St. Augustine Lakes Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2024

St. Augustine Lakes Community Development District ANNUAL FINANCIAL REPORT
September 30, 2024 TABLE OF CONTENTS
Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-28
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	29-30
MANAGEMENT LETTER	31-34
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415 FLORIDA STATUTES	35

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
St. Augustine Lakes Community Development District St. Johns County, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of St. Augustine Lakes Community Development District (the “District”), as of and for the year ended September 30, 2024, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of St. Augustine Lakes Community Development District as of September 30, 2024, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

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

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To the Board of Supervisors
St. Augustine Lakes Community Development District

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

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

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

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

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

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To the Board of Supervisors
St. Augustine Lakes Community Development District

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge 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 a report dated November 10, 2025 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the 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 St. Augustine Lakes Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 10, 2025

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Management’s discussion and analysis of St. Augustine Lakes Community Development District (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment, culture/recreation, and debt service.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets, are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. In the statement of activities, transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as special assessment bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliation is provided from the fund financial statements to the government-wide financial statements.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.
Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2024.

The District’s total assets exceeded total liabilities by $1,276,006 (net position). Restricted net position was $170,668, net investment in capital assets was $887,589, and unrestricted net position was $217,749.

Governmental activities revenues totaled $8,591,317 while governmental activities expenses and conveyances totaled $7,320,213.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position

	Governmental Activities	
		2024			2023		
Current assets	$	265,598	$	212,947	
Restricted assets	485,235	6,818,955	
Capital assets		7,541,591 		45,308 	
Total Assets		8,292,424 		7,077,210 	
Current liabilities	205,577	158,353	
Non-current liabilities		6,810,841 		6,913,955 	
Total Liabilities		7,016,418 		7,072,308 	
Net position - net investment in capital assets	$	887,589	-	
Net position - restricted	170,668	143,069	
Net position - unrestricted		217,749 		(138,167)	
Total Net Position	 $	1,276,006 	 $	4,902 	
The decrease in restricted assets and increases in capital assets and net investment in capital assets is primarily due to capital activity in the current year.

The increase in current liabilities is related to the increase in accounts payable in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District (Continued)
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change in Net Position
Governmental Activities
	2024		2023	
Program Revenues
Charges for services	
$	820,356		
$	509,421	
Operating contributions
Capital contributions	-
7,623,846		6,932
-	
General Revenues	
Investment income	147,115		201,583	
Total Revenues	8,591,317		717,936	
Expenses	
General government	92,179		85,035	
Physical environment	463,313		29,744	
Culture/recreation	37,195		-	
Interest and other charges	381,595		575,973	
Total Expenses	974,282		690,752	
Conveyance of assets to others	(6,345,931)		-	
Change in Net Position	1,271,104		27,184	
Net Position - Beginning of Year	4,902		(22,282)	
Net Position - End of Year	$	1,276,006		$	4,902	

The increase in charges for services is related to the increase in special assessments in the current year.
The increase in capital contributions is due to the developer contributions to cover construction costs in the current year.
The increase in physical environment is primarily related to current year depreciation.
The increase in conveyances to others is the result of the transferring of the completed utilities to other entities in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2024 and 2023.

	Governmental Activities	
 Description	 	2024			2023	

Construction in progress

$	-	$

45,308

Infrastructure	7,723,084	-
Improvements other than building			88,600		- Accumulated Depreciation		(270,093)		- 

Total Capital Assets, Net

 $	7,541,591 

 $	45,308 

	
During the year, capital asset activity consisted of additions to construction in progress,
$14,112,307, the transfer of construction in progress to infrastructure, $7,723,084, and improvements other than building, $88,600, conveyances to others, $6,345,931, and depreciation, $270,093.

General Fund Budgetary Highlights
Budgeted expenditures exceeded actual expenditures primarily due to less engineering and attorney fee expenditures than were anticipated.

The September 30, 2024 budget was amended to increase amenity expenditures that were more than originally anticipated.
Debt Management

Governmental Activities debt includes the following:

In December 2022, the District issued $7,070,000 Series 2022 Special Assessment Bonds. These bonds were issued to finance a portion or all of the costs of the planning, financing, acquisition, construction, equipping and installation of the Series 2022 Project. As of September 30, 2024, the balance outstanding was $6,970,000.

Economic Factors and Next Year’s Budget

St. Augustine Lakes Community Development District has completed certain improvements within the District in the current year. The District anticipates increased activity related to the maintenance of the completed improvements in fiscal year 2025.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Request for Information

The financial report is designed to provide a general overview of St. Augustine Lakes Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the St. Augustine Lakes Community Development District, Governmental Management Services, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

September 30, 2024

ASSETS	
Current Assets	
Cash	
Investments	
Due from other governments	
Prepaid expenses	
Deposits	
Total Current Assets	
Non-current Assets	
Restricted	
Investments	
Capital assets, being depreciated	
Infrastructure	
Improvements other than building	
Accumulated depreciation	
Total Non-current Assets	
Total Assets	

Governmental Activities

$	159,844	
82,707	
3,430	
18,445	
	1,172 	
	265,598 	

485,235

7,723,084	
88,600	
      (270,093)	
      8,026,826 	
      8,292,424 	

45,788	
54,789	
       105,000 	
       205,577 	

LIABILITIES	
Current Liabilities	
Accounts payable	
Accrued interest payable	
Bonds payable	
Total Current Liabilities	
Non-current Liabilities	
Bonds payable, net	
Total Liabilities	

	6,810,841 
	7,016,418 

NET POSITION	
Net investment in capital assets	
Restricted for debt service	
Unrestricted	
Total Net Poistion	

887,589	
170,668	
	217,749 	
 $	1,276,006 	

For the Year Ended September 30, 2024

Net (Expense)	
Revenues and	
Changes in	
Revenues	Net Position	
Capital	Governmental	
Contributions	Activities	

Program Charges for

$	(92,179)	
$	91,798	
$	-	$	(381)	
(463,313)	192,420	7,623,846	7,352,953	
(37,195)	37,041	-	(154)	
	(381,595)		499,097 		-  	117,502 	
 $	(974,282)	 $	820,356 	 $	7,623,846 	7,469,920	

Functions/Programs	Expenses	Services
Governmental Activities General government Physical environment Culture/recreation
Interest and other charges Total Governmental Activities

General Revenues	
Investment income	

	147,115 

Conveyance of assets to others		(6,345,931) Change in Net Position			1,271,104
Net Position - October 1, 2023		4,902 

Net Position - September 30, 2024

 $	1,276,006 

St. Augustine Lakes Community Development District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2024

Total	
Governmental	
Funds	

Debt	Capital	
Service	Projects	

ASSETS	
Cash	
Investments	
Due from other governments	
Prepaid expenses	
Deposits	
Restricted assets	
Investments	
Total Assets	

$	159,844	
82,707	
1,369	
18,445	
1,172	

$	-	
-	
2,061	
-	
-	

$	-	
-	
-	
-	
-	

$	159,844	
82,707	
3,430	
18,445	
1,172	

General

FUND BALANCES	
Nonspendable - prepaid expenses	
Nonspendable - deposits	
Restricted for debt service	
Restricted for capital projects	
Unassigned	
Total Fund Balance	
Total Liabilities and Fund Balances	

18,445		-		-		18,445	
1,172		-		-		1,172	
-		465,477		-		465,477	
-		-		21,819		21,819	
198,132		-		-		198,132	
217,749		465,477		21,819		705,045	
$	263,537		$	465,477		$	21,819		$	750,833	

-		463,416		21,819		485,235	
$	263,537		$	465,477		$	21,819		$	750,833	

LIABILITIES AND FUND BALANCES	
LIABILITIES	
Accounts payable	

$	45,788	$	-	$	-	$	45,788

St. Augustine Lakes Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2024

Total Governmental Fund Balances

Amounts reported for governmental activities in the Statement of Net Position	
are different because:	

Capital assets, infrastructure, $7,723,084, and improvements other than	
building, $88,600, net of accumulated depreciation, $(270,093), used in	
governmental activities are not current financial resources and therefore,	
are not reported at the fund level.	

Long-term liabilities, including bonds payable, $(6,970,000), net of bond	
discount, net, $54,159, are not due and payable in the current period and	
therefore, are not reported at the fund level.	

$	705,045

7,541,591

(6,915,841)

Accrued interest expense for long-term debt is not a current financial use	
and therefore, is not reported at the governmental fund level.	

	(54,789)

Net Position of Governmental Activities	 $	1,276,006 

St. Augustine Lakes Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS

	Total	
	Debt		Governmental	
General	Service	Capital Projects	Funds	

For the Year Ended September 30, 2024

Revenues	
Special assessments	
Investment income	
Total Revenues	

$	321,259		
$	499,097		
$	-		
$	820,356	
7,707		22,991		116,417		147,115	
328,966		522,088		116,417		967,471	

Expenditures	
Current	
General government	
Physical environment	
Culture and recreation	
Capital outlay	
Debt service	
Principal	
Interest	
Total Expenditures	

92,179	
193,220	
37,195	
-	

-	
-	
-	
-	

92,179	
193,220	
37,195	
6,488,461	

-
-
- 6,488,461

-		100,000		-		100,000	
-		380,394		-		380,394	
322,594		480,394		6,488,461		7,291,449	

Other Financing Sources/(Uses)	
Transfers in	
Transfers out	
Total Other Financing Sources/(Uses)	

-		-		14,780		14,780	
-		(14,780)		-		(14,780)	
-		(14,780)		14,780		-	

Excess of revenues over/(under)	
expenditures	

6,372	41,694	(6,372,044)	(6,323,978)

Net Change in Fund Balances	6,372		26,914		(6,357,264)		(6,323,978)	
Fund Balances - October 1, 2023	211,377		438,563		6,379,083		7,029,023	

Fund Balances - September 30, 2024	
$	217,749		
$	465,477		
$	21,819		
$	705,045	

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2024

Net Change in Fund Balances - Total Governmental Funds

Amounts reported for governmental activities in the Statement of Activities are	
different because:	

Principal payments are reported as expenditures at the fund level, but are reported	
as reductions of liabilities in the Statement of Net Position.	

Bond discount is amortized over the life of the bonds, at the government-wide level.	
This is the amount of amortization in the current year.	

At the fund level interest is recognized when due. At the government-wide level	
interest is accrued on outstanding debt. This is the current year change.	

$	(6,323,978)

Governmental funds report capital outlays as expenditures. However, in the		
Statement of Activities, the cost of those assets is allocated over their		
estimated useful lives as depreciation. This is the amount that capital outlay,		
$6,488,461, and capital contributions, $7,623,846, exceeded depreciation,		
$(270,093) and conveyances, $(6,345,931), in the current period.	7,496,283	

100,000

(1,886)

685

Change in Net Position of Governmental Activities	$	1,271,104

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2024

Revenues	
Special assessments	
Investment income	
Total Revenues	

$  319,224	
-	
319,224	

$  321,259	
7,707	
328,966	

$  321,259	
7,707	
328,966	

$	-	
-	
-	

Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Total Expenditures	

119,224	
177,250	
-	
296,474	

111,646	
194,103	
37,195	
342,944	

92,179	
193,220	
37,195	
322,594	

19,467	
883	
-	
20,350	

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

Actual

Net Change in Fund Balances	22,750		(13,978)		6,372		20,350	
Fund Balances - October 1, 2023	-		36,728		211,377		174,649	

Fund Balances - September 30, 2024	
$	22,750		
$	22,750		
$  217,749		
$	194,999	

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on November 4, 2021, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), and Ordinance 2021-81 of the St. Johns County, Florida Board of County Commissioners. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the St. Augustine Lakes Community Development District. The District is governed by a five-member Board of Supervisors. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the St. Augustine Lakes Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards the District has identified no component units.
Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are primarily supported by special assessments. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.
Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources liabilities, deferred inflows of resources, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District reports fund balance in accordance with Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.
Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.
Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.
Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting (Continued)
b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period, or soon thereafter, to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.
Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.
Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.
Debt service expenditures are recorded only when payment is due.
Basis of Presentation
Governmental Major Funds
General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.
Debt Service Fund – Accounts for debt service requirements to retire the special assessment bonds which were used to finance the construction of District infrastructure improvements.
Capital Projects Fund – The Capital Projects Fund accounts for the activity associated with the capital projects of the District.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as capital assets, and non-current governmental liabilities, such as special assessment bonds be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

Cash and investments include time deposits, certificates of deposit, money market funds, and all highly liquid debt instruments with original maturities of three months or less.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, and Net Position or Equity (Continued)

Capital Assets
Capital assets, which include infrastructure and improvements other than building, are reported in the applicable governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:
Infrastructure	30 years
Improvements other than building	7 years
Budgets

Budgets are prepared and adopted after a public hearing for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget columns of the accompanying financial statements may occur.

Unamortized Bond Discounts
Bond discounts are presented on the government-wide financial statements. The costs are amortized over the life of the bonds using the straight-line method. For financial reporting, the unamortized bond discount is netted with the applicable long-term debt.

NOTE B – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2024, the District's bank balance was $161,396 and the carrying value was $159,844. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

Investments
As of September 30, 2024, the District had the following investments and maturities:

Investments		Maturities		Fair Value	
Florida PRIME		39 days*		$	82,707	
Dreyfus Treasury Securities Cash Management		22 days*		485,235	
Total Investments				$	567,942	

* Weighted Average Maturity

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that use the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investments listed in Dreyfus Treasury Securities Cash Management are Level 1 assets.

NOTE B – CASH AND INVESTMENTS (CONTINUED)

Investments (Continued)

The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2024, there were no redemption fees, maximum transaction amounts, or any other requirement that would limit daily access to 100% of the account value.

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

Credit Risk
The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2024, the District’s investments in Florida PRIME and Dreyfus Treasury Securities Cash Management were rated AAAm by Standard and Poor’s.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in Florida PRIME are 15% of the District’s total investments and the District’s investments in Dreyfus Treasury Securities Cash Management represent 85% of the District's total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2024 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.
NOTE C – INTERFUND TRANSFERS

Interfund transfers for the year ended September 30, 2024, consisted of the following:

Transfer Out
Transfer In	Debt Service Fund
 
Capital Projects Fund	$	14,780

Transfers were made in accordance with the Trust Indenture.

NOTE D – SPECIAL ASSESSMENT REVENUES
Assessments are non-ad valorem assessments on benefited property within the District. Operating and Maintenance Assessments are based upon the adopted budget and levied annually at a public hearing by the District. Debt Service Assessments are levied when bonds are issued and collected annually. The District may collect assessments directly or utilize the uniform method of collections (Chapter 197.3632, Florida Statues). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount.
All unpaid assessments become delinquent as of April 1. Virtually all unpaid assessments are collected via the sale of tax certificates on, or prior to, June 1; therefore, there were no material amounts receivable at fiscal year-end. Assessment levied for the 2023-2024 fiscal year were levied in September 2023.

NOTE E – CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2024 was as follows:
Balance	Balance
October 1,	September 30,
	2023	 	Additions	 	Deletions	 	2024	

Governmental Activities:
Capital assets, not being depreciated

Infrastructure	-	7,723,084	-	7,723,084	
Improvements other than building		- 		88,600 		- 		88,600 	
Total Capital Assets, Being Depreciated		- 		7,811,684 		- 		7,811,684 	
Less accumulated depreciation for: Infrastructure	
-	
(257,436)	
-	
(257,436)	
Improvements other than building		- 		(12,657)		- 		(12,657)	
Total Accumulated Depreciation		- 		(270,093)		- 		(270,093)	
Total Capital Assets, Depreciated, Net		- 		7,541,591 		- 		7,541,591 	
Governmental Activities Capital Assets, Net	 $	45,308 	 $  21,653,898 	 $	(14,157,615)	 $	7,541,591 	

Construction in progress	 $	45,308   $ 14,112,307   $ (14,157,615)  Capital assets, being depreciated

 $	- 

   
Depreciation of $270,093 was charged to physical environment.

NOTE F – LONG-TERM DEBT
The following is a summary of activity for long-term debt of the Governmental Activities for the year ended September 30, 2024:

Bonds payable at October 1, 2023	$	7,070,000	
Principal payments		(100,000)	
Bonds payable at September 30, 2024	6,970,000	
Bond discount, net		(54,159)	
Long-term Debt, Net at September 30, 2024	$	6,915,841 	
District debt is comprised of the following at September 30, 2024:		
Special Assessment Bonds		
$7,070,000 Series 2022 Special Assessment Bonds due in annual principal installments beginning June 2024, maturing June 2053, at various interest rates between 4.70% and 5.50%, payable June 15 and December 15. Current portion is
$105,000.	

$	6,970,000 	

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2024 are as follows:

Year Ending
September 30,	
Principal	
Interest	
Total	

2025	

$	105,000		

$	375,694		

$	480,694	
2026	110,000		370,759		480,759	
2027	115,000		365,589		480,589	
2028	120,000		360,184		480,184	
2029	125,000		354,544		479,544	
2030-2034	745,000		1,667,288		2,412,288	
2035-2039	975,000		1,443,688		2,418,688	
2040-2044	1,280,000		1,150,681		2,430,681	
2045-2049	1,680,000		759,275		2,439,275	
2050-2053	1,715,000		242,275		1,957,275	
Totals	$	6,970,000		$	7,089,977		$ 14,059,977	

NOTE F – LONG-TERM DEBT (CONTINUED)
Summary of Significant Bonds Resolution Terms and Covenants
The Series 2022 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time on or after June 15, 2033, at a price equal to the par amount of the respective Bonds thereof, together with accrued interest to the date of redemption. The Series 2022 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain 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.
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
Reserve Funds - The Series 2022 Reserve Accounts were funded from the proceeds of the Series 2022 Bonds in an amount equal to 50% of the maximum annual debt service required for the Series 2022 Bonds at the date of issue until the Reserve Account Release Conditions have been satisfied as established in the Trust Indenture. Once the Release Conditions have been satisfied as established in the Trust Indenture the Reserve Account shall be reduced to an amount equal to 10% of the maximum annual debt service with respect to the then outstanding principal amount. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The following is a schedule of required reserve balances as of September 30, 2024:

Reserve		Reserve Balance	Requirement
 
Series 2022 Special Assessment Bonds	$	240,020	$	240,020

NOTE G – ECONOMIC DEPENDENCY

The Developer owns a significant portion of land within the District. 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 H – RELATED PARTY TRANSACTIONS

All voting members of the Board of Supervisors are employed by the Developer. The District recognized $804,558 in special assessments and $7,623,846 in capital contributions from the Developer for the year ended September 30, 2024.

NOTE I – RISK MANAGEMENT

The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. There were no claims or settled claims from these risks since inception.

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

To the Board of Supervisors
St. Augustine Lakes Community Development District St. Johns 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, as listed in the table of contents, of St. Augustine Lakes Community Development District, as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated November 10, 2025.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered St. Augustine Lakes Community Development District's internal control over financial reporting (internal control) as a basis for designing 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 St. Augustine Lakes Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of St. Augustine Lakes Community Development 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 combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.

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To the Board of Supervisors
St. Augustine Lakes Community Development District

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether St. Augustine Lakes Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the 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.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 10, 2025

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MANAGEMENT LETTER

To the Board of Supervisors
St. Augustine Lakes Community Development District St. Johns County, Florida

Report on the Financial Statements
We have audited the financial statements of the St. Augustine Lakes Community Development District as of and for the year ended September 30, 2024, and have issued our report thereon dated November 10, 2025.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reports and Schedule
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 Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated November 10, 2025, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been made to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding financial audit report.

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To the Board of Supervisors
St. Augustine Lakes Community Development District

Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not St. Augustine Lakes Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that the St. Augustine Lakes Community Development District has not met one of the conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2024 for the St. Augustine Lakes Community Development District. It is management’s responsibility to monitor the St. Augustine Lakes Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information

The information below was provided by management and has not been audited by us; therefore, we do not express an opinion or provide any assurance on the information.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, St. Augustine Lakes Community Development District reported:
The total number of District employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors, defined as individuals or entities that receive 1099s, to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 11
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $5,171.60
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $269,582.43
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2023, together with the total expenditures for such project: Capital Project 2022, $6,488,461
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: See below:

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To the Board of Supervisors
St. Augustine Lakes Community Development District

	

Original Budget		

Actual		Variance with Original Budget Positive (Negative)	
Revenues
Special assessments	
$ 319,224		
$ 321,259		
$	2,035	
Investment income	-		7,707		7,707	
Total Revenues	319,224		328,966		9,742	
Expenditures Current
General government	

119,224		

92,179		

27,045	
Physical environment	177,250		193,220		(15,970)	
Culture/recreation	-		37,195		(37,195)	
Total Expenditures	296,474		322,594		(26,120)	
Net change in fund balances	22,750		6,372		(16,378)	
Fund Balances - October 1, 2023	-		211,377		211,377	
Fund Balances - September 30, 2024	$ 22,750		$ 217,749		$	194,999	
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, the St. Augustine Lakes Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District:
$797.16 for the General Fund and $1,200 for the Debt Service Fund.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $804,558.61.
The total amount of outstanding bonds issued by the District and the terms of such bonds are as follows: $6,970,000 Series 2022 Bonds due on June 1, 2053.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred or is likely to have occurred, that has an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.

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To the Board of Supervisors
St. Augustine Lakes Community Development District
Purpose of this Letter

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, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 10, 2025

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
St. Augustine Lakes Community Development District St. Johns County, Florida

We have examined St. Augustine Lakes Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2024. Management is responsible for St. Augustine Lakes Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on St. Augustine Lakes Community Development 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 and, accordingly, included examining, on a test basis, evidence about St. Augustine Lakes Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on St. Augustine Lakes Community Development District’s compliance with the specified requirements.

In our opinion, St. Augustine Lakes Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2024.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 10, 2025

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