Capital Region 
Community 
Development District 


FINANCIAL STATEMENTS 

September 30, 2019 



Capital Region Community Development District 
Table of Contents 
September 30, 2019 


PAGE 

REPORT 
Independent Auditors’ Report 1 
FINANCIAL STATEMENTS 
Management’s Discussion and Analysis (Required Supplemental Information) 
3 
Basic Financial Statements 
Government-Wide Financial Statements 
Statement of Net Position 8 
Statement of Activities 9 
Fund Financial Statements 
Balance Sheet – Governmental Funds 10 
Reconciliation of the Balance Sheet of Governmental Funds to the Statement 
of Net Position 11 
Statement of Revenues, Expenditures and Changes in Fund Balances – 
Governmental Funds 12 
Reconciliation of the Statement of Revenues, Expenditures and Changes in 
Fund Balances of Governmental Funds to the Statement of Activities 13 
Notes to Financial Statements 
14 
Required Supplemental Information (other than MD&A) 
Budget to Actual Comparison Schedule - General Fund 25 
Independent Auditors’ Report on Internal Control Over Financial Reporting and 
on Compliance and Other Matters Based on an Audit of Financial Statements 
Performed in Accordance With Government Auditing Standards 
26 
Management Letter 28 
Independent Accountants’ Report on Compliance with Section 218.415 Florida Statutes 30 


INDEPENDENT AUDITORS’ REPORT 
To the Board of Supervisors 
Capital Region Community Development District 
Leon County, Florida 
INDEPENDENT AUDITORS’ REPORT 
To the Board of Supervisors 
Capital Region Community Development District 
Leon County, Florida 
Report on the Financial Statements 

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

Management’s Responsibility for the Financial Statements 

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

Auditors’ Responsibility 


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

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

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

Opinions 


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

Other Matters 


Required Supplementary Information 

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

Other Reporting Required by Government Auditing Standards 

In accordance with Government Auditing Standards, 
we 
have 
also issued our report dated February 20, 
2020, on our consideration of the District's internal control over financial reporting and our tests of its 
compliance with certain provisions of laws, regulations, contracts and grant agreements and other 
matters. The purpose of 
that report 
is 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. 
CARR, RIGGS & INGRAM, LLC 
Miramar Beach, Florida 
February 20, 2020 


- 2 -


Management’s Discussion And Analysis 


Capital Region Community Development District 
Management’s Discussion and Analysis 


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

FINANCIAL HIGHLIGHTS 

. 
At September 30, 2019, the liabilities of the District exceed its assets and deferred outflows of 
resources by approximately $12.2 million (deficit). 
. 
During the fiscal year ended September 30, 2019, the District incurred approximately $1.6 
million of interest expenditures and repaid principal of $1,320,000. 
USING THE ANNUAL REPORT 

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

Reporting the District as a Whole 

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

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

- 3 



Capital Region Community Development District 
Management’s Discussion and Analysis 


Reporting the District’s Most Significant Funds 

Our 
analysis 
of 
the District’s major funds begins on page 6. The fund financial statements begin on page 
10 and provide detailed information about the most significant funds – 
not the District as a 
whole. 
Some funds are required to be established by State law and by bond covenants. All of the District’s 
funds are governmental fund-types. 

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

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

September 30, 
Assets 
Current and other assets 
Capital assets, net 
2019 
2018 
$ 3,038,933 
$ 3,301,671 
15,461,361 
15,983,126 
$ 
Change 
(262,738) 
(521,765) 
Total assets 
18,500,294 
19,284,797 
(784,503) 
Deferred outflows of resources 
Deferred charge on refunding 
48,110 
52,148 
(4,038) 
Total assets and deferred 
outflows of resources 
$ 18,548,404 
$ 19,336,945 
$ (788,541) 


Liabilities 
Current liabilities 
Other liabilities 
Total liabilities 
$ 2,004,870 
28,728,043 
30,732,913 
$ 2,028,814 
30,076,702 
32,105,516 
$ (23,944) 
(1,348,659) 
(1,372,603) 
Net position 
Net investment in capital assets 
Restricted for: 
15,461,361 
15,983,126 
(521,765) 
Debt service 
Capital projects 
Unrestricted 
Total net position (deficit) 
1,080,631 
72,998 
(28,799,499) 
(12,184,509) 
1,061,045 
80,925 
(29,893,667) 
(12,768,571) 
19,586 
(7,927) 
1,094,168 
584,062 
Total liabilities 
and net position 
$ 18,548,404 
$ 19,336,945 
$ (788,541) 


- 4 



Capital Region Community Development District 
Management’s Discussion and Analysis 


For more detailed information, see the accompanying Statement of Net Position. 

During the fiscal year ended September 30, 2019, total assets and liabilities decreased by 
approximately 
$785,000 and $1.4 million, respectively, while deferred outflows 
of resources did not 
change 
significantly 
from the prior year. The decrease 
in assets is 
primarily a 
due to the use of current 
resources to pay for expenses in 
excess of levied assessments, interest and other revenues and 
depreciation on capital assets. 
The decrease in liabilities is 
primarily due to the repayment of 
outstanding long-term bond principal. 

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

Year ended September 30, 
Revenues: 
Program revenues: 
Charges for services 
Grants and contributions 
General revenues: 
Insurance proceeds 
Interest and other revenues 
$ 
2019 
4,182,856 
44,582 
70,283 
16,080 
2018 
$ 4,582,105 
35,613 
39,068 
16,815 
$ 
Change 
(399,249) 
8,969 
31,215 
(735) 
Total revenues 
4,313,801 
4,673,601 
(359,800) 
Expenses: 
General government 
Hurricane clean-up 
Maintenance 
and operations 
Bond issue costs 
Interest 
211,135 
76,866 
1,890,048 
-
1,551,690 
251,299 
-
2,031,390 
554,675 
1,920,391 
(40,164) 
76,866 
(141,342) 
(554,675) 
(368,701) 
Total expenses 
3,729,739 
4,757,755 
(1,028,016) 
Change in net position 
584,062 
(84,154) 
668,216 
Net position (deficit), beginning of 
year 
(12,768,571) 
(12,684,417) 
(84,154) 
Net position (deficit), end of year 
$ (12,184,509) 
$ (12,768,571) 
$ 584,062 


For more detailed information, see the accompanying Statement of Activities. 

Revenues and expenses decreased from the prior year by approximately $360,000 and $1 million, 
respectively. The decrease in revenues is due to a decrease in budgeted assessment rates. The decrease 
in expenses is primarily due to bond issue costs on the Series 2018 Bonds incurred in the prior year, as 
well as a 
decrease in interest expenses in the current year. The overall result was a 
$584,062 increase in 
net position for fiscal year 2019. 

- 5 



Capital Region Community Development District 
Management’s Discussion and Analysis 


THE DISTRICT’S FUNDS 

As the District completed the year, its governmental funds (as presented in the balance sheet on page 
10) reported a combined fund balance of approximately $3 million, 
which is a decrease from last year’s 
balance that totaled $3.2 million. Significant transactions are discussed below. 

. 
During the fiscal year ended September 30, 2019, the District incurred approximately $1.6 
million of interest expenditures and repaid principal of $1,320,000. 
The overall decrease in fund balance for the year ended September 30, 2019 totaled $231,075. 

CAPITAL ASSET AND DEBT ADMINISTRATION 

Capital Assets 

At September 30, 2019, the District had approximately $15.5 million invested in capital assets (net of 
accumulated depreciation). This amount represents a decrease of approximately $522,000 from the 
fiscal year 2018 total. 

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

September 30, 2019 
2018 
Change 
Capital assets being depreciated 
$ 22,165,899 
$ 22,165,899 
$ -
Accumulated depreciation 
(6,704,538) 
(6,182,773) 
(521,765) 
Net capital assets 
$ 15,461,361 
$ 15,983,126 
$ (521,765) 


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

Debt 


At September 30, 2019, the District had approximately $30.1 million 
of 
bonds outstanding. This amount 
represents a decrease of $1,320,000 from the fiscal year 2018 total. 

- 6 



Capital Region Community Development District 
Management’s Discussion and Analysis 


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

September 30, 2019 
2018 
Change 
Capital Improvement Revenue Bonds: 
Series 2011 A-1 
$ 3,255,000 
$ 3,470,000 
$ (215,000) 
Series 2013 
7,880,000 
8,300,000 
(420,000) 
Series 2018A-1 
16,420,000 
16,935,000 
(515,000) 
Series 2018A-2 
2,505,000 
2,675,000 
(170,000) 
$ 30,060,000 
$ 31,380,000 
$ (1,320,000) 


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


GOVERNMENTAL FUNDS BUDGETARY HIGHLIGHTS 

An Operating budget was established by the governing board for the District pursuant to the 
requirements of Florida Statutes. The budget to actual comparison for the general fund, including the 
original budget and final adopted budget, is shown at page 25. 

The District experienced an unfavorable variance in revenues and 
expenses as compared to the budget 
in the amount of $131,233 and $39,972, respectively. The variance in revenues is due to a reduction 
in 
assessments resulting from the overcharging of recreation assessments in prior years. The variance in 
expenditures occurred primarily due to unexpectedhurricane 
expenditures incurred in the current year. 

FUTURE FINANCIAL FACTORS 

Capital Region Community Development District is an independent 
special 
district 
that operates under 
the provisions of Chapter 190, Florida Statutes. The District operates under an elected Board of 
Supervisors, which establishes policy and levies non – 
ad valorem special assessments (“assessments”). 
Assessments for fiscal year 2020 were established at levels to provide for the operations of the District 
as well as the necessary debt service requirements. 

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT 

This financial report 
is designed 
to provide a general overview 
of 
the 
District’s finances. If 
you 
have 
questions about this report or need additional financial information, contact the Capital Region 
Community Development District’s management company at 5385 N. Nob Hill Road, Sunrise, Florida 
33351. 

- 7 



Basic Financial Statements 



Capital Region Community Development District 
Statement of Net Position 
September 30, 
2019 
Governmental 
Activities 
Assets 
Cash and cash equivalents 
$ 96,112 
Investments 
2,691,460 
Due from developer 
223,123 
Prepaid expenses 
28,238 
Capital assets: 
Depreciable, net 
15,461,361 
Total assets 
18,500,294 


Deferred outflows of resources 
Deferred charge on refunding 
Total deferred outflows of resources 
48,110 
48,110 
Liabilities 
Accounts payable 
21,002 
Due to other government 
37,523 
Accrued interest payable 
631,345 
Non-current liabilities: 
Due within one year 
1,315,000 
Due in more than one year 
28,728,043 
Total liabilities 
30,732,913 


Net position 
Net investment in capital assets 
Restricted for: 
15,461,361 
Debt service 
Capital projects 
Unrestricted 
1,080,631 
72,998 
(28,799,499) 
Total net position (deficit) 
$ (12,184,509) 


The accompanying notes are an integral part of these financial statements. 

- 8 -


Capital Region Community Development District 
Statement of Activities 
Year ended September 30, 
2019 
Program Revenues 
Net (Expense) 
Revenue and 
Changes in 
Net Position 
Functions/Programs 
Primary government: 
Governmental activities: 
General government 
Hurricane clean-up 
Maintenance and operations 
Interest 
Charges for 
Expenses 
Services 
$ (211,135) 
$ 180,622 
(76,866) 
-
(1,890,048) 
1,170,537 
(1,551,690) 
2,831,697 
Operating 
Grants and 
Contributions 
$ -
-
-
44,556 
Capital 
Grants and 
Contributions 
$ -
--
26 
Governmental 
Activities 
$ (30,513) 
(76,866) 
(719,511) 
1,324,589 
Total governmental 
activities 
$ (3,729,739) 
$ 4,182,856 
$ 44,556 
$ 26 
497,699 
General revenues 
Insurance proceeds 
Interest and other revenues 
Total general revenues 
70,283 
16,080 
86,363 
Change in net position 
584,062 
Net position (deficit) - beginning of year 
(12,768,571) 
Net position (deficit) - end of year 
$ (12,184,509) 


The accompanying notes are an integral part of these financial statements. 

- 9 -


Capital Region Community Development District 
Balance Sheet – Governmental Funds 
September 30, 
Assets 
Cash and cash equivalents 
Investments 
Due from developer 
Prepaid expenditures 
Due from other funds 
General 
$ 22,765 
583,438 
-
28,238 
1,580 
2019 
Total 
Governmental 
Debt Service 
Non-Major 
Funds 
$ -$ 73,347 
$ 96,112 
2,108,022 
-2,691,460 
223,123 
-223,123 
--28,238 
--1,580 
Total assets 
$ 636,021 
$ 2,331,145 
$ 73,347 
$ 3,040,513 
Liabilities and Fund Balances 
Liabilities 
Accounts 
payable 
Due to other funds 
Due to other government 
Total liabilities 
$ 21,002 
-
37,523 
58,525 
$ -
1,231 
-
1,231 
$ -$ 21,002 
349 
1,580 
-37,523 
349 
60,105 
Fund balances 
Nonspendable 
Restricted for debt service 
Restricted for capital projects 
Unassigned 
Total fund balances 
28,238 
-
-
549,258 
577,496 
-
2,329,914 
-
-
2,329,914 
-
-
72,998 
-
72,998 
28,238 
2,329,914 
72,998 
549,258 
2,980,408 
Total liabilities and fund balances 
$ 636,021 
$ 2,331,145 
$ 73,347 
$ 3,040,513 


The accompanying notes are an integral part of these financial statements. 

- 10 -


Capital Region Community Development District 
Reconciliation of the Balance Sheet – Governmental Funds to the Statement of 
Net Position 

September 30, 2019 
Total fund balances, governmental funds 
$ 2,980,408 
Capital 
assets 
used 
in 
governmental 
activities 
are 
not 
financial 
resources 
and 
therefore are not reported in the fund financial statements. 
15,461,361 
Deferred 
charges 
on 
refunding 
are 
not 
financial 
resources 
and, 
therefore 
are 
not 
reported 
as 
assets 
in 
governmental 
funds. 
The 
Statement 
of 
Net 
Position 
includes these charges, net of amortization. 
48,110 
Liabilities 
not 
due 
and 
payable 
from 
current 
resources, 
including 
accrued 
interest, are not reported in the 
fund financial statements. 
(30,674,388) 
Total net position (deficit) - governmental activities 
$ (12,184,509) 


The accompanying notes are an integral part of these financial statements. 

- 11 -


Capital Region Community Development District 
Statement of Revenues, Expenditures and Changes in Fund Balances – 
Governmental Funds 

Year ended September 30, 
2019 


Total 
Governmental 
General 
Debt Service 
Non-Major 
Funds 
Revenues 
Assessments 
$ 1,351,159 
$ 2,831,697 
$ -$ 4,182,856 
Insurance proceeds 
70,283 
--70,283 
Interest and other revenues 
16,080 
44,556 
26 
60,662 
Total revenues 
1,437,522 
2,876,253 
26 
4,313,801 


Expenditures 
Current: 
General government 
Hurricane clean-up 
Maintenance 
and operations 
Debt service: 
Principal 
Interest 
Total expenditures 
211,135 
76,866 
1,354,824 
-
-
1,642,825 
-
-
-
1,320,000 
1,568,592 
2,888,592 
13,459 
-
-
-
-
13,459 
224,594 
76,866 
1,354,824 
1,320,000 
1,568,592 
4,544,876 
Excess (deficit) of revenues over 
expenditures 
(205,303) 
(12,339) 
(13,433) 
(231,075) 
Other Financing Sources (Uses) 
Transfers in 
Transfers out 
Total other financing sources (uses) 
-
(15,000) 
(15,000) 
9,494 
-
9,494 
15,000 
(9,494) 
5,506 
24,494 
(24,494) 
-
Net change in fund balances 
(220,303) 
(2,845) 
(7,927) 
(231,075) 
Fund balances, beginning of year 
797,799 
2,332,759 
80,925 
3,211,483 
Fund balances, end of year 
$ 577,496 
$ 2,329,914 
$ 72,998 
$ 2,980,408 


The accompanying notes are an integral part of these financial statements. 

- 12 -

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

Year ended 
September 30, 
2019 


Net 
change in fund balances - governmental fund 
$ (231,075) 
Governmental 
funds 
report 
principal 
payments 
on 
bonds 
when 
debt 
is 
paid, 
whereas 
these 
payments 
are 
eliminated 
in 
the 
Statement 
of 
Activities 
and 
recognized as a decrease in bonds payable in the Statement of Net Position. 
1,320,000 
Depreciation 
on 
capital 
assets 
is 
not 
recognized 
in 
the 
fund 
financial 
statements but is reported as an expense in the 
Statement of Activities. 
(521,765) 
Amortization 
of 
deferred 
charges 
on 
refunding 
and 
original 
issue 
discount 
and 
premium 
are 
not 
recognized 
in 
the 
governmental 
fund 
statements 
but 
is reported 
as an expense in the Statement of Activities. 
(5,379) 
The 
change 
in 
accrued 
interest 
between 
the 
current 
and 
prior 
year 
is 
recorded 
on 
the 
Statement 
of 
Activities 
but 
not 
on 
the 
fund 
financial 
statements. 
22,281 
Change in net position of governmental activities $ 584,062 


The accompanying notes are an integral part of these financial statements. 

- 13 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 1: NATURE OF ORGANIZATION 

The Capital Region Community Development District (the “District”) was established on February 28, 
2000 pursuant to the Uniform Community Development District Act 
of 1980, otherwise known as 
Chapter 190, Florida Statutes. Chapter 190 provides that a Community Development District with a 
size 
of 1,000 acres or more may be established by rule adopted under 
Chapter 120 by the Florida Land and 
Water Adjudicatory Commission (“FLWAC”). The District was established by Rule 42CC-1, Florida 
Administrative Code, adopted by 
FLWAC. The District 
currently 
comprises approximately 3,287 acres. 
The development within the District (known as SouthWood) is planned to include 4,770 single family 
and multi-family units and approximately 349 acres of blended commercial use. 

The District was established for the purposes of financing and managing the acquisition, construction, 
maintenance and operation of certain infrastructure necessary 
for community development within the 
District. The District has the authority to borrow money and issue bonds, and to assess and levy 
assessments for the financing and 
delivery 
of capital infrastructure. In accordance with its Amended 
and Restated Improvement Plan dated August 8, 2008, the District estimated the total cost of 
infrastructure it may construct to be $143 million. As of the date of the Amended and Restated 
Improvement Plan, the District estimated that the issuance of approximately $163 million 
of 
tax 
exempt 
bonds would be sufficient to finance all such improvements. 

The District is governed by a Board of Supervisors (“Board”), which is comprised of five members. The 
current Supervisors have been elected by qualified electors residing 
within the District. The Board of 
Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida 
Statutes. 

The Board has the final responsibility for: 

1. Assessing and levying assessments. 

2. Approving budgets. 

3. Exercising control over facilities and properties. 

4. Controlling the use of funds generated by the District. 

5. Approving the hiring and firing of key personnel. 

6. Financing improvements. 

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

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

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

- 14 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Government-wide and Fund Financial Statements 

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

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

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

Measurement Focus, Basis of Accounting and Basis of Presentation 

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

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

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

- 15 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

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

The District reports the following major governmental funds: 

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

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


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

As a 
general rule, the effect of interfund activity has been eliminated from the government-wide 
financial statements. When both 
restricted and unrestricted resources are available for use, it is the 
District’s policy to use restricted resources first, 
then 
unrestricted resources as they are needed. When 
committed, assigned, or unassigned resources are available 
for 
use in the governmental fund financial 
statements, it is the government’s policy to use committed resources first, followed by assigned 
resources, then unassigned resources as needed. 

Cash, Deposits and Investments 

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

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

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

- 16 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Capital Assets 

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

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

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

Asset 
Years 


Stormwater management 
50 
Recreational area 
30 
Other 
30 


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

Estimates 

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

Long-Term Obligations 

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


In the fund financial statements, governmental fund types recognize bond premiums and discounts 
during the current period. The face amount of the debt issued is reported 
as other financing sources. 


- 17 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Premiums received on debt issuances are reported as other financing sources while discounts 
on debt 
issuances 
are reported as other financing uses. Issuance costs, 
whether 
or not withheld from 
the 
actual 
debt proceeds received, are reported as debt service expenditures. 

Deferred Outflows/Inflows of Resources 

In addition to assets, the statement of financial position and balance sheet – 
governmental funds 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. The District 
only has one item, 
a deferred 
charge on refunding, which 
qualifies for reporting in this category. A deferred charge on refunding results from the difference in 
the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized 
over the shorter of the life of the refunded or refunding debt. 


In addition 
to liabilities, the statement of financial position 
and balance sheet – 
governmental funds will 
sometimes report a 
separate section for deferred inflows of resources. This 
separate financial 
statement element, deferred inflows of resources, represents an acquisition of net position that applies 
to a 
future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. 
The District does not have any of this type of item at September 30, 2019. 

Fund Equity 

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

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

Prepaid Expenses/Expenditures 

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as 
prepaid expenses and expenditures on the Statement of Net Position and Balance Sheet – 
Governmental Funds, respectively. These items will be expensed over the applicable usage period. 

- 18 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Budgets 

The District is required to establish a budgetary system and an 
approved annual budget. Annual 
budgets are legally adopted on a basis consistent with GAAP for 
the General Fund. Any revision to the 
budget must be approved by the District Board. The budgets are 
compared to actual expenditures. In 
instances where budget appropriations and estimated revenues have been revised during the year, 
budget data presented in the financial statements represent final authorization amounts. For the year 
ended September 
30, 2019, actual expenditures exceeded budget appropriations due to unanticipated 
hurricane clean-up expenditures. 

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

A. 
Each year 
the 
District Manager submits 
to the District 
Board a proposed operating budget for 
the fiscal year commencing the following October 1. 
B. A public hearing is conducted to obtain comments. 
C. Prior to October 1, the budget is legally adopted by the District Board. 
D. All budget changes must be approved by the District Board, unless otherwise delegated by the 

District Board. 

E. 
Budgets 
are 
adopted 
on a basis consistent 
with accounting 
principles generally accepted in 
the 
United States of America. 
NOTE 3: INVESTMENTS 

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

The following is a summary of the District’s investments: 

September 30, 2019 
Credit Risk 
Maturities 
Short-term Money Market 
Funds 
$ 2,108,022 
S&P AAAm 
24 days 
State Board of Administration Florida PRIME 
583,438 
S&P AAAm 
37 days 
$ 2,691,460 


- 19 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 3: INVESTMENTS (Continued) 

Custodial credit risk 
– 
For an investment, custodial credit risk is the risk that the District will not be able 
to recover the value of 
the 
investments 
or collateral 
securities that are in the possession of an outside 
party. The District has no formal policy for custodial risk. At September 30, 2019, none of 
the 
District’s 
investments are exposed to custodial credit risk because their existence is not evidenced by securities 
that exist in physical or book entry form. 

Concentration risk 
– 
The District’s investment policy requires diversification, 
but does not specify limits 
on types of investments. 


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

NOTE 4: CAPITAL ASSETS 

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

Reductions 
Governmental Activities: 
Beginning 
Balance 
Additions 
and 
Conveyances 
Ending 
Balance 
Capital assets being depreciated 
Stormwater management 
Recreational area 
Other 
$ 16,282,320 
$ 
2,312,098 
3,571,481 
-
--
$ -
--
$ 16,282,320 
2,312,098 
3,571,481 


Total capital assets, being depreciated 
22,165,899 
--22,165,899 
Less accumulated depreciation 
Stormwater management 
Recreational area 
Other 
Total accumulated depreciation 
(3,962,405) 
(972,709) 
(1,247,659) 
(6,182,773) 
(325,646) 
(77,070) 
(119,049) 
(521,765) 
-
-
--
(4,288,051) 
(1,049,779) 
(1,366,708) 
(6,704,538) 
Governmental activities capital assets, net 
$ 15,983,126 
$ (521,765) 
$ -$ 15,461,361 


Depreciation expense of $521,765 was allocated to maintenance and 
operations on the accompanying 
Statement of Activities. 

NOTE 5: BONDS PAYABLE 

The District has issued the following long-term liabilities to finance, or 
re-finance prior bonds issued to 
finance, the acquisition and construction of certain improvements for the benefit of the District: 

- 20 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 5: BONDS PAYABLE (Continued) 

$8,045,000 of Capital Improvement Revenue Refunding Bonds, Series 2011 consisting of $4,740,000 
Series 2011A-1 Bonds and $3,305,000 of Series 2011A-2 
Bonds 
with interest rates from 2.10% to 5.50% 
and 6.20% to 6.50%, respectively. These bonds were used to repay in full the Series 2001A Bonds. In 
May 2018, the balance on the Series 2011A-2 Bonds was refunded in full as part of issuing the Series 
2018A-2 Capital Improvement Revenue Refunding Bonds. The Series 
2011A-1 bonds remain 
outstanding. Interest is paid semiannually on each May 1 
and November 1. Principal payments 
on the 
Series 2011A-1 bonds are made serially commencing on May 1, 2012 through May 1, 2031. 

$9,855,000 of Capital Improvement Revenue Refunding Bonds, Series 2013 consisting of $4,930,000 
Serial Series 2013 Bonds, $2,565,000 Term Series 2013 Bonds, and $2,360,000 Term Series 2013 Bonds 
with interest rates from 2.25% to 5.25%, 5.75%, and 6.00%, respectively. These bonds were used to 
repay in full the Series 2002A Bonds. Interest is paid semiannually on 
each May 1 and 
November 1. 
Principal payments on the Serial Series 2013 Bonds are made serially commencing on May 1, 2015 
through May 1, 2025. Principal payments on the $2,565,000 Term 
Series 2013 Bonds are 
made 
serially 
commencing May 1, 2026 through May 1, 2029. Principal payments 
on the $2,360,000 Term Series 
2013 Bonds are made serially commencing May 1, 2030 through May 1, 2032. 

$19,610,000 Capital Improvement Revenue Refunding Bonds, Series 2018, consisting of $16,935,000 
Series 2018A-1 Bonds with interest rates from 4.125% to 5.125% and $2,675,000 Series 2018A-2 Bonds 
with interest rates from 3.875% to 4.600%. The Series 2018A-1 bonds were issued to refund and 
redeem in full all of the Series 2008A bonds. The Series 2018A-2 bonds were issued to refund and 
redeem in full all of the Series 2011A-2 bonds. Interest is paid semiannually on each May 1 
and 
November 1. Principal payments on the Series 2018A-1 Bonds are 
made serially commencing on 
May 
1, 
2019 through May 1, 2039. Principal payments on the Series 2018A-2 
Bonds are made 
serially 
commencing on May 1, 2019 through May 1, 2031. 

The Bond Indentures require that the District maintain adequate 
funds in reserve accounts to meet the 
debt service reserve requirements as defined in the Indentures. 
The requirements have been met for 
the fiscal year ended September 30, 2019. 

The Bond Indentures for all series have certain restrictions and requirements relating principally 
to the 
use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the 
District on 
assessments to 
property owners. The District 
agreed to levy special assessments in annual 
amounts adequate to provide payment of debt service. The District is 
in compliance 
with the 
requirements of the Bond Indentures for all series. 

- 21 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 5: BONDS PAYABLE (Continued) 

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

Beginning Due Within 
Balance 
Additions 
Reductions 
Ending Balance 
One Year 
Governmental Activities 
Bonds Payable: 
Series 2011A-1 
$ 3,470,000 
$ -$ (215,000) 
$ 3,255,000 
$ 200,000 
Series 2013 
8,300,000 
-(420,000) 
7,880,000 
440,000 
Series 2018A-1 
16,935,000 
-(515,000) 
16,420,000 
510,000 
Series 2018A-2 
2,675,000 
-(170,000) 
2,505,000 
165,000 
$ 31,380,000 
$ -$ (1,320,000) 
$ 
30,060,000 
$1,315,000 


The balance of the long-term bonds at September 30, 2019 is summarized as follows: 

September 30, 
2019 


Bond principal balance 
Add original issue premium 
Less original issue discount 
$ 30,060,000 
4,000 
(20,957) 
Net balance, bonds 
$ 30,043,043 


At September 30, 2019, the scheduled debt service requirements on long-term 
debt were 
as follows: 


Year Ending September 30, 
Principal 
Interest 
Service 


2020 
$ 1,315,000 
$ 1,515,227 
$ 
2,830,227 


2021 
1,370,000 
1,460,496 
2,830,496 
2022 
1,430,000 
1,401,728 
2,831,728 
2023 
1,490,000 
1,339,263 
2,829,263 
2024 
1,565,000 
1,273,200 
2,838,200 
2025 - 2029 
9,130,000 
5,103,356 
14,233,356 
2030 - 2034 
8,015,000 
2,560,535 
10,575,535 
2035 - 2039 
5,745,000 
913,275 
6,658,275 


$ 30,060,000 
$ 15,567,080 
$ 
45,627,080 


- 22 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 6: RISK MANAGEMENT 

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

NOTE 7: MANAGEMENT COMPANY 


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


The District also has contracted with Governmental Management Services to serve as the “Property 
Manager” for the common area maintenance management of the District. The Property Manager 
oversees certain services including: landscaping, irrigation and general grounds maintenance 
operations. 

NOTE 8: RELATED PARTY TRANSACTIONS 

A significant portion of the District’s activity is dependent upon the continued involvement of the 
Developer, St. Joe Company, 
the 
loss 
of which could have 
a 
material adverse effect on 
the 
District’s 
operations. 

For fiscal year ended September 30, 2019, the District directly 
assessed the Developer $316,455 for 
operations and maintenance and $1,115,614 for debt 
service 
costs on property owned by the Developer 
within the District’s boundaries. In addition, the Developer was assessed $100,967 for operations and 
maintenance and $156,181 for debt service costs through the local tax collector. At 
September 
30, 
2019, the developer owed the District $223,123 for outstanding debt service assessments which is 
recorded as Due from developer on the accompanying Statement of 
Net Position and Balance Sheet – 
Governmental Funds. Subsequent to year-end, the developer paid the outstanding debt service 
assessments. 

NOTE 9: INTERFUND ACTIVITY 

During the year ended September 30, 2019, the District transferred $15,000 from the General Fund to 
the Non-Major Fund per budget for capital projects and recreation facility expenses. The District also 
transferred $9,494 from the Non-Major Fund to the Debt Service Fund to close out the Non-Major Fund 
investment accounts. 

- 23 -


Capital Region Community Development District 
Notes to Financial Statements 

NOTE 10: NATURAL DISASTER 


The District sustained hurricane damage as a 
result of Hurricane Michael, which struck the Tallahassee 
area in October 2018. The District filed insurance claims as a result of the damage. During the year 
ended September 30, 2019, the District incurred storm-clean 
up 
expenses totaling $76,866 and received 
insurance proceeds totaling $70,283. The claim for Hurricane Michael has been settled. 

- 24 -


Required Supplemental Information 
(Other Than MD&A) 



Capital Region Community Development District 
Budget to Actual Comparison Schedule – General Fund 

Year ended September 30, 
2019 


Variance 
Origional/Final Actual with Final 
Budget 
Amounts 
Budget 


Revenues 
Assessments 
$ 1,567,255 
$ 1,351,159 
$ 
(216,096) 
Insurance proceeds 
-70,283 
70,283 
Interest and other revenues 
1,500 
16,080 
14,580 


Total revenues 
1,568,755 
1,437,522 
(131,233) 


Expenditures 


General government 
209,190 
211,135 
(1,945) 
Hurricane clean-up 
-76,866 
(76,866) 
Maintenance and operations 
1,393,663 
1,354,824 
38,839 
Total expenditures 
1,602,853 
1,642,825 
(39,972) 


Excess (deficit) of revenues over expenditures 
(34,098) 
(205,303) 
(171,205) 


Other Financing Sources (Uses) 


Transfers out 
-(15,000) 
(15,000) 
Total other financing sources (uses) 
-(15,000) 
(15,000) 
Net change in fund balances 
(34,098) 
(220,303) 
(186,205) 
Fund balances, beginning of year 
34,098 
797,799 
763,701 
Fund balances, end of year 
$ -$ 577,496 
$ 
577,496 


- 25 -


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 
Capital Region Community Development District 
Leon County, Florida 

We have audited, in accordance with the auditing standards generally accepted in the United States of 
America and the standards applicable to financial audits contained in Government Auditing Standards 
issued by the Comptroller General of the United States, the financial statements 
of the governmental 
activities, each major fund, and the aggregate remaining fund information of Capital Region 
Community 
Development 
District 
(hereinafter referred to as the “District”), as of and for the year ended September 
30, 2019, and the related notes to the financial statements, which collectively comprise the District’s 
basic financial statements, and have issued our report thereon dated February 20, 2020. 

Internal Control Over Financial Reporting 

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


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

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

- 26 -


Compliance and Other Matters 

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

Purpose of this Report 

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


CARR, RIGGS & INGRAM, LLC 

Miramar Beach, Florida 
February 20, 2020 

- 27 -


MANAGEMENT LETTER 
To the Board of Supervisors 
Capital Region Community Development District 
Leon County, Florida 
MANAGEMENT LETTER 
To the Board of Supervisors 
Capital Region Community Development District 
Leon County, Florida 
Report on the Financial Statements 


We have audited the financial statements of the Capital Region Community Development District 
(“District”) as of and for the fiscal year ended September 30, 2019, and have issued our report thereon 
dated February 20, 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 Auditor 
General. 

Other Reports and Schedule 


We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and 
Compliance 
and Other Matters Based on an Audit of the Financial 
Statements Performed in Accordance 
with Government Auditing Standards 
and Independent Accountants’ Report on an examination 
conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance 
requirements in accordance with Chapter 10.550, Rules of the Auditor 
General. Disclosures in 
this 
report, which is dated February 20, 2020, should be considered in conjunction with this management 
letter. 

Prior Audit Findings 


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

Official Title and Legal Authority 

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


- 28 -


Financial Condition and Management 


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

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

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any 
recommendations to improve financial management. In connection with our audit, we did not have any 
such recommendations. 

Additional Matters 

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

Purpose of this Letter 


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

parties. 
CARR, RIGGS & INGRAM, LLC 
Miramar Beach, Florida 
February 20, 2020 

- 29 -


INDEPENDENT ACCOUNTANTS’ REPORTTo the Board of Supervisors 
Capital Region Community Development District 
Leon County, Florida 
INDEPENDENT ACCOUNTANTS’ REPORTTo the Board of Supervisors 
Capital Region Community Development District 
Leon County, Florida 
We have examined Capital Region Community Development District’s compliance with the 
requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the 
year ended September 30, 2019. Management of the District is responsible for the District’s compliance 
with the specified requirements. Our responsibility is to express an opinion on the District’s compliance 
based on our examination. 

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

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

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

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


parties. 
CARR, RIGGS & INGRAM, LLC 
Miramar Beach, Florida 
February 20, 2020 

- 30 -