Hollywood Beach
Community Development District I
May 4, 2020

Community Dev·el  opment D1istrict

Hollywood Beach CDD I
5385 N. Nob Hill Road, Sunrise, Florida 33351 Phone: 954-721-8681 - Fax: 954-121-9202

April 24, 2020

Board of Supervisors Hollywood Beach CDD I
Community Development District

Dear Board Members:

A communications media technology meeting of the Board of Supervisors of the Hollywood Beach I Community Development District will be held on May 4, 2020 at 10:00 a.m. In accordance with Office of the Governor, Executive Order 20-69 (Emergency Management - COVID-19 - Local Government Public Meetings), authorizing the use of communications media technology, such as telephonic conferencing, as provided in Section 120.54(5)(b)2, Florida Statutes, the Board of Supervisors and members of the public may attend and participate in the meeting utilizing the following call-in information: from your computer, tablet or smartphone go to: https://global.gotomeeting.com/join/265688989   or by dialing +1 (872) 240-3212 and Access Code: 265- 688-98 and are further encouraged to submit comments or questions in advance of the meeting by email to info@gmssf.com or by telephone by calling 954-721-8681. Following is the advance agenda for the meeting:

Roll Call

Approval of the Minutes of the December 5, 2019 Meeting

Consideration of Resolution #2020-05 Approving the Proposed Fiscal Year 2021 Budget and Setting the Public Hearing - a copy of the budget will be provided under separate cover as soon as available

Acceptance of Audit for Fiscal Year Ending September 30, 2019

Discussion and Updates on Refinancing
A	COD Estimate of Infrastructure Replacement Costs

Garage Manager Capital Reserve Estimate

Staff Reports
A Attorney

Engineer

Manager - Number of Registered Voters in the District- O

Financial Reports
A Approval of Check Run Summary

B. Balance Sheet and Income Statement

Supervisors Requests and Audience Comments

Adjournment

Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.hollywoodbeachcddl.com 

MINUTES OF MEETING HOLLYWOOD BEACH
COMMUNITY DEVELOPMENT DISTRICT I

The special meeting of the Board of Supervisors of the Hollywood Beach Community Development District I, was held on Monday, December 9, 2019 at 10:00
a.m. at City of Hollywood City Hall, 2600 Hollywood Blvd., Hollywood, Florida 33020

Present and constituting a quorum were:

Robert Auerbach Gus Zambrano Bruce Holdsworth Tom Barnhorst Hiram Hernandez

Chairman Vice Chairman
Assistant Secretary Assistant Secretary Assistant Secretary

Also present were:

Rich Hans Vanessa Steinerts Bob Gang
Cate Farmer Robert Gall Wes Bradish

District Manager District Counsel Bond Counsel
Margaritaville Hollywood Beach Hotel Ziegler Investment Banking
Ziegler  Investment Banking

FIRST ORDER'OF BUSINESS	Roll Call
Mr. Hans called the meeting to order and stated we have a quorum.

SECOND  ORDER OF BUSINESS	Organizational Matters
Consideration of Appointment of Supervisor to Unexpired Term of Office (Seat #2 -11/2021)
Mr. Hans: Moving on, we do have organizational matters, consideration of an appointment for a Supervisor to fill the unexpired term of seat #2 on the agenda. If the Board has somebody they would like to appoint we can take that item up at this point.
Mr. Holdsworth: I would like to motion to have Hiram Hernandez to occupy seat
#2.

On MOTION by Mr. Holdsworth seconded by Mr. Barnhorst with all in favor, appointing Hiram Hernandez to fill the unexpired term of office, seat #2 expiring November, 2021 was approved.

I

Oath of Office for Newly Appointed Supervisor
Mr. Hans: So, the first thing we need to do is administer the oath of office, and you can come up to the table. So, you just need to raise your right hand, and as a notary I'll administer the oath, and you would state your name for the record and at the end swear or affirm, so "I".
Mr. Hernandez: "Hiram Hernandez."
Mr. Hans: A resident of the State of Florida and citizen of the United States of America, being a Supervisor of the Hollywood Beach Community Development District I and recipient of public funds on behalf of the District, do hereby solemnly swear or affirm that I will support the Constitution of the United States and of the State of Florida, and will faithfully, honestly, and impartially discharge the duties devolving upon me in the office of Supervisor of the Hollywood Beach Community Development District I, Broward County, Florida.
Mr. Hernandez: "I do."
Mr. Hans: So, if you would just fill that out and at the end of the meeting I'll get it back from you and notarize it. I also have a packet here for you, and basically, I'm going to give you a form and it looks like I'll have to send it by email to you but it's a statement of financial interest form. It gets filled out and submitted to the Supervisor of Elections within 30 days of today, the date that you've been appointed, and if you live in Broward County it goes to Broward County, and these are the addresses that they would go to, and they have email addresses now and you can send it by email, so we'll give you that information. Anything that comes before this Board, you should not be discussing with other Board members outside of these Board meetings. These meetings are all open to the public, they're advertised for the purpose of taking actions on items relating to the Hollywood Beach COD 1, so outside of a meeting you shouldn't be discussing items with other Board members. I'll give you a booklet, there's a Sunshine Law pamphlet that explains the Sunshine Law which we operate under, pretty much like city council has to do. All our records are open to the public, there's a public records request, and you can

just refer it to my office because we'll have copies of all the documents and anything that's going on with the District, you just have to forward the request to my office. I think that covers the basics, unless you have anything Vanessa.
Ms. Steinerts: Basically you're now officially a public official, this is a public Board, so all the rules that apply to any other governmental official, city commission, county commission, also apply to this Board, so that means as Rich stated, no discussion about Board business outside of a Board meeting, no texting, emailing, Facebook comments, anything that has to do with the District to another Board member can be discussed and again the public records and ethics. There are provisions in the Florida Ethics Law that state if you have a conflict between your personal work, or your personal situation and any Board business it has to be disclosed. A notice has to be filed in writing and you would have to abstain from voting in that case. I can go over some more of these things with you if you would like, separately, and I can give you my card if you have any questions when you receive the packet from Rich, you can call me as well.
Mr. Hernandez: Ok, thank you, understood. Ms. Steinerts: Ok.

Election of Officers
Mr. Hans: Then we have election of officers, whenever we do have a change or appointment to our Board, we need to address our officers. Currently we have Bob Auerbach as chairman, Guz Zambrano is vice chairman, Tom Barnhorst is an assistant secretary, Bruce Holdsworth is an assistant secretary, Patti Powers, treasurer, myself, Rich Hans, secretary, Lisa Derryberry, assistant secretary. If you want to make any changes to that you can, but if you want to just keep the same slate and just add in Hiram as an assistant secretary that would be appropriate, we would just need a motion to that nature.
Mr. Holdsworth: Motion to keep it the same.
Mr. Hans: And just add Hiram as an assistant secretary?
Mr. Holdsworth: Yes, add Hiram to the open seat as an assistant secretary.

On MOTION by Mr. Holdsworth seconded by Mr. Zambrano with all in favor, election of officers, keeping the existing slate of officers and adding Hiram Hernandez as an assistant secretary was approved.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the
November 5, 2019 Meeting
Mr. Hans: Moving on to item No. 3 which is the approval of our minutes from our November 5 meeting. If anyone has any comments, corrections or additions we can take those, and if not, a motion accepting the minutes would be in order.

On MOTION by Mr. Zambrano seconded by Mr. Holdsworth with all in favor, the Minutes of the November 5, 2019 Meeting were approved.

FOURTH ORDER OF BUSINESS	Discussion
Matters

of	Financing

Consideration of Engineers Report
Consideration of Assessment Methodology Report
Consideration of Resolution #2020-03 Declaring Special Assessments
Consideration of Resolution #2020-04 Calling for a Public Hearing to Impose Special Assessments
Mr. Hans: Next we have discussion of financing matters and we can look at two of the items on here, we're probably going to hold off a little bit on the action resolutions because of the fact that in order to refinance the bonds the city has to be on board and give their blessing and their approval and there's a lot of documents that are in place for this District, and it's being looked at currently. We have no indication either way really but they're looking at it, so the two things that are in here that we can kind of look at is, there's an engineer's report, and the engineers report is the original engineers report for the project, and there was a certificate back in 2015 I believe it was, basically accepting the project complete, everything that was in the engineers report has been constructed in there, and there's approximately $28 million dollars worth of improvements, $28,394,535 of improvements that were spent on the public portion of the garage. So, there's really no action on that. Then the assessment methodology which is in your packet, it's a supplemental assessment methodology and the easiest way to look at it is if you go back to the tables, and that's under tab B in section 4. The tables basically show you the land

use and that goes by what was planned for the hotel, and the counts and square footage. Then table 2 is what the new bond sizing would look like under  current  estimated conditions, we'd need approximately $39,000,000 in bonds to pay off the bonds that.are currently outstanding at an interest rate, and this is using a 4% interest rate and 26 years, and these are the numbers that were provided by Ziegler.
Mr. Bradish: And that's sort of the worse case scenario,  assuming  if  the  city couldn't get comfortable providing the credit  backstop  that  they  currently  have,  that's what the numbers would look like, so that's sort of that worse case scenario, that  we showed at the previous meeting, just to be conservative.
Mr. Hans: Right, and you can see on table 3 what it's showing is that, there are
$34,730,000 worth of bonds that are currently outstanding to refinance the issues we're going to have to increase the principal amount to $39,990,000. Basically we're getting a much better interest rate but there is a call protection period, so the bonds would have to be prefunded for a couple of years of interest that you'd have to pay at this time, but the annual interest, the debt service payment would go from $2,700,000 down to $2,528,000, so it's a pretty significant annual savings. Then the last table shows there's 3 folios that are within the boundaries of the COD and that the assessments would be spread over those 3 parcels on a per acre basis. So, if there are any questions or discussions on those we can take them, but we're not really taking any action today until we know for certain what we're going to be doing, but if there are any questions or discussions we can take those now. I don't know if you want to explain the resolutions that we may be seeing?
Ms. Steinerts: Yes, in your packet you have a couple of resolutions, the first one, resolution #2020-03 is a resolution relating to the refunding  of  outstanding  2014 bonds  that are currently in place, it reiterates the improvements that the  original  bonds  had funded and provides what the special assessment would be with the refunding. It's a requirement under the Statutes that you pass this resolution so that all the part of the refunding and the improvements and the assessment and how they're allocated to the properties that are benefited are applied, and that's what this resolution would be. It also directs that a public hearing be set which is the resolution following  that, which is #2020-  04, which sets forth for the public hearing to be held at a certain date and advertise in the newspaper and all the requirements under the law. The methodology report is also

attached to resolution #2020-03, so what you're seeing that was presented by Rich for the assessment methodology would be formalized through the resolution as well, so the Board would adopt that. So if there are any questions now would be a good time to bring that up, otherwise, that would be what is attached to the resolution for further review of the Board, and the issue with these resolutions at this time is, if they're passed now a newspaper advertisement would be printed and go forward, we technically don't have the approval of the City of Hollywood. Under the interlocal agreement between the District and the City of Hollywood, if the original bonds were to be refinanced in any way, city approval is required. So, we are talking with the city but we haven't received the official approval yet.
Mr. Hans: Alright, thank you, so that's where we are.

Consideration of Engagement Letters for Financing Team
Greenberg Traurig to serve as Bond Counsel
Ziegler to serve as Underwriter
Akerman to serve as Counsel to Ziegler
Mr. Hans: A couple of things that we can approve right now under the financing matters, there are professionals that need to be engaged, and most of their fees are contingent on the bond issuance, so these can get put in place, although there may be some bond counsel work that's being done that is not necessarily going to be contingent and the first one on here is our Greenberg Traurig to serve as bond counsel and Bob Gang is here to discuss his engagement.
Mr. Gang: Yes, thank you. We were the bond counsel on the original financing, and we have been doing a pretty deep dive into the history of it and with the underwriters to determine  if it can be refinanced  on a tax exempt  basis, and there  are some issues
that we would work I with the manager of the garage to make sure that it can be done because you have an issuer who controls essentially 4 seats on  the Board, and the key
contract that the issuer has with the manager is the garage management agreement. So, we just have to make sure that we document it correctly and if we need to make any modifications, or if we need to in the future in voting on the management agreement, if members who have a potential conflict need to obtain from voting, so those are issues that we'll deal with at the time, but we're, as I say I, as the bond side and my tax department  have been doing a pretty deep dive until it was said here today, we're ready

December 9, 2019	Hollywood Beach CDD I

to move forward as Vanessa pointed out, that interlocal agreement requires city approval before we even do anything.
Mr. Hans: Just one clarification, I think we have 3 Board members, not 4 that are affiliated, Bob you don't have any affiliation with the garage at this time, right?
Mr. Auerbach: Right.
Mr. Hans: Then we have Gus from the city, so it's actually 3. Mr. Gang: Right, 3 with Hiram.
Mr. Hans: Yes.
Mr. Gang: Ok, alright.
Mr. Hans:	So, if there aren't any questions, anymore for Bob, then a motion accepting his engagement letter would be in order.

On MOTION by Mr. Zambrano seconded by Mr. Auerbach with all in favor, accepting the engagement letter with Greenberg Traurig to serve as bond counsel was approved.

Mr. Hans: Then item #2 you have an engagement letter from Ziegler to serve as the underwriter, and we have Wes here today.
Mr. Bradish: Yes, it's pretty straight forward, and thanks Rich. Rob and myself are here, obviously representatives of Ziegler as Rich said. Our fee is proposed in here, it's contingent upon new bonds being sold, so the District will not be out any expenses. It's for some reason we weren't able to get to market, so really just a lot of legalese that explains we're not a municipal adviser, nor an underwriter of a transaction which Rob was on the previous 2014 transaction that was done to finance the garage. So, we're happy to answer any questions but other than that it's pretty straight forward.
Mr. Hans: So just a motion to accept their engagement letter would be in order.

On MOTION by Mr. Holdsworth seconded by Mr. Auerbach with all in favor, accepting the engagement letter with Ziegler to serve as underwriter was approved.

Mr. Hans: Then an additional one that was added is our Akerman Senterfitt was attached to the loose agendas, if you look behind those loose agendas I passed out, it's

right behind that, I think everyone has a copy of that. I'm sorry they're no longer Akerman Senterfitt, just Akerman.

Mr. Gall: Akerman would serve as underwriter's counsel, representing Ziegler and Ackerman serves as the previous underwriter's counsel with my prior underwriter, so we're trying to keep the legal team consistent with both District counsel, bond counsel and underwriter's counsel to keep all the knowledge intact, so that's the background, and again, similar to our fee and Greenberg's fee, so the majority of their fee is contingent on the deal happening. At least this way we can all officially advise you all and help work with the deal on the city to work through any questions they have.
Mr. Hans: If there are any questions or concerns, we can take those, and if not, a motion accepting the Ackerman engagement letter would be in order.

On MOTION by Mr. Holdsworth seconded by Mr. Barnhorst with all in favor, accepting the engagement letter with Akerman to serve as counsel to Zieglerwas approved.

Mr. Gang: Just so I have it correct here, who is affiliated with the garage management?
Mr. Hans: Thomas, Bruce and Hiram. Mr. Gang: Ok.

FIFTH ORDER OF BUSINESS	Staff Reports
Mr. Hans: So, under staff reports, anything additional Vanessa for us today?

Attorney
Ms. Steinerts: No, we just need to determine if we will need an additional meeting to move forward with the resolutions, or we're on track for our next scheduled meeting, which I'm not sure when that is.
Mr. Hans: Well, I think it's, we went to a quarterly meeting schedule so it's actually February 3rd would be the next scheduled meeting, but we can advertise a special meeting sometime before then, but I guess it would be contingent on when we get the city's answer. So, we probably can't set it today because we don't know what the city is going to say, and there's things going on there, but what we'll do is we'll keep in touch

with Vanessa and Gus and once we know for sure, we'll send out some emails and some calls from my office to confirm a date that we can get together, which probably at this point is going to be early January because we're running into the Christmas holiday coming up and people travel and are not around, but probably I would expect early January, depending on when they answer us.
Mr. Gang: So if you set it in early January, then the public hearing on the assessments would be approximate 33 days or something later, so you'd be up to early February, and then at that meeting we could come with all the documents and be in the market and close before the end of February possibly.
Mr. Bradish: From our perspective that would make sense I think, the longest lead time items obviously Bob's going to be, your documents and then getting an offering document that Akerman will draft, so I guess as soon as we get some indication from the city.
Mr. Gang: Yes, we can be working on that while you're waiting for the public hearing date, actually we can approve everything at the day of the public hearing in February, approve all the documents and then they can go out into the market.
Mr. Bradish: And you'd do like a delegation resolution? Mr. Gang: Yes, in February, right after the public hearing.
Mr. Hans: You can actually delegate in January, so they can start marketing?
Mr. Gang: Right, but we don't know if the city is in or out on the reserve fund replenishment, commitment, so I guess when you're asking for permission to refund, hopefully we get an answer on where the city will stay in its current role because that affects the drafting of the documents. It would sort of be self-contradictory to say yes, but bail because then the interest savings won't be anywhere near as great, so it's sort of a package deal.
Mr. Bradish: Absolutely, we've had some preliminary conversations with the landowner as well, I know they've been talking to the city about it, they're very interested obviously in keeping the city intact in the transaction, but as we stated at the previous meeting I think there would be pretty substantial savings either way, with or without so, we're ready to proceed however the Board and city direct us. So, Gus if we can be of any assistance, let us know. I did talk to your financial advisor briefly last week because I

know, going back with Mark we can put all transactions together, so I know he was going to try to have a call with you.
Mr. Zambrano: We did.
Mr. Bradish: Ok so you guys did.
Mr. Zambrano: Yes, we did and the discussion was that we are meeting today internally, and it will continue from there, it's multi-layered.
Mr. Bradish: Ok, I got it, so we know there's a process but however we can be of help to answer any questions, just please reach out to Rob and I and we'll get on a call or whatever.
Mr. Zambrano: I just had one question, and we've been talking about this with Margaritaville, is it our understanding that the savings will be used for capital improvements for the garage?
Mr. Hernandez: Yes.
Mr. Gang: But you're not taking them all up front, are you?
Mr. Bradish: Well, we showed them scenarios where they could take a majority of the savings in the first 3 years, and use that for because Cate had indicated and other than
that I guess there's some deferring maintenance issues on the garage, you've already has some engineering work done.
Mr. Holdsworth: Yes, there's several things that could happen, with like sprinklers and the existing conditions, any of the, I know like the parking shutters, or the openings of the building, they're like a blue that are completed faded, that's a pretty big project, painting of the building, there could be several projects, just depending on what we placed under capital.
Mr. Gang: Under the tax laws, if you take all your savings up front, you've sort of created a new money project, and so to be done tax exempt it has to be for capital purposes and so your capital projects need to be what would generally under accounting principles be capital and painting a building is not considered pure capital.
Mr. Holdsworth: Oh, I would say it would further the asset due to the fact that they would rust away without the treatments, so it is considered an asset to the building, so deterioration of concrete, spaulding, those are all things that are considered.

Mr. Gang: I'm really referring to accountants on this, under accounting principles whether you treat, if you paint it you're just painting your building, is that considered to be a capital expenditure or an operating expense, or a maintenance expense, so I don't think we need to get into the details today, and I haven't seen your numbers so we'll have to see how you did that.
Mr. Bradish: And I don't know if the owner intends to take all of the savings up front, in my conversations, but maybe there would be some, so we just showed at our presentation, we kind of showed the bookends of, here it is, basically a scenario, level savings, like any normal refunding and then here it is if you took it all up front, and I think as Rob stated, maybe we'll land somewhere inbetween. We don't need to know that obviously until we price the bonds, Rich I don't know if there's anything that needs to be done in respect to the engineer's report.
Mr. Hans: Well, we're not cashing, we're not going to cash out, it wouldn't be cash up front, it's interest.
Mr. Bradish: Correct.
Mr. Gang: So, we're not going to establish a project fund and all that. Mr. Hans: No.
Mr. Bradish: No.
Mr. Gang: Ok, so would you just send me so I can send it to Vanessa.
Mr. Bradish: Yes, we'll send the full analysis now, until we were engaged we were in a little bit of a tight spot from a regulatory perspective as Rich knows, in terms of actual sending detailed information.
Mr. Hans: Alright.

Engineer
Mr. Hans: Moving on to other staff reports, engineer, we have no engineer today.

Manager
Mr. Hans: Under manager, we'll be in touch with the Board members on when our next meeting is but look for early January.

SIXTH ORDER OF BUSINESS
Approval of Check Run Summary
Balance Sheet and Income Statement

Financial Reports

Mr. Hans: Item No. 6 we have financial reports, there's a check run summary, and a balance sheet and income statement. If there are any questions on these, I can take those, otherwise a motion accepting them would be in order.

On MOTION by Mr. Holdsworth seconded by Mr. Auerbach with all in favor, the Check Run Summary, Balance Sheet and Income Statement were approved.

SEVENTH ORDER OF BUSINESS	Supervisors	Requests	and
Audience Comments
Mr. Hans: Then item No. 7, Supervisors requests, anything from our Supervisors?
No audience here for any comments.

EIGHTH ORDER OF BUSINESS	Adjournment
Mr. Hans: Then, if there is no other District business, a motion to adjourn would be in order.

On MOTION by Mr. Zambrano seconded by Mr.· Auerbach with all in favor, the Meeting was adjourned.

Secretary /Assistant Secretary	Chairman / Vice Chairman

RESOLUTION 2020-05
A RESOLUTION OF THE HOLLYWOOD BEACH COMMUNITY DEVELOPMENT DISTRICT I APPROVING THE DISTRICT'S PROPOSED BUDGET FOR FISCAL YEAR 2021 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW
WHEREAS, the District Manager has prepared the proposed budget for the Fiscal Year
2021; and

WHEREAS, the Board of Supervisors approves the proposed budget for purpose of submitting said budget to the local governing authorities not less than 60 days prior to the public hearing date in accordance with Chapter 190.00S(b), Florida Statutes: and
WHEREAS, the Board of Supervisors desires to set the public hearing date;

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE HOLLYWOOD BEACH COMMUNITY DEVELOPMENT DISTRICT I:
The proposed budget for Fiscal Year 2021 is hereby approved for the purpose of conducting a public hearing to adopt said budget.
A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date:	 Hour:	 Place:      	

Notice of public hearing shall be published in accordance with Florida Law.

Adopted this  	

day of  	

2020

ChairmanNice Chairman

Secretary/Assistant Secretary

HOLLYWOOD BEACH COMMUNITY DEVELOPMENT DISTRICT 1
CITY OF HOLLYWOOD, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

HOLLYWOOD BEACH COMMUNITY DEVELOPMENT DISTRICT 1 CITY OF HOLLYWOOD, FLORIDA

TABLE OF CONTENTS

INDEPENDENT AUDITOR'S REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS
Statement of Net Position
Statement of Revenues, Expenses and Changes in Net Position Statement of Cash Flows
Notes to the Financial Statements

Page 1-2
3-5

6
7
8
9-15

INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	16-17
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	18
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	19-20

Grau& Associates
CERTIFIED  PUBLIC ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

951 Yamato Road • Suite 280 Boca Raton, Florida  33431 (561) 994-9299 • (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

To the Board of Supervisors
Hollywood Beach Community Development District 1 City of Hollywood, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Hollywood Beach Community Development District 1, City of Hollywood, Florida ("District") as of and for the fiscal 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.
Auditor's 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 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 opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the District as of September 30, 2019, and the respective changes in financial position, and, cash flows thereof for the fiscal 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 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 March 26, 2020, 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, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the  effectiveness of the District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control over financial reporting and compliance.

March 26, 2020

MANAGEMENT'S DISCUSSION AND ANALYSIS

Our discussion and analysis of Hollywood Beach Community Development District 1, City of Hollywood, Florida ("District") provides a narrative overview of the District's financial activities for the fiscal  year ended September 30, 2019. Please read it in conjunction with the District's Independent Auditor's Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded assets at the close of the most recent fiscal year resulting in a net position deficit balance of $(5,893,768), an increase of $105,257 in comparison with the prior fiscal year.

OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District's basic financial statements and notes to the financial statements.

Basic Financial Statements

The basic financial statements are designed to provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business.

The basic financial statements report on the function of the District that is principally supported by parking fees and charges.

The statement of net position presents information on all the District's assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The District uses an enterprise fund to account for the operations of a parking garage which is owned and maintained by the District.

Notes to the Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided  in the basic financial statements.

BASIC FINANCIAL ANALYSIS

As noted earlier, net position may serve over time as a useful indicator of an entity's financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.

Key components of the District's net position are reflected in the following table:

NET POSITION SEPTEMBER 30,
     2019	2018	
Current and other assets	$		585,325	$		506,588 Capital assets, net of depreciation		 30,701,749		30,856,816 
Total assets	 31,287,074	31,363,404 
Current liabilities	2,251,070	1,845,119
Long-term liabilities	 34,929,772	35,517,310 
Total liabilities	 37,180,842	37,362,429 Net position
Net inlA'lstment in capital assets	(9,835,069)	(9,677,078)	
Restricted	3,863,164	3,386,768	
Unrestricted	 	78,137	291,285 
Total net position	$     (5,893,768)   $	(5,999,025)

The District's net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure); less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District's net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District's other obligations.

The District's net position increased during the most recent fiscal year. The majority of the increase is due to the extent to which operating revenues exceeded operating and non-operating expenses of the District.

Key elements of the change in net position are reflected in the following table:

CHANGES  IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
     2019	2018	
Operating revenues:	$       3,753,760	$	3,862,331 Operating expenses:
Administrative and general	94,697	82,650	
Cost of sales and services	795,753	865,490	
Depreciation and amortization	 	712,991	712,991 
Total operating expenses	1,603,441	1,661,131
Operating income	 2,150,319	2,201,200 Non-operating:
Interest income	76,819	45,641	
Interest expense	(2,121,881)	(2,149,631)	
Total non-operating	(2,045,062)	(2,103,990)	
Change in net position	105,257	97,210	
Net position - beginning	(5,999,025)	(6,096,235)	
Net position - ending	$     (5,893,768)   $	(5,999,025)

The changes in net position reflect the operation of the parking garage which is owned and maintained by the District. The cost of operations is covered primarily by charges to customers. The decrease in operating revenues is primarily the result of decreased user fee revenue in the current fiscal year.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

The District reported net capital assets of $25,777,644. More detailed information about the District's capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2019, the District had $35,310,000 in Bonds outstanding. More detailed information about the District's capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND OTHER EVENTS

The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

Subsequent to fiscal year end the Board is in discussion to refinance the outstanding Series 2014 Bonds.

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Hollywood Beach Community Development District 1's Finance Department at 5385 N. Nob Hill Road Sunrise, Florida 33351.

STATEMENT OF NET POSITION SEPTEMBER 30, 2019

ASSETS
Current assets:
Cash	$	423,113	
Accounts receivable	118,039	
Interest receivable	7,717	
Prepaids and deposits	 	36,456 	
Total current assets	 	585,325 	

Noncurrent assets:
Restricted assets:		
Investments	4,924,105	
Capital assets:		
Non depreciable	102,941	
Depreciable, net	 	25,674,703 	
Total noncurrent assets	 	30,701,749 	
Total assets	 	31,287,074 	

LIABILITIES
Current liabilities:
Accounts payable and accrued expenses	28,500	
Due to Developer - User fees	581,629	
Accrued interest payable	1,060,941	
Bonds payable - current	 	580,000 	
Total current liabilities	 	2,251,070 	

Non-current liabilities:
Bonds payable	 	34,929,772 	
Total noncurrent liabilities	 	34,929,772 	
Total liabilities	 	37,180,842 	

NET POSITION		
Net investment in capital assets	(9,835,069)	
Restricted	3,863,164	
Unrestricted	 	78,137 	
Total net position	$	(5,893,768)	

See notes to the financial statements

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

OPERATING REVENUES		
Parking revenues	$	2,723,721	
User fees	1,030,039	
Total operating revenues	3,753,760	

OPERATlNG EXPENSES		
Administrative and general	94,697	
Cost of operations	795,753	
Depreciation and amortization	712,991	
Total operating expenses	1,603,441	
OPERATlNG INCOME	2,150,319	
NON-OPERATING REVENUES (EXPENSES)		
Interest income	76,819	
Interest expense	(2,121,881)	
Total non-operating revenues (expenses)	(2,045,062)	
Change in net position	105,257	
Total net position - beginning	(5,999,025)	
Total net position - ending	$ (5,893,768)	

See notes to the financial statements

STATEMENT  OF CASH FLOWS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

CASH FLOW FROM OPERATING ACTIVITIES
Receipts from customers and users	$	4,170,638	
Payments to suppliers	(532,098)	
Payments to employees	(362,369)	
Net Cash Provided (Used) by Operating Activities	 	    3,276,171	

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Purchase of capital assets		(102,941)	
Principal paid		(555,000)	
Interest paid		(2,135,756)	
Net cash provided (used) by capital and related financing activities	 		(2,793,697)	

CASH FLOW FROM INVESTING ACTIVITIES			

Purchase of investments	(462,521)	
Interest income	 	76,819 	
Net Cash Provided (Used) by Investing Activities	 		(385,702)	
NET CHANGE IN CASH AND CASH EQUIVALENTS	96,772	
CASH AND CASH EQUIVALENTS - OCTOBER 1	 		326,341	
CASH AND CASH EQUIVALENTS - SEPTEMBER 30	   $	423,113 	
RECONCILIATION OF OPERATING INCOME TO		

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income
ADJUSTMENTS TO RECONCILE OPERATING INCOME
TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES:

$	2,150,319

Depreciation and amortization	712,991	
(Increase)/ decrease in accounts receivable	22,912	
(Increase)/ decrease in interest receivable	(1,132)	
(Increase) / decrease in prepaids and deposits	(3,745)	
(Decrease) / increase in accounts payable	(272)	
(Decrease)/ increase in due to Developer	 	395,098 	
Total adjustments	 	   1,125,852	

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	 $	3,276,171 

See notes to the financial statement

NOTES TO FINANCIAL STATEMENTS NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY
The Hollywood Beach Community Development District 1 (the "District") was created on June 1, 2011 by Ordinance 0-2011-21 of the City of Hollywood, Florida, pursuant to the Uniform Community Development District Act of 1980, otherwise known as 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 a parking garage which is owned and maintained by the District.

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. During the prior fiscal year, the Developer sold Margaritaville Hollywood Beach Resort to a new developer, MVHF, LLC.

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.

The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB") Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District  are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting
The District reports all of its activities and functions in a single enterprise fund. The enterprise fund is  used to account for the operation of a parking garage. The costs of providing services are recovered primarily through parking fees.

Enterprise funds are proprietary funds. The measurement focus is based upon determination of net position, financial position and changes in cash flow. The generally accepted accounting principles used are those applicable to similar businesses in the private sector, thus, these funds are maintained on the accrual basis of accounting. Enterprise funds are used to account for operations (a) that are financed and operated in a manner similar to private enterprises, where the intent of the governing body is that the  costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) when the governing body has decided that periodic determination of net income is appropriate for capital maintenance, public management control, accountability, or other purposes. Revenues are recognized when earned and expenses are recognized when incurred. All assets and liabilities (whether current or noncurrent) associated with an activity are included in the statement of net position. The reported net position are segregated into invested in capital assets net of related debt, restricted and unrestricted assets.

Basis of Accounting (Continued)
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the District's enterprise fund are charges to customers for parking. Operating expenses of the enterprise fund include the cost of operations and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

When both restricted and unrestricted resources are available for use, it is the government's policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District's cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any intergovernmental investment  pool authorized pursuant to the Florida Inter-local Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Property and equipment are stated at cost. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital 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 assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Assets, Liabilities and Net Position or Equity (Continued)

Capital Assets (Continued)	,
Fixed assets of the District are depreciated using the straight-line method over the following estimated useful lives:

 	Assets	Years	
Parking Garage	40
Monuments	5
Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.
Long-Term Obligations
Long-term debt and other long-term obligations are reported as liabilities in the proprietary fund statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds using the straight-line method. Bonds are reported net of the applicable bond premium or discount. Bond issuance costs are expensed when incurred.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report 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.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

Net Position
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements  are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District's Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

Deposits
The District's cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

Investments
The District's investments were held as follows at September 30, 2019:

Federated Gm.emment Obligations Fund Total im.estments

 		Maturities		Amortized Cost	Credit Risk	 Weighted a1.erage of 33 days	$	4,924,105 S&P AAAm
$	4,924,105

Credit risk - For investments, credit risk is generally  the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk- The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk - The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.

However, the Bond Indenture limits the type of investments held using unspent proceeds.

Fair Value Measurement - When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASS Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level  1:	Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
"	Level 3: Investments whose inputs are unobservable.

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at  amortized  cost. Accordingly, the District's investments have been reported at amortized cost above.

Restricted assets include investments which are restricted in connection with the Bond requirements discussed in Note 6. The composition of restricted assets at September 30, 2019 was as follows:

Restricted for:
Resen.e account	$	2,706,840
Payment of interest	1,245,847
User fees	970,632
Acquisition	 	786
   $	4,924,105 

NOTE 5 - CAPITAL ASSETS

Capital assets activity for the fiscal year ended September 30, 2019 was as follows:

Beginning	Ending
   Balance	Additions	Reductions	Balance	
Gowmmental actilAties
Capital assets, not being depreciated
Construction in progress	$ 	$	102,941	$	$	102,941
Total capital assets, not being depreciated	 	102,941	102,941

Capital assets, being depreciated
Parking garage	28,439,512	28,439,512
Monuments	 	47,706	47,706
Total capital assets, being depreciated	 28,487,218	28,487,218

Less accumulated depreciation for:
Parking garage	2,073,714	710,988	2,784,702
Monuments	 	18,272	9,541	27,813
Total accumulated depreciation	 	2,091,986	720,529	2,812  515

Total capital assets being depreciated, net	     26,395,232		(720,529) 	25,674,703	
Gowmmental actilAties capital assets, net

NOTE 6 -  LONG-TERM LIABILITIES	$    26,395,232	$	(617,588)     $	$ 25,777,644	

Series 2014
On January 23, 2014, the District issued $36,395,000 of Taxable Revenue Bonds, Series 2014 consisting of $5,040,000 Term Bonds due on October 1, 2024 with a fixed interest rate of 5%, $10,280,000 Term Bonds due on October 1, 2034 with a fixed interest rate of 6%, $7,885,000  Term Bonds  due on October 1, 2039 with a fixed interest rate of6.125%, and $13,190,000 Term Bonds due on October 1, 2045 with a fixed interest rate of 6.25%. The Bonds were issued to finance the acquisition and construction of a parking garage that is owned and maintained by the District. Interest is to be paid semiannually on each April 1 and October 1. Principal on the Bonds is to be paid serially commencing October 1, 2017.

The Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

Series 2014 {Continued)
The Bond Indenture established a debt service reserve requirement as well as certain restrictions and requirements relating principally to the procedures to be followed in the collection of pledged  revenues and the application of the revenues to the various restricted accounts. The District's main revenue source is the collection of parking fees from the parking garage. In addition user fees are also pledged for the payment of debt service. See Note -  7 Public User Fees. The user fees are refundable to the Developer as long as the District meets the Debt Service Coverage ratio and meets the debt service reserve requirement. As of September 30, 2019, the District owes the Developer $581,629 for a portion  of the user fees remitted as the District was able to cover its debt service from parking fees and met the other requirements for refund of the user fees.

In addition, the District can special assess the Developer's property if such parking fees and user fees are not sufficient to cover its operating expenses and debt service on the Bonds. In addition, the City of Hollywood has made a guarantee that they will fund any deficiency in the debt service reserve fund from legally available non ad valorem revenues. The District is in compliance with the requirements  of the Bond Indenture.

Long-term Debt Activity
Changes in long-term liabilities for the fiscal year ended September 30, 2019 were as follows:

Beginning	Ending	Due Within
 	Balance	Additions	Reductions	Balance	One Year 

Series 2014	$    35,865,000	$	$	(555,000)    $   35,310,000    $	580,000
Unamortized premium	207,310	(7,538)	199,772
Total	 $    36,072,310	$	$	(562,538)   $	35,509,772    $	580,000

At September 30, 2019, the scheduled debt service requirements on the long-term liabilities for were as follows:
Year ending
September 30:	Principal	Interest	Total	
2020	$	580,000	$	2,092,881	$	2,672,881	
2021	610,000	2,062,381	2,672,381	
2022	640,000	2,030,381	2,670,381	
2023	675,000	1,996,631	2,671,631	
2024	705,000	1,961,381	2,666,381	
2025-2029	4,155,000	9,124,156	13,279,156	
2030-2034	5,555,000	7,636,756	13,191,756	
2035-2039	7,430,000	5,628,319	13,058,319	
2040-2044	10,020,000	2,871,875	12,891,875	
2045-2046	 	4,940,000	159,063		5,099,063	
Total	 	$	35,310,000	$	35,563,824	$ 	70,873,824	
NOTE 7 - PUBLIC USER FEES			

The District has contracted with the Developer whereby the Developer is acting as a collecting agent of a user fee which was initially set at 1% on all applicable sales within the Resort property  and parking garage. Such amounts are being remitted by the Developer to the District on a monthly basis. During the term of the outstanding Bonds, the public user fees collected are applied by the Bond Trustee in accordance with the Bond Indenture. The user fees have been approved for up to 2.5%. For the current fiscal year, the user fee was 2%.

The District's activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District's operations.

NOTE 9 - MANAGEMENT AGREEMENT AND DEVELOPER RELATED TRANSACTIONS

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

In addition, the District has entered into an agreement with the Developer for management of the parking garage. The monthly fee is equal to 4% of parking garage revenues. In accordance with the agreement, the District incurred $108,949 for management fees and owed the Developer $7,356 for such fees as of September 30, 2019. In addition the majority of the operating expenses are paid by the Developer initially and then charged to District by the Developer.

NOTE 10- 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 has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

Grau & Associates
CERTIFIED  PUBLIC ACCOUNTANTS

951 Yamato Road• Suite 280 Boca Raton, Florida  33431 (561) 994-9299 • (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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
Hollywood Beach Community Development District 1 City of Hollywood, 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 basic financial statements  of Hollywood Beach Community Development District 1, City of Hollywood, Florida ("District") as of and for the fiscal 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 opinion thereon dated March 26, 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 of the District's internal control. Accordingly, we do not express an opinion on the effectiveness of the District's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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

March 26, 2020

INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

To the Board of Supervisors
Hollywood Beach Community Development District 1 City of Hollywood, Florida

We have examined Hollywood Beach Community Development District 1, City of Hollywood, Florida's ("District") compliance with the requirements of Section 218.415, Florida Statutes, in accordance with  Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2019. Management is responsible for District's compliance with those requirements.  Our responsibility is to express an opinion on 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 perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. 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 fiscal year ended September 30, 2019.

This report 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, management, and the Board of Supervisors of Hollywood Beach Community Development District 1, City of Hollywood, Florida and is not intended to be and should not be used by anyone other than these specified parties.
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March 26, 2020

MANAGEMENTLETTERPURSUANTTOTHERULESOF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA

To the Board of Supervisors
Hollywood Beach Community Development District 1 City of Hollywood, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of Hollywood Beach Community Development District 1, City of Hollywood, Florida ("District") as of and for the fiscal year ended September 30, 2019, and have issued our report thereon dated March 26, 2020.

Auditor's Responsibility

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

Other 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 the financial statements performed in accordance with Government Auditing Standards; and Independent Accountant's Report on an  examination conducted in accordance with A/CPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 26, 2020, should be considered in conjunction with this management letter.

Purpose of this Letter

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Ill. Compliance with the Provisions of the Auditor General of the State of Florida.

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, as applicable, management, and the Board of Supervisors of Hollywood Beach Community Development District 1, City of Hollywood, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Hollywood Beach Community Development District 1, City of Hollywood, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

March 26, 2020

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

Ill. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor's report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or  not  corrective  actions  have  been  taken  to  address  findings and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2018.

Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2019.

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.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2019.	·

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.

The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2019. It is management's responsibility to monitor 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.

3/5/2020

HOLLYWOOD  BEACH  CDD I

Estimated Infrastructure Replacement Costs at the End of Service life Public Garage Improvements

i
/
!	Estimated

Future

i	Sum Invested	Annuities Started
1

I

i Item

Description of Work

Original Cost in

Estimated Service

Remaining Service

Replacement CostI	Today (2020) to	Today (2020) to
at SL (Assume	I	Replace at SL	Replace at SL

: No.

,	Year 2012 ($)

1

Life (SL) (Years)

Life as of 2020	1 5

i  (Assume i=0.25%	(Assume i=0.25%

j	(RSL) (Years)

i=	· %	Average I Annual Investment Annual Investment

I	I
I	1	iGeneral Conditions	I	1,575,000 ,
! General Liabilitv Insurance	I	315,000 I
i	3	!Earthwork/Site/Demo	598,750 1

In GC Costs Below !
In GC Costs Below Unlimited Life !

Annual Inflation)   !	Rate) (fil	R_a_te > <-$ ) 
j
'I
I	I

 	4	Is1te Drainage & Utilities	"		238,600 I	50 ,	42 i	502,311 I	452,260	11,358

5	;Striping, Bumpers & Traffic Signag e----,-------,-8-=-4 ,o-=-o,...,o-1:l	-2.,..,5:,-;-!
!Landscape & Irrigation for Screening	105,000,	15 i

=-+,  :
71

---,-2,1,..1., , 8,,,,,7.9.-,..1.,.   -     -     -       ----,-1_1,6,7...9....7., -1-- -    -    -    -		7,02_7_ 131  27 4 ,	128,993	18,613

iPiling & Cut-Off	783,000 I	Unlimited Life I 	

 	9	iMasonrv	687,750 I
 	10 I   Ornamental & Misc Metals	630,000 !
 	Carpentry	152,500 I	Unlimited  Life I
Unlimited  Life I
30 I	
22 I	I
238,370 i	

225,607	

10,553	
 	12    !Caulking/Water roofing	483,000 I	15 I	71	603,862 I	593,392	85,621	
 	13     IDoors & Hardware	52,000 I	25 I	17	75,449 I	72,297	4,350	
14 !Windows & Storefronts	94,500 I	30 I	22 I	147,711 I	139,794	6,540	
			22 I	252,047 I	238,553	11,159	
		 	27 I	227,324 i	212,477	8,149	
18 IPainting	446,230	1O,	2	517,868  i	515,286	258,611	
19 I Specialties & Si na e
 	20 IParking Control Equipment
21 !Elevators & Chutes	152,500 1
835,000 i
1,039,000 I	15 I	7	190,660 1	187,350
25·	171	1,211,539 I	1,161,172
30 I	22 I	1,624,040 I	1,537,214	27,034
69,852
71,901	
22 !Plumbing	476,500 I	Unlimited Life,		

iConcrete Shell	8,965,000 I	Unlimited Life I
l

23     I Fire S  rinkler S stem	460,000	50 :	42,	968,412 :1	871,957	21,897

I   24    !HVAC	581,000 I	15: 	71	726,385 I	713,792	102,994 

26     iSubtotal Hard Costs	21,585,580 I	I	10,665,417 I	9,981,939	786,347	
I	30     ,subtotal General Contractor Costs	3,453,693 I	I	1,706,467 I	1,597,110	125,816	

25    i Electrical	1,485,000 I	50 I 	42 I	3,126,285 i		2,814,998	70,689 

i	31	1Subtotal Hard and General Contractor	Costs	i	25,039,273	I	i	12,371,884	I	11,579,049	912,162	
!	38	ISubtotal Soft Costs		I
!	2,003,141	I	I	989,750	I	926,324	72,973	
i
i	39	!subtotal Hard, G.C.	and Soft Costs	I	27,042,414	I	!	13,361,634	i	12,505,373	985,135	
I	40	IContingency		I	1,352,121	I	I	668,082	I	625,269	49,257	
i		!Total		
II	28,394,535	I	i	14,029,716	I	13,130,642	1,034,392	

HOLLYWOOD BEACH COMMUNITY DEVELOPMENT DISTRICT I
PUBLIC PARKING FACILITIES CAPITAL RESERVES & PURCHASES

BEGINNING OCT-19	NOV-19	DEC-19	JAN-20	FEB-20	MAR-20	APR-20	MAY-20	JUN-20	JUL-20	AUG-20	SEP-20	
	   BALANCE 	ACT	ACT	ACT	ACT	FC	FC	FC	FC	FC	FC	FC	FC	TOTAL	
Capital Reserves	290,121	5,331	5,470	5,887	7,404	8,119	10,355	9,296	6,304	8,032	8,966	7,085	6,053	378,422	

Capital Purchases															
Parking Sign 1 [Daktroni	5,696													5,696	
Parking Sign 1 [Tyson S	11,459													11,459	
Parking Sign 2 [Daktroni	5,152													5,152	
Parking Sign 2 [Tyson S	11,459													11,459	
Parking Sign [JJW Cons	7,981													7,981	
Grill Shades [JJW Consl	5,960													5,960	
Flash Valet 1	102,941													102,941	
Flash Valet 2		120,273												120,273	
Awnings											83,333	83,333	83,333	249,999	
Signage for No Cash Exit									50,000					50,000	
Restriping Traffic												15,000	15,000	30,000	
Large Scrubber										42,000				42,000	
Sprinkler Project [Johnson Control]	47,763		47,763	
Contingency for Piping/Sprinkler/Life Safety		5,000	5,000	
Concrete Stoppers		5,000	5,000	
Total Purchases	150,647	120,273	0	0	0	47,763	0	0	50,000	42,000	83,333	98,333	108,333	700,683

'AvailableReser:ve; ·: ..	.: 1.39,'4:7:,3

'	24;531	.: 30,001    ·  '·•35;888'.'i ·   '43,293;,,.:	;3;648:'•;· :;; :14;:003 ,.,. .::23,299i ;. :,,.(20;397J; ,:(l'i4,366)X: {128;l33)'•· (219,981);., (322,261) (322,261),

SUPERVISOR OF ELECTIONS
www.browardsoe.org

Broward Governmental Center• 115 South Andrews Avenue, Room 102 • Fort Lauderdale, Florida 33301 • 954-712-1951

MEMORANDUM

To:

From

Jennifer McConnell
Government Management Services

John Way
Public Services Director

Date: Subject:

April 15, 2019

Community Development District Information

Pursuant to your request, please be advised that the number of registered voters as of April 15, 2019 in the Special Districts requested is as follows:

SPECIAL DISTRICT	NUMBER OF REGISTERES VOTERS

Academical Village CDD	0	
Coral Bay CDD	2066	
Cypress Cove CDD	424	
Hollywood Beach CDD District 1	0	
McJunkin at Parkland	Pending	
Orchid Grove CDD	631	
Sabal Palm CDD	735	
Turtle Run CDD	2478	

We hope this information has been of assistance to you.

Si desea una traducci6n de este documento sirvase solicitarlo par correo electr6nico a: elections@browardsoe.org.
Oficina: 954-357-7050 • Fax: 954-357-7070

HOLLYWOOD BEACH

COMMUNITY DEVELOPMENT DISTRICT I

Summary of Invoices
May 4, 2020

Account	Date	Check No.s	Total	

Operating	
10/29/2019	
205-206	
$795.60	
	12/2/2019	207-210	$3,994.23	
	12/10/2019	211-213	$4,351.34	
	1/27/2020	214-217	$7,059.92	
	2/28/2020	218-219	$4,243.93	
	3/24/2020	220-222	$12,229.83	
	4/21/2020	223-226	$6,474.33	
lrotal Invoices for Approval			$39,149.18	

AP300R
*** CHECK NOS. 000205-050000

YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER HOLLYWOOD BEACH-ENTERPRISE FND
BANK A HOLLYWOOD BEACH-GF

RUN	4/23/20	PAGE	1

CHECK DATE	VEND#	.....INVOICE........EXPENSED TO...
DATE	INVOICE	YRMO  DPT ACCT# SUB	SUBCLASS	VENDOR	NAME	STATUS	AMOUNT	....CHECK.....
AMOUNT	#	
10/29/19	00001	10/18/19 10000425 201910 310-51300-48000			*	295.60		

MEETING NOTICEl0/11-10/18

ALM MEDIA, LLC

295.60 000205

10/29/19 00002

9/30/19 158615	201909 310-51300-31500
FEES THRU 9/19

*	500.00

12/02/19 00005

12/02/19 00003

BILLING, COCHRAN, LYLES, MAURO &
10/01/19 74529	201910 310-51300-54000	*
ANNUAL FEES FY2019/20
DEPARTMENT OF ECONOMIC OPPORTUNITY
11/05/19 6-829-47 201910 310-51300-42000	*
DELIVERIES THRU 10/29/19

175.00

144.68

500.00 000206

175.00 000207

FEDEX
12/02/19 00004	11/01/19 110	201911 310-51300-34000
MANAGEMENT FEES 11/19
11/01/19 110	201911 310-51300-35101
WEBSITE ADMINISTRATION 11/01/19 110	201911 310-51300-42000
POSTAGE AND DELIVERY
11/01/19 110	201911 310-51300-42500
COPIES

*	3,090.00
*	83.33
*	.92
*	.30

144.68 000208

12/02/19 00008

GMS - SO FLORIDA, LLC
11/04/19 18800	201909 310-51300-32200
AUDIT FYE 09/30/19

*	500.00

3,174.55 000209

GRAU & ASSOCIATES
12/10/19 00001	11/26/19 10000437 201911 310-51300-48000
NOTICE OF SPECIAL MEETING

*	90.53

500.00 000210

12/10/19 00002

ALM MEDIA, LLC
10/31/19 159352	201910 310-51300-31500
SVCS THRU 10/31/19

*	1,008.50

90.53 000211

BILLING, COCHRAN, LYLES, MAURO &
12/10/19 00004	12/01/19 111	201912 310-51300-34000	*
MANAGEMENT FEES 12/19
12/01/19 111	201912 310-51300-35101	*
WEBSITE ADMINISTRATION
12/01/19 111	201912 310-51300-51000	*
OFFICE SUPPLIES
12/01/19 111	201912 310-51300-42000	*
POSTAGE AND DELIVERIES

3,090.00
83.33
17.50
1. 84

1,008.50 000212

HB3	HOLLYWOOD #3	SROSINA

AP300R
*** CHECK NOS. 000205-050000

YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER HOLLYWOOD BEACH-ENTERPRISE FND
BANK A HOLLYWOOD BEACH-GF

RUN	4/23/20	PAGE	2

CHECK VEND#	.....INVOICE........EXPENSED TO...		VENDOR NAME DATE		DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS

STATUS

AMOUNT	....CHECK.....
AMOUNT	#

12/01/19	111	201912 310-51300-42500
COPIES	*	57.80	
12/01/19	111	201912 310-51300-49000	*	1. 84	

CONFERENCE ROOM

GMS - SO FLORIDA, LLC

3,252.31
-   -   -   -	000213	

2,648.00
-   -   -  -	
000214	

133.69	
000215	

- - - - - - - - - - -

1/27/20	00002	11/30/19	

1/27/20	
00003	
12/10/19	

1/27/20	
00004	
1/01/20	
		1/01/20	
		1/01/20	
		1/01/20	
		1/01/20	

1/27/20	
00008	
1/03/20	

2/28/20	
00002	
12/31/19	

2/28/20	
00004	
2/01/20	

159800	201911 310-51300-31500
SVCS THRU 11/2019

*	2,648.00

BILLING, COCHRAN, LYLES, MAURO &
6-862-33 201912 310-51300-42000
DELIVERIES THRU 12/03/19

- - - - - - - - - - -
*	133.69

3/24/20 00002

FEDEX
112	202001 310-51300-34000
MGMT FEES 01/2020
112	202001 310-51300-35101
WEBSITE ADMINISTRATION
112	202001 310-51300-51000
OFFICE SUPPLIES
112	202001 310-51300-42000
POSTAGE
112	202001 310-51300-42500
COPIES
GMS - SO FLORIDA, LLC
18955	202001 310-51300-32200
AUDIT FYE 09/30/2019
GRAU & ASSOCIATES
160284	201912 310-51300-31500
SVCS THRU 12/19
BILLING, COCHRAN, LYLES, MAURO &
113	202002 310-51300-34000
MGMT FEES 02/2020
2/01/20 113	202002 310-51300-35101
WEBSITE ADMINISTRATION
2/01/20 113	202002 310-51300-42500
COPIES
GMS - SO FLORIDA, LLC
1/31/20 160804	202001 310-51300-31500
SVCS THRU 01/31/2020

- - - - - - - - - - - - - - -
*	3,090.00
*	83.33
*	17.50
*	3.00
*	84.40
3,278.23 000216
- - - - - - - - - - - - - - -
*	1,000.00
1,000.00 000217
- - - - - - - - - - - - - - -
*	1,068.50
1,068.50 000218
- - - - - - - - - - - - - - -
*	3,090.00
*	83.33
*	2.10
3,175.43 000219
- - - - - - - - - - - - - - -
*	654.50

BILLING, COCHRAN, LYLES, MAURO &	654.50 000220 HB3	HOLLYWOOD #3	SROSINA

AP300R
*** CHECK NOS. 000205-050000

YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER HOLLYWOOD BEACH-ENTERPRISE FND
BANK A HOLLYWOOD BEACH-GF

RUN	4/23/20	PAGE	3

CHECK DATE	VEND#	.....INVOICE........EXPENSED TO...
DATE	INVOICE	YRMO  DPT ACCT# SUB	SUBCLASS	VENDOR	NAME	STATUS	AMOUNT	....CHECK.....
AMOUNT	#	
3/24/20	00004	3/01/20 114	202003 310-51300-34000			*	3,090.00		

3/24/20 00008

4/21/20 00013

4/21/20 00009

MGMT FEES 03/01/20
3/01/20 114	202003 310-51300-35101
WEBSITE ADMINISTRATION
3/01/20 114	202003 310-51300-42000
POSTAGE AND DELIVERY
GMS - SO FLORIDA, LLC
3/02/20 19212	202003 310-51300-32200
AUDIT FYE 09/30/2019
GRAU & ASSOCIATES
4/10/20 5463	202003 310-51300-31100
SVCS THRU 03/2020
ALVAREZ ENGINEERS, INC
2/11/20 25222670 202002 310-51300-32300
ADMIN FEE 02/11-02/10/21

*	83.33
*	2.00

*	8,400.00

*	800.00

*	2,000.00

3,175.33 000221

8,400.00 000222

800.00 000223

4/21/20 00002

4/21/20 00004

THE BANK OF NEW YORK MELLON
2/29/20 161219	202002 310-51300-31500	*
SVCS THRU 02/29/2020
BILLING, COCHRAN, LYLES, MAURO &
4/01/20 115	202004 310-51300-34000	*
MGMT FEES 04/2020
4/01/20 115	202004 310-51300-35101	*
WEBSITE ADMINISTRATION
4/01/20 115	202004 310-51300-42000	*
POSTAGE AND DELIVERY

500.00

3,090.00
83.33
1.00

2,000.00 000224

500.00 000225

GMS - SO FLORIDA, LLC	3,174.33 000226

TOTAL	FOR BANK A	39,149.18	
TOTAL	FOR REGISTER	39,149.18	

HB3	HOLLYWOOD #3	SROSINA

STATEMENT OF NET POSITION - PROPRIETARY FUNDS
March 31, 2020

ASSETS:
Current Assets:
Cash and Cash Equivalents: Cash
Cash - Operating Account Series 2014 Investments:

$1,491
$336,682

Reserve	$2,728,403	
Interest	$1,046,441	
Revenue	$0	
User Fees	$940,721	
Acquisition & Construction	$793	
Receivables		
Resort	$98,313	
Noncurrent Assets:		
Prepaids		$0	
Deposits		$14,135	
Capital Assets:			
Infrastructure Under Construction		$28,439,512	
Accumulated Depreciation		($2,812,515)	
Construction in Progress		 	$270,920 	
	TOTAL ASSETS	$31,064,896	

LIABILITIES:
Current Liabilities:
Accounts Payable	$3,300	
AP Trade	$0	
Accrued Credit Card Fees	$5,568	
Accrued Management Fees	$5,682	
Due to Developer	$581,629	
Accrued Vacation	$1,878	
Sales Tax Payable	$10,142	
Accrued Interest Payable	$1,046,441	

Noncurrent Liabilities:
Unamortized Bond Premium		$199,772	
Bonds Payable - Series 2014		 	$34,730,000 	
	TOTAL LIABILITIES	 	$36,584,412 	

NET POSITION			
Net Invested in Capital Assets		($6,931,453)	
Restricted		$2,728,403	
Unrestricted		 	($1,316,466) 	
	TOTAL NET POSITION	 	($5,519,516) 	

Page 1

EXPENSE CODE	
DESCRIPTION	ADOPTED BUDGET	PRORATED BUDGET THRU 03/31/20	ACTUAL THRU 03/31/20	
VARIANCE	

OPERATING REVENUES: 						
041.300.34900.10200	Parking Revenue - Public	$2,531,820	$1,265,910	$1,003,905	($262,005)	
041.300.34900.10300	Parking Revenue - Resort	$405,141	$202,570	$143,951	($58,619)	
041.300.34900.10000	User Fees - Garage	$50,636	$25,318	$22,957	($2,361)	
041.300.34900.10100	User Fees - Resort	$1,506,504	$753,252	$626,336	($126,916)	

TOTAL OPERATING REVENUES	 	$4,494,101	$2,247,051	$1,797,149	($449,902)

OPERATING EXPENSES			
Administrative			
041.310.51300.31100	Engineering	$10,000	$5,000	$800	$4,200	
041.310.51300.31200	Arbitrage	$1,250	$625	$0	$625	
041.310.51300.31300	Dissemination Agent	$2,500	$1,250	$0	$1,250	
041.310.51300.31500	Attorney	$20,000	$10,000	$5,880	$4,121	
041.310.51300.32200	Annual Audit-FY19	$9,900	$9,900	$9,400	$500	
041.310.51300.32300	Trustee Fees	$2,000	$2,000	$2,000	$0	
041.310.51300.34000	Management Fees	$37,080	$18,540	$18,540	$0	
041.310.51300.41000	Telephone	$300	$150	$0	$150	
041.310.51300.42000	Postage	$1,000	$500	$288	$212	
041.310.51300.45000	Insurance - G/L	$16,655	$16,655	$16,194	$461	
041.310.51300.45000	Insurance-Business Income Loss	$12,600	$12,600	$12,360	$240	
041.310.51300.48000	Legal Advertising	$3,000	$1,500	$386	$1,114	
041.310.51300.49000	Other Current Charges	$500	$250	$348	($98)	
041.310.51300.35101	Website Compliance	$1,000	$500	$500	$0	
041.310.51300.51000	Office Supplies	$250	$125	$38	$87	
041.310.51300.54000	Dues, Licenses & Subscriptions	$175	$175	$175	$0	
041.310.51300.60000	Capital Outlay	$290	$145	$0	$145	

TOTAL ADMINISTRATIVE	 	$120,000	$80,665	$66,909	$13,756 

Parking Garage Facilit		
041.320.54900.12000	Wages-CDD	$548,537	$274,268	$134,597	$139,671	
041.320.54900.52000	Supplies	$9,250	$4,625	$6,306	($1,681)	
041.320.54900.46001	Claims & Damages	$6,000	$3,000	$0	$3,000	
041.320.54900.49000	Credit Card & Bank Fees	$94,588	$47,294	$44,649	$2,645	
041.320.54900.45001	General Insurance	$98,425	$49,213	$44,687	$4,526	
041.320.54900.46000	Maintenance & Repairs	$88,399	$44,200	$33,433	$10,767	
041.320.54900.46100	Miscellaneous	$1,020	$510	$300	$210	
041.320.54900.42500	Printing & Stationery	$7,500	$3,750	$1,866	$1,884	
041.320.54900.52005	Uniforms	$9,720	$4,860	$810	$4,050	
041.320.54900.43000	Utilities	$42,000	$21,000	$20,151	$849	
041.320.54900.34000	Management Fee	$117,478	$58,739	$45,914	$12,825	

TOTAL PARl<ING GARAGE FACILITY	 	$1,022,917	$511,458	$332,713	$178,745 

TOTAL OPERATING EXPENSES	 	$1,142,917	$592,123	$399,622	$192,501 

OPERATING INCOME (LOSS)	 	$3,351,184	 	$1,654,927	 	$1,397,527	($257,400) 

Pagel

 	 	 	 	 	

EXPENSE CODE	DESCRIPTION

ADOPTED BUDGET

PRORATED BUDGET THRU 03/31/20

ACTUAL
THRU 03/31/20	VARIANCE

NON OPERATING REVENUE (EXPENSES}

041.300.36100.00100	Interest Income	$0	$0	$23,309	$23,309	
041.320.54900.60000	Maintenance Reserves	($89,882)	($44,941)	$0	$44,941	
041.310.51300.73000	Other Debt Service Costs	$0	$0	$0	$0	

TOTAL NON OPERATING REVENUE (EXPENSES)

     {$89,882)	{$44,941)	$23,309	$68,251 

Debt Service		
041.310.51700.72000	Interest Expense - 4/1	$1,046,441	$1,046,441	$1,046,441	$0	
041.310.51700.72000	Interest Expense - 10/1	$1,046,441	$0	$0	$0	
041.310.51300.71000	Principal Expense - 10/1	$610,000	$0	$0	$0	

TOTAL DEBT SERVICE	$2,702,881	 	$1,046,441	$1,046,441	$0	

CHANGE IN NET POSITION	
$558,421	
$563,546	
$374,396	
{$189,150)	

TOTAL NET POSITION - BEGINNING	
$0		
{$4;785,178)		
TOTAL NET POSITION- ENDING	$558,421		{$4,410,782)		

Page3

Revenues		October-19	November-19	December-19	January-20	February-20	March-20		April-20	May-20	June-20	July-20	August-20	September-20	Total	
041.300.34900.10200	Parking Revenue - Public	$	146,034	$	155,337	$	157,916	$	224,690	$	194,862	$ 125,066	$		$	$	$	$	$	$ 1,003,905	
041.300.34900.10300	Parking Revenue - Other	$	25,055	$	17,795	$	29,761	$	24,753	$	29,613	$	16,974	$		$	$	$	$	$	$	143,951	
041.300.34900.10000	User Fee Revenue - Resort	$	92,038	$	96,899	$	102,918	$	115,787	$	140,844	$	77,850	$		$	$	$	$	$	$	626,336	
041.300.34900.10100	User Fee Revenue-Garage	$	3,422	$	3,462	$	3,754	$	4,989	$	4,489	$	2,841	$		$	$	$	$	$	$	22,957	
041.300.36100.00100	Interest - Reserve	$	$	4,054	$	3,451	$	3,449	$	3,390	$	3,168	$		$	$	$	$	$	$	17,511	
041.300.36100.00200	Interest - Interest	$	$	$	$	$	$	$		$	$	$	$	$	$	
041.300.36100.00300	Interest - Revenue	$	$	49	$	159	$	159	$	369	$	383	$		$	$	$	$	$	$	1,119	
041.300.36100.00500	Interest - User Fees	$	$	863	$	816	$	840	$	1,055	$	1,101	$		$	$	$	$	$	$	4,675	
041.300.36100.00600	Interest- Aqc & Construction	$	$	$	1	$	$	1	$	1	$		$	$	$	$	$	$	5	
Total Revenues		$	266 549	$	278,460	298 776	374 668	$	374 623	$ 227 383	$		$	$	$	$	$	$ 1820,458	

Expenses																
Administrative																	
041.310.51300.31100	Engineering	$	$	$	$	$	$	800	$		$	$	$	$	$	$	800	
041.310.51300.31200	Arbitrage	$	$	$	$	$	$	$		$	$	$	$	$	$	
041.310.51300.31300	Dissemination Agent	$	$	$	$	$	$	$		$	$	$	$	$	$	
041.310.51300.31500	Attorney	$	1,009	$	2,648	$	1,069	$	655	$	500	$	$		$	$	$	$	$	$	5,880	
041.310.51300.32200	Annual Audit	$	$	$	$	1,000	$	$	8,400	$		$	$	$	$	$	$	9,400	
041.310.51300.32300	Trustee Fees	$	$	$	$	$	2,000	$	$		$	$	$	$	$	$	2,000	
041.310.51300.34000	Management Fees	$	3,090	$	3,090	$	3,090	$	3,090	$	3,090	$	3,090	$		$	$	$	$	$	$	18,540	
041.310.51300.41000	Telephone	$	$	$	$	$	$	$		$	$	$	$	$	$	
041.310.51300.42000	Postage	$	147	$	$	136	$	3	$	$	2	$		$	$	$	$	$	$	288	
041.310.51300.42500	Printing & Binding	$	16,194	$	$	$	$	$	$		$	$	$	$	$	$	16,194	
041.310.51300.45000	Insurance -G/l	$	12,360	$	$	$	$	$	$		$	$	$	$	$	$	12,360	
041.310.51300.45000	Insurance - Business Income Loss	$	$	$	$	$	$	$		$	$	$	$	$	$	
041.310.51300.48000	legal Advertising	$	296	$	91	$	$	$	$	$		$	$	$	$	$	$	386	
041.310.51300.49000	Other Current Charges	$	62	$	63	$	48	$	49	$	61	$	66	$		$	$	$	$	$	$	348	
041.310.51300.35101	Website Administration	$	83	$	83	$	83	$	83	$	83	$	83	$		$	$	$	$	$	$	500	
041.310.51300.51000	Office Supplies	$	3	$	$	18	$	18	$	$	$		$	$	$	$	$	$	38	
041.310.51300.54000	Dues, Licenses	$	175	$	$	$	$	$	$		$	$	$	$	$	$	175	
Total Administrative		$	33,418	$	5,976	$	4,443	$	4,897	$	5,734	$	12,441	$		$	$	$	$	$	$	66,909	

Parking Garage																
041.320.54900.45000	Insurance	$	$	$	$	$	$	$		$	$	$	$	$	$	
041.320.54900.12000	Wages-CDD	$	23,885	$	17,119	$	19,317	$	18,574	$	17,846	$	12,142	$		$	$	$	$	$	$	108,883	
041.320.S4900.12100	Payroll Burden	$	2,650	$	1,965	$	2,066	$	1,847	$	1,631	$	1,275	$		$	$	$	$	$	$	11,434	
041.320.S4900.12200	Vacation/Holiday	$	l,36S	$	2,881	$	1,953	$	2,289	$	1,360	$	1,205	$		$	$	$	$	$	$	11,053	
041.320.54900.23000	Group Insurance	$	463	$	450	$	342	$	415	$	386	$	386	$		$	$	$	$	$	$	2,442	
041.320.54900.52001	Employee Meals	$	264	$	110	$	124	$	130	$	74	$	83	$		$	$	$	$	$	$	785	
041.320.54900.52000	Supplies	$	1,140	$	524	$	1,765	$	639	$	1,874	$	364	$		$	$	$	$	$	$	6,306	
041.320.54900.46001	Claims & Damages	$	$	$	$	$	$	$		$	$	$	$	$	$	
041.320.54900.49000	Credit Card & Bank Fees	$	6,377	$	6,303	$	7,707	$	9,274	$	10,113	$	4,875	$		$	$	$	$	$	$	44,649	
041.320.54900.45001	Genera! Insurance	$	7,612	$	7,366	$	7,611	$	7,612	$	6,875	$	7,611	$		$	$	$	$	$	$	44,687	
041.320.54900.46000	Maintenance & Repairs	$	7,026	$	3,421	$	7,694	$	3,666	$	3,193	$	8,433	$		$	$	$	$	$	$	33,433	
041.320.54900.46100	Miscellaneous	$	50	$	50	$	50	$	so	$	50	$	50	$		$	$	$	$	$	$	300	
041.320.54900.42500	Printing & Stationery	$	379	$	729	$	$	374	$	$	384	$		$	$	$	$	$	$	1,866	
041.320.54900.52005	Uniforms	$	810	$	$	$	$	$	$		$	$	$	$	$	$	810	
041.320.54900.43000	Utilities	$	3,473	$	3,368	$	3,700	$	3,131	$	3,035	$	3,444	$		$	$	$	$	$	$	20,151	
041.320.54900.34000	Management Fee	$	6,844	$	6,925	$	7,507	$	9,978	$	8,979	$	5,681	$		$	$	$	$	$	$	45,914	
Total Parking Garage		$	62,338	$	51,211	$	59,836	$	57,979	$	55,416	$	45,933	$		$	$	6,870	$	7,600	$	5,908	$	5,094	$	332,713	
																
Total Expenses		$	95,756	$	57,187	$	64,279	$	62,876	$	61,150	$	58,374	$		$	$	6,870	$	7,600	$	5,908	$	5,094	$	399,622	

October-19	November-19	December-19	January-20	February-20	March-20	April-20	May-20	June-20	July-20	August-20	September-20	Total

NON OPERATING REVENUE {EXPENSES)
 	
Total Non operating Revenue {Expenses)	$	$	$	$	$	$	$	$	$	$	$	$	$

Debt Service			
041.310.51700.72000	Interest Expense - 4/1	$	174,407	$	174,407	$	174,407	$	174,407	$	174,407	$ 174,407	$	$	$	$	$	$		$ 1,046,441	
041.310.51700.72000	Interest Expense -10/1	$	$	$	$	$	$	$	$	$	$	$	$		$	
041.310.51300.71000	Principal Expense -10/1	$	$	$	$	$	$	$	$	$	$	$	$		$	
Total Debt Service		$	174,407	$	174,407	$	174,407	$	174,407	$	174,407	$ 174,407	$	$	$	$	$	$		$ 1,046,441	
															
Change in Net Position		$	(3,613)	$	46,867	$	60,090	$	137,385	$	139,066	$	(5,398)	$	$	$	(6,870)	$	(7,600)	$	(5,908) $	(5,094)	$	374,396	
	
Capital Reserves	$	4,878	$	5,329	$	6,268	$	5,144	$	7,347	$	9,183	$	8,686	$	5,631	$	7,375	$	8,579	$	6,805 $	5,752	$	80,977