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Amelia National Community
J	Development District
FINANCIAL STATEMENTS

September 30, 2018

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Amelia National Community Development District
Table of Contents September  30, 2018

REPORT
Independent Auditors' Report	1
FINANCIAL STATEMENTS
Management's Discussion And Analysis (required supplemental information)	3
Basic Financial Statements
Government-Wide Financial Statements
Statement  of Net Position	8
Statement of Activities	9
Fund Financial Statements
Balance Sheet - Governmental Funds	10
Reconciliation of the Balance Sheet of Governmental Funds to the Statement
of Net Position	11
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds	12
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	13
Notes to Financial Statements	14
Required Supplemental Information (other than MD&A)
Budget to Actual Comparison Schedule - General Fund	24
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	25
Management Letter	27
Attestation  Report on Compliance with Section 218.415 Florida Statutes	29

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C A R R RIGGS & INGRAM
CPAs and Advisors

INDEPENDENT AUDITORS' REPORT

To the Board of Supervisors
Amelia National Community Development District Nassau County, Florida

Report on the Financial Statements

Carr, Riggs & Ingram, LLC 500 Grand Boulevard Suite 210
Miramar Beach, Florida 32550

(850) 837-3141
(850) 654-4619 (fax1
CRl cpa.com

We have audited the accompanying financial statements of the governmental activities and each major fund of Amelia National Community Development District (hereinafter referred to as "District"), as of and for the year ended September 30, 2018, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

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

Auditors' Responsibility

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

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

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

Opinions

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, 2018, 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.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the managemen'ts discussion and analysis and budgetary comparison information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, 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 April 26, 2019, on our consideration of the District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control over financial reporting and compliance.
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CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida April 26, 2019

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Management's Discussion And Analysis

Amelia National Community Development District Management's Discussion and Analysis

Our discussion and analysis of the Amelia National Community Development District's financial performance provides an overview of the District's financial activities for the fiscal year ended September 30, 2018. Please read it in conjunction with the District's financial statements, which begin on page 8.

FINANCIAL HIGHLIGHTS

At September 30, 2018, the liabilities of the District exceed its assets by approximately $4.6 million {deficit).

During the fiscal year ended September 30, 2018, the District incurred approximately
$674,000 of interest expenditures and repaid $420,000 of outstanding long-term bond principal.

USING THE ANNUAL REPORT

This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities on pages 8 - 9 provide information about the activities of the District as a whole and present a longer-term view of the District's finances. Fund financial statements start on page 10. For governmental activities, these statements tell how these services were financed in the short-term as well as what remains for future spending. Fund financial statements also report the District's operations in more detail than the government-wide statements by providing information about the District's most significant funds.

Reporting the District as a Whole

Our analysis of the District as a whole begins on page 4. One of the most important questions asked about the District's finances is, "Is the District as a whole better off or worse off as a result of the year's activities?" The Statement of Net Position and the Statement of Activities report information about the District as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year's revenues and expenses are taken into account regardless of when cash is received or paid.

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

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Reporting the District's Most Significant Funds

Our analysis of the District's major funds begins on page 5. The fund financial statements begin on page 10 and provide detailed information about  the  most significant  funds -  not  the  District  as a w hole. Some funds are required to be established by State law and by bond covenants. All of the District's funds are governmental fund-types.

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

THE DISTRICT AS A WHOLE

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

September 30,	2018	2017	Change	
Assets
Current and other assets	
$	1,727,917	
$	1,615,229	$	
112,688	
 	Capital assets, net				 4,892,430		5,217,767		{325,337) Total assets		$		6,620,347	$	6,832,996	$	{212,649)
Liabilities

Current liabilities	$	639,629	$	632,302	$	7,327	
Other liabilities	10,544,777	10,982,811	{438,034)	
Total liabilities	11,184,406	11,615,113	{430,707)	
Net position				
Net investment in capital assets Restricted for:	{2,041,573)	{2,068,932)	27,359	
Debt service	321,963	236,740	85,223	
Capital projects	237,571	154,020	83,551	
Unrestricted	{3,082,020)	{3,103,945)	21,925	
Total net position {deficit)	{4,564,059)	{4,782,117)	218,058	

Total liabilities and net position	$	6,620,347	$	6,8 32,996	$	{212,649)	

For more detailed information, see the accompanying Statement of Net Position. During the fiscal year ended September 30, 2018, total assets and liabilities decreased by approximately $213,000 and $431,000, respectively. The decrease in assets is primarily a result of depreciation on capital assets. The decrease in liabilit ies is primarily due to the repayment of outstanding long-term bond principal.

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

Year ended September 30,	2018	2017	Change	
Reven ues:				
Program revenues:				
Charges for services	$	1,324,517	$ 1,206,044	$	118,473	
Grants and contributions	19,156	14,770	4,386	
General revenues:				
Interest and other revenues	111	60	51	
Total revenues	1,343,784	1,220,874	
122,910	
Expenses:				
General government	57,709	59,453	(1,744)	
Maintenance and operations	402,650	408,867	(6,217)	
Interest	665,367	693,848	(28,481)	
Total expenses	1,125,726	1,162,168	(36,442)	
Change in net position	218,058	58,706	159,352	
Net position (deficit), beginning	(4,782,117)	(4,840,823)	58,706	
Net position (deficit), ending	$ (4,564,059) $	(4,782,117) $	218,058	

For more detailed information, see the accompanying Statement of Activities . Revenues increased by approximately $123,000 due to an increase in general operations and maintenance assessments in the current year. Expenses decreased by approximately $36,000 which is primarily due to the decrease in bond interest. The overall result was a $218,058 increase in net position for fiscal year 2018.

THE DISTRICT'S FUNDS

As the District completed the year, its governmental funds (as presented in the balance sheet on page 10) reported a combined fund balance of approximately $1.7 million, which is an increase over last year' s balance that totaled $1.6 million. Significant t ransaction s are discussed below.

During the fiscal year ended September 30, 2018, the District incurred appro ximately
$674,000 of interest expenditures and repaid principal of $420,000.

The overall increase in fund balance for the year ended September 30, 2018 totaled $114,293.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2018, the District had approximately $4.9 million invested in capital assets (net of accumulated depreciation). This amount represents a decrease of approximately $325,000 from the fiscal year 2017 total.

A listing of capital assets by major category for the current and prior year follows :

September 30,	2018 2017 Change
Land and land improvements	$	2,015,508	$	2,015,508	$
Capital assets being depreciated	6,506,725	6,506,725

Total, prior to depreciation	8,522,233	8,522,233

Accumulated depreciation	{3, 629,803)	{3,304,466)	{325,337)
 	
Net capital assets	$	4,892,430	$	5,217,767	$	{325,337)

More information about the District's capital assets is presented in Note 4 to the financial statements.

Debt

At September 30, 2018, the District had approximately $10.9 million of bonds outst anding. This amount represents a decrease of $420,000 from the fiscal year 2017 total.

A listing of debt amounts outstanding for the current and prior year is as fo llow s:

September 30,	2018	2017	Change	
Series 2004 A bonds	$ 6,785,000	$	7,080,000	$	{295,000)	
Series 2006 A bonds	4,160,000	4,285,000	{125,000)	
	$ 10,945,000	$ 11,365,000	$	(420,000)	

More information about the District's long-term debt is presented in Note 5 to the financial statements.

GOVERNMENTAL FUNDS BUDGETARY HIGHLIGHTS

An Operating budget was established by the governing board for the District pursuant to the requirements of Florida Statutes. The budget to actual comparison for  the  general fund, including the original budget and final adopted budget, is shown at page 24.

The District experienced favorable variances in both revenues and expenditures as compared to the budget in the amount of $1,305 and $23,303, respectively. The variance in expenditures occurred primarily due to budgeted operating expenditures for landscaping and contingency items that were not incurred during the year.

FUTURE FINANCIAL FACTORS

Amelia National Community Development District is an independent special district that operates under the provisions of Chapter 190, Florida Statutes. The District operates under an elected Board of Supervisors, which establishes policy and sets assessment rates . Assessment amounts for fiscal year 2019 were established to provide for the operations of the District as well as the necessary debt service requirements.

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT

This financial report is designed to provide a general overview of the District' s finances. If you have questions about this report or need additional financial information , contact the Amelia National Community Development District's management company at 12051 Corporate  Blvd,  Orlando , Florida 32817.

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Basic Financial Statements

Amelia National Community Development District
Statement of Net Position

September 30,	2018	
	Governmental	
	Activities	
Assets
Cash and cash equivalents	
$	917,045	
Investments	796,111	
Assessments receivable	1,129	
Accrued interest receivable	2,590	
Prepaid expenses	11,042	
Capital assets:		
Not being depreciated	2,015,508	
Depreciable, net	2,876,922	

Total assets	
6,620,347	

Liabilities		
Accounts payable	3,356	
Accrued interest payable	271,273	
Non-current liabilities:		
Due within one year	365,000	
Due in more than one year	10,544,777	

Total liabilities	
11,184,406	

Net position		
Net investment in capital assets	(2,041,573)	
Restricted for:		
Debt service	321,963	
Capital projects	237,571	
Unrestricted	(3,082,020)	

Total net position (deficit)	$	(4,564,059)

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Amelia  National Community  Development District
Statement of Activities

Year ended September 30,	 	2018	
Net (Expense) Revenue and Changes in
Program Revenues	 Net Position  

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Operating	Capital
Charges for	Grants and	Grants and Governmental
 	Functions/Programs	Expenses	Services	Contributions Contributions	Activities Primary government:
Governmental activities:
General government	$	(57,709)	$	68,179	$	-	$	-	$	10,470	
Maintenance and operations	(402 ,650 )	91,340			(311 ,310 )	
Int erest	(665 , 367 )	1,164,998	15,302	3,854	518,787	

Total governmental activities	$ (1,1 25,726)  $1,324,517	$	15,302   $	3,854	217,947

General revenues

Interest and other revenues	111	

Change in net position	
218,058	
Net position (deficit) - beginning of year	(4,782,117)	

Net position (deficit) - end of year	
$ (4,564,059)	

September 30,

 	 	

Amelia National Community Development District Balance Sheet- Governmental Funds

-2-018
Debt	Total
Debt Service	Service	Capital	Governmental

 		General	Series 2004	Series 2006     Projects	Funds Assets
Cash and cash equivalents	$	88,828	$	465,879	$ 125,346	$ 236,992	$	917,045	
Investments	5,683	507,125	283,303		796,111	
Assessments receivable	1,129				1,129	
Interest receivable		1,314	697	579	2,590	
Prepaid expenditures	11,042				11,042	

Total assets

$ 106,682   $	974,318	$  409,346    $ 237,571   $	1,727,917

Liabilities and Fund Balances

Accounts payable	$	3,356	$	-	$	-   $	- $	3,356	
Due to other funds			
Total liabilities	3,356	3,356	

Liabilities

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Nonspendable	11,042				11,042		
Restricted for debt service		974,318	409,346		1,383,664		
Restricted for capital projects				237,571	237,571		
Unassigned	92,284				92,284		
Total fund balances	103,326	974,318	409,346	237,571	1,724,561		

Total liabilities and fund balances	
$ 106,682	$	974,318	$ 409,346	$ 237,571 	
$	
1,727,917	

Fund balances

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Amelia National Comm.unit y Development District Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds

Year ended September 30,			2018		
			Debt		Total	
		Debt Service	Ser vice	Capital	Govern mental	
	General	Series 20 04	Series 200 6	Projects	Funds	
Revenues						
Assessment reve nue	$ 159,519	$	662,327	$ 351,959	$	-	$	1,173,805	
Prepayment revenue		150,712			150,712	
Interest and other revenues	111	10,094	5,208	3,854	19,267	
Total revenues	159,630	823,133	357,167	3,854	1,343,784	

Expenditure s
Current :

General government	57,709				57,709	
Maint enance and operations
Debt service:	77,313				77,313	
Principa l		295,000	125,000		420,000	
Interest		444,150	230,319		674,469	
Total expenditures	135,022	739,150	355,319		1,229,491	

Excess (deficit) of revenues						
over expenditures	24,608	83,983	1,848	3,854	114,293	

Other Financing Sources (Uses)						
Transfers in			79,697	79,697	
Transfers out	(58,682)	(21,015)		(79,697)	
Total other financing sources (uses)	 	(58,682)	(21,015)	79,697	

Net change in fu nd balances	24,608	25,301	(19,167)	83,551	114,293		
Fund balances, beginning of year	78,718	949,017	428,513	154,020	1,610,268		

Fund balances, end of year	
$ 103,326	
$	974,318	
$ 409,346	
$ 237,571	
$	1,724,561		

Amelia National Community Development District Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities

Net change in fund balances - governmental funds	$	114,293		
Depreciation on capital assets is not recognized in the fund financial statements but is reported as an expense in the Statement of Activities.	
(325,337)		
Amortization of original issue discount is not recognized in the governmental fund			
statement but is reported as an expense in the Statement of Activities.	(1,966 )		
Repayment of bond principal is an expendit ure in the governmental funds, but the			
repayment reduces long-term liabilities in the Statement of Net Position .	420,000		
The change in accrued interest between the current and prior year is recorded on			
the Statement of Activities but not on the fund financial statem ent s.	11,068		

Change in net position of governmental activities	
$	218,058		

 	Year ended September 30,	2018

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NOTE 1: NATURE OF ORGANIZATION

Amelia  National Community  Development District
Notes to Financial Statements

The Amelia National Community Development District (the "District" ) was established on January 12, 2004 pursuant to the Uniform Community Development  Dist rict  Act of 1980, otherwise known as Chapter 190, Florida Statutes, by Nassau County Ordinance No. 2004-01. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infr astructure .

The District was established for the purposes of financing and managing the acquisition , construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by a Board of Supervisors ("Board" ), which is comprised of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. A majority of the Supervisors are currently affiliated with the Developer of the community, Amelia National Enterprise, LLC. The District is economically dependent on the Developer. The Board of Supervisors of the District exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the final responsibility for:
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.

In evaluating  how  to  define  the  government,  for  financial  reporting purposes,  management  has considered all potential component units. The decision to include or exclude a potential component unit in the reporting entity was made by applying the criteria set forth by Generally Accepted Accounting Principles (GAAP) as defined by the Government al Accounting Standards Board (GASB). Based on the foregoing criteria, no potential component units were found.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Government-wide and Fund Financial Statements

The basic financial statements include both government -wideand fund financial stat ements.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all the non-fiduciary activities of the primary government. Governmental activities, which normally are supported by assessments, are reported separately from business-type activities, which rely to a significant extent on fees and charges for suppo rt . The business-type activities are reported separately in government-wide financial statements; however, at September 30, 2018, the District did not have any significant business-type activities. Therefore, no business-type activities are reported. Assessments and other items not properly included as program revenues (i.e., charges to customers or applicants who purchase, use, or directly benefit from goods or services) are reported as general revenues.

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

Measurement Focus, Basis of Accounting and Basis of Presentation

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to  pay  liabilities  of  the  current period. For this purpose, the District considers revenues to be available if  they are collected within 60 days of the end of the current fiscal  period. Expenditures  generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments, including debt service assessments along with operation and maintenance assessments, are non-ad valorem special assessments imposed on all lands located within the District and benefited by the District's activities, operation and  maint enance.  Assessments  are levied and certified for collection by the District prior to the start of the fiscal year which begins October 1st and ends on September 30th . Operation and maintenance special assessments are imposed upon all benefited lands located in the District. Debt service special assessments are imposed upon certain lots and lands as described in each resolution imposing the  special assessment for each series of bonds issued by the District.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

The District reports the following major governmental funds:

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

Debt Service Funds - The Debt Service Fund Series 2004 and 2006 are used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

Capital Projects Fund - The Capital Projects fund is used to account for the financial resources to be used for the acquisition or construction of major infrastructure within the District.

For the year ended September 30, 2018, the District does not report any proprietary funds. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

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

Cash, Deposits and Investments

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

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

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NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

Capital Assets

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

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Property, plant and equipment of the primary government are depreciated using the st raight -line method over the following estimated useful lives: Infrastructure - drainage system and ot her: 20 years.

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Estimates

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

Long-Term Obligations

In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line or effective interest method. Bonds payable are reported net of these premiums or discounts. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as current period expenses.

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NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In the fund financial statements, governmental fund types recognize bond premiums and discounts during the current period. The face amount of the debt issued is reported as  other  financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as current period expenditures.

Deferred Outflows/Inflows of Resources

In addition to assets, the statement of net position will sometimes include a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a  future period(s)  and so  will not be recognized as an outflow of resources (expense/expenditure)  until then. The  District  does not have any of this type of item at September 30, 2018.

In addition to liabilities, the statement of net 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 does not have any of this type of item at September 30, 2018.

Fund Equity

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

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

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

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

NOTE 3: INVESTMENTS

The District' s investments consist of money market funds in which shares are owned in the fund rather than the underlying investments. In accordance with GAAP, these amounts are reported at amortized cost. At the close of the fiscal year, the District held investments in the Local Government Surplus Funds Trust Fund ("Florida PRIME") external investment pool. The Florida PRIME is administered by the Florida State Board of Administration ("SBA"), who provides regulatory oversight. Florida PRIME currently meets all of the necessary criteria set forth in GASB 79 to measure its investments at amortized cost; therefore, the District's account balance in the SBA is also reported at amortized cost. There are no limitations or restrictions on withdrawals from Florida PRIME, although on the occurrence of an event that has a material impact on liquidity or operations of the fund, the fund's executive director may limit contributions or withdrawals from the trust fund for a period of 48 hours.

The following is a summary of the District's investments:
September 30,	2018	Credit Risk	Maturities

State Board of Administration Florida PRIME	$	796,111	S&P AAAm
$	796,111

33 days

NOTE 3: INVESTMENTS {Continued )

Custodial credit risk - For an investment, custodial credit risk is the risk that the District will not be able to recover the value of the investments or collate ral securities that are in the possession of an ou t side part y. The District has no formal policy for cust odia l risk. At September 30, 2018, the money market funds are not exposed to custodia l credit risk because the ir existence is not evidenced by securities that exist in physical or book entry form.

Concentration risk - The District's investment policy req uires diversification, but does not specify limits on types of investments .

Interest rate risk - The District does not have a fo rma l policy for addressing interest rate risk; however, investments are made wit h discretion, to seek reasonable returns, preserve capital, and in general, avoid speculative investme nt s. The District manages its exposure to declines in fa ir values from interest rate changes by r eviewing the portfolio on an ongoing basis for changes in effective yield amounts.

NOTE 4: CAPITAL ASSETS

Th e fo ll owing is a summary of changes in the capital assets for the year ended September 30, 2018:

Beginning	End ing
Balance	Additions	Disposals	Balance

Governmental Activities:
Capital assets not being depreciated
Land and land improvements	$ 2,015,508  $	$	$ 2,015,508 Total capital assets, not being depreciated		2,015,508			2,015,508

Capital assets being depreciated

Infrastructure- drainage system	323,532		323,532	
Infrastructure- other	6,183,193		6,183,193	
Total capital assets, being depreciated	6,506,725		6,506,725	

Less accum ulated depreciation				
Infrastr ucture- drainage system	212,866	16,177	229,043	
Infrastructure- other	3,091,600	309,160	3,400,760	
Total accumulated depreciation	3,304,466	325,337	3,629,803	

Total capital assets, being depreciated, net 	3,202,259	(325,337)	2,876,922	

Governmenta l activitie s capital assets, net	 $5,217,767    $  (3?5,337)  $	-	$ 4,892,430

Notes to Financial Statements

NOTE 4: CAPITAL ASSETS (Continued)

Depreciation expense of $325,337 was allocated to maintenance and operations on the
]	accompanying Statement of Act ivit ies.
NOTES: BONDS PAYABLE

On June 1, 2004, the District issued $9,360,000 of Capital Improvement Revenue Bonds, Series 2004A with a fixed interest rate of 6.30%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District . Interest is paid semiannually on each May 1 and November 1. Principal on the Series 2004A Bonds is paid serially commencing on May 1, 2006 through May 1, 2035.

On March 10, 2006, the District issued $5,215,000 of Capital Improvement Revenue Bonds, Series 2006A with a fixed interest  rate of  5.375%. The Bonds were issued to  finance  the  acquisition and construction of certain improvements for the benefit of the District. Interest is paid semiannually on each May 1 and November 1. Principal on the Series 2006A Bonds is paid serially commencing on May 1, 2008 through May 1, 2037.

Long-term liability activity for the year ended September 30, 2018, was as follows:

		Beginning
Balance	
Additions	
Reductions	Ending
Balance	Due Within
One Year		
	Governmental Activities							
	Bonds Payable:							
	Series 2004 A	$ 7,080,000	$	-	$	(295,000)	$ 6,785,000	$	235,000		
	Series 2006 A	4, 285,000		(125,000)	4,160,000	130,000		
     $ 11,365,000	$	-  $	(420,000)   $ 10,945,000   $	365, 000

The balance of the long-term bonds at September 30, 2018 is summarized as follows:

September 30,	2018
Bond principal balance	$	10,945,000	
Less unamortized bond discount	(35,223)	
Net balance	$	10,909,777	
Li
The Bond Indentures require that the District maintain adequate funds in reserve accounts to meet
the debt service reserve requirements as defined in the Indentures. The requirements  have been met for the fiscal year ended September 30, 2018.

J
NOTE 5: BONDS PAYABLE (Continued)

Notes to Financial Statements

The Bond Indentures for all series have 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 agreed to levy special assessments in annual amounts adequate to provide payment of debt serv ice. The District is in compliance with the requirements of the Bond Indentures for all series.

At September 30, 2018, the scheduled debt service requirements on long-term debt were as follows:
Total Debt
Year Ending September 30,	Principal	Interest	Service
2019	$	365,000	$	657,040	$	1,022,040	
2020	385,000	635,248	1,020,248	
2021	415,000	612,241	1,027,241	
2022	435,000	587,438	1,022,438	
2023	465,000	555,435	1,020,435	
2024-2028	2,790,000	2,666,428	5,456,428	
2029-2033	3,765,000	1,441,319	5,206,319	
2034-2037	 	2,325,000	403,094	2,728,094 	
$ 10,945,000	$	7,558,243	$	18,503,243	

NOTE 6: DEFERRED COST ACCOUNTS

The Series 2004 and Series 2006 Bond Indenture s require that certain amounts be set aside in a deferred cost account and used to repay funds advanced for the project or for the purchase of additional components. However, if funds in the accounts are not needed for  that purpose they are to be transferred to the debt service funds and used to redeem outstanding related  debt.  As  a result, the District established deferred cost investment accounts reported in the capital  projects fund. At September 30, 2018 the balance in the Series 2004 and Series 2006 deferred cost accounts totaled $200,527.

NOTE 7: RISK MANAGEMENT

The District is exposed to various risks of loss related to  torts; theft of, damage to,  and destruction of assets; errors and omissions; and natural disasters. The District maintains commercial insurance coverage to mitigate the risk of loss. Coverage may not extend to all situations.  Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. The District has not incurred any losses or received any insurance claims exceeding the commercial coverage in the previous three years.

]

-  22 -

Notes to Financial Statements

NOTE 8: MANAGEMENT COMPANY

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

NOTE 9: CONCENTRATION

A significant portion of the District's activity is dependent upon the continued involvement of the Developer, Amelia National Enterprise, LLC, the loss of which could have a materially adverse effect on the District's operations.

The District  assessed  property owned by the·  Developer  $84,229  for  operation  and maintenance expenses, $207,232 for debt service costs on the Series 2004 bonds and $351,959 for debt service costs on the Series 2006 bonds.

J

J

Required Supplemental Information (Other Than MD&A)

Amelia National Community Development District Budget to Actual Comparison Schedule - General Fund

Year ended September 30,		2018		
	Original and	Actual	Variance with	
	Final Budget	Amounts	Final Budget	
Revenues				
Assessment revenue	$	158,325	$	159,519	$	1,194	
Interest and other revenues	-	111	111	
Total revenues	158,325	159,630	1,305	

Expenditures				
General government	62,225	57,709	4,516	
Maintenance and operations	96,100	77,313	18,787	
Total expenditures	158,325	135,022	23,303	

Excess of revenues over expenditures	
$	-	
$	24,608	
$	24,608	

]	1.	·cR i

c RI GAGRRS  &
I NGRA M

Carr, Riggs& Ingram, LLC
500 Grand Boulevard
Suite 210
Miramar Beach, Florida 32550

CPAs and Advisors

(850) 837-3141
(850) 654-4619 (fax)
CRl cpa.com

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
Amelia National Community Development District Nassau County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Amelia National Community Development District (hereinafter referred to as the "District"), as of and for the year ended September 30, 2018, and the related notes to the financial statements, which collectively comprise the District's basic financial statements, and have issued our report thereon dated April 26, 2019.

Internal Control Over Financial Reporting

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

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

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

]

Compliance and Other Matters

]		As part of obtaining reasonable assurance about whether the District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws

]

]

regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the 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 District's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
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CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida April 26, 2019

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CRI

C A R R RIGGS & INGRAM
C PA s and  A d viso r s

MANAGEMENT LETTER

Carr, Riggs& Ingram, LLC
500 Grand Boulevard
Suite 210
M iramar Beach, Florida 32550

(850) 837-3141
(850) 654-4619 (fax)
CRlcpa.com

To the Board of Supervisors
Amelia National Community Development District Nassau County, Florida

Report on the Financial Statements

We have audited the financial statements of the Amelia National Community Development District ("District") as of and for the fiscal year ended September 30, 2018, and have issued our report thereon dated April 26, 2019.

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 Reports

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 A/CPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated April 26, 2019, should be considered in conjunction with this management letter.

Prior Audit Findings

Section 10.554(1)(i)l., 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 or recommendations made in the preceding annual audit report.

Official Title and Legal Authority

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

]

J

Financial Condition

]

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require that we 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 St atutes, and identification of 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.c. 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 , require that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations

Other Matters

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

Miramar Beach, Florida April 26, 2019

CRI

1�

C A R R RIGGS & INGRAM
CPAs and Advisors

Carr, Riggs& Ingram, LLC
500 Grand Boulevard
Suite 210
Miramar Beach, Florida 32550

(850) 837-3141
(850) 654-4619 (fax1
CRl cpa.com

INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Supervisors
Amelia National Community Development District Nassau County, Florida

We have examined Amelia National Community Development District's compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2018 . Management is responsible for the District's compliance with those requirements. Our responsibility is to express an opinion on the District's compliance based on our examination .

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants . Those standards require that we plan and performed the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing and extent of the procedures selected depended on our judgement, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that our examination provides a reasonable basis for our opinion.

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

In our oprn1on, the District complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2018.

This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified part ies.
ctlM--,       .1 J	1..,.(1_
CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida April 26, 2019