94						11,183.94	
District Management	29,999.97						29,999.97	
Engineering	40,333.63						40,333.63	
Dissemination Agent	7,500.00						7,500.00	
District Counsel	22,409.00						22,409.00	
Assessment Administration	12,500.00						12,500.00	
Audit	7,200.00						7,200.00	
Postage & Shipping	458.44						458.44	
Legal Advertising	1,427.68						1,427.68	
Miscellaneous	9,075.04						9,075.04	
Property Taxes	47.90						47.90	
Web Site Maintenance	1,800.00						1,800.00	
Dues, Licenses, and Fees	175.00						175.00	

	
General Fund	Debt Service Fund (S2019, MG)	Debt Service Fund (S2021B)	Construction Fund (S2019, MG)	Construction Fund (S2021B)	Long-Term Debt Fund	
Total	
Electric	12,148.21						12,148.21	
Clubhouse Electric	9,788.33						9,788.33	
Water Reclaimed	6,864.66						6,864.66	
Stormwater - Repair and Maintenance	14,200.00						14,200.00	
Amenity - Cable TV / Internet	6,226.46						6,226.46	
Amenity - Landscape Maintenance	36,920.00						36,920.00	
Amenity - Irrigation Repairs	5,843.35						5,843.35	
Amenity - Pool Maintenance	8,100.00						8,100.00	
Amenity - Janitorial	6,051.11						6,051.11	
Amenity - Pest Control	9,034.08						9,034.08	
Amenity - R&M Building	615.00						615.00	
Amenity - Equipment Rental	3,544.50						3,544.50	
Amenity - Security	6,990.14						6,990.14	
Equipment Rental	19,039.46						19,039.46	
General Insurance	2,960.00						2,960.00	
Property & Casualty Insurance	14,272.00						14,272.00	
Irrigation - Repair and Maintenance	1,936.75						1,936.75	
Lake Maintenance	32,285.00						32,285.00	
Landscaping Maintenance & Material	74,925.40						74,925.40	
Landscape Improvements	14,175.00						14,175.00	
Contingency	250.00						250.00	
Equipment Repair & Maintenance	625.00						625.00	
Cleaning	23,812.50						23,812.50	
Lighting	756.48						756.48	
Principal Payment - S19A1		$150,000.00					150,000.00	
Principal Payment - S19A2		1,880,000.00					1,880,000.00	
Principal Payment - S19A1 Morgan's Glen		85,000.00					85,000.00	
Principal Payment - S19A2 Morgan's Glen		345,000.00					345,000.00	
Interest Payments - S19A1		507,877.50					507,877.50	
Interest Payments - S19A2		167,321.25					167,321.25	
Interest Payments - S19A1 Morgan's Glen		275,020.00					275,020.00	
Interest Payments - S19A2 Morgan's Glen		257,855.00					257,855.00	

General Fund

Debt Service Fund (S2019, MG)

Debt Service Fund (S2021B)

Construction Fund (S2019, MG)

Construction Fund (S2021B)

Long-Term	Total Debt Fund

Engineering							$328,576.35						328,576.35	
Contingency							10,315,082.57						10,315,082.57	
Trustee Services									$5,725.00				5,725.00	
Management									10,000.00				10,000.00	
Engineering									28,153.50				28,153.50	
Dissemination Agent									1,000.00				1,000.00	
District Counsel									35,000.00				35,000.00	
Trustee Counsel									11,000.00				11,000.00	
Bond Counsel									40,000.00				40,000.00	
Assessment Administration									25,000.00				25,000.00	
Contingency									1,795,476.15				1,795,476.15	
Developer Repayment									1,821,269.45				1,821,269.45	
Total Expenses	$466,295.03		$3,668,073.75		$0.00		$10,643,658.92		$3,772,624.10		$0.00		$18,550,651.80	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$41.96												$41.96	
Interest Income			$57.57										57.57	
Interest Income					$0.13								0.13	
Interest Income							$100.50						100.50	
Interest Income									$6.82				6.82	
Total Other Revenues (Expenses) & Gains (Losses)	$41.96		$57.57		$0.13		$100.50		$6.82		$0.00		$206.98	
Change In Net Assets	($122,951.92)		$1,243,293.63		$74,799.02		($6,331,784.74)		$205,483.83		$0.00		($4,931,160.18)	

Net Assets At Beginning Of Year	
$213,437.69		
$676,334.67		
$0.00		
$4,446,290.88		
$0.00		
$0.00		
$5,336,063.24	

Net Assets At End Of Year	
$90,485.77		
$1,919,628.30		
$74,799.02		
($1,885,493.86)		
$205,483.83		
$0.00		
$404,903.06	

	
Variance		FY 2021
Adopted Budget	

$	
(226,111.06)	
$	
571,414.50	
	288,510.42		-	
	3,858.96		-	
	10,152.01		-	
	100.83		-	
$	76,511.16	$	571,414.50	

$	
(600.00)	
$	
12,000.00	
	518.25		2,537.00	
	6,683.94		6,000.00	
	(0.03)		40,000.00	
	21,583.63		25,000.00	
	-		10,000.00	
	3,659.00		25,000.00	
	3,125.00		12,500.00	
	(187.50)		250.00	
	2,700.00		6,000.00	
	(900.00)		1,200.00	
	383.44		100.00	
	(2,322.32)		5,000.00	
	5,325.04		5,000.00	
	47.90		-	
	(225.00)		2,700.00	
	43.75		175.00	
	(15,000.00)		20,000.00	
	(6,000.00)		8,000.00	
	(900.00)		1,200.00	
	(7,500.00)		10,000.00	
$	10,435.10	$	192,662.00	

Year To Date

Actual	Budget

Revenues					
On-Roll Assessments	$	202,449.82		$	428,560.88	
Off-Roll Assessments	288,510.42			-	
Other Assessments	3,858.96			-	
Developer Contributions	10,152.01			-	
Other Income & Other Financing Sources	100.83			-	
Net Revenues	$	505,072.04		$	428,560.88	
General & Administrative Expenses					
Supervisor Fees	$	8,400.00		$	9,000.00	
POL Insurance	2,421.00			1,902.75	
Trustee Services	11,183.94			4,500.00	
District Management	29,999.97			30,000.00	
Engineering	40,333.63			18,750.00	
Dissemination Agent	7,500.00			7,500.00	
District Counsel	22,409.00			18,750.00	
Assessment Administration	12,500.00			9,375.00	
Reamortization Schedules	-			187.50	
Audit	7,200.00			4,500.00	
Arbitrage Calculation	-			900.00	
Postage & Shipping	458.44			75.00	
Legal Advertising	1,427.68			3,750.00	
Miscellaneous	9,075.04			3,750.00	
Property Taxes	47.90			-	
Web Site Maintenance	1,800.00			2,025.00	
Dues, Licenses, and Fees	175.00			131.25	
Activities Director of Fun	-			15,000.00	
Maintenance Staff	-			6,000.00	
Mitigation	-			900.00	
Stormwater - Repair and Maintenance	-			7,500.00	
Total General & Administration Expenses	$	154,931.60		$	144,496.50	

Year To Date	
											FY 2021	
		Actual			Budget			Variance	Adopted	
											Budget	

Brightwood Pavilion - Amenity												
Clubhouse Electric	$	9,788.33		$	4,500.00		$	5,288.33		$	6,000.00	
Clubhouse Water		-			270.00			(270.00)			360.00	
Amenity - Cable TV / Internet / Wi-Fi		6,226.46			4,950.00			1,276.46			6,600.00	
Amenity - Landscape Maintenance		36,920.00			7,500.00			29,420.00			10,000.00	
Amenity - Irrigation Repairs		5,843.35			-			5,843.35			-	
Amenity - Pool Maintenance		8,100.00			8,100.00			-			10,800.00	
Amenity - Exterior Cleaning		6,051.11			5,130.00			921.11			6,840.00	
Amenity - Interior Cleaning		-			3,600.00			(3,600.00)			4,800.00	
Amenity - Pest Control		9,034.08			-			9,034.08			-	
Amenity - R&M Building		615.00			-			615.00			-	
Amenity - Fitness Equipment Leasing		3,544.50			6,255.00			(2,710.50)			8,340.00	
Amenity - Envera Security - 8 monitored Camaras		6,990.14			7,146.00			(155.86)			9,528.00	
Total Brightwood Pavilion - Amenity	$	93,112.97		$	47,451.00		$	45,661.97		$	63,268.00	
Expenses												
Riverfield Verandah - Amenity												
Clubhouse Electric	$	-		$	2,812.50		$	(2,812.50)		$	3,750.00	
Clubhouse Water		-			202.50			(202.50)			270.00	
Amenity - Cable TV / Internet / Wi-Fi		-			2,250.00			(2,250.00)			3,000.00	
Amenity - Landscape Maintenance		-			3,375.00			(3,375.00)			4,500.00	
Amenity - Pool Maintenance		-			4,860.00			(4,860.00)			6,480.00	
Amenity - Exterior Cleaning		-			3,375.00			(3,375.00)			4,500.00	
Amenity - Interior Cleaning		-			2,666.25			(2,666.25)			3,555.00	
Amenity - Envera Security - 8 monitored Camaras		-			4,019.63			(4,019.63)			5,359.50	
Total Riverfield Verandah - Amenity Expenses	$	-		$	23,560.88		$	(23,560.88)		$	31,414.50	

		Year To Date	
Actual		Budget	

$	12,148.21	

$	

9,000.00	
14,200.00		-	
19,039.46		7,500.00	
2,960.00		2,114.25	
14,272.00		5,438.25	
6,864.66		11,250.00	
1,936.75		3,750.00	
32,285.00		18,750.00	
74,925.40		112,500.00	
14,175.00		7,500.00	
250.00		-	
625.00		3,750.00	
23,812.50		3,750.00	
756.48		1,500.00	
-		26,250.00	
$	218,250.46	$	213,052.50	

  $		
466,295.03  	
  $		
428,560.88		

	
Variance		FY 2021
Adopted Budget	

$	
3,148.21	
$	
12,000.00	
	14,200.00		-	
	11,539.46		10,000.00	
	845.75		2,819.00	
	8,833.75		7,251.00	
	(4,385.34)		15,000.00	
	(1,813.25)		5,000.00	
	13,535.00		25,000.00	
	(37,574.60)		150,000.00	
	6,675.00		10,000.00	
	250.00		-	
	(3,125.00)		5,000.00	
	20,062.50		5,000.00	
	(743.52)		2,000.00	
	(26,250.00)		35,000.00	
$	5,197.96	$	284,070.00	

$		
37,734.15		
$		
571,414.50  	

Field Expenses
Electric
Stormwater - Repair & Maintenance Equipment Rental
General Insurance
Property & Casualty Insurance Water Reclaimed
Irrigation - Repair and Maintenance Lake Maintenance
Landscaping Maintenance & Material Landscape Improvements Contingency
Equipment Repair & Maintenance Street Sweeping
Lighting
Streetlights - Leasing

Total Field Expenses

Total Expenses

$	38,777.01		$	-	

$	
41.96		
$	
-	
$	41.96		$	-	
$	38,818.97		$	-	

$	38,777.01		$	-	

$	
41.96		
$	
-	
$	41.96		$	-	
$	38,818.97		$	-	

Income (Loss) from Operations Other Income (Expense)
Interest Income
Total Other Income (Expense)

Net Income (Loss)

Year To Date	
Actual Through	Anticipated Jul.	Anticipated FY	
06/30/2021	- Sep.	2021 Total	

FY 2021
Adopted Budget	FY 2022
Approved Proposed Budget	

$  571,414.50
-	

$ 1,048,826.50
-	
-	-	
-	-	
-	-	
$  571,414.50	$ 1,048,826.50	

$	12,000.00
2,537.00
6,000.00
40,000.00
25,000.00
10,000.00
25,000.00
12,500.00
250.00
6,000.00
1,200.00
100.00
5,000.00
5,000.00
- 2,700.00
175.00
20,000.00
8,000.00
1,200.00
10,000.00
$  192,662.00		
$

$	
12,000.00
2,537.00
12,000.00
40,000.00
70,000.00
15,000.00
25,000.00
12,500.00
250.00
6,000.00
1,200.00
1,000.00
5,000.00
10,000.00
50.00
2,700.00
175.00
100,000.00
15,000.00
1,200.00
10,000.00
341,612.00	

$	6,000.00
360.00
6,600.00
10,000.00
- 10,800.00
6,840.00
4,800.00
-
-		
$	
12,000.00
360.00
9,000.00
60,000.00
10,000.00
10,800.00
9,000.00
4,800.00
15,000.00
-	
8,340.00
9,528.00
$	63,268.00		

$	8,340.00
12,000.00
151,300.00	

Revenues

On-Roll Assessments	$	202,449.82		$	-		$	202,449.82	
Off-Roll Assessments	288,510.42		93,168.72		381,679.14	
Other Assessments	3,858.96		-		3,858.96	
Developer Contributions	10,152.01		-		10,152.01	
Other Income & Other Financing Sources	100.83		-		100.83	
Net Revenues	$	505,072.04		$	93,168.72		$	598,240.76	

General & Administrative Expenses

Supervisor Fees	$	8,400.00		$	3,000.00		$	11,400.00	
POL Insurance	2,421.00		-		2,421.00	
Trustee Services	11,183.94		-		11,183.94	
District Management	29,999.97		10,000.03		40,000.00	
Engineering	40,333.63		13,444.54		53,778.17	
Dissemination Agent	7,500.00		2,500.00		10,000.00	
District Counsel	22,409.00		7,469.67		29,878.67	
Assessment Administration	12,500.00		-		12,500.00	
Reamortization Schedules	-		250.00		250.00	
Audit	7,200.00		(1,200.00)		6,000.00	
Arbitrage Calculation	-		1,200.00		1,200.00	
Postage & Shipping	458.44		152.81		611.25	
Legal Advertising	1,427.68		475.89		1,903.57	
Miscellaneous	9,075.04		3,025.01		12,100.05	
Property Taxes	47.90		-		47.90	
Web Site Maintenance	1,800.00		900.00		2,700.00	
Dues, Licenses, and Fees	175.00		-		175.00	
Activities Director of Fun	-		5,000.00		5,000.00	
Maintenance Staff	-		2,000.00		2,000.00	
Mitigation	-		300.00		300.00	
Stormwater - Repair and Maintenance	-		2,500.00		2,500.00	
Total General & Administration Expenses	$	154,931.60		$	51,017.96		$	205,949.56	

Brightwood Pavilion - Amenity

Clubhouse Electric	$	9,788.33		$	3,262.78		$	13,051.11	
Clubhouse Water	-		90.00		90.00	
Amenity - Cable TV / Internet / Wi-Fi	6,226.46		2,075.49		8,301.95	
Amenity - Landscape Maintenance	36,920.00		12,306.67		49,226.67	
Amenity - Irrigation Repairs	5,843.35		1,947.78		7,791.13	
Amenity - Pool Maintenance	8,100.00		2,700.00		10,800.00	
Amenity - Exterior Cleaning	6,051.11		2,017.04		8,068.15	
Amenity - Interior Cleaning	-		1,200.00		1,200.00	
Amenity - Pest Control	9,034.08		3,011.36		12,045.44	
Amenity - R&M Building	615.00		205.00		820.00	
Amenity - Fitness Equipment Leasing	3,544.50		1,181.50		4,726.00	
Amenity - Envera Security - 8 monitored Camaras	6,990.14		2,330.05		9,320.19	
Total Brightwood Pavilion - Amenity Expenses	$	93,112.97		$	32,327.66		$	125,440.63	

Actual Through 06/30/2021

Year To Date Anticipated Jul.
- Sep.

Anticipated FY 2021 Total

FY 2022
FY 2021	Approved Adopted Budget	Proposed
Budget

Riverfield Verandah - Amenity

Clubhouse Electric	$	-	$	937.50		$	937.50		$	3,750.00		$	3,750.00	
Clubhouse Water	-	67.50		67.50		270.00		270.00	
Amenity - Cable TV / Internet / Wi-Fi	-	750.00		750.00		3,000.00		3,000.00	
Amenity - Landscape Maintenance	-	1,125.00		1,125.00		4,500.00		4,500.00	
Amenity - Pool Maintenance	-	1,620.00		1,620.00		6,480.00		6,480.00	
Amenity - Exterior Cleaning	-	1,125.00		1,125.00		4,500.00		4,500.00	
Amenity - Interior Cleaning	-	888.75		888.75		3,555.00		3,555.00	
Amenity - Envera Security - 8 monitored Camaras	-	1,339.88		1,339.88		5,359.50		5,359.50	
Total Riverfield Verandah - Amenity Expenses	$	7,853.63		$	7,853.63		$	31,414.50		$	31,414.50	

Field Expenses
Electric
Stormwater - Repair & Maintenance Equipment Rental
General Insurance
Property & Casualty Insurance Water Reclaimed
Irrigation - Repair and Maintenance Lake Maintenance
Landscaping Maintenance & Material Landscape Improvements Contingency
Equipment Repair & Maintenance Street Sweeping
Lighting
Streetlights - Leasing
Total Field Expenses

$	4,049.40

$	-	

$	
12,148.21
14,200.00
19,039.46
2,960.00
14,272.00
6,864.66
1,936.75
32,285.00
74,925.40
14,175.00
250.00
625.00
23,812.50
756.48
-	
$	218,250.46	

  $		
466,295.03  	
$	38,777.01	

$
$	
41.96
41.96	
$	38,818.97	

4,733.33
6,346.49
986.67
4,757.33
2,288.22
645.58
10,761.67
24,975.13
4,725.00
83.33
208.33
7,937.50
252.16
8,750.00
$	81,500.15

$	16,197.61
18,933.33
25,385.95
3,946.67
19,029.33
9,152.88
2,582.33
43,046.67
99,900.53
18,900.00
333.33
833.33
31,750.00
1,008.64
8,750.00
$	299,750.61

$	12,000.00	$	14,000.00
-	25,000.00
10,000.00	30,000.00
2,819.00	5,000.00
7,251.00	25,000.00
15,000.00	10,000.00
5,000.00	1,000.00
25,000.00	50,000.00
150,000.00	250,000.00
10,000.00	25,000.00
-	500.00
5,000.00	1,000.00
5,000.00	37,000.00
2,000.00	1,000.00
35,000.00	50,000.00

$  284,070.00	$  524,500.00

Total Expenses
Income (Loss) from Operations Other Income (Expense)
Interest Income
Total Other Income (Expense)

Net Income (Loss)

  $  172,699.40	$	638,994.43	$  571,414.50	$ 1,048,826.50  

$	-	$	-	

$
$

$	
-
-

-	
$
$

$	
-
-

-	

$	(79,530.68)	$	(40,753.67)

$	13.99	$	55.95

$	13.99	$	55.95

$	(79,516.69)	$	(40,697.72)

    

Fieldstone CDD
FY 21-22 Proposed Assessments

Phase	Planned Lots (Unplatted Acreage*)	
ERU/Lot	
Total ERUs	
Net O&M per Phase	
Gross O&M Assessment*	
Net Annual O&M per Unit	
Gross Annual O&M per Unit*	
Net Annual DS Gross Annual Per Unit	DS Per Unit	Total Net Annual Assessment Per Unit	Total Gross Annual Assessment Per Unit	
1A 40'	119	0.8	95.2	108,790.89	116,979.46	1,142.76	1,228.78	990.00	1,064.52	2,132.76	2,293.29	
1A 50'	81	1.0	81	92,563.68	99,530.84	1,142.76	1,228.78	1,150.00	1,236.56	2,292.76	2,465.33	
1B 40'	77	0.8	61.6	70,394.11	75,692.59	1,142.76	1,228.78	950.00	1,021.51	2,092.76	2,250.28	
1B 50'	58	1.0	58	66,280.17	71,269.00	1,142.76	1,228.78	1,071.63	1,152.29	2,214.39	2,381.07	
1C 40'	100	0.8	80	91,420.92	98,302.06	1,142.76	1,228.78	950.00	1,021.51	2,092.76	2,250.28	
1C 50'	75	1.0	75	85,707.11	92,158.19	1,142.76	1,228.78	1,071.63	1,152.29	2,214.39	2,381.07	
1D (West) 60'	56	1.2	67.2	76,793.57	82,573.73	1,142.76	1,228.78	1,350.00	1,451.61	2,492.76	2,680.39	
1D (East) 60'	54	1.2	64.8	74,050.94	79,624.67	1,142.76	1,228.78	1,350.00	1,451.61	2,492.76	2,680.39	
Morgan's Glen 45'	60	1.0	60	68,565.69	73,726.55	1,142.76	1,228.78	950.00	1,021.51	2,092.76	2,250.28	
Morgan's Glen 50'	170	1.0	170	194,269.45	208,891.89	1,142.76	1,228.78	1,050.00	1,129.03	2,192.76	2,357.81	
Morgan's Glen TH	150	0.7	105	119,989.96	129,021.46	1,142.76	1,228.78	865.00	930.11	2,007.76	2,158.88	
*Unplatted Acreage		0.1	0	-	-	-	-	-	-	-	-	
		
Totals	
917.8	
$	1,048,826.50	
$1,127,770.43							
* The gross-up includes an allowance for the fees of county staff and the early-payment discount

** Any undeveloped acreage will be assessed at $ per acre