Del Webb Bexley Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2022

Del Webb Bexley Community Development District	
ANNUAL FINANCIAL REPORT	
September 30, 2022	
TABLE OF CONTENTS	
Page Number	
REPORT OF INDEPENDENT AUDITORS	1-3	
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-8	
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements: Statement of Net Position Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund	

9
10

11

12

13

14

15	
Notes to Financial Statements	16-26	

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	27-28
MANAGEMENT LETTER	29-31
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	32

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Del Webb Bexley Community Development District Pasco County, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Del Webb Bexley Community Development District (the “District”), as of and for the year ended September 30, 2022, 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 Del Webb Bexley Community Development District as of September 30, 2022, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

Responsibilities of Management for the Financial Statements

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

- 1 -

To the Board of Supervisors
Del Webb Bexley 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 could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:

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

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

- 2 -

To the Board of Supervisors
Del Webb Bexley Community Development District

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated November 8, 2023 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 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 Del Webb Bexley Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 8, 2023

- 3 -

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

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.
The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories: 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

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

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

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. The statement of activities includes depreciation on all long-lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are provided from the fund financial statements to the government- wide financial statements.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2022.

The District’s total assets were exceeded by total liabilities by $(2,581,985), (net position). Net investment in capital assets for the District was $(870,410). Restricted net position was $64,557 and unrestricted net position was $(1,776,132).

Revenues from governmental activities totaled $881,733 and expenses from governmental activities totaled $1,030,029.

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
		2022			2021	

Current assets Restricted assets Capital assets
Total Assets	
$	
116,765
543,782
     6,839,985 
     7,500,532 		
$	
29,699
628,221
     7,156,798 
     7,814,718 	
Current liabilities Non-current liabilities
Total Liabilities	417,517
	9,665,000 
	10,082,517 	408,107
	9,840,000 
	10,248,107 	
Net Position
Net investment in capital assets Restricted
Unrestricted
Total Net Position	

$	
(870,410)
64,557
     (1,776,132) 
(2,581,985)		

$	
(553,897)
63,893
     (1,943,685) 
(2,433,689)	

The increase in current assets and the reduction in restricted assets is related to the increase in assessments receivable in the current year.

The reduction in non-current liabilities is primarily the result of the principal payments made on non-current liabilities in the current year.
The reduction in capital assets is related to depreciation.

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 Charges for services Grants and contributions
General Revenues Miscellaneous revenues Investment earnings
Total Revenues		2022		2021	
	$	878,693	$	744,059	
		-		23,675	
		1,200		-	
		      1,840 		        45 	
		     881,733 		     767,779 	
Expenses
General government Physical environment Interest and other charges
Total Expenses	
96,294	
90,345	
	411,528	405,436	
		522,207 		529,015 	
		1,030,029 		1,024,796 	
Change in Net Position		(148,296)		(257,017)	
Net Position - Beginning of Year		(2,433,689)		(2,176,672)	
Net Position - End of Year	 $		(2,581,985)	 $		(2,433,689)	

The increase in charges for services is related to a budgeted increase in special assessments in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Capital Assets Activity
The following schedule provides a summary of the District’s capital assets as of September 30, 2022 and 2021:
Governmental Activities
	2022		2021	
Infrastructure	$ 7,710,395		$ 7,710,395	
Less: accumulated depreciation		(870,410)			(553,897)	
Governmental Activities Capital Assets	 $ 6,839,985 		 $ 7,156,498 	

During the year depreciation was $316,513.				
General Fund Budgetary Highlights				
The budgeted expenditures exceeded actual expenditures in the current year because legal fees and aquatic maintenance expenditures were less than anticipated.
There were no budget amendments in the current year.
Debt Management
Governmental Activities debt includes the following:
In October 2018, the District issued $10,180,000 Series 2018 Special Assessment Bonds. These bonds were issued to finance a portion of the cost of acquisition, construction, installation, and equipping of the Series 2018 Project. The balance outstanding at September 30, 2022 was $9,840,000.
Economic Factors and Next Year’s Budget
Del Webb Bexley Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2023.
Request for Information
The financial report is designed to provide a general overview of Del Webb Bexley 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 Del Webb Bexley Community Development District’s Accounting Department at 3434 Colwell Ave, Suite 200, Tampa, Florida 33614.

Del Webb Bexley Community Development District	
STATEMENT OF NET POSITION	
September 30, 2022			

Governmental	
		Activities	
ASSETS			
Current Assets			
Cash	$	9,977	
Assessments receivable		94,995	
Due from others		5,382	
Prepaid expenses		6,411 	
Total Current Assets		116,765 	
Non-Current Assets		
Restricted Assets			
Investments		543,782	
Capital Assets, Being Depreciated			
Infrastructure		7,710,395	
Less: accumulated depreciation		(870,410)	
Total Non-Current Assets		7,383,767 	
Total Assets		7,500,532 	
LIABILITIES			
Current Liabilities			
Accounts payable and accrued expenses		11,371	
Unearned revenues		15,244	
Bonds payable		175,000	
Accrued interest		215,902 	
Total Current Liabilities		417,517 	
Non-Current Liabilities		
Bonds payable		9,665,000 	
Total Liabilities		10,082,517 	
NET POSITION			
Net investment in capital assets		(870,410)	
Restricted for debt service		64,557	
Unrestricted		(1,776,132)	
Total Net Position	 $		(2,581,985)	

Del Webb Bexley Community Development District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2022

		Net (Expenses)	
		Revenues and	
	Program	Changes in	
	  Revenues 	  Net Position		
	Charges for	Governmental	
Functions/Programs	Expenses	Services	Activities	

Governmental Activities				
General government	$	(96,294)	$	93,617	$	(2,677)	
Physical environment	(411,528)	92,373	(319,155)	
Interest and other charges		(522,207)		692,703 		170,496 	
Total Governmental Activities	 $	(1,030,029)	 $	878,693 	(151,336)	

General Revenues Miscellaneous revenues Investment income
Total General Revenues	

1,200	
			1,840 	
			3,040 	
	Changes in Net Position			(148,296)	
	Net Position - Beginning of Year		(2,433,689)	
	Net Position - End of Year		 $		(2,581,985)	

Del Webb Bexley Community Development District BALANCE SHEET -
GOVERNMENTAL FUNDS
September 30, 2022

ASSETS	

	General		
Debt
	Service		
Capital
	Projects		Total Governmental
	Funds		
Cash	$	9,977	$	-	$	-	$	9,977	
Assessments receivable	11,429	83,566	-	94,995	
Due from others	5,382	-	-	5,382	
Prepaid expenses	6,411	-	-	6,411	
Restricted assets					
Investments, at fair value		- 		542,431 		1,351 		543,782 	
Total Assets	 $	33,199 	 $	625,997 	 $	1,351 	 $	660,547 	

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
LIABILITIES
Accounts payable and accrued expenses	$	11,371	$	-	$	-	$	11,371	
Unearned revenues		15,244 		-  	- 		15,244 	
Total Liabilities	26,615	-	-	26,615	

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues	

5,382	

-	

-	

5,382	

FUND BALANCES
Nonspendable - prepaid expenses	6,411		-		-		6,411	
Restricted:								
Debt service	-		625,997		-		625,997	
Capital projects	-		-		1,351		1,351	
Unassigned	(5,209)		-		-		(5,209)	
Total Fund Balances	1,202		625,997		1,351		628,550	
Total Liabilities, Deferred Inflows of
Resources and Fund Balances	
$	33,199		
$	625,997		
$	1,351		
$	660,547	

Del Webb Bexley Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2022

Total Governmental Fund Balances	$	628,550	
Amounts reported for governmental activities in the Statement of Net Position are different because:			
Capital assets, infrastructure, $7,710,395, net of accumulated depreciation,
$(870,410), used in governmental activities are not current financial resources, and therefore, are not reported at the fund level.		

6,839,985	
Long-term liabilities, bonds payable, are not due and payable in the current period, and therefore, are not reported at the fund level.		
(9,840,000)	
Unavailable revenues are reflected as deferred inflows of resources at the
fund level. Revenue is recognized when earned at the government-wide level.		
5,382	
Accrued interest expense for long-term debt is not a current financial use, and therefore, is not reported at the fund level.		
    (215,902)	
Net Position of Governmental Activities	 $ 	(2,581,985)	

Del Webb Bexley Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
For the Year Ended September 30, 2022

Revenues
Special assessments Miscellaneous revenues Investment income
Total Revenues Expenditures
Current
General government Physical environment
Debt service Principal Interest

Total Expenditures
Excess of revenues over expenditures Other Financing Sources/(Uses)
Transfers in Transfers out
Total Other Financing Sources/(Uses) Net Change in Fund Balances
Fund Balances - Beginning of Year Fund Balances - End of Year

	General	

Debt
	Service		
Capital
	Projects		Total Governmental
	Funds		
$	692,703
-
	1,838 	$	-
-
	2 	$	878,693
1,200
	1,840 	
	694,541 		2 		881,733 	

-
-	
-
-	
96,294
95,015	
165,000
	525,095 	-
	- 	165,000
	525,095 	
	690,095 		- 		881,404 	
4,446	2	329	

-
	(6,491)
	(6,491)	
1,170
	- 
	1,170 	
6,491
	(6,491)
	- 	
(2,045)	1,172	329	
	628,042 		179 		628,221 	
 $	625,997 	 $	1,351 	 $	628,550 	

$	185,990
1,200
	- 

	187,190 

96,294
95,015

-
	- 

	191,309 

(4,119)

5,321
	- 
	5,321 

1,202

	- 

 $	1,202 

See accompanying notes to financial statements.

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, 2022

Net Change in Fund Balances -Total Governmental Funds	$	329	
Amounts reported for governmental activities in the Statement of Activities are different because:			
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount of depreciation in the current period.		

(316,513)	
Repayments of bond principal are expenditures at the fund level, but the repayment reduces long-term liabilities in the Statement of Net Position.		
165,000	
At the government-wide level, interest is accrued on outstanding bonds; whereas at the fund level, interest expenditures are reported when due. This is the change in accrued interest in the current period.		

       2,888 	
Change in Net Position of Governmental Activities	 $		(148,296)	

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2022

Revenues
Special assessments Developer contributions Miscellaneous revenues	

Original Budget

$	185,512
21,959
-		

$	

Final Budget

185,512
21,959
-		

$	

Actual

185,990
- 1,200		Variance with Final Budget Positive (Negative)

$	478
(21,959)
1,200	

Total Revenues	
207,471			
207,471			
187,190		
(20,281)	

Expenditures Current
General government
Physical environment	

96,283
111,188			

96,283
111,188			

96,294
95,015		

(11)
16,173	

Total Expenditures	
207,471			
207,471			
191,309		
16,162	

Revenues over/(under) expenditures		
-			
-			
(4,119)		
(4,119)	
Other Financing Sources/(Uses) Transfers in		

-			

-			

5,321		

5,321	

Net Change in Fund Balances		
-			
-			
1,202		
1,202	
Fund Balances - Beginning of Year		-			-			-		-	

Fund Balances - End of Year	
$	
-		
$	
-		
$	
1,202		
$	1,202	

See accompanying notes to financial statements.

The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on October 24, 2017, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), by Pasco County Ordinance 17-239 as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Del Webb Bexley Community Development District. The District is governed by a five-member Board of Supervisors who are elected on an at large basis by landowners within the District. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Del Webb Bexley 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 by the Governmental Accounting Standards Board, 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

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government- wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are supported by special assessments and interest. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.
Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

2. Measurement Focus and Basis of Accounting (Continued)

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

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.
Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.
Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter, to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long- term debt are recorded as an other financing source rather than as a fund liability.
Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – Accounts for debt service requirements to retire the capital improvement bonds which were used to finance the construction of District infrastructure improvements.
Capital Projects Fund – The Capital Projects Funds account for construction of infrastructure improvements within the boundaries of the District.

Non-current Governmental Assets/Liabilities
GASB Statement 34 requires that non-current governmental assets, such as infrastructure and improvements, and non-current governmental liabilities, such as general obligation bonds and developer obligations 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.

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

Cash and Investments (Continued)
For purposes of the statement of cash flows, cash equivalents include time deposits and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

Restricted Net Position
Certain net position of the District is classified as restricted 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 infrastructure, are reported in the governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of infrastructure of range from 15 to 25 years.
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.

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

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 – 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, 2022, the District's bank balance and the carrying value were $9,977. 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.

As of September 30, 2022, the District had the following investments and maturities:

Investment		Maturities		Fair Value	
First American Treasury Obligations		9 Days*		 $	543,782 	

*Maturity is a weighted average maturity.
The District categorizes its fair value measurement within the fair value hierarchy 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 realizable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtained 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 uses 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 investment listed above is a Level 1 asset. 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 in treasury funds, money markets and government loans are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2022, the District’s investments in First American Treasury Obligations were rated AAAm by Standard & Poor’s.
Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in First American Treasury Obligations represent 100% of District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2022 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.
NOTE C – SPECIAL ASSESSMENT REVENUES
Assessments are non-ad valorem assessments on benefited property within the District. Operating and Maintenance Assessments are based upon the adopted budget and levied annually at a public hearing by the District. Debt Service Assessments are levied when bonds are issued and collected annually. The District may collect assessments directly or utilize the uniform method of collections (Chapter 197.3632, Florida Statues). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount.
All unpaid assessments become delinquent as of April 1. Virtually all unpaid assessments are collected via the sale of tax certificates on, or prior to, June 1; therefore, there were no material amounts receivable at fiscal year-end. Assessment levied for the 2021-2022 fiscal year were levied in October 2021.

NOTE D – CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2022 was as follows:

		Balance				Balance	
	October 1,				September 30,	
		2021			Additions		 Disposals 		2022		
Governmental activities:					
Capital assets, being depreciated:							
Infrastructure	 $		7,710,395 	 $		- 	 $	-   $	7,710,395 	
Less accumulated depreciation for:							
Infrastructure		(553,897)		(316,513)		- 		(870,410)	
Total Capital Assets Depreciated, Net	 $		7,156,498 	 $		(316,513)	 $	-   $	6,839,985 	
Current year depreciation of $316,513 was charged to physical environment.
NOTE E – LONG-TERM DEBT
Governmental Activities
The following is a summary of activity for long-term debt of the Governmental Activities for the year ended September 30, 2022:

Long-term debt at October 1, 2021	$	10,005,000	
Principal payments		(165,000)	
Long-term debt at September 30, 2022	$	9,840,000	
Long-term debt for Governmental Activities is comprised of the following:		
Special Assessment Revenue Bonds		
$10,180,000 Series 2018 Bonds are due in annual principal installments beginning May 2021, maturing May 2049. Interest is due semi-annually on May 1 and November 1, beginning May 1, 2019, at variable rates of 4.20% to 4.40%. Current portion is
$175,000.	

$	9,840,000	

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2022 are as follows:
Year Ending

2024	180,000	510,815	690,815	
2025	190,000	502,490	692,490	
2026	200,000	493,703	693,703	
2027	210,000	484,453	694,453	
2028-2032	1,220,000	2,256,945	3,476,945	
2033-2037	1,585,000	1,898,560	3,483,560	
2038-2042	2,070,000	1,429,040	3,499,040	
2043-2047	2,705,000	806,220	3,511,220	
2048-2049		1,305,000 		106,650 		1,411,650 	
Totals	 $  9,840,000 	 $  9,007,041 	 $ 18,847,041 	

 September 30,  		Principal				Interest				Total	 2023	$		175,000			$		518,165			$		693,165

Summary of Significant Bond Resolution Terms and Covenants Significant Bond Provisions
The Series 2018 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after November 1, 2029 at a redemption price equal to the principal amount of the Series 2018 Bonds to be redeemed, plus accrued interest to the date of redemption. The Series 2018 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
1. Reserve Fund – The 2018 Reserve Account is funded from the proceeds of the Series 2018 Bonds in an amount equal to the fifty percent of the maximum annual debt service with respect to the Series 2018 Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

Depository Funds (Continued)

The following is a schedule of required reserve balance as of September 30, 2022:

Reserve
	Balance		Reserve
 Requirement 	
Series 2018 Special Assessment Bonds	 $		345,538 		 $		345,538 	

NOTE F – 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. There were no claims or settled claims from these risks that exceeded commercial coverage in the last three years.
NOTE G – ECONOMIC DEPENDENCY AND RELATED PARTIES

A substantial portion of the District’s activity is dependent upon the continued involvement of the developers, the loss of which could have a materially adverse effect on the District. At September 30, 2022, the developers owned or controlled a large portion of the assessable property located within District boundaries. All five of the board members were affiliated with the Developer at September 30, 2022.

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
Del Webb Bexley Community Development District Pasco County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Del Webb Bexley Community Development District, as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated November 8, 2023.

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

- 27 -

To the Board of Supervisors
Del Webb Bexley Community Development District

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Del Webb Bexley Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 8, 2023

- 28 -

MANAGEMENT LETTER

To the Board of Supervisors
Del Webb Bexley Community Development District Pasco County, Florida
Report on the Financial Statements
We have audited the financial statements of the Del Webb Bexley Community Development District as of and for the year ended September 30, 2022, and have issued our report thereon dated November 8, 2023.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated November 8, 2023, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding financial audit report.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Del Webb Bexley 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 Del Webb Bexley Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

- 29 -

To the Board of Supervisors
Del Webb Bexley Community Development District
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Del Webb Bexley Community Development District. It is management’s responsibility to monitor the Del Webb Bexley Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2022.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c) and Section 218.32(1)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Del Webb Bexley Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation, defined as individuals or entities that receive 1099s, was paid in the last month of the District’s fiscal year: 1
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: N/A
All compensation earned by or awarded to nonemployee independent contractors, defined as entities or individuals that receive 1099s, whether paid or accrued, regardless of contingency: $1,522
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, 2021, 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.
As required by Section 218.39(3)(c) and Section 218.32(1)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Del Webb Bexley Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: General Fund $121.58 - $266.21 and Debt Service $680 - $1,105.
The amount of special assessments collected by or on behalf of the District: $878,693
The total amount of outstanding bonds issued by the District and the terms of such bonds: $9,840,000 Series 2018 maturing May 2049.

- 30 -

To the Board of Supervisors
Del Webb Bexley Community Development District
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.
Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 8, 2023

- 31 -

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

To the Board of Supervisors
Del Webb Bexley Community Development District Pasco County, Florida

We have examined Del Webb Bexley Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2022. Management is responsible for Del Webb Bexley Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Del Webb Bexley 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 Del Webb Bexley 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 Del Webb Bexley Community Development District's compliance with the specified requirements.

In our opinion, Del Webb Bexley Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2022.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 8, 2023

- 32 -