Magic Reserve Community Development District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817
Phone: 407-723-5900, Fax: 407-723-5901
www.magicreservecdd.com

The following is the agenda for the Board of Supervisors’ Meeting for the Magic Reserve Community Development District (“District”), scheduled to begin at 10:00 a.m. on August 7, 2023, at 1170 Celebration Boulevard, Ste 106, Celebration, FL 34747. If you have questions or comments on the Board Meeting, please contact the District Manager’s office at (407) 723-5900. A quorum consisting of at least three of the five Board Members will be confirmed prior to the start of the Board Meeting.

For those unable to attend in person, you may participate by telephone:
Call in number: 1-844-621-3956	Passcode: 790 393 986 #

BOARD OF SUPERVISORS’ MEETING AGENDA

Administrative Matters
Call to Order / Roll Call
Public Comment Period
Consideration of Minutes of the June 5, 2023, Board of Supervisors’ Meeting
Seating of the Auditor Selection Committee

General Business Matters
Public Hearing on the Adoption of the District’s Annual Budget
Public Comments and Testimony
Board Comments
a. Consideration of Resolution 2023-06, Adopting the Fiscal Year 2024 Budget and Appropriating Funds
Public Hearing on the Imposition of Special Assessments
Public Comments and Testimony
Board Comments
Consideration of Resolution 2023-07, Adopting an Assessment Roll for Fiscal Year 2024, and Certifying Special Assessments for Collection
Consideration of Resolution 2023-08, Adopting the Annual Meeting Schedule for Fiscal Year 2023-2024
Acceptance of Fiscal Year 2022 Audit Report
Ratification of the Series 2019 Project Completion Certificate (provided under separate cover)
Ratification of Maintenance Agreement between the District and Magic Village Owners’ Association (provided under separate cover)
Ratification of Payment Authorizations 146 – 152
Review of District Financial Statements

Other Business
Staff Reports
District Counsel

District Engineer
District Manager
Audience Comments
Supervisors Requests

Adjournment

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Minutes

MINUTES OF MEETING

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS’ MEETING
Monday, June 5, 2023, at 10:00 a.m.
1170 Celebration Blvd., Ste 106,	
Celebration, FL 34747			
Board Members in attendance:	
Hector Lizasuain	Chairperson		
Nayara Longaray Karen Tookuni	Vice Chair Assistant Secretary		
Sue Legentil	Assistant Secretary		
Also Present:			
Jane Gaarlandt	PFM		
Venessa Ripoll	PFM	(via phone)	
Jorge Jimenez	PFM	(via phone)	
Amy Champagne	PFM	(via phone)	
Mark Watts	Cobb Cole	(via phone)	
Steven N. Boyd, P.E.	Boyd Civil Engineering		

FIRST ORDER OF BUSINESS	Administrative Matters Call to Order/Roll Call
Ms. Gaarlandt called to order the Board of Supervisors’ Meeting for the Magic Reserve Community Development District at 10:11 a.m. Roll call was taken.

Public Comment Period

There were no public comments.

Consideration of the Minutes of the May 1, 2023, Board of Supervisors’ Meeting

The Board reviewed the Minutes of the May 1, 2023, Board of Supervisors’ Meeting.

On motion by Mr. Lizasuain, seconded by Ms. Legentil, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Minutes of the May 1, 2023, Board of Supervisors’ Meeting.

Review	and	Acceptance	of Thomas Lee’s Resignation

Ms. Gaarlandt stated the Board received the resignation letter in writing.

On motion by Mr. Lizasuain, seconded by Ms. Longaray, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District accepted Thomas Lee’s Resignation letter.

Ms. Gaarlandt stated that Seat One is now vacant and has a term with an expiration of November 2026. Ms. Gaarlandt called for nominations.

Ms. Longaray nominated Stacey Stuck.

On motion by Ms. Longaray, seconded by Ms. Legentil, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District accepted the nomination of Stacey Stuck to the Board of Supervisors.

Swearing in of New Board Member

Stacey Stuck wasn’t present at the meeting, Ms. Gaarlandt stated she would be sending Ms. Stuck the paperwork via email.

SECOND ORDER OF BUSINESS	General Business Matters

Consideration of Resolution 2023- 05, Election of Officers

Ms. Gaarlandt stated with changes to some of the supervisors, District staff thought that it would be good to do an updated slate.

On motion by Ms. Longaray, seconded by Ms. Tookuni, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved Resolution 2023-05, Election of Officers, with Hector Lizasuain as Chair, Nayara Longaray as Vice Chair, Jane Gaarlandt as Secretary, Sue Legentil, Karen Tookuni, Stacey Stuck and Venessa Ripoll as Assistant Secretaries, Jennifer Glasgow as Treasurer and Amanda Lane as Assistant Treasurer.

Ratification of the Series 2019 Project Completion Certificate

This item was Tabled.

Ratification of Maintenance Agreement between the District and Magic Village Owners’ Association

This item was tabled.

Consideration	of	Payment Authorization No. 144

On motion by Mr. Lizasuain, seconded by Ms. Legentil, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District ratified Payment Authorization No. 144.

Ratification	of	Payment Authorizations Nos. 143 & 145

Ms. Gaarlandt stated these are regular District expenses and they have been previously signed and approved.

On motion by Ms. Longaray, seconded by Ms. Tookuni, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District ratified Payment Authorization Nos. 143 & 145.

Review	of	District	Financial Statements

The Board reviewed the District’s Financial Statements. No Board action required.
THIRD ORDER OF BUSINESS	Other Business Staff Reports

District Counsel –	No report.

District Engineer –	Mr. Boyd brought up the question about the tract, and if it will be covered under the maintenance agreement because it is CDD property.	
	Ms. Gaarlandt stated is waiting for a more detailed map of the areas the District is responsible for maintaining. She also noted that District staff hasn’t been able to find the copy of the agreement.	
District Manager –	Ms. Gaarlandt noted in reference to the Form 1, Orange County has a new email address and asked if any Board member have issues with the email to let District staff know.	
	Audience Comments	

There were no audience comments.

Supervisors Requests

There were no supervisor requests.

FOURTH ORDER OF BUSINESS	Adjournment

On motion by Mr. Lizasuain, seconded by Ms. Longaray, with all in favor, the June 27, 2023, Meeting of the Board of Supervisors for the Magic Reserve Community Development District was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Seating of Auditor Selection Committee

Resolution 2023-06,
Adopting the Fiscal Year 2024 Budget and Appropriating Funds

RESOLUTION 2023-06

THE ANNUAL APPROPRIATION RESOLUTION OF THE MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2023, AND ENDING SEPTEMBER 30, 2024
; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2023, submitted to the Board of Supervisors (“Board”) of the Magic Reserve Community Development District (“District”) proposed budget (“Proposed Budget”) for the fiscal year beginning October 1, 2023 and ending September 30, 2024 (“Fiscal Year 2023-2024”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b), Florida Statutes; and

WHEREAS, the Board set August 7, 2023, as the date for a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and

WHEREAS, the District Manager posted the Proposed Budget on the District’s website at least two days before the public hearing; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and

WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. BUDGET

a.	The Board has reviewed the Proposed Budget, a copy of which is on file with the office of the District Manager and at the District’s Local Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.	
b.	The Proposed Budget, attached hereto as Exhibit “A,” as amended by the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes (“Adopted Budget”), and incorporated herein by reference; provided, however, that the comparative figures contained in the Adopted Budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.	
c.	The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the Magic Reserve Community Development District for the Fiscal Year Ending September 30, 2024.”	
d.	The Adopted Budget shall be posted by the District Manager on the District’s official website within thirty (30) days after adoption, and shall remain on the website for at least 2 years.	

SECTION 2. APPROPRIATIONS

There is hereby appropriated out of the revenues of the Magic Reserve Community Development District, for Fiscal Year 2023-2024, the sum of 	 to be raised by the levy of assessments and otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion:

TOTAL GENERAL FUND	$	

TOTAL DEBT SERVICE FUND	$	

TOTAL ALL FUNDS	$	

SECTION 3. BUDGET AMENDMENTS

Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year 2023-2024 or within 60 days following the end of the Fiscal Year 2023-2024 may amend its Adopted Budget for that fiscal year as follows:

The Board may authorize an increase or decrease in line item appropriations within a fund by motion recorded in the minutes if the total appropriations of the fund do not increase.

The District Manager or Treasurer may authorize an increase or decrease in line item appropriations within a fund if the total appropriations of the fund do not increase and if the aggregate change in the original appropriation item does not exceed $10,000 or 10% of the original appropriation.

By resolution, the Board may increase any appropriation item and/or fund to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance.

Any other budget amendments shall be adopted by resolution and consistent with Florida law.

The District Manager or Treasurer must establish administrative procedures to ensure that any budget amendments are in compliance with this Section 3 and Section 189.016, Florida Statutes, among other applicable laws. Among other procedures, the District Manager or Treasurer must ensure that any amendments to budget under subparagraphs c. and d. above are posted on the District’s website within 5 days after adoption and remain on the website for at least 2 years.

SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 7th DAY OF AUGUST 2023.

ATTEST:	MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:	 Its:	

Revenues
Carry Forward Interest Income
On-Roll Assessments
Net Revenues

Exhibit A
Magic Reserve Community Development District Approved Proposed FY2024 Operations & Maintenance Budget

CDD General & Administrative Expenses
Trustee Services Management Engineering Disclosure Agent Property Appraiser District Counsel
Assessment Administration Re-Amortization Schedule Arbitrage
Audit
Legal Advertising Miscellaneous Website Maintenance
Dues, Licenses, and Fees Irrigation
Public Officials' Liability Insurance General Liability Insurance
Lake Maintenance
Landscaping Maintenance and Material Streetlights
Total Expenses

Actual Through 6/30/23		Anticipated July- Sept.		Anticipated FY 2023
Total		FY 2023
Adopted Budget		FY 2024 Approved Proposed Budget	
$76,125.00
291.34
$147,335.38		25,375.00
0.00
0.00		$101,500.00
291.34
$147,335.38		$101,500.00
0.00
$145,650.00		$0.00 0.00
$255,025.00	
$223,751.72		$25,375.00		$249,126.72		$247,150.00		$255,025.00	

$4,013.69		

$0.00		

$4,013.69		

$4,000.00		

$4,100.00	
23,625.00		7,875.00		31,500.00		31,500.00		31,500.00	
107.50		2,500.00		2,607.50		10,000.00		10,000.00	
2,500.00		2,500.00		5,000.00		5,000.00		5,000.00	
0.00		81.25		81.25		325.00		325.00	
666.50		4,500.00		5,166.50		18,000.00		18,000.00	
5,000.00		0.00		5,000.00		5,000.00		5,000.00	
0.00		0.00		0.00		250.00		250.00	
0.00		500.00		500.00		500.00		0.00	
3,285.00		0.00		3,285.00		3,300.00		3,500.00	
568.14		419.75		987.89		1,679.00		1,500.00	
1,787.68		73.75		1,861.43		295.00		295.00	
1,780.00		800.00		2,580.00		2,580.00		2,580.00	
175.00		0.00		175.00		175.00		175.00	
24,674.35		20,000.00		44,674.35		80,000.00		50,000.00	
3,023.00		0.00		3,023.00		3,250.00		3,500.00	
3,694.00		0.00		3,694.00		4,000.00		4,300.00	
1,035.00		345.00		1,380.00		3,372.00		5,000.00	
49,169.64		8,875.00		58,044.64		25,924.00		30,000.00	
48,584.83		23,000.00		71,584.83		48,000.00		80,000.00	

$173,689.33

$71,469.75

$245,159.08

$247,150.00	$255,025.00

Current Year Proposed
195 Lots	Net Per Unit
Gross per Unit	$
$	1,307.82
1,391.30	
				
Prior Year Adopted
195 Lots	Net Per Unit
Gross per Unit	$
$	746.92
794.60	

Magic Reserve Community Development District FY 2024 Approved Proposed Debt Service

FY2024 Approved Proposed Series
2016 Budget	
REVENUES:			
Special Assessments	$	564,596.89	
TOTAL REVENUES	 $		564,596.89 	

EXPENDITURES:			
Interest 11/01/2023	$	121,365.63	
Principal 11/01/2023	$	100,000.00	
Interest 5/1/2024	$	119,115.63	
TOTAL EXPENDITURES	$	340,481.26	

EXCESS REVENUES	

$	

224,115.63	

Interest 11/01/2024	

$	

119,115.63	
Principal 11/01/2024	$	105,000.00	

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Resolution 2023-07, Adopting an Assessment Roll for Fiscal Year 2024, and
Certifying Special Assessments for Collection

RESOLUTION 2023-07

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT EQUALIZING, APPROVING, CONFIRMING, AND IMPOSING SPECIAL ASSESSMENTS FOR DISTRICT EXPENSES AND CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR THE RECORDING OF AN ASSESSMENT NOTICE; PROVIDING FOR NO WAIVER OF CONTRACTUAL OBLIGATIONS, SEVERABILITY, CONFLICTS, AND AN EFFECTIVE DATE

WHEREAS, the Magic Reserve Community Development District (the “District”) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District; and

WHEREAS, the District is located in Osceola County, Florida (the “County”);
and

WHEREAS, the District provides certain services in accordance with Chapter 190, Florida Statutes; and

WHEREAS, the Board of Supervisors of the District (“Board”) hereby determines to undertake various operations and maintenance activities described in the District’s budget for Fiscal Year 2023-2024 (“FY 2024 Budget”), attached hereto as Exhibit A and incorporated by reference herein; and

WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the FY 2024 Budget; and

WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and

WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose special assessments on benefitted lands within the District; and

WHEREAS, the District has previously indicated its intention to finance its Budget through the imposition and collection of special assessments on benefited property within the District; and

WHEREAS, the District has determined that the utilization of the Uniform Method for the collection of assessments is unavailable and/or not in the District’s best interest; and

WHEREAS, the Board has noticed and conducted a public hearing pursuant to Chapters 170 and 190, Florida Statutes, relating to the imposition, levy, collection, and enforcement of such assessments; and

WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments for operations and maintenance in the amount of
$	; and

WHEREAS, the District desires to levy and directly collect on the unplatted lands special assessments reflecting their portion of the District’s operations and maintenance budget; and

WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the Magic Reserve Community Development District (the “Assessment Roll”) attached to this Resolution as Exhibit B and incorporated as a material part of this Resolution by this reference, and to certify the Assessment Roll; and

WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll, certified by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. Authority for This Resolution. This Resolution is adopted pursuant to Chapters 190, Florida Statutes.

SECTION 2. FINDINGS. The Board hereby finds and determines as follows:

The District is a local unit of special-purpose government organized and existing under and pursuant to Chapter 190, Florida Statutes, as amended.

The District is authorized by Chapter 190, Florida Statutes, to levy and impose special assessments to pay all, or any part of, the cost of such services as provided in Chapter 190, Florida Statutes.

It is necessary to the public health, safety and welfare and in the best interests of the District that (i) the District provide the operations and maintenance services (“Services”) identified in the exhibits attached hereto; and (ii) the cost of such Services be assessed against the lands specially benefited by such Services.

The provision of said Services and the levying of such special assessments serves a proper, essential, and valid public purpose and is in the best interests of the District and its landowners.

The Board determined to provide the Services and to defray the costs thereof by making special assessments on benefited lands within the District.

A preliminary assessment roll was adopted and filed with the Board.

Upon completion of the preliminary assessment roll, the Board chose August 7th, 2023 at 10:00am at 1170 Celebration Boulevard, Ste 106, Celebration, FL 34747 as the time and place of a public hearing at which owners of the property to be assessed and other persons interested therein may appear before the Board and be heard as to (1) the propriety and advisability of the Services, (2) the cost thereof, (3) the manner of payment therefore, and (4) the amount thereof to be assessed against each specially benefited property or parcel and provided for publication of notice of such public hearing and individual mailed notice in accordance with Chapter 190, Florida Statutes.

Notice of such public hearing was given by publication and also by mail as required by Florida law. Affidavits as to such publications and mailings are on file in the office of the Secretary of the Board.

On August 7th, 2023, at the public hearing specified in paragraph (h) above, the Board met as an Equalization Board and heard and considered all complaints and testimony as to the matters described in paragraph (h) above. The Board has made such modifications in the preliminary assessment roll as it deems necessary, just and right in the making of the final assessment roll.

Having considered the costs of the Services, complaints and evidence presented at such public hearing, the Board of Supervisors of the District further finds and determines:

that the amount of costs of the Services and the District’s budgets are reasonable and proper;

it is reasonable, proper, just and right to assess the cost of such Services and the Budgets against the properties specially benefited thereby on a pro-rata acreage basis, which results in the special assessments set forth on the final assessment roll;

it is hereby declared that the provision of the Services described in Exhibits A constitutes a special benefit to all parcels of real property listed on said final assessment roll and that the benefit, in the case of each such parcel, will be equal to or in excess of the special assessments thereon when allocated as set forth in Exhibit B;

it is in the best interests of the District that the special assessments be paid and collected as herein provided.

SECTION 3. Assessment  equalization  and  Imposition.	A	special
assessment for operation and maintenance expenses as provided for in Chapter 190, Florida Statutes, is hereby imposed and levied on benefitted lands within the District in accordance with Exhibits A and B. The special assessments on the parcels specially benefitted by the Services, all as specified in the final assessment roll, are hereby equalized, approved, and confirmed. The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution. The Special Assessment against each respective parcel shown on such final assessment roll and interest, costs, and penalties thereon, as hereafter provided, shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 4. Collection and Enforcement; Penalties; Interest. The
collection of the operation and maintenance special assessments will be collected directly by the District in accordance with Florida law, as set forth in Exhibits A and B. Assessments will be collected pursuant to the Uniform Method of Collection and collected by the Osceola County Property Appraiser and Osceola County Tax Collector.

SECTION 5. ASSESSMENT ROLL. The District's Assessment Roll, attached to this Resolution as Exhibit B, is hereby certified.

SECTION 6. Assessment Roll Amendment. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution, and shall amend the District’s Assessment Roll in accordance with any such updates, for such time as authorized by Florida law. After any amendment of the Assessment Roll, the District Manager shall file the updates in the District records.

SECTION 7. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a general Notice of Assessments in the Official Records of Osceola County, Florida, which shall be updated from time to time in a manner consistent with changes in the boundaries of the District.

SECTION 8. No Waiver of Contractual Obligations.  Nothing in this
resolution is intended or shall be construed as a waiver of any right to payment the District may have pursuant to any contract with the Developer or otherwise. Only payment of sums due under any such contract shall serve to discharge any such contractual obligation.

SECTION 9. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

SECTION 10.	CONFLICTS. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed.

SECTION 11.	EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of Supervisors of the Magic Reserve Community Development District.

PASSED AND ADOPTED this 7th day of August, 2023.

ATTEST:	MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary

By:	 Its:	

Exhibit A	Fiscal Year 2023-2024 Budget
Exhibit B	Assessment Roll

Revenues
Carry Forward Interest Income
On-Roll Assessments
Net Revenues

Exhibit A
Magic Reserve Community Development District Approved Proposed FY2024 Operations & Maintenance Budget

CDD General & Administrative Expenses
Trustee Services Management Engineering Disclosure Agent Property Appraiser District Counsel
Assessment Administration Re-Amortization Schedule Arbitrage
Audit
Legal Advertising Miscellaneous Website Maintenance
Dues, Licenses, and Fees Irrigation
Public Officials' Liability Insurance General Liability Insurance
Lake Maintenance
Landscaping Maintenance and Material Streetlights
Total Expenses

Actual Through 6/30/23		Anticipated July- Sept.		Anticipated FY 2023
Total		FY 2023
Adopted Budget		FY 2024 Approved Proposed Budget	
$76,125.00
291.34
$147,335.38		25,375.00
0.00
0.00		$101,500.00
291.34
$147,335.38		$101,500.00
0.00
$145,650.00		$0.00 0.00
$255,025.00	
$223,751.72		$25,375.00		$249,126.72		$247,150.00		$255,025.00	

$4,013.69		

$0.00		

$4,013.69		

$4,000.00		

$4,100.00	
23,625.00		7,875.00		31,500.00		31,500.00		31,500.00	
107.50		2,500.00		2,607.50		10,000.00		10,000.00	
2,500.00		2,500.00		5,000.00		5,000.00		5,000.00	
0.00		81.25		81.25		325.00		325.00	
666.50		4,500.00		5,166.50		18,000.00		18,000.00	
5,000.00		0.00		5,000.00		5,000.00		5,000.00	
0.00		0.00		0.00		250.00		250.00	
0.00		500.00		500.00		500.00		0.00	
3,285.00		0.00		3,285.00		3,300.00		3,500.00	
568.14		419.75		987.89		1,679.00		1,500.00	
1,787.68		73.75		1,861.43		295.00		295.00	
1,780.00		800.00		2,580.00		2,580.00		2,580.00	
175.00		0.00		175.00		175.00		175.00	
24,674.35		20,000.00		44,674.35		80,000.00		50,000.00	
3,023.00		0.00		3,023.00		3,250.00		3,500.00	
3,694.00		0.00		3,694.00		4,000.00		4,300.00	
1,035.00		345.00		1,380.00		3,372.00		5,000.00	
49,169.64		8,875.00		58,044.64		25,924.00		30,000.00	
48,584.83		23,000.00		71,584.83		48,000.00		80,000.00	

$173,689.33

$71,469.75

$245,159.08

$247,150.00	$255,025.00

Current Year Proposed
195 Lots	Net Per Unit
Gross per Unit	$
$	1,307.82
1,391.30	
				
Prior Year Adopted
195 Lots	Net Per Unit
Gross per Unit	$
$	746.92
794.60	

Magic Reserve Community Development District FY 2024 Approved Proposed Debt Service

FY2024 Approved Proposed Series
2016 Budget	
REVENUES:			
Special Assessments	$	564,596.89	
TOTAL REVENUES	 $		564,596.89 	

EXPENDITURES:			
Interest 11/01/2023	$	121,365.63	
Principal 11/01/2023	$	100,000.00	
Interest 5/1/2024	$	119,115.63	
TOTAL EXPENDITURES	$	340,481.26	

EXCESS REVENUES	

$	

224,115.63	

Interest 11/01/2024	

$	

119,115.63	
Principal 11/01/2024	$	105,000.00	

Parcel ID	Debt Service	O&M	Total Assessment per parcel	
02‐25‐27‐3160‐000C‐0030		$	‐	
02‐25‐27‐4016‐0001‐0010	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0020	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0030	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0040	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0050	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0060	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0070	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0080	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0090	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐00A0		$	‐	
02‐25‐27‐4016‐0001‐00B1		$	‐	
02‐25‐27‐4016‐0001‐00C0		$	‐	
02‐25‐27‐4016‐0001‐00D0		$	‐	
02‐25‐27‐4016‐0001‐00D1		$	‐	
02‐25‐27‐4016‐0001‐00D2		$	‐	
02‐25‐27‐4016‐0001‐00E0		$	‐	
02‐25‐27‐4016‐0001‐00F0		$	‐	
02‐25‐27‐4016‐0001‐00G0		$	‐	
02‐25‐27‐4016‐0001‐00H0		$	‐	
02‐25‐27‐4016‐0001‐00I0		$	‐	
02‐25‐27‐4016‐0001‐00K0		$	‐	
02‐25‐27‐4016‐0001‐0100	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0110	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0120	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0130	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0140	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0150	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0160	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0170	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0180	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0190	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0200	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0210	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0220	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0230	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0240	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0250	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0260	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0270	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0280	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0290	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0300	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0310	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0320	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0330	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0340	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0350	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0360	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0370	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0380	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0390	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0400	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0410	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0420	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0430	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0440	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0450	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0460	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0470	$1,845.70	$1,391.30	$3,237.00	
02‐25‐27‐4016‐0001‐0480	$1,845.70	$1,391.30	$3,237.00	

02‐25‐27‐4016‐0001‐0490	$1,845.70	
02‐25‐27‐4016‐0001‐0500	$1,845.70	
02‐25‐27‐4016‐0001‐0510	$1,845.70	
02‐25‐27‐4016‐0001‐0520	$1,845.70	
02‐25‐27‐4016‐0001‐0530	$1,845.70	
02‐25‐27‐4016‐0001‐0540	$1,845.70	
02‐25‐27‐4016‐0001‐0550	$1,845.70	
02‐25‐27‐4016‐0001‐0560	$1,845.70	
02‐25‐27‐4016‐0001‐0570	$1,845.70	
02‐25‐27‐4016‐0001‐0580	$1,845.70	
02‐25‐27‐4016‐0001‐0590	$1,845.70	
02‐25‐27‐4016‐0001‐0600	$1,845.70	
02‐25‐27‐4016‐0001‐0610	$1,845.70	
02‐25‐27‐4016‐0001‐0620	$1,845.70	
02‐25‐27‐4016‐0001‐0630	$1,845.70	
02‐25‐27‐4016‐0001‐0640	$1,845.70	
02‐25‐27‐4016‐0001‐0650	$1,845.70	
02‐25‐27‐4016‐0001‐0660	$1,845.70	
02‐25‐27‐4016‐0001‐0670	$1,845.70	
02‐25‐27‐4016‐0001‐0680	$1,845.70	
02‐25‐27‐4016‐0001‐0690	$1,845.70	
02‐25‐27‐4016‐0001‐0700	$1,845.70	
02‐25‐27‐4016‐0001‐0710	$1,845.70	
02‐25‐27‐4016‐0001‐0720	$1,845.70	
02‐25‐27‐4016‐0001‐0730	$1,845.70	
02‐25‐27‐4016‐0001‐0740	$1,845.70	
02‐25‐27‐4016‐0001‐0750	$1,845.70	
02‐25‐27‐4016‐0001‐0760	$1,845.70	
02‐25‐27‐4016‐0001‐0770	$1,845.70	
02‐25‐27‐4016‐0001‐0780	$1,845.70	
02‐25‐27‐4016‐0001‐0790	$1,845.70	
02‐25‐27‐4016‐0001‐0800	$1,845.70	
02‐25‐27‐4016‐0001‐0810	$1,845.70	
02‐25‐27‐4016‐0001‐0820	$1,845.70	
02‐25‐27‐4016‐0001‐0830	$1,845.70	
02‐25‐27‐4016‐0001‐0840	$1,845.70	
02‐25‐27‐4016‐0001‐0850	$1,845.70	
02‐25‐27‐4016‐0001‐0860	$1,845.70	
02‐25‐27‐4016‐0001‐0870	$1,845.70	
02‐25‐27‐4016‐0001‐0880	$1,845.70	
02‐25‐27‐4016‐0001‐0890	$1,845.70	
02‐25‐27‐4016‐0001‐0900	$1,845.70	
02‐25‐27‐4016‐0001‐0910	$1,845.70	
02‐25‐27‐4016‐0001‐0930	$1,845.70	
02‐25‐27‐4016‐0001‐0950	$1,845.70	
02‐25‐27‐4016‐0001‐0970	$1,845.70	
02‐25‐27‐4016‐0001‐0990	$1,845.70	
02‐25‐27‐4016‐0001‐1010	$1,845.70	
02‐25‐27‐4016‐0001‐1030	$1,845.70	
02‐25‐27‐4016‐0001‐1050	$1,845.70	
02‐25‐27‐4016‐0001‐1070	$1,845.70	
02‐25‐27‐4016‐0001‐1090	$1,845.70	
02‐25‐27‐4016‐0001‐1110	$1,845.70	
02‐25‐27‐4016‐0001‐1120	$1,845.70	
02‐25‐27‐4016‐0001‐1130	$1,845.70	
02‐25‐27‐4016‐0001‐1140	$1,845.70	
02‐25‐27‐4016‐0001‐1150	$1,845.70	
02‐25‐27‐4016‐0001‐1160	$1,845.70	
02‐25‐27‐4016‐0001‐1170	$1,845.70	
02‐25‐27‐4016‐0001‐1180	$1,845.70	
02‐25‐27‐4016‐0001‐1190	$1,845.70	
02‐25‐27‐4016‐0001‐1200	$1,845.70	

 	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	

02‐25‐27‐4016‐0001‐1210	$1,845.70	
02‐25‐27‐4016‐0001‐1220	$1,845.70	
02‐25‐27‐4016‐0001‐1230	$1,845.70	
02‐25‐27‐4016‐0001‐1240	$1,845.70	
02‐25‐27‐4016‐0001‐1250	$1,845.70	
02‐25‐27‐4016‐0001‐1260	$1,845.70	
02‐25‐27‐4016‐0001‐1270	$1,845.70	
02‐25‐27‐4016‐0001‐1280	$1,845.70	
02‐25‐27‐4016‐0001‐1290	$1,845.70	
02‐25‐27‐4016‐0001‐1300	$1,845.70	
02‐25‐27‐4016‐0001‐1310	$1,845.70	
02‐25‐27‐4016‐0001‐1320	$1,845.70	
02‐25‐27‐4016‐0001‐1330	$1,845.70	
02‐25‐27‐4016‐0001‐1340	$1,845.70	
02‐25‐27‐4016‐0001‐1350	$1,845.70	
02‐25‐27‐4016‐0001‐1360	$1,845.70	
02‐25‐27‐4016‐0001‐1370	$1,845.70	
02‐25‐27‐4016‐0001‐1380	$1,845.70	
02‐25‐27‐4016‐0001‐1390	$1,845.70	
02‐25‐27‐4016‐0001‐1400	$1,845.70	
02‐25‐27‐4016‐0001‐1410	$1,845.70	
02‐25‐27‐4016‐0001‐1420	$1,845.70	
02‐25‐27‐4016‐0001‐1430	$1,845.70	
02‐25‐27‐4016‐0001‐1440	$1,845.70	
02‐25‐27‐4016‐0001‐1450	$1,845.70	
02‐25‐27‐4016‐0001‐1460	$1,845.70	
02‐25‐27‐4016‐0001‐1470	$1,845.70	
02‐25‐27‐4016‐0001‐1480	$1,845.70	
02‐25‐27‐4016‐0001‐1490	$1,845.70	
02‐25‐27‐4016‐0001‐1500	$1,845.70	
02‐25‐27‐4016‐0001‐1510	$1,845.70	
02‐25‐27‐4016‐0001‐1520	$1,845.70	
02‐25‐27‐4016‐0001‐1530	$1,845.70	
02‐25‐27‐4016‐0001‐1540	$1,845.70	
02‐25‐27‐4016‐0001‐1550	$1,845.70	
02‐25‐27‐4016‐0001‐1560	$1,845.70	
02‐25‐27‐4016‐0001‐1570	$1,845.70	
02‐25‐27‐4016‐0001‐1580	$1,845.70	
02‐25‐27‐4016‐0001‐1590	$1,845.70	
02‐25‐27‐4016‐0001‐1600	$1,845.70	
02‐25‐27‐4016‐0001‐1610	$1,845.70	
02‐25‐27‐4016‐0001‐1620	$1,845.70	
02‐25‐27‐4016‐0001‐1630	$1,845.70	
02‐25‐27‐4016‐0001‐1640	$1,845.70	
02‐25‐27‐4016‐0001‐1650	$1,845.70	
02‐25‐27‐4016‐0001‐1660	$1,845.70	
02‐25‐27‐4016‐0001‐1670	$1,845.70	
02‐25‐27‐4016‐0001‐1680	$1,845.70	
02‐25‐27‐4016‐0001‐1690	$1,845.70	
02‐25‐27‐4016‐0001‐1700	$1,845.70	
02‐25‐27‐4016‐0001‐1710	$1,845.70	
02‐25‐27‐4016‐0001‐1720	$1,845.70	
02‐25‐27‐4016‐0001‐1730	$1,845.70	
02‐25‐27‐4016‐0001‐1740	$1,845.70	
02‐25‐27‐4016‐0001‐1750	$1,845.70	
02‐25‐27‐4016‐0001‐1760	$1,845.70	
02‐25‐27‐4016‐0001‐1770	$1,845.70	
02‐25‐27‐4016‐0001‐1780	$1,845.70	
02‐25‐27‐4016‐0001‐1790	$1,845.70	
02‐25‐27‐4016‐0001‐1800	$1,845.70	
02‐25‐27‐4016‐0001‐1810	$1,845.70	
02‐25‐27‐4016‐0001‐1820	$1,845.70	

 	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	

02‐25‐27‐4016‐0001‐1830	$1,845.70	
02‐25‐27‐4016‐0001‐1840	$1,845.70	
02‐25‐27‐4016‐0001‐1850	$1,845.70	
02‐25‐27‐4016‐0001‐1870	$1,845.70	
02‐25‐27‐4016‐0001‐1890	$1,845.70	
02‐25‐27‐4016‐0001‐1910	$1,845.70	
02‐25‐27‐4016‐0001‐1930	$1,845.70	
02‐25‐27‐4016‐0001‐1950	$1,845.70	
02‐25‐27‐4016‐0001‐1970	$1,845.70	
02‐25‐27‐4016‐0001‐1990	$1,845.70	
02‐25‐27‐4016‐0001‐2010	$1,845.70	
02‐25‐27‐4016‐0001‐2030	$1,845.70	
02‐25‐27‐4016‐0001‐2050	$1,845.70	
02‐25‐27‐4018‐0001‐092R	$1,845.70	
02‐25‐27‐4018‐0001‐094R	$1,845.70	
02‐25‐27‐4018‐0001‐096R	$1,845.70	
02‐25‐27‐4018‐0001‐098R	$1,845.70	
02‐25‐27‐4018‐0001‐100R	$1,845.70	
02‐25‐27‐4018‐0001‐102R	$1,845.70	
02‐25‐27‐4018‐0001‐104R	$1,845.70	
02‐25‐27‐4018‐0001‐106R	$1,845.70	
02‐25‐27‐4018‐0001‐108R	$1,845.70	
02‐25‐27‐4018‐0001‐110R	$1,845.70	

 	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	
$1,391.30	$3,237.00	

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Resolution 2023-08,
Adopting the Annual meeting Schedule for Fiscal Year 2023-2024

RESOLUTION 2023-08

A RESOLUTION OF THE BOARD OF SUPERVISORS OF MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT ADOPTING THE ANNUAL MEETING SCHEDULE FOR FISCAL YEAR 2023-2024

WHEREAS, the Magic Reserve Community Development District (the "District") is a local unit of special-purpose government organized and existing in accordance with Chapter 2004-423, Laws of Florida; and

WHEREAS, the District is required by Florida law to prepare an annual schedule of its regular public meetings which designates the date, time and location of the District’s meetings; and

WHEREAS, the Board has proposed the Fiscal Year 2023-2024 annual meeting schedule as attached in Exhibit A;

NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF THE MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

The Fiscal Year 2023-2024 annual public meeting schedule attached hereto and incorporated by reference herein as Exhibit A is hereby approved and will be published in accordance with the requirements of Florida law.

This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 7TH DAY OF AUGUST, 2023.

ATTEST:	MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice Chairman

EXHIBIT “A”

BOARD OF SUPERVISORS MEETING DATES MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2023-2024

Monday, October 2, 2023
Monday, November 6, 2023
Monday, December 4, 2023
Monday, January 8, 2024
Monday, February 5, 2024
Monday, March 4, 2024
Monday, April 1, 2024
Monday, May 6, 2024
Monday, June 3, 2024
Monday, July 1, 2024
Monday, August 5, 2024
Monday, September 9, 2024

All meetings are scheduled to be held at 1170 Celebration Boulevard, Ste 106, Celebration, FL 34747 at 10:00 a.m.

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Fiscal Year 2022 Audit Report

Magic Reserve Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2022

Magic Reserve Community Development District	
ANNUAL FINANCIAL REPORT	
September 30, 2022	
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 Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund	

10
11

12

13

14

15

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
Magic Reserve Community Development District Osceola 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 Magic Reserve Community Development District (the “District”), as of and for the year ended September 30, 2022, 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 Magic Reserve Community Development District as of September 30, 2022, 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. 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
Magic Reserve 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 could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

Exercise professional judgement 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 judgement, 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
Magic Reserve 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 May 31, 2023 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 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 Magic Reserve Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida May 31, 2023

- 3 -

Management’s discussion and analysis of Magic Reserve Community Development District (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 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 general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are 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 financial activity for the year ended September 30, 2022.

The District’s total assets exceeded total liabilities by $158,573 (net position). Net investment in capital assets was $(252,333) and restricted net position was $218,393. Unrestricted net position was $192,513.

Governmental activities revenues totaled $499,660 while governmental activities expenses totaled $625,843.

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
	2022		2021	

Current assets	
$	218,899		
$	327,510	
Restricted assets	666,655		655,792	
Capital assets		4,218,718 			4,371,663 	
Total Assets		5,104,272 			5,354,965 	
Current liabilities	220,699		250,209	
Non-current liabilities		4,725,000 			4,820,000 	
Total Liabilities		4,945,699 			5,070,209 	

Net Position				
Net investment in capital assets	(252,333)	(189,398)	
Restricted	218,393	204,862	
Unrestricted		192,513 		269,292 	

Total Net Position	 $	158,573 	 $	284,756 

The decrease in current assets was related to expenditures exceeding revenues at the fund level in the current year.

The decrease in capital assets and net investment in capital assets is related to current year depreciation.

The decrease in non-current liabilities is primarily related to the principal payments made on bonds payable in the current year.

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	
		2022			2021		
Program Revenues			
Charges for services	$	498,371	$	514,637	
General Revenues			
Investment earnings	1,288	31	
Miscellaneous revenues		1 		75 	
Total Revenues		499,660 		514,743 	
Expenses			
General government	65,312	61,038	
Physical environment	313,188	234,154	
Interest and other charges		247,343 		251,375 	
Total Expenses		625,843 		546,567 	
Change in Net Position	(126,183)	(31,824)	
Net Position - Beginning of Year		284,756 		316,580 	

Net Position - End of Year	 $	158,573 	 $	284,756 

The decrease in charges for services is related to the decrease in special assessments in the current year.

The increase in physical environment is related to the increase in streetlight, irrigation and 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 as of September 30,
2022 and 2021.		
	Governmental Activities 2022	2021	

Infrastructure Accumulated depreciation
Total Capital Assets, net	 	

$	4,588,335	$	4,588,335
	(369,617)		(216,672)
 $	4,218,718 	 $	4,371,663 	

In the current year, depreciation was $152,945.	
General Fund Budgetary Highlights		

The actual expenditures were greater than budgeted amounts primarily because streetlight expenditures were more than anticipated.

The September 30, 2022 budget was amended for streetlight and maintenance expenditures that were more than anticipated in the original budget.

Debt Management

Governmental Activities debt includes the following:

In October 2016, the District issued $5,160,000 Special Assessment Revenue Bonds, Series 2016. The bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The balance outstanding at September 30, 2022 was $4,820,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Magic Reserve 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 2023.

Request for Information

The financial report is designed to provide a general overview of Magic Reserve 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 Magic Reserve Community Development District, PFM Group Consulting, LLC, 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817.

Magic Reserve Community Development District STATEMENT OF NET POSITION
September 30, 2022

Governmental Activities
ASSETS			
Current Assets			
Cash	$	204,086	
Special assesments receivable		3,969	
Accrued interest receivable		822	
Deposits		2,995	
Prepaid expenses		7,027 	
Total Current Assets		218,899 	
Non-current Assets		
Restricted assets			
Investments, at fair value		666,655	
Capital assets, being depreciated			
Infrastructure		4,588,335	
Less: accumulated depreciation		(369,617)	
Total Non-current Assets		4,885,373 	
Total Assets		5,104,272 	
LIABILITIES			
Current Liabilities			
Accounts payable and accrued expenses		22,780	
Bonds payable		95,000	
Accrued interest		102,919 	
Total Current Liabilities		220,699 	
Non-current liabilities		
Bonds payable, net		4,725,000 	
Total Liabilities		4,945,699 	
NET POSITION			
Net investment in capital assets		(252,333)	
Restricted for debt service		218,393	
Unrestricted		192,513 	
Total Net Position	 $		158,573 	

See accompanying notes to financial statements.

Magic Reserve Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2022	

Net (Expense)	
Revenues and	
			Program	Changes in	
			Revenues	Net Position	
	Charges for	Governmental	
Functions/Programs		Expenses	Services	Activities	
Governmental Activities							
General government	$	(65,312)	$	43,080		$	(22,232)	
Physical environment		(313,188)	105,696			(207,492)	
Interest and other charges			(247,343)			349,595 		102,252 	
Total Governmental Activities	 $	(625,843)	 $	498,371 	(127,472)	

General Revenues	
	I	nvestment earnings				1,288	
	Miscellaneous revenues		1 	
	Total General Revenues		1,289 	
	Change in Net Position			(126,183)	
Net Position - October 1, 2021		284,756 	
Net Position - September 30, 2022		 $		158,573 	

See accompanying notes to financial statements.

Magic Reserve Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2022	
									
Total	
							Capital		Governmental	
		General		 Debt Service			Projects				Funds		
ASSETS							
Cash	$	204,086		$	-		$	-		$	204,086	
Accrued interest receivable		-			816		6		822	
Special assessments receivable		1,185			2,784		-		3,969	
Prepaid expenses		7,027			-		-		7,027	
Deposits		2,995			-		-		2,995	
Restricted assets										
Investments, at fair value		- 		661,537 			5,118 			666,655 	
Total Assets	 $	215,293   $ 665,137 		 $	5,124 		 $	885,554 	

LIABILITIES AND FUND BALANCES										
Liabilities										
Accounts payable and accrued expenses	 $		22,780 		 $		- 		 $	- 		 $	22,780 	
Fund Balances										
Nonspendable - deposits/prepaids		10,022			-		-		10,022	
Restricted for debt service		-	665,137		-		665,137	
Restricted for capital projects		-			-		5,124		5,124	
Unassigned		182,491 		- 			- 			182,491 	
Total Fund Balances		192,513 		665,137 			5,124 			862,774 	
Total Liabilities and Fund Balances	 $	215,293   $ 665,137 		 $	5,124 		 $	885,554 	

See accompanying notes to financial statements.

Magic Reserve Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2022

Total Governmental Fund Balances	$	862,774	
Amounts reported for governmental activities in the Statement of Net Position			
are different because:			
Capital assets being depreciated, infrastucture, $4,588,335, net of			
accumulated depreciation, $(369,617), used in governmental activities			
are not current financial resources and therefore, are not reported			
at the fund level.		4,218,718	
Long-term liabilities, including bonds payable, are not due and payable			
in the current period and therefore, are not reported at the fund level.	(4,820,000)	
Accrued interest expense for long-term debt is not a current financial use			
and therefore, is not reported at the fund level.		    (102,919)	
Net Position of Governmental Activities	 $		158,573 	

See accompanying notes to financial statements.

Magic Reserve Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES	
IN FUND BALANCES – GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2022	
				
Total	
			Capital	Governmental	
		General		 Debt Service 		Projects			Funds		
REVENUES					
Special assessments	$	148,776	$	349,595	$	-	$	498,371	
Interest income	-	1,278	10	1,288	
Miscellaneous revenues		1 		- 		- 		1 	
Total Revenues		148,777 		350,873 		10 		499,660 	
EXPENDITURES					
Current					
General government	65,312	-	-	65,312	
Physical environment	160,243	-	-	160,243	
Debt service					
Principal	-	90,000	-	90,000	
Interest		- 		249,031 		- 		249,031 	
Total Expenditures		225,555 		339,031 		- 		564,586 	
Net Change in Fund Balances	(76,778)	11,842	10	(64,926)	
Fund Balances - October 1, 2021		269,291 		653,295 		5,114 		927,700 	
Fund Balances - September 30, 2022	 $	192,513   $	665,137   $	5,124 	 $	862,774 	

See accompanying notes to financial statements.

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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, 2022

Net Change in Fund Balances - Total Governmental Funds	$	(64,926)	
Amounts reported for governmental activities in the Statement of Activities are			
different because:			
Governmental funds report capital outlays as expenditures. However, in the			
Statement of Activities, the cost of those assets is allocated over their			
estimated useful lives as depreciation. This is the amount of depreciation in			
the current period.		(152,945)	
Repayments of bond principal are expenditures in the governmental funds, but the	
repayments reduce long-term liabilities in the Statement of Net Position.		90,000	
In the Statement of Activities, interest is accrued on outstanding bonds; whereas	
in governmental funds, interest expenditures are reported when due. This is			
the net amount between the prior year and current year accruals.		      1,688 	
Change in Net Position of Governmental Activities	 $		(126,183)	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2022

Revenues
Special assessments Miscellaneous revenues
Total Revenues

Expenditures Current

Original Budget

Final
Budget	Actual	Variance with Final Budget Positive
(Negative)	

$	145,650	$	148,776
	-  	1 
	145,650  	148,777 		
$	
3,126
        1 
     3,127 	

67,392	65,312
	155,766  	160,243 
	223,158  	225,555 	
2,080
	(4,477)
	(2,397)	
(77,508)	(76,778)			730	
	77,508  	269,291 		191,783 	
 $	-   $	192,513 		 $		192,513 	

$	145,650
	- 
	145,650 

General government	85,679	
Physical environment		129,971 	
Total Expenditures		215,650 	
Net Change in Fund Balances	(70,000)	
Fund Balances - October 1, 2021		70,000 	

Fund Balances - September 30, 2022  $	- 

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 March 23, 2016, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, and was adopted as Osceola County Ordinance 2016-28, as a Community Development District. The District was established for the purposes 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 district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Magic Reserve Community Development District. The District is governed by a Board of Supervisors who are elected by the owners property within the District. The District operates within the criteria established by Chapter 190, Florida Statutes.

As required by GAAP, these financial statements present the Magic Reserve 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 not identified any component units.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

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 supported by contributions and interest. 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 according to 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. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
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.

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.

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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Funds – Accounts for debt service requirements to retire the special assessment bonds which were used to finance the construction of District infrastructure improvements.

Capital Projects Funds – Accounts for financial resources to be used in the acquisition and construction of infrastructure improvements within the boundaries of the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and improvements, and non-current governmental liabilities, such as general obligation bonds and due to developer 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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, and Net Position or Equity (Continued)

Restricted Net Position

Certain net position of the District is 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.

Capital Assets

Capital assets, which include infrastucture, are reported in the governmental activities column.

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 two years. 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.

Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:

Infrastructure	30 years

Budgets

Budgets are prepared and adopted after public hearings 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. 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

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, $862,774, differs from “Net Position” of governmental activities, $158,573, 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 (land, buildings and improvements and infrastructure that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Infrastructure	$	4,588,335	
Accumulated depreciation		(369,617)	
Total	$	4,218,718	
Long-term debt transactions

Governmental Activities long-term	

liabilities are not due and payable in the current	
period and are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2022 were:

Bonds payable	$	(4,820,000)

Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to the accrued interest on bonds.
Accrued interest	$	(102,919)

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, $(64,926), differs from the “change in net position” for governmental activities, $(126,183), 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 as follows.
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 in governmental funds. However, in the Statement of Activities, the costs of those assets are capitalized and the cost is allocated over their estimated useful lives as depreciation.
Depreciation	$	(152,945)

Long-term debt transactions
Repayments of bond principal are reported as an expenditure in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.
Bond principal payments	$	90,000

Accrued interest

Interest is reported at the fund level when paid, however at the government-wide level interest is reported as incurred. This is the change in accrued interest in the current year.

Accrued interest	$	1,688

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, 2022, the District's bank balance was $311,680 and the carrying value was $204,086. 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, 2022, the District had the following investments and maturities:

	Investment			Maturities			Fair Value		
U S Bank Money Market	N/A	 $	666,655 	

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 uses 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 investment listed above is a Level 1 asset.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
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 in U S Bank Money Market Accounts are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. The District's investment in U S Bank Money Market Account was unrated.
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 Accounts are 100% of the Districts total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2022 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 – RELATED PARTIES
The Board of Supervisors is comprised entirely of individuals affiliated with the project.

NOTE E – CAPITAL ASSETS

Capital asset activity for the year ended September 30, 2022 was as follows:

Balance	Balance
October 1,	September 30,
	2021	  Additions	 	Deletions	 	2022	
Governmental activities:
Capital assets
Infrastructure		$	4,588,335	$		-	$	-	$	4,588,335 Accumulated depreciation				(216,672) 	(152,945) 	-  			(369,617)
Total Capital Assets, net	 $	4,371,663   $ (152,945)  $	-   $	4,218,718 

Depreciation of $152,945 was charged to physical environment.

The infrastructure intended to serve the District has been estimated at a total cost of approximately $10,255,693 (“2016 Project”). The infrastructure will include a master roadway system, a water distribution system, a reclaimed water distribution system, a wastewater collection system, an electrical distribution system, landscaping, hardscaping, signage, recreation facilities, conservation areas, and a stormwater management system. All water and wastewater infrastructure will be constructed by the Magic Reserve CDD, and subsequently dedicated to Toho Water Authority for perpetual operations and maintenance. The Developer has entered into a Completion Agreement that will obligate the Developer to complete the portion of the project not funded from bond proceeds.

NOTE F – LONG-TERM DEBT

The following is a summary of activity in the long-term debt account group of the District for the year ended September 30, 2022:

Long-term debt at October 1, 2021		$	4,910,000 Principal payments				(90,000)
Long-term debt at September 30, 2022	 $	4,820,000 

NOTE F – LONG-TERM DEBT (CONTINUED)

Long-term debt is comprised of the following:

Special Assessment Bonds

$5,610,000 Series 2016 Special Assessment Revenue Bonds due in annual principal installments beginning in November 2018 through November 2047. Interest from 4.50% to 5.25%
due May 1 and November 1 starting in November 2017.	$   4,820,000

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2022 are as follows:

Year Ending

2024	100,000	240,481	340,481	
2025	105,000	235,869	340,869	
2026	110,000	231,031	341,031	
2027	115,000	225,969	340,969	
2028-2032	655,000	1,036,059	1,691,059	
2033-2037	835,000	846,434	1,681,434	
2038-2042	1,080,000	600,217	1,680,217	
2043-2047	1,400,000	276,937	1,676,937	
2048		325,000 			8,531 			333,531 	

 September 30,				Principal				Interest				Total	 2023			$		95,000			$		244,869			$		339,869

Totals	 $	4,820,000 	 $	3,946,397 	 $	8,766,397 

NOTE F – LONG-TERM DEBT (CONTINUED)

Significant Bond Provisions

The District levies special assessments pursuant to Section 190.022, Florida Statutes and the assessment rolls are approved by resolutions of the District Board. The collections are to be strictly accounted for and applied to the debt service of the bond series for which they were levied. The District covenants to certify for collection special assessments in annual amounts adequate to provide for payment of principal and interest on the bonds. Payment of principal and interest is dependent on the money available in the debt service fund and the District’s ability to collect special assessments levied.

The bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time, on or after November 1, 2027 at a redemption price equal to the principal amount of the Series 2016 Bonds to be redeemed, together with accrued interest to the date of redemption. The bonds 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 Bond Indenture.

The bond resolution and the trust indenture provide for the establishment of certain accounts. The accounts include, among others, a construction, revenue, redemption, reserve, interest and prepayment account and are maintained by a trustee.

The bond indenture provides for Debt Service Reserve Funds, which shall be held by the Trustee separate and apart from all other funds. The following is a schedule of reserve requirements and balances in the reserve accounts at September 30, 2022:

Series 2016 Special Assessments Revenue Bonds	

$	Reserve Balance
343,825		Reserve Requirement
$	343,825	

NOTE G – 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. Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. The District has not filed any insurance claims in any of the previous three fiscal years.

NOTE H – ECONOMIC DEPENDENCY
The Developer owns a portion of land within the District; therefore, assessment revenues in the General and Debt Service Funds include the assessments levied on those lots owned by the Developer. The District’s activities are dependent on the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.

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
Magic Reserve Community Development District Osceola 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 Magic Reserve Community Development District, as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated May 31, 2023.

Report on Internal Control Over Financial Reporting

In planning and performing our audit, we considered Magic Reserve 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 Magic Reserve Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Magic Reserve 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
Magic Reserve Community Development District

Report on Compliance and Other Matters

As part of obtaining reasonable assurance about whether Magic Reserve 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 May 31, 2023

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MANAGEMENT LETTER
To the Board of Supervisors
Magic Reserve Community Development District Osceola County, Florida
Report on the Financial Statements

We have audited the financial statements of the Magic Reserve Community Development District as of and for the year ended September 30, 2022, and have issued our report thereon dated May 31, 2023.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; 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 May 31, 2023, 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.

Financial Condition

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 Magic Reserve 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 Magic Reserve Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes

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To the Board of Supervisors
Magic Reserve Community Development District

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures for the Magic Reserve Community Development District. It is management’s responsibility to monitor the Magic Reserve 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, as of September 30, 2022.

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 provided below was provided by management and has not been audited; 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)6, Rules of the Auditor General, the Magic Reserve Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 3
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0.
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $42,876.
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, 2021, together with the total expenditures for such project: The District had no construction projects during the year.
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 budget was amended, see below.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Magic Reserve Community Development District reported:

The rate or rates of non-ad valorem special assessments imposed by the District: General Fund $794.60 and Debt Service Fund $1,867.16.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $498,371.
The total amount of outstanding bonds issued by the District and the terms of such bonds. Series 2016 Bonds, $4,820,000 maturing in November 2047.

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To the Board of Supervisors
Magic Reserve Community Development District

Variance with

Revenues
Special assessments Miscellaneous revenues
Total Revenues			

Original
	Budget	

$	145,650
	- 
	145,650 	

	Actual	

$	148,776
	1 
	148,777 	Original Budget Positive
  (Negative)  

$	3,126
	1 
	3,127 	
Expenditures Current
General government Physical environment Total Expenditures				

85,679
     129,971 
     215,650 	

65,312
	160,243 
	225,555 		

20,367
     (30,272)
      (9,905)	
Net change in fund balances				(70,000)			(76,778)		      (6,778)	
Fund Balances - October 1, 2021			      70,000 		269,291 		     199,291 	

Fund Balances - September 30, 202	
2	
 $	- 	
 $	192,513 	
 $	192,513 	

Additional Matters	
Section	10.554(1)(i)3.,	Rules	of	the	Auditor	General,	requires	us	to	communicate	
noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we noted no 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 May 31, 2023

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

To the Board of Supervisors
Magic Reserve Community Development District Osceola County, Florida

We have examined Magic Reserve Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2022. Management is responsible for Magic Reserve Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Magic Reserve 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 Magic Reserve 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 Magic Reserve Community Development District’s compliance with the specified requirements.

In our opinion, Magic Reserve Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2022.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida May 31, 2023

- 36 -

Series 2019 Project Completion Certificate
(provided under separate cover)

Maintenance Agreement
(provided under separate cover)

Payment Authorization Nos. 146 – 152

Payment Authorization 146
5/25/2023

Item No.	Payee	Invoice

General Fund FY 2023

1	Cobb Cole		
District Counsel Through 04/30/23	35767	$	52.50	
2	Duke Energy (paid onllne)			
5500 W lrlo Bronson Memorial Hwy Lite; 04/11/23-05/08/23	Acct: 9101 2608 7052	$  4,270.66	
3	Magic VIiiage Resort 2 HOA
Revised: Toho Water Acct: 002589694-033115419	
302-CR	
CREDIT	
4	PFM Group Consulting			
District Management Fee: May 2023	DM-05-2023-29	$  2,625.00	
			
	TOTAL	$ 6,948.16	

Secretary I Asst. Secretary

Payment Authorization 147 6/6/2023		

Item No.	Payee	
Invoice	General Fund FY 2023	

1		Aquatic Weed Control Lake Maintenance: Jun 2023	

84269	

$	115.00	
2	Osceola News-Gazette (paid onllne) Legal Advertising on 05/25/23	
7BA85DEF-0021	
$	61.05	
	
Subtotal	
$	176.05	
	TOTAL	$	176.05	

Secretary/ Asst. Secretary

Payment Authorization 148
6/8/2023

Item No.	
Payee	
invoice	General Fund
FY 2023	

1	
Berger, Toombs, Elam, Gaines & Frank			
	Audit FYE 09/30/2022	363174	$  3,285.00	
2	Duke Energy (paid online)			
	000 Reedy Creek Blvd Lite; 4/22/23-05/22/23	Acct: 9100 8183 9953	$  1,476.53	
3	PFM Group Consulting			
	Postage: Apr 2023	OE-EXP-05-2023-30	$	0.60	
4	VGlobaiTech			
	Monthly Website Fee: Feb. 2023	4774	$	110.00	
	Monthly Website Fee: Mar 2023	4856	$	110.00	
	Monthly Website Fee: Apr 2023	4981	$	110.00	
	Monthly Website Fee: May 2023	5056	$	110.00	
	Quarter 3 ADA Audit	4326	$	300.00	
	Quarter 4 ADA Audit	4497	$	300.00	
	Quarter 1 ADA Audit	4877	$	300.00	
		
Subtotal	
$ 6,102.13	
		TOTAL	$  6,102.13	

Secretary I Asst. Secretary			Chairman

Payment Authorization 149
6/15/2023

Item No.	Payee	Invoice

General Fund FY 2023

1	Duke Energy (paid online)		
5500 W lrlo Bronson Memorial Hwy Lite; 05/09/23-06/08/23	Acct: 9101 2608 7052	$  4,270.76	
2	Magic Village Resort 2 HOA
Reimbursement: Paradise Lawns 50% Deposit	

303	

$ 11,425.00	
Reimbursement: Paradise Lawns 50%Final Payment	304	$ 11,425.00	
3	PFM Group Consulting			
District Management Fee: Jun 2023	DM-06-2023-30	$  2,625.00	
Postage: May 2023	OE-EXP-06-2023-25	$	0.60	
	
Subtotal	
$29,746.36	
	TOTAL	$29,746.36	

Secretary I Asst. Secretary

Payment Authorization 150
6/30/2023

Item No.	Payee	Invoice

General Fund FY 2023

1	Cobb Cole			
District Counsel Through 05/31/23	37142	$	454.50	
2	Osceola News-Gazette (paid online)
Legal Advertising on 06/29/23	

7BA85DEF-0022	

$	62.48	
	
Subtotal	
$	516.98	
	TOTAL	$	516.98	

Secretary I Asst. Secretary

MAGIC RESERVE
C O M M U N I T Y	D E V E L O P M E N T	D I S T R I C T	
Payment Authorization 151
7/7/2023	
General Fund
Item No.	Payee	Invoice	FY 2023	

1	Aquatic Weed Control
Lake Maintenance: Jul 2023	85339	$	115.00	
2	Duke Energy (paid online)
000 Reedy Creek Blvd Lite; 05/23/23-06/22/23	Acct: 9100 8183 9953	$  1,387.21	

Subtotal	$  1,502.21

TOTAL	$  1,502.21

Secretary / Asst. Secretary	Chair / Vice Chairman

MAGIC RESERVE
COMMUNITY	DEVELOPMENT	DISTRICT

Payment Authorization 152 7/13/2023

Item No.	Payee	Invoice

General Fund FY 2023

1	PFM Group Consulting
Disclosure Fee S2016A: 04/01/23-06/30/23	125980	$  1,250.00

Subtotal	$  1,250.00

TOTAL	$  1,250.00

Secretary / Asst. Secretary

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

District Financial Statements

Magic Reserve CDD Statement of Financial Position As of 6/30/2023

General Fund		Debt Service Fund	
		
Assets	

$211,404.45			
336.72			
2,995.00			
		$22,356.60	
		343,825.00	
		312,890.35	
$214,736.17		$679,071.95	

Long Term Debt
Group		Total	

$0.00		

$211,404.45
336.72
2,995.00
22,356.60
343,825.00
312,890.35
5,213.95
$899,022.07	

$656,715.35 4,068,284.65
$4,725,000.00		

$656,715.35 4,068,284.65
$4,725,000.00	
$4,725,000.00		$5,624,022.07	

Capital Projects Fund

Current Assets
General Checking Account Prepaid Expenses Deposits
Due From Other Funds
Debt Service Reserve Series 2016 Revenue Series 2016
Acquisition/Construction Series 2016 Total Current Assets

$5,213.95

$5,213.95

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments

Total Assets

$0.00

 	
$214,736.17	$679,071.95

Liabilities and Net Assets

$0.00

$5,213.95

Current Liabilities Accounts Payable Due To Other Funds
Total Current Liabilities

Long Term Liabilities
Revenue Bonds Payable - Long-Term Total Long Term Liabilities

Total Liabilities

$25,930.10 22,356.60

$48,286.70	$0.00

$0.00

 	
$48,286.70	$0.00

$0.00

$0.00

$0.00

$0.00		$48,286.70	

$4,725,000.00
$4,725,000.00		

$4,725,000.00
$4,725,000.00	
$4,725,000.00		$4,773,286.70	

$25,930.10 22,356.60

 		

Magic Reserve CDD Statement of Financial Position As of 6/30/2023	

General Fund		
Debt Service Fund		
Capital Projects Fund		
Long Term Debt
Group		
Total	

($10,190.29) 202,702.37
(26,062.61)

$166,449.47		

$665,136.18 13,935.77

$679,071.95		

$200,324.37
89.58

(195,200.00)
$5,213.95		

$0.00		

($10,190.29) 202,702.37
(26,062.61)

665,136.18
13,935.77

200,324.37
89.58

(195,200.00)
$850,735.37	
									
$214,736.17		$679,071.95		$5,213.95		$4,725,000.00		$5,624,022.07	

Net Assets
Net Assets, Unrestricted
Net Assets - General Government
Current Year Net Assets - General Government

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Net Assets - General Government

Total Net Assets

Total Liabilities and Net Assets

s Fund	Long Term Debt Group	Total	

$0.00	$0.00	
$147,335.38 342,231.18
$489,566.56	

$0.00	$0.00	
$3,023.00 4,013.69
23,625.00
107.50
2,500.00
666.50
5,000.00
3,285.00
568.14
1,787.68
1,780.00
175.00
24,674.35
3,694.00
1,035.00
49,169.64
48,584.83
95,000.00
244,868.76
$513,558.09	

$89.58
$89.58	$0.00

$89.58	$0.00

,124.37	$0.00	
$291.34 11,573.35
89.58
$11,954.27 ($12,037.26)
$862,772.63	

Magic Reserve CDD Statement of Activities As of 6/30/2023

Revenues

General Fund

Debt Service Fund

Capital Project

On-Roll Assessments	$147,335.38		
On-Roll Assessments			$342,231.18	
Total Revenues	$147,335.38		$342,231.18	

 	  

Expenses

Public Officials Insurance	$3,023.00		
Trustee Services	4,013.69		
Management	23,625.00		
Engineering	107.50		
Disclosure Agent	2,500.00		
District Counsel	666.50		
Assessment Administration	5,000.00		
Audit	3,285.00		
Legal Advertising	568.14		
Contingency	1,787.68		
Web Site Maintenance	1,780.00		
Dues, Licenses, and Fees	175.00		
Irrigation	24,674.35		
General Liability Insurance	3,694.00		
Lake Maintenance	1,035.00		
Landscaping Maintenance & Material	49,169.64		
Streetlights	48,584.83		
Principal Payment			$95,000.00	
Interest Payments			244,868.76	
Total Expenses	$173,689.33		$339,868.76	

Other Revenues (Expenses) & Gains (Losses)

Interest Income Interest Income Interest Income
Total Other Revenues (Expenses) & Gains (Losses)

Change In Net Assets

Net Assets At Beginning Of Year

$291.34

$291.34 ($26,062.61)
$192,512.08

$11,573.35

$11,573.35

$13,935.77

$665,136.18	$5

 		  

Net Assets At End Of Year

$166,449.47

$679,071.95

$5,213.95

$0.00	$850,735.37

 		  

Magic Reserve Community Development District
Budget to Actual
For the month ending 6/30/2023

							FY 2023	
							Adopted	
	YTD Actual		YTD Budget		YTD Variance		Budget	
Revenues								
On-Roll Assessments	$147,335.38		$109,237.50		$38,097.88		$145,650.00	
Interest Income	291.34		0.00		291.34		0.00	
Carry Forward	76,125.00		76,125.00		0.00		101,500.00	
Net Revenues	$223,751.72		$185,362.50		$38,389.22		$247,150.00	
General & Administrative Expenses								
Trustee Services	$4,013.69		$3,000.00		$1,013.69		$4,000.00	
District Management Fees	23,625.00		23,625.00		0.00		31,500.00	
Engineering Fees	107.50		7,500.00		(7,392.50)		10,000.00	
Disclosure Agent	2,500.00		3,750.00		(1,250.00)		5,000.00	
Property Appraiser	0.00		243.75		(243.75)		325.00	
District Counsel	666.50		13,500.00		(12,833.50)		18,000.00	
Assessment Administration	5,000.00		3,750.00		1,250.00		5,000.00	
Re-Amortization Schedule	0.00		187.50		(187.50)		250.00	
Arbitrage	0.00		375.00		(375.00)		500.00	
Audit	3,285.00		2,475.00		810.00		3,300.00	
Legal Advertising	568.14		1,259.25		(691.11)		1,679.00	
Contingency	1,787.68		221.25		1,566.43		295.00	
Web Site Maintenance	1,780.00		1,935.00		(155.00)		2,580.00	
Dues, Licenses & Fees	175.00		131.25		43.75		175.00	
Irrigation	24,674.35		60,000.00		(35,325.65)		80,000.00	
Public Officials' Liability Insurance	3,023.00		2,437.50		585.50		3,250.00	
General Insurance	3,694.00		3,000.00		694.00		4,000.00	
Lake Maintenance	1,035.00		2,529.00		(1,494.00)		3,372.00	
Landscaping Maintenance and Material	49,169.64		19,443.00		29,726.64		25,924.00	
Streetlights	48,584.83		36,000.00		12,584.83		48,000.00	
Total General & Administrative Expenses	$173,689.33		$185,362.50		$(11,673.17)		$247,150.00	
Total Expenses	$173,689.33		$185,362.50		$(11,673.17)		$247,150.00	
								
Net Income (Loss)	$50,062.39		$0.00		$50,062.39		$0.00