The Palace at Coral Gables Community Development District
12051 Corporate Boulevard Orlando, FL 32817; Phone: 407-723-5900
www.palaceatcoralgablescdd.com

A meeting of the Board of Supervisors for the Palace at Coral Gables Community Development District will be held Thursday, July 23, 2020 at 11:00 a.m. using telephonic conferencing due to the COVID-19 Executive Order 20-69, as extended by subsequent orders. The proposed agenda for the Board Meeting is found below.

Please use the following information to join the telephonic conferencing:

Phone:	1-844-621-3956	Participant Code:	796 580 192#

BOARD OF SUPERVISORS’ MEETING AGENDA
Organizational Matters
Call to Order
Roll Call
Public Comment Period
Swearing in Newly Appointed Board of Supervisor
Discussion regarding Executive Order 20-69
Consideration of Minutes of the April 23, 2020 Board of Supervisors’ Meeting
Letter from Supervisors of Elections – Miami-Dade County
Consideration of Resolution 2020-02, Election of Officers
Consideration of Resolution 2020-03, Approving an Annual Meeting Schedule for Fiscal Year 2021
Consideration of Resolution 2020-04, Declaring Board Vacancies
Consideration of First Amendment to the Website Maintenance Agreement
Public Hearing on the Adoption of the District’s Annual Budget
Public Comments and Testimony
Board Comments
Consideration of Resolution 2020-05, Adopting the Fiscal Year 2021 Budget and Appropriating Funds
Consideration of Fiscal Year 2021 Budget Funding Agreement
Review and Acceptance of Fiscal Year 2019 Audit
Review of Legislative Memo from District Counsel
Consideration of Funding Request 110 – 112
Review of District’s Financial Position

Other Business
Staff Reports
District Counsel
District Manager
District Engineer
Supervisors Requests and Audience Comments

Adjournment

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Oath of Office

THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS
OATH OF OFFICE

I, 	, A CITIZEN OF THE STATE OF FLORIDA AND OF THE UNITED STATES OF AMERICA, AND BEING EMPLOYED BY OR AN OFFICER OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT AND A RECIPIENT OF PUBLIC FUNDS AS SUCH EMPLOYEE OR OFFICER, DO HEREBY SOLEMNLY SWEAR OR AFFIRM THAT I WILL SUPPORT THE CONSTITUTION OF THE UNITED STATES AND OF THE STATE OF FLORIDA.

Board Supervisor

ACKNOWLEDGMENT OF OATH BEING TAKEN

STATE OF FLORIDA COUNTY OF MIAMI-DADE

The foregoing oath was administered before me this            day of 	, 2020 by
 	, who personally appeared before me, and is personally known to me or has produced 		as identification, and is the person described in and who took the aforementioned oath as a Member of the Board of Supervisors of The Palace at Coral Gables Community Development District and acknowledged to and before me that he/she took said oath for the purposes therein expressed.

(NOTARY SEAL)

Notary Public, State of Florida

Print Name:  	

Commission No.: 	Expires:  	

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Executive Order 20-69

STATE OF FLORIDA
OFFICE OF THE GOVERNOR EXECUTIVE ORDER NUMBER 20-69
(Emergency Management - COVID-19 - Local Government Public Meetings)

WHEREAS, on March 1, 2020, I issued Executive Order 20-51 directing the Florida Department of Health to issue a Public Health Emergency as a result of COVID-19; and
WHEREAS, on March 1, 2020. the State Surgeon General and State Health Officer declared a Public Health Emergency exists in the State of Florida as a res ult of COVID-19; and
WHEREAS, on March 9, 2020, I issued Executive Order 20-52 declaring a state of emergency for the entire State of Florida as a result of COVID-19; and
WHEREAS, on March 16, 2020, President Donald J. Trump and the Centers for Disease Control and Prevention ("CDC") issued the "15 Days to Slow the Spread" guidance advising individuals to adopt far-reaching social distancing measures, such as working from home and avoiding gatherings of more than IO people; and
WHEREAS, on March 17, 2020, I wrote a letter to Attorney Genera] Ashley Moody seeking an advisory opinion regarding concerns raised by local government bodies about their ability to hold meetings through teleconferencing and other technological means in order to protect the public and follow the CDC guidance regarding social distancing; and
WHEREAS, on March 19, 2020, Attorney General Ashley Moody delivered an opinion to me indicating that certain provisions of Florida law require a physical quorum be present for local government bodies to conduct official business, and that local government bodies may only conduct meetings by teleconferencing or other technological means if either a statute permits a quorum to be present by means other than in person, or that the in person requirement for constituting a quorum is lawfully suspended during the state of emergency; and

WHEREAS, it is necessary and appropriate to take action to ensure that COVID-19 remains controlled. and that residents and visitors in Florida remain safe and secure;
NOW, THEREFORE, I, RON DESANTIS. as Governor of Florida, by virtue of the authority vested in me by Article IV, Section (1)(a) of the Florida Constitution , Chapter 252. Florida Statutes, and all other applicable laws , promulgate the following Executive Order to take immediate effect:
Section 1.	I hereby suspend any Florida Statute that requires a quorum to be present in

person or requires a local government body to meet at a specific public place.

Section 2.	LocaJ government bodies may utilize communications media technology, such as telephonic and video conferencing, as provided in section 120.54(5)(b)2., Florida Statutes.
Section 3. This  Executive  Order  does  not  waive any  other  requirement  under the Flor ida Cons titution and " Florida's Government in the Sunshine Laws," including Chapter 286, Florida Statutes.
Section 4.	This Executive Order shall expire at the expiration of Executive Order 20-

52, including any extension.

IN TESTIMONY WHEREOF, I have hereunto set my hand and caused the Great Seal of the State of Florida to be affixed, at Tallahassee, this 20th da of March, 202

D	
SANTIS. GOVERNOR

ATTEST:

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PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Minutes of the April 23, 2020 Board of Supervisors’ Meeting

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

BOARD OF SUPERVISORS’ MEETING MINUTES

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

The Board of Supervisors’ Meeting for the Palace at Coral Gables Community Development District was called to order on Thursday, April 23, 2020 at 11:00 a.m. via telephonic conferencing due to the COVID-19 Executive Orders 20-52 & 20-69.

Board Members present:

Oscar Roiz	Board Member	(via phone)
Zack Shaham	Board Member	(via phone)
Adam Rosenblum	Board Member	(via phone) Also present were:
Jennifer Walden	PFM	(via phone)
Lynne Mullins	PFM	(via phone)
Vanessa Steinerts	Billing, Cochran, Lyles, Mauro & Ramsey, P.A. (via phone)

SECOND ORDER OF BUSINESS	Public Comment Period

Ms. Mullins noted that there were no members of the public present.

THIRD ORDER OF BUSINESS		Discussion	regarding Executive Orders 20-52 and 20-69

Ms. Mullins explained included in the packet are the Executive Orders which state that the District is able to hold their meetings via telephonic conferencing due to the COVID-19 situation. Also included is a proof of the ad that was placed for today’s meeting which notes those Executive Orders as well as the telephonic conferencing information so the public can safely join the meeting.

FOURTH ORDER OF BUSINESS		Consideration of the Minutes of the July 25, 2019 Board of Supervisors’ Meeting

Board Members reviewed the minutes of the July 25, 2019 Board of Supervisors’ Meeting.

On motion by Mr. Roiz, second by Mr. Rosenblum, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District approved the minutes of the July 25, 2019 of Supervisors’ Meeting.

FIFTH ORDER OF BUSINESS		Consideration of Ms. Melissa Somers’ Resignation Letter & Naming a Replacement Supervisor for Seat #5

Ms. Mullins stated the District received a resignation letter from Ms. Somers effective January 21, 2020. She requested a motion to accept her resignation.

On motion by Mr. Roiz, second by Mr. Rosenblum, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District accepted Ms. Melissa Somers’ Resignation.

Ms. Mullins asked if the Board had any nominations to consider for Seat 5 which expires November 2022.

On motion by Mr. Roiz, second by Mr. Rosenblum, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District nominated Ms. Nathalie Espinales to fill Seat #5.

Ms. Mullins asked Mr. Roiz to send her Ms. Espinales’ email address.

SIXTH ORDER OF BUSINESS		Letter	from	Supervisor	of Elections- Miami Dade County

Ms. Mullins explained the District did not receive the letter for today’s meeting but the District has moved forward with the General Election process. The District met the threshold last year and the District will run the notice and get it on the ballot this year.

Ms. Steinerts explained this District is a little bit different in terms of how to qualify electors who are coming forward who want to serve on the Board. The District will publish the notification as required by law. If there are no qualified electors who go for the open seats, the District will have hold over for those seats and whoever is currently in the seat will be a hold-over after the election period.

SEVENTH ORDER OF BUSINESS		Ratification of the CRI Audit Engagement Letter FY 2019

Ms. Mullins explained the Chair signed and approved the CRI Audit Engagement Letter in between Board Meetings so the Auditor could begin the work on the Fiscal Year 2019 Audit at a not-to-exceed amount of $5,500.00.

On motion by Mr. Rosenblum, second by Mr. Roiz, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District ratified the CRI Audit Engagement Letter FY 2019.

EIGHTH ORDER OF BUSINESS		Ratification of Agreement for Website	Auditing, Remediation,		and Maintenance Services

Ms. Mullins explained the Agreement for Website Auditing, Remediation, and Maintenance Services has been reviewed by District Counsel and executed by the Chair to move forward with the services. Included in the agreement are any and all comments provided by Ms. Steinerts. Ms. Mullins requested a motion from the Board to ratify the Agreement for Website Auditing, Remediation, and Maintenance Services.

On motion by Mr. Roiz, second by Mr. Rosenblum, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District ratified the Agreement for Website Auditing, Remediation, and Maintenance Services.

NINTH ORDER OF BUSINESS	Consideration of First Amendment to Agreement for District Management Services

Ms. Steinerts explained last year one of the Florida Statutes that pertains to Special Districts and local governments was amended to provide for additional accounting internal controls. She recommends that all the agreements for District Management companies be amended to state what the Statute provides. Ms. Steinerts read the Amended Florida Statute pertaining to internal controls.

Ms. Walden noted for the Board that PFM has already been maintaining internal controls over accounting and the District is now putting it in writing. Ms. Mullins requested a motion to accept the First Amendment to Agreement for District Management Services.

On motion by Mr. Roiz, second by Mr. Shaham, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District accepted the First Amendment to Agreement for District Management Services.

Ms. Mullins will send this to Mr. Roiz to sign and he will get it notarized and sent back to her.

TENTH ORDER OF BUSINESS		Consideration of Agreement for Access to Certain Exempt Information Maintained by the Miami Dade County Property Appraiser

Ms. Steinerts explained the Miami Dade County Property Appraiser will not be providing any folio or assessment roll information to the District unless an agreement is entered into which states

that the District and any third parties will comply with the public record exemptions and confidentiality of certain exemptions in Chapter 119 of the Florida Statutes. As a governmental entity, the District already abides by those requirements. However, the Miami Dade County Property Appraiser is requiring that the District enter into an agreement specifically stating that it will follow those exemptions.

Mr. Roiz asked what is meant by public records exceptions. Ms. Steinerts explained that there are a number of reasons that housing information is exempt and it could be individuals who are firefighters, judges, etc. whose identities need to be kept confidential. Folio numbers are now considered identifying information and the Miami Dade County property Appraiser will tell the District which are confidential and the District must maintain the confidentiality of certain exemptions if there is a public record request.

Mr. Roiz asked if it has anything to bear with the taxability of the District or the property it owns. Ms. Steinerts stated it can if the District does not get all the folio numbers it needs. The District should be able to receive all information as needed. Ms. Mullins requested a motion to accept the Agreement for Access to Certain Exempt Information Maintained by the Miami Dade County Property Appraiser.

On motion by Mr. Roiz, second by Mr. Shaham, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District accepted the Agreement for Access to Certain Exempt Information Maintained by the Miami Dade County Property Appraiser.

ELEVENTH ORDER OF BUSINESS	Resolution	2020-01,
Approving a Preliminary Budget for Fiscal Year 2021 and Setting a Public Hearing Date

Ms. Mullins suggested a public hearing date of July 23, 2020 at 10850 SW 113 Place, Miami FL, 33176. She noted that the Proposed Budget is attached to the Resolution as an exhibit. The overall budget has remained the same as the Fiscal Year 2020 Budget. Some of the line items have been adjusted but none have significantly increased or decreased.

On motion by Mr. Roiz, second by Mr. Rosenblum, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District approved Resolution 2020-01, Approving a Preliminary Budget for Fiscal Year 2021 and Setting a Public Hearing date of July 23, 2020 at 11:00 a.m. at 10850 SW 113 Place, Miami FL, 33176.

TWELFTH ORDER OF BUSINESS	Consideration	of	Funding Requests 97 – 109

Board Members reviewed Funding Requests 97 – 109.

On motion by Mr. Roiz, second by Mr. Rosenblum, with all in favor, the Board of Supervisors’ for the Palace at Coral Gables Community Development District approved Funding Requests 97 – 109.

THIRTEENTH ORDER OF BUSINESS	Review	of	the	District’s Financial Position

Board Members reviewed the District’s financial statements. Ms. Mullins noted that the District is running under budget. No action was required.

FOURTEENTH ORDER OF BUSINESS	Staff Reports

Attorney – No Report

Manager – Ms. Mullins noted the next scheduled meeting is July 23, 2020 and at that time the District will adopt the final budget.

FIFTEENTH ORDER OF BUSINESS	Supervisor Requests, Adjournment

With no further business to discuss, Ms. Mullins suggested a motion to adjourn.

On Motion by Mr. Roiz, seconded by Mr. Rosenblum, with all in favor, the April 23, 2020 Board of Supervisors Meeting of the Palace at Coral Gables CDD was adjourned.

Secretary/Assistant Secretary	Chairperson/Vice-Chairperson

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Letter from Supervisors of Elections – Miami-Dade County

MIAMI··
ti•Mitiiii/1

Elections 2700 NW 87th Avenue Miami, Florida 33172
T 305-499-8683	F 305-499-8547
TTY 305-499-8480

miamidade.gov

CERTIFICATION

STATE OF FLORIDA) COUNTY OF MIAMI-DADE)

WITNESS MY HAND AND OFFICIAL SEAL, AT MIAMI, MIAMI-DADE COUNTY,  FLORIDA, ON THIS 29th DAY OF APRIL, 2020

I, Christina White, Supervisor of Elections of Miami-Dade County, Florida, do hereby certify that Palace at Coral Gables, as described in the attached EXHIBIT "A", has  201 voters.

Christina White Supervisor of Elections

Please submit a check for $70.00 to our office payable to "Miami-Dade County" for the cost of certifying the number of registered voters.

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PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Resolution 2020-02, Election of Officers

RESOLUTION 2020-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT
DISTRICT (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

WHEREAS, pursuant to Section 190.006(6), Florida Statutes, as soon as practicable after each election or appointment to the Board of Supervisors (the “Board”), the Board shall organize by electing one of its members as chair and by electing a secretary, and such other officers as the Board may deem necessary.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT:

Section 1.	 	is elected Chair.

Section 2.	 	is elected Vice Chair. Section 3.	 	is elected Secretary.
 	 is elected Assistant Secretary.

 	 is elected Assistant Secretary.

 	 is elected Assistant Secretary.

 	 is elected Assistant Secretary.

Section 4.	 	is elected Treasurer.

Section 5.	 	is elected as Assistant Treasurer.

Section 6. All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict.

Section 7. This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 23RD DAY of JULY, 2020

THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

CHAIR/VICE-CHAIRMAN

SECRETARY/ASSISTANT SECRETARY

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Resolution 2020-03,
Approving an Annual Meeting Schedule for Fiscal Year 2021

RESOLUTION 2020-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT DESIGNATING DATES, TIME AND LOCATION FOR REGULAR MEETINGS OF THE BOARD OF SUPERVISORS OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, The Palace at Coral Gables Community Development District (hereinafter the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within the Miami-Dade County, Florida; and

WHEREAS, the District is an independent special district as defined in Chapter 189, Florida Statutes,
and subject to certain requirements therein; and

WHEREAS, Section 189. 015(1), Florida Statutes, requires that the Board of Supervisors of the District (“Board”), file a schedule of its regular meeting dates, times, and location either quarterly, semi- annually, or annually with the local governing authority and the Florida Department of Economic Opportunity; and

WHEREAS, the District is required by Section 189.069(13), Florida Statutes, to post the regular meeting dates, times, and locations on its official website, and cause the same to be published in a newspaper of general circulation; and

WHEREAS, all meetings of the Board shall be open to the public and governed by the provisions of Chapter 286, Florida Statutes.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT:

Section 1. Regular meetings of the Board of the District shall be held as provided on the schedule attached as Exhibit “A”.

Section 2. In accordance with Sections 189.015 (1), and 189.069(13), Florida Statutes, the District’s Secretary is hereby directed to file this resolution with the Miami-Dade County, Florida, publish a notice of the regular meeting dates, times, and locations in a newspaper of general circulation, and post the same on the District’s official website.

Section 3. This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 23rd DAY OF JULY, 2020.

THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

CHAIRPERSON
ATTEST:

SECRETARY/ASSISTANT SECRETARY

EXHIBIT “A”
BOARD OF SUPERVISORS MEETING DATES
THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT FOR FISCAL YEAR 2020/2021

October 22, 2020
January 28, 2021
April 22, 2021
July 22, 2021

All meetings will convene at 11:00 a.m. on the specified dates at 10850 SW 113th Place, Miami, FL 33176.

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Resolution 2020-04, Declaring Board Vacancies

RESOLUTION 2020-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT DECLARING A VACANCY IN SEATS 3 AND SEATS 4 OF THE BOARD OF SUPERVISORS PURSUANT TO SECTION 190.006(3)(b), FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, The Palace at Coral Gables Community Development District (“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

WHEREAS, on November 3, 2020, two (2) members of the Board of Supervisors (“Board”) are to be elected by “Qualified Electors,” as that term is defined in Section 190.003, Florida Statutes; and

WHEREAS, the District published a notice of qualifying period set by the Supervisor of Elections ; and

WHEREAS, at the close of the qualifying period, no one qualified to run for the two (2) seats available for election by the Qualified Electors of the District; and

WHEREAS, pursuant to Section 190.006(3)(b), Florida Statutes, the Board shall declare the remaining seats vacant, effective the second Tuesday following the general election; and

WHEREAS, Qualified Electors are to be appointed to the vacant seats within 90 days thereafter; and

WHEREAS, the Board finds that it is in the best interests of the District to adopt this Resolution declaring the seats available for election as vacant.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. The following seats are hereby declared vacant effective as of November 17, 2020:

Seat #3 (currently held by Zack Shaham) Seat #4 (currently held by Adam Rosenblum)

SECTION 2. Until such time as the District Board nominates Qualified Electors to fill the vacancy declared in Section 1 above, the incumbent Board Supervisors of those respective seats shall remain in office.

SECTION 3. This Resolution shall become effective upon its passage.

PASSED AND ADOPTED this 23rd day of July, 2020.

ATTEST:	THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Print Name: 		Chairperson

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

First Amendment to the Website Maintenance Agreement

FIRST AMENDMENT TO
AGREEMENT FOR WEBSITE AUDITING, REMEDIATION, AND MAINTENANCE SERVICES

THIS FIRST AMENDMENT TO AGREEMENT FOR WEBSITE AUDITING, REMEDIATION, AND MAINTENANCE SERVICES (“Amendment”),
is made and entered into by and between:

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT
DISTRICT, a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, with a mailing address of 12051 Corporate Boulevard, Orlando, Florida 32708 (the "District"),

and

NEWAGETUTORS   LLC, D/B/A  VGLOBALTECH,	a  Florida
limited liability company, with a mailing address of 636 Fanning Drive, Winter Springs, Florida 32708 (the "Contractor").

WITNESSETH:

WHEREAS, the District and the Contractor entered into an Agreement for Website Auditing, Remediation, and Maintenance Services dated October 1, 2019 (the “Agreement”); and

WHEREAS, the District desires to add additional website maintenance, hosting and e-mail support responsibilities to the Agreement, and the parties have agreed that the Agreement should be amended to include additional work by the Contractor, as set forth in Contractor’s proposal entitled “Website Maintenance Proposal for Palace @ Coral Gables CDD”, attached hereto and made a part hereof as Exhibit A (the “Proposal”).

NOW, THEREFORE, in consideration of the recitals, agreements and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

Section 1. Recitals.  The recitals stated herein are true and correct and by this reference are incorporated into and form a material part of this Agreement.

Section 2. Section 2 of the Agreement, Scope of Work, is hereby supplemented, revised and amended to include monthly maintenance, hosting and e-mail support of the District’s website, as set forth in the Proposal attached hereto and incorporated herein as Exhibit A.

Section 3.	Section 3 of the Agreement, Compensation, is hereby amended and replaced in its entirety with the following:

Section 3. Compensation. As compensation for the Services, the District agrees to pay Contractor in accordance with the following terms:

Maintenance. For Contractor’s performance of the website auditing, remediation and maintenance Services for ADA compliance, the District shall pay One Thousand Two Hundred Dollars ($1,200.00) per year, payable in quarterly installments of Three Hundred Dollars ($300.00). For Contractor’s performance of the website maintenance, hosting and e-mail support Services, the District shall pay One Thousand Two Hundred Dollars ($1,200.00) per year, payable in monthly installments of One Hundred Dollars ($100.00).

Invoices; Payment. Contractor shall maintain records conforming to usual accounting practices. Further, Contractor shall render each invoice to the District in writing, which shall be delivered promptly upon completion of each Service. Each invoice shall contain, at a minimum, the District’s name, Contractor’s name, the invoice date, an invoice number, an itemized listing of all costs billed on each invoice with a sufficient description of each allowing the District to approve each cost, the time frame within which the Services were provided, and the address or bank information to which payment is to be remitted. Consistent with Florida’s Prompt Payment Act, section 218.70, et al., Florida Statutes, the invoices shall be due and payable within forty-five
(45) days of receipt by the District.

Section 4.	In all other respects not specifically amended by this Amendment, the Agreement shall remain in full force and effect.

Section 5.	This Amendment shall be effective 	(the “Effective Date”).

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties execute this First Amendment and further agree that it shall take effect as of the Effective Date first above written.

Attest:	PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

By: 	

Secretary/Assistant Secretary	Chair/Vice-Chair

 	day of 	, 2020

NEWAGETUTORS LLC, D/B/A
VGLOBALTECH, a Florida limited liability company

 		By:  	
 		Print:	 Print Name		Title:   	 

 	day of 	, 2020

Print Name

EXHIBIT A

PROPOSAL

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Resolution 2020-05, Adopting the Fiscal Year 2021 Budget
And Appropriating Funds

RESOLUTION 2020-05

THE ANNUAL APPROPRIATION RESOLUTION OF THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGETS FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2020, AND ENDING SEPTEMBER 30, 2021; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2020, submitted to the Board of Supervisors (“Board”) of The Palace at Coral Gables Community Development District (“District”) proposed budgets (“Proposed Budget”) for the fiscal year beginning October 1, 2020 and ending September 30, 2021 (“Fiscal Year 2020/2021”) 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 July 23, 2020, 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 PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. BUDGET

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.

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.

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 Palace at Coral Gables Community Development District for the Fiscal Year Ending September 30, 2021.”

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 District, for Fiscal Year 2020/2021, 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	$ 	

DEBT SERVICE FUND (SERIES 2016 A)	$ 	

TOTAL ALL FUNDS	$ 	

SECTION 3. BUDGET AMENDMENTS

Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year 2020/2021 or within 60 days following the end of the Fiscal Year 2020/2021 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 23rd DAY OF JULY, 2020.

ATTEST:	THE PALACE AT CORAL GABLES COMMUNITY	DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:	 Its: 	

Exhibit A: Fiscal Year 2020/2021 Budget

EXHIBIT A
The Palace at Coral Gables Community Development District
Proposed Annual Operations & Maintenance Budget Fiscal Year 2021

	Actuals	Anticipated	Anticipated	FY 2020	FY 2021	
	Through	04/2020 -	FY 2020	Adopted	Proposed	
	6/30/2020	09/2020	Totals	Budget	Budget	
Revenues:			
Developer Contribution	     $36,576.04 $ 34,773.96 $ 71,350.00 $ 71,350.00 	$ 71,350.00	
Total Revenues	  $ 36,576.04 $ 34,773.96 $ 71,350.00 $ 71,350.00 	$ 71,350.00	

Expenditures:			
Insurance	$2,614.00	$	-	$	2,614.00	$ 3,000.00	$ 3,000.00	
Trustee Services	3,577.97	1,422.03	5,000.00	5,000.00	5,000.00	
Management	26,250.03	8,749.97	35,000.00	35,000.00	35,000.00	
Dissemination Agent	1,500.00	-	1,500.00	1,500.00	1,500.00	
District Counsel	4,842.50	10,157.50	15,000.00	15,000.00	15,000.00	
Reamortization Schedules	0.00	250.00	250.00	250.00	250.00	
Audit	4,500.00	1,000.00	5,500.00	5,500.00	5,750.00	
Travel and Per Diem	0.00	500.00	500.00	500.00	500.00	
Telephone	0.00	50.00	50.00	150.00	50.00	
Postage and Shipping	32.51	250.00	282.51	500.00	300.00	
Copies	0.00	200.00	200.00	250.00	200.00	
Legal Advertising	262.21	1,237.79	1,500.00	1,500.00	1,500.00	
Miscellaneous	70.00	180.00	250.00	250.00	250.00	
Website Maintenance	1,200.00	1,500.00	2,700.00	2,700.00	2,700.00	
Dues, Licenses, and Fees	175.00	75.00	250.00	250.00	350.00	
Total General & Administrative Expenses	  $ 45,024.22 $ 25,572.29 $ 70,596.51 $ 71,350.00 	$ 71,350.00	

Total Expenses	  $ 45,024.22 $ 25,572.29 $ 70,596.51 $ 71,350.00 	$ 71,350.00	

Net Income (Loss)	  $  (8,448.18)    $	9,201.67     $	753.49     $	-		$	-	

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Fiscal Year 2021 Budget Funding Agreement

DEVELOPER FUNDING AGREEMENT

This Developer Funding Agreement (the “Agreement”) is made and entered into this  	 day of 	, 2020 (the "Effective Date"), by and between:

THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT
DISTRICT, a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, being situated in Miami-Dade County, Florida, and whose mailing address is c/o PFM Group Consulting, LLC, 12051 Corporate Boulevard, Orlando, FL 32817 (the "District"); and

THE PALACE MANAGEMENT GROUP, LLC, a Florida limited liability company, the primary developer of lands within the boundaries of the District, whose address is 10850 SW 113th Place, Miami, Florida 33176, and its successors and assigns (the "Developer").

RECITALS

WHEREAS, the Developer is the owner of a ground leasehold estate and interest in certain lands located within the District (the “Leasehold Estate”); and

WHEREAS, the District, pursuant to the responsibilities and authorities vested in it by Chapter 190, Florida Statutes, desires to proceed with the discharge of its duties, including but not limited to its administrative and legal functions and its preparations to acquire, construct and deliver certain community development services, facilities, and improvements to serve the District, including without limitation a public component of a parking garage comprising 337 public parking spaces, onsite and offsite roadway and pedestrian improvements, onsite and offsite storm drainage system, water distribution system and sanitary system, all as such improvements are more specifically described in the plans and specifications on file at the offices of the District (collectively, the "Improvements"); and

WHEREAS, the Developer recognizes that in the District's discharging of said duties and responsibilities, certain benefits will accrue to the Leasehold Estate; and

WHEREAS, the Developer is agreeable to funding the operations of the District as called for in the annual fiscal year budget approved by the District Board of Supervisors, a copy of which is attached hereto and made a part hereof as Exhibit "A", as such budget may be amended from time to time (the "Budget"); and

WHEREAS, the Developer agrees and acknowledges that this Agreement shall be binding upon its successors and assigns;

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties hereinafter recited, the receipt and sufficiency of which is hereby acknowledged, the District and the Developer agree as follows:

The recitals stated above are true and correct and by this reference are incorporated by reference as a material part of this Agreement.

The Developer shall make available to the District the moneys necessary for any and all operating expenses incurred by the District during the fiscal year covered by the Budget. Such moneys shall be remitted by the Developer to the District within fifteen (15) days of written request by the District. The funds shall be placed in the District's general checking account and expended for the purposes stated herein.

The Developer shall make available to the District the moneys necessary for any and all maintenance, repair, reconstruction, and replacement of the District's Improvements incurred by the District during the fiscal year covered by the Budget. Such moneys shall be remitted by the Developer to the District within fifteen (15) days of written request by the District. The funds shall be placed in the District’s general checking account and expended for the purposes stated herein.

This Agreement constitutes the entire agreement between the parties relating to the subject matter of this Agreement. Amendments to and waivers of the provisions contained in this Agreement may be made only in writing which is executed by both of the parties hereto.

The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all the requirements of law, and each party has full power and authority to comply with the terms and provisions of this Agreement.

A default by either party under the Agreement shall entitle the other to all remedies available at law or in equity, which shall include but not be limited to the right of damages, injunctive relief and specific performance and specifically include the ability of the District to enforce any and all payment obligations under this Agreement through the imposition and enforcement of a contractual or other lien on the Leasehold Estate or other property owned by the Developer.

In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all costs incurred, including reasonable attorney's fees and costs for trial, alternate dispute resolution, or appellate proceedings.

This Agreement is solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or

claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns.

This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida.

This Agreement has been negotiated fully between the parties in an arm's length transaction. The parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.

This Agreement, or any monies to become due hereunder, may be assigned, provided that the assigning party first obtains the prior written consent of the other party, which consent shall not unreasonably be withheld.

The rights and obligations created by this Agreement shall be binding upon and inure to the benefit of the Developer and the District, their successors and assigns.

Whenever used the singular number shall include the plural, the plural the singular; the use of any gender shall include all genders, as the context requires; and the disjunctive shall be construed as the conjunctive, the conjunctive as the disjunctive, as the context requires.

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be executed by facsimile, which shall be good as an original, and may be detached from the counterparts and attached to a single copy of this document to physically form one document.

IN WITNESS WHEREOF, the parties hereto execute this Agreement and further agree that it shall take effect as of the Effective Date first above written.

Attest:	THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

By:  	

Secretary/Assistant Secretary	Chair/Vice Chair

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE}

 	 day of 	, 2020

The	foregoing	instrument	was	acknowledged	before	me	this	 		day	of
 	, 2020, by 	, as Chair/Vice Chair of the Board of Supervisors for THE PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT
DISTRICT, who is personally known and/or produced 	as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to his or her best knowledge.

[SEAL]
Notary Public Commission:

THE PALACE MANAGEMENT GROUP,
LLC, a Florida limited liability company

Witnesses:

By:	 Print Name: 	 

Print Name	Title:  	

Print Name (CORPORATE SEAL)

STATE OF FLORIDA	} COUNTY OF 	}

 	 day of 	, 2020

The	foregoing	instrument	was	acknowledged	before	me	this	 		day	of
 	, 2020, by 		, as 	of THE PALACE MANAGEMENT GROUP, LLC, a Florida limited liability company. He or she is personally known to me or has produced 	as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of his or her knowledge.

Notary Public
Commission:

{00008605.DOC v.1}
# #
/#7#/#

Exhibit "A" – Budget

{00008605.DOC v.1}
#

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Fiscal Year 2019 Audit

The Palace at Coral Gables Community Development District

FINANCIAL STATEMENTS

September 30, 2019

The Palace at Coral Gables Community Development District
Table of Contents September 30, 2019

REPORT
Independent Auditors’ Report ..............................................................................................	1
FINANCIAL STATEMENTS
Management’s Discussion And Analysis (required supplemental information) ..................	3
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position ..............................................................................................	8
Statement of Activities ...................................................................................................	9
Fund Financial Statements
Balance Sheet – Governmental Funds ...........................................................................	10
Reconciliation of the Balance Sheet of Governmental Funds to the Statement
of Net Position................................................................................................................	11
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds ......................................................................................................	12
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .........................	13
Notes to Financial Statements ..............................................................................................	14
Required Supplemental Information (other than MD&A)
Budget to Actual Comparison Schedule - General Fund ...................................................	23
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........................................	24
Management Letter ..............................................................................................................	26
Independent Accountants’ Report on Compliance with Section 218.415 Florida Statutes .	28

INDEPENDENT AUDITORS’ REPORT

To the Board of Supervisors
The Palace at Coral Gables Community Development District Miami-Dade County, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities and each major fund of The Palace at Coral Gables Community Development District (hereinafter referred to as “District”), as of and for the year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

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

Auditors’ Responsibility

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

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

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

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2019, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated June 25, 2020, on our consideration of the District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 25, 2020

Management’s Discussion And Analysis

The Palace at Coral Gables Community Development District
Management’s Discussion and Analysis

Our discussion and analysis of The Palace at Coral Gables Community Development District’s financial performance provides an overview of the District’s financial activities for the fiscal year ended September 30, 2019. Please read it in conjunction with the District’s financial statements, which begin on page 8.

FINANCIAL HIGHLIGHTS

At September 30, 2019, the liabilities and deferred inflows of resources of the District exceed its assets by approximately $1.26 million (deficit).

During the fiscal year ended September 30, 2019, the District paid principal and interest expenditures of $190,000 and approximately $443,000, respectively.

USING THE ANNUAL REPORT

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

Reporting the District as a Whole

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

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

The Palace at Coral Gables Community Development District
Management’s Discussion and Analysis

Reporting the District’s Most Significant Funds
Our analysis of the District’s major funds begins on page 5. The fund financial statements begin on page 10 and provide detailed information about the most significant funds – not the District as a whole. Some funds are required to be established by State law and by bond covenants. All of the District’s funds are governmental fund-types.
Governmental funds – All of the District’s basic services are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year- end that are available for spending. The governmental fund statements provide a detailed short-term view of the District’s general government operations and the basic services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs.

THE DISTRICT AS A WHOLE
The following table reflects the condensed Statement of Net Position and is compared to the prior year.

September 30,	2019	2018	Change	
Assets				
Current and other assets	$	917,645	$	842,828	$	74,817	
Capital assets, net	6,289,148	6,432,614	(143,466)	
Total assets	$	7,206,793	$	7,275,442	$	(68,649)	
Liabilities
Current liabilities	
$	394,028	
$	378,771	
$	15,257	
Other liabilities	8,061,889	8,262,663	(200,774)	
Total liabilities	8,455,917	8,641,434	(185,517)	
Deferred inflows of resources				
Deferred revenue	6,194	3,019	3,175	
Net position							
Net investment in capital assets		(1,339,428)		(1,386,736)		47,308	
Restricted for:							
Debt Service		45,647		8,550		37,097	
Unrestricted		38,463		9,175		29,288	
Total net position (deficit)		(1,255,318)		(1,369,011)		113,693	
Total liabilities, deferred inflows of resources, and net position	
$	
7,206,793	
$	
7,275,442	
$	
(68,649)	
For more detailed information, see the accompanying Statement of Net Position.

The Palace at Coral Gables Community Development District
Management’s Discussion and Analysis

During the fiscal year ended September 30, 2019, total assets and liabilities decreased by approximately $69,000 and $186,000, respectively. The decrease in assets is primarily a result of depreciation on capital assets. The decrease in liabilities is primarily due to the repayment of outstanding long-term bond principal.

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

Year ended September 30,	2019	2018	Change	
Revenues:
Program revenues: Charges for services	

$	361,523	

$	351,821	

$	9,702	
Grants and contributions	396,747	346,384	50,363	
Total revenues	758,270	698,205	60,065	
Expenses:				
General government	61,193	58,141	3,052	
Unallocated depreciation	143,466	143,466	-	
Interest	439,918	445,926	(6,008)	
Total expenses	644,577	647,533	(2,956)	
Change in net position	113,693	50,672	63,021	
Net position (deficit), beginning of year	(1,369,011)	(1,419,683)	50,672	
Net position (deficit), ending of year	$	(1,255,318)	$	(1,369,011)	$	113,693	
For more detailed information, see the accompanying Statement of Activities.

Revenues increased, while expenses decreased from the prior year by approximately $60,000 and
$3,000, respectively. The increase in revenues was primarily due to the increase in parking lot revenues. The decrease in expenses is mostly attributed to a decrease in interest expense. The overall result was a $113,693 increase in net position for the fiscal year 2019.

THE DISTRICT’S FUNDS
As the District completed the year, its governmental funds (as presented in the balance sheet on page 10) reported a combined fund balance of $870,318, which is an increase over last year’s balance that totaled $788,559. Significant transactions are discussed below.

The District paid principal and interest expenditures of $190,000 and approximately
$443,000, respectively.

The overall increase in fund balance for the year ended September 30, 2019 totaled approximately
$82,000.

The Palace at Coral Gables Community Development District
Management’s Discussion and Analysis

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2019, the District had approximately $6.3 million invested in capital assets (net of accumulated depreciation). This amount represents a decrease of approximately $143,000 from the fiscal year 2018 total.

A listing of capital assets by major category for the current and prior year follows:
September 30,	2019	2018	Change

Capital assets being depreciated

$	7,173,302	$

7,173,302	$	-

Accumulated depreciation	(884,154)	(740,688)	(143,466)

Net capital assets

$	6,289,148	$

6,432,614	$

(143,466)

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

Debt

At September 30, 2019, the District had approximately $8.2 million of bonds outstanding. This amount represents a decrease of $190,000 from the fiscal year 2018 total.

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

September 30,	2019	2018	Change	
Series 2011	$	8,245,000	$	8,435,000	$	(190,000)	
$	8,245,000	$	8,435,000	$	(190,000)	

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

The Palace at Coral Gables Community Development District
Management’s Discussion and Analysis

GOVERNMENTAL FUNDS BUDGETARY HIGHLIGHTS

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

The District experienced an unfavorable variance in revenues and a favorable variance in expenditures as compared to the budget in the amount of approximately $9,000. The variance in expenditures and related variance in developer contributions occurred primarily due to anticipated legal and insurance expenditures which were not incurred during the year.

FUTURE FINANCIAL FACTORS

The Palace at Coral Gables Community Development District is an independent special district that operates under the provisions of Chapter 190, Florida Statutes. The District operates under an elected Board of Supervisors, which establishes policy and sets assessment rates. Developer contribution amounts for fiscal year 2020 will be calculated to provide for the operations of the District as well as the necessary debt service requirements.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

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

Basic Financial Statements

The Palace at Coral Gables Community Development District
Statement of Net Position

September 30,	2019	

Assets		
Cash and cash equivalents	$	781,258	
Account receivable	117,840	
Interest receivable	114	
Due from developer	12,241	
Prepaid expenses	6,192	
Capital assets, net	6,289,148	

Total assets	
7,206,793	

Liabilities		
Accounts payable	12,023	
Accrued interest payable	182,005	
Non-current liabilities:		
Due within one year	200,000	
Due in more than one year	8,061,889	

Total liabilities	
8,455,917	

Deferred inflows of resources
Deferred revenue	6,194

Total deferred inflows of resources	6,194

Net position
Net investment in capital assets
Restricted for:	(1,339,428)	
Debt service	45,647	
Unrestricted	38,463	

Total net position (deficit)	$	(1,255,318)

The Palace at Coral Gables Community Development District
Statement of Activities

For the year ended September 30,

2019

Program Revenues

Net (Expense) Revenue and Changes in Net Position

Functions/Programs	

Expenses	
Charges for Services	Operating
Grants and	Governmental Contributions		Activities	
Primary government: Governmental activities:
General government	

$	(61,193)	

$	61,191	

$	-	$	(2)	
Unallocated depreciation	(143,466)	-	-	(143,466)	
Interest	(439,918)	300,332	396,747	257,161	

Total governmental activities	
$	
(644,577)	
$	
361,523	
$	
396,747	
113,693	

Change in net position	113,693

 Net position (deficit) - beginning of year	(1,369,011)

 Net position (deficit) - end of year	$ (1,255,318)

The Palace at Coral Gables Community Development District
Balance Sheet – Governmental Funds

September 30,		2019		
			Total	
			Governmental	
	General	Debt Service	Funds	
Assets
Cash and cash equivalents	
$	9,137	
$	772,121	
$	781,258	
Accounts receivable	-	117,840	117,840	
Due from developer	12,241	-	12,241	
Prepaid expenditures	6,192	-	6,192	
Other receivables	-	114	114	

Total assets	
$	27,570	
$	890,075	
$	917,645	

Liabilities, Deferred Inflows of Resources and				
Fund Balances
Liabilities
Accounts payable	

$	12,023	

$	-	

$	12,023	
Total liabilities	12,023	-	12,023	

Deferred inflows of resources				
Deferred revenue	6,194	29,110	35,304	
Total deferred inflows of resources	6,194	29,110	35,304	

Fund balances
Nonspendable		6,192		-		6,192	
Restricted for debt service		-		860,965		860,965	
Unassigned		3,161		-		3,161	
Total fund balances		9,353		860,965		870,318	

Total liabilities, deferred inflows of resources and fund balances	

$	

27,570	

$	

890,075	

$	

917,645	

The Palace at Coral Gables Community Development District Reconciliation of the Balance Sheet of Governmental Funds to the Statement of
Net Position

September 30,	2019	

Total fund balances, governmental funds	
$	870,318	
Capital assets used in governmental activities are not financial resources and therefore are not reported in the fund financial statements.	
6,289,148	
Liabilities not due and payable from current resources, including accrued interest, are not reported in the fund financial statements.	
(8,443,894)	
Revenues in the Statement of Activities that do not provide current financial resources are reported as deferred inflows of resources in the fund level financial statements.	

29,110	

Total net position (deficit) - governmental activities	
$	(1,255,318)	

The Palace at Coral Gables Community Development District Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds

For the year ended September 30,		2019		
			Total	
			Governmental	
	General	Debt Service	Funds	
Revenues
Developer contributions	
$	61,191	
$	300,332	
$	361,523	
Net parking revenues	-	412,886	412,886	
Interest and other revenues	-	2,006	2,006	
Total revenues	61,191	715,224	776,415	

Expenditures
Current:				
General government	61,193	-	61,193	
Debt service:
Principal	
-	
190,000	
190,000	
Interest	-	443,463	443,463	
Total expenditures	61,193	633,463	694,656	

Excess (deficit) of revenues over expenditures	

(2)	

81,761	

81,759	
Fund balances, beginning of year	9,355	779,204	788,559	

Fund balances, end of year	
$	9,353	
$	860,965	
$	870,318	

The Palace at Coral Gables Community Development District Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities

For the year ended September 30,	2019
Net change in fund balances - governmental funds	$	81,759

Depreciation on capital assets is not recognized in the fund financial
statements but is reported as an expense in the Statement of Activities.	(143,466)

Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net
Position.	190,000

Amortization of original issue premium is not recognized in the governmental fund statement but is reported as an expense in the
Statement of Activities.	774

The change in accrued interest between the current and prior year is

recorded on the Statement of Activities but not on the fund financial		
statements.	2,771	
Revenues previously reported in the Statement of Activities that did not provide current financial resources are reportedas revenues in the current period in the fund level financial statements.	

(47,255)	
Certain revenues that do not represent current financial resources are deferred on the fund level financial statements but are recognized as revenue in the government-wide Statement of Activities.	

29,110	

Change in net position of governmental activities	
$	113,693	

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 1: NATURE OF ORGANIZATION

The Palace at Coral Gables Community Development District (the “District”) was created on July 30, 2010 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes, by Miami-Dade County Ordinance #10-49. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

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

The District is governed by a Board of Supervisors (“Board”), which is comprised of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. As of November 6, 2018, certain Supervisor seats qualified for general election by the registered voters who reside in the District. A majority of the supervisors are affiliated with The Palace Management Group, LLC, the Developer. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the final responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

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

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Government-wide and Fund Financial Statements

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

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all the non-fiduciary activities of the primary government. Governmental activities, which normally are supported by assessments, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The business-type activities are reported separately in government-wide financial statements; however, at September 30, 2019, the District did not have any significant business-type activities. Therefore, no business-type activities are reported. Assessments and other items not properly included as program revenues (i.e., charges to customers or applicants who purchase, use, or directly benefit from goods or services) are reported as general revenues.

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

Measurement Focus, Basis of Accounting and Basis of Presentation

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

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

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

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

The District reports the following major governmental funds:

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

Debt Service Fund – The Debt Service Fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

For the year ended September 30, 2019, the District does not report any proprietary funds.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

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

Cash, Deposits and Investments

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

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

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

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Capital Assets

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

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

Property, plant and equipment of the primary government are depreciated using the straight-line method over the estimated useful lives. Estimated useful lives for financial reporting purposes are as follows: infrastructure- parking garage: 50 years.

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

Long-Term Obligations

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

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

Deferred Outflows/Inflows of Resources

In addition to assets, the statement of net position and/or balance sheet – governmental funds will sometimes include a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District does not have any of this type of item at September 30, 2019.

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In addition to liabilities, the statement of net position and/or balance sheet – governmental funds will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District has two items included in deferred revenues which qualify for reporting in this category. Deferred revenues represent contributions received from the developer relating to items considered expenditures of the next fiscal period and certain other revenues not received within 60 days after year end.

Fund Equity

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

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

Estimates

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

Budgets

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

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

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

NOTE 3: CAPITAL ASSETS

The following is a summary of changes in the capital assets for the year ended September 30, 2019:

Beginning
Balance	Additions

Transfers and Conveyances

Ending Balance

Governmental Activities:
Capital assets being depreciated		
Infrastructure- parking garage	$	7,173,302	$	-	$	-	$	7,173,302	
Total capital assets, being depreciated	7,173,302	-	-	7,173,302	

Less accumulated depreciation
Infrastructure- parking garage	

740,688	

143,466	

-	

884,154	
Total accumulated depreciation	740,688	143,466	-	884,154	

Total capital assets, being depreciated, net	
6,432,614	
(143,466)	
-	6,289,148	

Governmental activities capital assets, net	
$ 6,432,614	
$ (143,466)	
$	-	$ 6,289,148	

Depreciation expense of $143,466 at September 30, 2019 was unallocated on the Statement of Activities.

NOTE 4: BONDS PAYABLE

In July 2011, the District issued $9,470,000 of Special Assessment Revenue Bonds, Series 2011, with interest rates that range from 2.0% to 5.625%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is due semiannually on each May 1 and November 1. Principal on the Series 2011 Bonds is due serially commencing on May 1, 2013 through May 1, 2042.

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 4: BONDS PAYABLE (Continued)

Long-term liability activity for the year ended September 30, 2019, was as follows:

Governmental Activities
Bonds Payable:

Beginning
Balance	Additions	Reductions

Ending Balance

Due Within One Year

Series 2011

$	8,435,000	$

-	$ (190,000)

$  8,245,000	$

200,000

$	8,435,000	$

-	$ (190,000)

$  8,245,000	$

200,000

The balance of the long-term bonds at September 30, 2019 is summarized as follows:
September 30,	2019
Bond principal balance	$	8,245,000	
Add unamortized bond premium	16,889	
	$	8,261,889	

At September 30, 2019, the scheduled follows:	
debt service requirements on long-term debt were as	
			Total Debt	
Year Ending September 30,	Principal	Interest	Service	
2020	$	200,000	$	436,813	$	636,813	
2021	200,000	429,813	629,813	
2022	210,000	422,313	632,313	
2023	225,000	411,813	636,813	
2024	235,000	400,563	635,563	
2025-2029	1,365,000	1,814,313	3,179,313	
2030-2034	1,760,000	1,433,750	3,193,750	
2035-2039	2,315,000	892,969	3,207,969	
2040-2042	1,735,000	198,844	1,933,844	
	$	8,245,000	$	6,441,191	$	14,686,191	

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

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 4: BONDS PAYABLE (Continued)

The Bond Indenture requires that the District maintain adequate funds in the reserve account to meet the debt service reserve requirement as defined in the Indenture. The District was in compliance with the requirements at September 30, 2019.

NOTE 5: PUBLIC PARKING GARAGE REVENUE

The Developer leased certain property from the City of Coral Gables, Florida for the development of a multi-level parking facility ("Parking Garage"). A portion of the construction of the Parking Garage was funded by the District. Pursuant to a sublease between the City, the Developer, and the  District, 337 of the available 554 spaces in the Parking Garage comprise the public parking component. The District has leased these spaces from the Developer for 120 months, but the lease contains no obligation for the District to make any ongoing rent payments. The sublease term is consistent with the Master Lease term of 30 years.

In connection with the sublease, the District has entered into a separate agreement with the Developer to manage the public parking component of the Parking Garage. This agreement includes duties such as collection of parking revenues, maintenance of the parking areas, performance of accounting services, and employment of personnel for the operation of the public parking component. The Developer is required by the management agreement to pay the revenues generated by the public parking component to the District after deducting expenses including sales tax, credit card fees, a management fee and 60% of the shared operating expenses. During the year ended September 30, 2019, the Developer reported a total of $412,886 of net parking revenues to the District. A total of $117,840 is receivable at year-end as reflected on the accompanying Statement of Net Position and Balance Sheet – Governmental Funds.

NOTE 6: RISK MANAGEMENT

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

NOTE 7: MANAGEMENT COMPANY

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

The Palace at Coral Gables Community Development District
Notes to Financial Statements

NOTE 7: MANAGEMENT COMPANY (Continued)

Under the agreement, the District compensates the management company for management, accounting, financial reporting, and other administrative costs.

NOTE 8: CONCENTRATION

A significant portion of the District’s activity is dependent upon the continued involvement of the Developer, The Palace Management Group, LLC, the loss of which could have a material adverse effect on the District’s operations.

The Developer has agreed to fund the general fund operations of the District. In connection with that agreement, Developer contribution revenue for the year ended September 30, 2019 totaled
$61,191, of which $12,241 is recorded as due from developer on the accompanying Statement of Net Position and Balance Sheet - Governmental Funds.

In addition, the Developer as agreed to make available the moneys necessary for any and all operating expenses as well as any and all maintenance, repair, reconstruction and replacement of the District’s improvements. During the year ended September 30, 2019, the District recognized a total of $300,332 in revenue relating to these deficit funding requests. In addition as discussed more fully in Note 5, the Developer remitted $412,886 of net parking revenues to the District during fiscal year 2019.

NOTE 9: SUBSEQUENT EVENT

In March 2020, the World Health Organization made the assessment that the outbreak of a novel coronavirus (COVID-19) can be characterized as a pandemic. As a result, uncertainties have arisen that may have a significant negative impact on the operating activities and results of the District. The occurrence and extent of such an impact will depend on future developments, including (i) the duration and spread of the virus, (ii) government quarantine measures, (iii) voluntary and precautionary restrictions on travel or meetings, (iv) the effects on the financial markets, and (v) the effects on the economy overall, all of which are uncertain.

Required Supplemental Information (Other Than MD&A)

The Palace at Coral Gables Community Development District Budget to Actual Comparison Schedule – General Fund

For the year ended September 30,		2019		
	Original and		Variance with Final	
	Final Budget	Actual Amounts	Budget	

Revenues
Developer contributions	

$	70,150	

$	61,191	

$	(8,959)	
Total revenues	70,150	61,191	(8,959)	

Expenditures
General government	

70,150	

61,193	

8,957	
Total expenditures	70,150	61,193	8,957	

Excess (deficit) of revenues over				
expenditures	$	-	$	(2)	$	2	

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
The Palace at Coral Gables Community Development District Miami-Dade County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of The Palace at Coral Gables Community Development District (hereinafter referred to as the “District”), as of and for the year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated June 25, 2020.

Internal Control Over Financial Reporting

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

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

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

Compliance and Other Matters

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

Purpose of this Report

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

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 25, 2020

MANAGEMENT LETTER

To the Board of Supervisors
The Palace at Coral Gables Community Development District Miami-Dade County, Florida

Report on the Financial Statements

We have audited the financial statements of The Palace at Coral Gables Community Development District (“District”) as of and for the fiscal year ended September 30, 2019, and have issued our report thereon dated June 25, 2020.

Auditors’ Responsibility

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

Other Reports and Schedule

We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountants' Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those report, which are dated June 25, 2020, should be considered in conjunction with this management letter.

Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings or recommendations made in the preceding annual audit report.

Official Title and Legal Authority

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

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

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.

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

CARR, RIGGS & INGRAM, LLC
Miramar Beach, Florida June 25, 2020

INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Supervisors
The Palace at Coral Gables Community Development District Miami-Dade County, Florida

We have examined The Palace at Coral Gables Community Development District’s compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2019. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the District’s compliance based on our examination.

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

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

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2019.

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

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 25, 2020

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Legislative Memo

MEMORANDUM

TO:	District Manager

FROM:	Billing, Cochran, Lyles, Mauro & Ramsey, P.A. District Counsel

DATE:	July 13, 2020

RE:	2020 Legislative Update

As District Counsel, throughout the year we continuously monitor pending legislation that may be applicable to the governance and operation of our Community Development District and other Special District clients. It is at this time of year that we summarize those legislative acts that have become law during the most recent legislative session, as follows:

Chapter 2020-077, Laws of Florida (SB 1466). This legislation pertains to government accountability and amends Sections 189.031 and 190.007, F.S. to specify (i) those conditions under which board members and public employees of special districts and community development districts, respectively, do not abuse their public positions under Article II, section 8(h)(2) of the Florida Constitution when the board member or public employee commits an act or omission that is authorized under Sections 112.313 (7), (12), (15), or (16), or Section 112.3143(3)(b), and (ii) that an abuse of a board member’s position does not include any act or omission in connection with a vote when the board member has followed the procedures required by Section 112.3143. The act also amends Section 189.069, which requires special districts to maintain a website, to allow the district to provide a link to the district’s audit report on the Auditor General’s website rather than posting the audit report for the most recent completed fiscal year in its entirety, and removes the requirement that the public facilities report be posted on the website. The act clarifies that the agenda for each meeting or workshop shall be posted on the website for at least seven days prior to such meeting or workshop and removes the requirement that any meeting materials available in electronic format also be posted. This act takes effect on July 1, 2020.

Chapter 2020-155, Laws of Florida (HB 279). Special districts, counties, municipalities, and other political subdivisions are required to competitively bid projects to construct or improve a public building or structure if the projected cost of the project exceeds
$300,000 and for electrical work estimated to cost more than $75,000. This act provides direction with respect to calculating the estimated cost of a project for purposes of Section 255.20, Florida Statutes, by clarifying that the estimated project cost shall include all costs associated with performing and completing the work, including employee compensation and benefits, the cost of equipment and maintenance, insurance costs, and the cost of direct materials to be used in the construction of the project including those materials to be directly purchased by the local government, and other direct costs, plus a factor of 20% for management, overhead and other indirect costs. The act also amends Section 218.80, F.S., to require that local government issuing bid documents or other requests for proposals disclose in such documents a list of other governmental entities that may have additional permits or fees generated by the project.  If such

entities, permits or fees are not disclosed in the bidding documents or other requests for proposal or a contract between the local government and the contractor, such fee shall not be assessed or collected after the contract is let. The effective date of this legislation is July 1, 2020

Chapter 2020-127, Laws of Florida (HB 441/SB 506). This act pertains specifically to “continuing contracts” as that term is utilized in the Consultants’ Competitive Negotiation Act, Section 287.055, F.S. The act amends Section 287.055, F.S., to amend the definition of “continuing contract” with respect to contracts for professional services to authorize such contracts where the estimated construction cost of each individual project under the continuing contract does not exceed
$4 million (formerly $2 million) and where the fee for professional services for each individual study activity under the continuing contract does not exceed $500,000 (increased from $200,000 dollars). The act also amends Section 255.103 (4), F.S. to increase the threshold amount from $2 million to $4 million dollars for each project in which a governmental entity is authorized to enter into a continuing contract for construction management or program management. The effective date of this act is July 1, 2020.

Chapter 2020- , Laws of Florida (HB 101). This act amends Sections 218.735, 255.05 and 255.078, F.S., to change the amount of retainage that may be withheld from progress payments for any state and local government construction services contracts, including those in which a special district is a party. The law previously limited retainage that could be withheld to 10% per progress payment where the contract is more than $200,000. The law changes the maximum amount of retainage per progress payment to 5%. This act shall take effect on October 1, 2020.

Chapter 2020- , Laws of Florida (HB 7009). Florida voters approved Amendment  12 during the 2018 General Election, amending Article II, Section 8 of the Florida Constitution to provide a constitutional prohibition on public officers and public employees abusing their positions in order to obtain a “disproportionate benefit” for themselves or others. This legislation has the effect of reenacting provisions of the Florida Code of Ethics that provide penalties for violations of the Code of Ethics and further provides for statutory penalties applicable to Article II, Section 8 (h)(2) of the Florida Constitution. As a result, the Florida Commission on Ethics recently enacted rules implementing this provision and further defining “disproportionate benefit” as a benefit, privilege, exemption or result arising from an act or omission by public office or public employee inconsistent with the proper performance of his or her duties. The rule enacted by the Florida Commission on Ethics also describes the requisite intent for finding a violation of this provision if the public officer or public employee acted, or refrained from acting, with wrongful intent for the purpose of obtaining any benefit, privilege, exemption or result from the act or omission which is inconsistent with the proper performance of his or her public duties. The effective date of this legislation is December 31, 2020.

Chapter 2020-150, Laws of Florida (SB 664). This act pertains to employment eligibility and creates Section 448.095, F.S. to require public employers, contractors, and subcontractors to register with and use the E-Verify system to prohibit such entities from entering into a contract with a government entity unless each party to the contract registers with and uses the E-Verify system, and requires private employers to also verify the employment eligibility of newly hired employees beginning on a specified date. The requirements contained herein are scheduled to take effect on July 1, 2020. Our special district clients will need to include this E-

Verify requirement when entering into construction and service contracts and otherwise pursuant to this Section 448.095, F.S.

Chapter 2020-058, Laws of Florida, (HB 637/SB 1066). Impact fees are imposed by counties, municipalities and special districts to fund local public infrastructure that is needed to meet the demands accompanying population growth caused by development. Impact fees are imposed by ordinance and the impact fee amount is required to have a rational nexus to the need for additional capital facilities and to the expenditures of funds collected and the benefits accruing to the new construction. This act relates to impact fees and amends Section 163.318(01), F.S. to prohibit new or increased impact fees from applying to current or pending permit applications submitted prior to the effective date of an ordinance or resolution imposing a new or increased impact fee. Accordingly, this act limits the ability of a local government to increase impact fees when permit applications are submitted prior to the effective date of an ordinance or resolution imposing a new impact fee. The act further clarifies that impact fee credits are assignable and transferrable any time after the establishment from one development or parcel to any other that is within the same impact fee zone or impact fee district or that is within an adjoining impact fee zone or impact fee district within the same local government jurisdiction and receives benefits from the improvement or contribution that generated the credits. The effective date of this act is July 1, 2020.

Chapter 2020-119, Laws of Florida, (HB 579/SB 178). This act creates Section 161.551, F.S. and relates to the public financing of construction projects within the coastal building zone. The act requires sea level impact projection studies prior to the beginning of construction, requires the Department of Environmental Protection to develop study standards, publish studies on its website, enforce the requirements and adopt rules related thereto. This act appears to apply only to public entities that commission or manage construction projects utilizing funds appropriated from the State of Florida. This act is scheduled to take effect on July 1, 2020.

Chapter 2020-151, Laws of Florida (HB 1343/SB 712). This act makes numerous changes to current laws relating to water quality improvements, septic systems, basin management action plans, stormwater management, sanitary sewer overflows, and wastewater project plans. The act could result in an increase in the number of required site monitoring visits, water quality improvements costs, water quality monitoring, and monitoring of total maximum daily loads, and will likely primarily impact the development approval process. This act takes effect on July 1, 2020 and pertains primarily to the effort to reduce sewage and sewage related waste from being disposed of into the stormwater systems.

Chapter 2020- , Laws of Florida (SB 7004). This act relates to public records and amends Section 197.3225, F.S., to maintain the public record exemption for taxpayer email addresses, where such email addresses are held by tax collectors for certain tax notice purposes. This public records exemption was scheduled to expire on October 2, 2020, but that schedule for the repeal of this exemption has been removed. This act will take effect on October 1, 2020.

Chapter 2020-114, Laws of Florida (HB 5003). This act implements the 2020/21 General Appropriations Act, and contains provisions establishing the local government efficiency task force within the legislature to review the governance structure and function of local

governments and make recommendations on any changes that may be necessary to make such local governments more efficient. The legislation specifies the task force membership, authorizes the task force to conduct meetings, and requires the task force to submit a report to the Governor and the Florida Legislature by June 1, 2021. This act is effective July 1, 2020. It is unclear how this will affect special districts, but we will continue to monitor over the next year and will advise our special district clients accordingly.

Chapter 2020-021, Laws of Florida (SB 7018). This act pertains to essential state infrastructure and expands special treatment for the utility industry. Pursuant to Section 337.401, F.S., the Department of Transportation (DOT) and each local government having control of public roads or publicly owned rail corridors is authorized to prescribe and enforce reasonable rules and regulations pertaining to the placement and maintenance of utility facilities within the rights-of- way under its jurisdiction. This act expands the expedited permitting process to include right-of- way permits for electric, natural gas, water and sewer facilities, and other utilities. The Act also creates Section 338.236, F.S to allow for staging areas to be activated during a declared state of emergency at key geographic locations on Florida’s Turnpike system. The bill further promotes electric vehicle (EV) charging station infrastructure by providing for the establishment of a recommended plan for EV charging station infrastructure, requires the DOT to coordinate, develop, and recommend a master plan for the implementation of EV charging station infrastructure along the State Highway System. Finally, the bill addresses conservation easements to indicate that owners of land are not restricted from negotiating the use of lands traditionally used for agriculture that are the subject of a conservation easement for any private or public linear facility, right of access, and related appurtenances. The effective date of this legislation is July 1, 2020.

Chapter 2020- , Laws of Florida (HB 133). This act requires counties and permits municipalities to establish maximum rates for the towing and immobilization of vessels, as well as vehicles. The act further requires that tow-away zone notices be placed within ten (10) feet of the road, as defined in Section 334.03 (22), F.S. instead of within five (5) feet of the public right-of- way line, as was formerly permitted. This act becomes effective on October 1, 2020.

For convenience, we have included copies of the legislation referenced in this memorandum. We request that you include this memorandum as part of the agenda packages for upcoming meetings of the governing boards of those special districts in which you serve as the District Manager and this firm serves as District Counsel. For purposes of the agenda package, it is not necessary to include the attached legislation, as we can provide copies to anyone requesting the same. Copies of the above are also accessible by visiting this link: http://laws.flrules.org/.

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

Funding Request 110 – 112

Palace at Coral Gables CDD

Funding Request # 110
5/20/2020

Item		Invoice		
No.	Payee	Number	FY20	
1	ALM Media, LLC
Legal Ad 04/16/2020	

10000467370-0416	

$	129.93	
2	Billing, Cochran, Lyles, …
District Counsel thru 03/31/20	
161829	
$	500.00	
3	Carr, Riggs & Ingram
Second Billing Audit FY 2019	
16898951	
$	1,000.00	
4	Miami-Dade County
Cert. of registered voters	
--	
$	70.00	
5	PFM Group Consulting, LLC
District Management Fee Apr 2020	
DM-04-2020-0050	
$	2,916.67	
Website Fee Apr 2020	DM-04-2020-0051	$	100.00	
District Management Fee May 2020	DM-05-2020-0050	$	2,916.67	
Website Fee May 2020	DM-05-2020-0051	$	100.00	
6	VGlobal Tech
Quarterly ADA Audit	
1611	
$	300.00	
		$	8,033.27	
	TOTAL	$8,033.27	

Secretary/Assistant Secretary	Chairman / Vice Chairman

Oscar Roiz
The Palace Management Group LLC 11355 SW 84th Street
Miami, FL 33173
TEL.: 305-270-7010
Oscar@thepalaceus.com

Palace at Coral Gables CDD

Funding Request # 111
6/8/2020

Item		Invoice		
No.	Payee	Number	FY20	

1	ALM Media, LLC
Legal Ad 05/22/2020	

10000470930-0522	

$	65.00	
2	Carr, Riggs & Ingram
Third Billing Audit FY 2019	
16919079	
$	2,000.00	
3	Digital Assurance Certification, LLC
Dissemination Annual	
48832	
$	1,500.00	
4	PFM Group Consulting, LLC
Postage Feb. 2020	
OE-EXP-00748	
$	24.01	
Postage March 2020	OE-EXP-00795	$	1.50	
		$	3,590.51	
	TOTAL	$3,590.51	

Secretary/Assistant Secretary	Chairman / Vice Chairman

Oscar Roiz
The Palace Management Group LLC 11355 SW 84th Street
Miami, FL 33173
TEL.: 305-270-7010
Oscar@thepalaceus.com

Palace at Coral Gables CDD

Funding Request # 112
6/24/2020

Item		Invoice		
No.	Payee	Number	FY20	

1	Billing, Cochran, Lyles, …
District Counsel thru 04/30/20	

162250	

$	807.50	
District Counsel thru 05/31/20	162744	$	1,035.00	
2	PFM Group Consulting, LLC
District Management Fee June 2020	
DM-06-2020-0044	
$	2,916.67	
Website Fee June 2020	DM-06-2020-0045	$	100.00	
		$	4,859.17	
	TOTAL	$4,859.17	

Secretary/Assistant Secretary	Chairman / Vice Chairman

Oscar Roiz
The Palace Management Group LLC 11355 SW 84th Street
Miami, FL 33173
TEL.: 305-270-7010
Oscar@thepalaceus.com

PALACE AT CORAL GABLES COMMUNITY DEVELOPMENT DISTRICT

District’s Financial Position

Palace at Coral Gables	
Statement of Financial Position	
As of 6/30/2020	

General Fund

Debt Service
Fund

General Fixed Asset Group

Long-Term Debt Group

Total

$633,312.50	
11.37	
40.86	
$633,364.73	

Assets

Current Assets
General Checking Account
Accounts Receivable - Due from Developer Debt Service Reserve Bond
Revenue  Bond Parking Revenue Bond
Total Current Assets

$9,355.10	
8,449.68	

$17,804.78

 	

$9,355.10	
8,449.68	
633,312.50	
11.37	
40.86	
$651,169.51	

$0.00	$0.00

$9,353.60	
(8,448.18)	
860,964.38	
(227,599.65)	
7,173,300.00	
$0.00	$7,807,570.15	

$7,173,300.00	
$7,173,300.00	

Net Assets		
Net Assets - General Government	$9,353.60	
Current Year Net Assets - General Government	(8,448.18)	
Net Assets, Unrestricted		
Current Year Net Assets, Unrestricted		
Net Assets, Invd in Capital, Net of Debt		
Total Net Assets	$905.42	

  	

$633,364.73	$633,364.73	
7,411,635.27	7,411,635.27	
$8,045,000.00	$8,045,000.00	

Investments		
Amount Available in Debt Service Funds		
Amount To Be Provided		
Total Investments	$0.00	

$7,173,300.00	
$7,173,300.00	

$7,173,300.00	
$7,173,300.00	

Property, Plant & Equipment		
Other Fixed Assets (2013)		
Total Property, Plant & Equipment	$0.00	

$0.00	$0.00

	$0.00				$0.00		
Total Assets	$17,804.78		$633,364.73		$7,173,300.00		$8,045,000.00		$15,869,469.51	

Current Liabilities		
Accounts Payable	$8,449.68	
Deferred Revenue	8,449.68	
Total Current Liabilities	$16,899.36	

$8,449.68	
8,449.68	
$16,899.36	

$8,045,000.00	$8,045,000.00	
$8,045,000.00	$8,045,000.00	

Long Term Liabilities		
Revenue Bonds Payable LongTerm		
Total Long Term Liabilities	$0.00	

Liabilities and Net Assets

$0.00	$0.00	$0.00

	$0.00		$0.00		
Total Liabilities	$16,899.36		$0.00		$0.00		$8,045,000.00		$8,061,899.36	

$860,964.38	
(227,599.65)	

$633,364.73

Total Liabilities and Net Assets	$17,804.78	$633,364.73	$7,173,300.00	$8,045,000.00	$15,869,469.51

Palace at Coral Gables	
Statement of Activities	
As of 6/30/2020	

Revenues

General Fund

Debt Service
Fund

General Fixed Asset Group

Long-Term Debt
Group

Total

$200,000.00	
436,812.50	
$636,812.50	

$471.69	
$471.69	

$471.69	
$471.69	

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

$36,576.04	
173,936.93	
234,804.23	
$445,317.20	

$173,936.93	
234,804.23	
$408,741.16	

Developer Contributions	
Off-Roll Assessments	
Parking Garage Revenue	
Total Revenues	

$36,576.04

$36,576.04	$0.00	$0.00

$2,614.00	
3,577.97	
26,250.03	
1,500.00	
4,842.50	
4,500.00	
32.51	
262.21	
70.00	
1,200.00	
175.00	
200,000.00	
436,812.50	
$681,836.72	

Insurance	
Trustee Services	
Management	
Dissemination Agent	
District Counsel	
Audit	
Postage & Shipping	
Legal Advertising	
Miscellaneous	
Web Site Maintenance	
Dues, Licenses, and Fees	
Principal Payments	
Interest Payments	
Total Expenses	

Expenses

$2,614.00	
3,577.97	
26,250.03	
1,500.00	
4,842.50	
4,500.00	
32.51	
262.21	
70.00	
1,200.00	
175.00	

Other Revenues (Expenses) & Gains (Losses)	$45,024.22				$0.00		$0.00		
	$0.00				$0.00		$0.00		
Change In Net Assets	($8,448.18)		($227,599.65)		$0.00		$0.00		($236,047.83)	

Net Assets At Beginning Of Year	
$9,353.60		
$860,964.38		
$7,173,300.00		
$0.00		
$8,043,617.98	

Net Assets At End Of Year	

$905.42		

$633,364.73		

$7,173,300.00		

$0.00		

$7,807,570.15	

Palace at Coral Gables	
Budget to Actual	
For the Month Ending 06/30/2020	

Year To Date	
Actual	Budget	Variance	FY 2020
Adopted Budget	

Revenues	
Developer Contributions	
Net Revenues	

$36,576.04	$53,512.47	
$36,576.04	$53,512.47	

($16,936.43)	$71,350.00	
($16,936.43)	$71,350.00	

General & Administrative Expenses	
Insurance	
Trustee Services	
Management	
Dissemination Agent	
District Counsel	
Reamortization Schedule	
Audit	
Travel and Per Diem	
Telephone	
Postage & Shipping	
Copies	
Legal Advertising	
Miscellaneous	
Web Site Maintenance	
Dues, Licenses, and Fees	
Total General & Administrative Expenses	

$2,614.00	$2,250.00	
3,577.97	3,750.03	
26,250.03	26,250.03	
1,500.00	1,125.00	
4,842.50	11,250.00	
0.00	187.47	
4,500.00	4,124.97	
0.00	375.03	
0.00	112.50	
32.51	375.03	
0.00	187.47	
262.21	1,125.00	
70.00	187.47	
1,200.00	2,025.00	
175.00	187.47	
$45,024.22	$53,512.47	

$364.00	$3,000.00	
(172.06)	5,000.00	
0.00	35,000.00	
375.00	1,500.00	
(6,407.50)	15,000.00	
(187.47)	250.00	
375.03	5,500.00	
(375.03)	500.00	
(112.50)	150.00	
(342.52)	500.00	
(187.47)	250.00	
(862.79)	1,500.00	
(117.47)	250.00	
(825.00)	2,700.00	
(12.47)	250.00	
($8,488.25)	$71,350.00	

Total Expenses

Net Income (Loss)

 	$45,024.22 	$53,512.47	 	($8,488.25)	 	$71,350.00 ($8,448.18)		$0.00		($8,448.18)			$0.00