Boggy Branch Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2023

Boggy Branch Community Development District ANNUAL FINANCIAL REPORT
September 30, 2023 TABLE OF CONTENTS

FINANCIAL SECTION

Page Number

REPORT OF INDEPENDENT AUDITORS	1-3	
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-8	
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements: Statement of Net Position Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund	

9
10

11

12

13

14

15	
Notes to Financial Statements	16-28	

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
Boggy Branch Community Development District Jacksonville, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Boggy Branch Community Development District (the “District”), as of and for the year ended September 30, 2023, 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 Boggy Branch Community Development District as of September 30, 2023, 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. 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.

- 1 -

To the Board of Supervisors
Boggy Branch 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 judgement 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 judgement, 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.

- 2 -

To the Board of Supervisors
Boggy Branch 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 June 27, 2024 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations 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 Boggy Branch Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 27, 2024

- 3 -

Management’s discussion and analysis of Boggy Branch 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 and developer contributions.
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. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. 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 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.

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. The statement of activities includes depreciation on all long lived assets of the District, but 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 general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are 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, 2023.

The District’s assets exceeded liabilities by $13,910,974 (net position). Net investment in capital assets was $14,719,004, restricted net position was $47,386, and unrestricted net position was $(855,416).

Governmental activities revenues totaled $9,289,794, while governmental activities expenses totaled $817,524.

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
		2023		2022	

Current assets	
$	
2,860,090		
$ 2,107,487	
Restricted assets		866,494		1,092,080	
Capital assets		28,274,056 		  20,002,261 	
Total Assets		32,000,640 		  23,201,828 	
Current liabilities		4,021,014		3,375,082	
Non-current laiabilities		14,068,652 		  14,388,042 	
Total Liabilities		18,089,666 		  17,763,124 	
Net Position					
Net investment in capital assets		14,719,004		6,132,819	
Restricted net position		47,386		45,031	
Unrestricted		(855,416)			(739,146)	
Total Net Position	 $ 13,910,974 		 $ 5,438,704 	

The increase in current assets is related to the increase in special assessments receivable and due from developer in the current year.
The decrease in restricted assets and the increase in capital assets is related to the capital project activity in the current year.
The increase in current liabilities is related to the increase in accounts payable and retainage payable in the current year.

The increase in net position is related to the developer contribution for the capital project in the current year.

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

Program Revenues Charges for services Grants and contributions
General Revenues Miscellaneous revenues Investment income
Total Revenues	2023		2022	
	$	1,262,214	$	825,925	
	7,991,360		6,069,774	
	60		-	
		36,160 		     4,006 	
		9,289,794 		   6,899,705 	
Expenses
General government Physical environment Interest and other charges
Total Expenses	
57,361	
53,359	
	245,607	13,120	
		514,556 		522,160 	
		817,524 		588,639 	
Change in Net Position	8,472,270		6,311,066	
Net Position - Beginning of Year		5,438,704 		(872,362)	
Net Position - End of Year	 $ 13,910,974 	 $		5,438,704 	

The increase in charges for services is related to the increase in special assessment in the current year.
The increase in grants and contributions is related to the capital contribution for the capital project in the current year.

The increase in physical environment is related to the increase in landscape expenses in the current year.

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2023 and 2022.
Governmental Activities 2023	2022

Construction in progress	 $ 28,274,056 	 $ 20,002,261 
During the year, $8,271,795 was added to construction in progress.

General Fund Budgetary Highlights
Actual expenditures were less than the final budget because there were lower utility and maintenance expenditures than anticipated.
The September 30, 2023 budget was amended for an interlocal agreement not originally anticipated.
Debt Management

Governmental Activities debt includes the following:

In January 2021, the District issued $14,870,000 Series 2021 Special Assessment Bonds. These bonds were issued to finance a portion of the cost of acquisition and construction of the Phase One Project. As of September 30, 2023, the balance outstanding was $14,260,000.
Economic Factors and Next Year’s Budget
Other than the completion of the 2021 project, Boggy Branch Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2024.
Request for Information

The financial report is designed to provide a general overview of Boggy Branch 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 Boggy Branch Community Development District, PFM Group Consulting, LLC, 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817.

Governmental Activities
Assets			
Current Assets			
Cash	$	151,462	
Accounts receivable		3,413	
Assessments receivable		257,212	
Due from developer		2,446,656	
Prepaid expenses		1,347 	
Total Current Assets		2,860,090 	
Non-Current Assets		
Restricted			
Investments		866,494	
Capital assets, not being depreciated			
Construction in progress		28,274,056 	
Total Non-Current Assets		29,140,550 	
Total Assets		32,000,640 	
Liabilities			
Current Liabilities			
Accounts payable and accrued expenses		2,465,723	
Retainage payable		1,013,947	
Due to developer		12,000	
Bonds payable		315,000	
Accrued interest		214,344 	
Total Current Liabilities		4,021,014 	
Non-Current Liabilities		
Bonds payable, net		14,068,652 	
Total Liabilities		18,089,666 	
Net Position			
Net investment in capital assets		14,719,004	
Restricted for debt service		47,386	
Unrestricted net position		(855,416)	
Total Net Position	 $		13,910,974 	

See accompanying notes to financial statements.

- 9 -

Boggy Branch Community Development District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2023

Net (Expenses)	
Revenues and	
Changes in	
								Program Revenues		Net Position	
								Operating	Capital Grants				
					Charges for		Grants and	and	Governmental	
Functions/Programs	Expenses	Services		Contributions	Contributions			Activities	
Governmental Activities General government Physical environment Interest and other charges		
$

 $		
(57,361)
(245,607)
     (514,556)
(817,524)		
$

 $		
82,153
351,761
      828,300 
1,262,214 	

$	1,418	$		- 6,074		7,983,868
-	-
	
 $	7,492 	 $	7,983,868 		
$

$	
26,210
8,096,096
313,744
8,436,050	
								
General Revenues Investment income Miscellaneous revenues
Total General Revenues			

36,160
60
36,220	
							
Changes in Net Position			
8,472,270	
							Net Position - October 1, 2022			5,438,704	
							Net Position - September 30, 2023		$	13,910,974	

See accompanying notes to financial statements.

- 10 -

Boggy Branch Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2023	
										
Total	
				Debt			Capital	Governmental	
		General				Service					Projects			Funds		
Assets						
Cash and cash equivalents	$	151,462		$	-		$	-	$	151,462	
Accounts receivable		-	3,270		143			3,413	
Assessments receivable		-	257,212		-			257,212	
Due from developer		-			-		2,446,656			2,446,656	
Prepaid expenses		1,347			-		-			1,347	
Restricted Assets											
Investments		- 		829,848 			36,646 		866,494 	
Total Assets	 $	152,809 	 $ 1,090,330 		 $ 2,483,445 		 $		3,726,584 	

Liabilities and Fund Balances											
Liabilities											
Accounts payable and accrued expenses	$	4,797		$	-		$ 2,460,926		$	2,465,723	
Retainage payable		-			-		1,013,947			1,013,947	
Due to developer		12,000 		- 			- 		12,000 	
Total Liabilities		16,797 		- 			3,474,873 		3,491,670 	

Fund Balances											
Nonspendable - prepaids		1,347			-		-			1,347	
Restricted for debt service		-	1,090,330		-			1,090,330	
Unassigned		134,665 		- 			(991,428)		(856,763)	
Total Fund Balances		136,012 		1,090,330 			(991,428)		234,914 	
Total Liabilities and Fund Balances	 $	152,809 	 $ 1,090,330 		 $ 2,483,445 		 $		3,726,584 	

See accompanying notes to financial statements.								
	- 11 -						

Boggy Branch Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2023

Total Governmental Fund Balances	$	234,914	
Amounts reported for governmental activities in the Statement of Net Position are different because:			
Capital assets, construction in progress, used in governmental activities are not current financial resources, and therefore, are not reported at the fund level.	
28,274,056	
Long-term liabilities, including bonds payable, $(14,260,000), net of bond premium, net,
$(123,652), are not due and payable in the current period and therefore, are not reported at the fund level.	

(14,383,652)	
Accrued interest for long-term debt is not a current financial use and therefore, is not reported at the fund level.		
    (214,344)	
Net Position of Governmental Activities	 $ 13,910,974 	

See accompanying notes to financial statements.

- 12 -

Boggy Branch Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2023

								Total	
				Debt		Capital		Governmental	
		General			Service				Projects				Funds		
Revenues							
Special assessments	$	433,914		$	828,300		$	-		$	1,262,214	
Developer contributions	7,492			-		7,988,199		7,995,691	
Miscellaneous revenues	60			-		-		60	
Investment income		- 		34,627 			1,533 			36,160 	
Total Revenues		441,466 		862,927 			7,989,732 			9,294,125 	

Expenditures									
Current									
General government	57,361			-		-		57,361	
Physical environment	245,607			-		-		245,607	
Capital outlay	-			-		8,271,795		8,271,795	
Debt Service									
Principal	-			310,000		-		310,000	
Interest		- 		522,175 			- 			522,175 	
Total Expenditures		302,968 		832,175 			8,271,795 			9,406,938 	
Excess of revenues over/(under)									
expenditures		138,498 		30,752 			(282,063)			(112,813)	
Other Financing Sources/(Uses)									
Transfers in	-			-		31,626		31,626	
Transfers out		- 		(31,626)			- 			(31,626)	
Total Other Financing Sources/(Uses)		- 		(31,626)			31,626 			- 	
Net Change in Fund Balances	138,498			(874)		(250,437)		(112,813)	
Fund Balances - October 1, 2022		(2,486)		1,091,204 			(740,991)			347,727 	
Fund Balances - September 30, 2023	 $	136,012 		 $ 	1,090,330 		 $  (991,428)		 $	234,914 	

See accompanying notes to financial statements.									
	- 13	-							

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, 2023

Net Change in Fund Balances - Total Governmental Funds	$	(112,813)	
Amounts reported for governmental activities in the Statement of Activities are different because:			
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount of capital outlay in the current period.		

8,271,795	
Repayments of bond principal are expenditures in the governmental funds, but the repayments reduce long-term liabilities in the Statement of Net Position.		
310,000	
Bond premium is amortized over the life of the bonds as a component of interest expense at the government-wide level. This is the current year amortization.		
4,390	
In the Statement of Activities, interest is accrued on outstanding bonds; whereas in governmental funds, interest expenditures are reported when due. This is the net amount between the prior year and current year accruals.		

3,229	
Revenues that are not available to meet current uses are not reflected as
revenues at the fund level, however, revenues are recognized when earned at the government-wide level. This is the current year change in unavailable revenues.		

      (4,331)	
Change in Net Position of Governmental Activities	 $		8,472,270 	

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2023

Variance with	
Final Budget	
	Original			Final			Positive	
	Budget			Budget		Actual	(Negative)	
Revenues										
Special assessments	$	304,018		$	433,914		$	433,914		$	-	
Developer contributions		-		-		7,492			7,492	
Miscellaneous revenues		- 			- 			60 		60 	
Total Revenues		304,018 			433,914 			441,466 		7,552 	
Expenditures							
Current										
General government	95,640		85,640		57,361	28,279	
Physical environment		208,378 			348,274 			245,607 		102,667 	
Total Expenditures		304,018 			433,914 			302,968 		130,946 	
Net Change in Fund Balances		-		-		138,498	138,498	
Fund Balances - October 1, 2022		- 			- 			(2,486)		(2,486)	
Fund Balances - September 30, 2023	 $		- 		 $	- 		 $	136,012 	 $	136,012 	

See accompanying notes to financial statements.

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 September 25, 2019, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), and by Ordinance 2019-483-E of the City of Jacksonville, Florida, as a Community Development District. 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 Boggy Branch Community Development District. The District is governed by a five member Board of Supervisors. All the Supervisors are employed by the Developer. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Boggy Branch 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 Board, The Financial Reporting Entity, 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 supported by special assessments and interest. 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, liabilities, 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 classifies fund balance according to 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.

Basis of Presentation (Continued)
Governmental Major Funds (Continued)
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 – Accounts for financial resources to be used in the acquisition and construction of infrastructure improvements within the boundaries of the District.
Non-current Governmental Assets/Liabilities
GASB Statement 34 requires that non-current governmental assets, such as land and improvements, and non-current governmental liabilities, such as general obligation bonds and due to developer 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.

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

Cash and Investments (Continued)

Cash equivalents include time deposits and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

Budgets

Budgets are prepared and adopted after public hearings 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. A formal budget is adopted for the general fund. As a result, deficits in the budget columns of the accompanying financial statements may occur.
Capital Assets

Capital assets, which includes construction in progress, are reported in the 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.

Unamortized Bond Premium

Bond premiums associated with the issuance of revenue bonds are amortized according to the straight-line method of accounting. For financial reporting, unamortized bond premiums are netted with the applicable long-term debt.

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position
“Total fund balances” of the District’s governmental funds, $234,914, differs from “Net Position” of governmental activities, $13,910,974, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below.

Capital related items
When capital assets (land, buildings and improvements and infrastructure that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Construction in progress	$	28,274,056

Long-term debt transactions

Governmental Activities long-term liabilities are not due and payable in the current period and are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2023 were:

Bonds payable Bond premium
Total	$
$		(14,260,000)
   (123,652) (14,383,652)	

Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to the accrued interest on bonds.
Accrued interest	$	(214,344)

NOTE	B	–	RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $(112,813), differs from the “change in net position” for governmental activities, $8,472,270, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated as follows.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets are capitalized and the cost is allocated over their estimated useful lives as depreciation. This is the current year capital outlay.

Capital outlay			$	8,271,795	
Long-term debt transactions				
Repayments of bond principal	are	reported as an	expenditure in the governmental	
funds and, thus, have the effect of reducing fund balance because current financial resources have been used.
Bond principal payments	$	310,000
Amortization of the bond premium does not require the use of current resources and therefore, is not reported in governmental funds.
Amortization of bond premium	$	4,390
Accrued interest
Interest is reported at the fund level when paid, however, at the government-wide level interest is reported as incurred. This is the change in accrued interest in the current year.
Accrued interest	$	3,229
Deferred inflows of resources
Revenues that are not available for current uses, are not reflected as revenues at the fund level. Revenues are reflected as earned at the government-wide level. This is the current year change in unavailable revenues
Unavailable revenues	$	(4,331)

NOTE C – CASH AND INVESTMENTS
All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments. The District did not have investment balances.
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, 2023, the District's bank balance was $154,586 and the carrying value was $151,462. 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, 2023, the District had the following investments and maturities:

Description		Maturities	Fair Value	
First American Treasury Obligation		9 days*		$	866,494	

*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 First American Treasury Obligation listed above is a Level 1 asset.

NOTE C – CASH AND INVESTMENTS (CONTINUED)

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, 2023, the District's investment in First American Treasury Obligation was rated AAAm by Standard & Poor's.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in First American Treasury Obligation is 100% of the District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2023 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 D – CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2023 was as follows:

	Balance		Balance	
	October 1,		September 30,	
		2022			Additions	 	Deletions	 	2023		
Governmental activities:			
Capital assets, not depreciated				
Construction in progress	 $ 20,002,261 	 $	8,271,795   $		-   $ 28,274,056 	

NOTE E – LONG-TERM DEBT
The following is a summary of debt activity for the District for the period ended September 30, 2023:

Bonds payable at October 1, 2022	$  14,570,000	
Principal payments		(310,000)	
Bonds payable at September 30, 2023	14,260,000	
Bond premium, net		123,652	
Bonds Payable, Net at September 30, 2023	$	14,383,652	
District debt is comprised of the following at September 30, 2023:		
Special Assessment Bonds		
$14,870,000 Series 2021 Special Assessment Bonds maturing through 2051, at various interest rates between 2.5% and 4%, payable May 1 and November 1. Current
portion is $315,000.	

$	14,260,000	

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2023 are as follows:

Year Ending
 September 30,		

	Principal			

	Interest			

	Total		
2024	$	315,000	$	514,425	$	829,425	
2025	325,000	506,550	831,550	
2026	330,000	498,425	828,425	
2027	340,000	490,175	830,175	
2028	350,000	479,975	829,975	
2029-2033	1,925,000	2,233,500	4,158,500	
2034-2038	2,285,000	1,884,325	4,169,325	
2039-2043	2,730,000	1,452,050	4,182,050	
2044-2048	4,070,000	877,400	4,947,400	
2049-2051		1,590,000 		189,600 		1,779,600 	
Totals	 $ 14,260,000 	 $  9,126,425 	 $ 23,386,425 	

NOTE E – LONG-TERM DEBT (CONTINUED)
Summary of Significant Bonds Resolution Terms and Covenants

Special Assessment Bonds, Series 2021
Significant Bond Provisions
The Series 2021 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after May 1, 2031 a price equal to the par amount of the Series 2021 Bonds thereof, together with accrued interest to the date of redemption. The Series 2021 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 2021 Reserve Account was funded from the proceeds of the Series 2021 Bonds in an amount equal to the maximum annual debt service required for Series 2021 Bonds at the date of issuance 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 50% of the maximum annual debt service requirement outstanding. 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, 2023:

Reserve	Reserve
		Balance	  Requirement  Special Assessment Bonds, Series 2021	$		828,600		$	828,600

NOTE F – RELATED PARTY TRANSACTIONS

All voting members of the Board of Supervisors are employed by the Developer or a related entity. The District received $7,995,691 in contributions from the Developer for the year ended September 30, 2023. Additionally, the District has $2,446,656 due from the developer and due to developer of $12,000.

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 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. The District has not filed any claims under this commercial coverage.
NOTE I – INTERLOCAL AGREEMENT

In a prior year, the District entered into an interlocal agreement related to cost sharing for certain infrastructure projects with Ryals Creek Community Development District. The agreement provides for the improvements to be constructed, acquired or other otherwise provided by the District. The projected costs related to the agreement total approximately $27 million. No contributions were made in the current year.

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
Boggy Branch Community Development District Jacksonville, 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 Boggy Branch Community Development District, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated June 27, 2024.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Boggy Branch 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 Boggy Branch Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Boggy Branch 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.

- 29 -

To the Board of Supervisors
Boggy Branch Community Development District

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Boggy Branch 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 June 27, 2024

- 30 -

MANAGEMENT LETTER
To the Board of Supervisors
Boggy Branch Community Development District Jacksonville, Florida
Report on the Financial Statements
We have audited the financial statements of the Boggy Branch Community Development District as of and for the year ended September 30, 2023, and have issued our report thereon dated June 27, 2024.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States of America and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of 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 those reports, which are dated June 27, 2024, 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 taken to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the prior financial audit report.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Boggy Branch 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 Boggy Branch Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

- 31 -

To the Board of Supervisors
Boggy Branch Community Development District
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 Boggy Branch Community Development District. It is management’s responsibility to monitor the Boggy Branch 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 as of September 30, 2023.
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 provided below was provided by management and has not been audited; 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)6, Rules of the Auditor General, the Boggy Branch 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 to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 4
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $531,399
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, 2022, together with the total expenditures for such project: 2021 Capital Project $8,271,795
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: The budget was amended, see below.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Boggy Branch Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: General Fund, $793.56 - $967.47 and Debt Service, $1,244.14 - $990.63.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $1,262,214.
The total amount of outstanding bonds issued by the District and the terms of such bonds. Series 2021 Bonds, $14,260,000 maturing in May 2051.

- 32 -

To the Board of Supervisors
Boggy Branch Community Development District

Variance With

Revenues
Special assessments Developer contributions Miscellaneous revenues
Total Revenues			
Original Budget

$	304,018
-
	- 
	304,018 	

Actual

$	433,914
7,492
	60 
	441,466 	Original Budget Positive (Negative)

$	129,896
7,492
	60 
	137,448 	
Expenditures Current
General government Physical environment
Total Expenditures			

95,640
	208,378 		
	304,018 			

57,361
245,607 
302,968 	

38,279
	(37,229)
	1,050 	
Excess revenues over/(under) expenditures		
	- 			
138,498 	
	138,498 	
Fund Balances - October 1, 2022			- 			(2,486)		(2,486)	

Fund Balances - September 30, 20	
23	
 $	- 	
 $	136,012 	
 $	136,012 	

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 abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.

- 33 -

To the Board of Supervisors
Boggy Branch 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 June 27, 2024

- 34 -

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

To the Board of Supervisors
Boggy Branch Community Development District Jacksonville, Florida

We have examined Boggy Branch Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2023. Management is responsible for Boggy Branch Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Boggy Branch 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 Boggy Branch 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 Boggy Branch Community Development District’s compliance with the specified requirements.

In our opinion, Boggy Branch Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2023.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 27, 2024

- 35 -