Lake Ashton Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2024

Lake Ashton Community Development District ANNUAL FINANCIAL REPORT
September 30, 2024 TABLE OF CONTENTS
Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-31
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	32-33
MANAGEMENT LETTER	34-36
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	37

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Lake Ashton Community Development District Lake Wales, Florida

Report on Audit of the Financial Statements
Opinion

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

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

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

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

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To the Board of Supervisors
Lake Ashton 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.

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To the Board of Supervisors
Lake Ashton 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 10, 2025 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Lake Ashton Community Development District’s internal control over financial reporting and compliance.

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

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

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

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

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

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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

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

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

The District’s total assets exceeded total liabilities by $8,294,814 (net position). Net investment in capital assets for Governmental Activities was $7,377,740. Restricted net position for Governmental Activities was $171,261. Unrestricted net position for Governmental Activities was $745,813.

Governmental activities revenues totaled $3,123,225 while governmental activities expenses totaled $3,305,478.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

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

	Governmental Activities	
	2024			2023		

Current assets	
$	882,643	
$	708,209	

Non-current assets	21,713	41,736	

Restricted assets	413,551	358,808	
Capital assets, net		9,923,669 	  10,756,296 	
Total Assets	  11,241,576 	  11,865,049 	
			
Current liabilities	428,470	495,270	
Non-current liabilities	2,487,304		2,841,689 	
Total Liabilities	2,915,774		3,336,959 	
Deferred Inflows

Net investment in		
capital assets	7,377,740	7,862,982	
Restricted	171,261	101,276	
Unrestricted	745,813		512,809 	
Total Net Position	 $ 8,294,814 	 $ 8,477,067 	

of Resources	30,988		51,023  Net Position

The increase in current assets is primarily related to the increase in investments in the Capital Projects Fund in the current year.

The decrease in non-current liabilities is mainly related to the principal payments made on long- term debt in the current year.

The decrease in capital assets and net investment in capital assets is related to the current year depreciation.

The decrease in non-current assets and deferred inflows of resources is related to the payments received for the restaurant lease in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District (Continued)
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change In Net Position
Governmental Activities

Program Revenues		2024			2023		
Charges for services	$ 2,996,394	$ 2,915,308	
General Revenues Lease revenues	
16,833	
8,504	
Miscellaneous revenues	46,391	46,573	
Investment earnings		63,607 		41,855 	
Total Revenues		3,123,225 		3,012,240 	

Expenses
General government	

335,160	

272,132	
Physical environment	969,346	956,042	
Culture/recreation	1,870,920	1,946,434	
Interest and other charges		130,052 		150,240 	
Total Expenses		3,305,478 		3,324,848 	
Transfers		- 		21,864 	
Change in Net Position	(182,253)	(290,744)	
Net Position - Beginning of Year		8,477,067 		8,767,811 	
Net Position - End of Year	 $ 8,294,814 	 $ 8,477,067 	

The increase in charges for services for governmental activities is related to the increase in special assessments and usage fees in the current year.
The increase in general government is primarily related to the increase in engineering and legal fees in the current year.
The increase in physical environment is related to the increase in repair and maintenance expenses in the current year.
The decrease in culture/recreation is related to the decrease in special events and repair and maintenance expenses in the current year.
The decrease in interest and other charges is related to the reduction in total outstanding principal on long-term debt.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

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

Land	$	2,692,929	$	2,692,929	
Infrastructure	22,045,230	22,045,230	
Equipment	802,407	802,407	
Accumulated depreciation	(15,616,897)	(14,784,270)	

Total Capital Assets (Net)	
$	
9,923,669	
$	
10,756,296	

Current year activity consisted of depreciation of $832,627.

General Fund Budgetary Highlights

Budgeted expenditures exceeded actual expenditures primarily because special events and access control system costs were less than anticipated.
The September 30, 2024 budget was not amended.

Debt Management
Governmental Activities debt includes the following:

In March 2015, the District issued $5,115,000 Capital Improvement Revenue Refunding Bonds, Series 2015A-1 and $720,000 Capital Improvement Revenue Refunding Bonds, Series 2015A-2. The Bonds were issued to refund the Capital Improvement Revenue Bonds, Series 2001A, Capital Improvement Revenue Bonds, Series 2003A, and Capital Improvement Revenue Bonds, Series 2005A. The balance outstanding at September 30, 2024 totaled $2,620,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Lake Ashton Community Development District does not anticipate any economic factors to have a significant impact on operations in fiscal year 2025.
Request for Information

The financial report is designed to provide a general overview of Lake Ashton 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 Lake Ashton Community Development District, c/o Governmental Management Services, 5385 N Nob Hill Road, Sunrise, Florida, 33351.

STATEMENT OF NET POSITION
September 30, 2024

ASSETS	
Current Assets	
Cash	
Investments	
Accounts receivable	
Accrued interest receivable	
Assessments receivable	
Lease receivable	
Prepaid expenses	
Total Current Assets	
Non-Current Assets	
Lease receivable	
Restricted Assets	
Investments	
Capital Assets, Not Being Depreciated	
Land	
Capital Assets, Being Depreciated	
Infrastructure	
Equipment	
Accumulated depreciation	
Total Non-Current Assets	
Total Assets	

Governmental Activities

$	81,177	
692,348	
1,146	
1,704	
5,647	
17,382	
	83,239 	
	882,643 	

21,713

413,551

LIABILITIES	
Current Liabilities	
Accounts payable	
Unearned revenues	
Deposits payable	
Accrued interest	
Bonds payable	
Total Current Liabilities	
Non-Current Liabilities	
Bonds payable, net	
Total Liabilities	

2,692,929

22,045,230	
802,407	
    (15,616,897)	
     10,358,933 	
     11,241,576 	

98,703	
15,159	
10,025	
54,583	
      250,000 	
      428,470 	

	2,487,304 
	2,915,774 

Deferred Inflows of Resources	
Leases	

	30,988 

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

7,377,740	
171,261	
	745,813 	
 $	8,294,814 	

See accompanying notes to financial statements.

STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2024

Net (Expenses)	
Revenues and	
Changes in	
Net Position	
Governmental Activities	

Program	
Revenues	
Charges for Services	

$	(335,160)	
(969,346)	
(1,870,920)	
	(130,052)	
 $	(3,305,478)	

$	350,219	
91,833	
2,028,006	
	526,336 	
 $	2,996,394 	

$	15,059	
(877,513)	
157,086	
	396,284 	
(309,084)	

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

General Revenues	
Lease revenues	
Miscellaneous revenues	
Investment income	
Total General Revenues	

16,833	
46,391	
      63,607 	
     126,831 	

Change in Net Position	(182,253)	
Net Position - October 1, 2023		8,477,067 	
Net Position - September 30, 2024	$	8,294,814	

See accompanying notes to financial statements.

BALANCE SHEET – GOVERNMENTAL FUNDS
September 30, 2024

Total	
Governmental	
Funds	

ASSETS	
Cash	
Investments	
Due from other funds	
Accounts receivable	
Assessments receivable	
Accrued interest receivable	
Prepaid expenses	
Lease receivable	
Restricted assets	
Investments	
Total Assets	

$	74,660	
36,005	
1,707	
1,146	
4,736	
-	
83,239	
39,095	

$	-	
-	
1,053	
-	
911	
1,704	
-	
-	

$	6,517	
656,343	
-	
-	
-	
-	
-	
-	

$	81,177	
692,348	
2,760	
1,146	
5,647	
1,704	
83,239	
39,095	

-		413,551		-		413,551	
$	240,588		$	417,219		$	662,860		$	1,320,667	

General	Debt Service	Capital Projects

LIABILITIES, DEFERRED INFLOWS OF	
RESOURCES AND FUND BALANCES	
LIABILITIES	
Accounts payable	
Due to other funds	
Deposits payable	
Unearned revenues	
Total Liabilities	

$	98,703		$	-		$	-		$	98,703	
1,053		-		1,707		2,760	
10,025		-		-		10,025	
15,159		-		-		15,159	
124,940		-		1,707		126,647	

DEFERRED INFLOWS OF RESOURCES	
Leases	

30,988	-	-	30,988

83,239	
8,107	

-	
-	

-	
-	

83,239	
8,107	

-		417,219		-		417,219	
-		-		661,153		661,153	
(6,686)		-		-		(6,686)	
84,660		417,219		661,153		1,163,032	

FUND BALANCES	
Nonspendable-prepaid expenses	
Nonspendable-leases	
Restricted	
Debt service	
Assigned-capital projects reserve	
Unassigned	
Total Fund Balances	
Total Liabilities, Deferred Inflows of	
Resources and Fund Balances	

$	240,588

$	417,219	$

662,860

$	1,320,667

See accompanying notes to financial statements.

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2024

Total Governmental Fund Balances

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

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

$	1,163,032

Capital assets, land, $2,692,929, infrastructure, $22,045,230, and equipment,	
$802,407, net of accumulated depreciation, $(15,616,897), used in	
governmental activities are not current financial resources and therefore,	
are not reported at the fund level.	

Long-term liabilities, including bonds payable, $(2,620,000), net of bond	
premium, net, $(117,304), are not due and payable in the current period	
and therefore, are not reported at the fund level.	

9,923,669

(2,737,304)

(54,583)

Net Position of Governmental Activities	$	8,294,814

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2024

Total Governmental

Revenues	
Special assessments	
Charges for services	
Miscellaneous revenues	
Lease revenues	
Investment income	
Total Revenues	

$ 2,162,602		
$	526,336		
$	-		
$	2,688,938	
307,456		-		-		307,456	
46,391		-		-		46,391	
16,833		-		-		16,833	
17,268		21,086		25,253		63,607	
2,550,550		547,422		25,253		3,123,225	

Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Debt service	
Principal	
Interest	
Total Expenditures	

General	Debt Service	Capital Projects	Funds

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

-		-		449,420		449,420	
(449,420)		-		-		(449,420)	
(449,420)		-		449,420		-	

335,160	
87,884	
1,646,566	

-	-	
-	101,925	
-	171,264	

335,160	
189,809	
1,817,830	

-		345,000		-		345,000	
-		146,625		-		146,625	
2,069,610		491,625		273,189		2,834,424	

Excess of revenues over/(under)	
expenditures	

201,484	288,801	

480,940	55,797	(247,936)	288,801

Net Change in Fund Balances	31,520		55,797		
Fund Balances - October 1, 2023	53,140		361,422		459,669		874,231	

Fund Balances - September 30, 2024	
$	84,660		
$	417,219		
$	661,153		
$	1,163,032	

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

Net Change in Fund Balances - Total Governmental Funds	$

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

Repayment of bond principal is an expenditure at the governmental fund level,	
but the repayment reduces long-term liabilities in the Statement of Net Position.	

Bond premium does not utilize current resources and therefore, is amortized over the	
life of the bonds as interest expense at the government-wide level. This is the	
current year amortization.	

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

288,801

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 depreciation	
in the current period.	(832,627)	

345,000

9,385

7,188

Change in Net Position of Governmental Activities	$	(182,253)

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

Revenues	
Special assessments	
Charges for services	
Miscellaneous revenues	
Lease revenues	
Investment income	
Total Revenues	
Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Total Expenditures	

$ 2,145,886	
300,000	
5,000	
19,600	
8,000	
2,478,486	

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

$ 2,145,886	
300,000	
5,000	
19,600	
8,000	
2,478,486	

$2,162,602	
307,456	
46,391	
16,833	
17,268	
2,550,550	

$	16,716	
7,456	
41,391	
(2,767)	
9,268	
72,064	

Actual

318,403	
100,966	
1,758,142	
2,177,511	

318,403	
100,966	
1,758,142	
2,177,511	

335,160	
87,884	
1,646,566	
2,069,610	

(16,757)	
13,082	
111,576	
107,901	

Excess of revenues over/(under)	
expenditures	

300,975	300,975	480,940	179,965

Other Financing Sources/(Uses)	
Transfers out	

(449,420)	(449,420)	(449,420)	-

Net Change in Fund Balances	(148,445)	(148,445)	31,520	179,965

Fund Balances - October 1, 2023	148,445	148,445	53,140	(95,305)

Fund Balances - September 30, 2024	$

-	$	-

$	84,660

$	84,660

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of Lake Ashton Community Development District (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 August 15, 2000, as Lake Myrtle Community Development District pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), by Ordinance No. 2000-11 of the City Commissioners of Lake Wales, as a Community Development District. The name was changed to Lake Ashton Community Development District on February 12, 2001. 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 Lake Ashton 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 Lake Ashton Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards the District has identified no component units.
Measurement Focus and Basis of Accounting

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

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government- wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are primarily supported by special assessments and charges for services. 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 reports 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.
Debt Service Fund – The Debt Service Fund accounts for debt service requirements to retire the Capital Improvement Revenue Refunding Bonds.
Capital Projects Fund – The Capital Projects Fund accounts for the acquisition and construction of infrastructure improvements located within the District.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basis of Presentation (Continued)
Non-current Governmental Assets/Liabilities
GASB Statement 34 requires that non-current governmental assets, such as capital outlay, and non-current governmental liabilities, such as capital improvement bonds, be reported in the governmental activities column in the government-wide Statement of Net Position.
Assets, Liabilities, Deferred Inflows of Resources, and Net Position or Equity
Cash and Investments
Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash and investments include time deposits, certificates of deposit, money market funds, and all highly liquid debt instruments with original maturities of three months or less.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, Deferred Inflows of Resources, and Net Position or Equity (Continued)

Restricted Assets
Certain net position of the District are classified as restricted assets on the Statement of Net Position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted net position, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.

Capital Assets

Capital assets, which include land, infrastructure and equipment, are reported in the governmental activities and business-type activities columns.
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 one year. 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:

Equipment	10 years
Infrastructure	20-30 years
Leases

The District determines if an arrangement is a lease at inception. Lessor arrangements are included as lease receivable and deferred inflows of resources. Payments collected for short-term leases with a lease term of 12 months or less are recognized as miscellaneous revenues as received. The District has a $25,000 threshold, for total lease receipts, for leases subject to GASB 87. Short-term leases and leases under the threshold are not included on the statement of net position in the financial statements of the District. These District’s leases are reflected in the statement of net position and fund financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, Deferred Inflows of Resources, and Net Position or Equity (Continued)
Bond Premiums

Bond premiums associated with the issuance of bonds are amortized over the life of the bonds using the straight-line method of accounting.
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. 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.
Deferred Inflows of Resources

Deferred inflows of resources represent an acquisition of net position that applies to a future reporting period(s) and so will not be recognized as an inflow of resources (revenue) until then. The District only has one time that qualifies for reporting in the category. Unavailable revenues are reported only in the governmental funds balance sheet. This amount is deferred and recognized as an inflow of resources in the period that amounts become available.
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, $1,163,032, differs from “net position” of governmental activities, $8,294,814, 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:

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)
Capital related items

When capital assets 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.

Land	$	2,692,929	
Infrastructure	22,045,230	
Equipment	802,407	
Accumulated depreciation	  (15,616,897)	
Total	$	9,923,669	
Long-term debt transactions

Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly 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, 2024 were:
Bonds payable	$ (2,620,000)
Bond premium, net		(117,304)
Bonds payable, net	$ (2,737,304)

Accrued interest

Accrued liabilities in the Statement of Net Position differ from the amount reported at the governmental fund level due to the accrued interest on bonds.
Accrued interest	$	(54,583)

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, $288,801, differs from the “change in net position” for governmental activities, $(182,253), 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 below:

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 is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decreases by the amount of depreciation charged for the year.

Depreciation	$	(832,627)

Long-term debt transactions

When long-term debt is issued for governmental activities, the resources obtained are recognized as an other financing source at the fund level. At the government-wide level, however, the new debt increases non-current liabilities. Also, interest is recognized when due at the fund level, but is accrued at the government-wide level.

Principal payments	$	345,000	
Amortization of bond premium	$	9,385	
Accrued interest	$	7,188	

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.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2024, the District's bank balance was $99,807 and the carrying value was $81,177. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

Investments

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

	Investment		 Maturity Date 	 Fair Value 	
Florida PRIME	39 Days*	$	692,348	
U S Bank Money Market	N/A		413,551 	
Total		 $ 1,105,899 	
*Weighted average maturity

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

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Investments (Continued)

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

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

The District's investments are limited by state statutory requirements and bond compliance. As of September 30, 2024, the District's investment in Florida PRIME was rated AAAm by Standard & Poor's. The District’s investment in U S Bank Money Market was not rated.
Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in Florida PRIME represent 63% of the District’s total investments and U S Bank Money Market represent 37% of the District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2024 were typical of these items during the fiscal year then ended.

NOTE D – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2024 was as follows:

Balance	Balance
October 1,	September 30,
	2023	 	Additions	 	Deletions	 	2024	
Governmental Activities:		
Capital assets, not depreciated:		
Land	 $	2,692,929 	 $	- 	 $	- 	 $	2,692,929 	
Capital assets, being depreciated					
Infrastructure	22,045,230	-	-	22,045,230	
Equipment		802,407 		- 		- 		802,407 	
Total Capital Assets Being Depreciated		22,847,637 		- 		- 		22,847,637 	
Less accumulated depreciation
Infrastructure	
(14,211,867)	
(779,537)	
-	
(14,991,404)	
Equipment		(572,403)		(53,090)		- 		(625,493)	
Total Accumulated Depreciation		(14,784,270)		(832,627)		- 		(15,616,897)	
Total Capital Assets Depreciated, net		8,063,367 		(832,627)		- 		7,230,740 	
Governmental Activities Capital Assets	 $  10,756,296 	 $	(832,627)	 $	- 	 $	9,923,669 	

Depreciation of $779,537 was charged to physical environment and $53,090 was charged to culture/recreation.

NOTE E – INTERFUND ACTIVITY
Interfund balances at September 30, 2024, consisted for the following:

	Payable Fund	
Capital
 Receivable Fund		General Fund	Projects Fund	Total

General Fund

$	-	$

1,707	$

1,707

Debt Service Fund		1,053  	-  	1,053 

Total

 $	1,053 

 $	1,707 

 $	2,760 

  

The General Fund and Capital Projects Fund balance relates to expenditure paid by one funds on behalf another and were not repaid as of year-end. The General Fund and Debt Service Fund balance relates to assessments collected in General Fund on behalf of the Debt Service Fund that were not yet remitted to the Debt Service Fund as of year-end.

NOTE E – INTERFUND ACTIVITY (CONTINUED)

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

 Transfers Out 
 Transfers In		General Fund

Capital Projects Fund	 $	449,420 

Transfers from the General Fund to the Capital Projects Fund are related to budgeted capital reserve funding for the fiscal year.

NOTE F – LONG-TERM DEBT		
The following is a summary of activity for long-term debt for the 2024:	year ended September 30,	
Long-term debt at October 1, 2023	$	2,965,000	
Principal payments		(345,000)	
Long-term debt at September 30, 2024	2,620,000	
Bond premium, net		117,304	
Long-term debt, net at September 30, 2024	$	2,737,304	
Long-term debt is comprised of the following:		
Capital Improvement Revenue Refunding Bonds		
$5,115,000 Series 2015A-1 Capital Improvement Revenue		
Refunding Bonds due in annual principal installments beginning May 1, 2016 and maturing May 1, 2032. Interest is due semi-annually each May 1 and November 1, at an
interest rate of 5.0%. Current portion is $230,000.	$   2,225,000
$720,000 Series 2015A-2 Capital Improvement Revenue Refunding Bonds due in annual principal installments beginning May 1, 2016 and maturing May 1, 2037. Interest is due semi-annually on May 1 and November 1, at an interest
rate of 5.0%. Current portion is $20,000.	$    395,000

NOTE F – LONG-TERM DEBT (CONTINUED)

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

Year Ending
  September 30, 	
	Principal		
	Interest		
	Total		
2025	$	250,000	$	131,000	$	381,000	
2026	270,000	118,500	388,500	
2027	280,000	105,000	385,000	
2028	295,000	91,000	386,000	
2029	310,000	76,250	386,250	
2030-2034	1,100,000	149,250	1,249,250	
2035-2037		115,000 		11,750 		126,750 	
Totals	 $	2,620,000 	 $	682,750 	 $	3,302,750 	
Summary of Significant Bonds Resolution Terms and Covenants
The Series 2015A Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time on or after May 1, 2025 at the redemption price of the principal amount being redeemed, together with accrued interest to the date of redemption. The Series 2015A Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating to 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.

NOTE F – LONG-TERM DEBT (CONTINUED)
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 Fund – The Series 2015A Reserve Account was funded from the proceeds of the Series 2015A Bonds in an amount equal to 50% of the maximum annual debt service outstanding on the Series 2015A Bonds. Monies held in the reserve account will be used only for the purposes established in the Trust Indenture.

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

Reserve Balance

Reserve Requirement

Series 2015A Capital Improvement Revenue Refunding Bonds	$

195,938

$	191,375

NOTE G – 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. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

NOTE H – SUBSEQUENT EVENT

In November 2024 and May 2025, the District made prepayments on the Series 2015 A-1 Bonds of $100,000 and $70,000, respectively. Likewise, in May 2025 the District made prepayments on the Series 2015 A-2 Bonds in the amount of $10,000.

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
Lake Ashton Community Development District Lake Wales, 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 Lake Ashton Community Development District, as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated June 10, 2025.

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

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.

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To the Board of Supervisors
Lake Ashton Community Development District

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Lake Ashton 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 10, 2025

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MANAGEMENT LETTER

To the Board of Supervisors
Lake Ashton Community Development District Lake Wales, Florida

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

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To the Board of Supervisors
Lake Ashton Community Development District

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

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

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, Lake Ashton Community Development District reported:
The total number of District elected officials receiving statutory compensation, reported as employees for the purposes of the audit: 3
The total number of independent contractors, defined as individuals or entities that receive 1099s, to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 33
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $7,500
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $3,609,362.97
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2023, together with the total expenditures for such project: N/A
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 not amended.

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To the Board of Supervisors
Lake Ashton Community Development District
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, the Lake Ashton Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District:
$2,379.00 - $9,530.40.
The amount of special assessments collected by or on behalf of the District was
$2,688,938.
The total amount of outstanding bonds issued by the District and the terms of such bonds as: There were no new bonds issued by the District. The bonds outstanding are
$2,225,000 Series 2015 A-1 due on May 1, 2032 at an interest rate of 5.0%, and
$395,000 Series 2015 A-2 due on May 1, 2037 at an interest rate of 5.0%.

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 are 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 June 10, 2025

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

To the Board of Supervisors
Lake Ashton Community Development District Lake Wales, Florida

We have examined Lake Ashton Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2024. Management is responsible for Lake Ashton Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Lake Ashton 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 Lake Ashton 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 Lake Ashton Community Development District’s compliance with the specified requirements.

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

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

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