St. Augustine Lakes Community Development District ANNUAL FINANCIAL REPORT September 30, 2025 St.Augustine Lakes Community Development DistrictANNUAL FINANCIAL REPORTSeptember 30, 2025TABLE OF CONTENTSPageNumberREPORT OF INDEPENDENT AUDITORS1-3MANAGEMENT’S DISCUSSION AND ANALYSIS4-9BASIC FINANCIAL STATEMENTS: Government-wide Financial Statements: Statement of NetPositionStatement of ActivitiesFund Financial Statements: Balance Sheet–Governmental FundsReconciliation of Total Governmental FundBalancesto Net Position ofGovernmental ActivitiesStatement of Revenues,Expenditures and Changes in FundBalances–Governmental FundsReconciliation of the Statement of Revenues, Expendituresand Changes in Fund Balances of GovernmentalFundsto the Statement of ActivitiesStatement of Revenues,Expenditures and Changes in FundBalances–Budgetand Actual–General Fund10111213141516Notesto Financial Statements17-28INDEPENDENT AUDITORS’REPORT ON INTERNALCONTROL OVER FINANCIAL REPORTING ANDON COMPLIANCE AND OTHER MATTERSBASEDON AN AUDITOF FINANCIAL STATEMENTSPERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS29-30MANAGEMENT LETTER31-33INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415,FLORIDA STATUTES34 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, 2025, 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 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, 2025, 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 audit in accordance with auditing standards generally accepted in the United States of America (GAAS), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (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 audit. 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 the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 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 any currently known information that may raise substantial doubt shortly 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 opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS 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 theaudit. •Identify and assess the risks of material misstatement of the financial statements, whetherdue 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, anddisclosures in the financial statements. •Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose ofexpressing 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 ofsignificant accounting estimates made by management, as well as evaluate the overallpresentation of the financial statements. •Conclude whether, in our judgment, there are conditions or events, considered in theaggregate, that raise substantial doubt about the District’s ability to continue as a goingconcern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements. To the Board of Supervisors St. Augustine Lakes Community Development District 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 GAAS, 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 Information Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with Florida Statutes 218.39(3)(c) but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report dated July 30, 2026 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 and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the 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. Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL Fort Pierce, Florida July 30, 2026 Management’s discussion and analysis of St. Augustine Lakes Community Development District’s (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. St.Augustine Lakes Community Development DistrictMANAGEMENT’SDISCUSSION AND ANALYSISFor the YearEnded September 30, 2025 OVERVIEWOFTHE FINANCIAL STATEMENTS (CONTINUED) Fund financial statementsinclude a balance sheetand astatement of revenues, expendituresandchanges infundbalancesfor allgovernmentalfunds.Astatement ofrevenues,expenditures,and changesinfundbalances –budgetandactualisprovided forthe District’s General Fund.Fund financial statementsprovide more detailed information aboutthe District’sactivities.Individualfundsare established bythe Districtto trackrevenuesthatare restricted to certain usesor tocomply with legalrequirements. The government-wide financialstatementsand the fund financialstatementsprovide differentpictures ofthe District.The government-wide financial statementsprovide an overall picture ofthe District’s financial standing. These statements are comparable to private-sector companiesand give a good understanding ofthe District’s overall financial health and how the District paidforthe variousactivities,orfunctions,providedbytheDistrict.All assetsoftheDistrict, including capital assets,are reportedin thestatement ofnet position.All liabilities, includingprincipal outstanding onbonds,are included.In the statement of activities, transactionsbetween the differentfunctions oftheDistrict have beeneliminated in orderto avoid “doublingup”therevenuesandexpenses.Thefundfinancialstatementsprovide a pictureofthemajorfunds of the District. In the case of governmental activities, outlays forlong lived assets arereported asexpendituresand long-termliabilities,suchasspecialassessmentbonds,arenotincluded in the fund financialstatements.To provide a linkfromthefund financialstatementsto thegovernment-wide financialstatements, reconciliationisprovided from the fund financialstatementsto the government-wide financial statements. Notesto financialstatementsprovide additionaldetailconcerning the financialactivitiesand financialbalancesoftheDistrict.Additionalinformation aboutthe accounting practicesoftheDistrict,investments ofthe District,capital assets and long-term debtare some of the itemsincluded in the notes to financial statements. Financial Highlights The following are the highlights of financial activity forthe year ended September 30, 2025. .TheDistrict’stotal assetsexceeded totalliabilitiesby$1,176,208(netposition). Restricted netposition was$182,323,netinvestmentin capitalassetswas$769,029, and unrestricted net position was$224,856. .Governmental activities revenuestotaled $1,042,707while governmental activitiesexpensestotaled $1,142,505. -5 - St.Augustine Lakes Community Development DistrictMANAGEMENT’SDISCUSSION AND ANALYSISFor the YearEnded September 30, 2025 OVERVIEWOFTHE FINANCIAL STATEMENTS (CONTINUED) FinancialAnalysis of the District The following schedule provides a summary ofthe assets,liabilities andnet positionof the District and is presented by category for comparison purposes. Net Position Governmental Activities20252024 Current assets$253,221$265,598Restricted assets497,407485,235Capital assets7,276,2447,541,591Total Assets8,026,8728,292,424 Current liabilities187,937205,577Non-current liabilities6,662,7276,810,841Total Liabilities6,850,6647,016,418 Net position - net investment in capital assets$769,029887,589Net position - restricted182,323170,668Net position - unrestricted224,856217,749Total Net Position$1,176,208$1,276,006 The decrease in capitalassets is primarilythe result of current year depreciation. The decrease in totalliabilitiesisprimarilyrelated toprincipalpaymentsmade onlong-termdebtin the currentyear. -6 - St.Augustine Lakes Community Development DistrictMANAGEMENT’SDISCUSSION AND ANALYSISFor the YearEnded September 30, 2025 OVERVIEWOFTHE FINANCIAL STATEMENTS (CONTINUED) FinancialAnalysis of the District(Continued) The following schedule provides a summary ofthe changes in net positionofthe District and ispresentedby categoryfor comparison purposes. Change in Net Position Governmental Activities20252024 Program RevenuesCharges for services$1,009,997$820,356Capital contributions-7,623,846 General RevenuesInvestment income32,710147,115Total Revenues1,042,707 8,591,317 ExpensesGeneral government105,89992,179Physical environment553,897463,313Culture/recreation106,71837,195Interest and other charges375,991381,595 Total Expenses1,142,505 974,282 Conveyance of assets to others- (6,345,931) Change in Net Position(99,798)1,271,104 Net Position - Beginning of Year1,276,0064,902 Net Position - End of Year$1,176,208$1,276,006 The increase in charges for services isrelated to the increase in special assessments in thecurrent year. The decrease in capital contributionsandconveyanceof assetsto others isrelatedto the completedcapitalprojectin theprioryear. The increase in physical environment is primarily relatedto the increase in landscapemaintenance in the current year. The increasein culture/recreation isprimarilyrelatedto the increase insecuritypatrolling and pool maintenanceand monitoring in the currentyear. -7 - St.Augustine Lakes Community Development DistrictMANAGEMENT’SDISCUSSION AND ANALYSISFor the YearEnded September 30, 2025 OVERVIEWOFTHE FINANCIAL STATEMENTS (CONTINUED) Capital Assets Activity The following schedule provides a summary of the District’scapital assets as ofSeptember 30, 2025and 2024. DescriptionInfrastructureImprovements otherthan buildingAccumulated Depreciation202520247,723,084$ 7,723,084$ 93,64688,600(540,486)(270,093) Governmental ActivitiesTotal Capital Assets, Net7,276,244$ 7,541,591$ During the year, capital asset activity consisted of additionsto improvements other thanbuilding, $5,046,and depreciation, $270,393. General Fund Budgetary Highlights Budgetedexpendituresexceeded actualexpendituresprimarilyduetolesswetland mitigation and amenity securityexpendituresthanwereanticipated. TheSeptember 30, 2025budgetwas not amended. Debt Management GovernmentalActivities debtincludes the following: •In December 2022,the District issued $7,070,000 Series 2022 Special AssessmentBonds. These bonds were issuedtofinance a portion or all of the costs ofthe planning, financing,acquisition,construction,equipping and installation ofthe Series2022 Project. As of September 30, 2025,the balance outstanding was $6,825,000. Economic Factors and Next Year’s Budget St. Augustine Lakes Community Development Districtdoes not expect any economicfactors tohave anysignificanteffectonthefinancialposition orresultsofoperationsofthe Districtin fiscalyear 2026. -8 - St.Augustine Lakes Community Development DistrictMANAGEMENT’SDISCUSSION AND ANALYSISFor the YearEnded September 30, 2025 OVERVIEWOFTHE FINANCIAL STATEMENTS (CONTINUED) Requestfor Information The financial report is designed to provide a general overview ofSt. Augustine LakesCommunityDevelopmentDistrict’sfinancesforallthose with aninterest.Questionsconcerningany of the information provided inthisreport or requestsfor additional information should beaddressed to the St.Augustine Lakes Community Development District, GovernmentalManagement Services,475 WestTown Place, Suite 114, St.Augustine, Florida 32092. -9 - St. Augustine Lakes Community Development DistrictSTATEMENT OF NET POSITIONSeptember 30, 2025 ASSETS Current AssetsCashInvestmentsDue from other governmentsDue from developerPrepaid expensesDeposits Total Current AssetsNon-current AssetsRestricted Investments Capital assets, being depreciatedInfrastructureImprovements otherthan buildingAccumulated depreciation Total Non-current AssetsTotal Assets LIABILITIES Current LiabilitiesAccounts payableAccrued interest payableBonds payable Total Current LiabilitiesNon-current LiabilitiesBonds payable, netTotal Liabilities NET POSITIONNet investment in capital assetsRestricted for debt serviceUnrestricted Total Net Position GovernmentalActivities $ 61,157134,1478,42929,77317,9201,795 253,221 497,407 7,723,08493,646(540,486) 7,773,651 8,026,872 24,18753,750110,000 187,937 6,662,727 6,850,664 769,029182,323224,856 $ 1,176,208 See accompanying notes to financial statements. - 10 - St. Augustine Lakes Community Development DistrictSTATEMENT OF ACTIVITIESFor the Year Ended September 30,2025 Net (Expense) Revenues andProgramChanges inRevenuesNet PositionFunctions/ProgramsGovernmental ActivitiesExpensesCharges forServicesGovernmentalActivitiesGeneral governmentPhysical environmentCulture/recreationInterest and other charges Total Governmental Activities(105,899)$ (553,897) (106,718) (375,991) (1,142,505)$ $ $ 105,401282,171106,216516,2091,009,997(498)$ (271,726) (502) 140,218(132,508) General RevenuesInvestment income32,710 Change in Net Position(99,798) Net Position - October 1,20241,276,006Net Position - September 30, 2025$ 1,176,208 See accompanying notes to financial statements. - 11 - St.Augustine Lakes CommunityDevelopmentDistrictBALANCESHEET– GOVERNMENTALFUNDSSeptember30,2025 TotalDebtCapitalGovernmentalGeneralServiceProjectsFundsASSETSCash61,157$ -$ $ -61,157$ Investments134,147--134,147Due fromothergovernments4,2514,178-8,429Due fromdeveloper29,773--29,773Prepaid expenses17,920--17,920Deposits1,795--1,795Restricted assetsInvestments-471,91525,492497,407TotalAssets249,043$ 476,093$ $ 25,492750,628$ LIABILITIES ANDFUNDBALANCESLIABILITIESAccountspayable24,187$ -$ $ -24,187$ FUND BALANCESNonspendable -prepaid expenses17,920--17,920Nonspendable -deposits1,795--1,795Restricted fordebtservice-476,093-476,093Restricted forcapitalprojects--25,49225,492Assigned forcapitalreserve22,750--22,750Unassigned182,391--182,391TotalFund Balance224,856476,09325,492726,441TotalLiabilitiesand Fund Balances249,043$ 476,093$ $ 25,492750,628$ See accompanying notesto financialstatements. - 12 - St. Augustine Lakes Community Development DistrictRECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCESTO NET POSITION OF GOVERNMENTAL ACTIVITIESSeptember 30, 2025 Total Governmental Fund Balances$726,441Amounts reported for governmental activities in the Statement of Net Positionare different because: Capital assets, infrastructure, $7,723,084, and improvements other thangovernmental activities are not current financial resources and therefore, are not reported at the fund level. building, $93,646, net of accumulated depreciation, $(540,486), used in7,276,244discount, net, $52,273, are not due and payable in the current period andLong-term liabilities, including bonds payable, $(6,825,000), net of bondtherefore, are not reported at the fund level.(6,772,727) Accrued interest expense for long-term debt is not a current financial useand therefore, is not reported at the governmental fund level.(53,750) Net Position of Governmental Activities$1,176,208 See accompanying notes to financial statements. - 13 - St.Augustine Lakes CommunityDevelopmentDistrictSTATEMENTOFREVENUES,EXPENDITURES ANDCHANGESIN FUND BALANCES–GOVERNMENTALFUNDSForthe YearEndedSeptember30,2025 TotalDebtCapitalGovernmentalGeneralServiceProjectsFundsRevenuesSpecialassessments$ 493,788$ 516,209$ -$ 1,009,997Investmentincome9,44022,31895232,710TotalRevenues503,228538,5279521,042,707 Expenditures CurrentGeneralgovernment105,899--105,899Physicalenvironment283,504--283,504Culture and recreation106,718--106,718 Capitaloutlay--5,0465,046 DebtservicePrincipal-145,000-145,000Interest-375,144-375,144 TotalExpenditures496,121520,1445,0461,021,311 Excessofrevenuesover/(under) expenditures7,10718,383(4,094)21,396 OtherFinancing Sources/(Uses) Transfersin--7,7677,767Transfersout-(7,767)-(7,767) TotalOtherFinancing Sources/(Uses)-(7,767)7,767- NetChange in Fund Balances7,10710,6163,67321,396 Fund Balances-October1,2024217,749465,47721,819705,045 Fund Balances-September30,2025$ 224,856$ 476,093$ 25,492$ 726,441 See accompanying notesto financialstatements. -14 - St. Augustine Lakes Community Development DistrictRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURESAND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDSTO THE STATEMENT OF ACTIVITIESFor the Year Ended September 30, 2025 Net Change in Fund Balances - Total Governmental Funds$ 21,396Amounts reported for governmental activities in the Statement of Activities aredifferent because: $5,046, was exceeded by depreciation, $(270,393), in the current period. Governmental funds report capital outlays as expenditures. However, in theStatement of Activities, the cost of those assets is allocated over theirestimated useful lives as depreciation. This is the amount that capital outlay, (265,347) Principal payments are reported as expenditures at the fund level, but are reportedas reductions of liabilities in the Statement of Net Position.145,000Bond discount is amortized over the life of the bonds, at the government-wide level. This is the amount of amortization in the current year.(1,886) At the fund level interest is recognized when due. At the government-wide levelinterest is accrued on outstanding debt. This is the current year change.1,039Change in Net Position of Governmental Activities$ (99,798) See accompanying notes to financial statements. - 15 - St. Augustine Lakes Community Development DistrictSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCES – BUDGET AND ACTUAL – GENERAL FUNDFor the Year Ended September 30, 2025 RevenuesSpecial assessmentsInvestment income Total Revenues Expenditures CurrentGeneral governmentPhysical environmentCulture/recreation Total Expenditures Net Change in Fund Balances Fund Balances - October 1, 2024 Fund Balances - September 30, 2025 OriginalBudget $487,4543,000 490,454490,454120,799120,799267,490267,490136,415136,415524,704524,704(34,250)(34,250) 79,75079,750 $45,500 FinalBudget $487,4543,000 $45,500 ActualVariance withFinal BudgetPositive(Negative) 493,788$ 9,440503,2286,334$ 6,44012,774105,899283,504106,718496,12114,900(16,014) 29,69728,5837,10741,357217,749137,999224,856$179,356$ See accompanying notes to financial statements. - 16 - 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. 1. 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. 2. 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) 2. Measurement Focus and Basis of Accounting (Continued) a. 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. b. 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. St.Augustine Lakes Community Development DistrictNOTES TOFINANCIAL STATEMENTSSeptember 30, 2025 NOTE A–SUMMARY OF SIGNIFICANTACCOUNTING POLICIES (CONTINUED) 2.Measurement Focus and Basis ofAccounting(Continued) b.Fund Financial Statements (Continued) Governmental Funds(Continued) Governmentalfund financial statements arereported using the currentfinancialresourcesmeasurementfocusandthe modified accrualbasisofaccounting. Revenues are considered to be available when they are collected within the currentperiod,orsoon thereafter,topayliabilitiesofthe currentperiod.Forthispurpose, the Districtconsiders revenues to be available if they are collected within 60 days ofthe end of the currentfiscalperiod. Expendituresgenerallyare recordedwhena liabilityisincurred,asunder accrualaccounting.Interest associated withthe current fiscal period is considered to be anaccrual item and so hasbeen recognized asrevenue of the current fiscalperiod. Under the currentfinancialresources measurement focus,onlycurrent assetsandcurrent liabilitiesaregenerallyincluded onthebalance sheet.The reportedfundbalance is considered tobe a measure of“available spendable resources”. Governmentalfund operating statementspresentincreases(revenuesand otherfinancingsources) and decreases(expenditures and other financing uses) in netcurrentassets.Accordingly,theyaresaid to present a summaryofsourcesanduses of “available spendable resources”during a period. Because oftheir spending measurementfocus,expenditure recognition forgovernmental fund types excludes amounts represented by non-currentliabilities. Since theydonotaffectnetcurrentassets,such long-termamountsarenotrecognized as governmental fund type expenditures or fund liabilities. Amountsexpendedtoacquire capitalassetsare recordedasexpendituresintheyear thatresourcesare expended,ratherthan asfund assets. The proceeds of long- term debt are recorded asan other financing source rather than as a fund liability. Debt service expenditures are recorded only when payment is due. 3.Basis of Presentation a.Governmental MajorFunds General Fund–The General Fund is the District’s primary operating fund.Itaccountsforallfinancialresourcesofthe generalgovernment,exceptthose requiredto be accounted for in another fund. Debt Service Fund–The Debt Service Fund accounts for debt service requirementsto retire the special assessmentbonds which were usedto finance the constructionof District infrastructure improvements. CapitalProjects Fund–The CapitalProjectsFund accountsforthe activityassociated with the capital projects of the District. -20 - NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3. Basis of Presentation (Continued) b. 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. 4. Assets, Liabilities, and Net Position or Equity a. 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: 1. Direct obligations of the United States Treasury; 2. The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969; 3. Interest-bearing time deposits or savings accounts in authorized qualified public depositories; 4. 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. b. Capital Assets Capital assets, which include infrastructure and improvements other than building, are reported in the applicable governmental activities column. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 4. Assets, Liabilities, and Net Position or Equity (Continued) b. Capital Assets (Continued) 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 c. 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. d. Unamortized Bond Discounts Bond discounts are presented on the government-wide financial statements and 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. e. Use of Estimates The preparation of the 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 financial statement date and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. St.Augustine Lakes Community Development DistrictNOTES TOFINANCIAL STATEMENTSSeptember 30, 2025 NOTE B–CASHAND INVESTMENTS Alldepositsare held in qualified publicdepositoriesand are included on the accompanyingbalance sheet ascash and investments. Custodial Credit Risk– Deposits Custodial creditrisk isthe riskthat in the event of a bank failure,the District's deposits may notbe returnedto it. TheDistrict does not have a formal deposit policy for custodial credit risk, however,theyfollowthe provisionsofChapter280,Florida Statutesregarding depositsandinvestments. As of September 30, 2025, theDistrict's bank balancewas $62,650andthe carrying value was$61,157. Exposure to custodial credit risk was as follows. The Districtmaintains all deposits in a qualified public depository in accordance with the provisions ofChapter 280, Florida Statutes, which meansthat all depositsare fully insured bythe FederalDeposit InsuranceCorporationor collateralized under Chapter 280, Florida Statutes. Investments As of September 30, 2025, the Districthad the following investmentsand maturities: InvestmentsFlorida PRIMEDreyfus Treasury Securities Cash ManagementTotal InvestmentsMaturities47 days* 47 days* $ $ FairValue134,147497,407631,554* Weighted Average Maturity The District categorizes its fair valuemeasurements within the fair value hierarchyrecentlyestablished bygenerallyacceptedaccounting principles.The fairvalue isthe price thatwouldbe received to sell an asset, or paid to transfer a liability, in an orderly transaction betweenmarket participants atthe measurement date. The hierarchy is based on the valuation inputsused to measure the fairvalue of theasset. The District uses a market approach in measuringfair value that uses prices and other relevant information generated by markettransactionsinvolving identical or similar assets, liabilities, or groupsof assets and liabilities. Assets or liabilities areclassified into one ofthree levels. Level 1 isthemostreliable and isbased on quoted price for identical assets, or liabilities, in an active market. Level 2 usessignificant other observable inputs when obtaining quoted prices for identical orsimilar assets, orliabilities,in marketsthatarenotactive.Level 3 istheleastreliable and usessignificantunobservable inputsthat use the best information available under the circumstances, whichincludes the District’s own data in measuring unobservable inputs. Based on the criteria in the preceding paragraph,the investments listed in Dreyfus TreasurySecurities Cash ManagementareLevel 1 assets. -23 - St.Augustine Lakes Community Development DistrictNOTES TOFINANCIAL STATEMENTSSeptember 30, 2025 NOTE B –CASHAND INVESTMENTS(CONTINUED) Investments(Continued) The District’s investment policy allows management to invest funds in investments permittedunder Section 218.415, Florida Statutes. The investment in Florida PRIME ismeasured atamortized cost. FloridaPRIME has established policies and guidelines regarding participanttransactions and the authority to limit orrestrictwithdrawals or impose a penalty for an earlywithdrawal. As of September 30, 2025,there were no redemption fees, maximumtransactionamounts, or any other requirement that would limit daily accessto 100%of the accountvalue. Interest Rate Risk The District does not have a formal investment policy that limits investment maturities as ameans ofmanaging its exposure to fair value losses arising from increasing interestrates. Credit Risk The District'sinvestmentsarelimitedbystatestatutoryrequirementsandbond compliance.TheDistricthasnoinvestmentpolicythatwould furtherlimititsinvestmentchoices.As of September30, 2025, theDistrict’sinvestmentsinFloridaPRIME and DreyfusTreasurySecuritiesCashManagementwere rated AAAmbyStandardand Poor’s. Concentration of CreditRisk The District places no limit on the amount itmay invest in any one fund.The investments in Florida PRIME are21% of the District’stotal investments andtheDistrict’s investments inDreyfus TreasurySecuritiesCash Managementrepresent79%of theDistrict's totalinvestments. The types of deposits and investments and their level of risk exposure as of September 30,2025weretypicalofthese itemsduringthe fiscalyearthenended.TheDistrictconsidersanydecline in fairvalue for certain investments to be temporary. NOTE C –INTERFUND TRANSFERS Interfund transfers forthe year ended September 30, 2025, consisted ofthe following: Transfer OutTransfer InDebt Service FundCapital Projects Fund$ 7,767 Transferswere made in accordancewith the Trust Indenture. -24 - 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 Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are 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. Assessments 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. Assessments levied for the 2024-2025 fiscal year were levied in August 2024. NOTE E – CAPITAL ASSETS Capital asset activity for the year ended September 30, 2025 was as follows: Depreciation of $270,393 was charged to physical environment. BalanceBalanceOctober 1,September 30,2024AdditionsDeletions2025Governmental Activities: Capital assets, being depreciatedInfrastructure7,723,084 - - 7,723,084 Improvements other than building88,600 5,046 - 93,646 Total Capital Assets, Being Depreciated7,811,684 5,046 - 7,816,730 Less accumulated depreciation for: Infrastructure(257,436) (257,436) - (514,872) Improvements other than building(12,657) (12,957) - (25,614) Total Accumulated Depreciation(270,093) (270,393) - (540,486) Total Capital Assets, Being Depreciated, Net7,541,591 (265,347) - 7,276,244 St.Augustine Lakes Community Development DistrictNOTES TOFINANCIAL STATEMENTSSeptember 30, 2025 NOTE F–LONG-TERM DEBT The following isasummary ofactivityforlong-termdebt forthe year ended September 30,2025: Long-term debtat October 1, 2024$ 6,970,000Principal payments(145,000) Long-term debtat September 30, 20256,825,000Bond discount, net(52,273) Long-termDebt, NetatSeptember 30, 2025$6,772,727District debt is comprised of the following at September 30, 2025: Special AssessmentBonds $7,070,000 Series 2022 Special Assessment Bonds due in annual principal installments beginning June 2024,maturing June 2053,atvariousinterestratesbetween4.70%and5.50%, payable June 15 and December 15. Current portion is$110,000.$ 6,825,000 The annual requirements to amortize the principal and interest of bonded debt outstanding as ofSeptember 30, 2025are asfollows: Year EndingSeptember 30,PrincipalInterestTotal 2026$ 110,000$ 368,571$ 478,571 2027115,000363,401478,4012028120,000357,996477,9962029125,000352,356477,3562030135,000346,481481,4812031-2035780,0001,617,1132,397,1132036-20401,025,0001,381,6882,406,6882041-20451,340,0001,073,7632,413,7632046-20501,760,000662,2002,422,2002051-20531,315,000147,1251,462,125Totals6,825,000$ 6,670,694$ $ 13,495,694 -26 - St.Augustine Lakes Community Development DistrictNOTES TOFINANCIAL STATEMENTSSeptember 30, 2025 NOTE F–LONG-TERM DEBT(CONTINUED) Summary of SignificantBonds Resolution Terms and Covenants The Series2022Bondsare subjectto redemption atthe option oftheDistrictpriorto theirmaturity,in whole or in part, at anytime on orafterJune15,2033, ataprice equal tothe paramountof the respectiveBonds thereof, together with accrued interestto the date ofredemption.TheSeries2022 Bondsaresubjectto extraordinarymandatoryredemption priortomaturity in the mannerdetermined bythe Bond Registrar if certain events occurred as outlined in the TrustIndenture. The Trust Indenturerequirescertain amounts be maintained in a reserve account.In addition, the Trust Indenture hascertain restrictions and requirementsrelating principally to the use ofproceedstopayfortheinfrastructureimprovementsandtheproceduresto befollowed bytheDistrict on assessmentsto property owners. The District agreesto levy special assessments inannualamountsadequate toprovide paymentofdebtservice andto meetthe reserverequirements. Depository Funds The bond resolution establishes certain funds and determinesthe order in which revenues areto bedepositedintothese funds.Adescription ofthesignificantfunds,including theirpurposes, isas follows: Reserve Funds-The Series2022 ReserveAccounts werefunded fromthe proceedsofthe Series2022Bondsin an amountequalto50%ofthe maximumannualdebtservicerequired fortheSeries2022 Bondsatthe date ofissue untilthe ReserveAccountRelease Conditions have been satisfied as established in the TrustIndenture. Once the ReleaseConditions have been satisfied as established in the TrustIndenture the Reserve Accountshall be reduced to anamount equalto 10% of the maximum annual debt service withrespectto thethen outstanding principal amount.Monies held in the reserve accounts willbe used only forthe purposes established in the Trust Indenture. The following is a schedule ofrequired reserve balances as of September 30, 2025: Series 2022 Special Assessment Bonds $ ReserveBalance 242,050 ReserveRequirement $ 240,020 NOTE G–ECONOMIC DEPENDENCY The Developer owns asignificant portion of land within the District. The District’s activity isdependent upon the continued involvement of the Developer, the lossof which could have amaterial adverse effect on the District’s operations. -27 - NOTE H – RELATED PARTY TRANSACTIONS All voting members of the Board of Supervisors are employed by the Developer. The District recognized $483,890 in special assessments from the Developer for the year ended September 30, 2025. Additionally, the District had a balance due from developer of $29,773 as of September 30, 2025. 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 (Government Auditing Standards), 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, 2025, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated July 30, 2026. 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 were not identified. 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 financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the 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 July 30, 2026 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 St. Augustine Lakes Community Development District as of and for the year ended September 30, 2025, and have issued our report thereon dated July 30, 2026. 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 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 July 30, 2026, 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. 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 met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that St. Augustine Lakes Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for St. Augustine Lakes Community Development District. It is management’s responsibility to monitor St. Augustine Lakes Community Development District’s financial condition; and 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: 1)The total number of District employees compensated in the last pay period of the District’sfiscal year as: 4 2)The total number of independent contractors, to whom nonemployee compensation waspaid in the last month of the District’s fiscal year as: 12 3)All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as: $8,496.20 4)All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $507,866.35 5)Each construction project with a total cost of at least $65,000 approved by the District thatis scheduled to begin on or after October 1, 2024, together with the total expenditures forsuch project as: N/A 6)A budget variance based on the budget adopted under Section 189.016(4), FloridaStatutes, before the beginning of the fiscal year being reported if the District amends afinal adopted budget under Section 189.016(6), Florida Statutes: The Board did not amendthe budget. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, St. Augustine Lakes Community Development District reported: 1)The rate or rates of non-ad valorem special assessments imposed by the District: $1,217.26 for the General Fund and $1,200 for the Debt Service Fund 2)The amount of special assessments collected by or on behalf of the District: $979,332.84 3)The total amount of outstanding bonds issued by the District and the terms of such bondsare as follows: $6,825,000 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. 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 July 30, 2026 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, 2025. 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, 2025. Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL Fort Pierce, Florida July 30, 2026