Silverleaf
Community Development District
3501 Quadrangle Boulevard, Suite 270 | 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 Monday, July 6, 2026, at 1:00 p.m. at “Pavillion” 3805 Shimmering Oaks Drive, Parrish, FL 34219.
Call in number: 1-844-621-3956	Passcode: 2538 286 6774 Join online: https://pfmcdd.webex.com/meet/ripollv
BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Public Comment Period (where members of the public desiring to speak on a specific agenda item may address the Board, limited to 3 minutes per person)

Administrative Matter

Review and Consideration of the
Minutes of the June 1, 2026 Board of Supervisors Meeting
Old Business Matters

Update from Pond Professionals LLC
Lake Bank Erosion Repair Discussion Proposal

New Business Matters

Discussion of District Current Projects
Review and Acceptance of the Fiscal Year 2025 Audit Report
Ratification of Payment Authorization #s 269-270
Review of District Financial Statements

Other Business
Staff Reports
District Counsel
District Engineer
District Manager
Next Meeting August 3, 2026

Supervisors Request & Comments Adjournment

Silverleaf Community Development District

Consideration of the Minutes of the June 1, 2026, Board of Supervisors Meeting

MINUTES OF MEETING

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING MINUTES
Monday, June 1, 2026, at 1:00 p.m.
3805 Shimmering Oaks Drive (Pavillion) Parrish, FL 34219
Board Members in attendance via conference call or in person:

Paul Gressin	Chairperson		
Lawrence Powell	Vice Chairperson		
Frank Davis	Assistant Secretary		
Timothy Abramski	Assistant Secretary		
Jonathan Decker	Assistant Secretary	(via phone)	
Also present via conference call or in person:	
Venessa Ripoll	PFM Group Consulting LLC		
Gazmin Kerr	PFM Group Consulting LLC	(via phone)	
Rick Montejano	PFM Group Consulting LLC	(via phone)	
Andy Cohen	PCMF & J P.A.	(via phone)	
George Colbath	Pond Professionals	(via phone)	
Various members of the public in Audience and via Webex		

FIRST ORDER OF BUSINESS		Organizational Matters Call to Order and Roll Call
The Board of Supervisors Meeting for the Silverleaf Community Development District was called to order at 1:02 p.m. Ms. Ripoll proceeded with roll call and confirmed quorum. Those in attendance are outlined above.

ON MOTION by Mr. Gressin, seconded by Mr. Powell, with all in favor, the Board allowed Mr. Decker to vote by phone.

Public Comment Period

The President of the HOA commented regarding the “no mow zones” communication. He noted there should have been a Q&A session prior to the implementation.
Several residents also commented regarding the “no mow zones” communication and lack of information provided. There were also several comments regarding the START grant.

Mr. Gressin noted he was unable to respond to emails due to being in the hospital. He also noted there have been no meetings or communication between the CDD and the HOA until a few weeks ago, although multiple attempts were previously made.

Mr. Gressin noted there are no extra funds within the budget.

A resident commented regarding the Crooked Creek swale. It was noted this will be discussed within the agenda by the Engineer.
A resident, from the Deep Creek Villas, commented regarding previous drainage issues in the ponds due to overgrowth. She noted her concern that it will happen again due to the “no mow zones”.

It was noted that the pond map is located on the District’s website. Ms. Ripoll thanked the HOA for their cooperation.
A resident commented regarding the culverts and the maintenance of the roadway trees. Ms. Ripoll noted District Management has contacted the County regarding the issues with the trees.
There were no further public comments at this time.

Letter From Supervisor of Elections – Manatee County
Ms. Ripoll noted that as of April 15, 2026, there are 1,217 registered voters within the District.

SECOND ORDER OF BUSINESS	General Business Matters
Update from Pond Professionals LLC
a. Discussion of Holding a Q&A Meeting with Residents
Mr. Colbath gave an overview of the “no mow zones”. He noted these zones are only needed on Ponds 17 and 20, until the Start Grant Inspector verifies the plantings have been installed. This should take place within the next couple of weeks.

There was discussion regarding the reasons for the “no mow zones”. It was noted this was required to have a natural filter for the plantings and help with the erosion issues. No other ponds should have this requirement.
Pond Professionals noted that although these zones stop the lawn mowers from spraying debris into the ponds, that should not be an ongoing issue.

Several residents commented regarding the grant.
Mr. Gressin gave an overview of the grant. He noted the District is paying for aquatic planting in three ponds and the grant covers an additional three ponds. Additional ponds will be completed each year.

District Management will send the grant out to the residents who have requested a copy.

It was noted the “no mow zones” should be kept at 12–18 inches high, three to five inches wide. District Management noted those ponds will not be touched until the Start Grant Inspector approves the plantings.

Update from Engineer on Meeting with Southwest Florida Water Management

Mr. Rayl gave an update. He noted he has discussed the Crooked Creek swale with the Southwest Florida Water Management District. He noted the recommendation is to move the swale into Tract 403. This will be listed as a maintenance activity, not a permit modification.

Mr. Rayl will be working with Southwest Florida Water Management on the design of the relocated swale. There will still be connections to the storm structures in the rear yards, which should not need maintenance.

Consideration of the Minutes of the May 4, 2026, Board of Supervisors Meeting
The Board reviewed the minutes.

Ms. Ripoll noted that once approved, the minutes will be posted on the District’s website.

ON MOTION by Mr. Davis, seconded by Mr. Abramski, with all in favor, the Board approved the Minutes of the May 4, 2026, Board of Supervisors Meeting, with noted changes.

Consideration of Resolution 2026-04, Approving a Preliminary Budget for FY 2027 and Setting a Public Hearing date

Ms. Ripoll noted the recommended date for the Public Hearing is August 3, 2026, at 1:00 p.m., at the current location.
Mr. Montejano gave an overview of the budget and noted the FY 2027 budget will include a reserve line item. It was noted the assessments will increase by $77.00 per resident.

Mr. Montejano noted a reserve study costs approximately $5,000.00 to $7,000.00.

Mr. Davis commented regarding the budget and noted the Board is very frugal and takes their fiduciary responsibility seriously.
Mr. Gressin noted the bond has been refinanced to save money. There was brief discussion regarding the budget.

Ms. Ripoll reviewed the increases within the budget. It was noted the budget can be decreased, but it cannot be increased. Line items can be adjusted as needed.
Mr. Cohen noted a notice of assessment increase will be sent to all residents.

ON MOTION by Mr. Gressin, seconded by Mr. Davis, with all in favor, the Board approved Resolution 2026-04, Approving a Preliminary Budget for FY 2027 and Setting a Public Hearing Date for August 3, 2026, at 1:00 p.m., at 3805 Shimmering Oaks Drive, Parrish, FL 34219.

Lake Bank Erosion Repair Discussion Proposal
Ms. Ripoll noted Pond Professionals will attend the next meeting to discuss the lake bank erosion repair. It was noted the HOA is in favor of having a Q&A meeting with residents regarding this item.

Ratification of Payment Authorization # 263 - 268
The Board reviewed the payment authorizations.

Ms. Ripoll noted these were contractual obligations needing ratification and they have been reviewed by District Staff.

ON MOTION by Mr. Abramski, seconded by Mr. Gressin, with all in favor, the Board ratified Payment Authorization Nos. 263-268.

Review	of	District	Financial Statements
The Board reviewed the District Financial Statements as of April 2026. Mr. Montejano gave an overview of the assessments.
Ms. Ripoll noted that the District Engineer reviewed the Pond Professionals contract and noted the Preserve pond management service is no longer needed.
Mr. Rayl gave an overview and noted the District’s wetland requirements are no longer an obligation.

management.

There was brief discussion regarding the structures within the wetlands.

ON MOTION by Mr. Davis, seconded by Mr. Abramski, with all in favor, the Board approved the Termination of the Preserve Pond Management Quarterly Service.

ON MOTION by Mr. Gressin, seconded by Mr. Powell, with all in favor, the Board approved the District Financial Statements.

THIRD ORDER OF BUSINESS	Other Business	
		Staff Reports	
District Counsel-	No report.		
District Engineer-
Final Notice of As-Built Deviations	
Mr. Rayl noted the final notice of completion for the as-built deviations permit modifications has been received by ZNS.
Mr. Rayl gave an update on the maps. He noted these have been sent out and a lot number spreadsheet has been sent to District Management.

Mr. Rayl noted the Crooked Creek swale will be completed as a maintenance item and therefore will stay within the $5,000.00 approved budget. He gave an overview of the scope of work.

Mr. Davis noted he will inform all residents that will be impacted when the time comes.
District Manager-
Next Meeting July 6, 2026
Ms. Ripoll noted the next meeting is scheduled for July 6, 2026, at 1:00 p.m.

Supervisor	Requests	and Audience Comments
Mr. Davis noted there is pipe coming out of a resident’s pool area draining into the pond.

District Management will work with District Counsel and the HOA to send a letter of violation to the resident.
There were no Supervisor requests or audience comments at this time.

FOURTH ORDER OF BUSINESS	Adjournment

ON MOTION by Mr. Gressin, seconded by Mr. Abramski, with all in favor, the June 1, 2026, Meeting of the Board of Supervisors of the Silverleaf Community Development District was adjourned at 2:25 p.m.

There were no additional comments from the Board. Ms. Ripoll called for a motion to adjourn.

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

Silverleaf Community Development District

Update from Pond Professionals LLC

POND PROFESSIONAL, LLC
pond & wetland management
4024 Dover Drive East, Bradenton, FL 34203
Pond Planting Proposal

May 13th, 2026

Silverleaf HOA
c/o PFM Management Svc
3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817 Attn:
Pond Professional, LLC proposes to furnish labor, equipment and materials necessary for the planting of aquatic plants in storm water ponds for Silverleaf Homeowners Assoc., located at 301N and Silverleaf Ave., Palmetto FL.
Pond Professional, LLC shall install native, aquatic bare-root plants within all stormwater ponds within the community for the purposes of nutrient runoff control, shoreline stabilization and water quality improvements. All plants and work shall be performed according to SouthWest Florida Water Management District and Manatee County Land development code. Plantings shall include pond #’s 1, 7 and 8. 2,700 total plants shall be installed along the shoreline of said ponds. All plants installed shall be between 12”-24” in height and wanted for sixty (60) days.

Species	Common Name	Quantity	Size	Cost/Plant	Total Cost	
Pontedaria cordata	Pickerelweed	700	12-24”	1.35	$945.00	
Eleocharus interstincta	Jointed Spikerush	1,000	12”	1.35	$1350.00	
Sagitarria lancifolia	Duckpotato/ Arrowhead	1,000	12-24”	1.35	$1350.00	
TOTALS		2700			$3645.00	
Sincerely,

George Colbath Owner/Biologist
Pond Professional, LLC

Approved:	 Date:	

Sagitarria lancifolia

	

Silverleaf Community Development District

Lake Bank Erosion Repair Discussion Proposal

Method “A”

	

Silverleaf Community Development District

Discussion of District Current Projects

Project

Pond Professionals Presentation

Pond Professionals Ongoing Pond Maintenance

District Engineer Maintenance Responsibility Map

Pond Professionals Grant for Ponds 17 & 20 (No Mow Zones)

Crooked Creek Rear Yard Swale Project

Updat on ZNS Permit Modification (Phase 6)

Lake Bank Erosion Repair

Current Update

Presentation held for residents regarding pond maintenance and management.

Routine pond maintenance and monitoring continue throughout the district.

Maintenance Responsibility Map completed and posted to the CDD website.

Grant initiative for establishing No Mow Zones at Ponds 17 and 20 is underway.

Project is being presented to the Southwest Florida Water Management District for review.

Pennit modification remains under review. The District Engineer is coordinating with the Southwest Florida Water Management District on the design of the relocated swale, including connections to stonnwater structures and rear-yard swales.

Lake bank erosion repair proposal is being presented by Pond Professionals for Board consideration.

Completed/Target Date

18-Jun-26

Ongoing

Completed

In Progress

(n Progress

Under Review

In Progress

Silverleaf Community Development District

Review and Acceptance of the Fiscal Year 2025 Audit Report

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT
MANATEE COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT MANATEE COUNTY, FLORIDA

TABLE OF CONTENTS

Page	
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements: Statement of Net Position
Statement of Activities Fund Financial Statements:
Balance Sheet – Governmental Funds
Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position
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
Notes to Financial Statements	

7
8

9

10

11

12
13-22	
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund
Notes to Required Supplementary Information	

23
24	
OTHER INFORMATION
Data Elements required by FL Statute 218.39 (3) (c)	
25	
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	

26-27	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

28	
MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
29-31	

INDEPENDENT AUDITOR’S REPORT

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

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Silverleaf Community Development District, Manatee County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
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, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit 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 audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the 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.
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 twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities 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 opinions. 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 will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment 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 judgment, 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.
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 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 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 Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c), but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 4, 2026, 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, contracts, 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.

June 4, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Silverleaf Community Development District, Manatee County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($2,802,920).

The change in the District’s total net position in comparison with the prior fiscal year was $35,349 an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of $436,371, a decrease of ($170,622) in comparison with the prior fiscal year. The total fund balance is non-spendable for deposits and prepaid items, restricted for debt service, assigned for subsequent year’s expenditures and the remainder is unassigned deficit fund balance in the general fund.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: government-wide financial statements, fund financial statements, and notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.
The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by special assessment revenues. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance functions.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund, and capital projects fund, all of which are considered major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
2025	2024	
Assets, excluding capital assets	$	524,762	$	724,591	
Capital assets, net of depreciation	3,205,233	3,325,055	
Total assets	3,729,995	4,049,646	
Liabilities, excluding long-term liabilities	130,915	284,424	
Long-term liabilities	6,402,000	6,603,491	
Total liabilities	6,532,915	6,887,915	
Net position	
Net investment in capital assets	(3,196,767)	(3,278,436)	
Restricted for debt service	362,457	530,060	
Unrestricted	31,390	(89,893)	
Total net position	$	(2,802,920)	$	(2,838,269)	

The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.
The District’s net position increased during the most recent fiscal year. The majority of the increase was due to a refund of assessments which were overpaid by the Developer in the prior year.
Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
2025	2024

Revenues:
Program revenues:
Charges for services	$	897,703	$	816,622	
Operating grants and contributions	24,616	44,713	
General revenues:	
Unrestricted interest earnings	2,390	5,114	
Miscellaneous	-	3,679	
Total revenues	924,709	870,128	
Expenses:	
General government	203,512	731,096	
Maintenance and operations	170,855	351,556	
Bond issuance costs	148,500	-	
Interest	366,493	412,133	
Total expenses	889,360	1,494,785	
Change in net position	35,349	(624,657)	
Net position - beginning	(2,838,269)	(2,213,612)	
Net position - ending	$	(2,802,920)	$	(2,838,269)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $889,360. The costs of the District’s activities were primarily funded by program revenues. Program revenues are comprised primarily of assessments. Program revenues increased as a result of an increase in assessments to cover the prior year deficit in the general fund. The decrease in current year’s expenses is due to the refunding of prepaid assessments in the prior year.

GENERAL BUDGETING HIGHLIGHTS
An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. The general fund budget was amended to increase revenues by $201,025 and increase appropriations by $109,635.

Capital Assets
At September 30, 2025, the District had $3,594,655 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $389,422 has been taken, which resulted in a net book value of $3,205,233. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2025, the District had $6,402,000 Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS

The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.
CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Silverleaf Community Development District’s Finance Department at 3501 Quadrangle Blvd., Suite 270, Orlando, Florida, 32817.

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT MANATEE COUNTY, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Governmental
	 		Activities		
ASSETS			
Cash	$	7,389	
Assessments receivable		49,775	
Interest receivable		1,222	
Deposits and prepaid expenses Restricted assets:		12,842	
Investments		453,534	
Capital assets:			
Depreciable, net		    3,205,233 	
Total assets		    3,729,995 	
LIABILITIES			
Accounts payable and accrued expenses		38,616	
Accrued interest payable		92,299	
Non-current liabilities:			
Due within one year
Due in more than one year		165,000
    6,237,000 	
Total liabilities		    6,532,915 	
NET POSITION			
Net investment in capital assets		(3,196,767)	
Restricted for debt service		362,457	
Unrestricted		      31,390 	
Total net position	 $		(2,802,920) 	

See notes to the financial statements

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT	
MANATEE COUNTY, FLORIDA	
STATEMENT OF ACTIVITIES	
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025	

Net (Expense)	
Revenue and	
Changes in Net	
		     Program Revenues				Position		
		Charges	Operating			
		for	Grants and	Governmental	
Functions/Programs		Expenses		Services		Contributions			Activities		
Primary government: Governmental activities:							
General government	$	203,512	$	203,512	$	-	$	-	
Maintenance and operations	170,855	150,271		-		(20,584)	
Interest on long-term debt	366,493	543,920	24,616		202,043	
Bond issuance costs		148,500		-			-			(148,500) 	
Total governmental activities		889,360		897,703		24,616			32,959 	
	General revenues:				
		Investment earnings			         2,390 	
		Total general revenues			         2,390 	
	Change in net position			35,349	
	Net position - beginning			      (2,838,269) 	
	Net position - ending		 $		(2,802,920) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds		Total
Debt		Capital	Governmental General	Service	Projects		Funds
ASSETS		
Cash	$	7,389	$	-	$	-	$	7,389	
Investment		-		453,534		-		453,534	
Assessments receivable		49,775		-		-		49,775	
Interest receivable		-		1,222		-		1,222	
Deposits and prepaid items		12,842		-		-		12,842	
Total assets	$	70,006	$	454,756	$	-	$	524,762	

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable and accrued expenses	$	38,616	$	-	$	-	$	38,616	
Total liabilities	38,616	-	-	38,616	

Deferred Inflows of Resources:
Unavailable revenue	49,775	-	-	49,775	
Total deferred inflows of resources	49,775	-	-	49,775	

Fund balances:
Nonspendable:
Deposits and prepaid items Restricted for:
Debt service	12,842

-	-

454,756	-

-	12,842

454,756	
Assigned to:	
Subsequent year's expenditures		52,800		-		-		52,800	
Unassigned		(84,027)		-		-		(84,027)	
Total fund balances		(18,385)		454,756		-		436,371	

Total liabilities deferred inflows of resources and fund balances	

$	

70,006	

$	

454,756	

$	

-	

$	

524,762	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Fund balance - governmental funds	$	436,371	
Amounts reported for governmental activities in the statement of net position are different because:			
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets Accumulated depreciation	

3,594,655
	(389,422) 	

3,205,233	
Assets that are not available to pay for current-period expenditures are unavailable in the fund financial statements.		
49,775	
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable Bonds payable	

(92,299)
  (6,402,000)		

(6,494,299) 	
Net position of governmental activities	 $ (2,802,920) 	

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	Major Funds		Total
Debt		Capital	Governmental General	Service	Projects		Funds
REVENUES		
Assessments	$	304,008	$	543,920	$	-	$	847,928	
Net investment earnings	2,390	24,616	-	27,006	
Total revenues	306,398	568,536	-	874,934	

EXPENDITURES
Current:
General government	183,857	19,655	-	203,512	
Maintenance and operations	51,033	-	-	51,033	
Debt service:					
Principal	-	114,000	-	114,000	
Interest	-	399,511	-	399,511	
Bond issuance costs	-	-	148,500	148,500	
Total expenditures		234,890	533,166	148,500	916,556	

Excess (deficiency) of revenues over (under) expenditures		

71,508	

35,370	

(148,500)	

(41,622)	
OTHER FINANCING SOURCES (USES)
Transfers in (out) Bond proceeds
Payment to refunding agent
Total other financing sources (uses)		
-
-
-
-	
11,448
1,971,052
(2,260,000)
(277,500)	
(11,448)
159,948
- 148,500	
- 2,131,000
(2,260,000)
(129,000)	

Net change in fund balances		
71,508	
(242,130)		
-	
(170,622)	
Fund balances - beginning		(89,893)	696,886		-	606,993	

Fund balances - ending	
$	
(18,385)	
$	454,756	
$	
-	
$	436,371	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025	

Net change in fund balances - total governmental funds	
$	
(170,622)	
Amounts reported for governmental activities different because:	in the statement of activities are		
Assets that are not available to pay for current-period expenditures are unavailable in the fund financial statements. However, the amounts are recorded in the government wide financial statements	

49,775	
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long-term liabilities in the statement of net position.	

(2,131,000)	
Depreciation on capital assets is not recognized in the governmental fund financial statements but is reported as an expense in the statement of activities.	

(119,822)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

114,000	
Governmental funds report amounts paid to refund outstanding debt asa financing use whereas these amounts are eliminated in the statement of activities and reduce long-term liabilities in the statement of net assets.	

2,260,000	
Amortization of original issue discount is not governmental fund statement, but is reported as statement of activities.	recognized in the an expense in the	

(41,509)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities
but not in the fund financial statements.			

74,527 	
Change in net position of governmental activities	 $		35,349 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY
Silverleaf Community Development District ("District") was created on December 7, 2007 by Ordinance 06-32 of Manatee County, Florida, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides 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 later amended on June 20, 2017 by Ordinance 17-39 of Manatee County, Florida, which expanded the District by an additional 16.21 acres.
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 the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the responsibility for:
Assessing and levying 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.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement 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 related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and 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 government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on benefited lands within the District. Assessments are levied to pay for the operations and maintenance of the District. The fiscal year for which annual assessments are levied begins on October 1 with discounts available for payments through February 28 and become delinquent on April 1. The District’s annual assessments for operations and debt service are billed and collected by the County Tax Assessor/Collector. The amounts remitted to the District are net of applicable discounts or fees and include interest on monies held from the day of collection to the day of distribution.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.
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
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District. The capital projects fund was closed out during the current fiscal year.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity
Restricted Assets
These assets represent cash and investments set aside pursuant to debt covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in paragraphs c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured.
The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Inventories and Prepaid Items
Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Capital assets, which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition 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 assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years
Stormwater management system	30

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.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

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 ratably over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of 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.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report 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.

In addition to liabilities, the statement of financial position 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.

Fund Equity/Net Position
In the fund financial statements, governmental funds report nonspendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

The District can establish limitations on the use of fund balance as follows:
Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.

Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Fund Equity/Net Position (Continued)
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 3 – BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.
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.
Public hearings are conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.
NOTE 4 – DEPOSITS AND INVESTMENTS

Deposits
The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

The District’s investments were held as follows at September 30, 2025:

  Amortized cost	Credit Risk	Maturities	

U.S. Bank Gcts 0490	 $	453,534 	N/A	N/A	
Total Investments	 $	453,534 			

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.
Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.

However, the Bond Indenture limits the type of investments held using unspent proceeds.
Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – CAPITAL ASSETS								
Capital asset activity for the fiscal year ended September 30, 2025, was as follows:	

Governmental activities
Capital assets, being depreciated Stormwater management systems
Total capital assets, being depreciated	Beginning Balance

$	3,594,655
3,594,655	

$	
Additions

-
-	
Reductions

$	-
-	

$	Ending Balance

3,594,655
3,594,655	

Less accumulated depreciation for: Stormwater management systems
Total accumulated depreciation		

269,600
269,600		

119,822
119,822	

-
-		

389,422
389,422	

Total capital assets, being depreciated, net		
3,325,055		
(119,822)	
-		
3,205,233	

Governmental activities capital assets, net	
$	
3,325,055	
$	
(119,822)	
$	-	
$	
3,205,233	
Depreciation expense is charged to the maintenance and operations function in the statement of activities.
NOTE 6 – LONG-TERM LIABILITIES
Series 2014
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 due on May 1, 2044 and $3,375,000 Series 2014A-2 due on May 1, 2044 with fixed interest rates ranging from 6.5% to 7%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Series 2014A-1 Bonds is to be paid serially commencing May 1, 2015 through May 1, 2044. Principal on the Series 2014A-2 Bonds is to be paid serially commencing May 1, 2017 through May 1, 2044. The Series 2014 Bonds were refunded with the issuance of the Capital Improvement Revenue Refunding Bond, Series 2025. The Series 2014 Bonds were paid off in full during the current fiscal year.

Series 2018
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 due on May 1, 2048 and $3,855,000 Series 2018A-2 due on May 1, 2048 with fixed interest rates ranging from 5.25% to 5.9%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Series 2018A-1 Bonds is to be paid serially commencing May 1, 2019 through May 1, 2048. Principal on the Series 2018A-2 Bonds is to be paid serially commencing May 1, 2019 through May 1, 2048.

The Series 2018 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.
The Bond Indenture established a debt service reserve requirement as well as other 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. The District was not in compliance with the requirements at September 30, 2025. There is a deficit of approximately $35,523 in the Series 2018A1 debt service reserve account.

Series 2019
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 due on May 1, 2049 and $5,090,000 Series 2019A-2 due on May 1, 2049 with fixed interest rates ranging from 4.75% to 5.6%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Series 2019A-1 Bonds is to be paid serially commencing May 1, 2020 through May 1, 2049. Principal on the Series 2019A-2 Bonds is to be paid serially commencing May 1, 2020 through May 1, 2049.
The Series 2019 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. The District paid off the Series 2019A-2 Bonds fully in the prior fiscal year.

The Bond Indenture established a debt service reserve requirement as well as other 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. The District was in compliance with the requirements at September 30, 2025.

Series 2025
On April 9, 2025, the District issued $2,131,000 of Capital Improvement Revenue Refunding Bonds, Series 2025 due on May 1, 2044 with fixed interest rate of 4.65%. The Bonds were issued to refund the Series 2014 Bonds. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Series 2025 Bonds is to be paid serially commencing May 1, 2026 through May 1, 2044.
The Series 2025 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established restrictions and requirements relating principally to the use of proceeds to pay for the bond refunding 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. The Bond Indenture does not establish a debt service reserve requirement. The District was in compliance with the requirements at September 30, 2025.
Refunded Bonds
The District refunded the Series 2014 Capital Improvement Revenue Bonds, which had an outstanding balance of $2,260,000 at the time of the refunding with the proceeds from the Series 2025 Bonds. The refunding was a current refunding. The refunded Bonds have been paid off as of September 30, 2025.

Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025, were as follows:

Beginning			Ending	Due Within	
Balance	Additions	Reductions	Balance	One Year	

Governmental activities											
Bonds payable:											
Series 2014 A-1	$	435,000	$	-	$	435,000	$	-	$	-	
Series 2014 A-2		1,825,000		-		1,825,000		-		-	
Series 2018 A-1		2,030,000		-		40,000		1,990,000		45,000	
Series 2018 A-2		225,000		-		24,000		201,000		4,000	
Series 2019 A-1		2,130,000		-		50,000		2,080,000		45,000	
Series 2025		-		2,131,000		-		2,131,000		71,000	
Less:											
Original issue discount		(41,509)		-		(41,509)		-		-	
Total	 $		6,603,491		$		2,131,000		$		2,332,491		$		6,402,000		$		165,000 	

At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:
	Governmental Activities	
Year ending
  September 30:			
Principal			
Interest			
Total		
2026	$	165,000	$	265,817	$	430,817	
2027		169,000		257,368		426,368	
2028		183,000		248,245		431,245	
2029		187,000		238,562		425,562	
2030		201,000		228,293		429,293	
2031-2035		1,158,000		956,259		2,114,259	
2036-2040		1,510,000		566,035		2,076,035	
2041-2045		1,790,000		30,669		1,820,669	
2046-2049		    1,039,000			138,121			1,177,121 	
Total	 $		6,402,000 	$		2,929,369 	$		9,331,369 	

NOTE 7 – DEVELOPER TRANSACTIONS

The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer.
During the current fiscal year, the District provided assessment refunds for the Developer’s overpayment of the Series 2019 Bonds in the amount of $19,655. See 2025-02 Financial Condition Assessment (page 30) for more details.

NOTE 8 – CONCENTRATION
A significant portion of the District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.

NOTE 9 – MANAGEMENT COMPANY

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

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 has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

NOTE 11 – DEFICIT FUND EQUITY

The general fund had a deficit fund balance of ($18,385) at September 30, 2025. The deficit will be covered by levying a supplemental O&M assessment for fiscal year 2026.

SILVERLEAF COMMUNITY DEVELOPMENT DISTRICT	
MANATEE COUNTY, FLORIDA	
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN	
FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND	
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025	
Variance with	
Final Budget -	
		Budgeted Amounts	Actual	Positive	
		Original	Final	Amounts	(Negative)	
REVENUES							
Assessments		$	150,275	$	351,300	$	304,008	$	(47,292)	
Interest		-	-	2,390		2,390	
Total revenues		150,275	351,300	306,398		(44,902)	
EXPENDITURES							
Current:							
General government		165,521	165,521	183,857		(18,336)	
Maintenance and operations		76,144	185,779	51,033		134,746	
Total expenditures		241,665	351,300	234,890		116,410	
Excess (deficiency) of revenues							
over (under) expenditures		(91,390)	-	71,508		71,508	
OTHER FINANCING SOURCES							
Use of fund balance		91,390	-	-		-	

Total other financing sources (uses)	91,390	-	-	-	

Net change in fund balances	
 $	-	$	-		
71,508  $	71,508 	
Fund balance - beginning			(89,893) 	
Fund balance - ending		 $	(18,385) 	

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. The general fund budget was amended to increase revenues by
$201,025 and increase appropriations by $109,635.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the District’s
fiscal year being reported.	0	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being
reported.	
11	
Employee compensation	0	
Independent contractor compensation	174,342.57	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

Budget variance report	See the Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes	Not applicable	
		
Non ad valorem special assessments		
Special assessment rate	Operations and maintenance - $221.04 - $275
Debt service - $453.81-927.43	
Special assessments collected	$847,928	
Outstanding Bonds:	see Note 6 for details	

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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

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, Manatee County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 4, 2026.
Report on 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) to determine the 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 or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and 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.
We noted certain matters that we reported to management of the District in a separate letter dated June 4, 2026.

The District’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the District’s response to the findings identified in our audit and described in the accompanying Management Letter. The District’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.
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.

June 4, 2026

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Silverleaf Community Development District Manatee County, Florida
We have examined Silverleaf Community Development District, Manatee County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. 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 in Section 218.415, Florida Statutes. 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 selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that 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.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.
In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.
This report 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, management, and the Board of Supervisors of Silverleaf Community Development District, Manatee County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 4, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Silverleaf Community Development District Manatee County

Report on the Financial Statements
We have audited the accompanying basic financial statements of Silverleaf Community Development District, Manatee County, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated June 4, 2026.

Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the 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 the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s 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 4, 2026, should be considered in conjunction with this management letter.

Purpose of this Letter

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General of the state of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:
Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.
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, as applicable, management, and the Board of Supervisors of Silverleaf Community Development District, Manatee County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Silverleaf Community Development District, Manatee County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

June 4, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

2025-01 Reserve Requirement:

Observation: As a result of assessment refunds paid out of the Series 2018A1 debt service reserve account, the reserve requirement was not met at September 30, 2025.

Recommendation: The District should take the necessary steps to replenish the reserve account.
Management Response: We will continue to monitor the trustee accounts to minimize any misunderstandings and have set up tracking revenue sheets that will signal to us earlier if any errors arise.

2025-02 Financial Condition Assessment:
Observation: During the current fiscal year the District has a deficit in the general fund unassigned fund balance of ($84,027). In addition the District has not assessed sufficient amounts in the subsequent fiscal year to cover the deficit. In the prior year, the District over collected assessment prepayments resulting in assessment refunds being issued in the prior year. As a result, assessment refunds were paid out of the Series 2018A1 debt service reserve account resulting in non-compliance (See 2025-01).

Recommendation: The District should take the necessary steps to estimate that assessments collected are suitable for the current operations and needs of the District.
Management Response: Due to the unexpected cost from the Wetland Monitoring Permit in 2023, the District Board decided to issue a special tax assessment to all 731 residents in Silverleaf CDD in the amount of $275.00 (per resident). This assessment was issued in 2024 and by the end of the fiscal year the District had collected roughly 75% from the residents. Moving forward, the remaining funds that were not collected were added on to each unpaid residents’ property tax bill. 

REPORT TO MANAGEMENT (Continued)

PRIOR YEAR FINDINGS AND RECOMMENDATIONS
2024-01: Budget

Current Status: Resolved.

2024-02: Reserve Requirement Current Status: Ongoing.
2024-03: Financial Condition Assessment Current Status: Ongoing.

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.
There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2024, except as noted above.
Any recommendations to improve the local governmental entity's financial management.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025, except as noted above.
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.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025, except as noted above.
The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
In connection with our audit, we determined that the District has met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes. The District failed to pay their vendors on a timely basis and has a deficit unassigned fund balance of ($84,027). We applied financial condition assessment procedures pursuant to Rule 10.556(7) and determined that a deteriorating financial condition was noted. See Findings section above for additional information. It is management’s responsibility to monitor 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.
Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 25.

June 4, 2026

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

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

We have audited the financial statements of Silverleaf Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated June 4, 2026. Professional standards require that we advise you of the following matters relating to our audit.

We have also examined the District’s compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
Our Responsibility in Relation to the Financial Statement Audit

Our responsibility, as described by professional standards, is to form and express an opinion(s) about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing 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 over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.

Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant ethical requirements regarding independence.
With respect to financial statement preparation, the following safeguards are in place:
Management made all decisions and performed all management functions;
A competent individual was assigned to oversee the services;
Management evaluated the adequacy of the services performed;
Management evaluated and accepted responsibility for the result of the service performed; and
Management established and maintained internal controls, including monitoring ongoing activities.

Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies

Management is responsible for selecting and applying appropriate accounting policies. A summary of the significant accounting policies adopted by the District is included in Note 2 to the financial statements. There were no new accounting policies adopted and no changes in existing significant accounting policies or their application during the fiscal year, other than those described in Note 2, if any. No matters came to our attention that, under professional standards, we are required to inform you about concerning (1) the methods used to account for significant unusual transactions or (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments normally reflect management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates, if present, may be particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them could differ markedly from management’s current judgments.

In connection with our audit, we considered the reasonableness of the accounting estimates used by management. The most sensitive accounting estimate(s) affecting the financial statements included, as applicable:

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.

If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

We evaluated the key factors and assumptions used by management to develop the estimate(s) and determined that they were reasonable in relation to the financial statements taken as a whole.

Financial Statement Disclosures

Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the District’s financial statements included, as applicable:

Long-term liabilities related to bonds payable and debt service requirements.
Litigation, claims, and assessments related to pending legal matters; and
Pension and Other Post-Employment Benefit (OPEB) plan disclosures.
If no such disclosures were identified for the current year, this section should be read to indicate that we did not note any financial statement disclosures involving significant judgment or sensitivity.

Circumstances Affecting the Auditor’s Report

Professional standards require us to communicate any circumstances that affect the form or content of our auditor’s report. If applicable, such circumstances—such as a modification of opinion, an emphasis-of-matter or other-matter paragraph, or a reference to substantial doubt about the District’s ability to continue as a going concern—are described in our auditor’s report included in the District’s financial report. If no such circumstances existed, this section should be read to indicate that our report was unmodified.

Significant Difficulties Encountered during the Audit

We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Corrected Misstatements

Professional standards require us to communicate all material misstatements identified and corrected during the audit. Management has corrected all misstatements that were identified as a result of our audit procedures. Any such audit adjustments, if applicable, are summarized in the accompanying schedule of journal entries. If none were identified, this section should be read to indicate that we did not note any misstatements that were material, individually or in the aggregate, to the financial statements taken as a whole.

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Districts’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.
Representations Requested from Management

Professional standards require that we obtain certain written representations from management as part of our audit. We have received such representations in a letter. A copy of this letter is available for your review upon request.

Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.

Other Significant Matters, Findings, or Issues

In the normal course of our professional association with the District, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the District’s auditors.

As noted previously in this letter, any current-year findings identified during our audit are communicated in our separate reports titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida. If no findings were identified, this section should be read to indicate that we did not note any additional significant matters or findings requiring communication to those charged with governance.

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

Grau & Associates

Silverleaf Community Development District

Ratification of Payment Authorization #s 269-270

Payment Authorization #269
6/3/2026

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

2026.06.01	Frank Davis (SILVEL)	06/01/2026	Silverleaf CDD	200.00

2026.06.01

Lawrence Powell (SILVEL)

06/01/2026	Silverleaf CDD

200.00

2026.06.01

Paul Gressin (SILVEL)

06/01/2026	Silverleaf CDD

200.00

2026.06.01	Timothy Abramski (SILVEL)	06/01/2026	Silverleaf CDD	200.00

126144	McClatchy Company (SILVEL)	06/01/2026	Silverleaf CDD	92.78

2026.06.01	Jonathan Decker (SILVEL)	06/01/2026	Silverleaf CDD	200.00

8479	VGlobalTech (SILVEL)	05/01/2026	Silverleaf CDD	145.00
Total:	1,237.78

District Manager / Assistant District Manager	Chairman / Vice Chairman

Payment Authorization #270
6/10/2026

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

7068	Persson, Cohen, Mooney, Fernan (SILVEL)

06/01/2026	Silverleaf CDD	1,014.00

OE-EXP-06-2026-33	PFM Management Services LLC (SILVEL)

06/09/2026	Silverleaf CDD

0.74

RES 23-126-39	Rayl Engineering & Surveying (SILVEL)  06/04/2026	Silverleaf CDD	4,948.50

8086930	U.S. Bank (SILVEL)	02/25/2026	Silverleaf CDD	4,031.25

8568	VGlobalTech (SILVEL)	06/01/2026	Silverleaf CDD	145.00
Total:	10,139.49

District Manager / Assistant District Manager	Chairman / Vice Chairman

Silverleaf Community Development District

Review of District Financial Statements

Silverleaf CDD
May 2026 Financial Package

May 31, 2026

PFM Management Services LLC
3501 Quadrangle Blvd
Suite 270
Orlando, FL 32817
(407) 723-5900

Statement of Financial Position As of 5/31/2026

	General Fund	Debt Service - 2019	Debt Service - 2018		Debt Service - 2025		Long Term Debt Group		Total	
		
Assets								
Current Assets										
GF Checking account	$88,413.86								$88,413.86	
Assessments Receivable	1,460.32								1,460.32	
Prepaid Expenses	1,683.59								1,683.59	
Deposits	167.00								167.00	
Assessments Receivable		$10,735.44							10,735.44	
Debt Service Reserve 2019A1		79,434.37							79,434.37	
Revenue Account 2019A1		137,064.69							137,064.69	
Prepayment Acct. 2019A1		3,697.71							3,697.71	
Assessments Receivable			$12,348.42						12,348.42	
Debt Service Reserve 2018A1 Bond			46,550.18						46,550.18	
Revenue 2018A Bond			72,450.70						72,450.70	
Prepayment 2018A1 Bond			1,218.12						1,218.12	
Prepayment 2018A2 Bond			1,260.50						1,260.50	
Assessments Receivable					$14,452.06				14,452.06	
Revenue Account 2025					98,431.80				98,431.80	
Interest Account 2025					1.61				1.61	
Prepayment 2025		
			3,416.71				3,416.71	
Total Current Assets	$91,724.77	$230,932.21	$133,827.92		$116,302.18		$0.00		$572,787.08	

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments							

$443,526.39		

$443,526.39	
		
					5,788,473.61		5,788,473.61	
	$0.00	$0.00	$0.00		$0.00		$6,232,000.00		$6,232,000.00	
Total Assets	$91,724.77	$230,932.21	$133,827.92		$116,302.18		$6,232,000.00		$6,804,787.08	
			
Current Liabilities										
Accounts Payable	$145.00								$145.00	
Deferred Revenue	1,460.32								1,460.32	
Deferred Revenue		$10,735.44							10,735.44	
Deferred Revenue			$12,348.42						12,348.42	
Deferred Revenue		
			$14,452.06				14,452.06	
Total Current Liabilities	$1,605.32	$10,735.44	$12,348.42		$14,452.06		$0.00		$39,141.24	

Long Term Liabilities
Revenue Bonds Payable LongTerm Total Long Term Liabilities		

$6,232,000.00		

$6,232,000.00	
	$0.00	$0.00	$0.00		$0.00		$6,232,000.00		$6,232,000.00	
Total Liabilities	$1,605.32	$10,735.44	$12,348.42		$14,452.06		$6,232,000.00		$6,271,141.24	

Net Assets
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted
Net Assets - General Government
Current Year Net Assets - General Government
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Total Net Assets	

$147,458.36								

$147,458.36	
	2,818.37								2,818.37	
	(165,842.40)								(165,842.40)	
	105,685.12								105,685.12	
		$231,811.09							231,811.09	
		(11,614.32)							(11,614.32)	
			$131,356.12						131,356.12	
			(9,876.62)						(9,876.62)	
					$91,589.27				91,589.27	
		
			10,260.85				10,260.85	
	$90,119.45	$220,196.77	$121,479.50		$101,850.12		$0.00		$533,645.84	

								
Total Liabilities and Net Assets	$91,724.77	$230,932.21	$133,827.92		$116,302.18		$6,232,000.00		$6,804,787.08	

Statement of Activities As of 5/31/2026

	General Fund		Debt Service - 2019	
Revenues				
On-Roll Assessments	$266,839.42			
Other Assessments	6,147.80			
Other Revenue	2,818.37			
On-Roll Assessments			$142,092.65	
On-Roll Assessments				
On Roll Assessments				
Total Revenues	$275,805.59		$142,092.65	
Expenses				
Supervisor Fees	$8,000.00			
Public Officials' Insurance	3,552.00			
Trustee Services	7,138.42			
Management	29,666.64			
Engineering	19,422.21			
Disclosure Agent	10,000.00			
District Counsel	12,641.20			
Assessment Administration	12,500.00			
Audit	3,900.00			
Arbitrage Calculation	3,500.00			
Tax Preparation	58.30			
Postage & Shipping	122.48			
Legal Advertising	393.46			
Miscellaneous	229.79			
Meeting Room	200.00			
Web Site Maintenance	1,760.00			
Dues, Licenses, and Fees	175.00			
Wetland Maintenance Reserve	16,823.48			
Wetlands Monitoring	3,597.12			
Stormwater Improvements	9,785.00			
General Insurance	4,342.00			
Hardscape Maintenance	19,495.00			
Principal Payment - 2019A1 Bond			$45,000.00	
Interest Payments - 2019A1 Bond			113,822.50	
Principal Payment - 2018A1 Bond				
Principal Payment - 2018A2 Bond				
Interest Payment - 2018A1 Bond				
Interest Payment - 2018A2 Bond				
Principal Payment - S2025				
Interest Payment - S2025				
Total Expenses	$167,302.10		$158,822.50	
Other Revenues (Expenses) & Gains (Losses)				
Interest Income			$5,115.53	
Interest Income				
Interest Income				
Total Other Revenues (Expenses) & Gains (Losses)	$0.00		$5,115.53	
Change In Net Assets	$108,503.49		($11,614.32)	

Net Assets At Beginning Of Year	
($18,384.04)		
$231,811.09	

Net Assets At End Of Year	

$90,119.45		

$220,196.77	

Debt Service - 2025		Long Term Debt Group		Total	

$191,288.20
$191,288.20		

$0.00		
$266,839.42
6,147.80
2,818.37
142,092.65
163,442.20
191,288.20
$772,628.64	

$76,000.00 105,030.84
$181,030.84		

$0.00		
$8,000.00 3,552.00
7,138.42
29,666.64
19,422.21
10,000.00
12,641.20
12,500.00
3,900.00
3,500.00
58.30
122.48
393.46
229.79
200.00
1,760.00
175.00
16,823.48
3,597.12
9,785.00
4,342.00
19,495.00
45,000.00
113,822.50
45,000.00
4,000.00
115,510.00
11,859.00
76,000.00
105,030.84
$683,524.44	

$3.49
$3.49

$10,260.85

$91,589.27		

$0.00

$0.00

$0.00		
$5,115.53 3,050.18
3.49
$8,169.20

$97,273.40

$436,372.44	

$101,850.12		

$0.00		

$533,645.84	

Debt Service - 2018

$163,442.20

$163,442.20

$45,000.00 4,000.00
115,510.00
11,859.00

$176,369.00

$3,050.18

$3,050.18 ($9,876.62)
$131,356.12

$121,479.50

Silverleaf CDD	
Budget to Actual	
For the Month Ending 5/31/2026	

Year To Date	
		
Actual		
Budget		
Variance	FY26 Adopted Budget		
Percentage	

Revenues														
On-Roll Assessments	$	214,911.93		$	145,682.00		$	121,157.42		$	218,523.00		98.3%	
Other Assessments		6,147.80			-			6,147.80			-		-	
Other Revenue		2,818.37			-			2,818.37			-		-	
Carry Forward Revenue		51,927.49			35,200.00			(35,200.00)			52,800.00		98.3%	
Net Revenues	$	275,805.59		$	180,882.00		$	94,923.59		$	271,323.00		101.7%	
General & Administrative Expenses														
Supervisor Fees	$	8,000.00		$	8,000.00		$	-	$	12,000.00		66.7%	
Public Officials' Insurance		3,552.00			2,513.36			1,038.64			3,770.00		94.2%	
Trustee Services		7,138.42			8,900.00			(1,761.58)			13,350.00		53.5%	
Management		29,666.64			29,666.64			-			44,500.00		66.7%	
Engineering		19,422.21			20,000.00			(577.79)			30,000.00		64.7%	
Disclosure Agent		10,000.00			7,333.36			2,666.64			11,000.00		90.9%	
District Counsel		12,641.20			13,333.36			(692.16)			20,000.00		63.2%	
Assessment Administration		12,500.00			8,333.36			4,166.64			12,500.00		100.0%	
Reamortization Schedules		-			500.00			(500.00)			750.00		0.0%	
Audit		3,900.00			3,133.36			766.64			4,700.00		83.0%	
Arbitrage Calculation		3,500.00			666.64			2,833.36			1,000.00		350.0%	
Tax Preparation		58.30			33.36			24.94			50.00		116.6%	
Postage & Shipping		122.48			1,000.00			(877.52)			1,500.00		8.2%	
Legal Advertising		393.46			1,000.00			(606.54)			1,500.00		26.2%	
Miscellaneous		229.79			333.36			(103.57)			500.00		46.0%	
Meeting Room		200.00			-			200.00			-		-	
Web Site Maintenance		1,760.00			2,280.00			(520.00)			3,420.00		51.5%	
Dues, Licenses, and Fees		175.00			116.64			58.36			175.00		100.0%	
Wetland Maintenance Reserve		16,823.48			13,333.36			3,490.12			20,000.00		84.1%	
Wetlands Monitoring		3,597.12			666.64			2,930.48			1,000.00		359.7%	
Hurricane Clean Up		-			13,333.36			(13,333.36)			20,000.00		0.0%	
Stormwater Management		-			20,000.00			(20,000.00)			30,000.00		0.0%	
Stormwater Improvements		9,785.00			6,666.64			3,118.36			10,000.00		97.9%	
General Insurance		4,342.00			3,072.00			1,270.00			4,608.00		94.2%	
General Repair & Maintenance		-			3,333.36			(3,333.36)			5,000.00		-	
Hardscape Maintenance		19,495.00			13,333.20			6,161.80			20,000.00		97.5%	
Total General & Administrative	$	167,302.10		$	180,882.00		$	(13,579.90)	$ 271,323.00		61.7%	
Total Expenses	 $		167,302.10		 $		180,882.00		 $		(13,579.90)	 $ 271,323.00			
Net Income (Loss)	$	108,503.49		$	-		$	108,503.49		$	-