Greeneway Improvement District
12051 Corporate Boulevard Orlando, FL 32817; 407-723-5900 www.greenewayid.org

The following is the proposed agenda for the upcoming Meeting of the Board of Supervisors for the Greeneway Improvement District (“District”), scheduled to be held at 3:00 p.m. on Tuesday, June 15, 2021 at Courtyard Orlando Lake Nona, 6955 Tavistock Lakes Blvd, Orlando, FL 32827. A quorum will be confirmed prior to the start of the meeting.

Please use the following information to join via computer or the conference line:

Phone: 1-844-621-3956	Computer: pfmgroup.webex.com	Participant Code: 796 580 192#

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Roll Call to Confirm a Quorum
Public Comment Period
Consideration of the Minutes of the May 18, 2021 Board of Supervisors’ Meeting

Business Matters
Review and Acceptance of Fiscal Year 2020 Audit
Request to Advertise for RFQ to Prequalified Contractors for District Infrastructure Projects
(provided under separate cover)
Ratification of Requisition Nos. 687-692 in May 2021 in an amount totaling $26,421.37
(provided under separate cover)
Ratification of Operation and Maintenance Expenditures Paid in May 2021 in an amount totaling $51,113.49
Recommendation of Work Authorizations/Proposed Services (if applicable)
Review of District’s Financial Position and Budget to Actual YTD (provided under separate cover)

Other Business
Staff Reports
District Counsel
District Manager
District Engineer
Construction Supervisor
Landscape Supervisor
Irrigation Supervisor
Supervisor Requests

Adjournment

GREENEWAY IMPROVEMENT DISTRICT

Minutes of the May 18, 2021 Board of Supervisors’ Meeting

GREENEWAY IMPROVEMENT DISTRICT BOARD OF SUPERVISORS’ MEETING MINUTES

FIRST ORDER OF BUSINESS	Roll Call to Confirm a Quorum

The Board of Supervisors’ Meeting for the Greeneway Improvement District was called to order on Tuesday, May 18, 2021 at 3:00 p.m. at Courtyard Orlando Lake Nona, 6955 Tavistock Lakes Blvd, Orlando, FL 32827

Present:
Karen Duerr	Vice Chairperson
Chad Tinetti	Chairperson
Matthew Franko	Assistant Secretary
Antoinette Munroe	Assistant Secretary

Also attending:

Jennifer Walden	PFM	(via phone)	
Lynne Mullins	PFM		
Amanda Lane	PFM	(via phone)	
Tucker Mackie	Hopping Green & Sams		
Deb Sier	Hopping Green & Sams	(via phone)	
Jeff Newton	Donald W. McIntosh Associates (joined at 3:03 p.m.) Larry Kaufmann	Construction Supervisor & Construction Committee
Member	(via phone)
Scott Thacker	District Landscape Supervisor
Matt McDermott	Construction Committee Member
Chris Wilson	Construction Committee Member

SECOND ORDER OF BUSINESS	Public Comment Period

Ms. Mullins asked for any public comments. There were no comments at this time.

THIRD ORDER OF BUSINESS	Consideration of the Minutes of the April 20, 2021 Board of Supervisor’s Meeting

The Board reviewed the minutes of the April 20, 2021 Board of Supervisors Meeting.

On Motion by Ms. Duerr, second by Mr. Franko, the Board of Supervisors for the Greeneway Improvement District approved the Minutes of the April 20, 2021 Board of Supervisors’ Meeting.

FOURTH ORDER OF BUSINESS	Letter from Supervisor of Elections – Orange County

Ms. Mullins noted that the District is required to state on the record the number of registered voters within the District. As of April 15, 2021, the District has 4,529 registered voters. No action is required.

FIFTH ORDER OF BUSINESS	Matters Pertaining to Fiscal Year 2022 Budget
Presentation of Pre-Split Fiscal Year 2022 Budget
Presentation of Post-Split Fiscal Year 2022 Budget
Consideration of Resolution 2021- 05, Approving a Preliminary Budget for Fiscal Year 2022 and Setting a Public Hearing Date

Ms. Mullins explained there are several items under the budget section. The first item is the Pre- Split Fiscal Year 2022 budget. We are asking the Board to approve the Pre-Split Fiscal Year 2022 budget today. While the overall budget is increasing by $67,000, that is all funded by carryforward revenue. The assessments will be staying the same. The second item is the Post-Split Fiscal Year 2022 budget, which is an anticipated budget for the District once the boundary contraction has occurred. The majority of the administrative expenses are similar while the field operation expenses change. The field operations and expenses associated with the areas that transition into the new District will become Midtown’s responsibility.

Ms. Mullins noted for the record that Mr. Newton joined the meeting in progress at 3:03 p.m.

Ms. Mackie added that there is a statutory process that the District goes through each year to adopt the budget. The Board will approve a proposed budget today which will be provided to the City of Orlando. At least 60 days after budget approval, the District must hold a public hearing and adopt the budget. Should assessments increase, then the District must mail a notice to all of the landowners within the District to inform them of the increase. Neither the pre-split nor post-split proposed budgets anticipate an assessment increase. The pre-split budget shows what the budget will look like if the boundary amendment is not approved on June 28th. We anticipate it will be approved but will ask the Board to approve the proposed pre-split budget based on the District as it exists today. If the District’s boundaries are contracted according to plan, then the post-split proposed budget will be what the Board will be asked to approve in August as the final budget.

Discussion ensued regarding line items and the allocation of expenses.

On Motion by Ms. Duerr, second by Mr. Tinetti, the Board of Supervisors for the Greeneway Improvement District approved Resolution 2021-05, Approving a Preliminary Budget for Fiscal Year 2022 and Setting a Public Hearing Date for August 17, 2021 at 3:00 p.m. at the Courtyard by Marriott Orlando Lake Nona, 6955 Tavistock Lakes Blvd., Orlando, FL 32827.

SIXTH ORDER OF BUSINESS	Ratification of Requisition Nos. 679- 686 in April 2021 in an amount totaling
$105,858.12

Ms. Mullins stated that these Requisitions have been approved and need to be ratified by the Board.

On Motion by Mr. Tinetti, second by Mr. Franko, the Board of Supervisors for the Greeneway Improvement District ratified Requisition Nos. 679-686 in April 2021 in an amount totaling
$105,858.12.

SEVENTH ORDER OF BUSINESS	Ratifiation of Operation and Maintenance Expenditures Paid in April 2021 in an amount totaling
$57,417.47

Ms. Mullins explained these items have also been approved and need to be ratified by the Board.

On Motion by Mr. Tinetti, second by Ms. Duerr, the Board of Supervisors for the Greeneway Improvement District ratified Operation and Maintenance Expenditures Paid in April 2021 in an amount totaling $57,417.47.

EIGHTH ORDER OF BUSINESS	Recommendation	of	Work Authorizations/ Proposed Services

Mr. Kaufmann explained that the proposal from Kittelson & Associates is for geometry and design of a round-about intersection at Centerline Drive and Nemours Parkway. This is Segment A on the graphic in the agenda and the cost is $49,000.00. This is a highly technical design as there are a lot of factors that go into it including traffic analysis. He added that the Developer requested to modify the design to include a round-about instead of a four-way intersection. The change will affect several properties due to expansion of the intersection to accommodate a round-about. Mr. Franko asked which budget this would come out of. Ms. Mackie stated that it will come out of the construction budget but once the Midtown District is established, the round-about will be funded by Midtown. Ms. Duerr asked if this is just for the preliminary research and design aspects. Mr. Kaufmann stated that is correct. Mr. Newton added that this proposal is not for the final design. It’s for preliminary geometry to make sure the round-about will work in that location as it’s a complicated situation with the current surrounding properties and intersections.

On Motion by Mr. Tinetti, second by Ms. Duerr, the Board of Supervisors for the Greeneway Improvement District approved the Work Authorization with Kittelson & Associates, Inc. for Centerline Drive Segment A&B Amendment totaling $49,000.00.

NINTH ORDER OF BUSINESS	Review of District’s Financial Position and Budget to Actual YTD

The Board reviewed the financials. Ms. Mullins stated that no action is required by the Board.

TENTH ORDER OF BUSINESS	Staff Reports

District Counsel –	No Report

District Manager –	Ms. Mullins noted the next meeting is scheduled for Tuesday,
June 15, 2021, at the Courtyard Orlando Lake Nona.

District Engineer –	Mr. Newton   referenced   the   Construction   Contract   Status
Memorandum (Minutes Exhibit A) and noted that Centerline Drive Segment F is a Greeneway ID project and will ultimately become a Midtown CDD project. A few months ago, the Greeneway ID entered into an agreement with the Poitras East CDD and Poitras is going to manage the construction of this project. Jr. Davis was awarded the project last month and the construction is expected to start in the next month or so. The notice of intent to award went out today along with the contract documents.

Construction Supervisor –          No Report

District Landscape Supervisor- No Report

ELEVENTH ORDER OF BUSINESS	Supervisor and Audience Comments & Adjournment

There were no Supervisor requests or audience comments. Ms. Mullins requested a motion to adjourn.

On Motion by Ms. Duerr, second by Mr. Tinetti, with all in favor, the May 18, 2021 meeting of the Board of Supervisors for the Greeneway Improvement District was adjourned.

 	_	_	 	_ 	
Secretary / Assistant Secretary	Chairperson / Vice Chairperson

EXHIBIT A

MEMORANDUM

DATE:	May 18, 2021

TO:		Greeneway Improvement District Board of Supervisors

FROM:	Donald W. McIntosh Associates, Inc.
District Engineer

RE:	Construction Contract Status

Dear Board Members,

Please accept this correspondence as a current summary of our construction contract status. Listed below by project is a brief summary of recent contract activity.

Centerline Drive Phase 2 (aka Segment F):

Construction Status: The Poitras East Community Development District Board of Supervisors selected Jr. Davis Construction Company to construct this project at its April meeting concurrently with its Master Infrastructure Phase 1C project, which includes Centerline Drive Segment G. Poitras District Staff is currently working with the contractor on the required contract documents.

Change Order (C.O.) Status: None

Recommended Motion: None

Should there be any questions, please do not hesitate to call. Thank you.
End of memorandum. c:	Larry Kaufmann
Matt McDermott Chris Wilson Dan Young Tarek Fahmy

F:\Proj2003\23216\ENGadmin\C\ec1393 Construction Memo 5-18-21.docx

GREENEWAY IMPROVEMENT DISTRICT

Fiscal Year 2020 Audit

Greeneway Improvement District ANNUAL FINANCIAL REPORT
September 30, 2020

Greeneway Improvement District ANNUAL FINANCIAL REPORT
Fiscal Year Ended September 30, 2020 TABLE OF CONTENTS
Page Number
FINANCIAL SECTION

REPORT OF INDEPENDENT AUDITORS	1-2
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	9
Statement of Activities	10
Fund Financial Statements:
Balance Sheet – Governmental Funds	11
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	12
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	13
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	14
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	15
Notes to Financial Statements	16-31
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	32-33
MANAGEMENT LETTER	34-35
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION
218.415, FLORIDA STATUTES	36

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors Greeneway Improvement District Orlando, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of Greeneway Improvement District as of and for the year ended September 30, 2020, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

- 1 -

To the Board of Supervisors Greeneway Improvement District

Opinion

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

Other Matters

Required Supplementary Information

Governmental accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by 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 inquires of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated June 1, 2021 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.   The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Greeneway Improvement District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 1, 2021
- 2 -

Management’s discussion and analysis of Greeneway Improvement District's (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

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

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies.   Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

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

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including land, construction in progress and improvements other than buildings are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long-lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, a reconciliation is provided from the fund financial statements to the government-wide financial statements.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2020.

The District’s total assets were exceeded by total liabilities by $(43,169,531) (net position). Net investment in capital assets for the District was $(318,460). Unrestricted net position for Governmental Activities was $(42,851,071).

Governmental activities revenues totaled $4,542,130 while governmental activities expenses and conveyances totaled $11,054,481.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position

Governmental Activities
	2020		2019	
Current assets	$	1,010,646		$	124,269	
Restricted assets	4,603,829		5,452,894	
Capital assets, net	 	5,969,370  		 	13,080,874  	
Total Assets	 	11,583,845  		 	18,658,037  	

Current liabilities	
2,853,562	
3,845,079	
Non-current liabilities	 	51,899,814  	 	51,470,138  	
Total Liabilities	 	54,753,376  	 	55,315,217  	

Net investment in capital assets	
(318,460)	
(215,887)	
Net position - restricted	-	345,238	
Net position - unrestricted	 	(42,851,071) 	 	(36,786,531) 	
Total Net Position	$ (43,169,531)	$ (36,657,180)	

The increase in current assets is mainly related to the increase in due from other governments for a completed capital project.

The decrease in restricted assets and decrease in capital assets was primarily due to capital asset additions less amounts conveyed to other governmental entities in the current year.

The decrease in current liabilities was primarily the result of the decrease in contracts and retainage payable.

The increase in non-current liabilities was primarily the result of the additional borrowings on a bond anticipation note in the current year.

The decrease in net position is mainly the result of the conveyance of a completed capital project to another governmental entity.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

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

Change in Net Position

 	Governmental Activities	

Program Revenues	 	2020		 	2019		
Charges for services	$	4,439,846	$	5,412,234	
Grants and contributions	59,419	-	
General Revenues Investment earnings	
8,673	
21,131	
Miscellaneous	 	34,192  	 	22,879  	
Total Revenues	 	4,542,130  	 	5,456,244  	

Expenses
General government	

140,762	

116,714	
Physical environment	761,958	826,211	
Interest and other charges	 	2,753,080  	 	3,083,103  	
Total Expenses	 	3,655,800  	 	4,026,028  	
Conveyance of capital assets	 	(7,398,681)	 	(2,874,435)	
Change in Net Position	(6,512,351)	(1,444,219)	
Net Position - Beginning of Year	 	(36,657,180)	 	(35,212,961)	
Net Position - End of Year	  $ (43,169,531)	$ (36,657,180)	

The decrease in charges for services is due to the decrease in debt service assessments received in the current year.

The decrease in physical environment is related to a major plant replacement project completed in the prior year.

The increase in conveyances in the current year is related to the completion of a major road improvement project that was conveyed to another governmental entity.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2020 and 2019.

Governmental Activities
Description		2020		2019	
Land and improvements		$	306,675		$	306,675	
Construction in progress		4,013,542		11,451,494	
Improvements other than buildings		1,967,613		1,538,592	
Accumulated depreciation		 	(318,460)		 	(215,887)	
Total Capital Assets		  $	5,969,370  		  $	13,080,874  	

The activity for the year consisted of $389,750 in additions to construction in progress,
$7,398,681 of construction in progress conveyed to other governments and $429,021 transferred to improvements other than buildings and $102,573 in depreciation.

General Fund Budgetary Highlights

Actual governmental expenditures were less than final budgeted amounts primarily due to lower hurricane clean-up costs and maintenance expenditures than were anticipated.

The General Fund budget was amended for increased reclaimed water, irrigation and flower replacement costs.

Debt Management

Governmental Activities debt includes the following:

In April 2013, the District issued $55,750,000 Series 2013 Special Assessment Revenue Bonds. The bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The balance outstanding at September 30, 2020 was $46,960,000.

In November 2018, the District issued a not-to-exceed $24,000,000 Bond Anticipation Note. The Note was issued to fund a portion of the Series 2018 Project. The balance outstanding at September 30, 2020 was $6,823,232.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Greeneway Improvement District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2021.

Request for Information

The financial report is designed to provide a general overview of Greeneway Improvement District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Greeneway Improvement District, PFM Group Consulting, LLC, 12051 Corporate Blvd., Orlando, Florida 32817.

STATEMENT OF NET POSITION
September 30, 2020

ASSETS	
Current Assets	
Cash	
Investments	
Special assessments receivable	
Accrued interest receivable	
Due from developer	
Due from other governments	
Deposits	
Prepaid expenses	
Total Current Assets	
Non-current Assets	
Restricted assets	
Cash and investments	
Capital assets, not being depreciated	
Land and improvements	
Construction in progress	
Capital assets, being depreciated	
Improvements other than buildings	
Less: accumulated depreciation	
Total Non-current Assets	
Total Assets	

LIABILITIES	
Current Liabilities	
Accounts payable and accrued expenses	
Contracts and retainage payable	
Due to other governmental units	
Bonds payable	
Accrued interest payable	
Total Current Liabilities	
Non-current liabilities	
Bond anticipation note payable	
Bonds payable, net	
Total Non-current Liabilities	
Total Liabilities	

NET POSITION	
Net investment in capital assets	
Unrestricted	
Total Net Position	

See accompanying notes to financial statements.

- 9 -

Governmental Activities

$	157,412	
1,518	
11,691	
61	
20,877	
797,915	
1,626	
 	19,546  	
 	1,010,646  	

4,603,829

306,675	
4,013,542	

1,967,613	
           (318,460)	
       10,573,199  	
       11,583,845  	

27,276	
593,235	
8,924	
1,095,000	
         1,129,127  	
         2,853,562  	

6,823,232	
       45,076,582  	
       51,899,814  	
       54,753,376  	

(318,460)	
 	(42,851,071)	
  $ (43,169,531)	

Greeneway Improvement District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2020

Program Revenues	Changes in	
	Operating	Capital	Net Position 	
Charges for	Grants and	Grants and	Governmental	
Services	Contributions	Contributions	Activities	

Functions/Programs	
Governmental Activities	
General government	
Physical environment	
Interest on long-term debt	
Total Governmental Activities	

Expenses

Net (Expense) Revenue and

$	(140,762)	
(761,958)	
 	(2,753,080)	
  $ (3,655,800)	

 	

$	528,329	
384,993	
 	3,526,524  	
  $	4,439,846  	

 	

$	10,387	
7,569	
 	-  	
  $	17,956  	

 	

$	-		
$	397,954	
41,463		(327,933)	
 	-  		 	773,444  	
  $	41,463  		843,465	

General Revenues	
Miscellaneous revenues	
Investment earnings	
Total General Revenues	

34,192	
                8,673  	
              42,865  	

Conveyance of capital assets	 	(7,398,681)

Change in Net Position	(6,512,351)

Net Position - October 1, 2019	
Net Position - September 30, 2020	

 	(36,657,180)	
  $ (43,169,531)	

See accompanying notes to financial statements.

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Greeneway Improvement District	
BALANCE SHEET -	
GOVERNMENTAL FUNDS	
September 30, 2020	

Total	
Governmental	
 	Funds		

Capital	
      Projects		

ASSETS	
Cash	
Investments	
Special assessments receivable	
Accrued interest receivable	
Due from other funds	
Due from developer	
Due from other governments	
Prepaid expenses	
Deposits	
Restricted assets	
Cash and investments, at fair value	

$	-	
-	
9,533	
61	
-	
-	
-	
-	
-	

$	157,412	
1,518	
11,691	
61	
1,200	
20,877	
797,915	
19,546	
1,626	

 	General	Debt Service

$	150,338	
1,518	
2,158	
-	
1,200	
3,646	
-	
19,546	
1,626	

$	7,074	
-	
-	
-	
-	
17,231	
797,915	
-	
-	

 	-         4,513,711	90,118	4,603,829  

Total Assets

$	180,032

$4,523,305

$	912,338

$ 5,615,675

LIABILITIES, DEFERRED INFLOWS OF RESOURCES	
AND FUND BALANCES	

 	  

Liabilities	
Accounts payable and accrued liabilities	
Contracts and retainage payable	
Due to other funds	
Due to other governments	 		
Total Liabilities	 		

$	-	
593,235	
1,200	
 	-  	
 	594,435  	

$	27,276	
-	
-	
8,924  	
36,200  	

$	-	
-	
-	
 	-  	
 	-  	

$	27,276	
593,235	
1,200	
 	8,924  	
 	630,635  	

Deferred Inflows of Resources	
Unavailable revenues	

 	1,833	-	1,031	2,864  

Fund Balances	
Nonspendable - deposits/prepaids	
Restricted for debt service	
Restricted for capital projects	
Unassigned	

21,172	
-	
-	
         120,827  	

-	
4,523,305	
-	
 	-  	

-	
-	
316,872	
                       -  	

21,172	
4,523,305	
316,872	
         120,827  	

Total Fund Balances	 	141,999         4,523,305	316,872	4,982,176  

Total Liabilities,Deferred Inflows of	
Resources and Fund Balances	

$	180,032

$4,523,305

$	912,338

$ 5,615,675

See accompanying notes to financial statements.

- 11 -

Greeneway Improvement District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2020

Total Governmental Fund Balances

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

Capital assets, land, $306,675, construction in progress, $4,013,542,	
and improvements other than buildings, $1,967,613, net of accumulated	
depreciation, $(318,460), are not current financial resources and	
therefore, are not reported at the governmental fund level.	

Long-term liabilities, including bonds payable, $(46,960,000), net of bond	
discounts, net, $788,418, bond anticipation note payable, $(6,823,232)	
are not due and payable in the current period and therefore, are not	
reported at the fund level.	

Unavailable revenues are recognized as a deferred inflow at the fund level,	
revenues are recognized when earned at the government-wide level.	

$	4,982,176

5,969,370

(52,994,814)

2,864

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

 	(1,129,127)

Net Position of Governmental Activities	$ (43,169,531)

See accompanying notes to financial statements.

- 12 -

Greeneway Improvement District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES	
IN FUND BALANCES - GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2020	

REVENUES	
Special assessments	
Developer contributions	
Miscellaneous revenues	
Interest income	
Total Revenues	

$	911,489	
17,956	
-	
 	5,114  	
 	934,559  	

$	-	
40,432	
34,192	
 	31  	
 	74,655  	

$ 4,438,013	
58,388	
34,192	
 	8,673  	
 	4,539,266  	

Total	
Governmental	
 	Funds		

Capital	
     Projects		

$ 3,526,524	
-	
-	
 	3,528  	
 	3,530,052  	

 	General	Debt Service  

EXPENDITURES	
Current	
General government	
Physical environment	
Capital outlay	
Debt service	
Principal	
Interest	
Total Expenditures	

140,762	
659,385	
-	

-	
-	
-	

140,762	
659,385	
389,750	

-
- 389,750

-	
                    -  	
        800,147  	

2,000,000	
      2,700,372  	
      4,700,372  	

115,205	
                     -  	
         504,955  	

2,115,205	
       2,700,372  	
       6,005,474  	

        134,412  	     (1,170,320)     		(430,300)	

Excess revenues over/(under) expenditures	 	(1,466,208)

Other Financing Sources/(uses)	
Transfers in	
Transfers out	
Issuance of bond anticipation note	
Total Other Financing Sources (Uses)	

3,003	-	93,663	
(18,003)	(75,660)	(3,003)	
                    -      		419,631      		2,130,313  	
         (15,000)     		343,971      		2,220,973  	

96,666	
(96,666)	
       2,549,944  	
       2,549,944  	

Net Change in Fund Balances	 	119,412  	 	(826,349)	 	1,790,673  	 	1,083,736  	
Fund Balances - October 1, 2019	 	22,587  	 	5,349,654  	    (1,473,801)	 	3,898,440  	
Fund Balances - September 30, 2020	  $	141,999  	   $ 4,523,305  	  $	316,872  	   $ 4,982,176  	

See accompanying notes to financial statements.	- 13 -

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2020

Net Change in Fund Balances - Total Governmental Funds

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

Repayments of bond principal are expenditures in the governmental funds, but the	
repayments reduce long-term liabilities in the Statement of Net Position.	

Bond anticipation note proceeds are reflected as an other financing source	
at the fund level, however, they are reflected as an addition to liabilities at the	
government-wide level.	

Unavailable revenues are recognized as a deferred inflow at the fund level.	
However, at the government-wide level revenue is recognized when earned.	

Governmental funds report bond discounts as expenditures. However, in the	
Statement of Activities, the cost is allocated as amortization expense.	

Governmental funds report capital outlays as expenditures; however, in the Statement		
of Activities, the cost of those assets is allocated over their estimated useful lives as		
depreciation. This is the amount that capital outlay, $389,750, was exceeded by		
depreciation, $(102,573), and capital asset conveyances $(7,398,681) in the current period	(7,111,504)	

$	1,083,736

2,115,205

(2,549,944)

2,864

(34,937)

In the Statement of Activities, interest is accrued on outstanding bonds; whereas		
in governmental funds, interest expenditures are reported when due. This is		
the net amount between the prior year and current year accruals.	 	(17,771)	

Change in Net Position of Governmental Activities	$ (6,512,351)

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2020

Variance with	
Final Budget	
Positive	
(Negative)	

Original	Final

Revenues	
Special assessments	
Developer contributions	
Interest income	
Total revenues	

$ 911,168	
-	
 	10,000  	
 	921,168  	

$ 911,489	
16,143	
 	10,000  	
 	937,632  	

$	911,489	
17,956	
 	5,114  	
 	934,559  	

$	-	
1,813	
 	(4,886)	
 	(3,073)	

Expenditures	
Current	
General government	
Physical environment	
Total Expenditures	

128,925	
      792,243  	
      921,168  	

162,293	
      775,339  	
      937,632  	

140,762	
        659,385  	
        800,147  	

21,531	
           115,954  	
           137,485  	

Budget	Budget	Actual

Excess revenues over/(under) expenditures	 	-	-	134,412	134,412  

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

-	
                -  	
                 -  	

-	
                 -  	
                 -  	

3,003	
            (18,003)	
            (15,000)	

3,003
 	(18,003)
 	(15,000)

 	-  	 	-  	 	22,587  	 	22,587  	
$	-	$	-	$ 141,999	$	141,999	

Net Change in Fund Balances	-	-	119,412	119,412 Fund Balances - October 1, 2019
Fund Balances - September 30, 2020

See accompanying notes to financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of Greeneway Improvement District (the “District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity

The District was established, as a Community Development District, in 2003, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), by Ordinance 2003022470 of the City Council of Orlando, Florida. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or without the boundaries of the Greeneway Improvement District. The District is governed by a five-member Board of Supervisors who are elected for four year terms. The District operates within the criteria established by Chapter 190.

As required by GAAP, these financial statements present the Greeneway Improvement District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.

Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board Statement Number 61, The Financial Reporting Entity, the District has identified no component units.

Measurement Focus and Basis of Accounting

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

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

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

Governmental activities are supported by special assessments and interest. Program revenues include charges for services, and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

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

Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

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

The District has various policies governing the fund balance classifications.

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

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by the state constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

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

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

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

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

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – Accounts for the accumulation of resources for the annual payment of principal and interest on long-term debt.

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

Non-current Governmental Assets/Liabilities

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

Assets, Liabilities and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

Cash equivalents include time deposits and certificates of deposit with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Restricted Assets

Certain net position of the District are classified as restricted assets on the Statement of Net Position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted assets, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.

Capital Assets

Capital assets, which include land and improvements, construction in progress, and improvements other than buildings are reported in the applicable governmental activities column.

The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:

Improvements other than buildings	15 years
Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget variance columns of the accompanying financial statements may occur.
Bond Discounts
Bond discounts associated with the issuance of bonds are amortized over the life of the bonds using the straight-line method of accounting.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4. Assets, Liabilities and Net Position or Equity (Continued)
Deferred Inflows of Resources
Deferred inflows of resources represent an acquisition of net position that applies to a future reporting period(s) and so will not be recognized as an inflow of resources (revenue) until then. The District only has one item that qualifies for reporting in this category. Unavailable revenues are reported only in the governmental funds balance sheet. This amount is deferred and recognized as an inflow of resources in the period that amounts become available.
NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS
1. Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

“Total fund balances” of the District’s governmental funds, $4,982,176, differs from “net position” of governmental activities, $(43,169,531), reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet.  The effect of the differences is illustrated as follows.
Capital related items
When capital assets (that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the statement of net position included those capital assets among the assets of the District as a whole.

Land	$	306,675	
Construction in progress	4,013,542	
Improvements other than buildings	1,967,613	
Less: accumulated depreciation	 	(318,460)	
Total	$	5,969,370	
Long-term debt transactions		
Long-term liabilities applicable to the District’s	governmental activities are not due and	
payable in the current period and accordingly	are not reported  as fund  liabilities.	All	
liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2020 were:
Bonds payable	$ (46,960,000)	
Bond anticipation note payable	(6,823,232)	
Bond discount, net	 	788,418 	
Total	$ (52,994,814)	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)
Accrued interest
Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to accrued interest on bonds.
Accrued interest	$	(1,129,127)
Deferred inflows of resources
Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide level.
Unavailable revenues	$	2,864
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $1,083,736, differs from the “change in net position” for governmental activities, $(6,512,351), reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, the cost of those assets are capitalized at the government wide level and allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas, net position changes by the amount of capital additions net of any depreciation charged for the year.

Capital outlay	$	389,750	
Conveyance to other governments	(7,398,681)	
Depreciation	 	(102,573)	
Total	$	(7,111,504)	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
2. Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities (Continued)
Long-term debt transactions
Repayments of bond principal are reported as an expenditure in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Debt principal payments	$	2,115,205	
Proceeds from bond anticipation note payable	(2,549,944)	
Bond discount amortization	 	(34,937)	
Total	$	(469,676)	
Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.
Net change in accrued interest payable	$	(17,771)
Deferred inflows of resources
Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide level.
Unavailable revenues	$	2,864

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2020, the District's bank balance was $190,389 and the carrying value was $157,412. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

As of September 30, 2020, the District had the following investments and maturities:

 	Investment		 	Maturities		 	Fair Value	
Money Market Account - Managed	N/A	$	4,057,382
Business Money Market at FL Community Bank		N/A		546,447 Local Government Surplus Prime Fund	48 Days*	 		1,518  
Total	$	4,605,347  

*Weighted Average Maturity

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.

Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted prices for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that use the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, Managed Money Market Funds are Level 1 assets.

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Investments

The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. Among other investments, the policy allows the District to invest in the State Board of Local Government Surplus Prime Fund. Cash placed with the State Board of Administration represents the District’s participation in the Local Government Surplus Prime Fund Investment Pool and is reported at fair value. As a pool participant the District invests in pools of investments in which shares are owned in the pool rather than the underlying investments.

Interest Rate Risk

The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.

Credit Risk

The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. The Local Government Surplus Prime Fund is an authorized investment under Section 218.415, Florida Statues. The District's Investments in the state investment pool and government loans are limited by the state statutory requirements and bond compliance. The District has monies invested with the Local Government Surplus Prime Fund (Fund), at September 30, 2020. This fund met the requirements of a "2a-7 like pool" as defined in Government Accounting Standards Board, Statement 31.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investment in the Managed Money Markets Funds are approximately 88% of the District’s total investments. The investments in the Business Money Market Funds are approximately 12%. The investments in the Local Government Surplus Prime Fund are less than one percent of the District's total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2020 were typical of these items during the fiscal year then ended. Local Government Surplus Prime Fund is rated AAAm per Standard & Poor’s. The Managed Money Market Funds are not rated by any nationally recognized agency.

The District considers any decline in fair value for certain investments to be temporary.

NOTE D – SPECIAL ASSESSMENT REVENUES

Assessments are non-ad valorem assessments on all assessable property within the District. Assessments are levied to pay for the operations and maintenance and debt service of the District. Operations and maintenance assessments are levied on an annual basis and debt service assessments are levied at the issuance of bonds and certified for collection on an annual basis. The fiscal year for which annual assessments are levied begins October 1 and, if collected using the Uniform Method of Collection, with the discounts available for payments through February 28 and become delinquent on April 1. Alternatively, the District adopts a resolution provided for the collection dates and directly collects the assessments.

NOTE E – CAPITAL ASSETS

Capital Asset activity for the year ended September 30, 2020 was as follows:

Balance	Balance
October 1,	September 30,
 	2019	    	Additions	    	Deletions	    	2020	
Governmental Activities:
Capital assets, not being depreciated:		
Land and improvements	$	306,675	$	-	$	-	$	306,675	
Construction in progress	    11,451,494  	 	389,750  	 	(7,827,702)	 	4,013,542  	
Total Capital Assets, Not Depreciated	    11,758,169  	 	389,750  	 	(7,827,702)	 	4,320,217  	
Capital assets, being depreciated: Improvements other than buildings	
 	1,538,592  	
 	429,021  	
 	-  	
 	1,967,613  	

Less accumulated depreciation for:
Improvements other than buildings	 	(215,887)	 	(102,573)	 	-  	 	(318,460)	
Total Accumulated Depreciation	 	(215,887)	 	(102,573)	 	-  	 	(318,460)	
Total Capital Assets Depreciated, Net	 	1,322,705  	 	326,448  	 	-  	 	1,649,153  	

Governmental Activities Capital Assets	
$13,080,874	
$	
716,198	
$ (7,827,702)	
$ 5,969,370	

Current year depreciation, $102,573, is charged to physical environment.

NOTE F – LONG-TERM DEBT		
Long-term debt at October 1, 2019	$	53,348,493	
Note proceeds	2,549,944	
Principal payments	 	(2,115,205)	
Long-term Debt at September 30, 2020	53,783,232	
Less bond discount, net	 	(788,418)	
Total long-term debt, net, at September 30, 2020	$	52,994,814	

The following is a summary of debt activity for the District for the year ended September 30, 2020:

$55,750,000 Series 2013 Special Assessment Revenue Bonds due in annual installments beginning May 2014 and maturing May 2043 with interest at 5.125% due in May and November and starting in November 2013. Current portion is $1,095,000.	

$	46,960,000	
In August 2018, the board approved a resolution authorizing the issuance of a secured note in   an amount not to exceed
$24,000,000 for the purpose of funding a portion of the District’s Series 2018 Project. In November 2018, the District issued a bond anticipation note with a principal amount of not to exceed
$24,000,000 and an interest rate of 4.5%. Interest will be due semi- annually commencing May 1, 2019.	

$	6,823,232	

NOTE F – LONG-TERM DEBT (CONTINUED)

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2020 are as follows:

Year Ending
    September 30,		
 	Principal		
 	Interest		
 	Total		

2021	
$	1,095,000	
$	2,406,700	
$	3,501,700	
2022	1,155,000	2,350,582	3,505,582	
2023	1,215,000	2,291,388	3,506,388	
2024	1,280,000	2,229,118	3,509,118	
2025	1,345,000	2,163,518	3,508,518	
2026-2030	7,880,000	9,706,238	17,586,238	
2031-2035	10,175,000	7,464,308	17,639,308	
2036-2040	13,145,000	4,568,166	17,713,166	
2041-2043	 	9,670,000  	 	1,008,088  	 	10,678,088  	
Totals	  $	46,960,000  	  $	34,188,106  	  $	81,148,106  	

The bond anticipation note is not included in the above amortization. Summary of Significant Bonds Resolution Terms and Covenants
The District levies special assessments pursuant to Section 190.022, Florida Statutes and the assessment rolls are approved by resolutions of the District Board. The collections are to be strictly accounted for and applied to the debt service of the bond series for which they were levied. The District covenants to levy special assessments in annual amounts adequate to provide for payment of principal and interest on the bonds. Payment of principal and interest is dependent on the money available in the debt service fund and the District’s ability to collect special assessments levied.

The Bonds are subject to redemption at the option of the District and are also subject to extraordinary mandatory redemption prior to maturity as outlined in the Trust Indenture.

The bond indenture requires that the District maintain adequate funds in the reserve account to meet the debt service requirements as defined in the Trust Indenture. The District is in compliance with the requirements as of September 30, 2020.

Reserve Balance

Reserve Requirement

Series 2013, Special Assessment Revenue Bonds Series 2018, Bond Anticipation Note

$	3,478,503
$	545,859

$	3,478,503
$	545,859

NOTE G – INTERLOCAL AGREEMENTS
The District previously entered into an interlocal agreement related to cost sharing for certain infrastructure projects with Myrtle Creek Improvement District ("Myrtle Creek") and Boggy Creek Improvement District ("Boggy Creek"). These districts are related through a common developer. The agreement provides for the improvement to be constructed, acquired or otherwise provided by Boggy Creek and that Boggy Creek will be reimbursed for these costs from the District and Myrtle Creek. The projected costs related to the agreement total approximately $33.8 million, with costs to be split 31.5% for Myrtle Creek, 32.5% for Boggy Creek and 36% for the District. The District, Myrtle Creek and Boggy Creek also previously entered into an agreement regarding interchange maintenance costs based on the same cost allocation.

In August 2016, the District entered into an interlocal agreement with Boggy Creek regarding the shared construction costs of Nemours Parkway (phase 7). Upon Greeneway’s receipt of an invoice from the contractor, the Engineer will review it and make a determination as to the portion that will be due to the District from Boggy Creek.

NOTE H – INTERFUND BALANCES AND TRANSFERS

Interfund balances at September 30, 2020, consisted of the following:

Receivable Fund
General Fund

Payable Fund Capital Projects Fund
  $	1,200  

Interfund balances are related to expenditures paid by the General Fund on behalf of the Capital Projects Fund.

Interfund transfers for the year ended September 30, 2020, consisted of the following:
 	Transfers Out	

 Transfers In	General Fund  

Debt Service Fund

Capital
Projects Fund	Total

General Fund	$	-	$

-	$	3,003	$

3,003

Capital Projects Fund	 	18,003  	 	75,660  	 	-  	 	93,663  	
Total	  $	18,003  	  $	75,660  	  $	3,003  	  $	96,666  	

Interfund transfers are related to decreases in reserve requirements and the closing of the Cost of Issuance Account, in accordance with the Bond Indentures.

NOTE I – ECONOMIC DEPENDENCY

A significant portion of the District's activity is dependent upon continued involvement of the Developer, the loss of which could have a material adverse effect on the District's operations. At September 30, 2020, the Developer owned a significant amount of the assessable property located within the District's boundaries.

NOTE J – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters. The District maintains commercial insurance coverage to mitigate the risk of loss. Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. The District has not filed any insurance claims in any of the previous three fiscal years.

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 Greeneway Improvement District Orlando, 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 Greeneway Improvement District, as of and for the year ended September 30, 2020, and the related notes to the financial statements, and have issued our report thereon dated June 1, 2021.

Internal Control Over Financial Reporting

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

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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To the Board of Supervisors Greeneway Improvement District

Compliance and Other Matters

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

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 1, 2021

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MANAGEMENT LETTER

To the Board of Supervisors Greeneway Improvement District Orlando, Florida

Report on the Financial Statements

We have audited the financial statements of the Greeneway Improvement District as of and for the year ended September 30, 2020, and have issued our report thereon dated June 1, 2021.

Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 1, 2021, should be considered in conjunction with this management letter.

Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding financial audit report.

Financial Condition and Management

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

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To the Board of Supervisors Greeneway Improvement District

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Greeneway Improvement District. It is management’s responsibility to monitor the Greeneway Improvement District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2020.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Additional Matters

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

Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 1, 2021

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

To the Board of Supervisors Greeneway Improvement District Orlando, Florida

We have examined Greeneway Improvement District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2020. Management is responsible for Greeneway Improvement District’s compliance with those requirements. Our responsibility is to express an opinion on Greeneway Improvement District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Greeneway Improvement District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Greeneway Improvement District’s compliance with the specified requirements.

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 1, 2021

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RFQ to Prequalified Contractors for District Infrastructure Projects
(provided under separate cover)

Requisition Nos. 687-692 in May 2021 in an amount totaling $26,421.37
(provided under separate cover)

Operation and Maintenance Expenditures Paid in May 2021 in an amount totaling $51,113.49
(provided under separate cover)

Work Authorizations/Proposed Services
(if applicable)

District’s Financial Position and Budget to Actual YTD
(provided under separate cover)