Ridgewood Trails Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2024

Ridgewood Trails Community Development District ANNUAL FINANCIAL REPORT
September 30, 2024 TABLE OF CONTENTS

Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-30
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	31-32
MANAGEMENT LETTER	33-35
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	36

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Ridgewood Trails Community Development District Clay County, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Ridgewood Trails Community Development District (the “District”), as of and for the year ended September 30, 2024, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Ridgewood Trails Community Development District as of September 30, 2024, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). 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 audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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.

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To the Board of Supervisors
Ridgewood Trails Community Development District

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 one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter.

Auditor’s Responsibility 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 opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS 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 GAAS 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.

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To the Board of Supervisors
Ridgewood Trails Community Development District

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis 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 obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated October 14, 2025 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Ridgewood Trails Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida October 14, 2025

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Management’s discussion and analysis of Ridgewood Trails Community Development District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS

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

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

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

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets, are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as capital improvement bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, a reconciliation is provided from the fund financial statements to the government-wide financial statements.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.
Financial Highlights

The following are the highlights of the financial activity for the year ended September 30, 2024.

The District’s total assets exceeded total liabilities by $2,535,904 (net position). Unrestricted net position for Governmental Activities was $438,733. Restricted net position was $4,595. Net investment in capital assets was $2,092,576.

Governmental activities revenues totaled $656,086 while governmental activities expenses totaled $678,742.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

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

Net Position

Governmental Activities
	2024		2023	

Current assets	
$	451,148		
$	390,719	
Restricted assets	18,084		16,051	
Capital assets		2,216,432 			2,315,050 	
Total Assets		2,685,664 			2,721,820 	
Current liabilities	24,359		28,876	
Non-current liabilities		125,401 			134,384 	
Total Liabilities		149,760 			163,260 	

investment				
in capital assets	2,092,576	2,181,892	
Net position - restricted	4,595	2,952	
Net position - unrestricted		438,733 		373,716 	

Total Net Position	 $ 2,535,904 	 $ 2,558,560 

The increase in current assets is primarily related to revenues exceeding expenditures at the fund level in the current year.
The decrease in capital assets is mainly related to current year depreciation.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

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

	Governmental Activities	
Program Revenues		2024			2023		
Charges for services	$	627,040	$	568,922	
General Revenues	
Miscellaneous revenues	5,600	8,650	
Investment earnings		23,446 		10,945 	
Total Revenues		656,086 		588,517 	
Expenses	
General government	97,394	96,814	
Physical environment	320,985	304,853	
Culture/recreation	252,550	244,747	
Interest and other charges		7,813 		8,275 	
Total Expenses		678,742 		654,689 	
Change in Net Position	(22,656)	(66,172)	
Net Position - Beginning of Year		2,558,560 		2,624,732 	
Net Position - End of Year	 $ 2,535,904 	 $ 2,558,560 	

The increase in charges for services is related to the increase in special assessments in the current year.
The increase in physical environment is related to the increase in landscape maintenance expenses in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets activity as of September 30, 2024 and 2023:

Governmental Activities
Description	2024	2023	
Buildings and improvements	$	571,641	$	571,641	
Infrastructure	2,690,994	2,690,994	
Equipment	140,222	124,011	
Accumulated depreciation	(1,186,425)	(1,071,596)	
Capital Assets, Net	$	2,216,432	$	2,315,050	

Current year capital asset activity depreciation, $114,829.	
consisted of additions to	
equipment, $16,211, and	
General Fund Budgetary Highlights			

Budgeted expenditures exceeded actual expenditures primarily due to lower capital outlay and insurance expenditures than were anticipated.

The September 30, 2024 budget was not amended.
Debt Management

Governmental Activities debt includes the following:

In June 2007, the District issued $8,305,000 Series 2007A Capital Improvement Revenue Bonds. These bonds were issued to fund certain infrastructure facilities for the benefit of the District.  As of September 30, 2024, the balance outstanding was
$125,000.

In December 2021, the District entered into a financed purchase agreement of $19,419, for security equipment. The balance outstanding at September 30, 2024 was $9,646.

Economic Factors and Next Year’s Budget
Ridgewood Trails Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2025.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Request for Information

The financial report is designed to provide a general overview of Ridgewood Trails Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Ridgewood Trails Community Development District, Governmental Management Services, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

Ridgewood Trails Community Development District	
STATEMENT OF NET POSITION	
September 30, 2024	

ASSETS	
Current Assets	
Cash and cash equivalents	
Investments	
Prepaid expenses	
Deposits	
Total Current Assets	
Non-current Assets	
Restricted assets	
Investments	
Capital assets, being depreciated	
Buildings and improvements	
Infrastructure	
Equipment	
Accumulated depreciation	
Total Non-current Assets	
Total Assets	

Governmental	
Activities	

$	61,084	
361,999	
25,262	
	2,803 	
	451,148 	

18,084	
571,641	
2,690,994	
140,222	
	(1,186,425)	
	2,234,516 	
	2,685,664 	

LIABILITIES		
Current Liabilities		
Accounts payable	11,865	
Due to other governments	550	
Accrued interest payable	2,943	
Financed purchase payable	4,001	
Bonds payable		5,000 	
Total Current Liabilities		24,359 	
Non-current Liabilities		
Financed purchase payable	5,645	
Bonds payable, net		119,756 	
Total Non-current liabilities		125,401 	
Total Liabilities		149,760 	

NET POSITION		
Net investment in capital assets	2,092,576	
Restricted for debt service	3,388	
Restricted for capital projects	1,207	
Unrestricted		438,733 	
Total Net Position	 $	2,535,904 	

See accompanying notes to financial statements.

Ridgewood Trails Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2024	
						Net (Expense)	
						Revenues and	
				Program		Changes in	
				Revenues		Net Position	
				Charges for		Governmental	
Functions/Programs		Expenses		Services		Activities	
Primary government							
Governmental Activities							
General government		$	(97,394)		$	107,474		$	10,080	
Physical environment		(320,985)		255,462		(65,523)	
Culture/recreation		(252,550)		250,720		(1,830)	
Interest and other charges			(7,813)			13,384 			5,571 	
Total Governmental Activities		 $	(678,742)		 $	627,040 		(51,702)	

General revenues:	
Miscellaneous revenues	
Investment earnings	
Total General Revenues	

5,600	
     23,446 	
     29,046 	

Change in Net Position	(22,656)

Net Position - October 1, 2023	
Net Position - September 30, 2024	

	2,558,560 	
 $	2,535,904 	

See accompanying notes to financial statements.

Ridgewood Trails Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2024	

Total	
Governmental	
Funds	

Debt	Capital	
Service	Projects	

Cash and cash equivalents	
Investments	
Prepaid expenses	
Deposits	
Restricted assets	
Investments	
Total Assets	

$	61,084	
361,999	
25,262	
2,803	

$	-	
-	
-	
-	

$	-	
-	
-	
-	

$	61,084	
361,999	
25,262	
2,803	

ASSETS	General

-	16,877	1,207	18,084	
$	451,148	$	16,877	$	1,207	$	469,232	

FUND BALANCES	
Nonspendable	
Prepaid expenses	
Deposits	
Restricted	
Debt service	
Capital projects	
Assigned for capital reserves	
Unassigned	
Total Fund Balances	
Total Liabilities and Fund Balances	

25,262	
2,803	

-	
-	

-	
-	

25,262	
2,803	

-	16,877	-	16,877	
-	-	1,207	1,207	
189,626	-	-	189,626	
221,042	-	-	221,042	
438,733	16,877	1,207	456,817	
$	451,148	$	16,877	$	1,207	$	469,232	

LIABILITIES AND FUND BALANCES

LIABILITIES	
Accounts payable	
Due to other governments	
Total Liabilities	

$	11,865	$	-	$	-	$	11,865	
550	-	-	550	
12,415	-	-	12,415	

See accompanying notes to financial statements.

Ridgewood Trails Community Development District	
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES	
TO NET POSITION OF GOVERNMENTAL ACTIVITIES	
September 30, 2024	

Total Governmental Fund Balances	$

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

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

456,817

Capital assets, infrastructure, $2,690,994, buildings and improvements,		
$571,641, and equipment, $140,222, net of accumulated depreciation,		
$(1,186,425), used in governmental activities are not current financial		
resources; and therefore, are not reported at the fund level.	2,216,432	

Long-term liabilities, including bonds payable, $(125,000), net of bond	
discount, net, $244, and financed purchase payable, $(9,646), are not	
due and payable in the current period; and therefore, are not reported	
at the fund level.	(134,402)	

(2,943)

Net Position of Governmental Activities	 $	2,535,904 

See accompanying notes to financial statements.

Ridgewood Trails Community Development District	
STATEMENT OF REVENUES, EXPENDITURES	
AND CHANGES IN FUND BALANCES –	
GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2024	

97,394	
231,501	
227,205	
16,211	

-	
-	
-	
-	

-	
-	
-	
-	

97,394	
231,501	
227,205	
16,211	

3,813	5,000	-	8,813	
567	7,345	-	7,912	
576,691	12,345	-	589,036	

Revenues	
Special assessments	
Miscellaneous revenues	
Investment earnings	
Total Revenues	

$ 613,656	
$	13,384	
$	-	
$	627,040	
5,600	-	-	5,600	
22,452	936	58	23,446	
641,708	14,320	58	656,086	

Total	
Governmental	
Funds	

Debt	Capital	
Service	Projects	

Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Capital outlay	
Debt service	
Principal	
Interest	
Total Expenditures	

General

Net Change in Fund Balances	65,017		1,975		58		67,050	
Fund Balances - October 1, 2023	373,716		14,902		1,149		389,767	

Fund Balances - September 30, 2024	
$ 438,733		
$	16,877		
$	1,207		
$	456,817	

Ridgewood Trails Community Development District	
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2024	

Net Change in Fund Balances - Total Governmental Funds

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

Governmental funds report capital outlays as expenditures. However, at the	
government-wide level, the cost of those assets is allocated over their estimated	
useful lives as depreciation. This is the amount that depreciation, $(114,829),	
exceeded capital outlay, $16,211, in the current year.	

Payment of long-term liabilities are reported as expenditures at the fund level	
but such repayments reduce long-term liabilities in the Statement of Net Position.	

Amortization expense of bond discounts does not require the use of current financial	
resources and therefore, is not reported at the governmental fund level.	
This is the amount of amortization in the current period.	

$	67,050

(98,618)

8,813

(18)

In the Statement of Activities, interest is accrued on outstanding bonds;		
whereas at the governmental fund level, interest expenditures are reported when	
due. This is the change in accrued interest from the prior year.	117	

Change in Net Position of Governmental Activities	$	(22,656)

Ridgewood Trails Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES – BUDGET AND ACTUAL –	
GENERAL FUND	
For the Year Ended September 30, 2024	

113,690	
211,269	
263,638	
60,000	

113,690	
211,269	
263,638	
60,000	

97,394	
231,501	
227,205	
16,211	

16,296	
(20,232)	
36,433	
43,789	

-	
-	
648,597	

3,813	
567	
576,691	

(3,813)	
(567)	
71,906	

180,691	

$ 150,071	

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

Actual

Revenues	
Special assessments	
Miscellaneous revenues	
Interest earnings	
Total Revenues	

	
$ 612,477		$ 612,477		$ 613,656		$	1,179	
4,200		4,200		5,600		1,400	
1,300		1,300		22,452		21,152	
617,977		617,977		641,708		23,731	

Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Capital outlay	
Debt Service	
Principal	
Interest	
Total Expenditures	

-	
-	
648,597	

Net Change in Fund Balances	(30,620)		(30,620)		65,017		95,637	
Fund Balances - October 1, 2023	180,691				373,716		193,025	

Fund Balances - September 30, 2024	
$ 150,071				
$ 438,733		
$	288,662	

See accompanying notes to financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on October 11, 2005, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes and Clay County, Florida Ordinance 2005-47. The District was established for the purpose of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing or re-constructing, enlarging or extending, equipping, operating and maintaining water management, bridges or culverts, district roads, landscaping, street lights and other basic infrastructure projects within or without the boundaries of the Ridgewood Trails Community Development District. The District is governed by a five-member Board of Supervisors. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Ridgewood Trails Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth by the Governmental Accounting Standards Board, the District has identified no component units.
Measurement Focus and Basis of Accounting
The basic financial statements of the District are composed of the following:
Government-wide financial statements
Fund financial statements
Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting (Continued)
Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are primarily supported by special assessments. Program revenues include charges for services and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the Statement of Activities to present the net cost of each program.
Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.
Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
2.  Measurement Focus and Basis of Accounting (Continued)
b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance in accordance with Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.
The District has various policies governing the fund balance classifications.
Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.
Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.
Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.
Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications.
Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter, to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.
Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

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

Debt Service Fund – Accounts for debt service requirements to retire the capital improvement bonds which were used to finance the construction of District infrastructure improvements.
Capital Projects Fund – The Capital Projects Fund accounts for acquisition and construction of infrastructure improvements located within the boundaries of the District.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)
Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as capital assets, and non-current governmental liabilities, such as capital improvement bonds, be reported in the governmental activities column in the government-wide Statement of Net position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;
The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.
Restricted Assets

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, and Net Position or Equity (Continued)
Capital Assets
Capital assets, which include buildings and improvements, infrastructure and equipment, are reported in governmental activities.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Capital assets are depreciated using the straight-line method over the following estimated useful lives:
Infrastructure	30 years
Buildings and improvements	39 years
Equipment	3-10 years
Bond Discounts
Bond discounts are amortized over the life of the bonds using the straight-line method.
Budgets
Budgets are prepared and adopted after a public hearing for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. Formal budgets are adopted for the general fund. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget columns of the accompanying financial statements may occur.
Net Position
Net position represents the difference between assets and liabilities and is reported in three categories. Net investment in capital assets, represents capital assets, net of accumulated depreciation and any outstanding debt related to those assets. Net position is reported as restricted when there are legal limitations imposed on their use by legislation, or external restrictions imposed by other governments, creditors, or grantors. Unrestricted net position is assets that do not meet definitions of the classifications previously described.

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net position
“Total fund balances” of the District’s governmental funds, $456,817, differs from “net position” of governmental activities, $2,535,904, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net position versus the current financial resources focus of the Governmental Fund Balance Sheet. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the cost of those assets is reported as expenditures at the fund level. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Buildings and improvements	$	571,641	
Infrastructure	2,690,994	
Equipment	140,222	
Accumulated depreciation		(1,186,425)	
Net Capital Assets
Long-term debt transactions	$	2,216,432 	
Long-term liabilities applicable to the	District’s governmental activities are not current	
financial uses or resources and accordingly are not reported at the fund level. All uses and resources (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2024 were:

Bonds payable	$	(125,000)	
Bond discount, net	244	
Financed purchase payable		(9,646)	
Total	$	(134,402)	
Accrued interest		
Accrued liabilities in the Statement of Net Position differ from fund level due to the accrued interest on bonds.	the amount reported at the	
Accrued interest	$	(2,943)	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $67,050, differs from the “change in net position” for governmental activities, $(22,656), reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.
Capital related items

When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures at the fund level. However, in the Statement of Activities, the costs of those assets are allocated over their estimated useful lives as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decreases by the amount of depreciation charged for the period.

Depreciation	$	(114,829)	
Capital outlay		16,211 	
Total	$	(98,618)	

Long-term debt transactions
Repayment of long-term liabilities are reported as expenditures at the fund level, but such repayments reduce liabilities at the government-wide level.
Debt principal payments	$	8,813 

Amortization of the bond discount does not require the use of current resources and therefore is not reported at the fund level.
Bond discount amortization	$	(18)

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures at the fund level.
Change in accrued interest payable	$	117 

NOTE C – CASH AND INVESTMENTS
All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk; however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2024, the District's bank balance was $81,909 and the carrying value was $61,084. Exposure to custodial credit risk was as follows: the District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.
Investments
As of September 30, 2024, the District had the following investments and maturities:

	Investment		  Maturities 	  Fair Value 	
Florida PRIME	39 Days*	$	351,657	
First American Treasury Obligations Fund	31 Days*	18,084	
U.S. Bank Money Market	N/A	10,342	
Total		$	380,083	
* Weighted Average Maturity

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that use the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.
Based on the criteria in the preceding paragraph, the District’s investments in the U.S. Bank Money Market and First American Treasury Obligations Fund are Level 1 assets.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments (Continued)

The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2024, there were no redemption fees, maximum transaction amounts, or any other requirement that would limit daily access to 100% of the account value.
Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2024, the District's investments in First American Treasury Obligations Fund and Florida PRIME were rated AAAm by Standard & Poor's. The District’s investment in U.S. Bank Money Market is not rated by Standard & Poor’s.
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in U.S. Bank Money Market represent 3%, the investments in First American Treasury Obligations Fund represents 5% and the investments in Florida PRIME represents 92% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2024 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – SPECIAL ASSESSMENT REVENUES
Assessments are non-ad valorem assessments on benefitted property within the District. Operating and Maintenance Assessments are based upon adopted general fund budget and levied annually. Debt Service Assessments are levied when bonds are issued and collected annually. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the Clay County Tax Collector on November 1 and due on or before March 31 of each year.
Assessments and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only 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 E – CAPITAL ASSETS

Capital Asset activity for the year ended September 30, 2024 was as follows:

Governmental Activities:
Capital assets, being depreciated:

Balance	Balance
October 1,	September 30,
	2023			Additions		 Deletions 		2024	

Infrastructure	$	2,690,994	$	-	$	-	$	2,690,994	
Buildings and improvements	571,641	-	-	571,641	
Equipment		124,011 		16,211 		- 		140,222 	
Total Capital assets Depreciated		3,386,646 		16,211 		- 		3,402,857 	
Less accumulated depreciation for:	
Infrastructure	(886,171)	(89,484)	-	(975,655)	
Buildings and improvements	(135,585)	(14,658)	-	(150,243)	
Equipment		(49,840)		(10,687)		- 		(60,527)	
Total Accumulated Depreciation		(1,071,596)		(114,829)		- 		(1,186,425)	
Total Capital Assets Depreciated, Net	 $	2,315,050 	 $	(98,618)	 $	- 	 $	2,216,432 	
Depreciation	of	$114,829	was	charged	to	physical	environment,	$89,484,	and culture/recreation, $25,345.

NOTE F – LONG-TERM DEBT
The following is a summary of bonded debt activity for the District for the year ended September 30, 2024:
Bonds payable debt at October 1, 2023	$	130,000 Principal payments			(5,000)
Bonds payable debt at September 30, 2024	$	125,000 Less: bond discount, net			(244)
Bonds Payable, Net at September 30, 2024	$	124,756  Long-term bonded debt for Governmental Activities is comprised of the following:
Capital Improvement Revenue Bonds

$8,305,000 Series 2007A Capital Improvement Revenue Bonds are due in annual principal installments beginning May 2009 maturing May 2038. Interest at a rate of 5.65% is due May and
November. Current portion is $5,000.	$   125,000 
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2024 are as follows:

Year Ending
  September 30, 	
	Principal		
	Interest		
	Total		
2025	$	5,000	$	7,063	$	12,063	
2026	5,000	6,780	11,780	
2027	5,000	6,498	11,498	
2028	5,000	6,215	11,215	
2029	10,000	5,933	15,933	
2030-2034	50,000	21,188	71,188	
2035-2038		45,000 		6,778 		51,778 	
Totals	$	125,000	$	60,455	$	185,455	

NOTE F – LONG-TERM DEBT (CONTINUED)

Summary of Significant Bond Resolution Terms and Covenants Significant Bond Provisions
The Series 2007A Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at a redemption price set forth in the Trust Indenture. The Series 2007A are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
Reserve Funds – The Series 2007A Reserve Account was funded from the proceeds of the Series 2007A Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.
The following is a schedule of required reserve balances as of September 30, 2024:

Reserve	Reserve
	Balance	  Requirement 

Capital Improvement Revenue Bonds, Series 2007A

$	10,546	$

15,000

NOTE G – FINANCED PURCHASE

During the year ended September 30, 2022, the District entered into a 60-month financed purchase agreement for security equipment in the amount of $19,419. The agreement has an end of finance purchase option which qualifies it as a financed purchase; therefore, the asset has been recorded at the present value of future minimum payments.

The annual requirements to amortize principal and interest of the financed purchase as of September 30, 2024, were as follows:

Year Ending
  September 30, 		
	Amount		
2025		$	4,380	
2026		4,380	
2027			1,460 	
Total minimum lease payments		10,220	
Less: amount representing interest			(574)	
Present value of minimum lease payments		 $	9,646 	
NOTE H – 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 for which the government carries commercial insurance. There were no claims or settled claims from these risks that exceeded commercial insurance coverage in the last three years.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Ridgewood Trails Community Development District Clay County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Ridgewood Trails Community Development District, as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated October 14, 2025.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Ridgewood Trails Community Development District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Ridgewood Trails Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Ridgewood Trails Community Development District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.

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To the Board of Supervisors
Ridgewood Trails Community Development District

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

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida October 14, 2025

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MANAGEMENT LETTER

To the Board of Supervisors
Ridgewood Trails Community Development District Clay County, Florida

Report on the Financial Statements
We have audited the financial statements of the Ridgewood Trails Community Development District as of and for the year ended September 30, 2024, and have issued our report thereon dated October 14, 2025.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reports and Schedule
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated October 14, 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 made to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding financial audit report.

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To the Board of Supervisors
Ridgewood Trails Community Development District

Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not Ridgewood Trails Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that the Ridgewood Trails Community Development District has not met one 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 conditions assessment procedures as of September 30, 2024 for the Ridgewood Trails Community Development District. It is management’s responsibility to monitor the Ridgewood Trails Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.
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

The information below was provided by management and has not been audited by us; therefore, we do not express an opinion or provide any assurance on the information.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, Ridgewood Trails Community Development District reported:
The total number of District employees compensated in the last pay period of the District’s fiscal year: 5
The total number of independent contractors, defined as individuals or entities that receive 1099s, to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 14
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $5,171.60
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $534,013.77
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, 2023, together with the total expenditures for such project: No construction
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The Board did not amend the budget.

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To the Board of Supervisors
Ridgewood Trails Community Development District
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, the Ridgewood Trails Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District:
$883.26 – $1,069.86 for the General Fund and $761.14 – $920.15 for the Debt Service Fund.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $627,040.
The total amount of outstanding bonds issued by the District and the terms of such bonds are as follows: $125,000 Series 2007A Bonds due on May 1, 2038 at a fixed interest rate of 5.65%.

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 fraud, waste, or abuse, that has occurred or is likely to have occurred, that has 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.
Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida October 14, 2025

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

To the Board of Supervisors
Ridgewood Trails Community Development District Clay County, Florida

We have examined Ridgewood Trails Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2024. Management is responsible for Ridgewood Trails Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Ridgewood Trails Community Development District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Ridgewood Trails Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Ridgewood Trails Community Development District’s compliance with the specified requirements.

In our opinion, Ridgewood Trails Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2024.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida October 14, 2025

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