Silverleaf
Community Development District
12051 Corporate Blvd., Orlando, FL 32817
Phone: 407-723-5900, Fax: 407-723-5901
www.silverleafcdd.com

The meeting of the Board of Supervisors for the Silverleaf Community Development District will be held Wednesday, July 14, 2021 at 1:00 p.m. located at 8141 Lakewood Main Street, Bradenton, FL 34202. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 792 560 599 #
BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

General Business Matters

Consideration of the Minutes of the June 9, 2021 Auditor Selection Committee Meeting
Consideration of the Minutes of the June 9, 2021 Board of Supervisors’ Meeting
Ratification of Transfer of Environmental Resource Permit to the Perpetual Operations and Maintenance Entity Agreement
Review and Acceptance of Fiscal Year 2020 Audit Report
Ratification of Payment Authorizations #137-141
Review of District Financial Statements

Other Business

Staff Reports
District Counsel
District Engineer
District Manager
Review of Maintenance Reports
Audience Comments
Supervisors Requests
Adjournment

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Consideration of the Minutes of the June 9, 2021 Auditor Selection Committee Meeting

MINUTES OF MEETING

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING MINUTES
Wednesday, June 9, 2021
1:00 p.m.
8141 Lakewood Main Street, Bradenton, FL 34202
Board Members in attendance via conference call or in person: Paul Gressin	Chairperson
Dale Weidemiller	Vice Chairperson
Jonathan Decker	Assistant Secretary
Larry Powell	Assistant Secretary Also present via conference call or in person:
Vivian Carvalho	District Manager- PFM Group Consulting, LLC
Ed Vogler	District Counsel- Vogler Ashton	(via phone)
Jeb Mulock	District Engineer- ZNS Engineering (joined at 1:09 p.m.)

FIRST ORDER OF BUSINESS	Organizational Matters

Call to Order and Roll Call

Ms. Carvalho called to order at 1:09 p.m. the meeting of the Board of Supervisors of the Silverleaf Community Development District and proceeded with roll call. The persons in attendance are outlined above.

Public Comment Period

Ms. Carvalho noted that there were no public comments at this time. Mr. Mulock joined the meeting at 1:09 p.m.

SECOND ORDER OF BUSINESS	General Business Matters

Review of Auditor Selection Committee Ranking & Selection of Audit

Ms. Carvalho explained Grau & Associates was Ranked No. 1 with 100 points and Berger, Toombs was Ranked No. 2 with 98.7 points. She requested a motion to approve the ranking and enter into an Engagement Letter with Grau & Associates.

On MOTION by Mr. Powell, seconded by Mr. Decker, with all in favor, the Board approved the recommended ranking and authorized District Staff to enter into an Engagement Letter with Grau & Associates.

Consideration of the Minutes of the May 12, 2021 Auditor Selection Committee Meeting

The Board reviewed the minutes of the May 12, 2021 Auditor Selection Committee Meeting.

On MOTION by Mr. Weidemiller, seconded by Mr. Gressin, with all in favor, the Board approved the Minutes of the May 12, 2021 Auditor Selection Committee Meeting.

Consideration of the Minutes of the May 12, 2021 Board of Supervisors’ Meeting

The Board reviewed the minutes of the May 12, 2021 Board of Supervisors’ Meeting.

On MOTION by Mr. Gressin, seconded by Mr. Powell, with all in favor, the Board approved the Minutes of the May 12, 2021 Board of Supervisors’ Meeting.

Ratification of Payment Authorization #133-136

The Board reviewed Payment Authorizations #133-136.

On MOTION by Mr. Gressin, seconded by Mr. Weidemiller, with all in favor, the Board ratified Payment Authorizations #133-136.

Review of District Financial Statements

The Board reviewed the District Financial Statements through May 31, 2021.

On MOTION by Mr. Powell, seconded by Mr. Decker with all in favor, the Board accepted the District Financial Statements.

THIRD ORDER OF BUSINESS	Other Business

Staff Reports

District Counsel-	No Report

District Engineer-	No Report

District Manager-	Ms. Carvalho noted the PDL Maintenance Report is attached to the
agenda. She reminded the Board to file the Form 1 no later than July 1, 2021. She noted the next meeting is scheduled for July 14, 2021 at this location at 1:00 p.m.

Audience	Comments	and	Supervisor Requests

Mr. Gressin requested a price from PDL on the cost of transitioning from Annuals to Perennials. Ms. Carvalho will clarify with John Leinaweaver if this is HOA related and or CDD.

FOURTH ORDER OF BUSINESS	Adjournment

There was no additional business to discuss. Ms. Carvalho requested a motion to adjourn.

On MOTION by Mr. Powell, seconded by Mr. Weidemiller, with all in favor, the June 9, 2021 Meeting of the Board of Supervisors of the Silverleaf Community Development District was adjourned at 1:15 p.m.

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Consideration of the Minutes of the June 9, 2021 Board of Supervisors’ Meeting

MINUTES OF MEETING

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT AUDITOR SELECTION COMMITTEE MEETING MINUTES
Wednesday, June 9, 2021 at 1:00 PM 8141 Lakewood Main Street Bradenton, FL 34202

Board Members present via phone or in person:

Joshua Holley	Committee Member
Jonathan Decker	Committee Member
Paul Gressin	Committee Member
Lawrence Powell	Committee Member
Dale Weidemiller	Committee Member Also present via phone or in person:
Vivian Carvalho	District Manager- PFM Group Consulting, LLC
Ed Vogler	District Counsel-Vogler Ashton	(via phone)

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

Ms. Carvalho called to order at 1:06 p.m. the meeting of the Auditor Selection Committee Meeting of the Silverleaf Community Development District and proceeded with roll call. The persons in attendance are outlined above either in person or via speaker phone. She noted that there were no members of the public present.

SECOND ORDER OF BUSINESS	Review of Auditing Services Proposals
Grau & Associates
Berger, Toombs, Elam, Gaines & Frank

The Committee reviewed the Auditing Services Proposals.

Ms. Carvalho recommended rankings reflects that price was weighted higher than the other categories and Grau & Associates came in as the N. 1 ranked proposer with a total of 100 points and Berger, Toombs was ranked No. 2 with 98.7 points.

On MOTION by Mr. Powell, seconded by Mr. Gressin, with all in favor, the Committee accepted the rankings per the District Manager Recommended Ranking Sheet and Ranked Grau & Associates the No. 1 Ranked Proposer.

THIRD ORDER OF BUSINESS	Adjournment

THIRD ORDER OF BUSINESS	Adjournment

There was no further business to discuss so Ms. Carvalho requested a motion to adjourn the meeting.

ON MOTION by Mr. Weidemiller, seconded by Mr. Powell, with all in favor, the June 9, 2021 Auditor Selection Committee Meeting for the Silverleaf Community Development District was adjourned at 1:08 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Ratification of Transfer of Environmental Resource Permit to the Perpetual Operations and Maintenance Entity Agreement

Request for Transfer of Environmental Resource Permit
to the Perpetual Operation and Maintenance Entity
Instructions· Com lete this form to transfer t& the permit to the operation and mai tenance entity. This form can be completed ncuiently with, or within 30 days of approval of, the As-Built Certificat1 n and Request f?r Conversion to
o	eration Phase (Form 62-330.310(1)). Please indude all documentation required under Section 12. .1(b) of
A plicant's Handbook Volume t (seechecklist below). Failure to submit the app priate n_a documents will result in the pennittee remaining liable for operation and maintenance of the penn1tted activities.
Permit  No.: 43040375.034	Application No(s): 802629 Project Name: Silverleaf	Phase (if applicable): V

to Transfer: The permittee requests that the permit be transferred to the legal entity le for /o/pera io	nd maintenance (O&M).

By:     :	_:_ 2:  :	_
gnature of Permittee
PGCI IV, LLC
Company Name
941-328-1040

James Schier, Vice President
Name and Title
5800 Lakewood Ranch Blvd

Company Address
   Sarasota, FL 34240	

Phone/email address	City, State, Zip
s. Agreement for System Operation and Maintenance Responsibility: The below-named legal entity agrees to operate and maintain the works or activities in compliance with all permit conditions and provisions of Chapter 62-330, Florida Administrative Code (F.A.C.) and Applicant's Handbook Volumes I and II.

The operation and maintenance entity does not need to sign this form if it is the same entity that was approved for
   operation andmaintenance in the issued permit.	
Authorization for any proposed modification to the permitted activities shall be applied for and obtained prior to c n	odif}cation.
sy :	{2	/1.>0	5/Jv ,le.a.P	cbD  

o	-

Si	ature of Representative qt O& E tity '-..-- .L.	Name of Entity_ for O&M	1	LJ/ vd-
--"-...L..1....ju...a.L--'--_......".'--'--''--"'"a'.--'l--h'-o.:..=....J........l=i ( :=S'TYlL.1	I :;2.05	I   Co iJOn'lt!:!:::.

v @ p-Pm-eomci	. Orlando

Name and Title	fh M.£Jt ef Address	7
c.qryalho	I FL	3d  /7

1	Cz

Email Add!: ss	City, State, Zip	/	/	.
TP	1.2.35	00	(p ·2(? 7-()2-./
Phone	Date	1
Enclosed are the following documents, as applicable:
0 Copy of recorded transfer of title to the operating entity for the common areas on which the stormwater management system is located (unless dedicated by plat)
IZl Copy of all recorded plats
0   Copy of recorded declaration of covenants and restrictions, amendments, and associated exhibits
D Copy of filed articles of incorporation (if filed before 1995)
D A C?mpleted documentation that the operating entity.meets the requirements of Section 12.3 of
Environmental Resource Permit Applicant's Handbook Volume I. (Note: this is optional but aids in processing of this request)	'

-  t:l1'-

- ·..	( ;:·; ,	,tf.·: '.>:\

.< ;

'(	f	-	_, _   -....; !	-.,i==::.:	',  -· } .·  1	.	·..
' -   =! ..,.	;-    :·	ih.,	..,-	'-       ~•...,s._;1	-
Form 62-330.310(2) -  Request for Transfer of Environmental Resource P ·;; ;;  o the Perpetuaioperation Entity
Incorporated by reference in paragraph 62-330.310(4)(a), F.A.C. (June 1, 2018)	Page 1 of 1

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Review and Acceptance of Fiscal Year 2020 Audit Report

Silverleaf Community Development District
FINANCIAL STATEMENTS

September 30, 2020

Silverleaf Community Development District
Table of Contents September 30, 2020
REPORT
Independent Auditors’ Report ........................................................................................	1
FINANCIAL STATEMENTS
Management’s Discussion And Analysis (required supplemental information) ............	3
Basic Financial Statements Government‐Wide Financial Statements
Statement of Net Position ........................................................................................	8
Statement of Activities .............................................................................................	9
Fund Financial Statements
Balance Sheet – Governmental Funds......................................................................	10
Reconciliation of the Balance Sheet of Governmental Funds to the Statement
of Net Position ..........................................................................................................	11
Statement of Revenue, Expenditures and Changes in Fund Balances –
Governmental Funds ................................................................................................	12
Reconciliation of the Statement of Revenue, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities ...................	13
Notes to Financial Statements ........................................................................................	14
Required Supplemental Information (other than MD&A)
Budget to Actual Comparison Schedule ‐ General Fund .............................................	23
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 ....................................................	24
Management Letter ........................................................................................................	26
Independent Accountants’ Report on Compliance with Section 218.415 Florida Statutes	28

INDEPENDENT AUDITORS’ REPORT

To the Board of Supervisors
Silverleaf Community Development District Manatee County, Florida

Report on Financial Statements

We have audited the accompanying financial statements of the governmental activities and each major fund of Silverleaf Community Development District (hereinafter referred to as “District”), as of and for the year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility 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; this includes 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.

Auditors’ Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2020, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, 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 we 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 18, 2021, on our consideration of the District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 18, 2021

Management’s Discussion And Analysis

Silverleaf Community Development District Management’s Discussion and Analysis

Our discussion and analysis of the Silverleaf Community Development District’s financial performance provides an overview of the District’s financial activities for the fiscal year ended September 30, 2020. Please read it in conjunction with the District’s financial statements, which begin on page 8.

FINANCIAL HIGHLIGHTS

At September 30, 2020, the liabilities of the District exceeded its assets by approximately
$1.4 million (deficit).

During the fiscal year ended September 30, 2020, the District incurred approximately
$913,000 of interest expenditures and repaid principal of $1,735,000.

During the fiscal year ended September 30, 2020, the District incurred approximately
$20,000 of capital outlay expenditures and conveyed capital assets totaling approximately
$3.6 million to Manatee County.

USING THE ANNUAL REPORT

This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities on pages 8 – 9 provide information about the activities of the District as a whole and present a longer‐term view of the District’s finances. Fund financial statements start on page 10. For governmental activities, these statements tell how these services were financed in the short‐term as well as what remains for future spending. Fund financial statements also report the District’s operations in more detail than the government‐wide statements by providing information about the District’s most significant funds.

Reporting the District as a Whole

Our analysis of the District as a whole begins on page 4. One of the most important questions asked about the District’s finances is, “Is the District as a whole better off or worse off as a result of the year’s activities?” The Statement of Net Position and the Statement of Activities report information about the District as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private‐sector companies. All of the current year’s revenues and expenses are taken into account regardless of when cash is received or paid.

These two statements report the District’s net position and related changes during the current year. You can think of the District’s net position – the difference between assets and liabilities and deferred inflows of resources – as one way to measure the District’s financial health, or financial position. Over time, increases or decreases in the District’s net position are one indicator of whether its financial health is improving or deteriorating. You will need to consider other nonfinancial factors, however, such as changes in the District’s assessment base and the condition of the District’s infrastructure, to assess the overall health of the District.

Silverleaf Community Development District Management’s Discussion and Analysis

Reporting the District’s Most Significant Funds

Our analysis of the District’s major funds begins on page 6. The fund financial statements begin on page 10 and provide detailed information about the most significant funds – not the District as a whole. Some funds are required to be established by State law and by bond covenants. All of the District’s funds are governmental fund‐types.

Governmental funds – All of the District’s basic services are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year‐ end that are available for spending. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs.

THE DISTRICT AS A WHOLE

The following table reflects the condensed Statement of Net Position and is compared to the prior year.

September 30,	2020	2019	Change	
Assets
Current and other assets	
$	9,043,337	
$	8,640,040	
$	403,297	
Capital assets, net	3,889,278	7,483,800	(3,594,522)	
Total assets	$	12,932,615	$	16,123,840	$	(3,191,225)	
Liabilities
Current liabilities	$	645,390	$	600,388	$	45,002	
Other liabilities	13,699,895	15,512,746	(1,812,851)	
Total liabilities	14,345,285	16,113,134	(1,767,849)	
Net position
Net investment in capital assets	
3,889,278	
4,473,634	
(584,356)	
Restricted for:
Debt service	
906,721	
521,582	
385,139	
Capital projects	57,673	52,561	5,112	
Unrestricted	(6,266,342)	(5,037,071)	(1,229,271)	
Total net position (deficit)	(1,412,670)	10,706	(1,423,376)	
Total liabilities and net position	$	12,932,615	$ 16,123,840	$ (3,191,225)	

For more detailed information, see the accompanying Statement of Net Position.

Silverleaf Community Development District Management’s Discussion and Analysis

During the fiscal year ended September 30, 2020, total assets and liabilities decreased from the prior year by approximately $3.2 million and $1.8 million, respectively. The decrease in assets is primarily due to the conveyance of certain infrastructure assets to the County while the decrease in liabilities is primarily due to the repayment of principal on long‐term debt.

The following schedule compares the Statement of Activities for the current and previous fiscal year.

For the year ended September 30,	2020	2019	Change	
Revenue:
Program revenue: Charges for services	

$	3,202,837	

$	2,945,811	

$	257,026	
Grants and contributions	5,898	23,295	(17,397)	
Total revenue	3,208,735	2,969,106	239,629	
Expenses:
General government	
109,215	
102,224	
6,991	
Maintenance and operations	10,907	27,885	(16,978)	
Bond issue costs	‐	307,225	(307,225)	
Capital asset conveyance	3,614,832	3,392,809	222,023	
Interest	897,157	794,477	102,680	
Total expenses	4,632,111	4,624,620	7,491	
Change in net position	(1,423,376)	(1,655,514)	232,138	
Net position, beginning of year	10,706	1,666,220	(1,655,514)	
Net position (deficit), end of year	$	(1,412,670)	$	10,706	$ (1,423,376)	

For more detailed information, see the accompanying Statement of Activities.

Revenue increased over the prior year by approximately $240,000 while expenses remained consistent with the prior year. The increase in revenue is primarily due to an increase in the number of assessable platted lots within the District for fiscal year 2020. The overall result was an approximately $1.4 million decrease in net position for fiscal year 2020.

THE DISTRICT’S FUNDS

As the District completed the year, its governmental funds (as presented in the balance sheet on page 10) reported a combined fund balance of approximately $9 million, which is an increase over last year’s balance that totaled approximately $8.6 million. Significant transactions are discussed below.

Silverleaf Community Development District Management’s Discussion and Analysis

During the fiscal year ended September 30, 2020, the District incurred approximately
$913,000 of interest expenditures and repaid principal of $1,735,000.

During the fiscal year ended September 30, 2020, the District incurred approximately
$20,000 of capital outlay expenditures.

The overall increase in fund balance for the year ended September 30, 2020 totaled approximately
$420,000.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2020, the District had approximately $3.9 million invested in capital assets. This amount represents a net decrease of approximately $3.6 million from the fiscal year 2019 total.

September 30,	2020	2019		Change	
Capital assets not being depreciated	$	3,889,278	$	7,483,800	$	(3,594,522)	
Net capital assets	$	3,889,278	$	7,483,800	$	(3,594,522)	

More information about the District’s statements.	
capital assets is presented in Note 3	
to	
the financia	
Debt				

A listing of capital assets by major category for the current and prior year follows:

l

At September 30, 2020, the District had approximately $14.1 million of outstanding debt. This amount represents a net decrease of approximately $1.7 million from the fiscal year 2019 total.

A listing of debt amounts outstanding for the current and prior year is as follows:

September 30,	2020	2019	Change	
Bonds Payable:				
Series 2014 A‐1	$	485,000	$	540,000	$	(55,000)	
Series 2014 A‐2	2,110,000	2,345,000	(235,000)	
Series 2018 A‐1	2,210,000	2,240,000	(30,000)	
Series 2018 A‐2	1,460,000	2,685,000	(1,225,000)	
Series 2019 A‐1	2,850,000	2,890,000	(40,000)	
Series 2019 A‐2	4,940,000	5,090,000	(150,000)	
	$	14,055,000	$ 15,790,000	$ (1,735,000)	

Silverleaf Community Development District Management’s Discussion and Analysis

More information about the District’s long‐term debt is presented in Note 4 to the financial statements.

GOVERNMENTAL FUNDS BUDGETARY HIGHLIGHTS

An operating budget was established by the governing board for the District pursuant to the requirements of Florida Statutes. The budget to actual comparison for the General Fund, including the original budget and final adopted budget, is shown at page 23.

The District experienced favorable variances in revenue and expenses as compared to the budget in the amount of $7,183 and $36,550, respectively. The variance in expenses occurred primarily due to anticipated operating expenditures, such as landscape maintenance, that were not incurred during the year.

FUTURE FINANCIAL FACTORS

Silverleaf Community Development District is an independent special district that operates under the provisions of Chapter 190, Florida Statutes. The District operates under an elected Board of Supervisors, which establishes policy and sets assessment rates. Assessment rates for fiscal year 2021 were established to provide for the operations of the District as well as the necessary debt service requirements.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide a general overview of the District’s finances. If you have questions about this report or need additional financial information, contact the Silverleaf Community Development District’s management company at 12051 Corporate Blvd., Orlando, Florida 32817.

Basic Financial Statements

Silverleaf Community Development District
Statement of Net Position

September 30,	2020	
	Governmental	
	Activities	
Assets
Cash and cash equivalents	
$	9,015,342	
Accounts receiveable	4,490	
Interest receivable	35	
Prepaid expenses	23,470	
Capital assets:
Not being depreciated	
3,889,278	

Total assets	
12,932,615	

Liabilities
Accounts payable	

3,688	
Accrued interest payable	336,702	
Non‐current liabilities:
Due within one year	
305,000	
Due in more than one year	13,699,895	

Total liabilities	
14,345,285	

Net position
Net investment in capital assets	

3,889,278	
Restricted for:
Debt service	
906,721	
Capital projects	57,673	
Unrestricted	(6,266,342)	

Total net position	$	(1,412,670)

Silverleaf Community Development District
Statement of Activities

For the year ended September 30,

2020

Program Revenue

Net (Expense) Revenue and Changes in Net Position

Functions/Programs	

Expenses	
Charges for Services	Operating
Grants and Contributions	Capital
Grants and Contributions	
Governmental Activities	
Primary government:						
Governmental activities:						
General government	$	(109,215)	$	161,650	$	‐	$	‐	$	52,435	
Maintenance						
and operations	(10,907)	16,143	‐	‐	5,236	
Capital asset conveyance	(3,614,832)	‐	‐	‐	(3,614,832)	
Interest	(897,157)	3,025,044	786	5,112	2,133,785	

Total governmental activities	

$ (4,632,111)	

$ 3,202,837	

$	786	

$	5,112	

(1,423,376)	

Change in net position	
(1,423,376)	
Net position ‐ beginning of year	10,706	

Net position (deficit) ‐ end of year	
$ (1,412,670)	

Silverleaf Community Development District Balance Sheet – Governmental Funds

September 30,			2020		
					Total	
				Capital	Governmental	
	General	Debt Service		Projects	Funds	
Assets
Cash and cash equivalents	
$	133,516	
$ 1,510,727	
$	
7,371,099	
$	9,015,342	
Accounts receivable	3,255	1,235		‐	4,490	
Interest receivable	‐	5		30	35	
Prepaid expenditures	23,470	‐		‐	23,470	

Total assets	
$	160,241	
$ 1,511,967	
$	
7,371,129	
$	9,043,337	

Liabilities and fund balances						
Liabilities
Accounts payable	
$	3,688	
$	‐	
$	
‐	
$	3,688	
Total liabilities	3,688	‐		‐	3,688	

Fund balances
Nonspendable	23,470	‐	‐	23,470	
Restricted for debt service	‐	1,511,967	‐	1,511,967	
Restricted for capital projects	‐	‐	7,371,129	7,371,129	
Unassigned	133,083	‐	‐	133,083	
Total fund balances	156,553	1,511,967	7,371,129	9,039,649	

Total liabilities and fund balances	
$	160,241	
$ 1,511,967	
$	7,371,129	
$	9,043,337	

Silverleaf Community Development District Reconciliation of the Balance Sheet to the Statement of Net Position

September 30,	2020	

Total fund balances, governmental funds	
$	9,039,649	
Capital assets used in governmental activities are not financial resources and		
therefore are not reported in the fund financial statements.	3,889,278	
Liabilities not due and payable from current resources, including accrued interest, are not reported in the fund financial statements.	
(14,341,597)	

Total net position ‐ governmental activities	
$	(1,412,670)	

Silverleaf Community Development District Statement of Revenue, Expenditures and Changes in Fund Balances –
Governmental Funds

For the year ended September 30,			2020		
				Total	
			Capital	Governmental	
	General	Debt Service	Projects	Funds	
Revenue
Assessments	
$ 177,793	
$ 1,120,571	
$	‐	
$	1,298,364	
Prepayment revenue	‐	1,904,473	‐	1,904,473	
Interest and other revenue	68	718	19,118	19,904	
Total revenue	177,861	3,025,762	19,118	3,222,741	

Expenditures
Current:
General government	123,221	‐	‐	123,221	
Maintenance and operations	10,907	‐	‐	10,907	
Debt service:
Principal	
‐	
1,735,000	
‐	
1,735,000	
Interest	‐	913,069	‐	913,069	
Capital outlay	‐	‐	20,310	20,310	
Total expenditures	134,128	2,648,069	20,310	2,802,507	

Excess (deficit) of revenue over expenditures	

43,733	

377,693	

(1,192)	

420,234	
Fund balances, beginning of year	112,820	1,134,274	7,372,321	8,619,415	

Fund balances, end of year	
$ 156,553	
$ 1,511,967	
$ 7,371,129	
$	9,039,649	

Silverleaf Community Development District Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances of Governmental Fund to the Statement of Activities

For the year ended September 30,	2020
Net change in fund balances ‐ governmental fund	$	420,234

Capital outlay, reported as expenditures in the governmental funds, is shown as
capital assets on the Statement of Net Position.	20,310

Governmental funds report principal payments on bonds when debt is paid, whereas these payments are eliminated in the Statement of Activities and
recognized as a decrease in bonds payable in the Statement of Net Position.	1,735,000

Amortization of original issue discount is not recognized in the governmental
fund statements but is reported as an expense in the Statement of Activities.	(2,149)

The change in accrued interest between the current and prior year is recorded
on the Statement of Activities but not on the fund financial statements.	18,061

The conveyance of capital assets has no impact on the fund level financial statements but is treated as an expense in the government‐wide Statement of
Activities.	(3,614,832)

Change in net position of governmental activities

$	(1,423,376)

Silverleaf Community Development District
Notes to Financial Statements

NOTE 1: NATURE OF ORGANIZATION

The Silverleaf Community Development District (the “District”) was established on December 7, 2007 pursuant to the Uniform Community Development Act of 1980, otherwise known as Chapter 190, Florida Statues, by Manatee County Ordinance No. 06‐32, later amended on June 20, 2017 by Manatee County Ordinance No. 17‐39 which expanded the District by an additional 16.21 acres. The District has among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non‐ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by a Board of Supervisors (“Board”), which is comprised of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. All of the Supervisors are unaffiliated with the Developer of the District, Resource Conservation of Manatee, LLC. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the final responsibility for:
Allocating and levying special assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

In evaluating how to define the government, for financial reporting purposes, management has considered all potential component units. The decision to include or exclude a potential component unit in the reporting entity was made by applying the criteria set forth by Generally Accepted Accounting Principles (GAAP) as defined by the Governmental Accounting Standards Board (GASB). Based on the foregoing criteria, no potential component units were found.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the District conform to GAAP as applicable to governments in accordance with those promulgated by GASB. The following is a summary of the more significant policies:

Government‐wide and Fund Financial Statements

The basic financial statements include both government‐wide and fund financial statements.

Silverleaf Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The government‐wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all the non‐fiduciary activities of the primary government. Governmental activities, which normally are supported by assessments, are reported separately from business‐type activities, which rely to a significant extent on fees and charges for support. The business‐type activities are reported separately in government‐wide financial statements; however, at September 30, 2020, the District did not have any significant business‐type activities. Therefore, no business‐type activities are reported. Assessments and other items not properly included as program revenues (i.e., charges to customers or applicants who purchase, use, or directly benefit from goods or services) are reported as general revenues.

Separate financial statements are provided for governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements.

Measurement Focus, Basis of Accounting and Basis of Presentation

The government‐wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and other similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough 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. However, debt service expenditures are recorded only when payment is due.

Assessments, including debt service assessments along with operation and maintenance assessments, are non‐ad valorem special assessments imposed on all lands located within the District and benefited by the District’s activities, operation and maintenance. Assessments are levied and certified for collection by the District prior to the start of the fiscal year which begins October 1st and ends on September 30th. Operation and maintenance special assessments are imposed upon all benefited lands located in the District. Debt service special assessments are imposed upon certain lots and lands as described in each resolution imposing the special assessment for each series of bonds issued by the District.

Assessments and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the District.

Silverleaf Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The District reports the following major governmental funds:

General Fund – The General Fund is the primary operating fund of the District. It is used to account for all financial resources except those required to be accounted for in other funds.

Debt Service Fund – The Debt Service Fund is used to account for the accumulation of resources for the annual payment of principal and interest on long‐term debt.

Capital Projects Fund – The Capital Projects Fund accounts for the financial resources to be used in the acquisition or construction of major infrastructure within the District.

When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, then unrestricted resources as they are needed. When committed, assigned, or unassigned resources are available for use in the governmental fund financial statements, it is the government’s policy to use committed resources first, followed by assigned resources, then unassigned resources as needed.

For the year ended September 30, 2020, the District does not report any proprietary funds. As a general rule, the effect of interfund activity has been eliminated from the government‐wide financial statements.

Cash, Deposits and Investments

The District maintains deposits with "Qualified Public Depositories" as defined in Chapter 280, Florida Statutes. All Qualified Public Depositories must place with the Treasurer of the State of Florida securities in accordance with collateral requirements determined by the State’s Chief Financial Officer. In the event of default by a Qualified Public Depository, the State Treasurer will pay public depositors all losses. Losses in excess of insurance and collateral will be paid through assessments between all Qualified Public Depositories.

Under this method, all the District's deposits are fully insured or collateralized at the highest level of security as defined by GASB, Statement Number 40, Deposits and Investment Disclosures (An Amendment of GASB, Statement Number 3).

The District is authorized to invest in financial instruments as established by Section 218.415, Florida Statutes. The authorized investments include among others, direct obligations of the United States Treasury; the Local Government Surplus Funds Trust as created by Section 218.405, Florida Statutes; SEC registered money market funds with the highest credit quality rating from a nationally recognized rating agency; and interest‐bearing time deposits or savings accounts in authorized financial institutions.

Silverleaf Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Prepaid Expenses

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid expenses and prepaid expenditures on the Statement of Net Position and Balance Sheet
– Governmental Funds, respectively. These items will be expensed over the applicable usage period.

Capital Assets

Capital assets, which include primarily infrastructure assets (e.g., roads, sidewalks, water management systems and similar items), are reported in the governmental activities column in the government‐wide financial statements. Capital assets are defined by the District as assets with an initial/individual cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost and estimated historical cost if purchased or constructed. Donated assets are recorded at estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Property, plant and equipment of the primary government will be depreciated using the straight‐ line method over the estimated useful lives. Estimated lives for financial reporting purposes will be determined once items are placed into service.

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Deferred Outflows/Inflows of Resources

In addition to assets, the Statement of Net Position and Balance Sheet – Governmental Funds will sometimes include a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District does not have any of this type of item at September 30, 2020.

In addition to liabilities, the Statement of Net Position and Balance Sheet – Governmental Funds will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District does not have any of this type of item at September 30, 2020.

Silverleaf Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Long‐Term Obligations

In the government‐wide financial statements, long‐term debt and other long‐term obligations are reported as liabilities in the Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight‐line or effective interest method. Bonds payable are reported net of these premiums or discounts. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as current period expenses.

In the fund financial statements, governmental fund types recognize bond premiums and discounts during the current period. The face amount of the debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Fund Equity

Net position in the government‐wide financial statements represents the difference between assets and deferred outflows of resources and liabilities and deferred inflows of resources and is categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents assets related to infrastructure and property, plant and equipment, net of any related debt. Restricted net position represents the net position restricted by creditors or laws and regulations of other governments.

Governmental fund equity is classified as fund balance. Fund balance is further classified as nonspendable, restricted, committed, assigned, or unassigned. Nonspendable fund balance cannot be spent because of its form. Restricted fund balance has limitations imposed by creditors, grantors, or contributors or by enabling legislation or constitutional provisions. Committed fund balance is a limitation imposed by the District board through approval of resolutions. Assigned fund balance is a limitation imposed by a designee of the District board. Unassigned fund balance in the General Fund is the net resources in excess of what can be properly classified in one of the above four categories. Negative unassigned fund balance in other governmental funds represents excess expenditures incurred over the amounts restricted, committed, or assigned to those purposes.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Silverleaf Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Budgets

The District is required to establish a budgetary system and an approved annual budget. Annual budgets are legally adopted on a basis consistent with GAAP for the General Fund. Any revision to the budget must be approved by the District Board. The budgets are compared to actual expenditures. In instances where budget appropriations and estimated revenues have been revised during the year, budget data presented in the financial statements represent final authorization amounts.

The District follows these procedures in establishing the budgetary data reflected in the financial statements:

Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
A public hearing is conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All significant changes must be approved by the District Board.
Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America.

NOTE 3: CAPITAL ASSETS

The following is a summary of changes in the capital assets for the year ended September 30, 2020:

Governmental Activities:
Capital assets not being depreciated

Beginning
Balance	Additions	Reductions

Ending Balance

Infrastructure under construction

$ 7,483,800	$

20,310

$ (3,614,832)

$ 3,889,278

 Governmental activities capital assets, net	$ 7,483,800	$	20,310	$ (3,614,832)  $ 3,889,278  

The total projected cost of the infrastructure improvements has been estimated at approximately
$37.5 million. These amounts were to be funded with proceeds from Series 2014, Series 2018 and Series 2019 bonds with the remainder funded by the Developer.

The infrastructure will include potable water and wastewater systems, storm water drainage system improvements, offsite road improvements and utility extension. Upon completion certain assets will be conveyed to other entities for ownership and/or maintenance. During the year ended September 30, 2020, the District conveyed completed infrastructure totaling approximately $3.6 million.

Silverleaf Community Development District
Notes to Financial Statements

NOTE 4: BONDS PAYABLE

On January 24, 2014, the District issued $7,570,000 of Capital Improvement Revenue Bonds, Series 2014 consisting of $4,195,000 Series 2014A‐1 Bonds and $3,375,000 of Series 2014A‐2 Bonds with interest rates from 6.50% to 7% and 6.75%, respectively. These bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is paid semiannually on each May 1 and November 1. Principal payments on the Series 2014A‐1 Bonds are made serially commencing on May 1, 2015 through May 1, 2044. Principal payments on the Series 2014A‐2 Bonds are made serially commencing on May 1, 2017 through May 1, 2044.

On March 2, 2018, the District issued $6,130,000 of Capital Improvement Revenue Bonds, Series 2018 consisting of $2,275,000 Series 2018A‐1 Bonds and $3,855,000 of Series 2018A‐2 Bonds with interest rates from 5.25% to 5.90% and 5.90%, respectively. These bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is paid semiannually on each May 1 and November 1. Principal payments on the Series 2018A‐1 Bonds are made serially commencing on May 1, 2019 through May 1, 2048. Principal payments on the Series 2018A‐2 Bonds are made serially commencing on May 1, 2021 through May 1, 2048.

On February 11, 2019, the District issued $7,980,000 of Capital Improvement Revenue Bonds, Series 2019 consisting of $2,890,000 Series 2019A‐1 Bonds and $5,090,000 of Series 2019A‐2 Bonds with interest rates from 4.75% to 5.45% and 5.60%, respectively. These bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is paid semiannually on each May 1 and November 1. Principal payments on the Series 2019A‐1 Bonds are made serially commencing on May 1, 2020 through May 1, 2049. Principal payments on the Series 2019A‐2 Bonds are made serially commencing on May 1, 2020 through May 1, 2049.

The Bond Indentures have 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 agreed to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District is in compliance with the requirements of the bond indentures.

The Bond Indentures require that the District maintain adequate funds in the reserve accounts to meet the debt service reserve requirements as defined in the Indentures. The District was in compliance with the requirements at September 30, 2020.

The balance of the long‐term bonds at September 30, 2020 is summarized as follows:
September 30,	2020
S2014 Bond principal balance	$	2,595,000	
S2018 Bond principal balance	3,670,000	
S2019 Bond principal balance	7,790,000	
Less S2014 unamortized bond discount	(50,105)	
Net balance	$	14,004,895	

Silverleaf Community Development District
Notes to Financial Statements

NOTE 4: BONDS PAYABLE (Continued)

Long‐term liability activity for the year ended September 30, 2020, was as follows:

	Beginning
Balance	
Additions	
Reductions	Ending
Balance	Due Within
One Year	
Governmental Activities						
Bonds Payable:						
Series 2014 A‐1	$	540,000	$	‐	$	55,000	$	485,000	$	50,000	
Series 2014 A‐2	2,345,000	‐	235,000	2,110,000	50,000	
Series 2018 A‐1	2,240,000	‐	30,000	2,210,000	35,000	
Series 2018 A‐2	2,685,000	‐	1,225,000	1,460,000	55,000	
Series 2019 A‐1	2,890,000	‐	40,000	2,850,000	45,000	
Series 2019 A‐2	5,090,000	‐	150,000	4,940,000	70,000	
	$ 15,790,000	$	‐	$ 1,735,000	$ 14,055,000	$	305,000	
At September 30, 2020, the scheduled debt service requirements on long‐term debt were as follows:

For the year ending September 30,	
Principal	
Interest	Total Debt
Service	
2021	$	305,000	$	808,080	$	1,113,080	
2022	325,000	790,001	1,115,001	
2023	345,000	770,683	1,115,683	
2024	360,000	750,619	1,110,619	
2025	375,000	729,505	1,104,505	
2026 ‐ 2030	2,135,000	3,301,276	5,436,276	
2031 ‐ 2035	2,580,000	2,668,426	5,248,426	
2036 ‐ 2040	2,840,000	1,859,001	4,699,001	
2041 ‐ 2045	2,485,000	1,089,705	3,574,705	
2046 ‐ 2049	2,305,000	314,000	2,619,000	
	$	14,055,000	$	13,081,296	$	27,136,296	

NOTE 5: 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. The District maintains commercial insurance coverage to mitigate the risk of loss. Coverage may not extend to all situations. Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. As of the date of this report, the District has not filed any claims against this commercial coverage.

Silverleaf Community Development District
Notes to Financial Statements

NOTE 6: MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting advisory services. Certain employees of the management company also serve as officers (Board appointed non‐voting positions) of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, and other administrative costs.

NOTE 7: CONCENTRATION

A significant portion of the District's future activity is dependent upon the continued involvement of the Developer, Resource Conservation of Manatee, LLC., the loss of which could have a material adverse effect on the District’s operations.

The District directly assessed the Developer approximately $48,000 for operations and maintenance as well as approximately $840,000 for debt service costs on property owned within the District’s boundaries. The Developer also remitted prepayment assessments totaling approximately $221,000 to the District during the year.

NOTE 8: CONTINGENCY

In March 2020, the World Health Organization made the assessment that the outbreak of a novel coronavirus (COVID‐19) can be characterized as a pandemic. As a result, uncertainties have arisen that may have a significant negative impact on the operating activities and results of the District. The occurrence and extent of such an impact will depend on future developments, including (i) the duration and spread of the virus, (ii) government quarantine measures, (iii) voluntary and precautionary restrictions on travel or meetings, (iv) the effects on the financial markets, and (v) the effects on the economy overall, all of which are uncertain.

Required Supplemental Information (Other Than MD&A)

Silverleaf Community Development District Budget to Actual Comparison Schedule – General Fund

For the year ended September 30,	2020

Original
Budget	Final Budget

Actual Amounts

Variance with Final Budget

Revenue
Assessments	$	170,678	$	170,678	$	177,793	$	7,115	
Interest and other revenue	‐	‐	68	68	
Total revenue	170,678	170,678	177,861	7,183	

Expenditures
General government	

107,399	

129,436	

123,221	

6,215	
Maintenance and operations	63,279	41,242	10,907	30,335	
Total expenditures	170,678	170,678	134,128	36,550	

Excess of revenue over expenditures	
$	‐	
$	‐	
$	43,733	
$	43,733	

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
Silverleaf Community Development District Manatee 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 of the governmental activities and each major fund of Silverleaf Community Development District (hereinafter referred to as the “District”), as of and for the year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report dated June 18, 2021.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the 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 the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the 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 a 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 may exist that have not been identified.

Compliance and Other Matters

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

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the result 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.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 18, 2021

MANAGEMENT LETTER

To the Board of Supervisors
Silverleaf Community Development District Manatee County, Florida

Report on the Financial Statements

We have audited the financial statements of the Silverleaf Community Development District (“District”) as of and for the fiscal year ended September 30, 2020, and have issued our report thereon dated June 18, 2021.

Auditors’ 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 Auditors' Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT‐C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 18, 2021, 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 annual financial audit report. IC2019‐001 was resolved, and no findings were reported in the current year audit report.

Official Title and Legal Authority

Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. The information required is disclosed in the notes to the financial statements.

Financial Condition and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to communicate whether or not the District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by 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.

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 which warrants the attention of those charged with governance. In connection with our audit, we did not have 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.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 18, 2021

INDEPENDENT ACCOUNTANTS’ REPORT

To the Board of Supervisors
Silverleaf Community Development District Manatee County, Florida

We have examined Silverleaf Community Development District’s compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2020. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the 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. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Our examination does not provide a legal determination on the District’s compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2020.

This report is intended solely for the information and use of Board of Supervisors, management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 18, 2021

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Ratification of Payment Authorizations #137-141

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT
Payment Authorization 137-141
PA #	Description	Amount	Total	
				
137	Mike Armstrong Landscaping			
	Plant Replacements	$4,800.00		
				
	Performance Driven Landscaping			
	May Landscaping	$6,334.38		
			$11,134.38	
138	McClatchy Company			
	Legal Advertising in May ; Ads IPL0020649, IPL	$248.04		
			$248.04	
				
	US Bank			
	FY 2021 Series 2018 Trustee Fees (03/01/2021	$2,357.03		
	FY 2022 Series 2018 Trustee Fees (10/01/2021	1683.60		
			$4,288.67	
				
139	Supervisor Fees - 06/09/2021 Meeting			
	Dale Weidemiller	$200.00		
	Jonathan Decker	$200.00		
	Paul Gressin	$200.00		
	Lawrence Powell	$200.00		
				
	ZNS Engineering			
	Engineering Services Through 04/30/2021	$412.50		
			$1,212.50	
				
140	FPL			
	11307 Woodlake Way ; Service 05/13/2021 - 0	$56.88		
	3920 Silverleaf Ave ##LS ; Service 05/14/2021	$45.76		
	4610 Silverleaf Ave # Sign ; Service 05/14/2021	$25.29		
				
	PFM Group Consulting			
	Series 2014, 2018, 2019 - Dissemination Servic	$3,750.00		
	DM Fee: June 2021	$2,916.67		
			$6,666.67	
				
141	Performance Driven Landscaping			
	June Landscaping	$6,334.38		
	Tree Brace Removal	$90.00		
				
	PFM Group Consulting			

	May Reimbursables	$18.91		
				
	VGlobalTech			
	June Website Maintenance	$125.00		
				
	Vogler Ashton			
	General Counsel Through 06/15/2021	$879.00		
			$7,447.29	

		Total	$30,997.55	

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization #137
5/28/2021

Item	Payee	General
No.		Invoice	Fund	

1	
Mike Armstrong Landscaping
Plant Replacements	

5990	

$	4,800.00	
2	Performance Driven Landscaping
May Landscaping	
16156	
$	6,334.38	
		
TOTAL	
$	11,134.38	

Secretary / Assistant Secretary	Chairman / Vice Chairman

Silverleaf CDD
c/o PFM Group Consulting 12051 Corporate Boulevard
Orlando, FL 32817
LaneA@pfm.com // 407-723-5925

Amanda Lane

From:	Paul Gressin <paulgressin@icloud.com>
Sent:	Friday, June 4, 2021 1:24 PM
To:	Amanda Lane
Subject:	Re: Silverleaf - PA 137 - review and approval to pay requested

 EXTERNAL EMAIL: Use care with links and attachments.	 Please accept this as authorization to pay the PDL invoice as well
Sent from my iPhone

On Jun 4, 2021, at 1:13 PM, Amanda Lane <lanea@pfm.com> wrote:

Hi Paul,

Would you please respond to this email authorizing the payment of PA 137 invoices? While I have your email authorizing payment of the Mike Armstrong invoice, if you recall, the Performance Driven Landscape invoice was approved by you over the phone, so I need something in writing.
Thank you!
Amanda Lane
Assistant Chief District Accountant

PFM Group Consulting LLC LaneA@pfm.com | web pfm.com
phone 407.723.5900 (direct phone 407.723.5925) | fax 407.723.5901 12051 Corporate Blvd. | Orlando, FL 32817

From: Paul Gressin <paulgressin@icloud.com>
Sent: Saturday, May 29, 2021 10:11 AM
To: Amanda Lane <lanea@pfm.com>
Subject: Re: Silverleaf ‐ PA 137 ‐ review and approval to pay requested

 EXTERNAL EMAIL: Use care with links and attachments.	 I am in ny but will call you on Tuesday regarding resolving this invoice conundrum
Sent from my iPhone

On May 29, 2021, at 10:07 AM, Amanda Lane <lanea@pfm.com> wrote:

Hi Paul,

To be clear: neither invoice is approved for payment? Do you have a reason why, so that I can see if we can get it sorted out? Thank you!

Amanda Lane
Assistant Chief District Accountant

PFM Group Consulting LLC LaneA@pfm.com | web pfm.com
phone 407.723.5900 (direct phone 407.723.5925) | fax 407.723.5901 12051 Corporate Blvd. | Orlando, FL 32817

From: Paul Gressin <paulgressin@icloud.com>
Sent: Saturday, May 29, 2021 8:42 AM
To: Amanda Lane <lanea@pfm.com>
Subject: Re: Silverleaf ‐ PA 137 ‐ review and approval to pay requested

 EXTERNAL EMAIL: Use care with links and attachments.	 Not approved for prepayment
Sent from my iPhone

On May 28, 2021, at 5:37 PM, Amanda Lane <lanea@pfm.com> wrote:

Paul,

Please see attached for Payment Authorization(s) #137 for Silverleaf. Please provide authorization to pay (via email or signed cover sheet). If you have any questions, please let me know.

Amanda Lane
Assistant Chief District Accountant

PFM Group Consulting LLC LaneA@pfm.com | web pfm.com
phone 407.723.5900 (direct phone 407.723.5925) | fax 407.723.5901 12051 Corporate Blvd. | Orlando, FL 32817

<Silverleaf PA #137.pdf>

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization #138
6/4/2021

Item
No.	Payee	
Invoice	General
Fund	

1	
McClatchy Company
Legal Advertising in May ; Ads IPL0020649, IPL0024258	

29385	

$	248.04	
2	US Bank
FY 2021 Series 2018 Trustee Fees (03/01/2021 - 09/30/2021)	
6075856	
$	2,357.03	
	FY 2022 Series 2018 Trustee Fees (10/01/2021 - 02/28/2022)	6075856	$	1,683.60	
		
TOTAL	
$	4,288.67	

Secretary / Assistant Secretary	Chairman / Vice Chairman

Silverleaf CDD
c/o PFM Group Consulting 12051 Corporate Boulevard
Orlando, FL 32817
LaneA@pfm.com // 407-723-5925

Amanda Lane

From:	Paul Gressin <paulgressin@icloud.com>
Sent:	Saturday, June 5, 2021 2:27 PM
To:	Amanda Lane
Subject:	Re: Silverleaf - PA 138 - review and approval to pay requested

 EXTERNAL EMAIL: Use care with links and attachments.	 Attached approved for payment
Sent from my iPhone

On Jun 5, 2021, at 11:54 AM, Amanda Lane <lanea@pfm.com> wrote:

Paul,

Please see attached for Payment Authorization(s) #138 for Silverleaf. Please provide authorization to pay (via email or signed cover sheet). If you have any questions, please let me know.

Amanda Lane
Assistant Chief District Accountant

PFM Group Consulting LLC LaneA@pfm.com | web pfm.com
phone 407.723.5900 (direct phone 407.723.5925) | fax 407.723.5901 12051 Corporate Blvd. | Orlando, FL 32817

<Silverleaf PA #138.pdf>

1

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization #139
6/11/2021

Item
No.	Payee	
Invoice	General
Fund	

1	
Supervisor Fees - 06/09/2021 Meeting
Dale Weidemiller	

--	

$	200.00	
	Jonathan Decker	--	$	200.00	
	Paul Gressin	--	$	200.00	
	Lawrence Powell	--	$	200.00	
2	ZNS Engineering
Engineering Services Through 04/30/2021	
141893	
$	412.50	
		
TOTAL	
$	1,212.50	

Secretary / Assistant Secretary	Chairman / Vice Chairman

Silverleaf CDD
c/o PFM Group Consulting 12051 Corporate Boulevard
Orlando, FL 32817
LaneA@pfm.com // 407-723-5925

Amanda Lane

From:	Paul Gressin <paulgressin@icloud.com>
Sent:	Friday, June 11, 2021 5:02 PM
To:	Amanda Lane
Subject:	Re: Silverleaf - PA 139 - review and approval to pay requested

 EXTERNAL EMAIL: Use care with links and attachments.	 Attached invoices reviewed and approved
Sent from my iPhone

On Jun 11, 2021, at 4:59 PM, Amanda Lane <lanea@pfm.com> wrote:

Paul,

Please see attached for Payment Authorization(s) #139 for Silverleaf. Please provide authorization to pay (via email or signed cover sheet). If you have any questions, please let me know.

Amanda Lane
Assistant Chief District Accountant

PFM Group Consulting LLC LaneA@pfm.com | web pfm.com
phone 407.723.5900 (direct phone 407.723.5925) | fax 407.723.5901 12051 Corporate Blvd. | Orlando, FL 32817

<Silverleaf PA #139.pdf>

1

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization #140
6/18/2021

Item	Payee	General
No.	Invoice	Fund

1	FPL
11307 Woodlake Way ; Service 05/13/2021 - 06/14/2021	
Acct: 29164-13046	
$	56.88	
	3920 Silverleaf Ave ##LS ; Service 05/14/2021 - 06/15/2021	Acct: 69892-32019	$	45.76	
	4610 Silverleaf Ave # Sign ; Service 05/14/2021 - 06/15/2021	Acct: 89220-58014	$	25.29	
2	PFM Group Consulting
Series 2014, 2018, 2019 - Dissemination Services 04/01/2021 - 06/30/2021	

115484	

$	3,750.00	
	DM Fee: June 2021	DM-06-2021-0042	$	2,916.67	
		
TOTAL	
$	6,794.60	

Secretary / Assistant Secretary	Chairman / Vice Chairman

Silverleaf CDD
c/o PFM Group Consulting 12051 Corporate Boulevard
Orlando, FL 32817
LaneA@pfm.com // 407-723-5925

Amanda Lane

From:	Paul Gressin <paulgressin@icloud.com>
Sent:	Sunday, June 20, 2021 12:59 PM
To:	Amanda Lane
Subject:	Re: Silverleaf - PA 140 - review and approval to pay requested

 ALERT: This message is from an external source.BE CAUTIOUS before clicking any link or attachment	 Payments itemized herein approved
Sent from my iPhone

On Jun 20, 2021, at 10:55 AM, Amanda Lane <lanea@pfm.com> wrote:

Paul,

Please see attached for Payment Authorization(s) #140 for Silverleaf. Please provide authorization to pay (via email or signed cover sheet). If you have any questions, please let me know.

Amanda Lane
Assistant Chief District Accountant

PFM Group Consulting LLC LaneA@pfm.com | web pfm.com
phone 407.723.5900 (direct phone 407.723.5925) | fax 407.723.5901 12051 Corporate Blvd. | Orlando, FL 32817

<Silverleaf PA #140.pdf>

1

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization #141
6/25/2021

Item No.	

Payee	

Invoice	
General Fund	

1	
Performance Driven Landscaping			
	June Landscaping	16223	$	6,334.38	
	Tree Brace Removal	16323	$	90.00	
2	PFM Group Consulting			
	May Reimbursables	OE-EXP-06-040	$	18.91	
3	VGlobalTech			
	June Website Maintenance	2770	$	125.00	
4	Vogler Ashton			
	General Counsel Through 06/15/2021	6929	$	879.00	
		
TOTAL	
$	7,447.29	

Secretary / Assistant Secretary	Chairman / Vice Chairman

Silverleaf CDD
c/o PFM Group Consulting 12051 Corporate Boulevard
Orlando, FL 32817
LaneA@pfm.com // 407-723-5925

Amanda Lane

From:	Paul Gressin <paulgressin@icloud.com>
Sent:	Sunday, June 27, 2021 11:22 AM
To:	Amanda Lane
Subject:	Re: Silverleaf - PA 141 - review and approval to pay requested

 ALERT: This message is from an external source.BE CAUTIOUS before clicking any link or attachment	 Payments attached approved. Do you really work on Sundays
Sent from my iPhone

On Jun 27, 2021, at 11:14 AM, Amanda Lane <lanea@pfm.com> wrote:

Paul,

Please see attached for Payment Authorization(s) #141 for Silverleaf. Please provide authorization to pay (via email or signed cover sheet). If you have any questions, please let me know.

Amanda Lane
Assistant Chief District Accountant

PLEASE NOTE: Effective July 30, 2021, our new physical and mailing address will change to: 3501 Quadrangle Boulevard, Suite 270 | Orlando, FL 32817
Our phone numbers and fax number will remain the same.

PFM Group Consulting LLC LaneA@pfm.com | web pfm.com
phone 407.723.5900 (direct phone 407.723.5925) | fax 407.723.5901 12051 Corporate Blvd. | Orlando, FL 32817

<Silverleaf PA #141.pdf>

1

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Review of District Financial Statements
(under separate cover)

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT

Review of Maintenance Reports

Hello everyone. Here is what we completed this week at Silverleaf.

HOA Areas

Maintenance

-This includes mowing, string trimming, hard & soft edging and blowing off all hard surfaces.

-Today we serviced all the assisted maintenance homes.	The cottages, Villas on Deep Creek and Wildgrass Villas we did both hard and soft edging.

-Models, featured homes were cut, edged blown off to keep a clean look for sales etc.

-The soccer field was mowed today at a height of 2.5 inches.

-Amenity Center and surrounding areas were all serviced.

-Common area cul-de-sacs, islands and all other additional areas inside the community were serviced.

Spraying, Pulling Weeds & Trimming

-We did some common area hand pulling of weeds, with the rain events from last night most areas were still too wet to attempt spraying any weed killer.

Open Calls

-Here are the open calls we closed today. If any additional information is needed our office can supply that information upon request.

SL 752

SL 753

Dead Material / Issues / Observations

-On today's visit we found only a large branch from a struggling oak tree that came down. We will schedule the removal of the fallen limbs as soon as possible. Currently they pose no safety issue. This was found on the lake banks at the corner of Shimmering Oaks and Silverleaf Avenue closest to Old Tampa Road.

Additional Notes

-We will be back in the community later this week to cut our scheduled lakes. These lake numbers are 1, 2 , 3, 11, 12 and 23.

CDD Areas

Maintenance

This includes mowing, string trimming, hard & soft edging and blowing off all hard surfaces.

-Today all Silverleaf Avenue was serviced. All sidewalks were blown off as well. We hard edged all of the sidewalks this visit.

Lakes

Today we did maintenance on lakes 15, 17, 18, 19. This includes string trimming and making sure the lake trees present themselves well.

Thank you,

Sara Traub | Office Manager | Performance Driven Landscaping “Making our customers job easy by providing Excellence”

311 Sarasota Center Blvd Sarasota, FL 34240
(P) 941.488.7700 (F) 941.488.7701
sara@pdlfla.com

PDL will be closed on Monday 7/5/21 in observance of the holiday