Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 


FINANCIAL 
STATEMENTS 
September 
30, 
2023 



TableofContentsTableofContents
Page 
FINANCIAL 
SECTION 


Independent 
Auditor’s 
Report 
...................................................................................... 
1 
Management’s 
Discussion 
and 
Analysis 
....................................................................... 
4 


Basic 
Financial 
Statements 


Government-Wide 
Financial 
Statements 
Statement 
of 
Net 
Position.......................................................................................... 
9 
Statement 
of 
Activities............................................................................................... 
10 


Fund 
Financial 
Statements 
Balance 
Sheet 
– 
Governmental 
Funds........................................................................ 
11 
Reconciliation 
of 
the 
Balance 
Sheet 
of 
Governmental 
Funds 
to 
the 
Statement 
of 
Net 
Position 
.......................................... 
12 
Statement 
of 
Revenues, 
Expenditures 
and 
Changesin 
Fund 
Balances 
– 
Governmental 
Funds 
.......................................... 
13 
Reconciliation 
of 
the 
Statement 
of 
Revenues, 
Expenditures 
and 
Changesin 
Fund 
Balances 
of 
Governmental 
Funds 
to 
the 
Statement 
of 
Activities 
............... 
14 


Notes 
to 
Financial 
Statements 
...................................................................................... 
15 


Required 
Supplemental 
Information 


Budget 
to 
Actual 
Comparison 
Schedule -GeneralFund................................................ 
23 


REPORTS 
ON 
INTERNAL 
CONTROL 
AND 
COMPLIANCE 
MATTERS 


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 
.............................. 
24 


Management 
Letter 
...................................................................................................... 
26 


Independent 
Accountant’s 
Report 
on 
Compliance 
with 
Section 
218.415 
FloridaStatutes.......................................................................................................... 
29 



INDEPENDENTAUDITOR’SREPORTTotheBoardofSupervisorsRanchesatLakeMcLeodCommunityDevelopmentDistrictPolkCounty,FloridaINDEPENDENTAUDITOR’SREPORTTotheBoardofSupervisorsRanchesatLakeMcLeodCommunityDevelopmentDistrictPolkCounty,Florida
Opinions 


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


In 
our 
opinion, 
the 
financial 
statements 
referred 
to 
above 
present 
fairly, 
in 
all 
material 
respects, 
the 
respective 
financial 
position 
of 
the 
governmental 
activities 
and 
each 
major 
fund 
of 
the 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
as 
of 
September 
30, 
2023, 
and 
the 
respective 
changes 
in 
financial 
position 
for 
the 
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 
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 


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


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 
generally 
accepted 
auditing 
standards 
and 
Government 
Auditing 
Standards 
will 
always 
detect 
a 
material 
misstatement 
when 
it 
exists. 
The 
risk 
of 
not 
detecting 
a 
material 
misstatement 
resulting 
from 
fraud 
is 
higher 
than 
for 
one 
resulting 
from 
error, 
as 
fraud 
may 
involve 
collusion, 
forgery, 
intentional 
omissions, 
misrepresentations, 
or 
the 
override 
of 
internal 
control. 
Misstatements 
are 
considered 
material 
if 
there 
is 
a 
substantial 
likelihood 
that, 
individually 
or 
in 
the 
aggregate, 
they 
would 
influence 
the 
judgment 
made 
by 
a 
reasonable 
user 
based 
on 
the 
financial 
statements. 


In 
performing 
an 
audit 
in 
accordance 
with 
generally 
accepted 
auditing 
standards 
and 
Government 
Auditing 
Standards, 
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 
on 
pages 
4 -8 
and 
23 
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 


-2 



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 
Reporting 
Required 
by 
Government 
Auditing 
Standards 


In 
accordance 
with 
Government 
Auditing 
Standards, 
we 
have 
also 
issued 
our 
report 
dated 
June 
26, 
2024, 
on 
our 
consideration 
of 
the 
District's 
internal 
control 
over 
financial 
reporting 
and 
our 
tests 
of 
its 
compliance 
with 
certain 
provisions 
of 
laws, 
regulations, 
contracts 
and 
grant 
agreements 
and 
other 
matters. 
The 
purpose 
of 
that 
report 
is 
to 
describe 
the 
scope 
of 
our 
testing 
of 
internal 
control 
over 
financial 
reporting 
and 
compliance 
and 
the 
results 
of 
that 
testing, 
and 
not 
to 
provide 
an 
opinion 
on 
the 
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 


internalcontroloverfinancialreportingandcompliance.
CARR,RIGGS&INGRAM,LLC
Miramar 
Beach, 
Florida 
June 
26, 
2024 


-3 



Management’s 
Discussion 
and 
Analysis 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Management’s 
Discussion 
and 
Analysis 


Our 
discussion 
and 
analysis 
of 
the 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District’s 
financial 
performance 
provides 
an 
overview 
of 
the 
District’s 
financial 
activities 
for 
the 
fiscal 
year 
ended 
September 
30, 
2023. 
Please 
read 
it 
in 
conjunction 
with 
the 
District’s 
financial 
statements, 
which 
begin 
on 
page 
9. 


FINANCIAL 
HIGHLIGHTS 


. 
At 
September 
30, 
2023, 
the 
assets 
of 
the 
District 
exceeded 
its 
liabilities 
by 
approximately 
$6 
million. 


. 
During 
the 
year 
ended 
September 
30, 
2023, 
the 
District 
issued 
Series 
2023 
Special 
Assessment 
Revenue 
bonds 
totaling 
$5,665,000 
and 
constructed 
infrastructure 
totaling 
approximately 
$5.2 
million. 
In 
addition, 
the 
developer 
contributed 
infrastructure 
assets 
totaling 
approximately 
$6.2 
million. 


USING 
THE 
ANNUAL 
REPORT 


This 
annual 
report 
consists 
of 
a 
series 
of 
financial 
statements. 
The 
Statement 
of 
Net 
Position 
and 
the 
Statement 
of 
Activities 
on 
pages 
9 
– 
10 
provide 
information 
about 
the 
activities 
of 
the 
District 
as 
a 
whole 
and 
present 
a 
longer-term 
view 
of 
the 
District’s 
finances. 
Fund 
financial 
statements 
start 
on 
page 
11. 
For 
governmental 
activities, 
these 
statements 
tell 
how 
these 
services 
were 
financed 
in 
the 
short-term 
as 
well 
as 
what 
remains 
for 
future 
spending. 
Fund 
financial 
statements 
also 
report 
the 
District’s 
operations 
in 
more 
detail 
than 
the 
government-wide 
statements 
by 
providing 
information 
about 
the 
District’s 
most 
significant 
funds. 


Reporting 
the 
District 
as 
a 
Whole 


Our 
analysis 
of 
the 
District 
as 
a 
whole 
begins 
on 
page 
5. 
One 
of 
the 
most 
important 
questions 
asked 
about 
the 
District’s 
finances 
is, 
“Is 
the 
District 
as 
a 
whole 
better 
off 
or 
worse 
off 
as 
a 
result 
of 
the 
year’s 
activities?” 
The 
Statement 
of 
Net 
Position 
and 
the 
Statement 
of 
Activities 
report 
information 
about 
the 
District 
as 
a 
whole 
and 
about 
its 
activities 
in 
a 
way 
that 
helps 
answer 
this 
question. 
These 
statements 
include 
all 
assets 
and 
liabilities 
using 
the 
accrual 
basis 
of 
accounting, 
which 
is 
similar 
to 
the 
accounting 
used 
by 
most 
private-sector 
companies. 
All 
of 
the 
current 
year’s 
revenues 
and 
expenses 
are 
taken 
into 
account 
regardless 
of 
when 
cash 
is 
received 
or 
paid. 


These 
two 
statements 
report 
the 
District’s 
net 
position 
and 
related 
changes 
during 
the 
current 
year. 
You 
can 
think 
of 
the 
District’s 
net 
position 
– 
the 
difference 
between 
assets 
and 
liabilities 
– 
as 
one 
way 
to 
measure 
the 
District’s 
financial 
health, 
or 
financial 
position. 
Over 
time, 
increases 
or 
decreases 
in 
the 
District’s 
net 
position 
is 
one 
indicator 
of 
whether 
its 
financial 
health 
is 
improving 
or 
deteriorating. 
You 
will 
need 
to 
consider 
other 
nonfinancial 
factors; 
however, 
such 
as 
changes 
in 
the 
District’s 
assessment 
base 
and 
the 
condition 
of 
the 
District’s 
infrastructure, 
to 
assess 
the 
overall 
health 
of 
the 
District. 


-4 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Management’s 
Discussion 
and 
Analysis 


Reporting 
the 
District’s 
Most 
Significant 
Funds 


Our 
analysis 
of 
the 
District’s 
major 
funds 
begins 
on 
page 
7. 
The 
fund 
financial 
statements 
begin 
on 
page 
11 
and 
provide 
detailed 
information 
about 
the 
most 
significant 
funds 
– 
not 
the 
District 
as 
a 
whole. 
Some 
funds 
are 
required 
to 
be 
established 
by 
State 
law 
and 
by 
bond 
covenants. 
All 
of 
the 
District’s 
funds 
are 
governmental 
fund-types. 


. 
Governmental 
funds 
– 
All 
of 
the 
District’s 
basic 
services 
are 
reported 
in 
governmental 
funds, 
which 
focus 
on 
how 
money 
flows 
into 
and 
out 
of 
those 
funds 
and 
the 
balances 
left 
at 
yearend 
that 
are 
available 
for 
spending. 
The 
governmental 
fund 
statements 
provide 
a 
detailed 
short-term 
view 
of 
the 
District’s 
general 
government 
operations 
and 
the 
basic 
services 
it 
provides. 
Governmental 
fund 
information 
helps 
you 
determine 
whether 
there 
are 
more 
or 
fewer 
financial 
resources 
that 
can 
be 
spent 
in 
the 
near 
future 
to 
finance 
the 
District’s 
programs. 


THE 
DISTRICT 
AS 
A 
WHOLE 


The 
following 
table 
reflects 
the 
condensed 
Statement 
of 
Net 
Position 
and 
is 
compared 
to 
the 
prior 


year. 
September 
30, 
Assets 
Current 
and 
other 
assets 
Capital 
assets 
2023 
5,528,255$ 
11,430,526 
2022 
41,007 
-
$ 
Change 
5,487,248 
11,430,526 
Total 
assets 
16,958,781 
41,007 
16,917,774 


Liabilities 
Current 
liabilities 
Non-current 
liabilities 
Total 
liabilities 
$ 
5,400,307 
5,543,776 
10,944,083 
$ 
46,296 
-
46,296 
$ 
5,354,011 
5,543,776 
10,897,787 
Deferred 
inflows 
of 
resources 
Deferred 
revenue 
Total 
deferred 
inflows 
of 
resources 
--
17,276 
17,276 
(17,276) 
(17,276) 
Net 
position 
Net 
investment 
in 
capital 
assets 
Restricted 
for: 
Debt 
service 
Capital 
projects 
Unrestricted 
Total 
net 
position 
(deficit) 
808,087 
62,616 
5,141,804 
2,191 
6,014,698 
-
-
-
(22,565) 
(22,565) 
808,087 
62,616 
5,141,804 
24,756 
6,037,263 
Total 
liabilities, 
deferred 
inflows 
of 
resources, 
and 
net 
position 
(deficit) 
$ 
16,958,781 
$ 
41,007 
$ 
16,917,774 


-5 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Management’s 
Discussion 
and 
Analysis 


For 
more 
detailed 
information, 
see 
the 
accompanying 
Statement 
of 
Net 
Position. 


During 
the 
fiscal 
year 
ended 
September 
30, 
2023, 
total 
assets 
and 
liabilities 
increased 
by 
approximately 
$16.9 
million 
and 
$10.9 
million, 
respectively, 
over 
the 
prior 
year 
while 
total 
deferred 
inflows 
of 
resources 
decreased 
by 
approximately 
$17,000. 
The 
increase 
in 
assets 
was 
due 
primarily 
to 
construction 
of 
phase 
one 
infrastructure 
while 
the 
increase 
in 
liabilities 
was 
primarily 
due 
to 
the 
issuance 
of 
the 
Series 
2023 
Special 
Assessment 
Revenue 
bonds. 


The 
following 
schedule 
compares 
the 
Statement 
of 
Activities 
for 
the 
current 
and 
previous 
fiscal 
year. 


For 
the 
year 
ended 
September 
30, 
2023 
2022 
Change 
Revenue: 
Program 
revenue: 
Charges 
for 
services 
$ 
140,260 
-$ 
140,260$ 
Grants 
and 
contributions 
6,365,941 
53,170 
6,312,771 
General 
revenue: 
Miscellaenous 
revenue 
300 
-300 


Total 
revenue 
6,506,501 
53,170 
6,453,331 
Expenses: 
General 
government 
Maintenance 
and 
operations 
Cost 
of 
issuance 
Interest 
63,708 
11,806 
315,675 
78,049 
53,504 
-
1,400 
-
10,204 
11,806 
314,275 
78,049 
Total 
expenses 
469,238 
54,904 
414,334 
Change 
in 
net 
position 
6,037,263 
(1,734) 
6,038,997 
Net 
position 
(deficit), 
beginning 
of 
year 
(22,565) 
(20,831) 
(1,734) 
Net 
position 
(deficit), 
end 
of 
year 
$ 
6,014,698 
$ 
(22,565) 
$ 
6,037,263 


For 
more 
detailed 
information, 
see 
the 
accompanying 
Statement 
of 
Activities. 


Revenue 
and 
expenses 
increased 
over 
the 
prior 
year 
by 
approximately 
$6.5 
million 
and 
$414,000, 
respectively. 
The 
increase 
in 
revenue 
is 
primarily 
due 
to 
developer 
contributed 
capital 
assets 
while 
the 
increase 
in 
expenses 
is 
primarily 
due 
to 
bond 
issuance 
costs 
incurred. 
The 
overall 
result 
was 
a 
$6,037,263 
increase 
in 
net 
position 
for 
fiscal 
year 
2023. 


-6 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Management’s 
Discussion 
and 
Analysis 


THE 
DISTRICT’S 
FUNDS 


As 
the 
District 
completed 
the 
year, 
its 
governmental 
funds 
(as 
presented 
in 
the 
balance 
sheet 
on 
page 
13) 
reported 
a 
combined 
fund 
balance 
of 
$285,592, 
which 
is 
an 
increase 
from 
last 
year’s 
fund 
balance 
deficit 
that 
totaled 
$22,565. 
Significant 
transactions 
are 
discussed 
below. 


. 
During 
the 
year 
ended 
September 
30, 
2023, 
the 
District 
issued 
Series 
2023 
Special 
Assessment 
Revenue 
bonds 
totaling 
$5,665,000 
and 
constructed 
infrastructure 
totaling 
approximately 
$5.2 
million. 


The 
overall 
increase 
in 
fund 
balance 
for 
the 
year 
ended 
September 
30, 
2023 
totaled 
approximately 
$308,000. 


GOVERNMENTAL 
FUNDS 
BUDGETARY 
HIGHLIGHTS 


An 
Operating 
budget 
was 
established 
in 
the 
current 
year 
by 
the 
governing 
board 
for 
the 
District 
pursuant 
to 
the 
requirements 
of 
Florida 
Statutes. 
The 
budget 
to 
actual 
comparison 
for 
the 
general 
fund, 
including 
the 
original 
budget 
and 
final 
adopted 
budget, 
is 
shown 
at 
page 
23. 


The 
District 
experienced 
an 
unfavorable 
variance 
in 
revenue 
and 
a 
favorable 
variance 
in 
expenditures 
as 
compared 
to 
the 
budget 
in 
the 
amounts 
of 
$460,918 
and 
$468,629, 
respectively. 
The 
variance 
in 
revenue 
and 
expenses 
is 
primarily 
due 
to 
the 
District 
budgeting 
conservatively 
for 
increases 
in 
operating 
costs 
following 
the 
issuance 
of 
bonds 
and 
construction 
of 
infrastructure. 


CAPITAL 
ASSET 
AND 
DEBT 
ADMINISTRATION 


Capital 
Assets 


At 
September 
30, 
2023, 
the 
District 
had 
approximately 
$11.4 
million 
invested 
in 
capital 
assets. 
This 
amount 
represents 
a 
net 
increase 
of 
approximately 
$11.4 
million 
from 
the 
fiscal 
year 
2022 
total. 
A 
listing 
of 
capital 
assets 
by 
major 
category 
for 
the 
current 
and 
prior 
year 
is 
as 
follows: 


September 
30, 
2023 
2022 
Change 
Capital 
assets 
not 
being 
depreciated 
$ 
11,430,526 
-$ 
11,430,526 
$ 
Total 
capital 
assets 
$ 
11,430,526 
-$ 
11,430,526 
$ 


More 
information 
about 
the 
District’s 
capital 
assets 
is 
presented 
in 
Note 
3 
to 
the 
financial 
statements. 


-7 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Management’s 
Discussion 
and 
Analysis 


Debt 


At 
September 
30, 
2023, 
the 
District 
had 
approximately 
$5.7 
million 
of 
bonds 
outstanding. 
This 
amount 
represents 
an 
increase 
of 
approximately 
$5.7 
million 
from 
the 
fiscal 
year 
2022 
total. 


A 
listing 
of 
debt 
amounts 
outstanding 
for 
the 
current 
and 
prior 
year 
is 
as 
follows: 


September 
30, 
2023 
2022 
Change 
Special 
Assessment 
Bonds: 
Series 
2023 
$ 
5,665,000 
-$ 
5,665,000 
$ 


Total 
$ 
5,665,000 
$ 
-$ 
5,665,000 


More 
information 
about 
the 
District’s 
long-term 
debt 
is 
presented 
in 
Note 
4 
to 
the 
financial 
statements. 


FUTURE 
FINANCIAL 
FACTORS 


Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
is 
an 
independent 
special 
district 
that 
operates 
under 
the 
provisions 
of 
Chapter 
190, 
Florida 
Statutes. 
The 
District 
operates 
under 
an 
elected 
Board 
of 
Supervisors, 
which 
establishes 
policy 
and 
sets 
assessment 
rates. 
Assessment 
rates 
for 
fiscal 
year 
2024 
were 
established 
to 
provide 
for 
the 
operations 
of 
the 
District 
as 
well 
as 
the 
necessary 
debt 
service 
requirements. 


CONTACTING 
THE 
DISTRICT’S 
FINANCIAL 
MANAGEMENT 


This 
financial 
report 
is 
designed 
to 
provide 
a 
general 
overview 
of 
the 
District’s 
finances. 
If 
you 
have 
questions 
about 
this 
report 
or 
need 
additional 
financial 
information, 
contact 
the 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District’s 
management 
company 
at 
219 
East 
Livingston 
Street, 
Orlando, 
FL, 
32801. 


-8 



Basic 
Financial 
Statements 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Statement 
of 
Net 
Position 


September 
30, 
2023 


Governmental 
Activities 


Assets 
Cash 
and 
cash 
equivalents 
$ 
5,373,756 
Accounts 
receivable 
140,260 
Due 
from 
developer 
14,239 
Capital 
assets: 
Not 
being 
depreciated 
11,430,526 


Total 
assets 
16,958,781 


Liabilities 
Accounts 
payable 
5,225,618 
Accrued 
interest 
payable 
77,644 
Due 
to 
developer 
17,045 
Non-current 
liabilities: 
Due 
within 
one 
year 
80,000 
Due 
in 
more 
than 
one 
year 
5,543,776 


Total 
liabilities 
10,944,083 


Net 
position 


Net 
investment 
in 
capital 
assets 
808,087 


Restricted 
for: 
Capital 
projects 
5,141,804 
Debt 
service 
62,616 


Unrestricted 
2,191 


Total 
net 
position 
$ 
6,014,698 


The 
accompanying 
notes 
are 
an 
integral 
part 
of 
these 
financial 
statements. 


-9 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Statement 
of 
Activities 
For 
the 
year 
ended 
September 
30, 
2023 
Program 
Revenue 
Net 
(Expense) 
Revenue 
and 
Changes 
in 
Net 
Position 
Functions/Programs 
Primary 
government: 
Governmental 
activities: 
General 
government 
Maintenance 
and 
operations 
Cost 
of 
issuance 
Developer 
contributed 
capital 
assets 
Interest 
Charges 
for 
Expenses 
Services 
(63,708) 
$ 
82,925$ 
(11,806) 
-
(315,675) 
-
--
(78,049) 
140,260 
Operating 
Grants 
and 
Contributions 
-
$ 
-
-
-
1,650 
Capital 
Grants 
and 
Governmental 
Contributions 
Activities 
-
$ 
19,217 
-(11,806) 
-(315,675) 
6,237,269 
6,237,269 
44,097 
107,958 
Total 
governmental 
activities 
(469,238) 
$ 
223,185 
$ 
1,650 
$ 
6,281,366 
$ 
6,036,963 
General 
revenue 
Miscellaneous 
revenue 
300 
Total 
general 
revenue 
300 
Change 
in 
net 
position 
6,037,263 
Net 
position 
(deficit) -beginning 
of 
year 
(22,565) 
Net 
position -end 
of 
year 
6,014,698 


The 
accompanying 
notes 
are 
an 
integral 
part 
of 
these 
financial 
statements. 


-10 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Balance 
Sheet 
– 
Governmental 
Funds 


September 
30, 
2023 


Total 
Governmental 
General 
Debt 
Service 
Capital 
Projects 
Funds 


Assets 
Cash 
and 
cash 
equivalents 
$ 
21,873 
$ 
193,034 
$ 
5,158,849 
$ 
5,373,756 
Assessments 
receivable 
-140,260 
-140,260 
Due 
from 
developer 
14,239 
--14,239 


Total 
assets 
$ 
36,112 
$ 
333,294 
$ 
5,158,849 
$ 
5,528,255 


Liabilities 
and 
Fund 
Balances 


Liabilities 
Accounts 
payable 
$ 
33,921 
$ 
-$ 
5,191,697 
$ 
5,225,618 
Due 
to 
developer 
--17,045 
17,045 


Total 
liabilities 
33,921 
5,208,742 
5,242,663 


Fund 
balances 
Restricted 
for 
debt 
service 
-333,294 
-333,294 
Unassigned 
2,191 
-(49,893) 
(47,702) 


Total 
fund 
balance 
(deficit) 
2,191 
333,294 
(49,893) 
285,592 


Total 
liabilities 
and 
fund 
balance 
(deficit) 
$ 
36,112 
$ 
333,294 
$ 
5,158,849 
$ 
5,528,255 


The 
accompanying 
notes 
are 
an 
integral 
part 
of 
these 
financial 
statements. 


-11 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Reconciliation 
of 
the 
Balance 
Sheet 
of 
Governmental 
Funds 
to 
the 
Statement 
of 
Net 
Position 


September 
30, 
2023 
Total 
fund 
balances, 
governmental 
funds 
$ 
285,592 
Capital 
assets 
used 
in 
governmental 
activities 
are 
not 
financial 
resources 
and 
therefore 
are 
not 
reported 
in 
the 
fund 
financial 
statements. 
11,430,526 
Liabilities 
not 
due 
and 
payable 
from 
current 
resources, 
including 
accrued 
interest, 
are 
not 
reported 
in 
the 
fund 
financial 
statements. 
(5,701,420) 
Total 
net 
position 
(deficit) -governmental 
activities 
$ 
6,014,698 


The 
accompanying 
notes 
are 
an 
integral 
part 
of 
these 
financial 
statements. 


-12 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Statement 
of 
Revenue, 
Expenditures 
and 
Changes 
in 
Fund 
Balances -
Governmental 
Funds 


For 
the 
year 
ended 
September 
30, 
2023 


Revenue 
Assessments 
Developer 
contributions 
Miscellaneous 
revenue 
Interest 
Total 
revenue 
$ 
General 
Debt 
Service 
-140,260 
$ 
82,925 
-
300 
-
-1,650 
83,225 
141,910 
Capital 
Projects 
-$ 
-
-
44,097 
44,097 
Total 
Governmental 
Funds 
140,260 
$ 
82,925 
300 
45,747 
269,232 
Expenditures 
Current: 
General 
government 
Maintenance 
and 
operations 
Debt 
service: 
Bond 
issue 
costs 
Capital 
outlay 
Total 
expenditures 
63,708 
11,806 
--
75,514 
-
-
--
-
-
-
315,675 
5,193,257 
5,508,932 
63,708 
11,806 
315,675 
5,193,257 
5,584,446 
Excess 
(deficit) 
of 
revenue 
over 
expenditures 
7,711 
141,910 
(5,464,835) 
(5,315,214) 
Other 
Financing 
Sources 
(Uses) 
Bond 
issuance 
proceeds 
Discount 
on 
issuance 
of 
debt 
Total 
other 
financing 
sources 
(uses) 
-
-
-
191,384 
-
191,384 
5,473,616 
(41,629) 
5,431,987 
5,665,000 
(41,629) 
5,623,371 
Net 
change 
in 
fund 
balances 
7,711 
333,294 
(32,848) 
308,157 
Fund 
balance 
(deficit), 
beginning 
of 
year 
(5,520) 
-(17,045) 
(22,565) 
Fund 
balance 
(deficit), 
end 
of 
year 
$ 
2,191 
333,294 
$ 
(49,893) 
$ 
285,592 
$ 


The 
accompanying 
notes 
are 
an 
integral 
part 
of 
these 
financial 
statements. 


-13 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Reconciliation 
of 
the 
Statement 
of 
Revenue, 
Expenditures 
and 
Changes 
in 
Fund 
Balances 
of 
Governmental 
Funds 
to 
the 
Statement 
of 
Activities 


For 
the 
year 
ended 
September 
30, 


2023 


Net 
change 
in 
fund 
balances -governmental 
fund 
$ 
308,157 
Capital 
outlay, 
reported 
as 
expenditures 
in 
the 
governmental 
funds, 
is 
shown 
as 
capital 
assets 
on 
the 
Statement 
of 
Net 
Position. 
5,193,257 
Governmental 
funds 
report 
the 
effects 
of 
the 
bond 
issue 
discount 
when 
debt 
is 
first 
issued, 
whereas 
the 
discount 
is 
included 
in 
non-current 
liabilities 
on 
the 
Statement 
of 
Net 
Position 
and 
amortized 
over 
the 
life 
of 
the 
bonds. 
41,629 
Contributed 
capital 
assets 
from 
the 
Developer 
are 
not 
recognized 
in 
the 
fund 
financial 
statements 
but 
are 
reported 
as 
revenue 
in 
the 
Statement 
of 
Activities. 
6,237,269 
Bond 
discount 
amortization 
is 
not 
recognized 
in 
the 
fund 
financial 
statements 
but 
is 
reported 
as 
an 
expense 
in 
the 
Statement 
of 
Activities. 
(405) 
The 
change 
in 
accrued 
interest 
between 
the 
current 
and 
prior 
year 
is 
recorded 
on 
the 
Statement 
of 
Activities 
but 
not 
on 
the 
fund 
financial 
statements. 
(77,644) 
Bond 
proceeds 
which 
are 
reported 
as 
other 
financing 
sources 
in 
the 
governmental 
funds 
are 
recognized 
as 
long-term 
liabilities 
in 
the 
Statement 
of 
Net 
Position. 
(5,665,000) 
Change 
in 
net 
position 
of 
governmental 
activities 
$ 
6,037,263 


The 
accompanying 
notes 
are 
an 
integral 
part 
of 
these 
financial 
statements. 


-14 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
1: 
NATURE 
OF 
ORGANIZATION 


The 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
(the 
“District”) 
was 
established 
on 
October 
5, 
2020 
pursuant 
to 
the 
Uniform 
Community 
Development 
District 
Act 
of 
1980, 
otherwise 
known 
as 
Chapter 
190, 
Florida 
Statutes, 
by 
City 
of 
Eagle 
Lake 
Ordinance 
O-21-01. 
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 
a 
Board 
of 
Supervisors 
(“Board”), 
which 
is 
comprised 
of 
five 
members. 
The 
current 
Supervisors 
have 
been 
elected 
by 
the 
landowners. 
At 
September 
30, 
2023, 
all 
of 
the 
Supervisors 
are 
affiliated 
with 
the 
developer 
of 
the 
community, 
Ranches 
at 
Lake 
McLeod, 
LLC. 
The 
Board 
of 
Supervisors 
of 
the 
District 
exercises 
all 
powers 
granted 
to 
the 
District 
pursuant 
to 
Chapter 
190, 
Florida 
Statutes. 


The 
Board 
has 
the 
final 
responsibility 
for: 


1. 
Assessing 
and 
levying 
assessments. 
2. 
Approving 
budgets. 
3. 
Exercising 
control 
over 
facilities 
and 
properties. 
4. 
Controlling 
the 
use 
of 
funds 
generated 
by 
the 
District. 
5. 
Approving 
the 
hiring 
and 
firing 
of 
key 
personnel. 
6. 
Financing 
improvements. 
In 
evaluating 
how 
to 
define 
the 
government, 
for 
financial 
reporting 
purposes, 
management 
has 
considered 
all 
potential 
component 
units. 
The 
decision 
to 
include 
or 
exclude 
a 
potential 
component 
unit 
in 
the 
reporting 
entity 
was 
made 
by 
applying 
the 
criteria 
set 
forth 
by 
Generally 
Accepted 
Accounting 
Principles 
(GAAP) 
as 
defined 
by 
the 
Governmental 
Accounting 
Standards 
Board 
(GASB). 
Based 
on 
the 
foregoing 
criteria, 
no 
potential 
component 
units 
were 
found. 


NOTE 
2: 
SUMMARY 
OF 
SIGNIFICANT 
ACCOUNTING 
POLICIES 


The 
accounting 
policies 
of 
the 
District 
conform 
to 
GAAP 
as 
applicable 
to 
governments 
in 
accordance 
with 
those 
promulgated 
by 
GASB. 
The 
following 
is 
a 
summary 
of 
the 
more 
significant 
policies: 


Government-wide 
and 
Fund 
Financial 
Statements 


The 
basic 
financial 
statements 
include 
both 
government-wide 
and 
fund 
financial 
statements. 


-15 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
2: 
SUMMARY 
OF 
SIGNIFICANT 
ACCOUNTING 
POLICIES 
(Continued) 


The 
government-wide 
financial 
statements 
(i.e., 
the 
Statement 
of 
Net 
Position 
and 
the 
Statement 
of 
Activities) 
report 
information 
on 
all 
the 
non-fiduciary 
activities 
of 
the 
primary 
government. 
Governmental 
activities, 
which 
normally 
are 
supported 
by 
assessments, 
are 
reported 
separately 
from 
business-type 
activities, 
which 
rely 
to 
a 
significant 
extent 
on 
fees 
and 
charges 
for 
support. 
The 
business-type 
activities 
are 
reported 
separately 
in 
government-wide 
financial 
statements; 
however, 
at 
September 
30, 
2023, 
the 
District 
did 
not 
have 
any 
significant 
business-type 
activities. 
Therefore, 
no 
business-type 
activities 
are 
reported. 
Assessments 
and 
other 
items 
not 
properly 
included 
as 
program 
revenues 
(i.e., 
charges 
to 
customers 
or 
applicants 
who 
purchase, 
use, 
or 
directly 
benefit 
from 
goods 
or 
services) 
are 
reported 
as 
general 
revenues. 


Separate 
financial 
statements 
are 
provided 
for 
governmental 
funds. 
Major 
individual 
governmental 
funds 
are 
reported 
as 
separate 
columns 
in 
the 
fund 
financial 
statements. 


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


Developer 
contributions 
associated 
with 
the 
current 
fiscal 
period 
are 
all 
considered 
to 
be 
susceptible 
to 
accrual 
and 
have 
been 
recognized 
as 
revenue 
of 
the 
current 
fiscal 
period. 
All 
other 
revenue 
items 
are 
considered 
to 
be 
measurable 
and 
available 
only 
when 
cash 
is 
received 
by 
the 
District. 


The 
District 
reports 
the 
following 
major 
governmental 
funds: 


General 
Fund 
– 
The 
General 
Fund 
is 
the 
primary 
operating 
fund 
of 
the 
District. 
It 
is 
used 
to 
account 
for 
all 
financial 
resources 
except 
those 
required 
to 
be 
accounted 
for 
in 
other 
funds. 


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. 


-16 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
2: 
SUMMARY 
OF 
SIGNIFICANT 
ACCOUNTING 
POLICIES 
(Continued) 


Capital 
Project 
Fund 
– 
The 
Capital 
Project 
Fund 
is 
used 
to 
account 
for 
the 
financial 
resources 
used 
for 
the 
acquisition 
or 
construction 
of 
capital 
facilities. 


For 
the 
year 
ended 
September 
30, 
2023, 
the 
District 
does 
not 
report 
any 
proprietary 
funds. 


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 
District’s 
policy 
to 
use 
restricted 
resources 
first, 
then 
unrestricted 
resources 
as 
they 
are 
needed. 
When 
committed, 
assigned, 
or 
unassigned 
resources 
are 
available 
for 
use 
in 
the 
governmental 
fund 
financial 
statements, 
it 
is 
the 
government’s 
policy 
to 
use 
committed 
resources 
first, 
followed 
by 
assigned 
resources, 
then 
unassigned 
resources 
as 
needed. 


Estimates 


The 
preparation 
of 
financial 
statements 
in 
conformity 
with 
accounting 
principles 
generally 
accepted 
in 
the 
U.S. 
requires 
management 
to 
make 
estimates 
and 
assumptions 
that 
affect 
certain 
reported 
amounts 
and 
disclosures. 
Accordingly, 
actual 
results 
could 
differ 
from 
those 
estimates. 


Cash, 
Deposits 
and 
Investments 


The 
District 
maintains 
deposits 
with 
"Qualified 
Public 
Depositories" 
as 
defined 
in 
Chapter 
280, 
Florida 
Statutes. 
All 
Qualified 
Public 
Depositories 
must 
place 
with 
the 
Treasurer 
of 
the 
State 
of 
Florida 
securities 
in 
accordance 
with 
collateral 
requirements 
determined 
by 
the 
State’s 
Chief 
Financial 
Officer. 
In 
the 
event 
of 
default 
by 
a 
Qualified 
Public 
Depository, 
the 
State 
Treasurer 
will 
pay 
public 
depositors 
all 
losses. 
Losses 
in 
excess 
of 
insurance 
and 
collateral 
will 
be 
paid 
through 
assessments 
between 
all 
Qualified 
Public 
Depositories. 


Under 
this 
method, 
all 
the 
District's 
deposits 
are 
fully 
insured 
or 
collateralized 
at 
the 
highest 
level 
of 
security 
as 
defined 
by 
GASB, 
Statement 
Number 
40, 
Deposits 
and 
Investment 
Disclosures 
(An 
Amendment 
of 
GASB, 
Statement 
Number 
3). 


The 
District 
is 
authorized 
to 
invest 
in 
financial 
instruments 
as 
established 
by 
Section 
218.415, 
Florida 
Statutes. 
The 
authorized 
investments 
include 
among 
others 
negotiable 
direct 
or 
indirect 
obligations 
which 
are 
secured 
by 
the 
United 
States 
Government; 
the 
Local 
Government 
Surplus 
Trust 
Funds 
as 
created 
by 
Section 
218.405, 
Florida 
Statutes; 
SEC 
registered 
money 
market 
funds 
with 
the 
highest 
credit 
quality 
rating 
from 
a 
nationally 
recognized 
rating 
agency; 
and 
interest-bearing 
time 
deposits 
or 
savings 
accounts 
in 
authorized 
financial 
institutions. 


-17 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
2: 
SUMMARY 
OF 
SIGNIFICANT 
ACCOUNTING 
POLICIES 
(Continued) 


Capital 
Assets 


Capital 
assets, 
which 
include 
primarily 
infrastructure 
assets 
(e.g., 
roads, 
sidewalks, 
water 
management 
systems 
and 
similar 
items), 
are 
reported 
in 
the 
governmental 
activities 
column 
in 
the 
government-wide 
financial 
statements. 
Capital 
assets 
are 
defined 
by 
the 
District 
as 
assets 
with 
an 
initial/individual 
cost 
of 
more 
than 
$5,000 
and 
an 
estimated 
useful 
life 
in 
excess 
of 
2 
years. 
Such 
assets 
are 
recorded 
at 
historical 
cost 
and 
estimated 
historical 
cost 
if 
purchased 
or 
constructed. 


Donated 
assets 
are 
recorded 
at 
estimated 
fair 
market 
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 
asset 
lives 
are 
not 
capitalized. 
Major 
outlays 
for 
capital 
assets 
and 
improvements 
are 
capitalized 
as 
projects 
are 
constructed. 


Property, 
plant 
and 
equipment 
of 
the 
primary 
government 
are 
depreciated 
using 
the 
straight-line 
method 
over 
the 
following 
estimated 
useful 
lives: 
Infrastructure, 
30 
years. 


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. 


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 
using 
the 
straight-line 
or 
effective 
interest 
method. 
Bonds 
payable 
are 
reported 
net 
of 
these 
premiums 
or 
discounts. 
Issuance 
costs, 
whether 
or 
not 
withheld 
from 
the 
actual 
debt 
proceeds 
received, 
are 
reported 
as 
current 
period 
expenses. 


In 
the 
fund 
financial 
statements, 
governmental 
fund 
types 
recognize 
bond 
premiums 
and 
discounts 
during 
the 
current 
period. 
The 
face 
amount 
of 
the 
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 
and 
balance 
sheet 
– 
governmental 
funds 
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. 
The 
District 
does 
not 
have 
any 
of 
this 
type 
of 
item 
at 
September 
30, 
2023. 


-18 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
2: 
SUMMARY 
OF 
SIGNIFICANT 
ACCOUNTING 
POLICIES 
(Continued) 


In 
addition 
to 
liabilities, 
the 
statement 
of 
financial 
position 
and 
balance 
sheet 
– 
governmental 
funds 
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. 
The 
District 
does 
not 
have 
any 
of 
this 
type 
of 
item 
at 
September 
30, 
2023. 


Fund 
Equity 


Net 
position 
in 
the 
government-wide 
financial 
statements 
represents 
the 
difference 
between 
assets 
and 
deferred 
outflows 
of 
resources 
and 
liabilities 
and 
deferred 
inflows 
of 
resources 
and 
is 
categorized 
as 
net 
investment 
in 
capital 
assets, 
restricted 
or 
unrestricted. 
Net 
investment 
in 
capital 
assets 
represents 
assets 
related 
to 
infrastructure 
and 
property, 
plant 
and 
equipment, 
net 
of 
any 
related 
debt. 
Restricted 
net 
position 
represents 
the 
assets 
restricted 
by 
the 
District’s 
bond 
covenants. 


Governmental 
fund 
equity 
is 
classified 
as 
fund 
balance. 
Fund 
balance 
is 
further 
classified 
as 
nonspendable, 
restricted, 
committed, 
assigned, 
or 
unassigned. 
Nonspendable 
fund 
balance 
cannot 
be 
spent 
because 
of 
its 
form. 
Restricted 
fund 
balance 
has 
limitations 
imposed 
by 
creditors, 
grantors, 
or 
contributors 
or 
by 
enabling 
legislation 
or 
constitutional 
provisions. 
Committed 
fund 
balance 
is 
a 
limitation 
imposed 
by 
the 
District 
board 
through 
approval 
of 
resolutions. 
Assigned 
fund 
balance 
is 
a 
limitation 
imposed 
by 
a 
designee 
of 
the 
District 
board. 
Unassigned 
fund 
balance 
in 
the 
General 
Fund 
is 
the 
net 
resources 
in 
excess 
of 
what 
can 
be 
properly 
classified 
in 
one 
of 
the 
above 
four 
categories. 
Negative 
unassigned 
fund 
balance 
in 
other 
governmental 
funds 
represents 
excess 
expenditures 
incurred 
over 
the 
amounts 
restricted, 
committed, 
or 
assigned 
to 
those 
purposes. 


Budgets 


The 
District 
is 
required 
to 
establish 
a 
budgetary 
system 
and 
an 
approved 
annual 
budget. 
Annual 
budgets 
are 
legally 
adopted 
on 
a 
basis 
consistent 
with 
GAAP 
for 
the 
General 
Fund. 
Any 
revision 
to 
the 
budget 
must 
be 
approved 
by 
the 
District 
Board. 
The 
budgets 
are 
compared 
to 
actual 
expenditures. 
In 
instances 
where 
budget 
appropriations 
and 
estimated 
revenues 
have 
been 
revised 
during 
the 
year, 
budget 
data 
presented 
in 
the 
financial 
statements 
represent 
final 
authorization 
amounts. 


The 
District 
follows 
these 
procedures 
in 
establishing 
the 
budgetary 
data 
reflected 
in 
the 
financial 
statements: 


A. 
Each 
year 
the 
District 
Manager 
submits 
to 
the 
District 
Board 
a 
proposed 
operating 
budget 
for 
the 
fiscal 
year 
commencing 
the 
following 
October 
1. 
B. 
A 
public 
hearing 
is 
conducted 
to 
obtain 
comments. 
C. 
Prior 
to 
October 
1, 
the 
budget 
is 
legally 
adopted 
by 
the 
District 
Board. 
D. 
All 
budget 
changes 
must 
be 
approved 
by 
the 
District 
Board, 
unless 
otherwise 
delegated 
by 
the 
District 
Board. 
E. 
Budgets 
are 
adopted 
on 
a 
basis 
consistent 
with 
accounting 
principles 
generally 
accepted 
in 
the 
United 
States 
of 
America. 
-19 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
2: 
SUMMARY 
OF 
SIGNIFICANT 
ACCOUNTING 
POLICIES 
(Continued) 


Subsequent 
Events 


Management 
has 
evaluated 
subsequent 
events 
through 
the 
date 
that 
the 
financial 
statements 
were 
available 
to 
be 
issued, 
June 
26, 
2024, 
and 
determined 
there 
were 
no 
events 
that 
occurred 
that 
require 
disclosure. 
No 
subsequent 
events 
occurring 
after 
this 
date 
have 
been 
evaluated 
for 
inclusion 
in 
these 
financial 
statements. 


NOTE 
3: 
CAPITAL 
ASSETS 


The 
District 
issued 
the 
Series 
2023 
Bonds 
during 
the 
current 
fiscal 
year 
to 
fund 
a 
portion 
of 
the 
Phase 
1 
infrastructure 
project. 
In 
addition, 
the 
Developer 
contributed 
constructed 
infrastructure 
assets 
associated 
with 
the 
development 
of 
Phase 
1, 
which 
are 
included 
in 
Developer 
contributed 
capital 
assets 
in 
the 
accompanying 
Statement 
of 
Activities. 


The 
following 
is 
a 
summary 
of 
changes 
in 
the 
capital 
assets 
for 
the 
year 
ended 
September 
30, 
2023: 


Governmental 
Activities: 
Beginning 
Balance 
Additions 
Transfers 
and 
Conveyances 
Ending 
Balance 
Capital 
assets 
not 
being 
depreciated 
Infrastructure 
under 
construction 
$ 
-$ 
11,430,526 
$ 
-$ 
11,430,526 


Governmental 
activities 
capital 
assets 
$ 
-$ 
11,430,526 
$ 
-$ 
11,430,526 


NOTE 
4: 
BONDS 
PAYABLE 


On 
June 
27, 
2023, 
the 
District 
issued 
$5,665,000 
of 
Special 
Assessment 
Bonds, 
Series 
2023 
consisting 
of 
$665,000 
2023 
Term 
Bonds 
due 
on 
June 
15, 
2030 
with 
a 
fixed 
interest 
rate 
of 
4.625%, 
$2,080,000 
of 
2023 
Term 
Bonds 
due 
on 
June 
15, 
2043 
with 
a 
fixed 
interest 
rate 
of 
5.33%, 
and 
$2,920,000 
of 
2023 
Term 
Bonds 
due 
on 
June 
15, 
2053 
with 
a 
fixed 
interest 
rate 
5.5%. 
The 
Bonds 
were 
issued 
to 
finance 
the 
acquisition 
and 
construction 
of 
certain 
improvements 
for 
the 
benefit 
of 
the 
District. 
Interest 
is 
due 
semiannually 
on 
each 
June 
15 
and 
December 
15. 
Principal 
on 
the 
Series 
2023 
Bonds 
is 
due 
serially 
commencing 
on 
June 
15, 
2024 
through 
June 
15, 
2053. 


The 
bond 
indenture 
has 
certain 
restrictions 
and 
requirements 
relating 
principally 
to 
the 
use 
of 
proceeds 
to 
pay 
for 
infrastructure 
improvements 
and 
the 
procedure 
to 
be 
followed 
by 
the 
District 
on 
assessments 
to 
property 
owners. 
The 
District 
agreed 
to 
levy 
special 
assessments 
in 
annual 
amounts 
adequate 
to 
provide 
payment 
of 
debt 
service 
and 
to 
meet 
the 
debt 
service 
reserve 
requirement. 
The 
District 
is 
in 
compliance 
with 
the 
requirements 
of 
the 
bond 
indenture. 


-20 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
4: 
BONDS 
PAYABLE 
(Continued) 


The 
bond 
indentures 
require 
that 
the 
District 
maintain 
adequate 
funds 
in 
the 
reserve 
account 
to 
meet 
the 
debt 
service 
reserve 
requirement 
as 
defined 
in 
the 
Indenture. 
The 
requirement 
has 
been 
met 
for 
the 
fiscal 
year 
ended 
September 
30, 
2023. 


Long-term 
liability 
activity 
for 
the 
year 
ended 
September 
30, 
2023, 
was 
as 
follows: 


Beginning 
Ending 
Due 
Within 
Balance 
Additions 
Reductions 
Balance 
One 
Year 


Governmental 
Activities 
Bonds 
payable: 
Series 
2023 
$ 
-$ 
5,665,000 
$ 
-$ 
5,665,000 
$ 
80,000 
$ 
-$ 
5,665,000 
$ 
-$ 
5,665,000 
$ 
80,000 


The 
balance 
of 
long-term 
bonds 
at 
September 
30, 
2023 
is 
summarized 
as 
follows: 


2023 


Bond 
principal 
balance 
$ 
5,665,000 
Less 
unamortized 
bond 
discount 
(41,224) 
$ 
5,623,776 


At 
September 
30, 
2023, 
the 
scheduled 
debt 
service 
requirements 
on 
bonds 
payable 
were 
as 
follows: 


Total 
Debt 
Year 
Ending 
September 
30, 
Principal 
Interest 
Service 


2024 
$ 
80,000 
$ 
290,538 
$ 
370,538 


2025 
85,000 
296,856 
381,856 
2026 
90,000 
292,925 
382,925 
2027 
95,000 
288,763 
383,763 
2028 
100,000 
284,369 
384,369 
2029 -2033 
575,000 
1,345,656 
1,920,656 
2034 -2038 
745,000 
1,180,213 
1,925,213 
2039 -2043 
975,000 
961,813 
1,936,813 
2044 -2048 
1,260,000 
671,825 
1,931,825 
2049 -2053 
1,660,000 
284,075 
1,944,075 


$ 
5,665,000 
$ 
5,897,033 
$ 
11,562,033 


-21 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Notes 
to 
Financial 
Statements 


NOTE 
5: 
RISK 
MANAGEMENT 


The 
District 
is 
exposed 
to 
various 
risks 
of 
loss 
related 
to 
torts; 
theft 
of, 
damage 
to, 
and 
destruction 
of 
assets; 
errors 
and 
omissions; 
and 
natural 
disasters. 
The 
District 
maintains 
commercial 
insurance 
coverage 
to 
mitigate 
the 
risk 
of 
loss. 
Coverage 
may 
not 
extend 
to 
all 
situations. 
Management 
believes 
such 
coverage 
is 
sufficient 
to 
preclude 
any 
significant 
uninsured 
losses 
to 
the 
District. 
As 
of 
the 
date 
of 
this 
report, 
the 
District 
has 
not 
filed 
any 
claims 
against 
this 
commercial 
coverage. 


NOTE 
6: 
MANAGEMENT 
COMPANY 


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


NOTE 
7: 
RELATED 
PARTY 
TRANSACTIONS 


The 
Developer 
has 
agreed 
to 
fund 
the 
general 
operations 
of 
the 
District. 
For 
the 
year 
ended 
September 
30, 
2023, 
Developer 
contributions 
collected 
totaled 
$82,925. 
At 
September 
30, 
2023, 
the 
Developer 
owed 
the 
District 
approximately 
$14,000 
for 
general 
operations, 
which 
is 
reported 
as 
Due 
from 
developer 
on 
the 
accompanying 
Statement 
of 
Net 
Position 
and 
Balance 
Sheet 
– 
Governmental 
Funds. 
The 
District 
owed 
the 
Developer 
approximately 
$17,000 
for 
certain 
cost 
of 
issuance 
expenses, 
which 
is 
reported 
as 
Due 
to 
developer 
on 
the 
accompanying 
Statement 
of 
Net 
Position 
and 
Balance 
Sheet 
– 
Governmental 
Funds. 


NOTE 
8: 
CONCENTRATIONS 


A 
significant 
portion 
of 
the 
District’s 
future 
activity 
is 
dependent 
upon 
the 
continued 
involvement 
of 
a 
significant 
landowner. 
The 
District 
directly 
assessed 
the 
significant 
landowner 
$140,260 
for 
debt 
service 
through 
the 
local 
tax 
collector, 
which 
represents 
52% 
of 
total 
revenue 
for 
the 
year 
ended 
September 
30, 
2023. 
At 
September 
30, 
2023, 
the 
significant 
landowner 
owed 
the 
District 
$140,260 
in 
debt 
service 
assessments, 
which 
is 
reported 
as 
Assessments 
receivable 
on 
the 
accompanying 
Statement 
of 
Net 
Position 
and 
Balance 
Sheet 
– 
Governmental 
Fund. 


-22 



Required 
Supplemental 
Information 
(Other 
than 
MD&A) 



Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
Budget 
to 
Actual 
Comparison 
Schedule 
– 
General 
Fund 


For 
the 
year 
ended 
September 
30, 
2023 
Original 
and 
Actual 
Variance 
with 
Final 
Budget 
Amounts 
Final 
Budget 
Revenue 
Developer 
contributions 
544,143 
$ 
82,925 
$ 
(461,218) 
Miscellaneous 
revenue 
-300 
300 
Total 
revenue 
544,143 
83,225 
(460,918) 
Expenditures 
General 
government 
215,323 
63,708 
151,615 
Maintenance 
and 
operations 
328,820 
11,806 
317,014 
Total 
expenditures 
544,143 
75,514 
468,629 
Excess 
of 
revenue 
over 
expenditures 
-$ 
7,711 
$ 
7,711 
$ 


-23 



INDEPENDENTAUDITOR’SREPORTONINTERNALCONTROLOVERFINANCIALREPORTINGANDONCOMPLIANCEANDOTHERMATTERSBASEDONANAUDITOFFINANCIALSTATEMETSPERFORMEDINACCORDANCEWITHGOVERNMENTAUDITINGSTANDARDSTotheBoardofSupervisorsINDEPENDENTAUDITOR’SREPORTONINTERNALCONTROLOVERFINNCIALREPORTINGANDONCOMPLIANCEANDOTHERMATTERSBASEDONANAUDITOFFINANCIALSTATEMENTSPERFORMEDINACCORDANCEWITHGOVERNMENTAUDITINGSTANDRDSTotheBoardofSupervisors
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
City 
of 
Eagle 
Lake, 
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 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
(hereinafter 
referred 
to 
as 
the 
“District”), 
as 
of 
and 
for 
the 
year 
ended 
September 
30, 
2023, 
and 
the 
related 
notes 
to 
the 
financial 
statements, 
which 
collectively 
comprise 
the 
District’s 
basic 
financial 
statements, 
and 
have 
issued 
our 
report 
thereon 
dated 
June 
26, 
2024. 


Report 
on 
Internal 
Control 
Over 
Financial 
Reporting 


In 
planning 
and 
performing 
our 
audit 
of 
the 
financial 
statements, 
we 
considered 
the 
District’s 
internal 
control 
over 
financial 
reporting 
(internal 
control) 
to 
as 
a 
basis 
for 
designing 
audit 
procedures 
that 
are 
appropriate 
in 
the 
circumstances 
for 
the 
purpose 
of 
expressing 
our 
opinions 
on 
the 
financial 
statements, 
but 
not 
for 
the 
purpose 
of 
expressing 
an 
opinion 
on 
the 
effectiveness 
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 
may 
exist 
that 
have 
not 
been 
identified. 


-24 



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 
grant 
agreements, 
noncompliance 
with 
which 
could 
have 
a 
direct 
and 
material 
effect 
on 
the 
financial 
statements. 
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 
District’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 
District’s 
internal 
control 
and 


compliance.Accordingly,thiscommunicationisnotsuitableforanyotherpurpose.
CARR,RIGGS&INGRAM,LLC
Miramar 
Beach, 
Florida 
June 
26, 
2024 


-25 



MANAGEMENTLETTERTotheBoardofSupervisorsRanchesatLakeMcLeodCommunityDevelopmentDistrictCityofEagleLake,FloridaMANAGEMENTLETTERTotheBoardofSupervisorsRanchesatLakeMcLeodCommunityDevelopmentDistrictCityofEagleLake,Florida
Report 
on 
the 
Financial 
Statements 


We 
have 
audited 
the 
financial 
statements 
of 
the 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
(“District”) 
as 
of 
and 
for 
the 
fiscal 
year 
ended 
September 
30, 
2023, 
and 
have 
issued 
our 
report 
thereon 
dated 
June 
26, 
2024. 


Auditor’s 
Responsibility 


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


Other 
Reporting 
Requirements 


We 
have 
issued 
our 
Independent 
Auditor’s 
Report 
on 
Internal 
Control 
over 
Financial 
Reporting 
and 
Compliance 
and 
Other 
Matters 
Based 
on 
an 
Audit 
of 
the 
Financial 
Statements 
Performed 
in 
Accordance 
with 
Government 
Auditing 
Standards 
and 
Independent 
Accountant’s 
Report 
on 
an 
examination 
conducted 
in 
accordance 
with 
AICPA 
Professional 
Standards, 
AT-C 
Section 
315, 
regarding 
compliance 
requirements 
in 
accordance 
with 
Chapter 
10.550, 
Rules 
of 
the 
Auditor 
General. 
Disclosures 
in 
those 
reports, 
which 
are 
dated 
June 
26, 
2024, 
should 
be 
considered 
in 
conjunction 
with 
this 
management 
letter. 


Prior 
Audit 
Findings 


Section 
10.554(1)(i)1., 
Rules 
of 
the 
Auditor 
General, 
requires 
that 
we 
determine 
whether 
or 
not 
corrective 
actions 
have 
been 
taken 
to 
address 
findings 
and 
recommendations 
made 
in 
the 
preceding 
annual 
financial 
audit 
report. 
Corrective 
actions 
have 
been 
taken 
to 
address 
findings 
and 
recommendations 
made 
in 
the 
preceding 
financial 
audit 
report. 


Official 
Title 
and 
Legal 
Authority 


Section 
10.554(1)(i)4., 
Rules 
of 
the 
Auditor 
General, 
requires 
that 
the 
name 
or 
official 
title 
and 
legal 
authority 
for 
the 
primary 
government 
and 
each 
component 
unit 
of 
the 
reporting 
entity 
be 
disclosed 
in 
this 
management 
letter, 
unless 
disclosed 
in 
the 
notes 
to 
the 
financial 
statements. 
The 
information 
required 
is 
disclosed 
in 
the 
notes 
to 
the 
financial 
statements. 


-26 



Financial 
Condition 
and 
Management 


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


Pursuant 
to 
Sections 
10.554(1)(i)5.b. 
and 
10.556(8), 
Rules 
of 
the 
Auditor 
General, 
we 
applied 
financial 
condition 
assessment 
procedures 
for 
the 
District. 
It 
is 
management’s 
responsibility 
to 
monitor 
the 
District’s 
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. 


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


Specific 
Information 


As 
required 
by 
section 
218.39(3)(c), 
Florida 
Statutes, 
and 
Section 
10.554(1)(i)6, 
Rules 
of 
the 
Auditor 
General, 
the 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District 
reported: 


a. 
The 
total 
number 
of 
district 
employees 
compensated 
in 
the 
last 
pay 
period 
of 
the 
district’s 
fiscal 
year 
as 
0. 
b. 
The 
total 
number 
of 
independent 
contractors 
to 
whom 
nonemployee 
compensation 
was 
paid 
in 
the 
last 
month 
of 
the 
district’s 
fiscal 
year 
as 
3. 
c. 
All 
compensation 
earned 
by 
or 
awarded 
to 
employees 
whether 
paid 
or 
accrued, 
regardless 
of 
contingency 
as 
$0. 
d. 
All 
compensation 
earned 
by 
or 
awarded 
to 
nonemployee 
independent 
contractors, 
whether 
paid 
or 
accrued, 
regardless 
of 
contingency 
as 
$74,630. 
e. 
Each 
construction 
project 
with 
a 
total 
cost 
of 
at 
least 
$65,000 
approved 
by 
the 
district 
that 
is 
scheduled 
to 
begin 
on 
or 
after 
October 
1 
of 
the 
fiscal 
year 
being 
reported, 
together 
with 
the 
total 
expenditures 
for 
such 
project 
as 
$11,428,966. 
f. 
The 
District 
did 
not 
amend 
its 
final 
adopted 
budget 
under 
Section 
189.016(6). 
Additional 
Matters 


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


-27 



Purpose 
of 
this 
Letter 


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


parties.
CARR,RIGGS&INGRAM,LLC
Miramar 
Beach, 
Florida 
June 
26, 
2024 


-28 



INDEPENDENTACCOUNTANT’SREPORTTotheBoardofSupervisorsRanchesatLakeMcLeodCommunityDevelopmentDistrictCityofEagleLake,FloridaINDEPENDENTACCOUNTANT’SREPORTTotheBoardofSupervisorsRanchesatLakeMcLeodCommunityDevelopmentDistrictCityofEagleLake,Florida
We 
have 
examined 
Ranches 
at 
Lake 
McLeod 
Community 
Development 
District’s 
compliance 
with 
the 
requirements 
of 
Section 
218.415, 
Florida 
Statutes, 
Local 
Government 
Investment 
Policies, 
during 
the 
year 
ended 
September 
30, 
2023. 
Management 
of 
the 
District 
is 
responsible 
for 
the 
District’s 
compliance 
with 
the 
specified 
requirements. 
Our 
responsibility 
is 
to 
express 
an 
opinion 
on 
the 
District’s 
compliance 
based 
on 
our 
examination. 


Our 
examination 
was 
conducted 
in 
accordance 
with 
attestation 
standards 
established 
by 
the 
American 
Institute 
of 
Certified 
Public 
Accountants. 
Those 
standards 
require 
that 
we 
plan 
and 
performed 
the 
examination 
to 
obtain 
reasonable 
assurance 
about 
whether 
the 
District 
complied, 
in 
all 
material 
respects, 
with 
the 
specified 
requirements 
referenced 
above. 
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. 


We 
are 
required 
to 
be 
independent 
and 
to 
meet 
our 
ethical 
responsibilities 
in 
accordance 
with 
relevant 
ethical 
requirements 
relating 
to 
the 
engagement. 


Our 
examination 
does 
not 
provide 
a 
legal 
determination 
on 
the 
District’s 
compliance 
with 
specified 
requirements. 


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


This 
report 
is 
intended 
solely 
for 
the 
information 
and 
use 
of 
management 
and 
the 
State 
of 
Florida 
Auditor 
General 
and 
is 
not 
intended 
to 
be 
and 
should 
not 
be 
used 
by 
anyone 
other 
than 
these 


specifiedparties.
CARR,RIGGS&INGRAM,LLC
Miramar 
Beach, 
Florida 
June 
26, 
2024 


-29