Pine Isle
Community Development District January 9, 2026

Seat 1: Teresa Baluja – C		
Seat 3: Carmen Orozco – V.C.		
Seat 2: Vanessa Perez – A.S.		
Seat 4: Marc Szasz – A.S.		
Seat 5: Raisa Krause – A.S.		

Pine Isle
Community Development District
(Pine Vista)
Revised Meeting Agenda

Friday	The Offices of Lennar Homes
January 9, 2026	5505 Waterford District Drive, Miami, Florida 9:45 a.m.		Join the meeting now
Meeting ID: 224 728 591 948 95 and Passcode: wi9eZ732
1 872-240-4685 and Phone Conference ID: 331 941 369#

Roll Call
Approval of Minutes of the November 14, 2025 Meeting – Page 4
Public Hearing to Adopt the DERM Rules
Motion to Open the Public Hearing
Public Comment and Discussion

Consideration of Resolution #2026-01 Adopting the DERM Rules – Page 9

Motion to Close the Public Hearing

Audit Selection Committee Meeting: – Page 15 Opening Audit Selection Committee Meeting
Roll Call

Ranking of Respondents to RFP
Adjournment
Selection of Audit Firms
Authorization to Open an Account with State Board of Administration
Acceptance of Audit for Fiscal Year Ending September 30, 2025 – Page 74
Staff Reports
Attorney
Engineer

Manager – Status of the Maintenance Agreement with HOA – Page 109

Financial Reports
Acceptance of Check Register – Page 122

Acceptance of Unaudited Financials – Page 125

Supervisors Requests and Audience Comments

Adjournment

Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.pineislecdd.com

MINUTES OF MEETING PINE ISLE
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Pine Isle Community Development District was held on Friday, November 14, 2025, at 9:45 a.m. at the Offices of Lennar Homes, 5505 Waterford District Drive, Miami, Florida.

Present and constituting a quorum were:

Teresa Baluja	Chairperson
Vanessa Perez	Assistant Secretary
Raisa Krause	Assistant Secretary Also present were:
Juilana Duque	District Manager, GMS
Michael Pawelczyk	District Counsel
Jesus Lorenzo	GMS

FIRST ORDER OF BUSINESS	Roll Call
Ms. Duque: We have three Supervisors present and constituting a quorum.

SECOND ORDER OF BUSINESS	Approval of the Minutes of the
August 15, 2025, Meeting
Ms. Duque: You have the minutes from the August 15, 2025, Board of Supervisors’ meeting. Are there any comments, corrections, or changes? Hearing no changes from the Board, I would ask for a motion to approve the minutes.

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the Minutes of the August 15, 2025, Meeting were approved.

THIRD ORDER OF BUSINESS	Discussion of Correspondence
with Miami-Dade County Department of Regulatory and Economic Resources
Ms. Duque: The District has received the official approval from Miami-Dade County Division of Environmental Resources Management (DERM) for site closure at the Pine Isles facility following the environmental remediation efforts. The approval details the No Further Action with Conditions Proposal (NFACP). That covers the compliance with past orders and associated restrictive covenants recorded in 2022 and 2025 for the designated phases of the site.

FOURTH ORDER OF BUSINESS	Update of Status of Maintenance
Agreement with Pine Vista Community Association, Inc.
Ms. Duque: The Board of Supervisors approved and requested the HOA to execute the formal maintenance agreement, as the HOA is the entity that has been maintaining all the District areas without an official contract in place. During this process, the Board of Directors of the HOA raised some concerns related to some of the tracts and maintenance responsibilities. Most of them are not related to the CDD. I decided to visit the property and document its condition with photos, and those are attached to your agenda package. I also attempted to coordinate a meeting with the HOA representative and the Board of Directors. This was not possible. The HOA confirmed that the Board of Directors has changed its management company, but they will continue assisting the community until January 1, 2026. The situation remains unresolved, and we are currently pending further engagement with the HOA regarding the formalization of roles and responsibilities.

FIFTH ORDER OF BUSINESS	Appointment of Audit Selection
Committee
Audit Selection Committee Meeting
Ms. Duque: Per Florida statutes, the Board is required to appoint an Audit Selection Committee responsible for overseeing the competitive process to select the independent auditor for the District’s annual financial audit.

Opening Audit Selection Committee Meeting
Ms. Duque: Is there a motion to open the Audit Selection Committee meeting?

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the Opening of the Public Hearing was approved.

Roll Call
Ms. Duque: Present today for the Audit Selection Committee are Teresa Baluja, Vanessa Perez, and Raisa Krause. Also present are Michael Pawelczyk, Juliana Duque, and Jesus Lorenzo.

Selection of Criteria for Evaluation
Ms. Duque: As part of our statutory obligation, the committee must establish the objective criteria for the evaluation of the audit firm proposals. The suggested criteria include the ability of personnel, the proposer’s experience, understanding of the scope of work, ability to furnish required services, and price.

Authorizing of RFP
Ms. Duque: Subject to the committee’s approval, I would recommend that the committee authorize staff to publicly announce the RFP for auditing services as described in the notice. Proposals will be received and presented to the Audit Committee per the evaluation criteria established.

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the authorization of the RFP was approved.

Adjournment
Ms. Duque: Is there a motion to adjourn the Audit Selection Committee meeting at this time?

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the Audit Selection Committee Meeting was adjourned.

SIXTH ORDER OF BUSINESS	Staff Reports
Attorney – Memorandum – 2025 Legislative Update
Ms. Duque: Let's move forward then to the next item, which is the staff reports. Mr. Pawelczyk: I don’t have anything to report at this time for Pine Isle.

Engineer
Ms. Duque: I did not receive any updates from the engineer.

Manager – Final Approval of the FY2024 – FY2025 Report Performance Measures and Standards
Ms. Duque: The Board is very aware of the final report already, but for the record, this is the final report that is needed to comply with the requirements established by the Florida legislature during the 2024 session. This report details all of the accomplishments and performance measures and standards, and objectives, and provides a summary of the District’s engineer yearly infrastructure conditions.

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the Final Approval of the FY2024 – FY2025 Report Performance Measures and Standards was approved.

SEVENTH ORDER OF BUSINESS	Financial Reports
Acceptance of Check Register
Acceptance of Unaudited Financials

Ms. Duque: You have the financial reports in your agenda for review. Are there any questions about the check register or unaudited financials? Not hearing any, I would ask the Board for a motion to accept them.

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the Check Register and Unaudited Financials were accepted.

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

NINTH ORDER OF BUSINESS	Adjournment

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the meeting was adjourned.

Secretary /Assistant Secretary	Chairman / Vice Chairman

RESOLUTION NO. 2026-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PINE ISLE COMMUNITY DEVELOPMENT DISTRICT, AMENDING RULES, PERTAINING TO MAINTENANCE AND COMPLIANCE WITH THE DECLARATION OF RESTRICTIVE COVENANT AND ENGINEERING CONTROL MAINTENANCE PLAN RELATING TO PROTECTION	OF	CONTAMINATED GROUNDWATER AND SOIL ON PROPERTY LOCATED WITHIN THE DISTRICT BOUNDARIES; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Pine Isle Community Development District (the “District”) is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended; and

WHEREAS, the District adopted Resolution No. 2024-02 adopting Rules for Compliance with Declarations of Restrictive Covenant and Engineering Control Maintenance Plans as to use of property within the District boundaries by Resolution (“DERM rules”); and

WHEREAS, the District joined and consented to the Declarations of Restrictive Covenant (“DRC”) recorded on August 28, 2025, in Book 34917, Page 4009, of the official public records of Miami-Dade County, which the District agreed to be responsible for the obligations described in the Engineering Control Maintenance Plans (“ECMP”) dated April 10, 2024, April 10, 2024 and February 2, 2024, regarding the engineering control inspection and maintenance of properties within the District boundaries; and

WHEREAS, the District has determined that based upon the additional DRC and amended ECMPs, the District will need to inspect and report on the condition of the lands within the boundaries of the District, provide notices to Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management (“DERM”) and perform certain repairs, as may be necessary to stay in compliance with the DRC and ECMP; and

WHEREAS, District has the need to amend the DERM rules to perform its obligations under the new DRC and amended ECMPs regarding inspection and necessary repairs of properties within the District boundaries and ensuring compliance with the aforementioned DRC and ECMPs; and

WHEREAS, the District advertised a public hearing for 	, in order to hear and receive comments on the proposed District Amended and Restated Rules pursuant to the requirements of Chapter 120, Florida Statutes; and

WHEREAS, after a duly advertised public hearing held on 	, the District Board of Supervisors finds it to be in the best interests of the District to adopt the proposed Amended and Restated Rules attached to this Resolution as Exhibit A.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PINE ISLE COMMUNITY DEVELOPMENT DISTRICT, THAT:

Section 1.  The above recitals are true and correct and are incorporated in and adopted as part of this Resolution.

Section 2.   The Amended and Restated Rules, DERM Rule 2026-01 attached to this Resolution as Exhibit A, are hereby adopted by the District.

Section 3.	The District Manager is hereby directed to distribute this Resolution as required by Chapters 120 and 190, Florida Statutes.

Section 4.	This Resolution shall be effective immediately upon adoption.

PASSED AND ADOPTED THIS 	 DAY OF 	,
2025.

ATTEST:	PINE ISLE COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice-Chairman

Exhibit A

DERM RULE 2026-01
AMENDED AND RESTATED RULES FOR COMPLIANCE WITH DECLARATION OF RESTRICTIVE COVENANT AND ENGINEERING CONTROL MAINTENANCE PLAN AS TO USE OF PROPERTY WITHIN THE BOUNDARIES OF THE DISTRICT

General. The Pine Isle Community Development District (“District”) joined and consented to a Declaration of Restrictive Covenant (“DRC”) recorded on March 24, 2022, in Book 33085, Page 3193, September 13, 2022, in
Book 33380, Page 2526, on May 10, 2023, Book 33700,
Page 4405, on August 28, 2025, Book 34917, Page 4009 in the Official Public Records of Miami-Dade County, Florida (“Covenant”), which the District agreed that it was responsible for the obligations described in the Engineering Control Maintenance Plans (“ECMP”), dated February 11, 2022, July 28, 2022, March 7, 2023, December 7, 2023,
February 2, 2024, and February 2, 2024, July 28, 2022,
April 10, 2024 and April 10, 2024, collectively (attached hereto as Exhibit 1), providing for the inspection, maintenance and reporting requirements regarding properties situated within the District boundaries and as described in the DRC. The District will conduct certain routine inspections of property within the District boundaries to ensure compliance with the DRC and ECMP, require notification by the individual property owners of any penetration of the engineering controls on their property and any interaction with groundwater and reporting to the Department of Regulatory and Economic Resources, Division of Environmental Resources Management (“DERM”). Pursuant to the ECMP, the District is responsible for the maintenance of engineering controls, disclosing environmental conditions to prospective contractors, retention of a Florida licensed professional engineer to oversee and document work performed below the engineering controls, and submit Source Removal Reports and Engineering Control Repair reports, as necessary, as described in the DRC and ECMP.

Inspections. The District shall perform routine inspections under the direct supervision of a professional engineer on a semi-annual basis to determine compliance with the DRC and ECMP. The property owners within the boundaries of the District shall permit the entry of the District personnel to inspect the property owner’s unimproved property in accordance of the DRC and ECMP. The property owner shall be notified by the District of the date and general time of the aforementioned inspections.

Notification. All property owners are required to be in compliance with the DRC. Each property owner shall inform the District, of the following:
intention of digging of holes or trenches which disturb or penetrate the engineering controls on the property owner’s property; and
intention to interact with groundwater on the property owner’s property; and
proof of permit issued by Miami-Dade County which provides for all requirements of the DRC; and
notice of any violations received by Miami-Dade County/DERM regarding or arising out of the requirements of the DRC.

Compliance. Pursuant to the requirements of the DRC, the CDD requires that individual property owners disclose the environmental conditions and requirements of the DRC and ECMP to prospective contractors, engage a Florida licensed professional engineer to oversee and document work performed on their property, and provide all reports to the District, as required by the ECMP.

Reporting. It is the responsibility of the District to notify DERM of any violations of the Covenant. If the District is made aware of any violations of the DRC, the District will notify the property owner of said violations and advise the property owner to come into compliance therewith.

Maintenance. In the event of a failure of the property owner to comply with the requirements of the DRC, the District has the responsibility under the ECMP to repair and restore any damage to the engineering controls on the subject property at the property owners sole cost and expense. The property owner shall pay all such costs to the District within thirty (30) days of written notice sent by the District to the property owner at the address on file at the County property appraiser for the subject property. If the property owner fails to timely pay all such costs incurred by the District, the District may impose such costs on the property owner as a maintenance special assessment on the subject property.

Specific Authority:	§§ 120.54, 190.011(5), 190.012(3), Fla. Stat. 190.012(3), Fla. Stat. Adopted	

PINE ISLE
COMMUNITY DEVELOPMENT DISTRICT PROPOSAL FOR AUDIT SERVICES

PROPOSED BY:

Berger, Toombs, Elam, Gaines & Frank CERTIFIED PUBLIC ACCOUNTANTS, PL

600 Citrus Avenue, Suite 200	(772) 461-6120 Fort Pierce, Florida 34950

CONTACT PERSON:
Maritza Stonebraker, CPA, Director

DATE OF PROPOSAL:

December 18, 2025

TABLE OF CONTENTS

DESCRIPTION OF SECTION	PAGE
Letter of Transmittal	1-2
Profile of the Proposer
Description and History of Audit Firm	3
Professional Staff Resources	4-5
Ability to Furnish the Required Services	5
Governmental Auditing Experience	6-15
Fee Schedule	16
Scope of Work to be Performed	16
Resumes	17-32
Peer Review Letter	33

December 18, 2025
Pine Isle Community Development District Governmental Management Services 5385 N. Nob Hill Road
Sunrise, FL 33351 Dear District Manager:
Thank you very much for the opportunity to present our professional credentials to provide audit services for Pine Isle Community Development District.
Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL has assembled a team of governmental and nonprofit specialists second to none to serve our clients. Our firm has the necessary qualifications and experience to serve as the independent auditors for Pine Isle Community Development District. We will provide you with top quality, responsive service.
Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is a recognized leader in providing services to governmental and nonprofit agencies throughout Florida. We have been the independent auditors for a number of local governmental agencies and through our experience in performing their audits, we have been able to increase our audit efficiency and; therefore, reduce costs. We have continually passed this cost savings on to our clients and will continue to do so in the future. As a result of our experience and expertise, we have developed an effective and efficient audit approach designed to meet or exceed the performance specifications 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 the standards for financial and compliance audits.

We will conduct the audit in accordance with auditing standards generally accepted in the United States of America with minimal disruption to your operations. Our firm has frequent technical updates to keep our personnel informed and up-to-date on all changes that are occurring within the industry.

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Pine Isle Community Development District December 18, 2025
Our firm is a member of the Government Audit Quality Center, an organization dedicated to improving government audit quality. We also utilize the audit program software of a nationally recognized CPA firm to assure us that we are up to date with all auditing standards and to assist us maintain maximum audit efficiencies.

To facilitate your evaluation of our qualifications and experience, we have arranged this proposal to include a resume of our firm, including our available staff, our extensive prior governmental and nonprofit auditing experience and clients to be contacted.
You need a firm that will provide an efficient, cost-effective, high-quality audit within critical time constraints. You need a firm with the prerequisite governmental and nonprofit experience to perform your audit according to stringent legal and regulatory requirements, a firm that understands the complex nature of community development districts and their unique compliance requirements. You need a firm with recognized governmental and nonprofit specialists within the finance and governmental communities. And, certainly, you need a firm that will provide you with valuable feedback to enhance your current and future operations. Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is that firm. Maritza Stonebraker is the person authorized to make representations for the firm.
Thank you again for the opportunity to submit this proposal to Pine Isle Community Development District.

Very truly yours,

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

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PROFILE OF THE PROPOSER
Description and History of Audit Firm
Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is a Treasure Coast public accounting firm, which qualifies as a small business firm, as established by the Small Business Administration (13 CFR 121.38), with offices in Fort Pierce and Stuart. We are a member of the Florida Institute of Certified Public Accountants and the American Institute of Certified Public Accountants. The firm was formed from the merger of Edwards, Berger, Harris & Company (originated in 1972) and McAlpin, Curtis & Associates (originated in 1949). J. W. Gaines and Associates (originated in 1979) merged with the firm in 2004. Our tremendous growth rate experienced over the last 69 years is directly attributable to the firm’s unrelenting dedication to providing the highest quality, responsive professional services attainable to its clients.
We are a member of the Private Companies Practice Section (PCPS) of the American Institute of Certified Public Accountants (AICPA) to assure we meet the highest standards. Membership in this practice section requires that our firm meet more stringent standards than standard AICPA membership. These rigorous requirements include the requirement of a triennial peer review of our firm’s auditing and accounting practice and annual Continuing Professional Education (CPE) for all accounting staff (whether CPA or non-CPA). For standard AICPA membership, only a quality review is required and only CPAs must meet CPE requirements.
We are also a member of the Government Audit Quality Center (“the Center”) of the American Institute of Certified Public Accountants to assure the quality of our government audits. Membership in the Center, which is voluntary, requires our firm to comply with additional standards to promote the quality of government audits.
We have been extensively involved in serving local government entities with professional accounting, auditing and consulting services throughout the entire 69 year history of our firm. Our substantial experience over the years makes us uniquely qualified to provide accounting, auditing, and consulting services to these clients. We are a recognized leader in providing services to governmental and nonprofit agencies on the Treasure Coast and in Central and South Florida, with extensive experience in auditing community development districts and water control districts. We were the independent auditors of the City of Fort Pierce for over 37 years and currently, we are the independent auditors for St. Lucie County since 2002, and for 34 of the 38 years that the county has been audited by CPA firms. Additionally, we have performed audits of the City of Stuart, the City of Vero Beach, Indian River County and Martin County. We also presently audit over 75 Community Development Districts throughout Florida.
Our firm was founded on the belief that we are better able to respond to our clients needs through education, experience, independence, quality control, and personal service. Our firm’s commitment to quality is reflected in our endeavor of professional excellence via continuing education, the use of the latest computer technology, professional membership in PCPS and peer review.
We believe our approach to audit engagements, intelligence and innovation teamed with sound professional judgment enables us to explore new concepts while remaining sensitive to the fundamental need for practical solutions. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

Professional Staff Resources

Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL has a total of
32 professional and administrative staff (including 12 professional staff with extensive experience servicing government entities). The work will be performed out of our Fort Pierce office with a proposed staff of one senior accountant and one or two staff accountants supervised by an audit manager and audit partner. With the exception of the directors of the firm’s offices, the professional staff is not specifically assigned to any of our individual offices. The professional and administrative staff resources available to you through Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL are as follows:
Total
Partners/Directors (CPA’s)	7	
Managers (1 CPA)	2	
Senior/Supervisor Accountants (1 CPA)	3	
Staff Accountants	8	
Paraprofessional	6	
Administrative	 6	
Total – all personnel	32	

Following is a brief description of each employee classification:

Staff Accountant – Staff accountants work directly under the constant supervision of the auditor-in-charge and, are responsible for the various testing of documents, account analysis and any other duties as his/her supervisor believes appropriate. Minimum qualification for a staff accountant is graduation from an accredited university or college with a degree in accounting or equivalent.
Senior Accountant – A senior accountant must possess all the qualifications of the staff accountant, in addition to being able to draft the necessary reports and financial statements, and supervise other staff accountants when necessary.

Managers – A manager must possess the qualifications of the senior accountant, plus be able to work without extensive supervision from the auditor-in-charge. The manager should be able to draft audit reports from start to finish and to supervise the audit team, if necessary.

Partner/Director – The director has extensive governmental auditing experience and acts as the auditor-in-charge. Directors have a financial interest in the firm.

Professional Staff Resources (Continued)

Independence – Independence of the public accounting firm, with respect to the audit client, is the foundation from which the public gains its trust in the opinion issued by the public accounting firm at the end of the audit process. This independence must be in appearance as well as in fact. The public must perceive that the accounting firm is independent of the audit entity to ensure that nothing would compromise the opinion issued by the public accounting firm. Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is independent of Pine Isle Community Development District, including its elected officials and related parties, at the date of this proposal, as defined by the following rules, regulations, and standards:
Au-C Section 220 – Statements on Auditing Standards issued by the American Institute of Certified Public Accountants;
ET Sections 101 and 102 – Code of Professional Conduct of the American Institute of Certified Public Accountants;
Chapter 21A-1, Florida Administrative Code; Section 473.315, Florida Statutes; and,
Government Auditing Standards, issued by the Comptroller General of the United States.
On an annual basis, all members of the firm are required to confirm, in writing, that they have no personal or financial relationships or holding that would impair their independence with regard to the firm’s clients.

Independence is a hallmark of our profession. We encourage our staff to use professional judgment in situations where our independence could be impaired or the perception of a conflict of interest might exist. In the governmental sector, public perception is as important as professional standards. Therefore, the utmost care must be exercised by independent auditors in the performance of their duties.
Ability to Furnish the Required Services

As previously noted in the Profile of the Proposer section of this document, our firm has been in existence for over 74 years. We have provided audit services to some clients for over 30 years continually. Our firm is insured against physical loss through commercial insurance and we also carry liability insurance. The majority of our audit documentation is stored electronically, both on our office network and on each employee laptop or computer assigned to each specific job. Our office computer network is backed up on tape, so in the event of a total equipment loss, we can restore all data as soon as replacement equipment is acquired. In addition, our field laptop computers carry the same data and can be used in the event of emergency with virtually no delay in completing the required services.

GOVERNMENTAL AUDITING EXPERIENCE

Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL has been practicing public accounting in Florida for 69 years. Our success over the years has been the result of a strong commitment to providing personalized quality service to our clients.
The current members of our firm have performed audits of over 1,100 community development districts, and over 2,100 audits of municipalities, counties and other governmental entities such as the City of Fort Pierce and St. Lucie County.

Our firm provides a variety of accounting, auditing, tax litigation support, and consulting services. Some of the professional accounting, auditing and management consulting services that are provided by our firm are listed below:

Performance of annual financial and compliance audits, including Single Audits of state and federal financial assistance programs, under the provisions of the Single Audit Act,
Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), with minimal disruptions to your operations;
Performance of special compliance audits to ascertain compliance with the applicable local, state and federal laws and regulations;
Issuance of comfort letters and consent letters in conjunction with the issuance of tax-exempt debt obligations, including compiling financial data and interim period financial statement reviews;
Calculation of estimated and actual federal arbitrage rebates;
Assistance in compiling historical financial data for first-time and supplemental submissions for GFOA Certificate of Achievement for Excellence in Financial Reporting;
Preparation of indirect cost allocation systems in accordance with Federal and State regulatory requirements;
Providing human resource and employee benefit consulting;
Performance of automation feasibility studies and disaster recovery plans;
Performance feasibility studies concerning major fixed asset acquisitions and utility plant expansion plans (including electric, water, pollution control, and sanitation utilities); and
Assistance in litigation, including testimony in civil and criminal court.
Assist clients who utilize QuickBooks software with their software needs. Our Certified QuickBooks Advisor has undergone extensive training through QuickBooks and has
passed several exams to attain this Certification.
Continuing Professional Education

All members of the governmental audit staff of our firm, and audit team members assigned to this engagement, are in compliance with the Continuing Professional Education (CPE) requirements set forth in Government Auditing Standards issued by the Comptroller General of the United States. In addition, our firm is in compliance with the applicable provisions of the Florida Statutes that require CPA’s to have met certain CPE requirements prior to proposing on governmental audit engagements.

GOVERNMENTAL AUDITING EXPERIENCE (CONTINUED)

The audit team has extensive experience in performing governmental audits and is exposed to intensive and continuing concentration on these types of audits. Due to the total number of governmental audits our team performs, each member of our governmental staff must understand and be able to perform several types of governmental audits. It is our objective to provide each professional employee fifty hours or more of comprehensive continuing professional education each year. This is accomplished through attending seminars throughout Florida and is reinforced through in-house training.
Our firm has made a steadfast commitment to professional education. Our active attendance and participation in continuing professional education is a major part of our objective to obtain the most recent knowledge on issues which are of importance to our clients. We are growing on the reputation for work that our firm is providing today.
Quality Control Program

Quality control requires continuing commitment to professional excellence. Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is formally dedicated to that commitment.

To ensure maintaining the standards of working excellence required by our firm, we joined the Private Companies Practice Section (PCPS) of the American Institute of Certified Public Accountants (AICPA). To be a participating member firm of this practice section, a firm must obtain an independent Peer Review of its quality control policies and procedures to ascertain the firm’s compliance with existing auditing standards on the applicable engagements.
The scope of the Peer Review is comprehensive in that it specifically reviews the following quality control policies and procedures of the participating firm:
Professional, economic, and administrative independence;
Assignment of professional personnel to engagements;
Consultation on technical matters;
Supervision of engagement personnel;
Hiring and employment of personnel;
Professional development;
Advancement;
Acceptance and continuation of clients; and,
Inspection and review system.
We believe that our commitment to the program is rewarding not only to our firm, but primarily to our clients.
The external independent Peer Review of the elements of our quality control policies and procedures performed by an independent certified public accountant, approved by the PCPS of the AICPA, provides you with the assurance that we continue to conform to standards of the profession in the conduct of our accounting and auditing practice.

Our firm is also a member of Governmental Audit Quality Center (GAQC), a voluntary membership center for CPA firms that perform governmental audits. This center promotes the quality of governmental audits.
Our firm has completed successive Peer Reviews. These reviews included a representative sample of our firm’s local governmental auditing engagements. As a result of these reviews, our firm obtained an unqualified opinion on our quality control program and work procedures. On page 33 is a copy of our most recent Peer Review report. It should be noted that we received a pass rating.

Our firm has never had any disciplinary actions by state regulatory bodies or professional organizations.
As our firm performs approximately one hundred audits each year that are reviewed by federal, state or local entities, we are constantly dealing with questions from these entities about our audits. We are pleased to say that any questions that have been raised were minor issues and were easily resolved without re-issuing any reports.

Certificate of Achievement for Excellence in Financial Reporting (CAFR)
We are proud and honored to have been involved with the City of Fort Pierce and the Fort Pierce Utilities Authority when they received their first Certificates of Achievement for Excellence in Financial Reporting for the fiscal years ended September 30, 1988 and 1994, respectively. We were also instrumental in the City of Stuart receiving the award, in our first year of performing their audit, for the year ended September 30, 1999.
We also assisted St. Lucie County, Florida for the year ended September 30, 2003, in preparing their first Comprehensive Annual Financial Report, and St. Lucie County has received their Certificate of Achievement for Excellence in Financial Reporting every year since.

As continued commitment to insuring that we are providing the highest level of experience, we have had at least one employee of our firm serve on the GFOA – Special Review Committee since the mid-1980s. This committee is made up of selective Certified Public Accountants throughout the United States who have demonstrated their high level of knowledge and expertise in governmental accounting. Each committee member attends a special review meeting at the Annual GFOA Conference. At this meeting, the committee reports on the Certificate of Achievement Program’s most recent results, future goals, and common reporting deficiencies.
We feel that our previous experience in assisting the City of Fort Pierce, the Fort Pierce Utilities Authority and St. Lucie County obtain their first CAFRs, and the City of Stuart in continuing to receive a CAFR and our firm’s continued involvement with the GFOA, and the CAFR review committee make us a valued asset for any client in the field of governmental financial reporting.

References

Florida Green Finance Authority	Gateway Services Community
Jeff Walker, Special District Services	Development District
(561) 630-4922	Stephen Bloom, Inframark LLC
(954) 753-5841
South Village Community Development District
Darrin Mossing, Governmental Management	Clearwater Cay Community Services LLC		Development District
(407) 841-5524	Cal Teague, Premier District Management
(239) 690-7100 ext 101

In addition to the above, we have the following additional governmental audit experience: Community Development Districts
Aberdeen Community Development	Beacon Lakes Community District		Development District

Alta Lakes Community Development	Beaumont Community Development District		District

Amelia Concourse Community	Bella Collina Community Development
Development District	District

Amelia Walk Communnity	Bonnet Creek Community
Development District	Development District

Aqua One Community Development	Buckeye Park Community District		Development District

Arborwood Community Development	Candler Hills East Community District		Development District

Arlington Ridge Community	Cedar Hammock Community
Development District	Development District

Bartram Springs Community	Central Lake Community
Development District	Development District

Baytree Community Development	Channing Park Community
District	Development District

Cheval West Community	Evergreen Community Development
Development District	District

Coconut Cay Community	Forest Brooke Community Development District		Development District

Colonial Country Club Community	Gateway Services Community
Development District	Development District

Connerton West Community	Gramercy Farms Community
Development District	Development District

Copperstone Community	Greenway Improvement District Development District

Creekside @ Twin Creeks Community	Greyhawk Landing Community Development District		Development District

Deer Run Community Development	Griffin Lakes Community Development District		District

Dowden West Community	Habitat Community Development
Development District	District

DP1 Community Development	Harbor Bay Community Development
District	District

Eagle Point Community Development	Harbourage at Braden River District		Community Development District

East Nassau Stewardship District	Harmony Community Development
District
Eastlake Oaks Community
Development District	Harmony West Community Development District
Easton Park Community Development
District	Harrison Ranch Community
Development District
Estancia @ Wiregrass Community
Development District	Hawkstone Community Development District

Heritage Harbor Community	Madeira Community Development
Development District	District

Heritage Isles Community	Marhsall Creek Community
Development District	Development District

Heritage Lake Park Community	Meadow Pointe IV Community
Development District	Development District

Heritage Landing Community	Meadow View at Twin Creek
Development District	Community Development District

Heritage Palms Community	Mediterra North Community
Development District	Development District

Heron Isles Community	Midtown Miami Community
Development District	Development District

Heron Isles Community Development	Mira Lago West Community District		Development District

Highland Meadows II Community	Montecito Community
Development District	Development District

Julington Creek Community	Narcoossee Community
Development District	Development District

Laguna Lakes Community	Naturewalk Community
Development District	Development District

Lake Bernadette Community	New Port Tampa Bay Community
Development District	Development District

Lakeside Plantation Community	Overoaks Community Development
Development District	District

Landings at Miami Community	Panther Trace II Community
Development District	Development District

Legends Bay Community	Paseo Community Development
Development District	District

Lexington Oaks Community	Pine Ridge Plantation Community
Development District	Development District

Live Oak No. 2 Community	Piney Z Community Development
Development District	District

Poinciana Community	Sampson Creek Community
Development District	Development District

Poinciana West Community	San Simeon Community
Development District	Development District

Port of the Islands Community	Six Mile Creek Community
Development District	Development District

Portofino Isles Community	South Village Community
Development District	Development District

Quarry Community Development	Southern Hills Plantation I
District	Community Development District

Renaissance Commons Community	Southern Hills Plantation III Development District		Community Development District

Reserve Community	South Fork Community
Development District	Development District

Reserve #2 Community	St. John's Forest Community
Development District	Development District

River Glen Community	Stoneybrook South Community
Development District	Development District

River Hall Community	Stoneybrook South at ChampionsGate
Development District	Community Development District

River Place on the St. Lucie	Stoneybrook West Community
Community Development District	Development District

Rivers Edge Community	Tern Bay Community
Development District	Development District

Riverwood Community	Terracina Community Development
Development District	District

Riverwood Estates Community	Tison's Landing Community
Development District	Development District

Rolling Hills Community	TPOST Community Development
Development District	District

Rolling Oaks Community Development District

Triple Creek Community	Vizcaya in Kendall
Development District	Development District

TSR Community Development	Waterset North Community
District	Development District

Turnbull Creek Community	Westside Community Development
Development District	District

Twin Creeks North Community	WildBlue Community Development
Development District	District

Urban Orlando Community	Willow Creek Community
Development District	Development District

Verano #2 Community	Willow Hammock Community
Development District	Development District

Viera East Community	Winston Trails Community
Development District	Development District

VillaMar Community	Zephyr Ridge Community
Development District	Development District

Other Governmental Organizations

City of Westlake

Florida Inland Navigation District Fort Pierce Farms Water Control
District

Indian River Regional Crime Laboratory, District 19, Florida
Viera Stewardship District

Office of the Medical Examiner, District 19
Rupert J. Smith Law Library of St. Lucie County
St. Lucie Education Foundation Seminole Improvement District Troup Indiantown Water
Control District

Current or Recent Single Audits

St. Lucie County, Florida Early Learning Coalition, Inc.
Gateway Services Community Development District Healthy Start Coalition
Members of our audit team have acquired extensive experience from performing or participating in over 1,800 audits of governments, independent special taxing districts, school boards, and other agencies that receive public money and utilize fund accounting.

Much of our firm’s auditing experience is with compliance auditing, which is required for publicly financed agencies. In this type of audit, we do a financial examination and also confirm compliance with various statutory and regulatory guidelines.
Following is a summary of our other experience, including Auditor General experience, as it pertains to other governmental and fund accounting audits.

Counties
(Includes elected constitutional officers, utilities and dependent taxing districts)

Indian River Martin Okeechobee Palm Beach
Municipalities

City of Port St. Lucie City of Vero Beach Town of Orchid

Special Districts

Bannon Lakes Community Development District Boggy Creek Community Development District Capron Trail Community Development District Celebration Pointe Community Development District Coquina Water Control District
Diamond Hill Community Development District Dovera Community Development District
Durbin Crossing Community Development District Golden Lakes Community Development District Lakewood Ranch Community Development District Martin Soil and Water Conservation District Meadow Pointe III Community Development District Myrtle Creek Community Development District
St. Lucie County – Fort Pierce Fire District The Crossings at Fleming Island
St. Lucie West Services District
Indian River County Mosquito Control District St. John’s Water Control District
Westchase and Westchase East Community Development Districts Pier Park Community Development District
Verandahs Community Development District Magnolia Park Community Development District
Schools and Colleges

Federal Student Aid Programs – Indian River Community College Indian River Community College
Okeechobee County District School Board St. Lucie County District School Board
Indian River School District – Internal Accounts State and County Agencies
Central Florida Foreign-Trade Zone, Inc. (a nonprofit organization affiliated with the St. Lucie County Board of County Commissioners)
Florida School for Boys at Okeechobee
Indian River Community College Crime Laboratory Indian River Correctional Institution

FEE SCHEDULE

We propose the fee for our audit services described below to be $6,800 for the years ended September 30, 2026 and 2027, $6,950 for the years ended September 30, 2028 and 2029,
$7,100 for the years ended September 30, 2030 and 2031, $7,250 for the years ended September 30, 2032 and 2033, and $7,400 for the years ended September 30, 2034 and 2035. In addition, if a bond issuance occurs there will be an additional fee for each additional bond. The fee is contingent upon the financial records and accounting systems of Pine Isle Community Development District being “audit ready” and the financial activity for the District is not materially increased. If we discover that additional preparation work or subsidiary schedules are needed, we will consult with your authorized representative. We can assist with this additional work at our standard rates should you desire.
SCOPE OF WORK TO BE PERFORMED
If selected as the District's auditors, we will perform a financial and compliance audit in accordance with Section 11.45, Florida Statutes, in order to express an opinion on an annual basis on the financial statements of Pine Isle Community Development District as of September 30, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, and 2035. The audits will be
performed to the extent necessary to express an opinion on the fairness in all material respects with which the financial statements present the financial position, results of operations and changes in financial position in conformity with generally accepted accounting principles and to determine whether, for selected transactions, operations are properly conducted in accordance with legal and regulatory requirements. Reportable conditions that are also material weaknesses shall be identified as such in the Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters. Other (non-reportable) conditions discovered during the course of the audit will be reported in a separate letter to management, which will be referred to in the Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters.
Our audit will be performed in accordance with standards for financial and compliance audits contained in Government Auditing Standards, as well as in compliance with rules and regulations of audits of special districts as set forth by the State Auditor General in Chapter 10.550, Local Governmental Entity Audits, and other relevant federal, state and county orders, statutes, ordinances, charter, resolutions, bond covenants, Administrative Code and procedures, or rules and regulations which may pertain to the work required in the engagement.
The primary purpose of our audit will be to express an opinion on the financial statements discussed above. It should be noted that such audits are subject to the inherent risk that errors or irregularities may not be detected. However, if conditions are discovered which lead to the belief that material errors, defalcations or other irregularities may exist or if other circumstances are encountered that require extended services, we will promptly notify the appropriate individual.

David S. McGuire, CPA, CITP
Director – 31 years experience

Education
University of Central Florida, B.A. – Accounting
Barry University – Master of Professional Accountancy
Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy
Certified Information Technology Professional (CITP) – American Institute of Certified Public Accountants
Certified Not-For-Profit Core Concepts 2018
Professional Affiliations/Community Service
Member of the American and Florida Institutes of Certified Public Accountants
Associate Member, Florida Government Finance Office Associates
Assistant Coach – St. Lucie County Youth Football Organization (1994 – 2005)
Assistant Coach – Greater Port St. Lucie Football League, Inc. (2006 – 2010)
Board Member – Greater Port St. Lucie Football League, Inc. (2011 – 2017)
Treasurer, AIDS Research and Treatment Center of the Treasure Coast, Inc. (2000 – 2003)
Board Member/Treasurer, North Treasure Coast Chapter, American Red Cross (2004 – 2010)
Member/Board Member of Port St. Lucie Kiwanis (1994 – 2001)
President (2014/15) of Sunrise Kiwanis of Fort Pierce (2004 – 2017)
St. Lucie District School Board Superintendent Search Committee (2013 – present)
Board Member – Phrozen Pharoes (2019-2021)
Professional Experience
Twenty-eight years public accounting experience with an emphasis on nonprofit and governmental organizations.
Audit Manager in-charge on a variety of audit and review engagements within several industries, including the following government and nonprofit organizations:
St. Lucie County, Florida
19th Circuit Office of Medical Examiner Troup Indiantown Water Control District
Exchange Club Center for the Prevention of Child Abuse, Inc. Healthy Kids of St. Lucie County
Mustard Seed Ministries of Ft. Pierce, Inc. Reaching Our Community Kids, Inc.
Reaching Our Community Kids - South
St. Lucie County Education Foundation, Inc. Treasure Coast Food Bank, Inc.
North Springs Improvement District
Four years of service in the United States Air Force in computer operations, with a top secret (SCI/SBI) security clearance.

David S. McGuire, CPA, CITP (Continued)
Director

Continuing Professional Education
Mr. McGuire has attended numerous continuing professional education courses and seminars taught by nationally recognized sponsors in the accounting auditing and single audit compliance areas. He has attended courses over the last two years in those areas as
follows:
Not-for-Profit Auditing Financial Results and Compliance Requirements Update: Government Accounting Reporting and Auditing
Annual Update for Accountants and Auditors

Matthew Gonano, CPA
Director – 14 years total experience

Education
University of North Florida, B.B.A. – Accounting
University of Alicante, Spain – International Business
Florida Atlantic University – Masters of Accounting
Professional Affiliations/Community Service
American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants
Professional Experience

Senior Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.
Performed audits of nonprofit and governmental organizations in accordance with Governmental Accounting Auditing Standards (GAAS)
Performed Single Audits of nonprofit organizations in accordance with OMB Circular A-133, Audits of State, Local Governments, and Non-Profit Organizations.

Continuing Professional Education
Mr. Gonano has participated in numerous continuing professional education courses.

Melissa Marlin, CPA
Director – 12 years

Education
Indian River State College, A.A. – Accounting
Florida Atlantic University, B.B.A. – Accounting
Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy
Professional Affiliations/Community Service
Member of the American Institute of Certified Public Accountants
Member of the Florida Institute of Certified Public Accountants
Affiliate member of the Government Finance Officers Association
Professional Experience
Accountant with over 10 years of experience providing professional services to nonprofit and governmental entities.
Performed over 300 audits of nonprofit and governmental organizations in accordance with Governmental Accounting Auditing Standards (GAAS)
Performed Single Audits of nonprofit organizations in accordance with 2 CFR Part 200 Subpart F, Uniform Guidance, Audits of State, Local Governments, and Non-Profit Organizations.

Continuing Professional Education
Mrs. Marlin participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments in accounting and auditing such as:
Governmental Accounting Report and Audit Update
Analytical Procedures, FICPA
Annual Update for Accountants and Auditors
Single Audit Sampling and Other Considerations

Maritza Stonebraker, CPA
Director – 10 years

Education
Indian River State College, B.S. – Accounting
Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy
Professional Affiliations/Community Service
Member of the American Institute of Certified Public Accountants
Member of the Florida Institute of Certified Public Accountants
Affiliate of the Government Finance Officers Association
Professional Experience
Maritza launched her professional auditing career at Berger, Toombs, Elam, Gaines, & Frank, accumulating over 9 years of expertise in the field
Performed over 300 audits of nonprofit and governmental organizations in accordance with Governmental Accounting Auditing Standards (GAAS)
Performed Single Audits of nonprofit organizations in accordance with 2 CFR Part 200 Subpart F, Uniform Guidance, Audits of State, Local Governments, and Non-Profit Organizations.

Continuing Professional Education
Mrs. Stonebraker participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments in accounting and auditing such as:
Governmental Accounting Report and Audit Update
Analytical Procedures, FICPA
Annual Update for Accountants and Auditors
Single Audit Sampling and Other Considerations

Jonathan Herman, CPA
Director – 12 years

Education
University of Central Florida, B.S. – Accounting
Florida Atlantic University, MACC
Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy
Professional Affiliations/Community Service
Member of the American and Florida Institutes of Certified Public Accountants
Affiliate member Government Finance Officers Association
Professional Experience
Over 10 years experience in all phases of public accounting and auditing experience, with a concentration in financial and compliance audits. Mr. Herman has been involved in all phases of the audits listed on the preceding pages.

Continuing Professional Education
Has participated in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments. He has attended courses in those areas over the last two years such as:
Governmental Accounting Report and Audit Update
Annual Update: Government Accounting Reporting and Auditing Annual Update for Accountants and Auditors

David F. Haughton, CPA
Accounting and Audit Manager – 34 years

Education
Stetson University, B.B.A. – Accounting
Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy
Professional Affiliations/Community Service
Member of the American and Florida Institutes of Certified Public Accountants
Former Member of Florida Institute of Certified Public Accountants Committee on State and Local Government
Affiliate Member Government Finance Officers Association (GFOA) for over 10 years
Affiliate Member Florida Government Finance Officers Association (FGFOA) for over 10 years
Technical Review – 1997 FICPA Course on State and Local Governments in Florida
Board of Directors – Kiwanis of Ft. Pierce, Treasurer – 1994-1999; Vice President – 1999-2001

Professional Experience
Twenty-seven years public accounting experience with an emphasis on governmental and nonprofit organizations.
State Auditor General’s Office – West Palm Beach, Staff Auditor, June 1985 to September 1985
Accounting and Audit Manager of Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants PL, responsible for audit and accounting services including governmental and not-for-profit audits.
Over 20 years of public accounting and governmental experience, specializing in governmental and nonprofit organizations with concentration in special districts, including Community Development Districts which provide services including water and sewer utilities.
Governmental and non-profit entities served include the following:

Counties:
St. Lucie County

Municipalities: City of Fort Pierce City of Stuart

David F. Haughton, CPA (Continued)
Accounting and Audit Manager

Professional Experience (Continued) Special Districts:
Bluewaters Community Development District
Country Club of Mount Dora Community Development District Fiddler’s Creek Community Development District #1 and #2 Indigo Community Development District
North Springs Improvement District
Renaissance Commons Community Development District St. Lucie West Services District
Stoneybrook Community Development District Summerville Community Development District Terracina Community Development District Thousand Oaks Community Development District Tree Island Estates Community Development District Valencia Acres Community Development District

Non-Profits:
The Dunbar Center, Inc.
Hibiscus Children’s Foundation, Inc. Hope Rural School, Inc.
Maritime and Yachting Museum of Florida, Inc. Tykes and Teens, Inc.
United Way of Martin County, Inc.
Workforce Development Board of the Treasure Coast, Inc.
While with the Auditor General’s Office he was on the staff for the state audits of the Martin County School District and Okeechobee County School District.
During 1997 he performed a technical review of the Florida Institute of Certified Public Accountants state CPE course on Audits of State and Local Governments in Florida. His
comments were well received by the author and were utilized in future updates to the course.
Continuing Professional Education
During the past several years, he has participated in numerous professional development training programs sponsored by the AICPA and FICPA, including state conferences on special districts and governmental auditing in Florida. He averages in excess of 100 hours
bi-annually of advanced training which exceeds the 80 hours required in accordance with the continuing professional education requirements of the Florida State Board of accountancy and the AICPA Private Companies Practice Section. He has over 75 hours of governmental CPE credit within the past two years.

Paul Daly
Senior Accountant – 14 years

Education
Florida Atlantic University, B.S. – Accounting
Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Working to attain the requirements to take the Certified Public Accounting (CPA) exam.

Bryan Snyder
Manager – 11 years

Education
Florida Atlantic University, B.B.A. – Accounting
Professional Experience
Accountant beginning his professional auditing career with Berger, Toombs, Elam, Gaines, & Frank.
Mr. Snyder is gaining experience auditing governmental & nonprofit entities.
Continuing Professional Education
Mr. Snyder participates in numerous continuing education courses and plans on working to acquire his CPA certificate.
Mr. Snyder is currently studying to pass the CPA exam.

Tifanee Terrell, CPA
Senior Accountant – 5 years

Education
Florida Atlantic University, M.A.C.C. – Accounting
Professional Experience
Senior Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Ms. Terrell participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Dylan Dixon
Senior Accountant – 4 years

Education
Indian River State College, B.S. – Accounting
Florida Gulf Coast University, M.S. – Accounting
Professional Experience
Senior Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mr. Dixon participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.
Mr. Dixon is currently studying to pass the CPA exam.

Brennen Moore
Staff Accountant – 3 years

Education
Indian River State College, B.S. – Accounting
Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mr. Moore participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Katie Gifford
Staff Accountant – 2 years

Education
Indian River State College, B.S. – Accounting
Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Ms. Gifford participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Rayna Zicari
Staff Accountant – 2 years

Education
Stetson University, B.B.A. – Accounting
Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Ms. Zicari participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Deandre McFadden
Staff Accountant – 1 year

Education
Florida Atlantic University, B.S. – Accounting
Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mr. McFadden participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Proposal to Provide Financial Auditing Services:
PINE ISLE
COMMUNITY DEVELOPMENT DISTRICT

Proposal Due: December 18, 2025 11:00AM

Submitted to:
Pine Isle
Community Development District c/o District Manager
5385 N Nob Hill Road Sunrise, Florida 33351

Submitted by:
Antonio J. Grau, Partner Grau & Associates
1001 Yamato Road, Suite 301 Boca Raton, Florida 33431 Tel	(561) 994-9299
(800) 229-4728
Fax	(561) 994-5823
tgrau@graucpa.com www.graucpa.com

Table of Contents	Page
EXECUTIVE SUMMARY / TRANSMITTAL LETTER	1
FIRM QUALIFICATIONS	3
FIRM & STAFF EXPERIENCE	6
REFERENCES	11
SPECIFIC AUDIT APPROACH	13
COST OF SERVICES	17
SUPPLEMENTAL INFORMATION	19

December 18, 2025

Pine Isle Community Development District c/o District Manager
5385 N Nob Hill Road Sunrise, Florida 33351

Re:	Request for Proposal for Professional Auditing Services for the fiscal year ended September 30, 2025, with an option for ten (10) additional annual renewals.

Grau & Associates (Grau) welcomes the opportunity to respond to the Pine Isle Community Development District’s (the “District”) Request for Proposal (RFP), and we look forward to working with you on your audit. We are an energetic and robust team of knowledgeable professionals and are a recognized leader of providing services to Community Development Districts. As one of Florida’s few firms to primarily focus on government, we are especially equipped to provide you an effective and efficient audit.

Government audits are at the core of our practice: 95% of our work is performing audits for local governments and of that 98% are for special districts. With our significant experience, we are able to increase efficiency, to provide immediate and continued savings, and to minimize disturbances to your operations.

Why Grau & Associates:

Knowledgeable Audit Team
Grau is proud that the personnel we assign to your audit are some of the most seasoned auditors in the field. Our staff performs governmental engagements year-round. When not working on your audit, your team is refining their audit approach for next year’s audit. Our engagement partners have decades of experience and take a hands-on approach to our assignments, which all ensures a smoother process for you.

Servicing your Individual Needs
Our clients enjoy personalized service designed to satisfy their unique needs and requirements. Throughout the process of our audit, you will find that we welcome working with you to resolve any issues as swiftly and easily as possible. In addition, due to Grau’s very low turnover rate for our industry, you also won’t have to worry about retraining your auditors from year to year.

Developing Relationships
We strive to foster mutually beneficial relationships with our clients. We stay in touch year-round, updating, collaborating and assisting you in implementing new legislation, rules and standards that affect your organization. We are also available as a sounding board and assist with technical questions.

Maintaining an Impeccable Reputation
We have never been involved in any litigation, proceeding or received any disciplinary action. Additionally, we have never been charged with, or convicted of, a public entity crime of any sort. We are financially stable and have never been involved in any bankruptcy proceedings.

Complying With Standards
Our audit will follow the Auditing Standards of the AICPA, Generally Accepted Government Auditing Standards, issued by the Comptroller General of the United States, and the Rules of the Auditor General of the State of Florida, and any other applicable federal, state and local regulations. We will deliver our reports in accordance with your requirements.

This proposal is a firm and irrevocable offer for 90 days. We certify this proposal is made without previous understanding, agreement or connection either with any previous firms or corporations offering a proposal for the same items. We also certify our proposal is in all respects fair, without outside control, collusion, fraud, or otherwise illegal action, and was prepared in good faith. Only the person(s), company or parties interested in the project as principals are named in the proposal. Grau has no existing or potential conflicts and anticipates no conflicts during the engagement. Our Federal I.D. number is 20-2067322.

We would be happy to answer any questions or to provide any additional information. We are genuinely excited about the prospect of serving you and establishing a long-term relationship. Please do not hesitate to call or email either of our Partners, Antonio J. Grau, CPA (tgrau@graucpa.com) or David Caplivski, CPA (dcaplivski@graucpa.com) at 561.994.9299. We thank you for considering our firm’s qualifications and experience.

Very truly yours, Grau & Associates
Antonio J. Grau

Firm Qualifications

Grau’s Focus and Experience

Our Team

3

Services Provided

Partners

12
Professional Staff

2
Administrative Professionals

10/17
Employees are CPAS

Year founded

9
Professional Groups

Properly registered and licensed professional corporation by the state of FLORIDA

We are proud Members of the American Institute of Certified Public Accountants
&
the Florida Institute of Certified Public Accountants

⇒ External quality review program: consistently
receives a pass
⇒ Internal: ongoing monitoring to maintain
quality

See next page for report and certificate

AICPA | FICPA | GFOA | FASD | FGFOA

Firm & Staff Experience

GRAU AND ASSOCIATES COMMUNITY
DEVELOPMENT DISTRICT EXPERIENCE BY MANAGEMENT COMPANY

OTHER
19

PFM
12

WRATHELL
30

GMS
78

INFRAMARK
38

SDS
60

RIZZETTA
47

MERITUS
23

Profile Briefs:
Antonio J GRAU, CPA (Partner)
Years Performing Audits: 35+
CPE (last 2 years): Government Accounting, Auditing: 24 hours; Accounting, Auditing and Other: 56 hours
Professional Memberships: AICPA, FICPA, FGFOA, GFOA

David Caplivski, CPA (Partner)
Years Performing Audits: 13+
CPE (last 2 years): Government Accounting, Auditing: 24 hours; Accounting, Auditing and Other: 64 hours
Professional Memberships: AICPA, FICPA, FGFOA, FASD

“Here at Grau & Associates, staying up to date with the current technological landscape is one of our top priorities. Not only does it provide a more positive experience for our clients, but it also allows us to perform a more effective and efficient audit. With the every changing technology available and utilized by our clients, we are constantly innovating our audit process.”
-	Tony Grau
“Quality audits and exceptional client service are at the heart of every decision we make. Our clients trust us to deliver a quality audit, adhering to high standards and assisting them with improvements for their organization.”
- David Caplivski

YOUR ENGAGEMENT TEAM

Grau’s client-specific engagement team is meticulously organized in order to meet the unique needs of each client. Constant communication within our solution team allows for continuity of staff and audit team. The Certified Information Technology Professional (CITP) Partner will bring a unique blend of IT expertise and understanding of accounting principles to the financial statement audit of the District.

Engagement Partner

CITP Partner

Your Successful Audit

Audit Manager

Audit Senior

The assigned personnel will work closely with the partner and the District to ensure that the financial statements and all other reports are prepared in accordance with professional standards and firm policy.
Responsibilities will include planning the audit; communicating with the client and the partners the progress of the audit; and
determining that financial statements and all reports issued by the firm are accurate, complete and are prepared in accordance with professional standards and firm policy.

The Engagement Partner will participate extensively during the various stages of the engagement and has direct responsibility for engagement policy, direction, supervision, quality control, security, confidentiality of information of the engagement and communication with client personnel. The engagement partner will also be involved directing the development of the overall audit approach and plan; performing an overriding review of work papers and ascertain client satisfaction.

Antonio ‘Tony ‘ J. Grau, CPA
Partner
Contact: tgrau@graucpa.com | (561) 939-6672
Experience
For over 30 years, Tony has been providing audit, accounting and consulting services to the firm’s governmental, non-profit, employee benefit, overhead and arbitrage clients. He provides guidance to clients regarding complex accounting issues, internal controls and operations.
As a member of the Government Finance Officers Association Special Review Committee, Tony participated in the review process for awarding the GFOA Certificate of Achievement in Financial Reporting. Tony was also the review team leader for the Quality Review of the Office of Management Audits of School Board of Miami-Dade County. Tony received the AICPA advanced level certificate for governmental single audits.

Education
University of South Florida (1983) Bachelor of Arts
Business Administration

Clients Served (partial list)
(>300) Various Special Districts, including:

Bayside Improvement Community Development District Dunes Community Development District
Fishhawk Community Development District (I,II,IV) Grand Bay at Doral Community Development District Heritage Harbor North Community Development District

Boca Raton Airport Authority Greater Naples Fire Rescue District
Key Largo Wastewater Treatment District Lake Worth Drainage District
South Indian River Water Control

St. Lucie West Services District
Ave Maria Stewardship Community District Rivers Edge II Community Development District Bartram Park Community Development District
Bay Laurel Center Community Development District

Professional Associations/Memberships
American Institute of Certified Public Accountants Florida Government Finance Officers Association Florida Institute of Certified Public Accountants  Government Finance Officers Association Member City of Boca Raton Financial Advisory Board Member

Professional Education (over the last two years)
Course	Hours
Government Accounting and Auditing	24
Accounting, Auditing and Other	56
Total Hours	80 (includes of 4 hours of Ethics CPE)

David Caplivski, CPA/CITP, Partner
Contact : dcaplivski@graucpa.com / 561-939-6676
Experience
Grau & Associates	Partner	2021-Present	
Grau & Associates	Manager	2014-2020	
Grau & Associates	Senior Auditor	2013-2014	
Grau & Associates	Staff Auditor	2010-2013	

Education
Florida Atlantic University (2009) Master of Accounting
Nova Southeastern University (2002) Bachelor of Science
Environmental Studies

Certifications and Certificates
Certified Public Accountant (2011)
AICPA Certified Information Technology Professional (2018) AICPA Accreditation COSO Internal Control Certificate (2022)

Clients Served (partial list)
(>300) Various Special Districts	Hispanic Human Resource Council
Aid to Victims of Domestic Abuse	Loxahatchee Groves Water Control District
Boca Raton Airport Authority	Old Plantation Water Control District
Broward Education Foundation	Pinetree Water Control District
CareerSource Brevard	San Carlos Park Fire & Rescue Retirement Plan CareerSource Central Florida 403 (b) Plan	South Indian River Water Control District
City of Lauderhill GERS	South Trail Fire Protection & Rescue District
City of Parkland Police Pension Fund	Town of Haverhill
City of Sunrise GERS	Town of Hypoluxo
Coquina Water Control District	Town of Hillsboro Beach
Central County Water Control District	Town of Lantana
City of Miami (program specific audits)	Town of Lauderdale By-The–Sea Volunteer Fire Pension City of West Park	Town of Pembroke Park
Coquina Water Control District	Village of Wellington East Central Regional Wastewater Treatment Facl.	Village of Golf
East Naples Fire Control & Rescue District

Professional Education (over the last two years)
Course	Hours
Government Accounting and Auditing	24
Accounting, Auditing and Other	64
Total Hours	88 (includes 4 hours of Ethics CPE)
Professional Associations
Member, American Institute of Certified Public Accountants Member, Florida Institute of Certified Public Accountants Member, Florida Government Finance Officers Association Member, Florida Association of Special Districts

References

We have included three references of government engagements that require compliance with laws and regulations, follow fund accounting, and have financing requirements, which we believe are similar to the District.

 Dunes Community Development District	
Scope of Work	Financial audit Engagement Partner	Antonio J. Grau Dates	Annually since 1998
Client Contact	Darrin Mossing, Finance Director 475 W. Town Place, Suite 114
St. Augustine, Florida 32092
	904-940-5850	

 Two Creeks Community Development District	
Scope of Work	Financial audit Engagement Partner	Antonio J. Grau Dates	Annually since 2007
Client Contact	William Rizzetta, President 3434 Colwell Avenue, Suite 200
Tampa, Florida 33614
	813-933-5571	

 Journey’s End Community Development District	
Scope of Work	Financial audit Engagement Partner	Antonio J. Grau Dates	Annually since 2004
Client Contact	Todd Wodraska, Vice President
2501 A Burns Road
Palm Beach Gardens, Florida 33410
	561-630-4922	

Specific Audit Approach

AUDIT APPROACH
Grau’s Understanding of Work Product / Scope of Services:
We recognize the District is an important entity and we are confident our firm is eminently qualified to meet the challenges of this engagement and deliver quality audit services. You would be a valued client of our firm and we pledge to commit all firm resources to provide the level and quality of services (as described below) which not only meet the requirements set forth in the RFP but will exceed those expectations. Grau & Associates fully understands the scope of professional services and work products requested. Our audit will follow the Auditing Standards of the AICPA, Generally Accepted Government Auditing Standards, issued by the Comptroller General of the United States, and the Rules of the Auditor General of the State of Florida and any other applicable Federal, State of Local regulations. We will deliver our reports in accordance with your requirements.

Proposed segmentation of the engagement
Our approach to the audit engagement is a risk-based approach which integrates the best of traditional auditing techniques and a total systems concept to enable the team to conduct a more efficient and effective audit. The audit will be conducted in three phases, which are as follows:

PHASE I:
Preliminary Planning

PHASE II:
Execution of the Audit Plan

PHASE III:
Completion and Delivery

Phase I - Preliminary Planning
A thorough understanding of your organization, service objectives and operating environment is essential for the development of an audit plan and for an efficient, cost-effective audit. During this phase, we will meet with appropriate personnel to obtain and document our understanding of your operations and service objectives and, at the same time, give you the opportunity to express your expectations with respect to the services that we will provide. Our work effort will be coordinated so that there will be minimal disruption to your staff.

During this phase we will perform the following activities:
» Review the regulatory, statutory and compliance requirements. This will include a review of applicable federal and state statutes, resolutions, bond documents, contracts, and other agreements;
» Read minutes of meetings;
» Review major sources of information such as budgets, organization charts, procedures, manuals, financial systems, and management information systems;
» Obtain an understanding of fraud detection and prevention systems;
» Obtain and document an understanding of internal control, including knowledge about the design of relevant policies, procedures, and records, and whether they have been placed in operation;
» Assess risk and determine what controls we are to rely upon and what tests we are going to perform and perform test of controls;
» Develop audit programs to incorporate the consideration of financial statement assertions, specific audit objectives, and appropriate audit procedures to achieve the specified objectives;
» Discuss and resolve any accounting, auditing and reporting matters which have been identified.

Phase II – Execution of Audit Plan
The audit team will complete a major portion of transaction testing and audit requirements during this phase. The procedures performed during this period will enable us to identify any matter that may impact the completion of our work or require the attention of management. Tasks to be performed in Phase II include, but are not limited to the following:
» Apply analytical procedures to further assist in the determination of the nature, timing, and extent of auditing procedures used to obtain evidential matter for specific account balances or classes of transactions;
» Perform tests of account balances and transactions through sampling, vouching, confirmation and other analytical procedures; and
»  Perform tests of compliance.
Phase III - Completion and Delivery

In this phase of the audit, we will complete the tasks related to year-end balances and financial reporting. All reports will be reviewed with management before issuance, and the partners will be available to meet and discuss our report and address any questions. Tasks to be performed in Phase III include, but are not limited to the following:

» Perform final analytical procedures;
»  Review information and make inquiries for subsequent events; and
» Meeting with Management to discuss preparation of draft financial statements and any potential findings or recommendations.

You should expect more from your accounting firm than a signature in your annual financial report. Our concept of truly responsive professional service emphasizes taking an active interest in the issues of concern to our clients and serving as an effective resource in dealing with those issues. In following this approach, we not only audit financial information with hindsight but also consider the foresight you apply in managing operations.

Application of this approach in developing our management letter is particularly important given the increasing financial pressures and public scrutiny facing today’s public officials. We will prepare the management letter at the completion of our final procedures.

In preparing this management letter, we will initially review any draft comments or recommendations with management. In addition, we will take necessary steps to ensure that matters are communicated to those charged with governance.

In addition to communicating any recommendations, we will also communicate the following, if any:

» Significant audit adjustments;
» Significant deficiencies or material weaknesses;
» Disagreements with management; and
»  Difficulties encountered in performing the audit.

Is the recommendation cost effective?

Is the recommendation the simplest to effectuate in order to correct a problem?

Is the recommendation at the heart of the problem and not just correcting a symptomatic matter?

Is the corrective action taking into account why the deficiency occurred?

Our findings will contain a statement of condition describing the situation and the area that needs strengthening, what should be corrected and why. Our suggestions will withstand the basic tests of corrective action:

To assure full agreement with facts and circumstances, we will fully discuss each item with Management prior to the final exit conference. This policy means there will be no “surprises” in the management letter and fosters a professional, cooperative atmosphere.

Communications
We emphasize a continuous, year-round dialogue between the District and our management team. We regularly communicate through personal telephone calls and electronic mail throughout the audit and on a regular basis.

Our clients have the ability to transmit information to us on our secure client portal with the ability to assign different staff with separate log on and viewing capability. This further facilitates efficiency as all assigned users receive electronic mail notification as soon as new information has been posted into the portal.

Cost of Services

Our proposed all-inclusive fees for the financial audit for the fiscal years ended September 30, 2025-2035 are as follows:

  Year Ended September 30,			Fee		
2025	$4,800	
2026	$4,900	
2027	$5,000	
2028	$5,100	
2029	$5,200	
2030	$5,300	
2031	$5,400	
2032	$5,500	
2033	$5,600	
2034	$5,700	
2035	$5,800	
TOTAL (2025-2035)	$58,300	

The above fees are based on the assumption that the District maintains its current level of operations. Should conditions change or Bonds are issued the fees would be adjusted accordingly upon approval from all parties concerned.

Supplemental Information

 	Governmental Audit	Single Audit	Utility Audit	
Current Client	
Year End	
Boca Raton Airport Authority					9/30	
Captain's Key Dependent District					9/30	
Central Broward Water Control District					9/30	
Collier Mosquito Control District					9/30	
Coquina Water Control District					9/30	
East Central Regional Wastewater Treatment Facility					9/30	
Florida Green Finance Authority					9/30	
Greater Boca Raton Beach and Park District					9/30	
Greater Naples Fire Control and Rescue District					9/30	
Green Corridor P.A.C.E. District					9/30	
Hobe-St. Lucie Conservancy District					9/30	
Indian River Farms Water Control District					9/30	
Indian River Mosquito Control District					9/30	
Indian Trail Improvement District					9/30	
Key Largo Wastewater Treatment District					9/30	
Lake Asbury Municipal Service Benefit District					9/30	
Lake Padgett Estates Independent District					9/30	
Lake Worth Drainage District					9/30	
Lealman Special Fire Control District					9/30	
Loxahatchee Groves Water Control District					9/30	
Old Plantation Water Control District					9/30	
Pal Mar Water Control District					9/30	
Pinellas Park Water Management District					9/30	
Pine Tree Water Control District (Broward)					9/30	
Pinetree Water Control District (Wellington)					9/30	
Port of The Islands Community Improvement District					9/30	
Ranger Drainage District					9/30	
Renaissance Improvement District					9/30	
San Carlos Park Fire Protection and Rescue Service District					9/30	
Sanibel Fire and Rescue District					9/30	
South Central Regional Wastewater Treatment and Disposal Board					9/30	
South Indian River Water Control District					9/30	
South Trail Fire Protection & Rescue District					9/30	
Spring Lake Improvement District					9/30	
St. Lucie West Services District					9/30	
Sunrise Lakes Phase IV Recreation District					9/30	
Sunshine Water Control District					9/30	
Sunny Hills Units 12-15 Dependent District					9/30	
West Villages Improvement District					9/30	
Various Community Development Districts (452)					9/30	
TOTAL	491	5	4	484		

CONSULTING / MANAGEMENT ADVISORY SERVICES
Grau & Associates also provide a broad range of other management consulting services. Our expertise has been consistently utilized by Governmental and Non-Profit entities throughout Florida. Examples of engagements performed are as follows:

Accounting systems
Development of budgets
Organizational structures
Financing alternatives
IT Auditing	Fixed asset records
Cost reimbursement
Indirect cost allocation
Grant administration and compliance	

ARBITRAGE

The federal government has imposed complex rules to restrict the use of tax-exempt financing. Their principal purpose is to eliminate any significant arbitrage incentives in a tax-exempt issue. We have determined the applicability of these requirements and performed the rebate calculations for more than 150 bond issues, including both fixed and variable rate bonds.

73

Current Arbitrage Calculations

We look forward to providing Pine Isle Community Development District with our resources and experience to accomplish not only those minimum requirements set forth in your Request for Proposal, but to exceed those expectations!

For even more information on Grau & Associates please visit us on www.graucpa.com.

PINE ISLE	
COMMUNITY DEVELOPMENT DISTRICT	
Audit Proposals - Fiscal Years 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035	

Understanding	Ability to			
Ranking Scale	Ability of	Proposer's	Scope	Furnish the	Price	TOTAL	
Personnel  Experience	of Work	Require Services			

Maximum Points	20	20	20	20	20	100	

	FEE	

Berger, Toombs, Elam, Gaines & Frank								
Fort Pierce								
2026	$6,800							
2027	$6,800							
2028	$6,950							
2029	$6,950							
2030	$7,100							
2031	$7,100							
2032	$7,250							
2033	$7,250							
2034	$7,400							
2035	$7,400							
$71,000								
Grau & Associates								
Boca Raton								
2025	$4,800							
2026	$4,900							
2027	$5,000							
2028	$5,100							
2029	$5,200							
2030	$5,300							
2031	$5,400							
2032	$5,500							
2033	$5,600							
2034	$5,700							
2035	$5,800							
$58,300								

$0								

Auditor Selection Evaluation Criteria:

1. Ability of Personnel	20 Points	
E.g. geographic locations of firm's headquarters or permanent office in relation to the project; capabilities and experience of key personnel;	
present ability to manage this project; evaluation of existing work load; proposed staffing levels, etc.	

2. Proposer's Experience	20 Points	
E.g. past record and experience of the Proposer in similar projects; volume of work previously performed by the firm; past performance for	
other Community Development Districts in other contracts; character, integrity, reputation of respondent, etc.	

3. Understanding of Scope of Work	20 Points	
Extent to which the proposal demonstrates an understanding of the Districts needs for the services requested.	

4. Ability to Furnish the Required Services	20 Points	
Extent to which the proposal demonstrates the adequacy of Proposer's financial resources and stability as a business entity necessary to	
complete the services required. E.g. the existence of any natural disaster plan for business operations.	

5. Price	20 Points	
Points will be awarded based upon the price bid for the rendering of the services and reasonableness of the price to the services.	

December 17, 2025

To the Board of Supervisors
Pine Isle Community Development District Miami-Dade County, Florida

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

We have audited the financial statements of Pine Isle Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 17, 2025. Professional standards require that we advise you of the following matters relating to our audit.
We have also examined the District’s compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

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

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

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

Compliance with All Ethics Requirements Regarding Independence

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

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

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

Significant Accounting Estimates

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

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

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

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.
If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

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

Financial Statement Disclosures

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

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

Circumstances Affecting the Auditor’s Report

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

Significant Difficulties Encountered during the Audit

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

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

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

Representations Requested from Management

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

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

Other Significant Matters, Findings, or Issues

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

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

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

Grau & Associates

PINE ISLE
COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

PINE ISLE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Notes to Financial Statements	13-21	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
22	
Notes to Required Supplementary Information	23	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	24	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

25-26	
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	

27	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
28-29	

INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors
Pine Isle Community Development District Miami-Dade County, Florida

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

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Pine Isle Community Development District, Miami-Dade County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 17, 2025, 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.

December 17, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS

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

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($3,563,820).
The change in the District’s total net position in comparison with the prior fiscal year was
$140,337, an increase.  The key components of the District’s net position and change in net
position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of $1,770,696, an increase of $97,711 in comparison with the prior fiscal year. The total
fund balance is restricted for debt service and capital projects, non-spendable for prepaid items, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s 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 special assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance and operations functions.
Fund Financial Statements

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

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

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

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

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

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

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

Key components of the District’s net position are reflected in the following table:

NET POSITION SEPTEMBER 30,

	2025	2024	
Current and other assets	$	1,772,700	$	1,673,485	
Capital assets, net of depreciation	6,123,491	6,339,268	
Total assets	7,896,191	8,012,753	
Current liabilities	125,600	125,983	
Long-term liabilities	11,334,411	11,590,927	
Total liabilities	11,460,011	11,716,910	
Net position	
Net investment in capital assets	(4,359,648)	(4,446,566)	
Restricted	759,611	719,321	
Unrestricted	36,217	23,088	
Total net position	$	(3,563,820)	$	(3,704,157)	

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

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.
The District’s net position increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations and depreciation expense.

Key elements of the change in net position are reflected in the following table:
CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
	2025	2024	
Revenues: Program revenues
Charges for services	

$	785,332	

$	828,081	
Operating grants and contributions	35,730	43,027	
Capital grants and contributions	32,663	37,199	
General revenues	
Miscellaneous income	-	2,334	
Total revenues	853,725	910,641	
Expenses:	
General government	78,461	72,299	
Maintenance and operations	215,777	215,777	
Interest	419,150	425,595	
Total expenses	713,388	713,671	
Change in net position	140,337	196,970	
Net position - beginning	(3,704,157)	(3,901,127)	
Net position - ending	$	(3,563,820)	$	(3,704,157)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025 was $713,388. The cost of the District’s activities were primarily funded by program revenues. Program revenues of the District are comprised primarily of assessments for the current and prior fiscal year. The District also earns revenue from interest income.

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, 2025.

Capital Assets
At September 30, 2025, the District had $6,555,045 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $431,554 has been taken, which resulted in a net book value of $6,123,491.

Capital Debt
At September 30, 2025, the District had $11,165,000 Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS
The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, landowners, 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 Pine Isle Community Development District’s Finance Department at 5385 N. Nob Hill Road Sunrise, Florida, 33351.

PINE ISLE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash	$	32,058	
Prepaid items	6,163	
Restricted assets:		
Investments	1,734,479	
Capital assets:		
Nondepreciable	1,160,614	
Depreciable, net		4,962,877 	
Total assets		7,896,191 	
LIABILITIES		
Accounts payable	2,004	
Accrued interest payable	123,596	
Non-current liabilities:		
Due within one year	255,000	
Due in more than one year		11,079,411 	
Total liabilities		11,460,011 	
NET POSITION		
Net investment in capital assets	(4,359,648)	
Restricted for debt service	759,611	
Unrestricted		36,217 	
Total net position	 $	(3,563,820) 	

See notes to the financial statements

PINE ISLE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Charges for

Program Revenues Operating Grants
and

Capital Grants and

Net (Expense) Revenue and Changes in Net Position

Governmental

Functions/Programs		Expenses	Services	Contributions	Contributions	Activities	 Primary government:
Governmental activities:
General government	$	78,461	$	91,590	$	-	$	-	$	13,129	
Maintenance and operations	215,777	-	-	32,663	(183,114)	
Interest on long-term debt		419,150	693,742	35,730	-	310,322 
Total governmental activities		713,388	785,332	35,730	32,663	140,337 

Change in net position	140,337	
Net position - beginning		(3,704,157) 	
Net position - ending	 $	(3,563,820) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds		Total

Debt
General	Service

Capital Projects

Governmental Funds

ASSETS		
Cash	$	32,058	$	-	$	-	$	32,058	
Investments	-	883,207	851,272	1,734,479	
Prepaid items	6,163	-	-	6,163	
Total assets	$	38,221	$	883,207	$	851,272	$  1,772,700	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	2,004	$	-	$	-	$	2,004	
Total liabilities	2,004	-	-	2,004	

Fund balances:
Nonspendable:
Prepaid items	6,163	-	-	6,163	
Restricted for:					
Debt service	-	883,207	-	883,207	
Capital projects	-	-	851,272	851,272	
Unassigned	30,054	-	-	30,054	
Total fund balances	36,217	883,207	851,272	1,770,696	

Total liabilities and fund balances	
$	38,221	
$	883,207	
$	851,272	
$  1,772,700	

See notes to the financial statement

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025
Fund balance - governmental funds	$	1,770,696 Amounts reported for governmental activities in the statement of
net position are different because:

Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	6,555,045
Accumulated depreciation	   (431,554)    6,123,491
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(123,596)	
Unamortized original issue discount/premium	(169,411)	
Bonds payable	  (11,165,000)	(11,458,007) 	
Net position of governmental activities	$  (3,563,820)	

See notes to the financial statement

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

		Major Funds			Total	
				Debt		Capital	Governmental	
		General		Service		Projects		Funds	
REVENUES
Special assessments	
$	
91,590	
$	
693,742	
$	
-	
$	
785,332	
Interest earnings		-		35,730		32,663		68,393	
Total revenues		91,590		729,472		32,663		853,725	

EXPENDITURES
Current:
General government		

78,461		

-		

-		

78,461	
Debt service:
Principal		
-		
250,000		
-		
250,000	
Interest		-		427,553		-		427,553	
Total expenditures		78,461		677,553		-		756,014	

Excess (deficiency) of revenues over (under) expenditures		

13,129		

51,919		

32,663		

97,711	
OTHER FINANCING SOURCES (USES)
Interfund transfers in / (out)		
-		
(13,516)		
13,516		
-	
Total other financing sources (uses)		-		(13,516)		13,516		-	

Net change in fund balances		
13,129		
38,403		
46,179		
97,711	
Fund balances - beginning		23,088		844,804		805,093		1,672,985	

Fund balances - ending	
$	
36,217	
$	
883,207	
$	
851,272	
$	
1,770,696	

See notes to the financial statements

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

Net change in fund balances - total governmental funds	$	97,711	
Amounts reported for governmental activities in the statement of activities are different because:		
Repayment of long-term liabilities are reported as expenditures in the governmental fund statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

250,000	
Amortization of Bond discounts/premiums is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities.	

6,516	
Depreciation on capital assets is not recognized in the governmental fund financial statements, however, these amounts are recognized as expenses in the government-wide statement of activities.	

(215,777)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the governmental fund financial statements.	

	1,887 	
Change in net position of governmental activities	 $	140,337 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

Pine Isle Community Development District (the "District") was established by the Board of Commissioners of Miami-Dade County’s approval of Ordinance No. 2020-59 effective on June 16, 2020 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 on an at large basis by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2025, all the Board members are affiliated with Lennar, LLC (“Developer”).

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

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

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the 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 under 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 the 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.
Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

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

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

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to 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 Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in 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, drainage easements, 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 and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years	
Roadway improvements Stormwater drainage system	25
25	
Water & sewer sanitary systems	25	

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.
Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

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

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

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

NOTE 3 - BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain 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 appropriations for annually budgeted funds lapse at the end of the year.

NOTE 4 – DEPOSITS AND INVESTMENTS
Deposits
The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

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

Amortized Cost	Credit Risk	Maturities

First American Government

$	1,734,479

S&P AAAm

Weighted average of the fund

Obligation Fd		
 $	1,734,479 

portfolio: 45 days

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

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indenture limits the type of investments held using unspent proceeds.

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

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1:	Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – INTERFUND TRANSFERS
Interfund transfers for the fiscal year ended September 30, 2025 were as follows:
 Fund	Transfer in	Transfer out	
Debt service	$	-	$	13,516	
Capital projects		13,516	-		
Total	 $	13,516	$	13,516 	
Transfers are used to move revenues from the fund where collection occurs to the fund where funds have been reallocated for use. In the case of the District, transfers from the debt service fund to the capital projects fund were made in accordance with the Bond Indentures.

Beginning Balance

Additions	Reductions

Ending Balance

Governmental activities
Capital assets, not being depreciated		
Land	$	1,160,614	$	-	$	-	$	1,160,614	
Total capital assets, not being depreciated	1,160,614	-	-	1,160,614	

Capital assets, being depreciated Roadway improvements	

2,976,460	

-	

-	

2,976,460	
Stormwater drainage system	1,971,763	-	-	1,971,763	
Water & sewer sanitary systems	446,208	-	-	446,208	
Total capital assets, being depreciated	5,394,431	-	-	5,394,431	

Less accumulated depreciation for: Roadway improvements	

119,058	

119,058	

-	

238,116	
Stormwater drainage system	78,871	78,871	-	157,742	
Water & sewer sanitary systems	17,848	17,848	-	35,696	
Total accumulated depreciation	215,777	215,777	-	431,554	

Total capital assets being depreciated	
5,178,654	
(215,777)	
-	4,962,877	

Governmental activities capital assets, net	
$	6,339,268	
$	(215,777)	
$	-	$	6,123,491	
Depreciation was charged to the maintenance and operations function.
NOTE 7 – LONG-TERM LIABILITIES

Series 2021
In November 2021, the District issued $10,215,000 of Special Assessment Bonds, Series 2021 consisting of Term Bonds with fixed interest rates ranging from 2.375% to 4% and due dates from December 15, 2026 to December 15, 2051. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each June 15 and December 15. Principal on the Bonds is to be paid serially commencing December 15, 2022, through December 15, 2051.
The Series 2021 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be transferred to the acquisition and construction trust account to pay for project costs in accordance with the bond indenture; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2025.

Series 2023
In March 2023, the District issued $1,640,000 of Special Assessment Bonds, Series 2023 consisting of Term Bonds with fixed interest rates ranging from 4.50% to 5.50% and due dates from June 15, 2030 to June 15, 2053. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each June 15 and December 15. Principal on the Bonds is to be paid serially commencing June 15, 2024 through June 15, 2053.
The Series 2023 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be transferred to the acquisition and construction trust account to pay for project costs in accordance with the bond indenture; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2025.
Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025 were as follows:

	Beginning
Balance		
Additions	
Reductions	Ending
Balance	Due Within
One Year	
Governmental activities
Bonds payable							
Series 2021	$	9,800,000	$		-	$	225,000	$	9,575,000	$  230,000	
Plus: original issue premium	192,899			-	7,122	185,777	-	
Series 2023	1,615,000			-	25,000	1,590,000	25,000	
Less: Original issue discount	(16,972)			-	(606)	(16,366)	-	
Total	$ 11,590,927	$		-	$	256,516	$	11,334,411	$  255,000	
At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:

Year ending

	Governmental Activities	

  September 30:	Principal	Interest	Total	
2026	$	255,000	$	421,025	$	676,025	
2027	260,000	414,378	674,378	
2028	270,000	406,863	676,863	
2029	280,000	398,163	678,163	
2030	285,000	389,238	674,238	
2031-2035	1,580,000	1,796,500	3,376,500	
2036-2040	1,875,000	1,497,269	3,372,269	
2041-2045	2,240,000	1,123,344	3,363,344	
2046-2050	2,745,000	608,350	3,353,350	
2051-2053		1,375,000	66,675	1,441,675 	
	 $	11,165,000	$	7,121,805	$	18,286,805 	

NOTE 8 – DEVELOPER TRANSACTIONS

The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer.

The District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.
NOTE 10 – MANAGEMENT COMPANY

The District has contracted with a management company to perform 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 11 – 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 during the past three years.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Budgeted
	Amounts	 Original & Final

Actual Amounts

Variance with Final Budget - Positive (Negative)

REVENUES		
Assessments	$	89,923	$	91,590	$	1,667	
Total revenues	89,923	91,590	1,667	

EXPENDITURES
Current:				
General government	80,572	78,461	2,111	
Maintenance and operations	9,351	-	9,351	
Total expenditures	89,923	78,461	11,462	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

13,129	

 $	13,129 	
Fund balance - beginning			23,088 		
Fund balance - ending		 $	36,217 		

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, 2025.

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

Element	Comments
Number of District employees compensated in the last pay period of the District’s fiscal year being reported.	0	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
3	
Employee compensation	$0	
Independent contractor compensation	$11,007	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

Budget variance report	See the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes	Not applicable	
		
Non ad valorem special assessments;		
Special assessment rate	Operations and maintenance - $173.68	
	Debt service - $1,247.37 - $1,563.16	
Special assessments collected	$785,332	
Outstanding Bonds:		
Series 2021, due December 15, 2051	$9,575,000	
Series 2023, due June 15, 2053	$1,590,000	

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

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Supervisors
Pine Isle Community Development District Miami-Dade 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 Pine Isle Community Development District, Miami-Dade County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated December 17, 2025.
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.

December 17, 2025

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
Pine Isle Community Development District Miami-Dade County, Florida
We have examined Pine Isle Community Development District, Miami-Dade County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. Management is responsible for 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, 2025.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Supervisors of Pine Isle Community Development District, Miami-Dade County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

December 17, 2025

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Pine Isle Community Development District Miami-Dade County, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Pine Isle Community Development District, Miami-Dade County, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 17, 2025.
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 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 the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated December 17, 2025, 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 Pine Isle Community Development District, Miami-Dade County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Pine Isle Community Development District, Miami-Dade 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.

December 17, 2025

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, 2024.
Any recommendations to improve the local governmental entity's financial management.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025.
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 as of September 30, 2025. 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 24.

Juliani,

I will communicate with the board since I was not present during this meeting. Best regards,

Your Com munit y.
Our Com mitm ent.	Tiffany Silburn, CAM
Community Association Manager
P. 305.552.7855 ext 335
Vesta Property Services
13595 S.W. 134 Avenue, Suite 108
Miami, FL 33186

https://url.avanan.click/v2/r01/	www.VestaPropertyServices.com	.YXAzO mdvdmVybm1lbnRhbG1hbmFnZW1lbnRzZXJ2aWNlc3NvdXRoZmxvcmlkYTphO m86OTJmNjdmOWYxMjUzZTc1NmUwNjUxN2E4NDU2YWU5N2I6NzoyY2JkOjB mZDgzMzZlNGY0NjE5YjQzY2JkMDJiMDEwODYyMDZkNzUyYTUyYzE3NzZlZjYwZj hmZTVhZGQxMzViZTAxMGY6dDpGOkY	
	Careers | Request Proposal	

CONFIDENTIALITY NOTICE: This e-mail, and any attachment to it, contains privileged and conﬁdential information intended only for the use of the individual(s) or entity named on the e-mail. If the reader of this e-mail is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notiﬁed that reading it is strictly prohibited. If you have received this e-mail in error, please immediately return it to the sender and delete it from your system.	

From: Juliana Duque <jduque@gmssf.com>
Sent: Thursday, December 18, 2025 6:14 AM
To: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Subject: RE: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement Tiﬀani,

The Board of Supervisors of the CDD acts as a single governing body, and this request was made by the Board as a body. I am the District Manager, so if you have any questions, please direct them to me. At this time, it is not clear what you need to ask the Board speciﬁcally. As a governmental entity, all decisions are made during duly noticed public meetings.

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Sent: Wednesday, December 17, 2025 4:49 PM
To: Juliana Duque <jduque@gmssf.com>
Subject: Re: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

You mentioned that there was a request from the board of supervisors, so I guess the one that made the request. Please send me their email so I can reach out to them for more information.

Thank you,

Tiffany Silburn, CAM
Community Association Manager
P. 305.552.7855 ext 335
Vesta Property Services
13595 S.W. 134 Avenue, Suite 108
Miami, FL 33186

www.VestaPropertyServices.com	

Careers | Request Proposal	
Your Community. Our Commitment.	
CONFIDENTIALITY NOTICE: This e-mail, and any attachment to it, contains privileged and conﬁdential information intended only for the use of the individual(s) or entity named on the e-mail. If the reader of this e-mail is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notiﬁed that reading it is strictly prohibited. If you have received this e-mail in error, please immediately return it to the sender
and delete it from your system.	

From: Juliana Duque <jduque@gmssf.com>
Sent: Wednesday, December 17, 2025 1:05 PM
To: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Subject: RE: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement
Good afternoon, Tiﬀani,
I am not entirely clear on your question. Which Board of Supervisors are you referring to or needing to
contact?

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Sent: Wednesday, December 17, 2025 1:01 PM
To: Juliana Duque <jduque@gmssf.com>
Subject: Re: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

Good afternoon,

Please provide me with the board of supervisor email so I can reach out to them. Thank you,

Your Community. Our Commitment.	Tiffany Silburn, CAM
Community Association Manager
P. 305.552.7855 ext 335
Vesta Property Services
13595 S.W. 134 Avenue, Suite 108
Miami, FL 33186 www.VestaPropertyServices.com	
	
Careers | Request Proposal	
	CONFIDENTIALITY NOTICE: This e-mail, and any attachment to it, contains privileged and conﬁdential information intended only for the use of the individual(s) or entity named on the e-mail. If the reader of this e-mail is not the intended	

recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notiﬁed that reading it is strictly prohibited. If you have received this e-mail in error, please immediately return it to the sender and delete it from your system.

From: Juliana Duque <jduque@gmssf.com>
Sent: Monday, December 15, 2025 12:44 PM
To: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Subject: RE: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement
Good afternoon, Tiﬀani,
I am following up on this email again. Could you please provide me with an update?

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Juliana Duque
Sent: Thursday, November 13, 2025 9:48 PM
To: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Subject: RE: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement Good afternoon, Tiﬀani,

Please refer to the initial email in this thread (see attached). There is a request from the Board of Supervisors of the CDD to execute a formal maintenance agreement, as the HOA currently maintains all areas without an oﬃcial agreement in place.
I received correspondence from the Board of Directors of the HOA expressing concerns about certain areas and speciﬁc maintenance responsibilities. I visited the area to document conditions and took photos. Although I attempted to meet with the Board representative or the HOA property manager, a meeting was not possible at that time.

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Sent: Wednesday, November 12, 2025 12:41 PM
To: Juliana Duque <jduque@gmssf.com>
Subject: Re: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

Good afternoon Juliana,

I was informed by the board that we will be assisting all the way until 01/01/26. Please let me know what you need assistance with so I can help.

Sincerely,

Tiffany Silburn, CAM

Your Community. Our Commitment.

Community Association Manager
P. 305.552.7855 ext 335
Vesta Property Services
13595 S.W. 134 Avenue, Suite 108
Miami, FL 33186

www.VestaPropertyServices.com

Careers | Request Proposal

CONFIDENTIALITY NOTICE: This e-mail, and any attachment to it, contains privileged and conﬁdential information intended only for the use of the individual(s) or entity named on the e-mail. If the reader of this e-mail is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notiﬁed that reading it is strictly prohibited. If you have received this e-mail in error, please immediately return it to the sender and delete it from your system.

From: Juliana Duque <jduque@gmssf.com>
Sent: Monday, November 10, 2025 2:35 PM
To: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Subject: RE: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

You don't often get email from jduque@gmssf.com. Learn why this is important

Good morning,
Thank you, Tiffani.

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF

Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Sent: Monday, November 10, 2025 11:04 AM
To: Juliana Duque <jduque@gmssf.com>
Subject: Re: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

Good morning,

I joined October 20th. I have been made aware that the board switched management companies. Please check with them to make sure.

Thank you,

Your Community. Our Commitment.	Tiffany Silburn, CAM
Community Association Manager
P. 305.552.7855 ext 335
Vesta Property Services
13595 S.W. 134 Avenue, Suite 108
Miami, FL 33186 www.VestaPropertyServices.com	
	
Careers | Request Proposal	

CONFIDENTIALITY NOTICE: This e-mail, and any attachment to it, contains privileged and conﬁdential information intended only for the use of the individual(s) or entity named on the e-mail. If the reader of this e-mail is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notiﬁed that reading it is strictly prohibited. If you have received this e-mail in error, please immediately return it to the sender and delete it from your system.

From: Juliana Duque <jduque@gmssf.com>
Sent: Friday, November 7, 2025 8:24 AM
To: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Subject: FW: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

You don't often get email from jduque@gmssf.com. Learn why this is important

Good morning, Tiﬀani,
Have you had a chance to inspect the areas of concern? I haven’t heard back from you yet, and I’ve already visited the District to take a look myself. I have a few questions and would appreciate your input.

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Juliana Duque <jduque@gmssf.com>
Sent: Wednesday, October 22, 2025 3:20 PM
To: Tiﬀany M. Silburn <tsilburn@vestapropertyservices.com>
Subject: RE: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

Good afternoon, Tiffani,
I have not heard back from you. I am planning to visit the District on Tuesday next week. Would you be available?

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Juliana Duque
Sent: Monday, October 20, 2025 5:25 PM
To: smederos@halleyeng.com; tsilburn@vestapropertyservices.com
Cc: ybarroso@vestapropertyservices.com
Subject: FW: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement

Good afternoon, Tiffany,
Please see below and attached.

Yudis, please disregard. Thank you.

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.

Regards,
Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Juliana Duque
Sent: Monday, October 20, 2025 5:11 PM
To: ybarroso@vestapropertyservices.com; smederos@halleng.com
Subject: FW: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement
Good afternoon, Yudis and Suzette,
Please see below and refer to the attached document.
Suzette, as discussed during our phone conversation, I plan to visit the area next week. As a reminder, all maintenance services within the District are provided by the HOA.
Let me know if you have any questions.

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Juliana Duque
Sent: Monday, October 20, 2025 4:26 PM
To: Jennifer P. Quintanilla <jpquintanilla@vestapropertyservices.com>
Subject: FW: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement
Good afternoon, Jennifer,
I am following up in the request below.
Has the agreement already been presented to and executed by the HOA Board of Directors? Thank you.

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

From: Juliana Duque <jduque@gmssf.com> Sent: Monday, August 25, 2025 5:30 PM To: Jennifer P. Quintanilla
Subject: Pine Isle CDD - Landscape, Drain System, and Entrance Maintenance Agreement
Good afternoon, Jennifer,
At the August 15 meeting, the Board of Supervisors of the Pine Isles Community Development District (CDD) approved the maintenance agreement as discussed. The approved agreement is now presented to the Homeowners Association for review and execution.

The Maintenance agreement establishes the Association’s responsibility for regular landscape, roadway, sidewalk, entrance feature, and irrigation maintenance of CDD-owned tracts. The Association must perform these services at its cost, using qualiﬁed personnel, and in accordance with all applicable laws and District standards.
The agreement outlines:
Clear division of maintenance duties for CDD tracts
Required levels of service, insurance, and indemniﬁcation by the Association
Procedures for addressing emergencies, defaults, and remedies
District rights to intervene and invoice for emergency or deﬁcient maintenance
Term, renewal, and termination provisions
Compliance with public records, E-Verify, and vendor laws
Exhibits specify the tracts covered and detail all required maintenance tasks, ensuring District assets are
maintained while protecting District interests and clarifying the HOA’s obligations.
Please let us know if you have any questions or require any additional information as you move forward with the execution process

Board members should not “reply to all” to maintain compliance with the Sunshine Laws.
Regards, Juliana Duque
GMS-SF
Governmental Management Services – South Florida, LLC.
5385 N. Nob Hill Road
Sunrise, FL. 33351
Tel:	(954)721-8681
Direct: (786)344-9352
E-mail: jduque@gmssf.com

Pine Isle	
COMMUNITY DEVELOPMENT DISTRICT	

Fiscal Year 2026	
Check Register	

10/01/25 - 11/30/25

Date

check #'s

Amount

10/1 - 10/31	223 - 225	$	6,090.85	

11/1 - 11/30	226 - 231	35,622.79	

TOTAL	$41,713.64	

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/03/25 00017	9/30/25 IN58659	202509 310-51300-48000	*	339.20
NOTICE OF MEETINGS
MCCLATCHY COMPANY LLC	339.20 000223
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/16/25 00003	9/30/25 195421	202509 310-51300-31500	*	696.00
SEP 25 - GENERAL COUNSEL

- -	-	-	-	-	-	- - - - -	
*						2,000.00	

BILLING COCHRAN, P.A.	696.00 000224

10/16/25 00001	9/15/25	
	10/01/25	
	10/01/25	
	10/01/25	
	10/01/25	
	10/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
73	202510 310-51300-31400
ASSESSMENT ROLL FY2026

GMS-SF,	LLC	5,055.65	000225	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	- - - - -	- - -	
11/06/25 00018	10/01/25	93491	202510 310-51300-54000	*	175.00	
SPECIAL	DISTRICT FEE FY26	
FLORIDACOMMERCE	175.00	000226	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	- - - - -	- - -	
76	202511 310-51300-34000	*	2,621.50	
NOV	25	- MGMT FEES	
76
NOV	25	202511 310-51300-35100	*	108.17	
76	202511 310-51300-31300	*	225.33	
NOV	25	- DISSEMINATION	
76	202511 310-51300-49500	*	99.17	
NOV	25	- WEBSITE ADMIN	
76	202511 310-51300-42000	*	.74	
NOV	25	- POSTAGE	

OCT	25	- MGMT FEES	
74		202510 310-51300-35100	
OCT	25	- COMPUTER TIME	
74		202510 310-51300-31300	
OCT	25	- DISSEMINATION	
74		202510 310-51300-49500	
OCT	25	- WEBSITE ADMIN	
74		202510 310-51300-42000	
OCT	25	- POSTAGE	

74	202510 310-51300-34000

11/06/25 00001	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	

- COMPUTER TIME

- - - - - - - -

*	2,621.50		
*	108.17			
*	225.33			
*	99.17			
*	1.48			

GMS-SF, LLC	3,054.91 000227
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/18/25 00003 10/31/25 195889	202510 310-51300-31500	*	1,160.00
OCT 25 - GENERAL COUNSEL
BILLING COCHRAN, P.A.	1,160.00 000228
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/18/25 00017 11/02/25 IN72316	202507 310-51300-48000	*	968.93
ADOPTION OF BUDGET
MCCLATCHY COMPANY LLC	968.93 000229
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PNIL PINE ISLE CDD	SRINKUS

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
11/25/25 00012 11/25/25 11252025 202511 300-20700-10000	*	25,292.87
TRANSFER OF TAX RECEIPTS
PINE ISLE CDD - S2021	25,292.87 000230
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/25/25 00015 11/25/25 11252025 202511 300-20700-10100	*	4,971.08
TRANSFER OF TAX RECEIPTS
PINE ISLE CDD - S2023	4,971.08 000231
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	41,713.64
TOTAL FOR REGISTER	41,713.64

PNIL PINE ISLE CDD	SRINKUS

Pine Isle	
Community Development District	

Unaudited Financial Reporting	
November 30, 2025	

Table of Contents

1

2

3

4

5

6

7 & 8

9

	Balance Sheet

	General Fund

	Debt Service Fund Series 2021

	Debt Service Fund Series 2023

	Capital Project Fund Series 2021

	Capital Project Fund Series 2023

	Month to Month

	Long Term Debt Report

10		Assessment Receipt Schedule

Pine Isle	
Community Development District	
Combined Balance Sheet	
November 30, 2025	

General	Debt Service	Capital Project	Totals	
Fund	Fund	Fund	Governmental Funds	

Assets:	
Cash:	
Operating Account	
Due from General Fund - Series 2021	
Due from General Fund - Series 2023	

$	106,796	
-	
-	

$	-	
60,985	
11,986	

$	-	
-	
-	

$	106,796	
60,985	
11,986	

Investments:	
Series 2021	
Reserve	
Revenue	
Construction	

-	
-	
-	

285,134	
516,001	
-	

-	
-	
841,802	

285,134	
516,001	
841,802	

Series 2023	
Reserve	
Revenue	
Construction	

-	
-	
-	

56,572	
59,066	
-	

-	
-	
16,745	

56,572	
59,066	
16,745	

Total Assets	$	106,796	$	989,744	$	858,546	$	1,955,086	
Liabilities:	
Accounts Payable	$	1,599	$	-	$	-	$	1,599	
Due to Debt Service - Series 2021	60,985	-	-	60,985	
Due to Debt Service - Series 2023	11,986	-	-	11,986	

Total Liabilites	$	74,570	$	-	$	-	$	74,570

Fund Balance:	
Restricted for:	
Debt Service	
Capital Project	
Unassigned	

$	-	
-	
32,227	

$	989,744	
-	
-	

$	-	
858,546	
-	

$	989,744	
858,546	
32,227	

Total Fund Balances	$	32,227	$	989,744	$	858,546	$	1,880,517

Total Liabilities & Fund Balance	$	106,796	$	989,744	$	858,546	$	1,955,086	

Pine Isle	
Community Development District	
General Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending November 30, 2025	

Adopted	Prorated Budget	Actual	
Budget	Thru 11/30/25	Thru 11/30/25	Variance	

Revenues:		
Special Assessments - Tax Roll	$	89,923	

$	13,468	$	13,468	$	-

Total Revenues	$	89,923	$	13,468	$	13,468	$	-	
Expenditures:					
General & Administrative:					
Engineering	$	5,000	$	833	$	-	$	833	
Attorney	9,400	1,567	2,146	(579)	
Annual Audit	8,000	-	-	-	
Assessment Administration	2,000	2,000	2,000	-	
Arbitrage Rebate	550	-	-	-	
Dissemination Agent	2,704	451	451	-	
Trustee Fees	8,691	-	-	-	
Management Fees	31,458	5,243	5,243	-	
Information Technology	1,298	216	216	-	
Website Maintenance	1,190	198	198	-	
Postage & Delivery	500	83	2	81	
Insurance General Liability	7,041	7,041	6,163	878	
Printing & Binding	100	17	-	17	
Legal Advertising	2,000	2,000	613	1,387	
Other Current Charges	1,001	167	251	(84)	
Office Supplies	50	8	-	8	
Dues, Licenses & Subscriptions	175	175	175	(1)	
Total General & Administrative	$	81,157	$	19,999	$	17,458	$	2,541	

Operations & Maintenance

Field Expenditures		
Repairs & Maintenance	$	2,500	
Contingency	6,266	

$	417	
1,044	

$	-	
-	

$	417	
1,044	

Subtotal Field Expenditures	$	8,766	$	1,461	$	-	$	1,461	

Total Expenditures	$	89,923	$	21,460	$	17,458	$	4,002	

Excess (Deficiency) of Revenues over Expenditures	$	-	$	(7,992)	$	(3,990)	$	4,002	

Net Change in Fund Balance	$	-	$	(7,992)	$	(3,990)	$	4,002	
	
Fund Balance - Beginning	$	-		$	36,217		
	
Fund Balance - Ending	$	-		$	32,227		

Revenues:		
Special Assessments - Tax Roll	$	576,073	
Interest Income	20,000	

	
$	86,278	
3,333	

	
$	86,278	
4,710	

	
$	-	
1,377	

Total Revenues	$  596,073	$	89,611	$	90,988	$	1,377	
Expenditures:		
Interest - 12/15	$	169,228	$	-	$	-	$	-	
Principal - 12/15	230,000	-	-	-	
Interest - 06/15	166,497	-	-	-	
Total Expenditures	$  565,725	$	-	$	-	$	-	

Excess (Deficiency) of Revenues over Expenditures	$	30,348	$	89,611	$	90,988	$	1,377	
Other Financing Sources/(Uses):

Transfer In/(Out)	$	-	

$	-	$

(1,736)

$	(1,736)

Pine Isle	
Community Development District	
Debt Service Fund Series 2021	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending November 30, 2025	

Total Other Financing Sources/(Uses)	$	-	$	-	$	(1,736)	$	(1,736)	
		
Net Change in Fund Balance	$	30,348	$	89,611	$	89,252	$	(359)	
		
Fund Balance - Beginning	$	411,711	$	772,868	
		
Fund Balance - Ending	$	442,059	$	862,120	

Revenues:		
Special Assessments - Tax Roll	$	113,222	
Interest Income	2,000	

	
$	16,957	
333	

	
$	16,957	
672	

	
$	-	
339	

Total Revenues	$  115,222	$	17,290	$	17,629	$	339	
Expenditures:		
Interest - 12/15	$	42,650	$	-	$	-	$	-	
Principal - 06/15	25,000	-	-	-	
Interest - 06/15	42,650	-	-	-	
Total Expenditures	$  110,300	$	-	$	-	$	-	

Excess (Deficiency) of Revenues over Expenditures	$	4,922	$	17,290	$	17,629	$	339	
Other Financing Sources/(Uses):

Transfer In/(Out)	$	-	

$	-	$

(344)	$

(344)

Pine Isle	
Community Development District	
Debt Service Fund Series 2023	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending November 30, 2025	

Total Other Financing Sources/(Uses)	$	-	$	-	$	(344)	$	(344)	
		
Net Change in Fund Balance	$	4,922	$	17,290	$	17,285	$	(5)	
		
Fund Balance - Beginning	$	44,745	$	110,339	
		
Fund Balance - Ending	$	49,667	$	127,624	

Revenues		
Interest Income	$	-	

$	-	$

5,094

$	5,094

Total Revenues	$	-	$	-	$	5,094	$	5,094	
Expenditures:		
Capital Outlay	$	-	$	-	$	-	$	-	
Total Expenditures	$	-	$	-	$	-	$	-	

Excess (Deficiency) of Revenues over Expenditures	$	-	$	-	$	5,094	$	5,094	
Other Financing Sources/(Uses)

Transfer In/(Out)	$	-	

$	-	$

1,736

$	1,736

Pine Isle	
Community Development District	
Capital Projects Fund Series 2021	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending November 30, 2025	

Total Other Financing Sources (Uses)	$	-	$	-	$	1,736	$	1,736	

Net Change in Fund Balance	$	-	$	6,830	
		
Fund Balance - Beginning	$	-	$	834,972	
		
Fund Balance - Ending	$	-	$	841,802	

Revenues		
Interest Income	$	-	

$	-	$

100	$

100

Total Revenues	$	-	$	-	$	100	$	100	
Expenditures:		
Capital Outlay	$	-	$	-	$	-	$	-	
Total Expenditures	$	-	$	-	$	-	$	-	

Excess (Deficiency) of Revenues over Expenditures	$	-	$	-	$	100	$	100	
Other Financing Sources/(Uses)

Transfer In/(Out)	$	-	

$	-	$

344	$

344

Pine Isle	
Community Development District	
Capital Projects Fund Series 2023	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending November 30, 2025	

Total Other Financing Sources (Uses)	$	-	$	-	$	344	$	344	

Net Change in Fund Balance	$	-	$	444	
		
Fund Balance - Beginning	$	-	$	16,300	
		
Fund Balance - Ending	$	-	$	16,745	

Pine Isle	
Community Development District	
Month to Month	

Revenues:														
Special Assessments - Tax Roll	$	-	$	13,468	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	13,468	

Total Revenues	$	-	$  13,468	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  13,468	

Expenditures:														
General & Administrative:														
Engineering	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Attorney	1,160	986	-	-	-	-	-	-	-	-	-	-	2,146	
Annual Audit	-	-	-	-	-	-	-	-	-	-	-	-	-	
Assessment Administration	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	
Arbitrage Rebate	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	225	225	-	-	-	-	-	-	-	-	-	-	451	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	2,622	2,622	-	-	-	-	-	-	-	-	-	-	5,243	
Information Technology	108	108	-	-	-	-	-	-	-	-	-	-	216	
Website Maintenance	99	99	-	-	-	-	-	-	-	-	-	-	198	
Postage & Delivery	1	1	-	-	-	-	-	-	-	-	-	-	2	
Insurance General Liability	6,163	-	-	-	-	-	-	-	-	-	-	-	6,163	
Printing & Binding	-	-	-	-	-	-	-	-	-	-	-	-	-	
Legal Advertising	-	613	-	-	-	-	-	-	-	-	-	-	613	
Other Current Charges	115	135	-	-	-	-	-	-	-	-	-	-	251	
Office Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$  12,669	$	4,789	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  17,458	

Operations & Maintenance

Field Expenditures
Repairs & Maintenance

$	-  $	-  $

-  $	-  $

-  $	-  $

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

Pine Isle	
Community Development District	
Month to Month	

Vortech System Maintenance	-	-	-	-	-	-	-	-	-	-	-	-	-
Vortech System Repairs	-	-	-	-	-	-	-	-	-	-	-	-	-
Contingency	-	-	-	-	-	-	-	-	-	-	-	-	-

Subtotal Field Expenditures	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	

Total Expenditures	$  12,669	$	4,789	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  17,458	

Excess (Deficiency) of Revenues over Expe	$  (12,669)	$	8,679	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	(3,990)	

Net Change in Fund Balance	$ (12,669)	$	8,679	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	(3,990)	

Pine Isle	
Community Development District	
Long Term Debt Report	

	

	

	

	

	

	

	

Series 2021, Special Assessment Bonds

Original Bond Issue Amount:	$10,215,000

Term 1:	$1,105,000	
Interest Rate:	2.38%	
Maturity Date:	December 15, 2026

Term 2:	$1,280,000
Interest Rate:	3.00%
Maturity Date:	December 15, 2031

Term 3:	$3,225,000
Interest Rate:	3.25%
Maturity Date:	December 15, 2041

Term 24:	$4,605,000
Interest Rate:	4.00%
Maturity Date:	December 15, 2051

Reserve Fund Definition	50% of Maximum Annual Debt Service Reserve Fund Requirement		$285,134
Reserve Fund Balance	$285,134

Bonds Outstanding - 11/03/21	$10,215,000
Less: Principal Payment - 12/15/22	($195,000)
Less: Principal Payment - 12/15/23	($220,000)
Less: Principal Payment - 12/15/24	($225,000)

Current Bonds Outstanding	$9,575,000	

Series 2023, Special Assessment Bonds

Original Bond Issue Amount:	$1,640,000

Term 1:	$190,000	
Interest Rate:	4.50%	
Maturity Date:	June 15, 2030

Term 2:	$600,000
Interest Rate:	5.38%
Maturity Date:	June 15, 2043

Term 3:	$850,000
Interest Rate:	5.50%
Maturity Date:	June 15, 2053

Reserve Fund Definition	50% of Maximum Annual Debt Service Reserve Fund Requirement		$56,572
Reserve Fund Balance	$56,572

Bonds Outstanding - 03/03/23	$1,640,000
Less: Principal Payment - 6/15/24	($25,000)
Less: Principal Payment - 6/15/25	($25,000)

Current Bonds Outstanding	$1,590,000	

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Pine Isle
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts - Miami/Dade County Fiscal Year 2026

	Gross Assessments	$	94,655.60	$	606,392.23	$	119,180.79	$	820,228.62	
	Net Assessments	$	89,922.82	$	576,072.62	$	113,221.75	$	665,995.44	
ON ROLL ASSESSMENTS	
allocation in %	
11.54%	
73.93%	
14.53%	
100.00%	

Date	
Gross Amount	Discount/
Penalty	
Commission	
Interest	
Net Receipts	
O&M Portion	2021	Debt
Service	2023	Debt
Service	
Total	

11/12/25	
$	1,421.05	
$	56.84	
$	13.64	
$	-	
$	1,350.57	
$	155.86	
$	998.47	
$	196.24	
$	1,154.33	
11/14/25	31,490.79	1,259.60	302.32	-	29,928.87	3,453.84	22,126.31	4,348.72	25,580.15	
11/15/25	3,103.40	141.14	29.62	-	2,932.64	338.43	2,168.09	426.12	2,506.52	
11/28/25	86,795.54	3,471.73	833.23	-	82,490.58	9,519.54	60,985.01	11,986.04	70,504.55	
	-	-	-	-	-	-	-	-	-	
	-	-	-	-	-	-	-	-	-	
TOTAL	$	122,810.78	$	4,929.31	$	1,178.81	$	-	$	116,702.66	$	13,467.67	$	86,277.88	$	16,957.12	$	99,745.55	

14.97%
$	697,417.84

Percent Collected Balance Remaining to Collect

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