Yarborough Lane Community Development District

Meeting Agenda July 11, 2024

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Yarborough Lane
Community Development District

219 E. Livingston St., Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526
July 4 2024

Board of Supervisors Meeting
Yarborough Lane Community Development District
Dear Board Members:

A meeting of the Board of Supervisors of the Yarborough Lane Community Development District will be held on Thursday, July 11, 2024, at 10:30 AM at the Offices of Highland Homes, 3020 S. Florida Ave., Suite 101, Lakeland, FL 33803.

Zoom Video Join Link: https://us06web.zoom.us/j/82394791909
Call-In Information: 1-646-876-9923
Meeting ID: 823 9479 1909

Following is the advance agenda for the meeting:

Board of Supervisors Meeting

Roll Call
Public Comment Period (1Speakers will fill out a card and submit it to the District Manager prior to the beginning of the meeting)
Approval of Minutes of the June 13, 2024 Board of Supervisors Meeting and June 19, 2024 Continued Meeting
Public Hearing
Public Hearing on the Adoption of the Fiscal Year 2024/2025 Budget
Consideration of Resolution 2024-06 Adopting the District’s Fiscal Year 2024/2025 Budget and Appropriating Funds
Consideration of Fiscal Year 2024/2025 Developer Funding Agreement
Consideration of Resolution 2024-07 Designation of a Regular Monthly Meeting Date, Time, and Location for Fiscal Year 2024/2025
Consideration of the Adoption of Goals and Objectives for the District
Presentation of Fiscal Year 2023 Audit Report
Staff Reports
Attorney
Engineer
District Manager’s Report
Approval of Check Register
Balance Sheet & Income Statement
Other Business
Ethics Training
Supervisors Requests and Audience Comments
Adjournment

1 Comments will be limited to three (3) minutes

MINUTES

MINUTES OF MEETING YARBOROUGH LANE
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Yarborough Lane Community Development District was held on Thursday, June 13, 2024, at 10:30 a.m. at the Offices of Highland Homes, 3020 S. Florida Ave., Suite 101, Lakeland, Florida.

Present and constituting a quorum were:

Milton Andrade	Chairman
Brian Walsh	Vice Chairman
Garret Parkinson	Assistant Secretary
Kareyann Ellison	Appointed Assistant Secretary Also, present were:
Jill Burns	District Manager, GMS
Lauren Gentry	District Counsel, Kilinski Van Wyk
Patrick Collins	District Counsel, Kilinski Van Wyk
Rey Malave by Zoom	District Engineer, Dewberry
Chace Arrington by Zoom	District Engineer, Dewberry

The following is a summary of the discussions and actions taken at the June 13, 2024 Yarborough Lane Community Development District’s Regular Board of Supervisor’s Meeting.

FIRST ORDER OF BUSINESS	Roll Call
Ms. Burns called the meeting to order at 10:33 a.m. Four Supervisors were present at the meeting constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
There were no members of the public present and no members of the public joining via
Zoom.

THIRD ORDER OF BUSINESS	Approval of Minutes of the April 11, 2024
Board of Supervisors Meeting

Ms. Burns presented the minutes of the April 11, 2024 Board of Supervisors meeting. She asked for any questions, comments, or corrections to the minutes. Hearing none.

On MOTION by Mr. Walsh seconded by Mr. Andrade, with all in favor, the Minutes of the April 11, 2024 Board of Supervisors Meetings, were approved.

FOURTH ORDER OF BUSINESS	Presentation and Approval of Supplemental
Engineer’s Report (to be provided under separate cover)
Ms. Burns stated this will be tabled until the Engineer’s Report is received.

FIFTH ORDER OF BUSINESS	Presentation and Approval of Supplemental
Assessment Methodology Report (to be provided under separate cover)
Ms. Burns noted this will be tabled until the Engineer’s Report is received.

SIXTH ORDER OF BUSINESS	Consideration of Resolution 2024-03 Revised
Delegation Resolution (Series 2024 Project) Repealing and Replacing Delegation Resolution 2022-40
Ms. Burns stated this will be tabled until the Engineer’s Report is received.

SEVENTH ORDER OF BUSINESS	Updated Ancillary Documents for Series 2024
Project Bonds
True-Up Agreement
Collateral Assignment Agreement
Completion Agreement
Acquisition Agreement
Declaration of Consent
Notice of Special Assessments
Consideration of Resolution 2024-04 Revised Delegated Supplemental Assessment Resolution (Series 2024 Project) Repealing and Replacing Resolution 2022-41
Ms. Burns stated this will be tabled until the Engineer’s Report is received.

EIGHTH ORDER OF BUSINESS	Consideration of Underwriter Services Letter
for Series 2024 Bonds from FMS

Ms. Burns stated this is their engagement letter for this series of bonds.

On MOTION by Mr. Walsh, seconded by Mr. Andrade, with all in favor, the Underwriter Services Letter for Series 2024 Bonds from FMS, was approved.

NINTH ORDER OF BUSINESS	Consideration	of	Resolution	2024-05
Appointing Assistant Secretary
Ms. Burns noted this would appoint Kareyann Ellison as an Assistant Secretary.

On MOTION by Mr. Walsh, seconded by Mr. Andrade, with all in favor, Resolution 2024-05 Appointing Kareyann Ellison as an Assistant Secretary, was approved.

TENTH ORDER OF BUSINESS	Staff Reports
Attorney
Mr. Gentry reminded the Board of Form 1, first amendment auditors, and ethics training requirements.

Engineer
Mr. Malave asked for confirmation of the number of units in Phase 1. Ms. Burns confirmed there are 238 units.

District Manager’s Report
Approval of Check Register
Ms. Burns presented the check register from June 1, 2023 through May 1, 2024. She offered to answer any questions from the Board.

On MOTION by Mr. Andrade, seconded by Mr. Parkinson, with all in favor, the Check Register, was approved.

Balance Sheet & Income Statement
Ms. Burns noted financial statements were included in the agenda package for review.
These are for informational purposes. There is no action necessary from the Board.

Presentation of Number of Registered Voters – 0
Ms. Burns stated there are currently zero registered voters in the District.

ELEVENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

TWELFTH ORDER OF BUSINESS	Ethics Training
The Board participated in the ethics training required by Florida statute.

THIRTEENTH ORDER OF BUSINESS	Supervisors	Requests	and	Audience
Comments
There being no comments, the next item followed.

FOURTEENTH ORDER OF BUSINESS	Continuation of Meeting to June 19, 2024 at
11:00 a.m.
Ms. Gentry noted items IV through VII on the agenda will be continued to June 19, 2024 at 11:00 a.m.

On MOTION by Mr. Walsh, seconded by Mr. Andrade, with all in favor, the meeting will be continued to June 19, 2024.

Secretary/Assistant Secretary	Chairman/Vice Chairman

MINUTES OF MEETING YARBOROUGH LANE
COMMUNITY DEVELOPMENT DISTRICT

The continued meeting of the Board of Supervisors of the Yarborough Lane Community Development District was held on Thursday, June 19, 2024, at 10:30 a.m. at the Offices of Highland Homes, 3020 S. Florida Ave., Suite 101, Lakeland, Florida.

Present and constituting a quorum were:

Milton Andrade	Chairman
Brian Walsh	Vice Chairman
Garret Parkinson	Assistant Secretary Also, present were:
Jill Burns	District Manager, GMS
Patrick Collins by Zoom	District Counsel, Kilinski Van Wyk
Rey Malave by Zoom	District Engineer, Dewberry
Lisa Kelley by Zoom	District Engineer, Dewberry
Mark Wilson	District Project Engineer, Kimley Horn
Ashton Bligh by Zoom	Bond Counsel, Greenberg Traurig
Bob Gang by Zoom	Bond Counsel, Greenberg Traurig

The following is a summary of the discussions and actions taken at the June 19, 2024 Yarborough Lane Community Development District’s Continued Board of Supervisor’s Meeting.

FIRST ORDER OF BUSINESS	Roll Call
Ms. Burns called the meeting to order at 11:08 a.m. Three Supervisors were present at the meeting constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
There were no members of the public present and no members of the public joining via
Zoom.

THIRD ORDER OF BUSINESS	Presentation and Approval of Supplemental
Engineer’s Report dated June 13, 2024

Mr. Wilson stated this is really focused on Phase 1 of the project that is being initially constructed and funded. There is a listing of all of the permits that have been issued to date to allow construction to start and the utility providers and appropriate agencies were noted. He noted they went through the cost estimations and noted Phase 2 as well as a future phase to see how it all ties together.

On MOTION by Mr. Andrade seconded by Mr. Walsh, with all in favor, the Supplemental Engineer’s Report dated June 13, 2024, was approved.

FOURTH ORDER OF BUSINESS	Presentation	and	Approval	of	First
Supplemental Assessment Methodology Report (Series 2024 Project) dated June 13, 2024
Ms. Burns noted this assessment report supplements the prior Master Assessment Methodology that was previously approved by the Board and is based on the Series 2024 project. Table 1 shows the development plan for Phase 1 with 238 units and 3 product types, single family 40 ft., single family 50 ft., and single family 60 ft. Table 2 shows the cost estimate for infrastructure noted in the Engineer’s Report $16,082,000. Table 3 shows estimated bond sizing of $11,990,000. Table 4 shows improvement cost per unit for each product type. Table 5 shows par debt per unit, on the single family 40 it would be $40,000, single family 50 would be $50,000 and single family 60 would be $60,000. Table 6 shows the net and gross annual debt assessment per unit which takes into account the gross collection cost when collected on the Polk County Tax Bill. The single family 40 is $3,041.56, single family 50 is $3,801.95 and single family 60 is $4,0562.34. Table 7 shows the preliminary assessment roll that allocates the debt by acres within this assessment area of 65.2 acres all owned by Clayton Properties Group, Inc. The legal description is attached. She asked for any questions, if not looking for a motion to approve.

On MOTION by Mr. Walsh seconded by Mr. Andrade, with all in favor, the First Supplemental Assessment Methodology Report (Series 2024 Project) dated June 13, 2024, was approved.

FIFTH ORDER OF BUSINESS	Consideration of Resolution 2024-03 Revised
Delegation Resolution (Series 2024 Project)

Repealing and Replacing Delegation Resolution 2022-40
Ms. Bligh stated this is a supplemental resolution that was contemplated when the Board adopted the original resolution in May of 2022. This resolution is authorizing the issuance of a series of bonds and also is repealing the prior delegation resolution that the Board adopted on August 11, 2022 that was Delegation Resolution 2022-40. This resolution contains documents as exhibits to sell one series of bonds for the primary purpose of providing funds to pay all or a portion of the cost of public infrastructure for 238 home sites. It also describes the probable cost of the project itself which is pulled from the Supplemental Engineer’s Report. She noted they did send pages to the District reflecting the updated footnote to the Engineer’s Report and the updated date of June 19th. If you are entering the June 13th revision of the report, discard the updated foot pages that they did send. Ms. Burns noted they will update the date of the Engineer’s Report in their report as well. The forms of the documents attached to this resolution include the First Supplemental Indenture, Bond Purchase Contract, Preliminary Limited Offering Memorandum, Rule 15c2-12 Certificate as well as a Continuing Disclosure Agreement. Section V includes the parameters for the Series 2024 bonds. Any optional redemption of the Series 2024 bonds will be determined at pricing. The interest rate on the Series 2024 bonds shall not exceed the maximum statutory rate. The aggregate principal amount of the Series 2024 bonds shall not exceed $14M. The Series 2024 bonds shall have a final maturity not later than the maximum term allowed by Florida Law which is currently 30 years of principal amortization. The price of which the Series 2024 bonds will be sold to the underwriter shall not be less than 98% of the aggregate base amount of the Series 2024 bonds exclusive of original issue discount.

On MOTION by Mr. Walsh seconded by Mr. Andrade, with all in favor, Resolution 2024-03 Revised Delegation Resolution (Series 2024 Project) Repealing and Replacing Delegation Resolution 2024- 40, was approved.

SIXTH ORDER OF BUSINESS	Updated Ancillary Documents for Series 2024
Project Bonds
True-Up Agreement
Collateral Assignment Agreement
Completion Agreement

Acquisition Agreement
Declaration of Consent
Notice of Special Assessments
Consideration of Resolution 2024-04 Revised Delegated Supplemental Assessment Resolution (Series 2024 Project) Repealing and Replacing Resolution 2022-41
Mr. Collins reviewed the ancillary documents for the Series 2024 project bonds. He noted the Delegated Supplemental Assessment Resolution finalizes the assessments that will secure the terms of the bonds based on the details of the bonds. The Master Resolution is already in place so this resolution finalizes the terms of this particular bond series. The resolution also finds that the Series 2024 project serves a proper, essential and valid public purpose and the assessments are fairly and reasonably allocated across Assessment Area One.

On MOTION by Mr. Walsh seconded by Mr. Parkinson, with all in favor, the Updated Ancillary Documents for Series 2024 Project Bonds, was approved in substantial form.

SEVENTH ORDER OF BUSINESS	Approval of Assignment of Agreement for
2024 Project – ADDED
Ms. Burns stated this was added and Ms. Gentry provided that. This assigns the contract to the CDD. Mr. Collins noted they have the contract for Phases 1 and 2 work and that was a total of
$18,091,549.50

On MOTION by Mr. Andrade, seconded by Mr. Walsh, with all in favor, the Assignment of Agreement for 2024 Project, was ratified.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
Mr. Collins had nothing further to add unless there are any questions.

Engineer
Mr. Wilson had nothing further to report.

District Manager’s Report
Ms. Burns had nothing further to report.

NINTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

TENTH ORDER OF BUSINESS	Supervisors	Requests	and	Audience
Comments
There being no comments, the next item followed.

ELEVENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Walsh, seconded by Mr. Andrade, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

Section A

Section 1

RESOLUTION 2024-06
THE ANNUAL APPROPRIATION RESOLUTION OF THE YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2024, AND ENDING SEPTEMBER 30, 2025; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2024, submitted to the Board of Supervisors (“Board”) of the Yarborough Lane Community Development District (“District”) proposed budget (“Proposed Budget”) for the fiscal year beginning October 1, 2024 and ending September 30, 2025 (“Fiscal Year 2024/2025”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b), Florida Statutes; and
WHEREAS, the Board set a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and
WHEREAS, the District Manager posted the Proposed Budget on the District’s website at least two days before the public hearing; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and
WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT:
SECTION 1.  BUDGET
The Board has reviewed the Proposed Budget, a copy of which is on file with the office of the District Manager and at the District’s Local Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.
The Proposed Budget, attached hereto as Exhibit “A,” as amended by the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes (“Adopted Budget”), and incorporated herein by reference; provided, however, that the comparative figures contained in the Adopted Budget may be

subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.
The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the Yarborough Lane Community Development District for the Fiscal Year Ending September 30, 2025.”

The Adopted Budget shall be posted by the District Manager on the District’s official website within thirty (30) days after adoption, and shall remain on the website for at least 2 years.
SECTION 2.  APPROPRIATIONS
There is hereby appropriated out of the revenues of the District, for Fiscal Year 2024/2025, the sum of $	 to be raised by the levy of assessments and/or otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion:

TOTAL GENERAL FUND	$	
SECTION 3.  BUDGET AMENDMENTS
Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year 2024/2025 or within 60 days following the end of the Fiscal Year 2024/2025 may amend its Adopted Budget for that fiscal year as follows:

A line-item appropriation for expenditures within a fund may be decreased or increased by motion of the Board recorded in the minutes, and approving the expenditure, if the total appropriations of the fund do not increase.
The District Manager or Treasurer may approve an expenditure that would increase or decrease a line-item appropriation for expenditures within a fund if the total appropriations of the fund do not increase and if either (i) the aggregate change in the original appropriation item does not exceed the greater of $15,000 or 15% of the original appropriation, or (ii) such expenditure is authorized by separate disbursement or spending resolution.

Any other budget amendments shall be adopted by resolution and consistent with Florida law.
The District Manager or Treasurer must ensure that any amendments to the budget under paragraph c. above are posted on the District’s website within five (5) days after adoption and remain on the website for at least two (2) years.
SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 11TH DAY OF JULY 2024.
ATTEST:	YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:	 Its:	

Exhibit A:	Fiscal Year 2024/2025 Budget

Yarborough Lane
Community Development District

Proposed Budget
FY2025

Table of Contents

1		General Fund

	General Fund Narrative

Community Development District Proposed Budget
General Fund

Adopted
Budget	Actuals
Thru	Projected
Next	Total
Thru	Proposed
Budget	
Description	FY2024	6/30/24	3 Months	9/30/24	FY2025	
Revenues						
Developer Contributions	$	182,041	$	20,000	$	45,873	$	65,873	$	184,929	
Total Revenues	$	182,041	$	20,000	$	45,873	$	65,873	$	184,929	
Expenditures						
General & Administrative						
Supervisor Fees	$	12,000	$	2,400	$	3,000	$	5,400	$	12,000	
Engineering	$	15,000	$	58	$	943	$	1,000	$	15,000	
Attorney	$	25,000	$	3,958	$	3,042	$	7,000	$	25,000	
Annual Audit	$	4,000	$	2,900	$	-	$	2,900	$	4,000	
Assessment Administration	$	5,000	$	-	$	-	$	-	$	5,000	
Arbitrage	$	450	$	-	$	-	$	-	$	450	
Dissemination	$	5,000	$	-	$	-	$	-	$	5,000	
Trustee Fees	$	4,041	$	-	$	-	$	-	$	4,041	
Management Fees	$	37,500	$	28,125	$	9,375	$	37,500	$	39,375	
Information Technology	$	1,800	$	1,350	$	450	$	1,800	$	1,890	
Website Maintenance	$	1,200	$	900	$	300	$	1,200	$	1,260	
Postage & Delivery	$	1,000	$	14	$	15	$	29	$	1,000	
Insurance	$	5,750	$	5,200	$	-	$	5,200	$	6,613	
Copies	$	1,000	$	-	$	50	$	50	$	1,000	
Legal Advertising	$	10,000	$	-	$	3,000	$	3,000	$	10,000	
Other Current Charges	$	2,500	$	436	$	153	$	589	$	2,500	
Office Supplies	$	625	$	3	$	27	$	30	$	625	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative:	$	132,041	$	45,519	$	20,354	$	65,873	$	134,929	
Operations & Maintenance
Field Contingency	
$	50,000	
$	-	
$	-	
$	-	
$	50,000	
Total Operations & Maintenance:	$	50,000	$	-	$	-	$	-	$	50,000	
						
Total Expenditures	$	182,041	$	45,519	$	20,354	$	65,873	$	184,929	
						
Excess Revenues/(Expenditures)	$	-	$	(25,519)	$	25,519	$	-	$	-	

Revenues:

Developer Contributions

The District will enter into a funding agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

Expenditures:

General & Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed
$4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

Engineering

The District's engineer, Dewberry Engineering, provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Kilinski | Van Wyk, PLLC., provides general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on an anticipated bond issuance.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. This cost is based upon an anticipated bond issuance.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these systems.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc. Governmental Management Services – Central Florida, LLC provides these services.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Copies

Printing agenda materials for board meetings, printing of computerized checks, stationary, envelopes, etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Section 2

YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025 FUNDING AGREEMENT

This agreement (“Agreement”) is made and entered into this 11th day of July 2024, by and between:

YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT, a local unit of special- purpose government established pursuant to Chapter 190, Florida Statutes, and located in Polk County, Florida ("District"), with a mailing address c/o Governmental Management Services – Central Florida, LLC, 219 East Livingston Street, Orlando, Florida 32801, and

CLAYTON PROPERTIES GROUP, INC., a Tennessee corporation and a landowner in the District ("Developer") with an address of 3020 S. Florida Avenue, Suite 101, Lakeland, Florida 33803.
RECITALS

WHEREAS, the District was established by an ordinance adopted by the Board of County Commissioners of Polk County, Florida, for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure; and

WHEREAS, the District, pursuant to Chapter 190, Florida Statutes, is authorized to levy such taxes, special assessments, fees and other charges as may be necessary in furtherance of the District's activities and services; and

WHEREAS, Developer presently owns and/or is developing the majority of all real property described in Exhibit A, attached hereto and incorporated herein (“Property”), within the District, which Property will benefit from the timely construction and acquisition of the District's facilities, activities and services and from the continued operations of the District; and

WHEREAS, the District is adopting its general fund budget for the fiscal year beginning October 1, 2024 and ending September 30, 2025 (“Fiscal Year 2024/2025 Budget”); and

WHEREAS, this Fiscal Year 2024/2025 Budget, which both parties recognize may be amended from time to time in the sole discretion of the District, is attached hereto and incorporated herein by reference as Exhibit B; and

WHEREAS, the District has the option of levying non-ad valorem assessments on all land, including the Property, that will benefit from the activities, operations and services set forth in the Fiscal Year 2024/2025 Budget, or utilizing such other revenue sources as may be available to it; and

WHEREAS, in lieu of levying assessments on the Property, the Developer is willing to provide such funds as are necessary to allow the District to proceed with its operations as described in Exhibit B; and

WHEREAS, the Developer agrees that the activities, operations and services provide a special and peculiar benefit equal to or in excess of the costs reflected on Exhibit B to the Property; and

WHEREAS, the Developer has agreed to enter into this Agreement in lieu of having the District levy and collect any non-ad valorem assessments as authorized by law against the Property located within the District for the activities, operations and services set forth in Exhibit B; and

WHEREAS, Developer and District desire to secure such budget funding through the imposition of a continuing lien against the Property described in Exhibit A and otherwise as provided herein.

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which are hereby acknowledged, the parties agree as follows:

FUNDING. The Developer agrees to make available to the District the monies necessary for the operation of the District as called for in the budget attached hereto as Exhibit B, as may be amended from time to time in the District’s sole discretion, within fifteen (15) days of written request by the District. Amendments to the Fiscal Year 2024/2025 Budget as shown on Exhibit B adopted by the District at a duly noticed meeting shall have the effect of amending this Agreement without further action of the parties. Funds provided hereunder shall be placed in the District's general checking account. These payments are made by the Developer in lieu of taxes, fees, or assessments which might otherwise be levied or imposed by the District.

CONTINUING LIEN. District shall have the right to file a continuing lien upon the Property described in Exhibit A for all payments due and owing under the terms of this Agreement and for interest thereon, and for reasonable attorneys’ fees, paralegals’ fees, expenses and court costs incurred by the District incident to the collection of funds under this Agreement or for enforcement this lien, and all sums advanced and paid by the District for taxes and payment on account of superior interests, liens and encumbrances in order to preserve and protect the District’s lien. The lien shall be effective as of the date and time of the recording of a “Notice of Lien for Fiscal Year 2024/2025 Budget” in the public records of Polk County, Florida (“County”), stating among other things, the description of the real property and the amount due as of the recording of the Notice, and the existence of this Agreement. The District Manager, in its sole discretion, is hereby authorized by the District to file the Notice of Lien for Fiscal Year 2024/2025 Budget on behalf of the District, without the need of further Board action authorizing or directing such filing. At the District Manager’s direction, the District may also bring an action at law against the record title holder to the Property to pay the amount due under this Agreement, or may foreclose the lien against the Property in any manner authorized by law. The District may partially release any filed lien for portions of the Property subject to a plat if and when the Developer has demonstrated, in the District’s sole discretion, such release will not materially impair the ability of the District to enforce the collection of funds hereunder. In the event the Developer sells any of the Property described in Exhibit A after the execution of this Agreement, the Developer’s rights and obligations under this Agreement shall remain the same, provided however that the District shall only have the right to file a lien upon the remaining Property owned by the Developer.

ALTERNATIVE COLLECTION METHODS.

In the alternative or in addition to the collection method set forth in Paragraph 2 above, the District may enforce the collection of funds due under this Agreement by action against the Developer in the appropriate judicial forum in and for the County. The enforcement of the collection of funds in this manner shall be in the sole discretion of the District Manager on behalf of the District. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties

agree that the prevailing party shall be entitled to recover from the other all costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution, or appellate proceedings.

The District hereby finds that the activities, operations and services set forth in Exhibit B provide a special and peculiar benefit to the Property, which benefit is initially allocated on an equal developable acreage basis. The Developer agrees that the activities, operations and services set forth in Exhibit B provide a special and peculiar benefit to the Property equal to or in excess of the costs set forth in Exhibit B, on an equal developable acreage basis. Therefore, in the alternative or in addition to the other methods of collection set forth in this Agreement, the District, in its sole discretion, may choose to certify amounts due hereunder as a non-ad valorem assessment on all or any part of the Property for collection, either through the Uniform Method of Collection set forth in Chapter 197, Florida Statutes, or under any method of direct bill and collection authorized by Florida law. Such assessment, if imposed, may be certified on the next available tax roll of the County property appraiser.

AGREEMENT; AMENDMENTS. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Agreement. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto.

AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all the requirements of law, and each party has full power and authority to comply with the terms and provisions of this instrument.

ASSIGNMENT. This Agreement may be assigned, in whole or in part, by either party only upon the written consent of the other, which consent shall not be unreasonably withheld.

DEFAULT. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages, injunctive relief and specific performance and specifically including the ability of the District to enforce any and all payment obligations under this Agreement in the manner described herein in Paragraphs 2 and 3 above.

THIRD PARTY RIGHTS; TRANSFER OF PROPERTY. This Agreement is solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns. In the event the Developer sells or otherwise disposes of its business or of all or substantially all of its assets relating to improvements, work product, or lands within the District, the Developer shall continue to be bound by the terms of this Agreement and additionally shall expressly require that the purchaser agree to be bound by the terms of this Agreement. The Developer shall give 90 days prior written notice to the District under this Agreement of any such sale or disposition.

FLORIDA LAW GOVERNS. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida.

ARM’S LENGTH TRANSACTION. This Agreement has been negotiated fully between the parties as an arm's length transaction. The parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are each deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.

EFFECTIVE DATE. The Agreement shall be effective after execution by both parties hereto. The enforcement provisions of this Agreement shall survive its termination, until all payments due under this Agreement are paid in full.

IN WITNESS WHEREOF, the parties execute this Agreement the day and year first written above.

Attest:

YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT

	

Secretary/Assistant Secretary

By: 	
Its: 	

CLAYTON PROPERTIES GROUP, INC.
a Tennessee corporation

	

Witness

EXHIBIT A:	Property Description
EXHIBIT B:	Fiscal Year 2024/2025 Budget

By:
Its:

EXHIBIT A:	Property Description

LEGAL DESCRIPTION:
PARCEL 1
LOT 40 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, W. F. HALLAM AND COMPANY'S CLUB COLONY TRACT OF LAKELAND HIGHLANDS, FLORIDA, SAID LOT BEING
EQUIVALENT TO THE NW 1Jd OF THE NW 1/4 OF THE SW 114 OF SAID SECTION, TOWNSHIP ANO RANGE. PARCEL ID 232924-288000-004001 ANO 232.924-288000-004002.
AND
PARCEL 2
LOT 39 OF W.F. HALLAM & COMPANY'S CLUB COLONY TRACT OF LAKELAND HIGHLANDS, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 1, PAGE 102, OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA AND THAT PART OF VACATED ROAD RECORDED DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703, LESS THAT PORTION OF ADDITIONAL ROAD RIGHT-OF-WAY RECORDED FOR CREWS LAKE DRIVE. PARCEL 10. 232924-288000-003900.
AND
PARCEL 3
LOT 41 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, OF W. F. HALLAM AND COMPANY"S CLUB COLONY TRACT OF LAKELAND HIGHLANDS, FLORIDA, ACCORDING TO PLAT THEREOF RECORDED IN PLAT BOOK 1, PAGE 102, PUBLIC RECORDS OF POLK COUNTY, FLORIDA. PARCEL ID. 232924-288000.()04100.

AND
PARCEL 4
THE SE 1/4 OF NW 114 OF SW 1J4 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, ALSO KNOWN AS LOT 42 OF W. F. HALLAM & CO'S CLUB COLONY TRACT OF LAKELAND HIGHLANDS, ACCORDING TO THE MAP OR PLAT THEREOF AS RECORDED IN PLAT BOOK 1, PAGE 102A OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA AND THAT PART OF VACATED ROAD RECORDED DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703. PARCEL ID. 232924-288000-004200.
AND
PARCEL 5
LOTS S5 AND 56 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, OF W. F. HALLAM ANO COMPANY'S CLUB COLONY TRACT OF LAKELAND HIGHLANDS, FLORIDA, ACCORDING TO PLAT THEREOF RECORDED IN PLAT BOOK 1, PAGE 102, PUBLIC RECORDS OF POLK COUNTY, FLORIDA AND THAT PART OF VACATED ROAD RECORDED DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703. PARCEL ID. 232924-288000.0055D0.

AND
PARCEL 6
THE SW 1/4 OF THE SW 1/4 OF THE SW 1/4 IN SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST OR LOT 57 OF W. F. HALLAM & CO'S CLUB COLONY TRACT OF LAKELAND HIGHLANDS FLORIDA, ACCORDING TO THE MAP OR PLAT THEREOF AS RECORDED IN PLAT BOOK 1, PAGE 102A, AND THAT PART OF VACATED ROAD RECORDED DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703, PUBLIC RECORDS OF POLK COUNTY, FLORIDA. PARCEL 10. 232924-288000.005700.
AND
PARCEL 7
THE SE 1/4 OF THE SW 1/4, LESS THE NE 1/4 OF SE 114 OF SW 114 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, AND THAT PART OF VACATED ROAD RECORDED
DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703, PUBLIC RECORDS OF POLK COUNTY, FLORIDA. PARCEL ID. 232924-000000.()42020.
AND
PARCEL 8
LOT 58, IN SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, W. F. HALLAM & CO.'S CLUB COLONY TRACT, ACCORDING TO THE MAP OR PLAT THEREOF RECORDED IN PLAT BOOK 1, PAGE 102 AND THAT PART OF VACATED ROAD RECORDED DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703, PUBLIC RECORDS OF POLK COUNTY, FLORIDA. PARCEL ID. 232924-288000-005801.
AND
PARCEL 9
THE NE 1/4 OF THE NE 1/4 OF THE NW 1/4 OF SECTION 26, TOWNSHIP 29 SOUTH, RANGE 24 EAST, ALL LYING IN POLK COUNTY, FLORIDA. PARCEL ID. 242926-000000-031030. AND
PARCEL 10
THE SOUTHEAST 1/4 OF THE SOUTHWEST 114 OF THE SOUTHEAST 1/4 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, LESS RIGHT-OF-WAY, LYING IN POLK
COUNTY, FLORIDA. PARCEL ID. 242926.()00000.()24030.

AND
PARCEL 11
THE SOUTHWEST 1/4 OF THE SOUTHWEST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST, AND THAT PART OF VACATED ROAD
RECORDED DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703, LESS ROAD RIGHT-OF-WAY, LYING IN POLK COUNTY, FLORIDA. PARCEL ID. 232924-000000-024050.

AND
PARCEL 12
LOTS 7 AND 8 OF W. F. HALLAM & CO'S CLUB COLONY TRACT OF LAKELAND HIGHLANDS FLORIDA, ACCORDING TO THE MAP OR PLAT THEREOF AS RECORDED IN PLAT BOOK 1, PAGE 102A, ALSO DESCRIBED AS THEN 112 OF THE NW 1/4 OF THE NW 1/4 IN SECTION 26, TOWNSHIP 29 SOUTH, RANGE 24 EAST AND THAT PART OF VACATED ROAD
RECORDED DECEMBER 21, 2007 IN OFFICIAL RECORDS BOOK 10348, PAGE 703, PUBLIC RECORDS OF POLK COUNTY, FLORIDA, LESS THE NORTH 24.0 FEET OF THE WEST 65.0
FEET OF THE NW114 OF THE NW1/4 OF THE NW y.._PARCEL ID. 262924-289500-000072.

LESS AND EXCEPT
THAT PART OF THE SOUTHWEST 114 OF THE SOUTHWEST 114 OF THE SOUTHEAST 1/4AND THAT PART OF THE SOUTHEAST 1/4 OF THE SOUTHEAST114 OF THE SOUTHWEST 1/4 OF SECTION 23, TOWNSHIP 29 SOUTH, RANGE 24 EAST AND THAT PART OF THE NORTHEAST 114OF THE NORTHEAST 1/4 OF THE NORTHWEST 1/4 OF SECTION 26, TOWNSHIP 29 SOUTH, RANGE 24 EAST, POLK COUNTY, FLORIDA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE NORTHWEST CORNER OF THE NORTHWEST 1/4 OF THE NORTHEAST 1/4 OF THE NORTHEAST 1/4 OF SAID SECTION 26, THE SAME ALSO BEING THE NORTHEAST CORNER OF THE NORTHEAST 1/4 OF THE NORTHEAST 114 OF THE NORTHWEST 1/4 OF SAID SECTION 26 AND ALSO THE SOUTHEAST CORNER OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 Of THE SOUTHWEST 1/4 OF SAID SECTION 23 AND ALSO THE SOUTHWEST CORNER OF THE SOUTHWEST 114 OF THE SOUTHWEST 114 OF THE
SOUTHEAST 114 Of SAID SECTION 23; THENCE NORTH 89°43"15""EAST ALONG THE SOUTH BOUNDARY Of SAID SECTION 23, A DISTANCE OF 30.00 FE.ET; THENCE.
DEPARTING SAID SOUTH BOUNDARY, NORTH 00°39'14" WEST A DISTANCE OF 382.46 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE EASTERLY HAVING A
RADIUS OF 1970.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE/DELTA OF 4°07'19" (CHORD= 141.70 FEET, CHORD BEARING= NORTH 01"24'25" EAST) FOR A DISTANCE OF 141.73FEETTO THE POINT OF REVERSE CURVATURE WITH A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 2030.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE/DELTA OF 3°46'28" (CHORD= 133.71 FEET, CHORD BEARING= NORTH 01°34'51" EAST) FOR A DISTANCE OF 133.73 FEET TO THE NON-TANGENT, NON-RADIAL INTERSECTION WITH THE NORTH BOUNDARY OF THE AFOREMENTIONED SOUTHWEST 1/4 OF THE SOUTHWEST 114 OF THE SOUTHEAST 114 OF SECTION 23; THENCE SOUTH 89°38"18" WEST ALONG SAID NORTH BOUNDARY AND ALONG THE NORTH BOUNDARY OF THE AFOREMENTIONED SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF THE SOUTHWEST 1/4 OF SECTION 23, A DISTANCE OF 180.53 FEET; THENCE DEPARTING SAID NORTH BOUNDARY, SOUTH 00°39'14" EAST, A DISTANCE OF 250.00 FEET; THENCE NORTH 89°20'46" EAST, A DISTANCE OF 110.39 FEET TO THE NON-TANGENT, NON-RADIAL INTERSECTION WITH A CURVE CONCAVE EASTERLY HAVING A RADIUS OF 2030.00 FEET; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE/DELTA OF 0°44'16" (CHORD= 26.13 FEET, CHORD BEARING= SOUTH 00°17'07" EAST) FOR A DISTANCE OF 26.13 FEET TO THE POINT OF TANGENCY; THENCE SOUTH
00°39"14"' EAST, A DISTANCE OF 538.78 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 695.00 FEET; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE/DELTA OF 18°14'38" (CHORD= 188.86 FEET, CHORD BEARING= SOUTH 09°46'63" EAST) FOR A DISTANCE OF 189.46 FEET TO THE NON-TANGENT, NON-RADIAL INTERSECTION WITH THE EAST BOUNDARY OF THE AFOREMENTIONED NORTHEAST 1/4 OF THE NORTHEAST 1/4 OF THE NORTHWEST 1/4 OF SECTION 26; THENCE DEPARTING SAID CURVE AND ALONG THE SAID EAST BOUNDARY, NORTH 00°38'19" WEST A DISTANCE OF 342.78
FEET TO THE POINT OF BEGINNING.

Yarborough Lane
Community Development District

Proposed Budget
FY2025

Table of Contents

1		General Fund

2-4		General Fund Narrative

Community Development District Proposed Budget
General Fund

Adopted
Budget	Actuals
Thru	Projected
Next	Total
Thru	Proposed
Budget	
Description	FY2024	6/30/24	3 Months	9/30/24	FY2025	
Revenues						
Developer Contributions	$	182,041	$	20,000	$	45,873	$	65,873	$	184,929	
Total Revenues	$	182,041	$	20,000	$	45,873	$	65,873	$	184,929	
Expenditures						
General & Administrative						
Supervisor Fees	$	12,000	$	2,400	$	3,000	$	5,400	$	12,000	
Engineering	$	15,000	$	58	$	943	$	1,000	$	15,000	
Attorney	$	25,000	$	3,958	$	3,042	$	7,000	$	25,000	
Annual Audit	$	4,000	$	2,900	$	-	$	2,900	$	4,000	
Assessment Administration	$	5,000	$	-	$	-	$	-	$	5,000	
Arbitrage	$	450	$	-	$	-	$	-	$	450	
Dissemination	$	5,000	$	-	$	-	$	-	$	5,000	
Trustee Fees	$	4,041	$	-	$	-	$	-	$	4,041	
Management Fees	$	37,500	$	28,125	$	9,375	$	37,500	$	39,375	
Information Technology	$	1,800	$	1,350	$	450	$	1,800	$	1,890	
Website Maintenance	$	1,200	$	900	$	300	$	1,200	$	1,260	
Postage & Delivery	$	1,000	$	14	$	15	$	29	$	1,000	
Insurance	$	5,750	$	5,200	$	-	$	5,200	$	6,613	
Copies	$	1,000	$	-	$	50	$	50	$	1,000	
Legal Advertising	$	10,000	$	-	$	3,000	$	3,000	$	10,000	
Other Current Charges	$	2,500	$	436	$	153	$	589	$	2,500	
Office Supplies	$	625	$	3	$	27	$	30	$	625	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative:	$	132,041	$	45,519	$	20,354	$	65,873	$	134,929	
Operations & Maintenance
Field Contingency	
$	50,000	
$	-	
$	-	
$	-	
$	50,000	
Total Operations & Maintenance:	$	50,000	$	-	$	-	$	-	$	50,000	
						
Total Expenditures	$	182,041	$	45,519	$	20,354	$	65,873	$	184,929	
						
Excess Revenues/(Expenditures)	$	-	$	(25,519)	$	25,519	$	-	$	-	

Revenues:

Developer Contributions

The District will enter into a funding agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

Expenditures:

General & Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed
$4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

Engineering

The District's engineer, Dewberry Engineering, provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Kilinski | Van Wyk, PLLC., provides general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on an anticipated bond issuance.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. This cost is based upon an anticipated bond issuance.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these systems.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc. Governmental Management Services – Central Florida, LLC provides these services.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Copies

Printing agenda materials for board meetings, printing of computerized checks, stationary, envelopes, etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Section V

RESOLUTION 2024-07
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT ADOPTING THE ANNUAL MEETING SCHEDULE FOR FISCAL YEAR 2024/2025; AND PROVIDING FOR AN EFFECTIVE DATE.

Whereas, the Yarborough Lane Community Development District (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Polk County, Florida; and
Whereas, the District is required by Section 189.015, Florida Statutes, to file quarterly, semi- annually, or annually a schedule (including date, time, and location) of its regular meetings with local governing authorities; and

Whereas, further, in accordance with the above-referenced statute, the District shall also publish quarterly, semi-annually, or annually the District’s regular meeting schedule in a newspaper of general paid circulation in the county in which the District is located; and

WHEREAS, the Board desires to adopt the Fiscal Year 2024/2025 annual meeting schedule attached as Exhibit A.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. The Fiscal Year 2024/2025 annual meeting schedule attached hereto and incorporated by reference herein as Exhibit A is hereby approved and shall be published in accordance with the requirements of Florida law and also provided to applicable governing authorities.

SECTION 2.   This Resolution shall become effective immediately upon its adoption.

Passed and adopted this 11th day of July 2024

ATTEST:	YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A:	Fiscal Year 2024/2025 Annual Meeting Schedule

Exhibit A: Fiscal Year 2024/2025 Annual Meeting Schedule
BOARD OF SUPERVISORS MEETING DATES YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2024/2025
The Board of Supervisors of the Yarborough Lane Community Development District will hold their regular meetings for Fiscal Year 2024/2025 at the offices of Highland Homes, 3020 S. Florida Avenue, Suite 101, Lakeland, Florida 33803, on the 2nd Thursday of every month at 10:00 AM, unless otherwise indicated as follows:
October 10, 2024
Tuesday, November 5, 2024 @ 1:05 PM @ the Holiday Inn—Winter Haven, 200 Cypress Gardens Blvd., Winter Haven, Florida 33880 (Landowner’s Meeting)
November 14, 2024
December 12, 2024
January 9, 2025
February 13, 2025
March 13, 2025
April 10, 2025
May 8, 2025
June 12, 2025
July 10, 2025
August 14, 2025
September 11, 2025
The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained from Governmental Management Services - Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida 32801 or by calling (407) 841-5524.
There may be occasions when one or more Supervisors or staff will participate by telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (407) 841-5524 at least 48 hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.

A person who decides to appeal any decision made at the meeting with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

District Manager

Section VI

Memorandum
To: Board of Supervisors From: District Management Date: July 11, 2024
RE:	HB7013 – Special Districts Performance Measures and Standards

To enhance accountability and transparency, new regulations were established for all special districts, by the Florida Legislature, during their 2024 legislative session. Starting on October 1, 2024, or by the end of the ﬁrst full ﬁscal year after its creation (whichever comes later), each special district must establish goals and objectives for each program and activity, as well as develop performance measures and standards to assess the achievement of these goals and objectives. Additionally, by December 1 each year (initial report due on December 1, 2025), each special district is required to publish an annual report on its website, detailing the goals and objectives achieved, the performance measures and standards used, and any goals or objectives that were not achieved.
District Management has identiﬁed the following key categories to focus on for Fiscal Year 2025 and develop statutorily compliant goals for each:
Community Communication and Engagement
Infrastructure and Facilities Maintenance
Financial Transparency and Accountability
Additionally, special districts must provide an annual reporting form to share with the public that reﬂects whether the goals & objectives were met for the year. District Management has streamlined these requirements into a single document that meets both the statutory requirements for goal/objective setting and annual reporting.
The proposed goals/objectives and the annual reporting form are attached as exhibit A to this memo. District Management recommends that the Board of Supervisors adopt these goals and objectives to maintain compliance with HB7013 and further enhance their commitment to the accountability and transparency of the District.

Exhibit A:
Goals, Objectives and Annual Reporting Form

Yarborough Lane Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2024 – September 30, 2025

 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of each meeting in accordance with Florida Statutes, using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication.
Standard: 100% of meetings were advertised in accordance with Florida Statutes, on at least two mediums (i.e., newspaper, CDD website, electronic communications). Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Financial Transparency and Accountability
Goal 2.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and ﬁnal budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and ﬁnal budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 2.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current ﬁscal year budget with any amendments, and most recent ﬁnancials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and ﬁnancials are accessible to the public as evidenced by corresponding documents on the CDD’s website.
Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended ﬁscal year budget, and most recent agenda package with updated ﬁnancials.
Achieved: Yes ☐ No ☐
Goal 2.3: Annual Financial Audit
Objective: Conduct an annual independent ﬁnancial audit per statutory requirements and publish the results to the CDD website for public inspection and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing ﬁrm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/Vice Chair:		Date:	 Print Name:	 
Yarborough Lane Community Development District

District Manager:		Date:	 Print Name:	 
Yarborough Lane Community Development District

Section VII

YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT
POLK COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT POLK COUNTY, FLORIDA

TABLE OF CONTENTS

	Page	
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-5	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	6	
Statement of Activities	7	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	8	
Reconciliation of the Balance Sheet – Governmental Funds
to the Statement of Net Position	
9	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
10	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
11	
Notes to the Financial Statements	12-17	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget and Actual – General Fund	
18	
Notes to Required Supplementary Information	19	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	20	
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	

21-22	
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	

23	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
24-25	

INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors
Yarborough Lane Community Development District Polk County, Florida

951 Yamato Road ▪ Suite 280 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 Yarborough Lane Community Development District, Polk County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, 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, 2023, 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 6, 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, 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 6, 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Yarborough Lane Community Development District, Polk County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2023. 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 assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $19,340.

The change in the District’s total net position in comparison with the prior fiscal year was $13,049, 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, 2023, the District’s governmental funds reported combined ending fund balances of $38,223, an increase of $23,024 in comparison with the prior fiscal year. The total fund balance is nonspendable for prepaids and unassigned fund balance.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government- wide financial statements, 2) fund financial statements, and 3) 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 Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (management) function.
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.

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

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 two 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 and capital projects fund, both of which funds are considered to be 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, assets exceeded liabilities 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,
		2023	2022		
Current and other assets	 $	38,616	$	34,951 	
Total assets		38,616	34,951 	
Current liabilities	393	19,752	
Long-term liabilities		18,883	8,908 	
Total liabilities		19,276	28,660 	
Net position
Unrestricted		19,340	6,291 
Total net position	 $	19,340	$	6,291 

The unrestricted net position may be used to meet the District’s other obligations.

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

The District’s net position increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations.
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,
	2023	2022*	
Revenues:

Program revenues
Operating grants and contributions

 $	80,076	$	55,000 

Total revenues		80,076	55,000  Expenses:
General government	57,052	39,801
Bond issue costs		9,975	8,908 	
Total expenses		67,027	48,709 	
Change in net position		13,049	6,291 	
Net position - beginning		6,291	-		
Net position - ending	 $	19,340	$	6,291 	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2023 was $67,027. The costs of the District’s activities were funded by program revenues. Program revenues, comprised of Developer contributions, increased during the fiscal year as a result of an increase in activities. Expenses increased from the prior fiscal yea as a result of an increase in professional services.

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. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.

ECONOMIC FACTORS AND OTHER EVENTS
The Board has initiated discussions to issue Bonds to fund the construction of the District infrastructure; however, the Bonds have not been issued as of the date of the report.

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 Yarborough Lane Community Development District’s Finance Department at 219 E Livingston Street, Orlando, FL 32801.

YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT POLK COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2023

	Governmental
	Activities		
ASSETS		
Cash	$	33,216	
Prepaid items		5,400 	
Total assets		38,616 	
LIABILITIES		
Accounts payable	393	
Non-current liabilities:		
Developer advances		18,883 	
Total liabilities		19,276 	
NET POSITION		
Unrestricted		19,340 	
Total net position	 $	19,340 	

See notes to the financial statements

YARBOROUGH LANE COMMUNITY DEVELOPMENT DISTRICT POLK COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

Net (Expense) Revenue and Changes in Net
 Program Revenues   Position  

Operating Grants	Governmental
Functions/Programs		Expenses	and Contributions	Activitites	 Primary government:
Governmental activities:

General government

$	57,052	$

80,076	$

23,024

Bond issue costs			9,975		-		(9,975)  Total governmental activities		67,027	80,076	13,049 

Change in net position	13,049	
Net position - beginning		6,291 	
Net position - ending	 $	19,340 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2023

	Major Funds	
Capital

Total Governmental

General

Projects

Funds

ASSETS		
Cash	$	33,216	$	-	$	33,216	
Prepaid items	5,400	-	5,400	
Total assets	$	38,616	$	-	$	38,616	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	393	$	-	$	393	
Total liabilities	393	-	393	

Fund balances:
Nonspendable:
Prepaid items		5,400		-		5,400	
Unassigned		32,823		-		32,823	
Total fund balances		38,223		-		38,223	

Total liabilities and fund balances	
$	
38,616	
$	
-	
$	
38,616	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2023

Fund balance - governmental funds
Amounts reported for governmental activities in the statement of net position are different because:

$	38,223

Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund financial statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Developer advance	  (18,883)	(18,883) 
Net position of governmental activities	 $	19,340 

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

	Major Funds	
Capital

Total Governmental

REVENUES

General

Projects

Funds

Developer contributions	$	80,076	$	-	$	80,076	
Total revenues	80,076	-	80,076	

EXPENDITURES
Current:
General government	57,052	-	57,052	
Bond issue costs		9,975	9,975	
Total expenditures	57,052	9,975	67,027	
Excess (deficiency) of revenues over (under) expenditures	

23,024	

(9,975)	

13,049	

OTHER FINANCING SOURCES (USES)
Developer advances	-	9,975	9,975	
Total other financing sources (uses)	-	9,975	9,975	

Net change in fund balances	
23,024	
-	
23,024	

Fund balances - beginning	
15,199	
-	15,199	

Fund balances - ending	
$	38,223	
$	-	$	38,223	

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, 2023

Net change in fund balances - total governmental funds	$ Amounts reported for governmental activities in the statement of activities
are different because:

23,024

Governmental funds report Developer advances as financial resources whereas these amounts are eliminated in the statement of activities and
recognized as long-term liabilities in the statement of net position.		(9,975) 

Change in net position of governmental activities	 $	13,049 

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

The Yarborough Lane Community Development District ("District") was created on May 3, 2022 by Ordinance 2022-031 by Polk 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 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. At September 30, 2023, all of the Board members are affiliated with Clayton Properties Group, Inc. (“Developer”).

The Board has the final 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 benefitted property within the District. Operating and Maintenance Assessments are based upon adopted budget and levied annually at a public hearing of the District. Debt Service Assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the Debt Service Assessments on their property subject to various provisions in the Bond documents.

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.
Capital Projects Fund
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District.
As a general rule, the effect of inter-fund 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 Bond 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 Inter-local 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 paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

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.
Prepaid Items
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.

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

Assets, Liabilities and Net Position or Equity (Continued)

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. 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 non spendable 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.

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 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

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.

NOTE 5 - DEVELOPER TRANSACTIONS

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $80,076. In addition, the Developer has agreed to provide funding related to the future issuance of Bonds and has incurred $9,975 in bond issue costs which would be reimbursed to the Developer upon issuance of the Bonds. If Bonds are not issued within 5 years then the advance will be considered a Developer contribution. The Bonds have not been issued as of the date of the report.

NOTE 6 – CONCENTRATION
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.

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

NOTE 8 – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District 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 since the creation of the district.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

Budgeted Amounts

Variance with Final Budget - Positive

 Original & Final Actual Amounts	(Negative)	

REVENUES
Developer contributions	$	184,310	$	80,076	$	(104,234)	
Total revenues	184,310	80,076	(104,234)	

EXPENDITURES
Current:
General government	134,310	57,052	77,258	
Maintenance and operations	50,000	-	50,000	
Total expenditures	184,310	57,052	127,258	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

23,024	

 $	23,024 	
Fund balances - beginning			15,199 		
Fund balances - ending		 $	38,223 		

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. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FLORIDA STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 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.	
5	
Employee compensation	0	
Independent contractor compensation	$66,791.47	
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;	Not applicable	

951 Yamato Road ▪ Suite 280 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
Yarborough Lane Community Development District Polk 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 Yarborough Lane Community Development District, Polk County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, 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 6, 2024.
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.

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 6, 2024

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
Yarborough Lane Community Development District Polk County, Florida
We have examined Yarborough Lane Community Development District, Polk 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, 2023. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on 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, 2023.
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 Yarborough Lane Community Development District, Polk County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 6, 2024

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Yarborough Lane Community Development District Polk County, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Yarborough Lane Community Development District, Polk County, Florida ("District") as of and for the fiscal year ended September 30, 2023, and have issued our report thereon dated June 6, 2024.
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 Compliance and Other Matters based on an audit of the 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 June 6, 2024, 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 for 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 Yarborough Lane Community Development District, Polk County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Yarborough Lane Community Development District, Polk 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 6, 2024

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None
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, 2022.
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, 2023.
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, 2023.
The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures and no deteriorating financial conditions were noted. 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 20.

Section VIII

Section C

Section 1

Yarborough Lane Community Development District

Summary of Check Register

June 1, 2023 through June 20, 2024

Fund	Date	Check No.'s	Amount

General Fund

6/18/24	85-90	$

4,233.85

Total Amount	$	4,233.85

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/02/24	PAGE	1
*** CHECK DATES 06/01/2024 - 06/20/2024 ***	YARBOROUGH LANE GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
6/18/24 00006	6/13/24 BW061320 202406 310-51300-11000	*	200.00
SUPERVISOR FEES 06/13/24
BRIAN WALSH	200.00 000085
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/18/24 00012	5/30/24 22409445 202404 310-51300-31100	*	57.50
ENGINEER SERVICE - APR 24
DEWBERRY ENGINEERS INC.	57.50 000086
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/18/24 00009	6/13/24 GP061320 202406 310-51300-11000	*	200.00
SUPERVISOR FEES 06/13/24
GARRET PARKINSON	200.00 000087
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/18/24 00001	6/01/24 27	202406 310-51300-34000	*	3,125.00
MANAGEMENT FEES - JUN 24
6/01/24 27	202406 310-51300-35200	*	100.00
WEBSITE ADMIN - JUN 24
6/01/24 27	202406 310-51300-35100	*	150.00
INFORMATION TECH - JUN 24
6/01/24 27	202406 310-51300-51000	*	.06
OFFICE SUPPLIES
6/01/24 27	202406 310-51300-42000	*	1.29
POSTAGE
GOVERNMENTAL MANAGEMENT SERVICES	3,376.35 000088
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/18/24 00014	6/13/24 KE061320 202406 310-51300-11000	*	200.00
SUPERVISOR FEES 06/13/24
KAREYANN ELLISON	200.00 000089
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/18/24 00008	6/13/24 MA061320 202406 310-51300-11000	*	200.00
SUPERVISOR FEES 06/13/24
MILTON ANDRADE	200.00 000090
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	4,233.85
TOTAL FOR REGISTER	4,233.85

YARB YARBOROUGH LNE NSOLER

Section 2

Yarborough Lane
Community Development District

Unaudited Financial Reporting
June 30, 2024

Table of Contents

	Balance Sheet

	General Fund

	Month to Month

Yarborough Lane
Community Development District Combined Balance Sheet
June 30, 2024

	General Fund	
Assets:
Cash:
Operating Account	

$	15,605	
Total Assets	$	15,605	
Liabilities:
Accounts Payable	

$	2,900	
Total Liabilites	$	2,900	
Fund Balance:
Unassigned	

$	12,705	
Total Fund Balances	$	12,705	
		
Total Liabilities & Fund Balance	$	15,605	

Yarborough Lane
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending June 30, 2024

	Adopted	Prorated Budget	Actual		
	Budget	Thru 06/30/24	Thru 06/30/24	Variance	

Revenues:					
Developer Contributions	$	182,041	$	20,000	$	20,000	$	-	
Total Revenues	$	182,041	$	20,000	$	20,000	$	-	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	9,000	$	2,400	$	6,600	
Engineering	$	15,000	$	11,250	$	58	$	11,193	
Attorney	$	25,000	$	18,750	$	3,958	$	14,792	
Annual Audit	$	4,000	$	-	$	2,900	$	(2,900)	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	
Arbitrage	$	450	$	450	$	-	$	450	
Dissemination	$	5,000	$	5,000	$	-	$	5,000	
Trustee Fees	$	4,041	$	4,041	$	-	$	4,041	
Management Fees	$	37,500	$	28,125	$	28,125	$	-	
Information Technology	$	1,800	$	1,350	$	1,350	$	-	
Website Maintenance	$	1,200	$	900	$	900	$	-	
Postage & Delivery	$	1,000	$	750	$	14	$	736	
Insurance	$	5,750	$	5,750	$	5,200	$	550	
Printing & Binding	$	1,000	$	750	$	-	$	750	
Legal Advertising	$	10,000	$	7,500	$	-	$	7,500	
Other Current Charges	$	2,500	$	1,875	$	436	$	1,440	
Office Supplies	$	625	$	469	$	3	$	466	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total General & Administrative	$	132,041	$	101,135	$	45,519	$	55,616	

Operations & Maintenance					
Field Contingency	$	50,000	$	37,500	$	-	$	37,500	
Total Operations & Maintenance	$	50,000	$	37,500	$	-	$	37,500	
					
Total Expenditures	$	182,041	$	138,635	$	45,519	$	93,116	
					
Excess (Deficiency) of Revenues over Expenditures	$	-		$	(25,519)		
					
Fund Balance - Beginning	$	-		$	38,224		
					
Fund Balance - Ending	$	-		$	12,705		

Yarborough Lane
Community Development District Month to Month

Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total

Revenues:

Developer Contributions

$	-  $

-  $	-  $

-  $	-  $

-  $	20,000  $

-  $	-  $	-  $

-  $	-  $

20,000

Total Revenues	$	-  $	-  $	-  $	-  $	-  $	-  $	20,000  $	-  $	-  $	-  $	-  $	-  $	20,000

Expenditures:

General & Administrative:

Supervisor Fees Engineering Attorney Annual Audit
Assessment Administration Arbitrage
Dissemination Trustee Fees Management Fees
Information Technology Website Maintenance Postage & Delivery Insurance
Printing & Binding Legal Advertising Other Current Charges Office Supplies
Dues, Licenses & Subscriptions

$	-  $
$	-  $
$	-  $
$	-  $
$	-  $
$	-  $
$	-  $
$	-  $
$	3,125  $
$	150  $
$	100  $
$	0  $
$	5,200  $
$	-  $
$	-  $
$	46  $
$	0  $
$	175  $

-  $
-  $
190  $
-  $
-  $
-  $
-  $
-  $
3,125  $
150  $
100  $
4  $
-  $
-  $
-  $
46  $
0  $
-  $

-  $
-  $
381  $
-  $
-  $
-  $
-  $
-  $
3,125  $
150  $
100  $
-  $
-  $
-  $
-  $
46  $
-  $
-  $

-  $
-  $
287  $
-  $
-  $
-  $
-  $
-  $
3,125  $
150  $
100  $
-  $
-  $
-  $
-  $
46  $
-  $
-  $

-  $
-  $
80  $
-  $
-  $
-  $
-  $
-  $
3,125  $
150  $
100  $
5  $
-  $
-  $
-  $
50  $
0  $
-  $

-  $
-  $
120  $
-  $
-  $
-  $
-  $
-  $
3,125  $
150  $
100  $
-  $
-  $
-  $
-  $
50  $
-  $
-  $

1,000  $
58  $
2,643  $
-  $
-  $
-  $
-  $
-  $
3,125  $
150  $
100  $
1  $
-  $
-  $
-  $
50  $
0  $
-  $

-  $
-  $
259  $
-  $
-  $
-  $
-  $
-  $
3,125  $
150  $
100  $
3  $
-  $
-  $
-  $
50  $
3  $
-  $

1,400  $	-  $
-  $	-  $
-	$
2,900  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
3,125  $	-  $
150  $	-  $
100  $	-  $
1  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
50  $	-  $
0  $	-  $
-  $	-  $

-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $

2,400
58
3,958
2,900
-
-
-
- 28,125
1,350
900
14
5,200
-
- 436
3
175

Operations & Maintenance

Field Contingency

$

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-

Excess (Deficiency) of Revenues over Expenditures	$	(8,796)  $	(3,615)  $	(3,802)  $	(3,708)  $	(3,511)  $	(3,545)  $	12,874  $	(3,690)  $	(7,727)  $	-  $	-  $	-  $	(25,519)

Total Expenditures	$	8,796  $	3,615  $	3,802  $	3,708  $	3,511  $	3,545  $	7,126  $	3,690  $	7,727  $	-  $	-  $	-  $	45,519

Total Operations & Maintenance	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-

Total General & Administrative	$	8,796  $	3,615  $	3,802  $	3,708  $	3,511  $	3,545  $	7,126  $	3,690  $	7,727  $	-  $	-  $	-  $	45,519