Armstrong Community Development District ANNUAL FINANCIAL REPORT
September 30, 2023

Armstrong Community Development District ANNUAL FINANCIAL REPORT
September 30, 2023 TABLE OF CONTENTS
Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-30
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	31-32
MANAGEMENT LETTER	33-35
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	36

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Armstrong Community Development District Clay County, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Armstrong Community Development District (the “District”), as of and for the year ended September 30, 2023, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Armstrong Community Development District as of September 30, 2023, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

Responsibilities of Management for the Financial Statements

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

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To the Board of Supervisors
Armstrong Community Development District

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:

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

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To the Board of Supervisors
Armstrong Community Development District

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

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated November 18, 2024 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 18, 2024

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

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

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

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

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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

The government-wide financial statement is designed to provide the reader with a broad overview of the District’s finances, in a manner similar to a private sector business. In the government-wide statement of net position, the governmental activities column is presented on a consolidated basis and is reported on a full-accrual economic resource basis, which recognizes all non-current assets and receivables as well as all non-current debt and obligations. The effect of interfund activity has been eliminated from the government-wide financial statements. In contrast, the governmental fund financial statements are grouped into funds to account for and to maintain control over resources that have been segregated for specific activities or objectives. The fund financial statements are presented using the current financial resources measurement focus and the modified accrual basis where as revenues are recorded when collected in the current period or within 60 days of year-end and expenditures are recorded when a liability is incurred. The difference between the two statements arises primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. A reconciliation of the government-wide and the fund financial statement is provided to illustrate these differences.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2023.

The District’s total assets exceeded total liabilities by $15,274,771, (net position). Unrestricted net position for Governmental Activities was $208,603. Net investment in capital assets was $14,752,524. Restricted net position was $313,644.

Governmental activities revenues totaled $1,273,703 while governmental activities expenses totaled $975,454.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.
Net Position
	Governmental Activities	
		2023			2022		
Current assets	$	230,311	$	203,487	
Restricted assets	1,200,148	1,209,118	
Capital assets		24,540,525 		24,491,986 	
Total Assets		25,970,984 		25,904,591 	
Current liabilities	430,755	446,735	
Non-current liabilities		10,265,458 		10,481,334 	
Total Liabilities		10,696,213 		10,928,069 	
Net position - net investment in capital assets	14,752,524	14,461,522	
Net position - restricted	313,644	340,076	
Net position - unrestricted		208,603 		174,924 	
Total Net Position	 $	15,274,771 	 $	14,976,522 	

The increase in current assets is related to the increase in cash in the current year.

The increase in capital assets is primarily the result of the capital project additions in the current year.
The decrease in non-current liabilities is related to the principal payments made in the current year.
The decrease in current liabilities is related to the pay-off of the financed purchase liability in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change in Net Position

Governmental Activities
	2023		2022	
Program Revenues
Charges for services	
$	1,183,381		
$	1,184,806	
Capital grants and contributions
General Revenues	24,235		-	
Investment earnings	45,554	988	
Miscellaneous revenues		20,533 		40,117 	
Total Revenues		1,273,703 		1,225,911 	

Expenses				
General government	119,211	96,499	
Physical environment	213,479	183,470	
Culture/recreation	183,964	202,584	
Interest and other costs		458,800 		466,447 	
Total Expenses		975,454 		949,000 	
Change in Net Position	298,249	276,911	
Net Position - Beginning of Year		14,976,522 		14,699,611 	
Net Position - End of Year	 $ 15,274,771 	 $ 14,976,522 	

The increase in capital grants and contributions is related to the developer contributions to cover construction costs in the current year.
The increase in physical environment is related to the increase in property manager and repairs and maintenance expenses in the current year.
The decrease in culture/recreation is related to the increase in repairs and maintenance expenses in the prior year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2023 and 2022.

	Governmental Activities	
	Description			2023			2022		

Construction in progress	
$	24,491,797	
$	24,435,137	
Equipment	81,212	81,212	
Accumulated depreciation		(32,484)		(24,363)	
Total Capital Assets (Net)	 $	24,540,525 	 $	24,491,986 	

During the year, $56,660 was added to construction in progress and depreciation was $8,121.

General Fund Budgetary Highlights

The budget exceeded actual expenditures for the year primarily because security and reserve expenditures were less than anticipated.
The budget was not amended for the year ended September 30, 2023.

Debt Management

Governmental Activities debt includes the following:

In September 2017, the District issued $4,035,000 Series 2017A Special Assessment Revenue Bonds. These bonds were issued to finance the cost of acquiring, constructing, and equipping certain assessable improvements. The balance outstanding at September 30, 2023 was $3,755,000.

In October 2019, the District issued $7,500,000 Series 2019A Special Assessment Revenue Bonds. These bonds were issued to finance a portion of the cost of acquisition, construction, installation and equipping of the Series 2019A Project. The balance outstanding at September 30, 2023 was $6,835,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Armstrong Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2024.
Request for Information

The financial report is designed to provide a general overview of Armstrong Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Armstrong Community Development District, Governmental Management Services, LLC, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

Armstrong Community Development District	
STATEMENT OF NET POSITION	
September 30, 2023	

Governmental	
Activities	

LIABILITIES	
Current Liabilities	
Accounts payable and accrued expenses	
Accrued interest	
Bonds payable	
Total Current Liabilities	
Non-Current Liabilities	
Bonds payable, net	
Total Liabilities	

21,708	
189,047	
     220,000 	
     430,755 	

   10,265,458 	
   10,696,213 	

ASSETS		
Current Assets		
Cash	$	190,932	
Due from others	3,632	
Prepaid expenses		35,747 	
Total Current Assets		230,311 	
Non-Current Assets		
Restricted:		
Investments	1,200,148	
Capital Assets Not Being Depreciated		
Construction in progress	24,491,797	
Capital Assets Being Depreciated:		
Equipment	81,212	
Less: accumulated depreciation		(32,484)	
Total Non-Current Assets		25,740,673 	
Total Assets		25,970,984 	

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

14,752,524	
309,317	
4,327	
	208,603 	
 $ 15,274,771 	

See accompanying notes to financial statements.

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Armstrong Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2023	

Net (Expenses)	
Revenues and	
Changes in	
Net Position	

Governmental Activities	

Functions/Programs	
Primary government	
Governmental Activities	
General government	
Physical environment	
Culture/recreation	
Interest and other costs	
Total Governmental Activities	

Program Revenues	

Charges for Services	Capital Grants and
Contributions	

Expenses

$	(119,211)	
(213,479)	
(183,964)	
	(458,800)	
 $	(975,454)	

$	123,184	$	-	
192,224	24,235	
190,094	-	
	677,879  	- 	
 $	1,183,381   $	24,235 	

$	3,973	
2,980	
6,130	
	219,079 	
232,162	

General Revenues:	
Investment earnings	
Miscellaneous revenues	
Total General Revenues	

45,554	
      20,533 	
      66,087 	

Change in Net Position	298,249

Net Position - October 1, 2022	
Net Position - September 30, 2023	

	14,976,522 	
 $	15,274,771 	

See accompanying notes to financial statements.

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Armstrong Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2023	

Cash	
Due from others	
Prepaid expenses	
Restricted assets:	
Investments	
Total Assets	

	-  	969,683 	
 $	230,311   $	969,683 	

Total	
Governmental	
Funds	

Debt	
Service	

Capital	
Projects	

$	190,932	
3,632	
35,747	

$	-	
-	
-	

$	-	
-	
-	

$	190,932	
3,632	
35,747	

ASSETS	General

	230,465 	
 $	230,465 	

	1,200,148 	
 $	1,430,459 	

LIABILITIES AND FUND BALANCES	
LIABILITIES	
Accounts payable and accrued expenses	

 $	21,708 

 $	- 

 $	- 

 $	21,708 

FUND BALANCES	
Nonspendable - prepaid expenses	
Restricted for debt service	
Restricted for capital projects	
Unassigned	
Total Fund Balances	

	
35,747	
-	
-	
    172,856 	
    208,603 	

	
-	
969,683	
-	
       - 	
    969,683 	

	
-	
-	
230,465	
       - 	
    230,465 	

	
35,747	
969,683	
230,465	
    172,856 	
   1,408,751 	

Total Liabilities and Fund Balances

 $	230,311 

 $	969,683 

 $	230,465 

 $	1,430,459 

Armstrong Community Development District	
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES	
TO NET POSITION OF GOVERNMENTAL ACTIVITIES	
September 30, 2023	

Total Governmental Fund Balances	$	1,408,751

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

Capital assets, construction in progress, $24,491,797, equipment, $81,212,		
net of accumulated depreciation, $(32,484), used in governmental activities are not	
current financial resources and therefore, are not reported at the fund level.	24,540,525	

Long-term liabilities, including bonds payable, $(10,590,000), net of bond discounts,	
net, $104,542, are not due and payable in the current period, and therefore,	
are not reported at the fund level.	(10,485,458)	

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

	(189,047)

Net Position of Governmental Activities	 $	15,274,771 

Armstrong Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES –	
GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2023	

Total	
Governmental	
Funds	

Debt	Capital	
Service	Projects	

General

Revenues	
Special assessments	
Developer contributions	
Miscellaneous revenues	
Investment earnings	
Total Revenues	

$	677,879	
-	
-	
     35,658 	
    713,537 	

$	-	
24,235	
-	
	1,730 	
	25,965 	

$	1,183,381	
24,235	
20,533	
     45,554 	
   1,273,703 	

$	505,502
- 20,533
	8,166 

-	
-	
-	
-	

-	
19,333	
-	
56,660	

119,211	
205,358	
183,964	
56,660	

-	
        - 	
     75,993 	

225,949	
     457,632 	
    1,248,774 	

	534,201 

Expenditures		
Current		
General government	119,211	
Physical environment	186,025	
Culture/recreation	183,964	
Capital outlay	-	
Debt service		
Principal	10,949	
Interest		373 	
Total Expenditures		500,522 	

215,000	
    457,259 	
    672,259 	

Revenues over/(under) expenditures	33,679	41,278	(50,028)	24,929	

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

-	
   (226,138)	
   (226,138)	

226,138	
        - 	
    226,138 	

226,138	
    (226,138)	
         - 	

Net change in fund balances	33,679	(184,860)	176,110	24,929	

Fund Balances - October 1, 2022		174,924  		1,154,543  		54,355  		1,383,822 	

Fund Balances - September 30, 2023	 $	208,603 	 $	969,683 	 $	230,465 	 $	1,408,751 	

See accompanying notes to financial statements.

Armstrong Community Development District	
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2023	

Net Change in Fund Balances - Total Governmental Funds

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

Repayments of principal are expenditures at the governmental fund	
level and reduce long-term liabilities at the government-wide level.	

Amortization of bond discount reported in the Statement of Activities does	
not require the use of current financial resources and therefore, is not	
reported as an expenditure at the fund level.	

$	24,929

Governmental funds report capital outlays as expenditures. However, in the		
Statement of Activities, the cost of those assets is allocated over their		
estimated useful lives as depreciation. This is the amount that depreciation,		
$(8,121), was exceeded by capital outlay, $56,660, in the current year.	48,539	

225,949

(4,124)

In the Statement of Activities, interest is accrued on outstanding bonds;		
whereas in governmental funds, interest expenditures are reported		
when due. This is the change in accrued interest from the prior year.			2,956 	

Change in Net Position of Governmental Activities	 $	298,249 

See accompanying notes to financial statements.

Armstrong Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES – BUDGET AND ACTUAL –	
GENERAL FUND	
For the Year Ended September 30, 2023	

Original	Final	
Budget	Budget	Actual	

Variance with	
Final Budget	
Positive	
(Negative)	

Revenues	
Special assessments	
Investment income	
Miscellaneous revenues	
Total Revenues	

	
$	504,612	
-	
	14,500 	
	519,112 	

	
$	504,612	
-	
	14,500 	
	519,112 	

	
$	505,502	
8,166	
	20,533 	
	534,201 	

	
$	890	
8,166	
      6,033 	
     15,089 	

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

117,269	
227,002	
174,841	

117,269	
227,002	
174,841	

119,211	
186,025	
183,964	

(1,942)	
40,977	
(9,123)	

-	
        - 	
   519,112 	

-	
        - 	
   519,112 	

10,949	
      373 	
   500,522 	

(10,949)	
      (373)	
     18,590 	

	-  	174,924  	174,924 	
 $	-   $	208,603   $	208,603 	

Net change in fund balances		-  	-  	33,679  	33,679  Fund Balances - October 1, 2022		- 
Fund Balances - September 30, 2023	 $	- 

See accompanying notes to financial statements.

Armstrong Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2023

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on July 12, 2016 pursuant to Clay County, Florida Ordinance 2016-03 and amended by Clay County, Florida Ordinance 2018-40 and Chapter 190, Florida Statutes. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing or re-constructing, enlarging or extending, equipping, operating and maintaining water management, bridges or culverts, district roads, landscaping, street lights and other basic infrastructure projects within or outside the boundaries of the Armstrong Community Development District. The District is governed by a five-member Board of Supervisors. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Armstrong Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board, the District has no component units.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting

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

Government-wide financial statements

Fund financial statements

Notes to financial statements

Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by special assessments and interest. Program revenues include charges for services and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the Statement of Activities to present the net cost of each program.
Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as another financing source.

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

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.	Measurement Focus and Basis of Accounting (Continued)

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

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.
Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by the state constitution, external resource providers, or through enabling legislation.

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter, to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long-term debt are recorded as other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

Basis of Presentation
Governmental Major Funds

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

Debt Service Fund – Accounts for debt service requirements to retire the special assessment revenue bonds which were used, among other things, to retire the debt of the bond anticipation notes and to finance the acquisition and construction of certain master infrastructure improvements within the District.

Capital Projects Fund – The Capital Projects Fund accounts for construction of certain infrastructure improvements within the boundaries of the District.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and buildings, and non-current governmental liabilities, such as general obligation bonds, be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Chapter 280, Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;
The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Restricted Assets
Certain net position of the District will be classified as restricted assets on the statement of net position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, and Net Position or Equity (Continued)

Capital Assets
Capital assets, which include equipment and construction in progress, are reported in governmental activities.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:
Equipment	5-10 years

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. Formal budgets are adopted for the general fund. The legal level of budgetary control is at the fund level. As a result, deficits in the budget variance columns of the accompanying financial statements may occur. All budgeted appropriations lapse at year end.
Unamortized Bond Discount
Bond discounts are presented on the government-wide financial statements. The costs are amortized over the life of the bonds. For financial reporting, the unamortized bond discount is netted against the applicable long-term debt.

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position
“Total fund balances” of the District’s governmental funds, $1,408,751, differs from “net position” of governmental activities, $15,274,771, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the Governmental Fund Balance Sheet. The effect of the differences is illustrated below.

Capital related items

When capital assets (improvements and infrastructure that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Construction in progress		$	24,491,797	
Equipment		81,212	
Accumulated depreciation			(32,484)	
Total		$	24,540,525 	
Long-term debt transactions			
Long-term liabilities applicable to the	District’s governmental	activities are not due and	
payable in the current period and accordingly are not reported as fund liabilities. All liabilities are reported in the Statement of Net Position. Balances at September 30, 2023 were:

Bonds payable	$	(10,590,000)	
Bond discount, net		104,542	
Total	$	(10,485,458)	
Accrued interest

Accrued liabilities in the Statement	

of Net Position differ from the amount reported in	
governmental funds due to the accrued interest on bonds.
Accrued interest	$	(189,047)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $24,929, differs from the “change in net position” for governmental activities, $298,249, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.

Capital related items

When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets is allocated over their estimated useful lives and reported as depreciation expense. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation expense charged for the year.

Capital outlay	$	56,660	
Depreciation		(8,121)	
Total	$	48,539	

Long-term debt transactions

Repayments of principal are reported as expenditures in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Principal payments	$	225,949 
Amortization of bond discount	$	(4,124)

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.

Net change in accrued interest payable	$	2,956 

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District follows the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2023, the District's bank balance was $228,178 and the carrying value was $190,932. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

Investments

As of September 30, 2023, the District had the following investments and maturities:

	Investment	  Maturities    Fair Value	
U S Bank Money Market Account	N/A	 $ 1,200,148 

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

Based on the criteria in the preceding paragraph, the investment listed above is a Level 1 investment.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Interest Rate Risk

The formal investment policy of the District conforms with State statutory requirements and bond indentures for investment maturities as a means of managing its exposure to increasing interest rates.
Credit Risk

The District's investments in treasury funds, money markets, and government loans are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. The District's investments government loans are limited by state statutory requirements and bond compliance.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in the U S Bank Money Market Account represent 100% of the district’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2023 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2023 was as follows:
Balance	Balance
October 1,	September 30,
	2022	 	Additions	  Deletions	 	2023	
Governmental Activities:
Capital Assets, Not Depreciated		
Construction in progress	 $ 24,435,137 	 $	56,660 	 $	- 	 $ 24,491,797 	

Capital Assets, Depreciated: Equipment	

	81,212 	

	- 	

	- 	

	81,212 	
Less Accumulated Depreciation for: Equipment	
	(24,363)	
	(8,121)	
	- 	
	(32,484)	
Total Capital Assets Depreciated, Net		56,849 		(8,121)		- 		48,728 	
Total Capital Assets, net	 $ 24,491,986 	 $	48,539 	 $	- 	 $ 24,540,525 	

Depreciation of $8,121 was charged to physical environment.

NOTE E – LONG-TERM DEBT
The following is a summary of debt activity for the District for the year ended September 30, 2023:

Bonds payable at October 1, 2022	$	10,805,000	
Principal payments		(215,000)	
Bonds payable at September 30, 2023	$	10,590,000	
Less: bond discount		(104,542)	
Bonds payable, net	$	10,485,458 	
Long-term debt is comprised of the following at September 30, 2023:		
Special Assessment Debt		
$4,035,000 Special Assessment Revenue Bonds, Series 2017A due in annual principal installments, beginning November 1, 2017. Interest is due annually on November 1, beginning November 1, 2017 at rates between 3.625% and 5.125% with a maturity date of November 1, 2048.	

$	3,755,000	
$7,500,000 Special Assessment Revenue Bonds, Series 2019A due in annual principal installments, beginning November 1, 2020. Interest is due annually on November 1, beginning November 1, 2020 at rates between 3.125% and 4% with a final maturity date of November 1, 2050.	

	6,835,000	
Bonds Payable at September 30, 2023	$	10,590,000	

NOTE E – LONG-TERM DEBT (CONTINUED)

The annual requirements to amortize the principal and interest of long term debt as of September 30, 2023 are as follows:

Year Ending
  September 30,		
	Principal		
	Interest		
	Total		
2024	$	220,000	$	447,822	$	667,822	
2025	225,000	440,131	665,131	
2026	230,000	433,906	663,906	
2027	240,000	424,856	664,856	
2028	250,000	415,406	665,406	
2029-2033	1,420,000	1,907,656	3,327,656	
2034-2038	1,750,000	1,573,047	3,323,047	
2039-2043	2,165,000	1,141,294	3,306,294	
2044-2048	2,700,000	603,075	3,303,075	
2049-2051		1,390,000 		76,007 		1,466,007 	
Totals	 $	10,590,000 	 $	7,463,200 	 $	18,053,200 	

NOTE E – LONG-TERM DEBT (CONTINUED)
Summary of Significant Resolution Terms and Covenants Significant Bond Provisions
The Series 2017A Bonds may, at the option of the District, be called for redemption prior to maturity in whole or in part on any date on or after November 1, 2027. The Series 2017A Bonds are subject to mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Series 2019A Bonds may, at the option of the District, be called for redemption prior to maturity in whole or in part on any date on or after November 1, 2029. The Series 2019A Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
Reserve Funds – The Series 2017A and 2019A Reserve Accounts were funded from the proceeds of the Series 2017A and 2019A Bonds in amounts equal to the maximum annual debt service of the Series 2017A and 2019A Bonds.
The following is a schedule of required reserve balances as of September 30, 2023:

Reserve	Reserve
	Balance	  Requirement 
Special Assessment Bonds, Series 2017A	$	265,819	$	265,819	
Special Assessment Bonds, Series 2019A	$	205,500	$	205,500	

NOTE F – COST SHARE AGREEMENT

In August 2020, the District entered into a cost share agreement with Armstrong Owners’ Association, Incorporated (“the Association”) for landscape and irrigation maintenance services of certain lands in which both parties agreed is a shared benefit between the District and the Association. The Association has agreed to pay monthly to the District $1,100 plus reimbursements to the District for actual costs incurred. At September 30, 2023, the District had a $3,632 receivable in relation to this agreement.

NOTE G – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. There were no claims or settled claims from these risks that have exceeded commercial coverage during the past three years.

NOTE H – ECONOMIC DEPENDENCY
The Developer owns a significant portion of land within the District. 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 I – RELATED PARTY TRANSACTIONS

One of the voting members of the Board of Supervisors is employed by the Developer or a related entity.
NOTE J – SUBSEQUENT EVENT

Subsequent to year end, the Series 2019A and Series 2017 Projects were deemed complete.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Armstrong Community Development District Clay County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Armstrong Community Development District, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated November 18, 2024.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Armstrong Community Development District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Armstrong Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Armstrong Community Development District's internal control.

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

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To the Board of Supervisors
Armstrong Community Development District

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

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 18, 2024

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MANAGEMENT LETTER

To the Board of Supervisors
Armstrong Community Development District Clay County, Florida
Report on the Financial Statements
We have audited the financial statements of the Armstrong Community Development District as of and for the year ended September 30, 2023, and have issued our report thereon dated November 18, 2024.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountant’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 November 18, 2024, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations made in the preceding financial audit report.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Armstrong Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific conditions met. In connection with our audit, we determined that the Armstrong Community Development District did not meet one of the conditions described in Section 218.503(1), Florida.

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To the Board of Supervisors
Armstrong Community Development District
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures for Armstrong Community Development District. It is management’s responsibility to monitor Armstrong Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the Management Letter any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Armstrong Community Development District reported:
The total number of District employees compensated in the last pay period of the District’s fiscal year: 4
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 14
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $7,573
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $517,526
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2022, together with the total expenditures for such project: N/A.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Armstrong Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: The General Fund, $1,111.40, the Debt Service Fund, $1,122.85 – $1,746.76.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $1,183,381.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Series 2017A Bonds, $3,755,000, maturing November 2048 and Series 2019A Bonds, $6,835,000, maturing November 2050.

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

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 18, 2024

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

To the Board of Supervisors
Armstrong Community Development District Clay County, Florida

We have examined Armstrong Community Development District’s compliance with Section 218.415, Florida Statutes during the year ended September 30, 2023. Management is responsible for Armstrong Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Armstrong Community Development District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Armstrong Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Armstrong Community Development District’s compliance with the specified requirements.

In our opinion, Armstrong Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2023.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 18, 2024

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