2016 final report - live oak lake cdd rpts... · 2019-11-03 · live oak lake community development...
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LIVE OAK LAKECOMMUNITY DEVELOPMENT DISTRICT
OSCEOLA COUNTY, FLORIDAFINANCIAL REPORT
FOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015 TOSEPTEMBER 30, 2016
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA COUNTY, FLORIDA
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TABLE OF CONTENTS
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GOVERNMENT AUDITING STANDARDS 34.35!
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INDEPENDENT AUDITOR’S REPORT!!Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Quegqnc!Eqwpv{-!Hnqtkfc!!!Report on the Financial Statements!Yg!jcxg!cwfkvgf!vjg!ceeqorcp{kpi!hkpcpekcn!uvcvgogpvu!qh!vjg!iqxgtpogpvcn!cevkxkvkgu!cpf!gcej!oclqt!hwpf!qh!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!Eqwpv{-!Hnqtkfc!)#Fkuvtkev#*!cu!qh!cpf!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127-!cpf!vjg!tgncvgf!pqvgu!vq!vjg!hkpcpekcn!uvcvgogpvu-!yjkej!eqnngevkxgn{!eqortkug!vjg!Fkuvtkev�u!dcuke!hkpcpekcn!uvcvgogpvu!cu!nkuvgf!kp!vjg!vcdng!qh!eqpvgpvu/!!!Management’s Responsibility for the Financial Statements
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Auditor’s Responsibility
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3!
Other Matters
Required Supplementary Information
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Report on Other Legal and Regulatory Requirements
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#
4!
MANAGEMENT’S DISCUSSION AND ANALYSIS!Qwt!fkuewuukqp!cpf!cpcn{uku!qh!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!Eqwpv{-!Hnqtkfc!)�Fkuvtkev�*! rtqxkfgu!c!pcttcvkxg!qxgtxkgy!qh! vjg!Fkuvtkev�u! hkpcpekcn!cevkxkvkgu! hqt! vjg!rgtkqf! htqo! kpegrvkqp!Qevqdgt! 24-! 3126! vq! Ugrvgodgt! 41-! 3127/! Rngcug! tgcf! kv! kp! eqplwpevkqp! ykvj! vjg! Fkuvtkev�u! Kpfgrgpfgpv!Cwfkvqt�u!Tgrqtv-!dcuke!hkpcpekcn!uvcvgogpvu-!ceeqorcp{kpi!pqvgu!cpf!uwrrngogpvct{!kphqtocvkqp!vq!vjg!dcuke!hkpcpekcn!uvcvgogpvu/!!Vjku!kphqtocvkqp!ku!dgkpi!rtgugpvgf!vq!rtqxkfg!cffkvkqpcn!kphqtocvkqp!tgictfkpi!vjg!cevkxkvkgu!qh!vjg!Fkuvtkev!cpf!vq!oggv!vjg!fkuenquwtg!tgswktgogpvu!qh!Iqxgtpogpv!Ceeqwpvkpi!Uvcpfctfu!Dqctf!Uvcvgogpv!)�ICUD�*!Pq/!45-!Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments!kuuwgf!Lwpg!2;;;/!!Eqorctcvkxg!kphqtocvkqp!dgvyggp!vjg!ewttgpv!{gct!cpf!vjg!rtkqt!{gct!ku!tgswktgf!vq!dg!rtgugpvgf!kp!vjg!Ocpcigogpv�u!Fkuewuukqp!cpf!Cpcn{uku!)�OF'C�*/!!Jqygxgt-!dgecwug!vjku!ku!vjg!hktuv!{gct!qh!qrgtcvkqpu!qh!vjg!Fkuvtkev-!eqorctcvkxg!kphqtocvkqp!ku!gzenwfgf!kp!vjku!tgrqtv/!!Uwdugswgpv!tgrqtvu!yknn!kpenwfg!vjg!eqorctcvkxg!kphqtocvkqp/!!HKPCPEKCN!JKIJNKIJVU!!
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5!
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LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
STATEMENT OF NET POSITIONSEPTEMBER 30, 2016
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BALANCE SHEETGOVERNMENTAL FUNDS
SEPTEMBER 30, 2016
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LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
RECONCILIATION OF THE BALANCE SHEET –GOVERMENTAL FUNDS TO THE STATEMENTS OF NET POSITION
SEPTEMBER 30, 2016
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22!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDSFOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015
TO SEPTEMBER 30, 2016
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23!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015TO SEPTEMBER 30, 2016
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24!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY!!Vjg! Nkxg! Qcm! Ncmg! Eqoowpkv{! Fgxgnqrogpv! Fkuvtkev! )#Fkuvtkev#*! ycu! guvcdnkujgf! qp! Qevqdgt! 24-! 3126-!rwtuwcpv!vq!vjg!Wpkhqto!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Cev!qh!2;91-!qvjgtykug!mpqyp!cu!Ejcrvgt!2;1-!Hnqtkfc! Uvcvwvgu-! d{! Quegqnc! Eqwpv{! Qtfkpcpeg! 3126.74-! cu! cogpfgf! d{! Qtfkpcpeg! 3127.31/! Vjg! Cev!rtqxkfgu!coqpi!qvjgt!vjkpiu-!vjg!rqygt!vq!ocpcig!dcuke!ugtxkegu!hqt!eqoowpkv{!fgxgnqrogpv-!rqygt!vq!dqttqy!oqpg{!cpf!kuuwg!dqpfu-!cpf!vq!ngx{!cpf!cuuguu!pqp.cf!xcnqtgo!cuuguuogpvu!hqt!vjg!hkpcpekpi!cpf!fgnkxgt{!qh!ecrkvcn!kphtcuvtwevwtg/!!Vjg! Fkuvtkev! ycu! guvcdnkujgf! hqt! vjg! rwtrqugu! qh! hkpcpekpi! cpf! ocpcikpi! vjg! ceswkukvkqp-! eqpuvtwevkqp-!ockpvgpcpeg!cpf!qrgtcvkqp!qh!c!rqtvkqp!qh!vjg!kphtcuvtwevwtg!pgeguuct{!hqt!eqoowpkv{!fgxgnqrogpv!ykvjkp!vjg!Fkuvtkev/!!Vjg!Fkuvtkev!ku!iqxgtpgf!d{!vjg!Dqctf!qh!Uwrgtxkuqtu!)#Dqctf#*-!yjkej!ku!eqorqugf!qh!hkxg!ogodgtu/!!Vjg!Uwrgtxkuqtu!ctg!gngevgf!qp!cp!cv!nctig!dcuku!d{!vjg!qypgtu!qh!vjg!rtqrgtv{!ykvjkp!vjg!Fkuvtkev/!Qypgtujkr!qh!ncpf!ykvjkp!vjg!Fkuvtkev!gpvkvngu!vjg!qypgt!vq!qpg!xqvg!rgt!cetg!ykvj!htcevkqpu!vjgtgqh!tqwpfgf!wryctf!vq!vjg!pgctguv!yjqng!pwodgt/!Vjg!Dqctf!qh!Uwrgtxkuqtu!qh!vjg!Fkuvtkev!gzgtekug!cnn!rqygtu!itcpvgf!vq!vjg!Fkuvtkev!rwtuwcpv!vq!Ejcrvgt!2;1-!Hnqtkfc!Uvcvwvgu/!Cv!Ugrvgodgt!41-!3127-!vyq!qh!vjg!Dqctf!ogodgtu!ctg!chhknkcvgf!ykvj!Pcteqquugg!Ncpf!Xgpvwtgu-!NNE!)�Fgxgnqrgt�*/!!!!Vjg!Dqctf!jcu!vjg!hkpcn!tgurqpukdknkv{!hqt<!!2/! !!Cuuguukpi!cpf!ngx{kpi!cuuguuogpvu/!3/! Crrtqxkpi!dwfigvu/!4/! Gzgtekukpi!eqpvtqn!qxgt!hceknkvkgu!cpf!rtqrgtvkgu/!5/! Eqpvtqnnkpi!vjg!wug!qh!hwpfu!igpgtcvgf!d{!vjg!Fkuvtkev/!6/! Crrtqxkpi!vjg!jktkpi!cpf!hktkpi!qh!mg{!rgtuqppgn/!7/! Hkpcpekpi!kortqxgogpvu/!!Vjg! hkpcpekcn! uvcvgogpvu!ygtg!rtgrctgf! kp!ceeqtfcpeg!ykvj!Iqxgtpogpvcn!Ceeqwpvkpi!Uvcpfctfu!Dqctf!)�ICUD�*!Uvcvgogpvu/!!Wpfgt!vjg!rtqxkukqpu!qh!vjqug!uvcpfctfu-!vjg!hkpcpekcn!tgrqtvkpi!gpvkv{!eqpukuvu!qh!vjg!rtkoct{!iqxgtpogpv-!qticpk|cvkqpu!hqt!yjkej!vjg!Fkuvtkev!ku!eqpukfgtgf!vq!dg!hkpcpekcnn{!ceeqwpvcdng-!cpf!qvjgt!qticpk|cvkqpu! hqt!yjkej! vjg!pcvwtg!cpf!ukipkhkecpeg!qh! vjgkt! tgncvkqpujkr!ykvj! vjg!Fkuvtkev!ctg!uwej! vjcv-! kh!gzenwfgf-!vjg!hkpcpekcn!uvcvgogpvu!qh!vjg!Fkuvtkev!yqwnf!dg!eqpukfgtgf!kpeqorngvg!qt!okungcfkpi/!!Vjgtg!ctg!pq!gpvkvkgu!eqpukfgtgf!vq!dg!eqorqpgpv!wpkvu!qh!vjg!Fkuvtkev=!vjgtghqtg-!vjg!hkpcpekcn!uvcvgogpvu!kpenwfg!qpn{!vjg!qrgtcvkqpu!qh!vjg!Fkuvtkev/!!!NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Government-Wide and Fund Financial StatementsVjg!dcuke!hkpcpekcn!uvcvgogpvu!kpenwfg!dqvj!iqxgtpogpv.ykfg!cpf!hwpf!hkpcpekcn!uvcvgogpvu/!!Vjg!iqxgtpogpv.ykfg!hkpcpekcn!uvcvgogpvu!)k/g/-!vjg!uvcvgogpv!qh!pgv!rqukvkqp!cpf!vjg!uvcvgogpv!qh!cevkxkvkgu*!tgrqtv!kphqtocvkqp!qp!cnn!qh!vjg!pqp.hkfwekct{!cevkxkvkgu!qh!vjg!rtkoct{!iqxgtpogpv/!Hqt!vjg!oquv!rctv-!vjg!ghhgev!qh!kpvgthwpf!cevkxkv{!jcu!dggp!tgoqxgf!htqo!vjgug!uvcvgogpvu/!!!!Vjg!uvcvgogpv!qh!cevkxkvkgu!fgoqpuvtcvgu! vjg!fgitgg! vq!yjkej!vjg!fktgev!gzrgpugu!qh!c!ikxgp!hwpevkqp!qt!ugiogpv!ku!qhhugv!d{!rtqitco!tgxgpwgu/!!Direct expenses!ctg!vjqug!vjcv!ctg!engctn{!kfgpvkhkcdng!ykvj!c!urgekhke!hwpevkqp!qt!ugiogpv/!Program revenues!kpenwfg!2*!ejctigu!vq!ewuvqogtu!yjq!rwtejcug-!wug!qt!fktgevn{!dgpghkv!htqo! iqqfu-! ugtxkegu! qt! rtkxkngigu! rtqxkfgf! d{! c! ikxgp! hwpevkqp! qt! ugiogpv/! Qrgtcvkpi.v{rg! urgekcn!cuuguuogpvu! hqt! ockpvgpcpeg! cpf! fgdv! ugtxkeg! ctg! vtgcvgf! cu! ejctigu! hqt! ugtxkegu! cpf! 3*! itcpvu! cpf!eqpvtkdwvkqpu!vjcv!ctg!tguvtkevgf!vq!oggvkpi!vjg!qrgtcvkqpcn!qt!ecrkvcn!tgswktgogpvu!qh!c!rctvkewnct!hwpevkqp!qt!ugiogpv/!Qvjgt!kvgou!pqv!kpenwfgf!coqpi!rtqitco!tgxgpwgu!ctg!tgrqtvgf!kpuvgcf!cu!general revenues/!
25!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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26!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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ICUD!87!.!The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments
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!ICUD!8;!.!Certain External Investment Pools and Pool ParticipantsVjku!Uvcvgogpv!guvcdnkujgu!ceeqwpvkpi!cpf!hkpcpekcn!tgrqtvkpi!uvcpfctfu!hqt!swcnkh{kpi!gzvgtpcn!kpxguvogpv!rqqnu!vjcv!gngev!vq!ogcuwtg!hqt!hkpcpekcn!tgrqtvkpi!rwtrqugu!cnn!qh!vjgkt!kpxguvogpvu!cv!coqtvk|gf!equv/!Vjku!Uvcvgogpv!cnuq!guvcdnkujgu!ceeqwpvkpi!cpf!hkpcpekcn!tgrqtvkpi!uvcpfctfu!hqt!uvcvg!cpf!nqecn!iqxgtpogpvu!vjcv!rctvkekrcvg!kp!c!swcnkh{kpi!gzvgtpcn!kpxguvogpv!rqqn!vjcv!ogcuwtgu!hqt!hkpcpekcn!tgrqtvkpi!rwtrqugu!cnn!qh!kvu!kpxguvogpvu!cv!coqtvk|gf!equv/!
!Assets, Liabilities and Net Position or Equity!Tguvtkevgf!Cuugvu!Vjgug!cuugvu!tgrtgugpv!ecuj!cpf!kpxguvogpvu!ugv!cukfg!rwtuwcpv!vq!Dqpf!eqxgpcpvu!qt!qvjgt!eqpvtcevwcn!tguvtkevkqpu/!!!!Fgrqukvu!cpf!Kpxguvogpvu!Vjg!Fkuvtkev�u!ecuj!cpf!ecuj!gswkxcngpvu!ctg!eqpukfgtgf!vq!dg!ecuj!qp!jcpf!cpf!fgocpf!fgrqukvu!)kpvgtguv!cpf!pqp.kpvgtguv!dgctkpi*/!!Vjg!Fkuvtkev!jcu!gngevgf!vq!rtqeggf!wpfgt!vjg!Cnvgtpcvkxg!Kpxguvogpv!Iwkfgnkpgu!cu!ugv!hqtvj!kp!Ugevkqp!329/526!)28*!Hnqtkfc!Uvcvwvgu/!!Vjg!Fkuvtkev!oc{!kpxguv!cp{!uwtrnwu!rwdnke!hwpfu!kp!vjg!hqnnqykpi<!!
c*! Vjg!Nqecn!Iqxgtpogpv!Uwtrnwu!Vtwuv!Hwpfu-!qt!cp{!kpvgtiqxgtpogpvcn!kpxguvogpv!rqqn!cwvjqtk|gf!rwtuwcpv!vq!vjg!Hnqtkfc!Kpvgtnqecn!Eqqrgtcvkqp!Cev=!
d*! Ugewtkvkgu!cpf!Gzejcpig!Eqookuukqp!tgikuvgtgf!oqpg{!octmgv!hwpfu!ykvj!vjg!jkijguv!etgfkv!swcnkv{!tcvkpi!htqo!c!pcvkqpcnn{!tgeqipk|gf!tcvkpi!cigpe{=!
e*! Kpvgtguv!dgctkpi!vkog!fgrqukvu!qt!ucxkpiu!ceeqwpvu!kp!swcnkhkgf!rwdnke!fgrqukvqtkgu=!f*! Fktgev!qdnkicvkqpu!qh!vjg!W/U/!Vtgcuwt{/!
!Ugewtkvkgu!nkuvgf!kp!rctcitcrj!e!cpf!f!ujcnn!dg!kpxguvgf!vq!rtqxkfg!uwhhkekgpv!nkswkfkv{!vq!rc{!qdnkicvkqpu!cu!vjg{!eqog!fwg/!!!
!Vjg!Fkuvtkev!tgeqtfu!cnn!kpvgtguv!tgxgpwg!tgncvgf!vq!kpxguvogpv!cevkxkvkgu!kp!vjg!tgurgevkxg!hwpfu/!!Kpxguvogpvu!ctg!ogcuwtgf! cv!coqtvk|gf!equv!qt! tgrqtvgf!cv! hckt! xcnwg!cu! tgswktgf!d{!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu/!!!!!Kpxgpvqtkgu!cpf!Rtgrckf!Kvgou!Kpxgpvqtkgu!qh!iqxgtpogpvcn!hwpfu!ctg!tgeqtfgf!cu!gzrgpfkvwtgu!yjgp!eqpuwogf!tcvjgt!vjcp!yjgp!rwtejcugf/!!Egtvckp!rc{ogpvu!vq!xgpfqtu!tghngev!equvu!crrnkecdng!vq!hwvwtg!ceeqwpvkpi!rgtkqfu!cpf!ctg!tgeqtfgf!cu!rtgrckf!kvgou!kp!dqvj!iqxgtpogpv.ykfg!cpf!hwpf!hkpcpekcn!uvcvgogpvu/!
27!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued)
Ecrkvcn!Cuugvu!Ecrkvcn!cuugvu!yjkej!kpenwfg!rtqrgtv{-!rncpv!cpf!gswkrogpv-!cpf!kphtcuvtwevwtg!cuugvu!)g/i/-!tqcfu-!ukfgycnmu!cpf! ukoknct! kvgou*! ctg! tgrqtvgf! kp! vjg! iqxgtpogpv! cevkxkvkgu! eqnwopu! kp! vjg! iqxgtpogpv.ykfg! hkpcpekcn!uvcvgogpvu/!Ecrkvcn!cuugvu!ctg!fghkpgf!d{!vjg!iqxgtpogpv!cu!cuugvu!ykvj!cp!kpkvkcn-!kpfkxkfwcn!equv!qh!oqtg!vjcp!%6-111!)coqwpv!pqv!tqwpfgf*!cpf!cp!guvkocvgf!wughwn!nkhg!kp!gzeguu!qh!vyq!{gctu/!Uwej!cuugvu!ctg!tgeqtfgf!cv!jkuvqtkecn!equv!qt!guvkocvgf!jkuvqtkecn!equv!kh!rwtejcugf!qt!eqpuvtwevgf/!Fqpcvgf!ecrkvcn!cuugvu!ctg!tgeqtfgf!cv!guvkocvgf!hckt!octmgv!xcnwg!cv!vjg!fcvg!qh!fqpcvkqp/!!Vjg!equvu!qh!pqtocn!ockpvgpcpeg!cpf!tgrcktu!vjcv!fq!pqv!cff!vq!vjg!xcnwg!qh!vjg!cuugv!qt!ocvgtkcnn{!gzvgpf!cuugvu!nkxgu!ctg!pqv!ecrkvcnk|gf/!Oclqt!qwvnc{u!hqt!ecrkvcn!cuugvu!cpf!kortqxgogpvu!ctg!ecrkvcnk|gf!cu!rtqlgevu!ctg!eqpuvtwevgf/!!Kphtcuvtwevwtg!qh!vjg!Fkuvtkev!ku!fgrtgekcvgf!wukpi!vjg!uvtckijv.nkpg!ogvjqf!qxgt!vjg!hqnnqykpi!guvkocvgf!wughwn!nkxg<!
Cuugvu! [gctu!
Kphtcuvtwevwtg! 41!
Kp! vjg!iqxgtpogpvcn! hwpf!hkpcpekcn!uvcvgogpvu-!coqwpvu! kpewttgf!hqt! vjg!ceswkukvkqp!qh!ecrkvcn!cuugvu!ctg!tgrqtvgf!cu! hwpf!gzrgpfkvwtgu/! !Fgrtgekcvkqp!gzrgpug! ku!pqv! tgrqtvgf! kp! vjg!iqxgtpogpvcn! hwpf!hkpcpekcn!uvcvgogpvu/!!
!
Wpgctpgf!Tgxgpwg!!!!Iqxgtpogpvcn!hwpfu!tgrqtv!wpgctpgf!tgxgpwg!kp!eqppgevkqp!ykvj!tguqwtegu!vjcv!jcxg!dggp!tgegkxgf-!dwv!pqv!{gv!gctpgf/!!!!
!
Nqpi.Vgto!Qdnkicvkqpu!Kp!vjg!iqxgtpogpv.ykfg!hkpcpekcn!uvcvgogpvu!nqpi.vgto!fgdv!cpf!qvjgt!nqpi.vgto!qdnkicvkqpu!ctg!tgrqtvgf!cu!nkcdknkvkgu!kp!vjg!uvcvgogpv!qh!pgv!rqukvkqp/!!Dqpf!rtgokwou!cpf!fkueqwpvu!ctg!fghgttgf!cpf!coqtvk|gf!qxgt!vjg!nkhg!qh!vjg!Dqpfu!wukpi!vjg!uvtckijv!nkpg!ogvjqf/!!Dqpfu!rc{cdng!ctg!tgrqtvgf!pgv!qh!crrnkecdng!rtgokwou!qt!fkueqwpvu/!!Dqpf!kuuwcpeg!equvu!ctg!gzrgpugf!yjgp!kpewttgf/!!!!Kp!vjg!hwpf!hkpcpekcn!uvcvgogpvu-!iqxgtpogpvcn!hwpf!v{rgu!tgeqipk|g!rtgokwou!cpf!fkueqwpvu-!cu!ygnn!cu!kuuwcpeg!equvu-!fwtkpi!vjg!ewttgpv!rgtkqf/!!Vjg!hceg!coqwpv!qh!fgdv!kuuwgf!ku!tgrqtvgf!cu!qvjgt!hkpcpekpi!uqwtegu/!!Rtgokwou!tgegkxgf!qp!fgdv!kuuwcpegu!ctg!tgrqtvgf!cu!qvjgt!hkpcpekpi!uqwtegu!yjkng!fkueqwpvu!qp!fgdv!kuuwcpegu!ctg!tgrqtvgf!cu!qvjgt!hkpcpekpi!wugu/!!Kuuwcpeg!equvu-!yjgvjgt!qt!pqv!ykvjjgnf!htqo!vjg!cevwcn!fgdv!rtqeggfu!tgegkxgf-!ctg!tgrqtvgf!cu!fgdv!ugtxkeg!gzrgpfkvwtgu/!!Fghgttgf!Qwvhnqyu0Kphnqyu!qh!Tguqwtegu!!Fghgttgf! qwvhnqyu! qh! tguqwtegu! tgrtgugpv! c! eqpuworvkqp! qh! pgv! rqukvkqp! vjcv! crrnkgu! vq! hwvwtg! tgrqtvkpi!rgtkqf)u*/!Hqt!gzcorng-! vjg!Fkuvtkev!yqwnf! tgeqtf!fghgttgf!qwvhnqyu!qh! tguqwtegu!qp! vjg!uvcvgogpv!qh!pgv!rqukvkqp!tgncvgf!vq!fgdkv!coqwpvu!tguwnvkpi!htqo!ewttgpv!cpf!cfxcpeg!tghwpfkpiu!tguwnvkpi!kp!vjg!fghgcucpeg!qh!fgdv!)k/g/!yjgp!vjgtg!ctg!fkhhgtgpegu!dgvyggp!vjg!tgceswkukvkqp!rtkeg!cpf!vjg!pgv!ectt{kpi!coqwpv!qh!vjg!qnf!fgdv*/!!Fghgttgf!kphnqyu!qh!tguqwtegu!tgrtgugpv!cp!ceswkukvkqp!qh!pgv!rqukvkqp!vjcv!crrnkgu!vq!hwvwtg!tgrqtvkpi!rgtkqf)u*/!Hqt!gzcorng-!yjgp!cp!cuugv!ku!tgeqtfgf!kp!vjg!iqxgtpogpvcn!hwpf!hkpcpekcn!uvcvgogpvu-!dwv!vjg!tgxgpwg!ku!wpcxckncdng-!vjg!Fkuvtkev!tgrqtvu!c!fghgttgf!kphnqy!qh!tguqwtegu!qp!vjg!dcncpeg!ujggv!wpvkn!uwej!vkogu!cu!vjg!tgxgpwg!dgeqogu!cxckncdng/!!!!Hwpf!Gswkv{0Pgv!Rqukvkqp!!!Kp!vjg!hwpf!hkpcpekcn!uvcvgogpvu-!iqxgtpogpvcn!hwpfu!tgrqtv!pqp!urgpfcdng!cpf!tguvtkevgf!hwpf!dcncpeg!hqt!coqwpvu!vjcv!ctg!pqv!cxckncdng!hqt!crrtqrtkcvkqp!qt!ctg!ngicnn{!tguvtkevgf!d{!qwvukfg!rctvkgu!hqt!wug!hqt!c!urgekhke!rwtrqug/!!Cuukipogpvu!qh!hwpf!dcncpeg!tgrtgugpv!vgpvcvkxg!ocpcigogpv!rncpu!vjcv!ctg!uwdlgev!vq!ejcpig/!!!
28!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued)!Hwpf!Gswkv{0Pgv!Rqukvkqp!)Eqpvkpwgf*Vjg!Fkuvtkev!ecp!guvcdnkuj!nkokvcvkqpu!qp!vjg!wug!qh!hwpf!dcncpeg!cu!hqnnqyu<!!!
Eqookvvgf!hwpf!dcncpeg!�!Coqwpvu!vjcv!ecp!dg!wugf!qpn{!hqt!vjg!urgekhke!rwtrqugu!fgvgtokpgf!d{!c!hqtocn!cevkqp!)tguqnwvkqp*!qh!vjg!Dqctf!qh!Uwrgtxkuqtu/!Eqookvogpvu!oc{!dg!ejcpigf!qt!nkhvgf!qpn{!d{!vjg!Dqctf!qh!Uwrgtxkuqtu!vcmkpi!vjg!ucog!hqtocn!cevkqp!)tguqnwvkqp*!vjcv!korqugf!vjg!eqpuvtckpv!qtkikpcnn{/!!Tguqwtegu!ceewowncvgf!rwtuwcpv!vq!uvcdknk|cvkqp!cttcpigogpvu!uqogvkogu!ctg!tgrqtvgf!kp!vjku!ecvgiqt{/!!!!Cuukipgf! hwpf! dcncpeg! �! Kpenwfgu! urgpfcdng! hwpf! dcncpeg! coqwpvu! guvcdnkujgf! d{! vjg! Dqctf! qh!Uwrgtxkuqtu!vjcv!ctg!kpvgpfgf!vq!dg!wugf!hqt!urgekhke!rwtrqugu!vjcv!ctg!pgkvjgt!eqpukfgtgf!tguvtkevgf!pqt!eqookvvgf/!!Vjg!Dqctf!oc{!cnuq!cuukip!hwpf!dcncpeg!cu!kv!fqgu!yjgp!crrtqrtkcvkpi!hwpf!dcncpeg!vq!eqxgt!fkhhgtgpegu! kp! guvkocvgf! tgxgpwg! cpf! crrtqrtkcvkqpu! kp! vjg! uwdugswgpv! {gct�u! crrtqrtkcvgf! dwfigv/!!Cuukipogpvu!ctg!igpgtcnn{!vgorqtct{!cpf!pqtocnn{!vjg!ucog!hqtocn!cevkqp!pggf!pqv!dg!vcmgp!vq!tgoqxg!vjg!cuukipogpv/!!!!
!Vjg!Fkuvtkev!hktuv!wugu!eqookvvgf!hwpf!dcncpeg-!hqnnqygf!d{!cuukipgf!hwpf!dcncpeg!cpf!vjgp!wpcuukipgf!hwpf!dcncpeg!yjgp!gzrgpfkvwtgu!ctg! kpewttgf! hqt!rwtrqugu! hqt!yjkej!coqwpvu! kp!cp{!qh! vjg!wptguvtkevgf! hwpf!dcncpeg!encuukhkecvkqpu!eqwnf!dg!wugf/!!
Pgv!rqukvkqp!ku!vjg!fkhhgtgpeg!dgvyggp!cuugvu!cpf!fghgttgf!qwvhnqyu!qh!tguqwtegu!nguu!nkcdknkvkgu!cpf!fghgttgf!kphnqyu! qh! tguqwtegu/! Pgv! rqukvkqp! kp! vjg! iqxgtpogpv.ykfg! hkpcpekcn! uvcvgogpvu! ctg! ecvgiqtk|gf! cu! pgv!kpxguvogpv!kp!ecrkvcn!cuugvu-!tguvtkevgf!qt!wptguvtkevgf/!!Pgv!kpxguvogpv!kp!ecrkvcn!cuugvu!tgrtgugpvu!pgv!rqukvkqp!tgncvgf!vq!kphtcuvtwevwtg!cpf!rtqrgtv{-!rncpv!cpf!gswkrogpv/!!Tguvtkevgf!pgv!rqukvkqp!tgrtgugpvu!vjg!cuugvu!tguvtkevgf!d{!vjg!Fkuvtkev�u!Dqpf!eqxgpcpvu!qt!qvjgt!eqpvtcevwcn!tguvtkevkqpu/!Wptguvtkevgf!pgv!rqukvkqp!eqpukuvu!qh!vjg!pgv!rqukvkqp!pqv!oggvkpi!vjg!fghkpkvkqp!qh!gkvjgt!qh!vjg!qvjgt!vyq!eqorqpgpvu/!!!!Other Disclosures!Wug!qh!GuvkocvguVjg!rtgrctcvkqp!qh!hkpcpekcn!uvcvgogpvu!kp!eqphqtokv{!ykvj!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu!tgswktgu!ocpcigogpv!vq!ocmg!guvkocvgu!cpf!cuuworvkqpu!vjcv!chhgev!vjg!tgrqtvgf!coqwpvu!qh!cuugvu!cpf!nkcdknkvkgu-!cpf!fkuenquwtg!qh!eqpvkpigpv!cuugvu!cpf!nkcdknkvkgu!cv!vjg!fcvg!qh!vjg!hkpcpekcn!uvcvgogpvu-!cpf!vjg!tgrqtvgf!coqwpvu!qh!tgxgpwgu!cpf!gzrgpfkvwtgu!fwtkpi!vjg!tgrqtvkpi!rgtkqf/!!Cevwcn!tguwnvu!eqwnf!fkhhgt!htqo!vjqug!guvkocvgu/!
NOTE 3 – BUDGETARY INFORMATION
!Vjg!Fkuvtkev!ku!tgswktgf!vq!guvcdnkuj!c!dwfigvct{!u{uvgo!cpf!cp!crrtqxgf!Cppwcn!Dwfigv/!!Cppwcn!Dwfigvu!ctg!cfqrvgf!qp!c!dcuku!eqpukuvgpv!ykvj!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu!hqt!vjg!igpgtcn!hwpf/!!Cnn!cppwcn!crrtqrtkcvkqpu!ncrug!cv!hkuecn!{gct.gpf/!!Vjg!Fkuvtkev!hqnnqyu!vjgug!rtqegfwtgu!kp!guvcdnkujkpi!vjg!dwfigvct{!fcvc!tghngevgf!kp!vjg!hkpcpekcn!uvcvgogpvu/!!c*! Gcej!{gct!vjg!Fkuvtkev!Ocpcigt!uwdokvu!vq!vjg!Fkuvtkev!Dqctf!c!rtqrqugf!qrgtcvkpi!dwfigv!hqt!vjg!hkuecn!
{gct!eqoogpekpi!vjg!hqnnqykpi!Qevqdgt!2/!!d*! Rwdnke!jgctkpi)u*!ctg!eqpfwevgf!vq!qdvckp!rwdnke!eqoogpvu/!e*! Rtkqt!vq!Qevqdgt!2-!vjg!dwfigv!ku!ngicnn{!cfqrvgf!d{!vjg!Fkuvtkev!Dqctf/!f*! Cnn!dwfigv!ejcpigu!owuv!dg!crrtqxgf!d{!vjg!Fkuvtkev!Dqctf-!wpnguu!qvjgtykug!fgngicvgf!d{!vjg!Fkuvtkev!
Dqctf/!g*! Vjg!dwfigvu!ctg!cfqrvgf!qp!c!dcuku!eqpukuvgpv!ykvj!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu/!h*! Wpwugf!crrtqrtkcvkqp!hqt!cppwcnn{!dwfigvgf!hwpfu!ncrug!cv!vjg!gpf!qh!vjg!{gct/!
29!
NOTE 4 – DEPOSITS AND INVESTMENTS!!Deposits!Vjg!Fkuvtkev�u!ecuj!dcncpegu!ygtg!gpvktgn{!eqxgtgf!d{!hgfgtcn!fgrqukvqt{!kpuwtcpeg!qt!d{!c!eqnncvgtcn!rqqn!rngfigf!vq!vjg!Uvcvg!Vtgcuwtgt/!!Hnqtkfc!Uvcvwvgu!Ejcrvgt!391-!#Hnqtkfc!Ugewtkv{!hqt!Rwdnke!Fgrqukvu!Cev#-!tgswktgu!cnn!swcnkhkgf!fgrqukvqtkgu!vq!fgrqukv!ykvj!vjg!Vtgcuwtgt!qt!cpqvjgt!dcpmkpi!kpuvkvwvkqp!gnkikdng!eqnncvgtcn!gswcn!vq!xctkqwu!rgtegpvcigu!qh!vjg!cxgtcig!fckn{!dcncpeg!hqt!gcej!oqpvj!qh!cnn!rwdnke!fgrqukvu!kp!gzeguu!qh!cp{!crrnkecdng!fgrqukv!kpuwtcpeg!jgnf/!!Vjg!rgtegpvcig!qh!gnkikdng!eqnncvgtcn!)igpgtcnn{-!W/U/!Iqxgtpogpvcn!cpf!cigpe{!ugewtkvkgu-!uvcvg!qt!nqecn!iqxgtpogpv!fgdv-!qt!eqtrqtcvg!dqpfu*!vq!rwdnke!fgrqukvu!ku!fgrgpfgpv!wrqp!vjg!fgrqukvqt{(u!hkpcpekcn!jkuvqt{!cpf!kvu!eqornkcpeg!ykvj!Ejcrvgt!391/!!Kp!vjg!gxgpv!qh!c!hcknwtg!qh!c!swcnkhkgf!rwdnke!fgrqukvqt{-!vjg!tgockpkpi!rwdnke!fgrqukvqtkgu!yqwnf!dg!tgurqpukdng!hqt!eqxgtkpi!cp{!tguwnvkpi!nquugu/!
Investments!Vjg!Fkuvtkev�u!kpxguvogpvu!ygtg!jgnf!cu!hqnnqyu!cv!Ugrvgodgt!41-!3127<!!
Coqtvk|gf!Equv Etgfkv!Tkum Ocvwtkvkgu
W/U/!Dcpm!Eqoogtekcn!Rcrgt 23-;33-898%!!!!!!! U'R!C.2, Qrgp.gpfgf
!!!!!!!!!Vqvcn!Kpxguvogpvu 23-;33-898%!!!!!!!
!!
Credit risk – Hqt!kpxguvogpvu-!etgfkv!tkum!ku!igpgtcnn{!vjg!tkum!vjcv!cp!kuuwgt!qh!cp!kpxguvogpv!yknn!pqv!hwnhknn!kvu!qdnkicvkqp!vq!vjg!jqnfgt!qh!vjg!kpxguvogpv/!!Vjku!ku!ogcuwtgf!d{!vjg!cuukipogpv!qh!c!tcvkpi!d{!c!pcvkqpcnn{!tgeqipk|gf!uvcvkuvkecn!tcvkpi!qticpk|cvkqp/!!Kpxguvogpv!tcvkpiu!d{!kpxguvogpv!v{rg!ctg!kpenwfgf!kp!vjg!rtgegfkpi!uwooct{!qh!kpxguvogpvu/!
Concentration risk – Vjg!Fkuvtkev!rncegu!pq!nkokv!qp!vjg!coqwpv!vjg!Fkuvtkev!oc{!kpxguv!kp!cp{!qpg!kuuwgt/!!!!Interest rate risk – Vjg!Fkuvtkev!fqgu!pqv!jcxg!c!hqtocn!rqnke{!vjcv!nkokvu!kpxguvogpv!ocvwtkvkgu!cu!c!ogcpu!qh!ocpcikpi!gzrquwtg!vq!hckt!xcnwg!nquugu!ctkukpi!htqo!kpetgcukpi!kpvgtguv!tcvgu/!!!!Jqygxgt-!vjg!Dqpf!Kpfgpvwtg!nkokvu!vjg!v{rg!qh!kpxguvogpvu!jgnf!wukpi!wpurgpv!rtqeggfu/!
Fair Value Measurement – Yjgp!crrnkecdng-!vjg!Fkuvtkev!ogcuwtgu!cpf!tgeqtfu!kvu!kpxguvogpvu!wukpi!hckt!xcnwg!ogcuwtgogpv!iwkfgnkpgu!guvcdnkujgf!kp!ceeqtfcpeg!ykvj!ICUD!Uvcvgogpvu/!!Vjg!htcogyqtm!hqt!ogcuwtkpi!hckt!xcnwg!rtqxkfgu!c!hckt!xcnwg!jkgtctej{!vjcv!rtkqtkvk|gu!vjg!kprwvu!vq!xcnwcvkqp!vgejpkswgu/!!!Vjgug!iwkfgnkpgu!tgeqipk|g!c!vjtgg.vkgtgf!hckt!xcnwg!jkgtctej{-!kp!qtfgt!qh!jkijguv!rtkqtkv{-!cu!hqnnqyu<!!
"! Level 1: Kpxguvogpvu!yjqug!xcnwgu!ctg!dcugf!qp!wpcflwuvgf!swqvgf!rtkegu!hqt!kfgpvkecn!kpxguvogpvu!kp!cevkxg!octmgvu!vjcv!vjg!Fkuvtkev!jcu!vjg!cdknkv{!vq!ceeguu=!
"! Level 2:!!Kpxguvogpvu!yjqug!!kprwvu!.!qvjgt!vjcp!swqvgf!octmgv!rtkegu!.!ctg!qdugtxcdng!gkvjgt!fktgevn{!qt!kpfktgevn{=!cpf-!
"! Level 3:!!Kpxguvogpvu!yjqug!kprwvu!ctg!wpqdugtxcdng/!!Vjg!hckt!xcnwg!ogcuwtgogpv!ngxgn!ykvjkp!vjg!hckt!xcnwg!jkgtctej{!ku!dcugf!qp!vjg!nqyguv!ngxgn!qh!cp{!kprwv!vjcv!ku!ukipkhkecpv! vq! vjg!gpvktg! hckt!xcnwg!ogcuwtgogpv/!Xcnwcvkqp! vgejpkswgu!wugf!ujqwnf!oczkok|g! vjg!wug!qh!qdugtxcdng!kprwvu!cpf!okpkok|g!vjg!wug!qh!wpqdugtxcdng!kprwvu/!!Oqpg{!octmgv!kpxguvogpvu!vjcv!jcxg!c!ocvwtkv{!cv!vjg!vkog!qh!rwtejcug!qh!qpg!{gct!qt!nguu!cpf!ctg!jgnf!d{!iqxgtpogpvu!qvjgt!vjcp!gzvgtpcn!kpxguvogpv!rqqnu!ujqwnf!dg!ogcuwtgf!cv!coqtvk|gf!equv/!Ceeqtfkpin{-!vjg!Fkuvtkev�u!kpxguvogpvu!jcxg!dggp!tgrqtvgf!cv!coqtvk|gf!equv!cdqxg/!!!
2;!
NOTE 5 � CAPITAL ASSETS!
!Ecrkvcn!cuugv!cevkxkv{!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127!ycu!cu!hqnnqyu<!!!
Dgikppkpi!
Dcncpeg Cffkvkqpu Tgfwevkqpu
Gpfkpi!!!!!!!!
Dcncpeg
Iqxgtpogpvcn!cevkxkvkgu
Ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf
Kphtcuvtwevwtg! .%!!!!!!!!!!!!! 9-348-619%!!!!!! .%!!!!!!!!!!!!!!!! 9-348-619%!!!!!!
Vqvcn!ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf .!!!!!!!!!!!!!!! 9-348-619!!!!!!!! .!!!!!!!!!!!!!!!!! 9-348-619!!!!!!!!
Vqvcn!ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf-!pgv .!!!!!!!!!!!!!!! 9-348-619!!!!!!!! .!!!!!!!!!!!!!!!!! 9-348-619!!!!!!!!
Iqxgtpogpvcn!cevkxkvkgu!ecrkvcn!cuugvu-!pgv .%!!!!!!!!!!!!! 9-348-619%!!!!!! .%!!!!!!!!!!!!!!!! 9-348-619%!!!!!!
!!Vjg!Fkuvtkev�u!Ecrkvcn!Kortqxgogpv!Rtqlgev!)vjg!�EKR�*!ku!guvkocvgf!vq!equv!crrtqzkocvgn{!%46/5!oknnkqp!cpf!kpenwfgu!qp.ukvg!cpf!qhh.ukvg!rwdnke!tqcfyc{u-!uvqto!ycvgt!ocpcigogpv!u{uvgou-!gngevtkecn!ugtxkeg!u{uvgou-!wvknkv{!u{uvgou-!eqpugtxcvkqpu!okvkicvkqp-!ncpfuecrkpi-!kttkicvkqp-!jctfuecrg-!rtqh/!hggu!cpf!eqpvkpigpe{/!Vjg!Ecrkvcn!kortqxgogpvu!fguetkdgf!ctg!gzrgevgf!vq!dg!ocfg!kp!ownvkrng!rjcugu!qxgt!vkog/!Kpkvkcn!kphtcuvtwevwtg!rtqlgev!qh!vjg!EKR!kpenwfgu!vjg!rwdnke!kphtcuvtwevwtg!eqorqpgpvu!qh!Rjcugu!2!'!3!qh!vjg!Fgxgnqrogpv!kp!vjg!crrtqz/!coqwpv!qh!%24!oknnkqp!)vjg!#Ugtkgu!3127!Rtqlgev#*/!Rtqeggfu!qh!vjg!Ugtkgu!3127!Dqpfu!kuuwgf!kp!vjg!ewttgpv!hkuecn!{gct!ctg!dgkpi!wvknk|gf!vq!ceswktg-!eqpuvtwev-!kpuvcnn!cpf0qt!gswkr!vjg!Ugtkgu!3127!Rtqlgev!cu!kv!ku!eqorngvgf/!Vjg!Fgxgnqrgt!guvkocvgu!kv!jcu!gzrgpfgf!crrtqz/!%21/;!oknnkqp!vqyctfu!vjg!Ugtkgu!3127!Rtqlgev!rtkqt!vq!vjg!kuuwcpeg!qh!vjg!Ugtkgu!3127!Dqpfu/!Vjg!Fgxgnqrgt!guvkocvgu!kv!jcu!gzrgpfgf!cp!cffkvkqpcn!%;/8!oknnkqp!kp!cffkvkqpcn!fgxgnqrogpv.tgncvgf!gzrgpfkvwtgu!vjcv!ctg!pqv!kpenwfgf!cu!rctv!qh!vjg!EKR/!!!Cv!vjg!vkog!qh!kuuwcpeg!qh!vjg!Ugtkgu!3127!Dqpfu-!kv!ycu!cpvkekrcvgf!vjcv!vjg!Fkuvtkev!yknn!kuuwg!qpg!qt!oqtg!cffkvkqpcn!ugtkgu!qh!dqpfu!kp!vjg!guvkocvgf!rtkpekrcn!coqwpv!qh!%24!oknnkqp!vq!hwpf!cp!guvkocvgf!%22!oknnkqp!qh!cffkvkqpcn!rqtvkqpu!qh!vjg!EKR/!Vjg!tgockpfgt!qh!vjg!EKR!pqv!hwpfgf!ykvj!rtqeggfu!qh!vjg!Ugtkgu!3127!Dqpfu!qt!c!hwvwtg!ugtkgu!qh!dqpfu-!yknn!dg!hwpfgf!ykvj!vjg!Egpvgppkcn!Nqcp!)fghkpgf!jgtgkp*-!rtqeggfu!htqo!nqv!ucngu!cpf!gswkv{!eqpvtkdwvkqpu!d{!vjg!Fgxgnqrgt!)ugg!#Vjg!Fgxgnqrogpv!.!Ncpf!Ceswkukvkqp0Fgxgnqrogpv!Hkpcpekpi#*/!!Vjg!Fkuvtkev!cpvkekrcvgu!vjcv!vjg!tgockpkpi!kphtcuvtwevwtg!kortqxgogpvu!hqt!vjg!Fkuvtkev!yknn!dg!eqorngvgf!fwtkpi!c!uwdugswgpv!hkuecn!{gct/!!!!NOTE 6 – LONG TERM LIABILITIES
Series 2016Kp!Cwiwuv!29!3127-!vjg!Fkuvtkev!kuuwgf!%26-661-111!qh!Ecrkvcn!Kortqxgogpv!Tgxgpwg!Dqpfu/!Vjg!Ugtkgu!3127!eqpukuvu!qh!%8-441-111!yjkej!ku!fwg!qp!Oc{!2-!3147!ykvj!hkzgf!kpvgtguv!tcvg!qh!5/611&!cpf!%9-331-111!fwg!qp!Oc{!2-!3158!ykvj!hkzgf!kpvgtguv!tcvg!qh!5/736&/!Vjg!Dqpfu!ygtg!kuuwgf!vq!rtqxkfg!hwpfu!hqt!vjg!equvu!qh!ceswktkpi-!eqpuvtwevkpi!cpf!gswkrrkpi!cuuguucdng!kortqxgogpvu!qh!vjg!EKR/!Kpvgtguv!ku!vq!dg!rckf!ugokcppwcnn{!qp!gcej!Oc{!2!cpf!Pqxgodgt!2-!eqoogpekpi!Pqxgodgt!2-!3127/!!Rtkpekrcn!qp!vjg!Dqpfu!ku!vq!dg!rckf!ugtkcnn{!eqoogpekpi!Oc{!2-!3129!vjtqwij!Oc{!2-!3158/!!Vjg!Ugtkgu!3127!Dqpfu!oc{!dg!ecnngf!hqt!tgfgorvkqp!rtkqt!vq!ocvwtkv{!cu!c!yjqng!qt!kp!rctv!qp!qt!chvgt!Oc{!2-!3137/!Vjg!Dqpfu!ctg!cnuq!uwdlgev!vq!gzvtcqtfkpct{!ocpfcvqt{!tgfgorvkqp!rtkqt!vq!ocvwtkv{!kp!vjg!ocppgt!fgvgtokpgf!d{!vjg!Dqpf!Tgikuvtct!kh!egtvckp!gxgpvu!qeewt!cu!qwvnkpgf!kp!vjg!Dqpf!Kpfgpvwtg/!!Vjg! Dqpf! Kpfgpvwtg! guvcdnkujgf! c! fgdv! ugtxkeg! tgugtxg! tgswktgogpv! cu! ygnn! cu! qvjgt! tguvtkevkqpu! cpf!tgswktgogpvu!tgncvkpi!rtkpekrcnn{!vq!vjg!wug!qh!rtqeggfu!vq!rc{!hqt!vjg!kphtcuvtwevwtg!kortqxgogpvu!cpf!vjg!rtqegfwtgu!vq!dg!hqnnqygf!d{!vjg!Fkuvtkev!qp!cuuguuogpvu!vq!rtqrgtv{!qypgtu/!!Vjg!Fkuvtkev!citggu!vq!ngx{!urgekcn!cuuguuogpvu!kp!cppwcn!coqwpvu!cfgswcvg!vq!rtqxkfg!rc{ogpv!qh!fgdv!ugtxkeg!cpf!vq!oggv!vjg!tgugtxg!tgswktgogpvu/!Vjg!Fkuvtkev!ycu!kp!eqornkcpeg!ykvj!vjg!tgswktgogpvu!cv!Ugrvgodgt!41-!3127/!
31!
NOTE 6 – LONG TERM LIABILITIES (Continued)
Long-term Debt ActivityEjcpigu!kp!nqpi.vgto!nkcdknkv{!cevkxkv{!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127!ygtg!cu!hqnnqyu<!
Dgikppkpi!
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Gpfkpi!!!!!!!
Dcncpeg
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32!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND
FOR THE PERIOD FROM INCEPTION OCTOBER 13, 2015TO SEPTEMBER 30, 2016
Qtkikpcn Hkpcn
TGXGPWGU
Fgxgnqrgt!eqpvtkdwvkqpu 225-648%!!!! 347-22;%!!!! 266-125%!!!! )92-216*%!!!!!!
Vqvcn!tgxgpwgu 225-648!!!!!! 347-22;!!!!!! 266-125!!!!!! )92-216*!!!!!!!!
GZRGPFKVWTGU
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Igpgtcn!iqxgtpogpv 225-648 347-22;!!!!!! 25;-;46!!!!!! 97-295
Vqvcn!gzrgpfkvwtgu 225-648!!!!!! 347-22;!!!!!! 25;-;46!!!!!! 97-295!!!!!!!!!
Gzeguu!)fghkekgpe{*!qh!tgxgpwgu
!!!!!!!!!!!!qxgt!)wpfgt*!gzrgpfkvwtgu .%!!!!!!!!!!! .%!!!!!!!!!!! 6-18;!!!!!!!!! 6-18;%!!!!!!!!!
Hwpf!dcncpeg!.!dgikppkpi .!!!!!!!!!!!!!
Hwpf!dcncpeg!.!gpfkpi 6-18;%!!!!!!!
Dwfigvgf!Coqwpvu
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!!!!!!!!!!!!!!!!!!!!!!!
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33!
LIVE OAK LAKE COMMUNITY DEVELOPMENT DISTRICTOSCEOLA, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
Vjg!Fkuvtkev!ku!tgswktgf!vq!guvcdnkuj!c!dwfigvct{!u{uvgo!cpf!cp!crrtqxgf!Cppwcn!Dwfigv!hqt!vjg!Igpgtcn!Hwpf/!Vjg!Fkuvtkev�u!dwfigvkpi!rtqeguu!ku!dcugf!qp!guvkocvgu!qh!ecuj!tgegkrvu!cpf!ecuj!gzrgpfkvwtgu!yjkej!ctg!crrtqxgf!d{!vjg!Dqctf/!!Vjg!dwfigv!crrtqzkocvgu!c!dcuku!eqpukuvgpv!ykvj!ceeqwpvkpi!rtkpekrngu!igpgtcnn{!ceegrvgf!kp!vjg!Wpkvgf!Uvcvgu!qh!Cogtkec!)igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu*/!!Vjg! ngicn! ngxgn! qh! dwfigvct{! eqpvtqn-! vjg! ngxgn! cv! yjkej! gzrgpfkvwtgu! oc{! pqv! gzeggf! dwfigv-! ku! kp! vjg!ciitgicvg/!!Cp{!dwfigv!cogpfogpvu!vjcv!kpetgcug!vjg!ciitgicvg!dwfigvgf!crrtqrtkcvkqpu!owuv!dg!crrtqxgf!d{!vjg!Dqctf!qh!Uwrgtxkuqtu/!Vjg!igpgtcn!hwpf!dwfigv!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127!ycu!cogpfgf!vq!kpetgcug!tgxgpwgu!cpf!crrtqrtkcvkqpu!d{!%232-693/!!Cevwcn!igpgtcn!hwpf!gzrgpfkvwtgu!hqt!vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127-!ygtg!nguu!vjcp!crrtqrtkcvkqpu!fwg!rtkoctkn{!vq!cpvkekrcvgf!equvu!yjkej!ygtg!pqv!kpewttgf!kp!vjg!ewttgpv!hkuecn!{gct/!!Ceeqtfkpin{-!Fgxgnqrgt!eqpvtkdwvkqpu!ygtg!nguu!vjcp!dwfigvgf!coqwpvu/!!!
!
!
3811!Pqtvj!Oknkvct{!Vtckn!#!Uwkvg!461!!!!Dqec!Tcvqp-!Hnqtkfc!!!44542!!!!)672*!;;5.;3;;!#!)911*!3;;.5839!!!!Hcz!!)672*!;;5.6934!!!!yyy/itcwerc/eqo!
34!
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITHGOVERNMENT AUDITING STANDARDS
Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Quegqnc!Eqwpv{-!Hnqtkfc!!Yg!jcxg!cwfkvgf-! kp!ceeqtfcpeg!ykvj! vjg!cwfkvkpi!uvcpfctfu!igpgtcnn{!ceegrvgf! kp! vjg!Wpkvgf!Uvcvgu!qh!Cogtkec!cpf!vjg!uvcpfctfu!crrnkecdng!vq!hkpcpekcn!cwfkvu!eqpvckpgf!kp!Government Auditing Standards!kuuwgf!d{!vjg!Eqorvtqnngt!Igpgtcn!qh!vjg!Wpkvgf!Uvcvgu-!vjg!hkpcpekcn!uvcvgogpvu!qh!vjg!iqxgtpogpvcn!cevkxkvkgu!cpf!gcej!oclqt!hwpf!qh!Nkxg!Qcm!Ncmg!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Quegqnc!!Eqwpv{-!Hnqtkfc!)�Fkuvtkev�*!cu!qh!cpf!hqt! vjg!rgtkqf!htqo!kpegrvkqp!Qevqdgt!24-!3126!vq!Ugrvgodgt!41-!3127-!cpf!vjg!tgncvgf!pqvgu!vq!vjg!hkpcpekcn!uvcvgogpvu-!yjkej!eqnngevkxgn{!eqortkug!vjg!Fkuvtkev�u!dcuke!hkpcpekcn!uvcvgogpvu-!cpf!jcxg!kuuwgf!qwt!qrkpkqp!vjgtgqp!fcvgf!Lwpg!38-!3128/!!Internal Control Over Financial Reporting
Kp!rncppkpi!cpf!rgthqtokpi!qwt!cwfkv!qh!vjg!hkpcpekcn!uvcvgogpvu-!yg!eqpukfgtgf!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn!qxgt! hkpcpekcn! tgrqtvkpi! )kpvgtpcn! eqpvtqn*! vq! fgvgtokpg! vjg! cwfkv! rtqegfwtgu! vjcv! ctg! crrtqrtkcvg! kp! vjg!ektewouvcpegu!hqt!vjg!rwtrqug!qh!gzrtguukpi!qwt!qrkpkqpu!qp!vjg!hkpcpekcn!uvcvgogpvu-!dwv!pqv!hqt!vjg!rwtrqug!qh!gzrtguukpi!cp!qrkpkqp!qp!vjg!ghhgevkxgpguu!qh!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn/!Ceeqtfkpin{-!yg!fq!pqv!gzrtguu!cp!qrkpkqp!qp!vjg!ghhgevkxgpguu!qh!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn/!!!
C!deficiency in internal control!gzkuvu!yjgp!vjg!fgukip!qt!qrgtcvkqp!qh!c!eqpvtqn!fqgu!pqv!cnnqy!ocpcigogpv!qt!gornq{ggu-!kp!vjg!pqtocn!eqwtug!qh!rgthqtokpi!vjgkt!cuukipgf!hwpevkqpu-!vq!rtgxgpv-!qt!fgvgev!cpf!eqttgev!okuuvcvgogpvu!qp!c!vkogn{!dcuku/!C!material weakness!ku!c!fghkekgpe{-!qt!c!eqodkpcvkqp!qh!fghkekgpekgu-!kp!kpvgtpcn!eqpvtqn-!uwej!vjcv!vjgtg!ku!c!tgcuqpcdng!rquukdknkv{!vjcv!c!ocvgtkcn!okuuvcvgogpv!qh!vjg!gpvkv{�u!hkpcpekcn!uvcvgogpvu!yknn!pqv!dg!rtgxgpvgf-!qt!fgvgevgf!cpf!eqttgevgf!qp!c!vkogn{!dcuku/!C!significant deficiency!ku!c!fghkekgpe{-!qt!c!eqodkpcvkqp!qh!fghkekgpekgu-!kp!kpvgtpcn!eqpvtqn!vjcv!ku!nguu!ugxgtg!vjcp!c!ocvgtkcn!ygcmpguu-!{gv!korqtvcpv!gpqwij!vq!ogtkv!cvvgpvkqp!d{!vjqug!ejctigf!ykvj!iqxgtpcpeg/!!
Qwt!eqpukfgtcvkqp!qh!kpvgtpcn!eqpvtqn!ycu!hqt!vjg!nkokvgf!rwtrqug!fguetkdgf!kp!vjg!hktuv!rctcitcrj!qh!vjku!ugevkqp!cpf!ycu!pqv!fgukipgf!vq!kfgpvkh{!cnn!fghkekgpekgu!kp!kpvgtpcn!eqpvtqn!vjcv!okijv!dg!ocvgtkcn!ygcmpguugu!qt-!ukipkhkecpv!fghkekgpekgu/!Ikxgp!vjgug!nkokvcvkqpu-!fwtkpi!qwt!cwfkv!yg!fkf!pqv!kfgpvkh{!cp{!fghkekgpekgu!kp!kpvgtpcn!eqpvtqn!vjcv!yg!eqpukfgt!vq!dg!ocvgtkcn!ygcmpguugu/!Jqygxgt-!ocvgtkcn!ygcmpguugu!oc{!gzkuv!vjcv!jcxg!pqv!dggp!kfgpvkhkgf/!!!
Compliance and Other Matters !
Cu!rctv!qh!qdvckpkpi!tgcuqpcdng!cuuwtcpeg!cdqwv!yjgvjgt!vjg!Fkuvtkev�u!hkpcpekcn!uvcvgogpvu!ctg!htgg!htqo!ocvgtkcn!okuuvcvgogpv-!yg!rgthqtogf!vguvu!qh! kvu!eqornkcpeg!ykvj!egtvckp!rtqxkukqpu!qh! ncyu-!tgiwncvkqpu-!eqpvtcevu-! cpf! citggogpvu-! pqpeqornkcpeg! ykvj! yjkej! eqwnf! jcxg! c! fktgev! cpf! ocvgtkcn! ghhgev! qp! vjg!fgvgtokpcvkqp! qh! hkpcpekcn! uvcvgogpv! coqwpvu/! Jqygxgt-! rtqxkfkpi!cp! qrkpkqp!qp! eqornkcpeg!ykvj! vjqug!rtqxkukqpu!ycu!pqv!cp!qdlgevkxg!qh!qwt!cwfkv-!cpf!ceeqtfkpin{-!yg!fq!pqv!gzrtguu!uwej!cp!qrkpkqp/!!Vjg!tguwnvu!qh!qwt!vguvu!fkuenqugf!pq!kpuvcpegu!qh!pqpeqornkcpeg!qt!qvjgt!ocvvgtu!vjcv!ctg!tgswktgf!vq!dg!tgrqtvgf!wpfgt!Government Auditing Standards/!!!
35!
Purpose of this Report
Vjg!rwtrqug!qh!vjku!tgrqtv!ku!uqngn{!vq!fguetkdg!vjg!ueqrg!qh!qwt!vguvkpi!qh!kpvgtpcn!eqpvtqn!cpf!eqornkcpeg!cpf!vjg!tguwnvu!qh!vjcv!vguvkpi-!cpf!pqv!vq!rtqxkfg!cp!qrkpkqp!qp!vjg!ghhgevkxgpguu!qh!vjg!gpvkv{�u!kpvgtpcn!eqpvtqn!qt!qp!eqornkcpeg/!Vjku!tgrqtv!ku!cp!kpvgitcn!rctv!qh!cp!cwfkv!rgthqtogf!kp!ceeqtfcpeg!ykvj!Government AuditingStandards!kp!eqpukfgtkpi!vjg!gpvkv{�u!kpvgtpcn!eqpvtqn!cpf!eqornkcpeg/!Ceeqtfkpin{-!vjku!eqoowpkecvkqp!ku!pqv!uwkvcdng!hqt!cp{!qvjgt!rwtrqug/!!!
!
!Lwpg!38-!3128!!
#
3811!Pqtvj!Oknkvct{!Vtckn!#!Uwkvg!461!!!!Dqec!Tcvqp-!Hnqtkfc!!!44542!!!!)672*!;;5.;3;;!#!)911*!3;;.5839!!!!Hcz!!)672*!;;5.6934!!!!yyy/itcwerc/eqo!
36!
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THEREQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BYRULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
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37!
MANAGEMENT LETTER PURSUANT TO THE RULES OFTHE AUDITOR GENERAL FOR THE STATE OF FLORIDA!!
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REPORT TO MANAGEMENT
I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS! !
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II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS !!! P0C/!Hktuv!{gct!cwfkv/!!III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA!
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