Remington Community Development District ANNUAL FINANCIAL REPORT
September 30, 2018

Remington Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2018 TABLE OF CONTENTS

Page Number
REPORT OF INDEPENDENT AUDITORS	1-2
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position	9
Statement of Activities	10
Fund Financial Statements
Balance Sheet – Governmental Funds	11
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	12
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	13
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	14
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	15
Notes to Financial Statements	16-29
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	30-31
MANAGEMENT LETTER	32-33
INDEPENDENT ACCOUNTANT’S REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	34

REPORT OF INDEPENDENT AUDITORS

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

Report on the Financial Statements

We have audited the accompanying basic financial statements of Remington Community Development District as of and for the year ended September 30, 2018, 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.

Auditor’s Responsibility

Our responsibility is to express an opinion 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. 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 auditor’s 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 opinion.

- 1 -

To the Board of Supervisors
Remington Community Development District

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District, as of September 30, 2018, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Governmental accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and budgetary comparison be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by 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 in accordance with governmental auditing standards generally accepted in the United States of America, which consisted principally of inquires of management regarding 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 a report dated May 13, 2019 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

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

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

May 13, 2019
- 2 -

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

OVERVIEW OF THE FINANCIAL STATEMENTS

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

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities  and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; net investment in capital assets, restricted, and unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

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

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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

The government-wide financial statement is designed to provide the reader with a broad overview of the District’s finances, in a manner similar to a private sector business. In the government-wide statement of net position, the governmental activities column is presented on a consolidated basis and is reported on a full-accrual economic resource basis, which recognizes all non-current assets and receivables as well as all non-current debt and obligations. The effect of interfund activity has been eliminated from the government-wide financial statements. In contrast, the governmental fund financial statements are grouped into funds to account for and to maintain control over resources that have been segregated for specific activities or objectives. The fund financial statements are presented using the current financial resources measurement focus and the modified accrual basis where as revenues are recorded when collected in the current period or within 60 days of year-end and expenditures are recorded when a liability is incurred. The difference between the two statements arises primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. A reconciliation of the government-wide and the fund financial statement is provided to illustrate these differences.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2018.

The District’s total assets exceeded total liabilities by $8,809,092 (net position). Unrestricted net position for Governmental Activities was $1,454,039. Net investment in capital assets was $7,149,773. Restricted net position was $205,280.

Governmental activities revenues totaled $1,738,040 while governmental activities expenses totaled $1,758,095.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

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

Net Position	
Governmental	
	Activities		
 	2018		2017	
Current assets	$	314,141	$	332,430	
Restricted assets	1,410,327	1,476,889	
Capital assets	 	
Total Assets	 		7,690,592  	 		8,137,381 	
	9,415,060  	 		9,946,700 	
Deferred amount on refunding	 	

Current liabilities	10,166  	 		30,498 	
	616,134	605,097	
Non-current liabilities	 		-  	 		542,954 	
Total Liabilities	 		616,134  	 		1,148,051 	
Net investment in capital assets	7,149,773	7,089,925	
Net position - restricted	205,280	196,263	
Net position - unrestricted	 		1,454,039 	 		1,542,959 	
Total Net Position	$	8,809,092	$	8,829,147	

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

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

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

Change in Net Position	
	Govern	mental	
	Activities
2018	
2017	
Program Revenues				
Charges for services	$ 1,728,850	$ 1,727,289	
General Revenues				
Miscellaneous revenues	4,720		5,441	
Investment earnings
Total Revenues	4,470

1,738,040		3,722
1,736,452	

Expenses				
General government	275,745		186,648	
Physical environment	1,419,304		1,473,474	
Interest on long term debt
Total Expenses	63,046

1,758,095		83,980
1,744,102	

Change in Net Position	
(20,055)		
(7,650)	
Net Position - Beginning of Year	 	8,829,147 	 		8,836,797 	
Net Position - End of Year	$ 8,809,092	$ 8,829,147	

The increase in general government expenses was primarily due to maintenance costs incurred in the current year.

The decrease in interest on long-term debt was primarily due to a decrease in the principal balance of the bonds.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of 2018 and 2017.

 	Description	 Land and improvements	

$	Government
 	2018	

755,075	al Ac

$	tivities
 	2017	

755,075	
Buildings and other improvements		1,159,828		1,159,828	
Infrastructure		16,249,259		16,156,678	
Equipment		13,609		-	
Accumulated depreciation
Total Capital Assets (Net)	
  $		 	(10,487,179)
7,690,592 	
  $		 	(9,934,200)
8,137,381 	

During the year, depreciation was $610,071 and additions to equipment was $13,609 and infrastructure was $185,163. Also, $92,582 was removed from infrastructure and $57,092 of associated accumulated depreciation was removed.

General Fund Budgetary Highlights

Actual governmental expenditures did not exceed budgeted expenditures for the year primarily because attorney fees and gate repair expenditures were less than anticipated.

The budget was amended to reflect lower actual expenditures than were anticipated in the original September 30, 2018 budget.

Debt Management

Governmental Activities debt includes the following:

On February 1, 2008, the District issued Series 2008-2 Term Special Assessment Revenue Refunding Bonds in two portions; $2,915,000 and $2,580,000, with fixed interest rates of 3.75% and 4%, respectively. These bonds were issued to refund the District’s outstanding series 1997A Special Assessment Bond. The balance outstanding at September 30, 2018 was $555,000. More detailed information about the District's  debt is presented in the accompanying notes to the financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Remington Community Development District does not expect any economic factors, other than the final principal payment on the outstanding bonds, to have any significant effect on the financial position or results of operations of the District in fiscal year 2019.

Request for Information

The financial report is designed to provide a general overview of Remington Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Remington Community Development District, Governmental Management Services, 135 W. Central Blvd, Suite 320, Orlando, FL 32801.

	Governmental
Activities	
ASSETS
Current Assets		
Cash	$	142,291	
Investments	122,050	
Due from other governments	11,024	
Prepaid expenses	 	38,776	
Total Current Assets	 	314,141 	
Non-Current Assets		
Restricted:		
Cash	739,648	
Investments	670,679	
Capital Assets Not Being Depreciated:
Land and improvements	755,075
Capital Assets Being Depreciated:
Buildings and other improvements	1,159,828	
Infrastructure	16,249,259	
Equipment	13,609	
Less: accumulated depreciation	 	(10,487,179)	
Total Non-Current Assets	 	9,100,919 	
Total Assets	 	9,415,060 	
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding	
 	10,166 	

LIABILITIES
Current Liabilities
Accounts payable and accrued expenses	55,899	
Accrued interest	9,250	
Bonds payable-current	 	550,985 	
Total Current Liabilities	 	616,134 	

NET POSITION
Net investment in capital assets	7,149,773	
Restricted for debt service	205,280	
Unrestricted	1,454,039	
Total Net Position	  $	8,809,092 	

	

Program Revenues		Net (Expenses) Revenues and Changes in
Net Position	
	Charges for		Governmental	
Functions/Programs		Expenses		Services		Activities	
Primary government							
Governmental Activities General government		
$	(275,745)		
$	302,405		
$	26,660	
Physical environment		(1,419,304)		848,551		(570,753)	
Interest and other costs		 	(63,046)		 	577,894 		 	514,848 	
Total Governmental Activities		  $	(1,758,095)		  $	1,728,850 		(29,245)	

General revenues:
Investment earnings	4,470	
Miscellaneous revenues	4,720	
Total General Revenues	 	9,190 	
Change in Net Position	(20,055)	
Net Position - October 1, 2017	 	8,829,147 	
Net Position - September 30, 2018	  $	8,809,092 	

BALANCE SHEET GOVERNMENTAL FUNDS
September 30, 2018

			G	overnmental Funds
Debt			
Total	
				Service	Capital		Governmental	
ASSETS

Cash	

$	General

142,291		Series 2008-2

$	-	$	Projects

-		Funds

$	142,291	
Investments		122,050		-	-		122,050	
Due from other governments		7,339		3,685	-		11,024	
Prepaid expenses		38,776		-	-		38,776	
Restricted assets:								
Investments, at fair value		-		210,845	459,834		670,679	
Cash		-		-	739,648		739,648	
Total Assets	$	310,456		
$	214,530	$	1,199,482		$	1,724,468	

LIABILITIES AND FUND BALANCES								
LIABILITIES								
Accounts payable and accrued expenses

FUND BALANCES	$	24,890		$	-	$	31,009		$	55,899	
Nonspendable - Prepaid expenses		38,776		-	-		38,776	
Restricted for debt service		-		214,530	-		214,530	
Committed for pavement management		-		-	1,168,473		1,168,473	
Unassigned
Total Fund Balances

Total Liabilities and Fund Balances	

$	246,790
285,566

310,456		- 214,530

$	214,530	$	- 1,168,473

1,199,482		246,790

1,668,569

$	1,724,468	

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2018

Total Governmental Fund Balances	$	1,668,569	
Amounts reported for governmental activities in the Statement of Net Position are different because:			
Capital assets not being depreciated (land and improvements) used in governmental activities are not current financial resources and therefore, are not reported
in the governmental funds.		

755,075	
Capital assets being depreciated (buildings and other improvements ($1,159,828), infrastructure ($16,249,259) and equipment ($13,609) net of accumulated depreciation ($(10,487,179))) used in governmental activities are not current financial resources and therefore, are not reported in the governmental funds.		

6,935,517	
Bond discount ($88,247), net of amortization ($(84,232)) used in governmental
activities are not current financial resources and therefore, are not reported in the funds		
4,015	
Long-term liabilities, including bonds payable and notes payable are not due and
payable in the current period, and therefore are not reported in the governmental funds.		
(555,000)	
Deferred charges on refunding ($223,415), net of accumulated amortization ($(213,249)) are not current financial resources and therefore, are not reported as assets in the governmental funds.		

10,166	
Accrued interest expense for long-term debt is not a current financial use and; therefore is not reported in the governmental funds.		
(9,250)	

Net Position of Governmental Activities	
  $		
8,809,092 	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
For the Year Ended September 30, 2018

Governmental Funds	
							Total	
				Debt Service	Capital		Governmental	
		General		2008-2	Projects		Funds	
Revenues								
Special assessments	$	1,150,956		$	577,894	$	-		$	1,728,850	
Miscellaneous revenues		4,720		-	-		4,720	
Investment earnings		2,308		806	1,356		4,470	
Total Revenues		1,157,984		578,700	1,356		1,738,040	
Expenditures								
Current								
General government		178,615		-	97,130		275,745	
Physical environment		773,743		-	-		773,743	
Capital outlay		-		-	198,772		198,772	
Debt service								
Principal		-		535,000	-		535,000	
Interest		-		43,600	-		43,600

1,826,860	
Total Expenditures		952,358		
578,600	295,902			
Excess of revenues over/(under) expenditures		205,626		100	(294,546)		(88,820)	
Other financing sources (uses)								
Transfers in		-		-	201,610		201,610	
Transfers out
Total other financing sources (uses)

Net change in fund balances		(201,610)
(201,610)		-

-	- 201,610		(201,610)

-	
		4,016		100	(92,936)		(88,820)	
Fund Balances - October 1, 2017		281,550		214,430		1,261,409		1,757,389	
Fund Balances - September 30, 2018	$	285,566		$	214,530	$	1,168,473		$	1,668,569	

See accompanying notes to financial statements.

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, 2018

Net Change in Fund Balances - Total Governmental Funds	$	(88,820)	
Amounts reported for governmental activities in the Statement of Activities are different because:			
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount of current year depreciation ($(610,071)) and loss on disposal ($(35,490))
in excess of capital outlay ($198,772).		

(446,789)	
Repayments of bond principal are expenditures in the governmental funds and reduce long-term liabilities in the Statement of Net Position.		
535,000	
Governmental funds report bond discounts as an expenditure. However, in the Statement of Activities, this cost is allocated over the life of the bond as amortization expense. This is the amount of amortization expense in the current period related to the bond discount.		

(8,031)	
Some expenses reported in the Statement of Activities do not require the use of current resources and therefore,  are not reported as expenditures in the governmental funds. This is the amount of amortization expense
in the current period related to the deferred amount on refunding.		

(20,332)	
In the Statement of Activities, interest is accrued on outstanding bonds; whereas in governmental funds, interest expenditures are reported when due. This is the change in accrued interest from the prior year.		

8,917	

Change in Net Position of Governmental Activities	
$	
(20,055)	

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2018

								Variance with	
								Final Budget	
		Original		Final				Positive	
		Budget		Budget		Actual		(Negative)	
Revenues									
Special assessments	$	1,137,222		$ 1,143,618		$ 1,150,956		$	7,338	
Miscellaneous revenues		5,000		4,720		4,720		-	
Investment earnings
Total Revenues		1,900
1,144,122		2,308

1,150,646		2,308

1,157,984		-

7,338	

Expenditures									
Current									
General government		183,477		182,595		178,615		3,980	
Physical environment Total Expenditures

Excess of revenues over/(under)		879,035
1,062,512		782,494

965,089		773,743

952,358		8,751

12,731	
expenditures

Other financing uses		81,610		185,557		205,626		20,069	
Transfers out
Net change in fund balances Fund Balances - October 1, 2017		(201,610)

(120,000)

120,000		(201,610)

(16,053)

16,053		(201,610)

4,016

281,550		- 20,069
265,497	

Fund Balances - September 30, 2018	
$	
-		
$	-		
$	285,566		
$	285,566	

See accompanying notes to financial statements.

Remington Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of Remington Community Development District (the “District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity
The District was established on February 28, 1994, pursuant to Osceola County Ordinance Number 94-2 and Chapter 190, Florida Statutes. 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 the infrastructure necessary for community development within its jurisdiction. The District is governed by a five-member Board of Supervisors who are elected for two and four year terms. The Board of Supervisors of the District exercises the powers granted to the District pursuant to Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Remington Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in GAAP as defined by the Governmental Accounting Standards Board, the District has not identified any discretely-presented component units.

Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (continued)

Government-wide Financial Statements

Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by special assessments. Program revenues include charges for services and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the Statement of Activities to present the net cost of each program

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as another financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

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 they are levied.

Fund Financial Statements

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 become measureable and available. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.	Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued)

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund  balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to the Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by the state constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – When restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation

Governmental Major Funds

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

Debt Service Fund 2008 Bonds – Accounts for debt service requirements to retire the special assessment revenue bonds which were used, among other things, to retire the debt of the bond anticipation notes and to finance the acquisition and construction of certain master infrastructure improvements within the District.

Capital Projects Fund – The Capital Projects Fund accounts for construction of certain infrastructure improvements within the boundaries of the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and buildings, and non-current governmental liabilities, such as general obligation bonds, be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Chapter 280, Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Cash and Investments (Continued)

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust Fund or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

Cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less held in a qualified public depository.

Restricted Assets

Certain net position of the District will be classified as restricted assets on the statement of net position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Capital Assets

Capital assets, which include primarily infrastructure (e.g. roads, sidewalks, and similar items), are reported in governmental activities in the government-wide financial statements.

The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost. 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 its useful life are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

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

Buildings and other improvements	5-30 years
Infrastructure	25-30 years
Equipment	5-10 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.

Deferred Outflows of Resources

In addition to assets and liabilities, the Statement of Net Position will sometimes included a separate section for deferred outflows of resources. These separate financial statement elements represent a consumption of or acquisition of net position that applies to a future period(s) and so will not be recognized as an expense or revenue until that time.

The District has one item qualifying as a deferred outflow of resources, deferred amount on refunding. This resulted from the difference in the carrying value of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of  the life of the refunded or refunding debt.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Net Position

Equity in the government-wide statement of net position is displayed in three categories:
1) net investment in capital assets, 2) restricted and 3) unrestricted. Net position investment in capital assets, consists of capital assets reduced by accumulated depreciation and by any outstanding debt incurred to acquire, construct, or improve those assets. Net position is reported as restricted when there are legal limitations imposed on their use by District legislation or external restrictions by other governments, creditors, or grantors. Unrestricted net position consists of all net position that does not meet the definition of either of the other two components.

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. Formal budgets are adopted for the general fund. The legal level of budgetary control is at the fund level. As a result, deficits in the budget variance columns of the accompanying financial statements may occur. All budgeted appropriations lapse at  year end.

Unamortized Bond Discount

Bond discounts are presented on the government-wide financial statements. The costs are amortized over the life of the bonds using the method of accounting. For financial reporting, the unamortized bond discount is netted against the applicable long-term debt.

NOTE	B	–	RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS

1. Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

“Total fund balances” of the District’s governmental funds, $1,668,569, differs from “net position” of governmental activities, $8,809,092, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the Governmental Fund Balance Sheet. The effect of the differences is illustrated as follows.

NOTE	B	–	RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)

Capital related items

When capital assets (improvements and infrastructure that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Land and improvements	$	755,075	
Buildings and other improvements	1,159,828	
Infrastructure	16,249,259	
Equipment	13,609	
Accumulated depreciation	    (10,487,179)	
Total	$	7,690,592 	

Deferred outflows of resources

Deferred outflows of resources applicable to the District’s governmental activities are not current financial resources and therefore, are not reported as assets in the governmental funds.

Deferred amount on refunding, net	$	10,166

Long-term debt transactions

Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities.  All liabilities are reported in the Statement of Net Position. Balances at September 30, 2018 were:

Bonds payable	$	(555,000)	
Bond discount costs, net	 	4,015	
Total	$	(550,985)	
Accrued interest

Accrued liabilities in the Statement	

of Net Position differ from the amount reported in	
governmental funds due to the accrued interest on bonds.

Accrued interest	$	(9,250)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities

The “net change in fund balances” for government funds, $(88,820), differs from the “change in net position” for governmental activities, $(20,055), reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.

Capital related items

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

Capital outlay	$	198,772	
Loss on disposal	(35,490)	
Depreciation	 	(610,071)	
Total	$	(446,789)	

Deferred outflows of resources

Amortization of deferred outflows of resources does not require the use of current resources and therefore, are not reported as expenditures in the government funds.

Amortization of deferred amount on refunding	$	(20,332)

Long-term debt transactions

Repayments of bond principal are reported as expenditures in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Bond principal payments	$	535,000	
Amortization of bond discounts	 	(8,031)	
Total	$	526,969	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

2. Explanation of Differences Between the Governmental Fund Operating Statements  and the Statement of Activities (Continued)

Long-term debt transactions (Continued)

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.

Net decrease in accrued interest payable	$	8,917

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District follows the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2018, the District's carrying value was
$881,939 and the bank balance was $887,934. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

As of September 30, 2018, the District had the following investments and maturities:

 	Investment			Maturities		Fair Value	
Managed Money Market Accounts		N/A		$	670,679	
Florida Prime		33 days*		116,738	
First American Treasury Obligation Cl Z		31 days*		 	5,312 	
Total				$	792,729	
* Weighted Average Maturity

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Custodial Credit Risk (Continued)

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.

Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investments in Managed Money Market Accounts and First American Treasury Obligation Cl Z are Level 1 assets.

Interest Rate Risk

The District does not have a formal investment policy for addressing interest credit risk; however, investments are made with discretion, to seek reasonable returns, preserve capital, and in general, avoid speculative investments. The District manages its exposure to declines in fair values from interest rate changes by reviewing the portfolio on an ongoing basis for changes in effective yield amounts.

Custodial Credit Risk

The District has no investment policy that would further limit its investment choices. Concentration of Credit Risk
The District places no limit on the amount it may invest in any one investment. The investments in Managed Money Markets are 84% and in Local Government Surplus Funds are 15% of the District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2018 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – CAPITAL ASSETS

Capital Asset activity for the year ended September 30, 2018 was as follows:

	Balance			Balance	
	October 1,			September 30,	
	 	2017		    Additions		    Deletions		 	2018		
Governmental Activities:					
Capital Assets, Not Being Depreciated:					
Land and improvements
Total Capital Assets, Not Depreciated	  $	755,075 
 	755,075 	  $	- 
 	- 	  $	- 
 	- 	  $	755,075 
 	755,075 	
Capital Assets, Being Depreciated:					
Infrastructure	16,156,678	185,163	(92,582)	16,249,259	
Building and other improvements	1,159,828	-	-	1,159,828	
Equipment
Total Capital Assets, Being Depreciated	 	- 
    17,316,506 	 	13,609 
198,772	 	- 
(92,582)	 	13,609 
17,422,696	
Less Accumulated Depreciation For:					
Infrastructure	(9,331,769)	(553,285)	57,092	(9,827,962)	
Building and other improvements	(602,431)	(55,425)	-	(657,856)	
Equipment
Total Accumulated Depreciation Total Capital Assets Depreciated, Net	 	- 
 	(9,934,200)
 	7,382,306 	 	(1,361)
 	(610,071)
 	(411,299)	 	- 
 	57,092 
 	(35,490)	 	(1,361)
 	(10,487,179)
 	6,935,517 	
Governmental Activities Capital Assets	  $ 8,137,381 	  $ (411,299)	   $	(35,490)	  $	7,690,592 	

Depreciation of $610,071 was allocated to physical environment.

NOTE E – LONG-TERM DEBT

On February 1, 2008, the District issued Series 2008-2 Term Special Assessment Revenue Refunding Bonds in two portions; $2,915,000 and $2,580,000, with fixed interest rates of 3.75% and 4%, respectively. These bonds were issued to refund the District’s outstanding series 1997A Special Assessment Bond. Interest is paid semiannually on each May 1 and November
1. Principal is paid serially commencing May 1, 2008 through May 1, 2019.

The following is a summary of debt activity for the District for the year ended September 30, 2018:

Bonds principal at October 1, 2017	$	1,090,000	
Principal payments	 	(535,000)	
Bond principal balance at September 30, 2018	555,000	
Less: unamortized discount	 	(4,015)	
Bonds payable, net at September 30, 2018	$	550,985 	

NOTE E – LONG-TERM DEBT (CONTINUED)

The annual requirements to amortize the principal and interest of long term debt as of September 30, 2018 are as follows:

Year Ending	
 	September 30,		Principal	Interest	Total

2019	$	555,000	$	22,200	$	577,200	

Summary of Significant Bonds Resolution Terms and Covenants SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2008
The Bond Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2018.

In addition, the Bond Indenture requires the District to maintain adequate funds in the reserve account to meet the debt service reserve requirement as defined in the Indenture. The reserve requirement for the 2008 Series Special Assessment Refunding Bond has been met by the District through the utilization of insurance

NOTE F – RISK MANAGEMENT

The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. Coverage may not extend in all situations.  Management  believes such coverage is sufficient to preclude any significant uninsured losses to the District.

NOTE G – MANAGEMENT COMPANY

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

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

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

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Remington Community Development District, as of and for the year ended September 30, 2018, and the related notes to the financial statements, and have issued our report thereon dated May 13, 2019.

Internal Control Over Financial Reporting

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

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

Our consideration of internal control over financial reporting 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.

- 30 -

Board of Supervisors
Remington Community Development District

Compliance and Other Matters
As part of obtaining reasonable assurance about whether Remington Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants
Fort Pierce, Florida May 13, 2019

- 31 -

MANAGEMENT LETTER

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

Report on the Financial Statements

We have audited the financial statements of the Remington Community Development District as of and for the year ended September 30, 2018, and have issued our report thereon dated May 13, 2019.

Auditor’s Responsibility

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

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated May 13, 2019, 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 financial audit report. There were no findings or recommendations in the preceding audit.

Financial Condition and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Remington Community Development District has met one or more of the conditions described  in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In  connection with our audit, we determined that Remington Community Development District did not meet any of the conditions described in Section 218.503(1) Florida Statutes.

- 32 -

To the Board of Supervisors
Remington Community Development District

Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Remington Community Development District. It  is management’s responsibility to monitor the Remington Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2018.

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 warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.

Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida May 13, 2019

- 33 -

INDEPENDENT ACCOUNTANT’S REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

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

We have examined Remington Community Development District’s compliance with Section 218.415, Florida Statutes during the year ended September 30, 2018. Management is responsible for Remington Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Remington Community Development District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Remington Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Remington Community Development District’s compliance with the specified requirements.

In our opinion, Remington Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2018.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida May 13, 2019

- 34 -