BELLA COLLINA COMMUNITY DEVELOPMENT DISTRICT

FINANCIAL STATEMENTS

September 30, 2024

BELLA COLLINA COMMUNITY DEVELOPMENT DISTRICT
FINANCIAL STATEMENTS
September 30, 2024
CONTENTS
PAGE
Independent Auditors’ Report	1-3
Management’s Discussion and Analysis	4-8
Government-wide Financial Statements:
Statement of Net Position	9
Statement of Activities	10
Fund Financial Statements:
Balance Sheet – Governmental Funds	11
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	12
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	13
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	14
Statement of Net Position – Enterprise Fund	15
Statement of Revenues, Expenditures and Changes in
Fund Balances – Enterprise Fund	16
Statement of Net Position – Enterprise Fund	17
Notes to the Financial Statements	18-30
Required Supplementary Information
Statement of Revenues and Expenditures – Budget and Actual – General Fund	31
Notes to Required Supplementary Information	32
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	33-34
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	35
Auditor’s Management Letter Required by Chapter 10.550, Florida Statutes	36-38

DMHB

DIBARTOLOMEO, MCBEE, HARTLEY & BARNES, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS’ REPORT

To the Board of Supervisors
Bella Collina Community Development District Lake County, Florida

Opinions
We have audited the accompanying financial statements of the governmental activities, business-type activities and each major fund of Bella Collina Community Development District, Lake County, Florida (“District”) as of and for the year ended September 30, 2024, 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, 2024, 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 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 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.

2222 Colonial Road, Suite 200 • Fort Pierce, Florida 34950 • 772-461-8833 • Fax: 772-461-8872 591 S.E. Port St. Lucie Blvd., • Port St. Lucie, Florida 34984 • 772-878-1952 • Fax: 772-878-1709
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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 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, 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 Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 30, 2025, on our consideration of the Bella Collina Community Development District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, rules, regulations, contracts, and 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 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.
Report on Other Legal and Regulatory Requirements
We have also issued our report dated June 30, 2025 on our consideration of the District’s compliance with requirements of Section 218.415, Florida Statutes, as required by Rule 10.556(10) of the Auditor General of the State of Florida. The purpose of that report is to provide an opinion based on our examination conducted in accordance with attestation Standards established by the American Institute of Certified Public Accountants.

DiBartolomeo, McBee, Hartley & Barnes, P.A. Fort Pierce, Florida
June 30, 2025

Our discussion and analysis of Bella Collina Community Development District, Lake County, Florida (“District”) financial performance provides an overview of the District's financial activities for the fiscal year ended September 30, 2024. Please read it in conjunction with the District's Independent Auditor's Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.
FINANCIAL HIGHLIGHTS
The assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $8,302,613.
The change in the District's total net position in comparison with the prior fiscal year was
$8,302,613, an increase.
At September 30, 2024, the District's governmental funds reported combined ending fund balances of $10,129,146. A portion of fund balance is restricted for debt service and future capital repairs and replacement, 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 is 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 and liabilities, with the difference between the two 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.

Both of the government-wide financial statements distinguish functions of the District that are principally supported by special assessment revenues (governmental activities from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the District include the general government (management) and maintenance and operations. The business-type activities of the District include the operations of water and sewer services.

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 two individual governmental funds for external reporting. Information is presented 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, capital project fund and enterprise fund. All funds are 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.

Proprietary Funds
The District maintains one type of proprietary fund: enterprise. The District maintains one enterprise fund. An enterprise fund is used to report the same functions presented as business-type activities in the government-wide financial statements. The District uses an enterprise fund to account for the operations of the water and sewer utility. Proprietary funds provide the same type of information as government-wide financial statements, only in more detail. The proprietary fund financial statements provide information for the water and sewer fund, which is considered a major fund.

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. A portion of the District's net position reflects its investment in capital assets (e.g. land, land improvements and infrastructure). These assets are used to provide services to residents; consequently, these assets are not available for future spending. The remaining balance of unrestricted net position may be used to meet the District's other obligations.
Key components of net position were as follows:

Statement of Net Position
GOVERNMENTAL ACTIVITIES	BUSINESS-TYPE ACTIVITIES	TOTAL
	2024		2023		2024		2023		2024		2023	
Current assets	$13,960,017		$ 2,599,431		$ 7,172,228		$ 3,894,939		$21,132,245		$ 6,494,370	
Capital assets	17,355,737		13,997,705		5,125,591		5,167,796		22,481,328		19,165,501	
Total assets	31,315,754		16,597,136		12,297,819		9,062,735		43,613,573		25,659,871	
Current liabilities	5,684,163		1,004,172		4,099,114		662,467		9,783,277		1,666,639	
Long-term liabilities	21,312,435		11,250,000		4,215,248		5,593,454		25,527,683		16,843,454	
Total liabilities	26,996,598		12,254,172		8,314,362		6,255,921		35,310,960		18,510,093	
Net position
Net invested in capital assets	(5,577,426)		2,922,055		(467,863)		(425,658)		(6,045,289)		2,496,397	
Restricted for debt service	2,713,228		739,599		78,529		74,722		2,791,757		814,321	
Unrestricted	736,366		681,310		4,372,791		3,157,750		5,109,157		3,839,060	
Total net position	$ 4,319,156		$ 4,342,964		$ 3,983,457		$ 2,806,814		$ 8,302,613		$ 7,149,778	
The District's net position increased during the most recent fiscal year. The majority of the change represents the degree to which program revenues exceeded ongoing cost of operations.

Key elements of the District's change in net position are reflected in the following table:
Change in Net Position
  GOVERNMENTAL ACTIVITIES  	BUSINESS-TYPE ACTIVITIES	 	TOTAL	
	2024		2023		2024		2023		2024		2023	
Program revenues	$ 1,679,390		$ 1,685,852		$ 2,765,821		$ 3,666,549		$ 4,445,211		$ 5,352,401	
General revenues		139,823 			104,344 			68,650 			63,638 			208,473 			167,982 	
Total revenues		1,819,213 			1,790,196 			2,834,471 			3,730,187 			4,653,684 			5,520,383 	
Expenses												
General government	145,978		128,071		-		-		145,978		128,071	
Physical environment	532,828		530,309		-		-		532,828		530,309	
Interest on long-term debt	727,465		712,808		-		-		727,465		712,808	
Water and sewer	-		-		1,657,828		1,767,870		1,657,828		1,767,870	
Total expenses		1,843,021 			1,371,188 			1,657,828 			1,767,870 			3,500,849 			3,139,058 	
Change in net position	(23,808)		419,008		1,176,643		1,962,317		1,152,835		2,381,325	
Net position - beginning of year		4,342,964 			3,923,956 			2,806,814 			844,497 			7,149,778 			4,768,453 	
Net position - end of year	$ 4,319,156		$ 4,342,964		$ 3,983,457		$ 2,806,814		$ 8,302,613		$ 7,149,778	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2024 was $3,500,849, which consisted of interest on long-term debt, water and sewer expenses and costs associated with constructed and maintaining certain capital improvements. The costs of the District’s activities were funded by special assessments.
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, 2024.
The variance between budgeted and actual general fund revenues is considered significant. The actual general fund expenditures for the current fiscal year were lower than budgeted amounts due primarily to anticipated costs were not incurred in the current fiscal year.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
At September 30, 2024, the District had $19,165,499 invested in capital assets and construction in process. Construction in process has not completed as of September 30, 2024 and therefore is not depreciated to date. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2024, the District had $22,855,000 in Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the accompanying notes to the financial statements.
ECONOMIC FACTORS, NEXT YEAR'S BUDGET AND OTHER INFORMATION

For the fiscal year 2025, the District anticipates the cost of general operations to fluctuate and projections are that cost will be higher due to inflationary impacts to cost of goods sold and vender services. In connection with the District's future infrastructure maintenance and replacement plan, the District Board has included in the budget, an estimate of those anticipated future costs and has assigned a portion of current available resources for that purpose.

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact Bella Collina Community Development District's Finance Department at 219 E. Livingston Street, Orlando, Florida 32801.

STATEMENT OF NET POSITION
September 30, 2024

ASSETS

GOVERNMENTAL
	ACTIVITIES	

BUSINESS-TYPE
  ACTIVITIES	 	TOTAL	

Cash and cash equivalents	$	46,027	$	3,379,162	$	3,425,189	
Investments	147,626	1,193,698	1,341,324	
Accounts receivable	-	125,196	125,196	
Assessments receivable	558	258	816	
Due from other funds	-	2,289,822	2,289,822	
Prepaid items	16,671	105,563	122,234	
Restricted assets:				
Investments	13,744,989	78,529	13,823,518	
Assessments receivable	4,146	-	4,146	
Capital assets:				
Assets not being depreciated	9,052,110		-		9,052,110	
Assets, net of depreciation	8,303,627		5,125,591		13,429,218	
TOTAL ASSETS	$	31,315,754		$ 12,297,819		$ 43,613,573	
LIABILITIES

Accounts payable and accrued expenses	$	31,871	$	105,819	$	137,690	
Retainage payable	67,618	-	67,618	
Due to other funds	2,289,822	-	2,289,822	
Unearned revenues	-	325,267	325,267	
Accrued interest payable	328,292	-	328,292	
Due to developer, due within one year	1,441,560	3,668,028	5,109,588	
Due to developer, due in more than one year	-	4,215,248	4,215,248	
Bonds payable, due within one year	1,525,000	-	1,525,000	
Bonds payable, due in more than one year	21,312,435	-	21,312,435	
TOTAL LIABILITIES	26,996,598		8,314,362		35,310,960	

NET POSITION
Net investment in capital assets	(5,577,426)		(467,863)		(6,045,289)	
Restricted for:						
Debt service	2,713,228		78,529		2,791,757	
Capital projects	6,446,988		-		6,446,988	
Unrestricted	736,366		4,372,791		5,109,157	
TOTAL NET POSITION	$	4,319,156		$	3,983,457		$	8,302,613	

STATEMENT OF ACTIVITIES
Year Ended September 30, 2024

Program Revenues

Net (Expense) Revenues and Changes in Net Position

Functions/Programs	Expenses Governmental activities

Charges for Services

Governmental Activities

Business-type
Activities	Total

General government	$	145,978		$	182,619		$	36,641		$	-	$	36,641	
Physical environment	532,828		16,567		(516,261)		-	(516,261)	
Interest on long-term debt	727,465		1,480,204		752,739		-	752,739	
Cost of issuance	436,750		-		(436,750)		-	(436,750)	
Total governmental activities	1,843,021		1,679,390		(163,631)		 
-	(163,631)	
Business-type activities							 	

1,657,828			2,765,821		-		1,107,993		1,107,993	
1,657,828			2,765,821		-		1,107,993		1,107,993	
$	3,500,849		$	4,445,211		(163,631)		1,107,993		944,362	
General revenues:	
Investment earnings	139,823		68,650		208,473	
Total general revenues and transfers	139,823		68,650		208,473	
Change in net position	(23,808)		1,176,643		1,152,835	

Water and sewer
Total business-type activities Total primary government

* Net position - October 1, 2023 (As restated - Note E)	4,342,964		2,806,814		7,149,778	
Net position - September 30, 2024	$ 4,319,156		$ 3,983,457		$  8,302,613	

BALANCE SHEET – GOVERNMENTAL FUNDS
September 30, 2024

MAJOR FUNDS

CAPITAL

TOTAL GOVERNMENTAL

ASSETS

	GENERAL	  DEBT SERVICE

	PROJECTS	 	FUNDS	

Cash and cash equivalents	$	46,027	$	-	$	-	$	46,027	
Investments	147,626	-	-	147,626	
Assessments receivable	558	-	-	558	
Prepaid items	16,671	-	-	16,671	
Restricted assets:			
Investments	529,245		3,037,374		10,178,370		13,744,989	
Assessments receivable	-		4,146		-		4,146	
TOTAL ASSETS	$	740,127		$ 3,041,520		$ 10,178,370		$	13,960,017	
LIABILITIES AND FUND BALANCES

LIABILITIES
Accounts payable and accrued expenses	$	3,761		$	-	$	28,110		$	31,871	
Retainage payable	-		-	67,618		67,618	
Due to developer	-		-	1,441,560		1,441,560	
Due to other funds	-		-	2,289,822		2,289,822	
TOTAL LIABILITIES	3,761		 
-	3,827,110		3,830,871	

FUND BALANCES
Nonspendable:
Prepaid items		16,671		-		-			16,671	
Restricted for:										
Debt service		-		3,041,520		-			3,041,520	
Capital projects		-		-		6,351,260			6,351,260	
Unassigned		719,695		-		-			719,695	
TOTAL FUND BALANCES		736,366		3,041,520		6,351,260			10,129,146	
TOTAL LIABILITIES AND
FUND BALANCES	
$	
740,127		
$ 3,041,520		
$ 10,178,370		
$	
13,960,017	

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2024

Total Governmental Fund Balances in the Balance Sheet	$ 10,129,146

Amount reported for governmental activities in the Statement of Net Assets are different because:
Capital asset used in governmental activities are not financial resources and therefore are not reported in the governmental funds:
Governmental capital assets	24,308,837
Less accumulated depreciation	(6,953,100)
Certain liabilities are not due and payable in the current period and therefore are not reported in the funds:

Accrued interest payable	(328,292)	
Unamortized bond discount	17,565	
Governmental bonds payable	(22,855,000)	
Net Position of Governmental Activities	$	4,319,156

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
Year Ended September 30, 2024

	MAJOR FUNDS				TOTAL	
					CAPITAL	GOVERNMENTAL	
		GENERAL   DEBT SERVICE		PROJECTS	 	FUNDS		
REVENUES
Special assessments	
$	
199,186	
$ 1,480,204	
$	
-	
$	
1,679,390	
Investment earnings		36,081	103,742		-		139,823	
TOTAL REVENUES		235,267		1,583,946			-			1,819,213	
EXPENDITURES
General government		
116,457	
29,521		
-		
145,978	
Physical environment		63,753	-		-		63,753	
Capital outlay Debt
Principal		-

-	-

795,000		3,827,110

-		3,827,110

795,000	
Interest expense		-	685,831		-		685,831	
Bond issuance costs		-	-		436,750		436,750	
TOTAL EXPENDITURES		180,210		1,510,352			4,263,860			5,954,422	
EXCESS REVENUES OVER (UNDER) EXPENDITURES		
55,057	
73,594		
(4,263,860)		
(4,135,209)	
OTHER SOURCES (USES)
Bond discount		
-	
-		
(17,565)		
(17,565)	
Bond proceeds		-	1,052,315		10,632,685		11,685,000	
TOTAL OTHER SOURCES (USES)		-		1,052,315			10,615,120			11,667,435	
EXCESS REVENUES OVER (UNDER) EXPENDITURES AND OTHER USES		

55,057	

1,125,909		

6,351,260		

7,532,226	
FUND BALANCE
Beginning of year		
681,309	
1,915,611		
-		
2,596,920	
End of year	$	736,366	
$ 3,041,520	$ 6,351,260	$	10,129,146	

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
Year Ended September 30, 2024

Net Change in Fund Balances - Total Governmental Funds	$ 7,532,226

Amount reported for governmental activities in the Statement of Activities are different because:
The issuance of long-term debt provides current financial resources to governmental funds. These transactions, however, have no effect on net
assets. This is the amount of long-term debt issued in the current period.	(11,667,435)
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the costs of those assets are depreciated over their estimated useful lives:
Capital outlay	3,827,110
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the Statement of Net Position and are eliminated in the Statement of Activities:
Payments on long-term debt	795,000
Certain items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported expenditures in the governmental funds:
Current year provision for depreciation	(469,075)
Change in accrued interest payable	(41,634)

Change in Net Position of Governmental Activities	$	(23,808)

STATEMENT OF NET POSITION – ENTERPRISE FUND
September 30, 2024

ASSETS

Cash and cash equivalents	$	3,379,162	
Investments	1,193,698	
Accounts receivable	125,196	
Assessments receivable	258	
Due from other funds	2,289,822	
Prepaid items
Restricted assets:	105,563	
Investments	78,529	
TOTAL CURRENT ASSETS	7,172,228	
ONCURRENT ASSETS
Capital assets:
Infrastructure	7,742,390	
Equipment	532,812	
	8,275,202	
Less accumulated depreciation	3,149,611	
Total capital assets (net of depreciation)	5,125,591	
TOTAL NONCURRENT ASSETS	5,125,591	
TOTAL ASSETS	$ 12,297,819	

CURRENT ASSETS

N

LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued expenses

$	105,819

Unearned revenues	325,267
Due to developer	3,668,028
TOTAL CURRENT LIABILITIES	4,099,114

NONCURRENT LIABILITIES
Due to developer	4,215,248
TOTAL NONCURRENT LIABILITIES	4,215,248
TOTAL LIABILITIES	8,314,362

NET POSITION
Net investment in capital assets	(467,863)	
Restricted for debt service	78,529	
Unrestricted	4,372,791	
TOTAL NET POSITION	$	3,983,457	

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION – ENTERPRISE FUND
Year Ended September 30, 2024

OPERATING REVENUES
Charges for services	$ 2,673,857	
Special assessments	91,964	
TOTAL OPERATING REVENUES	2,765,821	
OPERATING EXPENSES
General and administrative	
93,902	
Plant operations	1,313,545	
Depreciation	250,381	
TOTAL OPERATING EXPENSES	1,657,828	
OPERATING INCOME	1,107,993
NONOPERATING REVENUES(EXPENSES)
Interest earnings	68,650
TOTAL NONOPERATING REVENUES(EXPENSES)	68,650

CHANGE IN NET POSITION	1,176,643
NET POSITION
* Beginning of year (As restated, Note E)	2,806,814
End of year	$ 3,983,457

STATEMENT OF CASH FLOWS – ENTERPRISE FUND
Year Ended September 30, 2024

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers

BUSINESS-TYPE
	ACTIVITIES	 ENTERPRISE
FUND

$	2,495,419

Cash paid to suppliers	(1,450,461)
NET CASH PROVIDED BY OPERATING ACTIVITIES	1,044,958

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets	(208,176)	
Sale of investments	(18,602)	
Interest income	68,650	
NET CASH PROVIDED BY INVESTING ACTIVITIES	(158,128)	
NET INCREASE IN CASH	886,830	
CASH
Beginning of Year	2,492,332

End of Year
RECONCILIATION OF OPERATING INCOME TO NET

$	3,379,162

CASH PROVIDED BY OPERATING ACTIVITIES		
Operating income	$	1,107,993	
Adjustments to reconcile operating income to net		
cash provided by operating activities:		
Depreciation	250,381	
(Increase) Decrease in:		
Accounts receivable	(14,820)	
Due from other funds	(2,289,822)	
Assessments reveivable	107	
Prepaid items	(67,322)	
Increase (Decrease) in:		
Accounts payable and accrued expenses	24,201	
Due to other funds	2,289,822	
Due to other governments	(255,582)	
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	1,044,958	

NOTE A- NATURE OF ORGANIZATION AND REPORTING ENTITY
The District was established on June 14, 2004 under Rule 4200-1.001 and amended on August 15, 2019 under Rule 4200-1.002 by the Florida Land and Water Adjudicatory Commission under the name of Pine Island Community Development District. On July 18, 2017, the District changed its name to Bella Collina Community Development District through a technical amendment to Rule Chapter 4200-1, F.A.C, and the boundaries of the District were expanded by 5.11 acres by amendment to Rule Chapter 4200-1.002 F.A.C. in July 2019.
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. Two of the Board members are affiliated with the Developer. The Supervisors are elected on an at large basis by the property owners within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.
The Board has the responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing Improvements.
The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB") Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District Board of Supervisors 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 B - 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.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Government-Wide and Fund Financial Statements (continued)
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 economic 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. Assessments
Assessments are non-ad valorem assessments on benefited lands within the District. Assessments are levied to pay for the operations and maintenance of the District. The fiscal year for which annual assessments are levied begins on October 1 with discounts available for payments through February 28 and become delinquent on April 1. The District's annual assessments for operations are billed and collected by the County Tax Collector. The amounts remitted to the District are net of applicable discounts or fees and include interest on monies held from the day of collection to the day of distribution.
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. All other revenue items are considered to be measurable and available only when cash is received by the government.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus, Basis of Accounting and Financial Statement Presentation (continued)
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.
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.
Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest of long-term debt.
Capital Projects Fund
The capital projects fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure with the District.
The District reports the following major enterprise fund:
Water and Sewer Fund
The enterprise fund accounts for the operations of the water and sewer utility system within the District.
Enterprise funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s enterprise fund are charges to customers for sales and services. Operating expenses of the enterprise fund include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.
Assets, Liabilities and Net Position or Equity
Restricted Assets
These assets represent cash and investments set aside pursuant to contractual restrictions.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities and Net Position or Equity (continued)

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. In addition, surplus funds may be deposited into certificates of deposit which are insured.

The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a“2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.
The District records all interest revenue related to investment activities in the respective funds and reports investments at fair value.
Inventories and Prepaid Items
Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased.
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.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities and Net Position or Equity (continued)
Capital Assets
Capital assets, which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government- wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital 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 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	
Stormwater Management System	30	
Water and Sewer Utility System	35-40	
Equipment	7	
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/Deferred 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 uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities and Net Position or Equity (continued)

Deferred Outflows/Inflows of Resources

The statement of net position reports, as applicable, a separate section for deferred outflows of resources. Deferred outflows of resources represent a consumption of net position that applies to future reporting period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until that time. For example, the District would record deferred outflows of resources related to debit amounts resulting from current and advance refundings resulting in the defeasance of debt (i.e. when there are differences between the reacquisition price and the net carrying amount of the old debt).

The statement of net position reports, as applicable, a separate section for deferred inflows of resources. Deferred inflows of resources represent an acquisition of net position that applies to future reporting period(s) and so will not be recognized as an inflow of resources (revenue) until that time. For example, when an asset is recorded in the governmental fund financial statements, but the revenue is not available, the District reports a deferred inflow of resources until such times as the revenue becomes available.

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. The District has only one item, deferred revenue, which qualifies for reporting in this category.
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.

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.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities and Net Position or Equity (continued)

Fund Equity/Net Position (continued)

In the fund financial statements, the enterprise fund is presented using the accrual basis of accounting. Revenues are recognized when they are earned and expenses are recognized when the related goods or services are delivered. In the fund financial statements, enterprise funds are presented using the economic resources measurement focus. This means that all assets and all liabilities (whether current or non-current) associated with their activity are included on their balance sheets. Enterprise fund type operating statements present increases (revenues) and decreases (expenses) in total net position.
Assigned fund balance - Includes spendable fund balance amounts that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board can assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year's appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.
The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.
Other Disclosures
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE C - 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 public comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

NOTE D – DEPOSITS AND INVESTMENTS

Deposits

The District's cash balances, including certificates of deposit, 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.
Investments

The District’s investments were held as follows at September 30, 2024:

Investment	Fair Value	Credit Risk		Maturities Fidelity Investments Money Market			Weighted average of the

Funds - Government Portfolio

$ 13,294,273

S&P AAAm	fund portfolio: 21 days

Investment in Local Government Surplus			Weighted average maturity: Funds Trust Fund (Florida PRIME)	1,870,569	S&P AAAm		39 days
Total Investments	$ 13,294,273

NOTE D – DEPOSITS AND INVESTMENTS (CONTINUED)

Investments (continued)

Custodial credit risk - For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of the investments or collateral securities that are in the possession of an outside party. The District has no formal policy for custodial risk. The investments listed in the schedule above are not evidenced by securities that exist in physical or book entry form.

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.

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.

The District participated in the following external investment pools:

NOTE D – DEPOSITS AND INVESTMENTS (CONTINUED)

Investments (continued)

The State Board of Administration for participation in the Local Government Investment Pool (Florida PrimeTM) created by Section 218.415, Florida Statutes is an investment pool that operates under investment guidelines established by Section 215.47, Florida Statutes. The District’s investments in Florida PrimeTM, a qualified external investment pool, meet the requirements of GASB Statement No. 79 and are reported at amortized cost.

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. For external investment pools that qualify to be measured at amortized cost, the pool's participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District's investments have been reported at amortized cost above.

NOTE E - CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2024 was as follows:
Balance
10/01/2023	Increases	Decreases

Balance 09/30/2024

Governmental activities:
Capital assets, not being depreciated:		
Land and land improvements	$  5,225,000		$	-		$	-		$ 5,225,000	
Construction in process	-		3,827,110		-		3,827,110	
Total capital assets, not being
depreciated	
5,225,000		
3,827,110		
-		
9,052,110	
Capital assets, being depreciated								
Stormwater Management System	10,518,813	-	10,518,813	
Water and Sewer Utility System	4,737,914	-	-	4,737,914	
Total capital assets, being								
depreciated	15,256,727			-			-		15,256,727	
Less accumulated depreciation for: Stormwater Management System	
4,908,779			
350,627					
5,259,406	
Water and Sewer Utility System	1,575,246			118,448			-		1,693,694	
Total accumulated depreciation	6,484,025			469,075			-		6,953,100	
Total capital assets, being depreciated - net	
8,772,702			
(469,075)			
-		
8,303,627	
Governmental activities capital assets - net	
$ 13,997,702		
$	
3,358,035		
$	
-		
$17,355,737	
Depreciation of $469,075 was charged to physical environment.

NOTE E - CAPITAL ASSETS (CONTINUED)

Business-type activities:

* Balance
10/01/2023	Increases	Decreases

Balance 09/30/2024

Capital assets, being depreciated
Water and sewer utility system	
$ 7,710,379	
$	84,782	
$	-	
$ 7,795,161	
Equipment
Total capital assets, being	428,298	123,393	71,650	480,041	
depreciated		8,138,677			208,175			71,650		8,275,202	
Less accumulated depreciation for: Water and sewer utility system		
2,709,814			
199,383			
-		
2,909,197	
Equipment		261,066			50,998			71,650		240,414	
Total accumulated depreciation		2,970,880			250,381			71,650		3,149,611	
Total capital assets, being depreciated - net		
5,167,797			
(42,206)			
-		
5,125,591	
Business-type activities capital assets - net	
$	
5,167,797		
$	
(42,206)		
$	
-		
$ 5,125,591	
* Beginning fund balance was restated. This resulted in a change in beginning capital assets of $229,434.
Depreciation of $250,381 was charged to water and sewer.
NOTE F – LONG-TERM LIABILITIES
Governmental Activities Debt
$22,780,000 Special Assessment Bonds, Series 2004 – On December 22, 2004, the District issued
$22,780,000 Special Assessment Bonds, Series 2004. The Bond was issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bond is payable in annual principal installments through May 2035. The Bonds bear interest at 5.75% payable semi-annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2010.

$11,685,000 Special Assessment Bonds, Series 2024 – On September 17, 2024, the District issued
$11,685,000 Special Assessment Bonds, Series 2024. The Bond was issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bond is payable in annual principal installments through May 2055. The Bonds bear interest ranging from 4.25% to 5.30% payable semi-annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2026.

NOTE F – LONG-TERM LIABILITIES (CONTINUED)

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds 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.

The District is in compliance with those requirements of the Bond Indenture at September 30, 2024.
The following is a summary of activity in the long-term debt of the District for the year ended September 30, 2024:

	Balance
10/01/2023	
Additions	
Deletions	Balance
09/30/2024	Due Within
One Year	
Special Assessment Bonds, Series 2004	
$ 11,965,000	
$	-	
$	795,000	
$ 11,170,000	
$1,525,000	
Special Assessment Bonds,
Series 2024	
-	
11,685,000	
-	
11,685,000	
-	
	11,965,000	11,685,000	795,000	22,855,000	1,525,000	
Unamortized bond discount	-	(17,565)	-	(17,565)	-	
	$ 11,965,000	$11,667,435	$	795,000	$ 22,837,435	$1,525,000	
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2024 are as follows:

  September 30, 		Principal			Interest			Total		
2025	$ 1,525,000	$	988,372	$	2,513,372	
2026	910,000	1,149,166	2,059,166	
2027	965,000	1,099,465	2,064,465	
2028	1,020,000	1,046,753	2,066,753	
2029	1,070,000	991,028	2,061,028	
2030-2034	6,360,000	3,999,692	10,359,692	
2035-2039	2,705,000	2,470,555	5,175,555	
2040-2044	1,895,000	1,991,330	3,886,330	
2045-2049	2,455,000	1,450,878	3,905,878	
2050-2054	3,200,000	725,306	3,925,306	
2055		750,000 		39,750 		789,750 	
 $ 22,855,000 	 $ 15,952,295 	$	38,807,295	

NOTE G – INTERFUND BALANCES
Interfund receivables and payables for the fiscal year ended September 30, 2024 were as follows:

	Interfund
 Receivables 	Interfund
	Payables		
General fund	$	-	$	2,289,822	
Enterprise fund		2,289,822 		-		
Total	 $ 2,289,822 	 $	2,289,822 	

NOTE H – DEVELOPER TRANSACTIONS

In prior years, the District entered into a Standard Potable Water and Wastewater Development Agreement with the Developer (Utility Development Agreement). In connection with this agreement, the District received a total of $5,059,983 in refundable advance fees (RAF), minimum Equivalent Residential Connections (ERC), and Allowance for Funds Prudently Invested (AFPI) Fees from the Developer. The Developer failed to make certain payments under the agreement and, as a result, the District withdrew approximately $464,779 from the RAF and Shortfall escrow accounts funded by the Developer in prior years. During the 2016 Bond restructuring, the agreement was amended. The total balance remaining in the escrow accounts was $78,529 at September 30, 2024. During previous years, a new developer purchased most of the assets of the old developer. According to the amended utility development agreement dated September 1, 2017, the amount due is subject to the redemption of the bonds and satisfaction of other conditions; the maximum payment may not exceed $5,593,454.
NOTE I - 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 J - RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; natural disasters; and environmental remediation. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

STATEMENT OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL – GENERAL FUND
Year Ended September 30, 2024

VARIANCE WITH FINAL BUDGET

REVENUES	ORIGINAL
	BUDGET			FINAL
	BUDGET		
	ACTUAL		POSITIVE
 (NEGATIVE) 	
Special assessments	$	192,419		$	192,419		$	199,186		$	6,767	
Investment earnings		-				7,626 		36,081 		28,455 	
TOTAL REVENUES	192,419		200,045	235,267	35,222	

EXPENDITURES
Current
General government	

107,001		

117,812	

116,457	

1,355	
Physical environment		85,418 			82,233 		63,753 		18,480 	
TOTAL EXPENDITURES		192,419 			200,045 		180,210 		19,835 	
TOTAL EXPENDITURES						
AND RESERVES		192,419 			200,045 		180,210 		19,835 	
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES	
 $	-			
 $	-		
55,057	
 $	55,057 	

FUND BALANCES
Beginning of year				

	681,309 		
End of year				 $	736,366 		

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).

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, 2024.

The variance between budgeted and actual general fund revenues is considered significant. The actual general fund expenditures for the current fiscal year were lower than budgeted amounts due primarily to anticipated costs were not incurred in the current fiscal year.

DMHB

DIBARTOLOMEO, MCBEE, HARTLEY & BARNES, P.A.
CERTIFIED PUBLIC ACCOUNTANTS

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
Bella Collina Community Development District Lake County, Florida
We have audited in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to the financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Bella Collina Community Development District, as of September 30, 2024 and for the year ended September 30, 2024, which collectively comprise Bella Collina Community Development District’s basic financial statements and have issued our report thereon dated June 30, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit, 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 over financial reporting.

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 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.

2222 Colonial Road, Suite 200 • Fort Pierce, Florida 34950 • 772-461-8833 • Fax: 772-461-8872 591 S.E. Port St. Lucie Blvd., • Port St. Lucie, Florida 34984 • 772-878-1952 • Fax: 772-878-1709
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Report Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
This report is intended 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.

DiBartolomeo, McBee, Hartley & Barnes, P.A. Fort Pierce, Florida
June 30, 2025

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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
Bella Collina Community Development District Lake County, Florida

We have examined Bella Collina Community Development District, Lake 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, 2024. 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, 2024.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Bella Collina Community Development District, Lake County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

DiBartolomeo, McBee Hartley & Barnes, P.A. Fort Pierce, Florida
June 30, 2025

Management Letter

To the Board of Supervisors
Bella Collina Community Development District Lake County, Florida

Report on the Financial Statements
We have audited the financial statements of the Bella Collina Community Development District (“District”) as of and for the fiscal year ended September 30, 2024, and have issued our report thereon dated June 30, 2025.
Auditors’ Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors' 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 Accountants' 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 report, which are dated June 30, 2025, 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. There were no findings and recommendations made in the preceding annual audit.
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.

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.
Property Assessed Clean Energy (PACE) Programs
As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, the District did not authorize a PACE program pursuant to Section 163.081 or Section 163.082, Florida Statutes, did not operate within the District’s geographical boundaries during the fiscal year under audit.
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 Bella Collina Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year as 4.
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as 13.
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $6,280.
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $4,099,574.
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 $1,734,942.
The District amended its final adopted budget under Section 189.016(6), Florida Statutes as included on page 31.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, the Bella Collina Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District range from $84 to $1,742 per residential unit.
The total amount of special assessments collected by or on behalf of the District as
$1,771,354.
The total amount of outstanding bonds issued by the District as $22,855,000.

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 have any such findings.
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.

DiBartolomeo, McBee, Hartley & Barnes, P.A. Fort Pierce, Florida
June 30, 2025