SWI Community Development District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817
Phone 407-723-5900; Fax 407-723-5901
www.swicdd.com

The following is the proposed agenda for the Board of Supervisors’ Meeting for the SWI Community Development District, scheduled to be held Friday, May 29, 2026, at 9:00 a.m. at One Daytona Boulevard, Suite 600; Daytona Beach, FL 32114. The personal attendance of three (3) Board Members is required to constitute a quorum.
Board Members and Staff unable to attend in person, may participate in the meeting by using the below conference call information:

Phone:	1-844-621-3956
Access Code:	2539 895 0958
Join online:	https://pfmcdd.webex.com/meet/gaarlandtj

BOARD OF SUPERVISORS’ MEETING AGENDA
Administrative Matters
Call to order
Roll call to confirm a quorum
Public Comment Period [for any members of the public desiring to speak on any proposition coming before the Board]
Nomination(s) for Vacant Seat #2 (term expires 11/2026)
Consideration of the Minutes of the:
August 29, 2025, Board of Supervisors’ Meeting
August 29, 2025, Auditor Selection Committee Meeting
Consideration of Resolution 2026-01, Designating a Date, Time and Location for a Landowner’s Election Meeting [Suggested date: November 20, 2026]
Review of Number of Registered Voters

Business Matters
Review of Public Infrastructure Fee Collections [for the Board’s information only – no action needs to be taken]
Consideration of Resolution 2026-02, Approving a Proposed Budget for the Fiscal Year 2026-2027 and Setting a Public Hearing thereon. [The District is required to approve a budget for its upcoming fiscal year, which begins on October 1st, in a two-step process. First, the Board must approve a preliminary budget and select a date for a public hearing on the adoption of a final budget, which is the purpose of this resolution. Second, the Board must hold an advertised public hearing on the budget and, thereafter, finally adopt the annual budget. The District’s budgeted operations and maintenance expenses are currently funded by the developer on an as-incurred basis pursuant to a developer funding agreement.] [Suggested date: August 28, 2026]
Consideration of Engineer’s Annual Inspection Report
Consideration of Proposal for Engineer’s Annual Inspection Report
Review and Acceptance of FY 2025 (October 1, 2024 - September 30, 2025) Annual Financial Report [Also known as the District’s annual audit, which is transmitted to the State of Florida each year. The Board will be asked to accept the audit]
Ratification of Funding Request Numbers 224 – 240
Review of District’s Financial Position

Other Business Staff Reports
District Counsel
District Engineer
District Manager
Form 1 Filing Deadline July 1st / Ethics Training
Next Meeting: August 28, 2026 [Public Hearing FY 27 Budget Adoption]
Audience Comments Supervisors Requests Adjournment

Nomination(s) for Vacant Seat #2

Consideration of the Minutes of the:
August 29, 2025, Board of Supervisors’
Meeting
August 29, 2025, Auditor Selection Committee Meeting

SWI Community Development District Minutes of Meeting

Board of Supervisors Meeting Friday, August 29, 2025, at 9:00 a.m.
One Daytona Boulevard, Suite 600, Daytona Beach, Florida, 32114.

Renee Milza	Chair
Kristina Circelli	Assistant Secretary
Jonathan Henry Greene	Assistant Secretary

Also present were:

Jane Gaarlandt	PFM	
Gazmin Kerr	PFM	
Verona Griffith	PFM	(via phone)	
Mark Watts	Cobb Cole	(via phone)	

FIRST ORDER OF BUSINESS	Call to Order and Roll Call to Confirm Quorum

The Board of Supervisors meeting for the SWI Community Development District was called to order at approximately 9:10 a.m. Those in attendance are listed above.

SECOND ORDER OF BUSINESS	Public Comment Period

There were no public comments at this time.

THIRD ORDER OF BUSINESS	Nomination(s) for Vacant Seat #2

Ms. Gaarlandt reviewed the qualifications required.

This item was deferred as there were no nominations at this time.

FOURTH ORDER OF BUSINESS	Consideration of the Minutes of the:

Page 1 of 7

May 30, 2025, Board of Supervisors’ Meeting
May 30, 2025, Auditor Selection Committee Meeting
The Board reviewed the minutes.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor, the Board of Supervisors for the SWI Community Development District approved the Minutes of the May 30, 2025, Board of Supervisors’ Meeting and the Minutes of the May 30, 2025, Auditor Selection Committee Meeting.

FIFTH ORDER OF BUSINESS	Consideration of Resolution 2025-04, Setting an Annual Meeting Schedule for Fiscal Year 2025-2026

Ms. Gaarlandt reviewed the annual meeting schedule and noted the budget meetings will be held in May and August, at the same location and same time. Meetings can be changed or added as needed.

ON MOTION by Ms. Milza, seconded by Mr. Greene, with all in favor, the Board of Supervisors for the SWI Community Development District approved Resolution 2025-04, Setting an Annual Meeting Schedule for Fiscal Year 2025-2026 meeting in May and in August at 9:00 a.m. at One Daytona Boulevard, Suite 600, Daytona Beach, Florida, 32114.

SIXTH ORDER OF BUSINESS	Consideration of Resolution 2025-05, Adopting Goals, Objectives, and Performance Measures and Standards

Ms. Gaarlandt noted this is an annual statutory requirement and the goals and objectives have remained the same. These are items the District already does.
Ms. Gaarlandt provided an overview.

Mr. Watts confirmed the goals and objectives complied with statutory requirements.

The Goals, Objectives, and Performance Measures and Standards will be posted on the District’s website by December 1, 2025.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor, the Board of Supervisors for the SWI Community Development District approved Resolution 2025-05, Adopting Goals, Objectives, and Performance Measures and Standards.

SEVENTH ORDER OF BUSINESS	Review of Public Infrastructure Fee Collections

The Board reviewed the fee collections. There was no action required by the Board.

It was noted that once the August financials are received, the July information can be posted.

Ms. Griffith gave an overview of the fee collection amounts. She will send Ms. Milza the report each month.

EIGHTH ORDER OF BUSINESS	Public Hearing on the Adoption of an Annual Budget for Fiscal Year 2025-2026
Public Comments
Board Comments

A. Consideration of Resolution	2025-06, Adopting a Budget and Appropriating Funds for the Fiscal Year 2025-2026

Ms. Gaarlandt noted the Public Hearing was noticed per statutory requirements.

ON MOTION by Ms. Circelli, seconded by Ms. Milza, with all in favor, the Board of Supervisors for the SWI Community Development District opened the Public Hearing on the Adoption of an Annual Budget for Fiscal Year 2025-2026.

There were no public comments at this time. There were no Board comments at this time.

ON MOTION by Ms. Circelli, seconded by Ms. Milza, with all in favor, the Board of Supervisors for the SWI Community Development District closed the Public Hearing on the Adoption of an Annual Budget for Fiscal Year 2025-2026.

It was noted there were no changes to the overall budget since preliminarily approved. Ms. Gaarlandt gave an overview of the budget and noted it is as incurred.

There was brief discussion regarding the Engineer’s Report fee within the budget. Ms. Gaarlandt noted his fee is consistent with previous years and gave an overview of the budget.

Ms. Griffith gave an update regarding the fee collections.

There was brief discussion regarding the increase in Trustee Services. Ms. Griffith gave an overview and noted there are now services related to the bond. It was noted it is not tied to the revenue earned and the increase takes place every three to five years. It should not increase after this for a while.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor, the Board of Supervisors for the SWI Community Development District approved Resolution 2025-06, Adopting a Budget and Appropriating Funds for the Fiscal Year 2025-2026.

NINTH ORDER OF BUSINESS	Consideration of Fiscal Year 2025-2026 General Funds Funding Agreement
Ms. Gaarlandt noted this is the agreement with the Developer to fund the budget. It is the same overall agreement as the previous year.

ON MOTION by Ms. Circelli, seconded by Ms. Milza, with all in favor, the Board of Supervisors for the SWI Community Development District approved the Fiscal Year 2025-2026 General Funds Funding Agreement.

TENTH ORDER OF BUSINESS	Review and acceptance of FY 2024	(October	1,	2023	-

September 30, 2024) Annual Financial Report

Ms. Gaarlandt noted the report was previously sent to the Board for review.

ON MOTION by Ms. Circelli, seconded by Mr. Greene, with all in favor, the Board of Supervisors for the SWI Community Development District accepted the FY 2024 Annual Financial Report.

ELEVENTH ORDER OF BUSINESS	Consideration of Fiscal Year	
	2025-2026 Insurance Renewal	
The Board reviewed the renewal.		

Ms. Griffith noted the insurance is paid in September for the new fiscal year in October.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor, the Board of Supervisors for the SWI Community Development District approved the Fiscal Year 2025-2026 Insurance Renewal.

TWELFTH ORDER OF BUSINESS	Consideration		of	
	Recommendation	of	the	
Auditor Selection Committee

Ms. Gaarlandt reviewed the recommendation and noted the Auditor Selection Committee ranked Grau and Associates as No. 1. It was noted that once approved, District Management will reach out to obtain an Engagement Letter from the auditor.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor, the Board of Supervisors for the SWI Community Development District approved the Recommendation of the Auditor Selection Committee.

THIRTEENTH ORDER OF BUSINESS	Ratification of Funding Request Number 217 – 223

Ms. Gaarlandt stated these were for standard District expenses. This is solely for ratification.

ON MOTION by Ms. Circelli, seconded by Mr. Greene, with all in favor, the Board of Supervisors for the SWI Community Development District approved Funding Request Numbers 217 – 223.

FOURTEENTH ORDER OF BUSINESS	Review of District’s Financial Position

The Board reviewed the statements of the District’s financial position. There was no action required by the Board.

FIFTEENTH ORDER OF BUSINESS	Staff Reports	
		Audience Comments &	
		Supervisor Requests	
		Adjournment	
District Attorney -	No report.		
District Engineer -	No report.		

District Manager -	Ms. Gaarlandt reminded the board members the annual required Ethics Training due December 31.

There was no further business to discuss.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor the August 29, 2025, Board of Supervisors’ Meeting for the SWI Community Development District was adjourned.

Secretary/Assistant Secretary	Chairman/Vice-Chairman

SWI Community Development District Minutes of Meeting

Auditor Selection Committee Meeting Friday, August 29, 2025, at 9:00 a.m.
One Daytona Boulevard, Suite 600, Daytona Beach, Florida, 32114.

Renee Milza	Committee Member
Kristina Circelli	Committee Member
Jonathan Henry Greene	Committee Member

Also present were:

Jane Gaarlandt	PFM	
Gazmin Kerr	PFM	
Verona Griffith	PFM	(via phone)	
Mark Watts	Cobb Cole	(via phone)	

FIRST ORDER OF BUSINESS	Call to Order

The Board of Supervisors meeting for the SWI Community Development District was called to order at approximately 9:02 a.m. Those in attendance are listed above.

SECOND ORDER OF BUSINESS	Review of Auditing Services Proposal
Richie Tandoc, P.A.
Carr Riggs & Ingram
Grau & Associates
Ms. Gaarlandt gave an overview of the proposals received from Richie Tandoc, Pa., Carr Riggs & Ingram, and Grau & Associates. She noted a proposal was not received from the current auditor James Moore & Co.

It was noted the proposals are for a two-year term. The auditor can be changed after the first year with due process.

THIRD ORDER OF BUSINESS	Ranking of Auditing Services Proposal

Ms. Gaarlandt reviewed the rankings and noted the recommended highest ranked proposal was from Grau and Associates.

The Board reviewed the rankings. It was noted the Board can make any decision they choose.

Ms. Griffith gave an overview of the cost of the current auditor James Moore & Co.

The Board reviewed the proposals and costs.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor, the Auditor Selection Committee for the SWI Community Development District approved the Auditing Services Proposal from Grau and Associates, and ranked Grau and Associates as No. 1.

FOURTH ORDER OF BUSINESS	Adjournment

There was no further business to discuss.

ON MOTION by Ms. Milza, seconded by Ms. Circelli, with all in favor the August 29, 2025, Auditor Selection Committee Meeting for the SWI Community Development District was adjourned.

Secretary/Assistant Secretary	Chairman/Vice-Chairman

SWI Community Development District

Consideration of Resolution 2026-01, Designating a Date, Time and Location for a Landowner’s Election Meeting [Suggested date: November 20, 2026]

RESOLUTION 2026-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SWI COMMUNITY DEVELOPMENT DISTRICT DESIGNATING A DATE, TIME AND LOCATION FOR A LANDOWNERS’ MEETING AND ELECTION; PROVIDING FOR PUBLICATION; ESTABLISHING FORMS FOR THE LANDOWNER ELECTION; AND PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE.
WHEREAS, SWI Community Development District (“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within the Volusia County, Florida; and

WHEREAS, pursuant to Section 190.006(1), Florida Statutes, the District’s Board of Supervisors (“Board”) “shall exercise the powers granted to the district pursuant to Chapter 190, Florida Statutes,” and the Board shall consist of five members; and
WHEREAS, the District is statutorily required to hold a meeting of the landowners of the District for the purpose of electing Board Supervisors for the District on a date in November established by the Board, which shall be noticed pursuant to Section 190.006(2), Florida Statutes.

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

EXISTING BOARD SUPERVISORS; SEATS SUBJECT TO ELECTIONS.
The Board is currently made up of the following individuals:

Seat Number	Supervisor	Term Expiration Date	
1	Renee Milza	November 2028	
2	Vacant	November 2026	
3	Vincent Lacerenza	November 2026	
4	Kristina Circelli	November 2028	
5	Jonathan Henry Greene	November 2026	

This year, Seat 2, currently Vacant, Seat 3, currently held by Vincent Lacerenza, and Seat 5, currently held by Jonathan Henry Greene, are subject to election by landowners in November 2026. The two candidates receiving the highest number of votes shall be elected for a term of four (4) years. The candidate receiving the next highest number of votes shall be elected for a term of two (2) years. The term of office for each successful candidate shall commence upon election.

LANDOWNER’S ELECTION. In accordance with Section 190.006(2), Florida Statutes, the meeting of the landowners to elect Board Supervisor(s) of the District shall be held on the 20th day of November, 2026, at 9:00 a.m., at One Daytona Boulevard Suite 600, Daytona Beach, FL 32114.

PUBLICATION. The District’s Secretary is hereby directed to publish notice of the landowners’ meeting and election in accordance with the requirements of Section 190.006(2), Florida Statutes.
FORMS.	Pursuant to Section 190.006(2)(b), Florida Statutes, the

landowners’ meeting and election have been announced by the Board at its May 29, 2026 meeting. A sample notice of landowners’ meeting and election, proxy, ballot form and instructions were presented at such meeting and are attached hereto as Exhibit A. Such documents are available for review and copying during normal business hours at the office of the District Manager, PFM Group Consulting LLC, located at 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.
EFFECTIVE DATE. This Resolution shall become effective upon its passage.

PASSED AND ADOPTED THIS 29TH DAY OF MAY, 2026.

SWI COMMUNITY DEVELOPMENT DISTRICT
ATTEST:

CHAIRMAN / VICE CHAIRMAN

SECRETARY / ASST. SECRETARY

EXHIBIT A

NOTICE OF LANDOWNERS’ MEETING AND ELECTION OF THE SWI COMMUNITY DEVELOPMENT DISTRICT
Notice is hereby given to the public and all landowners within the SWI Community Development District (the “District”) located in Volusia County, Florida, advising that a meeting of landowners will be held for the purpose of electing three (3) persons to the District Board of Supervisors. Immediately following the landowners’ meeting there will be convened a meeting of the Board of Supervisors for the purpose of considering certain matters of the Board to include election of certain District officers, and other such business which may properly come before the Board.

DATE:	November   , 2026
TIME:		
PLACE:		

Daytona Beach, Florida 32114
Each landowner may vote in person or by written proxy. Proxy forms may be obtained upon request at the office of the District Manager, 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817. At said meeting each landowner or his or her proxy shall be entitled to nominate persons for the position of Supervisor and cast one vote per acre of land, or fractional portion thereof, owned by him or her and located within the District for each person to be elected to the position of Supervisor. A fraction of an acre shall be treated as one acre, entitling the landowner to one vote with respect thereto. Platted lots shall be counted individually and rounded up to the nearest whole acre. The acreage of platted lots shall not be aggregated for determining the number of voting units held by a landowner or a landowner’s proxy. At the landowners’ meeting the landowners shall select a person to serve as the meeting chair and who shall conduct the meeting.

The landowners’ meeting and the Board of Supervisors meeting are open to the public and will be conducted in accordance with the provisions of Florida law. One or both of the meetings may be continued to a date, time, and place to be specified on the record at such meeting. A copy of the agenda for these meetings may be obtained from 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817 or by calling (407) 723-5900. There may be an occasion where one or more supervisors or staff will participate by speaker telephone.
Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (407) 723-5900 at least 48 hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.
A person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that such person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based.

Jane Gaarlandt District Manager
Run Date(s): 	 & 	

[PUBLISH FOR 2 CONSECUTIVE WEEKS, THE LAST PUBLICATION MUST BE AT LEAST 14 DAYS BEFORE THE ELECTION DATE]

INSTRUCTIONS RELATING TO LANDOWNERS’ MEETING OF SWI COMMUNITY DEVELOPMENT DISTRICT
FOR THE ELECTION OF SUPERVISORS

DATE OF LANDOWNERS’ MEETING: 	 November, 2026
TIME: 	

LOCATION:

Pursuant to Chapter 190, Florida Statutes, and after a Community Development District (“District”) has been established and the landowners have held their initial election, there shall be a subsequent landowners’ meeting for the purpose of electing members of the Board of Supervisors (“Board”) every two years until the District qualifies to have its board members elected by the qualified electors of the District. The following instructions on how all landowners may participate in the election are intended to comply with Section 190.006(2)(b), Florida Statutes.
A landowner may vote in person at the landowners’ meeting, or the landowner may nominate a proxy holder to vote at the meeting in place of the landowner. Whether in person or by proxy, each landowner shall be entitled to cast one vote per acre of land owned by him or her and located within the District, for each position on the Board that is open for election for the upcoming term. A fraction of an acre shall be treated as one (1) acre, entitling the landowner to one vote with respect thereto. For purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre. Moreover, please note that a particular parcel of real property is entitled to only one vote for each eligible acre of land or fraction thereof; therefore, two or more people who own real property in common, that is one acre or less, are together entitled to only one vote for that real property.

At the landowners’ meeting, the first step is to elect a chair for the meeting, who may be any person present at the meeting. The landowners shall also elect a secretary for the meeting who may be any person present at the meeting. The secretary shall be responsible for the minutes of the meeting. The chair shall conduct the nominations and the voting. If the chair is a landowner or proxy holder of a landowner, he or she may nominate candidates and make and second motions. Candidates must be nominated and then shall be elected by a vote of the landowners. Nominees may be elected only to a position on the Board that is open for election for the upcoming term.
This year, three (3) seats on the Board will be up for election by landowners. The two candidates receiving the highest number of votes shall be elected for a term of four (4) years. The candidate receiving the next highest number of votes shall be elected for a term of two (2) years. The term of office for each successful candidate shall commence upon election.
A proxy is available upon request. To be valid, each proxy must be signed by one of the legal owners of the property for which the vote is cast and must contain the typed or printed name of the individual who signed the proxy; the street address, legal description of the property or tax parcel identification number; and the number of authorized votes. If the proxy authorizes more than one vote, each property must be listed and the number of acres of each property must be included. The signature on a proxy does not need to be notarized.

LANDOWNER PROXY
SWI COMMUNITY DEVELOPMENT DISTRICT VOLUSIA COUNTY, FLORIDA
LANDOWNERS’ MEETING – NOVEMBER 	, 2026

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, the fee simple owner of the lands described herein, hereby constitutes and appoints 	 (“Proxy Holder”) for and on behalf of the undersigned, to vote as proxy at the meeting of the landowners of the SWI Community Development District to be held on the   day of November, 2026, at   a.m., and located at
	 and at any adjournments thereof, according to the number of acres of unplatted land and/or platted lots owned by the undersigned landowner that the undersigned would be entitled to vote if then personally present, upon any question, proposition, or resolution or any other matter or thing that may be considered at said meeting including, but not limited to, the election of members of the Board of Supervisors. Said Proxy Holder may vote in accordance with his or her discretion on all matters not known or determined at the time of solicitation of this proxy, which may legally be considered at said meeting.

Any proxy heretofore given by the undersigned for said meeting is hereby revoked. This proxy is to continue in full force and effect from the date hereof until the conclusion of the landowners’ meeting and any adjournment or adjournments thereof, but may be revoked at any time by written notice of such revocation presented at the landowners’ meeting prior to the Proxy Holder’s exercising the voting rights conferred herein.

Printed Name of Legal Owner		
Signature of Legal Owner

Parcel Description		Date

Acreage	

Authorized Votes	

[Insert above the street address of each parcel, the legal description of each parcel, or the tax identification number of each parcel. If more space is needed, identification of parcels owned may be incorporated by reference to an attachment hereto.]
Total Number of Authorized Votes:

NOTES: Pursuant to Section 190.006(2)(b), Florida Statutes (2018), a fraction of an acre is treated as one (1) acre entitling the landowner to one vote with respect thereto. For purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre. Moreover, two (2) or more persons who own real property in common that is one acre or less are together entitled to only one vote for that real property.

If the fee simple landowner is not an individual, and is instead a corporation, limited liability company, limited partnership or other entity, evidence that the individual signing on behalf of the entity has the authority to do so should be attached hereto (e.g., bylaws, corporate resolution, etc.).

OFFICIAL BALLOT
SWI COMMUNITY DEVELOPMENT DISTRICT VOLUSIA COUNTY, FLORIDA
LANDOWNERS’ MEETING - NOVEMBER 	, 2026

For Election (3 Supervisors): The two (2) candidates receiving the highest number of votes will each receive a four (4) year term, and the one (1) candidate receiving the next highest number of votes will receive a two (2) year term, with the term of office for the successful candidates commencing upon election.
The undersigned certifies that he/she/it is the fee simple owner of land, or the proxy holder for the fee simple owner of land, located within the SWI Community Development District and described as follows:
Description	Acreage

[Insert above the street address of each parcel, the legal description of each parcel, or the tax identification number of each parcel.] [If more space is needed, identification of parcels owned may be incorporated by reference to an attachment hereto.]

or
Attach Proxy.

I,		,	as	Landowner,	or	as	the	proxy	holder	of
	 (Landowner) pursuant to the Landowner’s Proxy attached hereto, do cast my votes as follows:

SEAT #	NAME OF CANDIDATE	NUMBER OF VOTES	

			

Date: 		Signed: 	
Printed Name: 	

SWI Community Development District

Review of Number of Registered Voters

April 15, 2026

£isa£ewis
Supervisor of Elections Volusia County, Florida

Ms. Jane Gaarlandt Senior District Manager
PFM Group Consulting, LLC
3501 Quadrangle Boulevard, Ste 270
Orlando, Florida 32817 Re: SWI COD
Dear Ms. Gaarlandt:

Please accept this letter regarding the number of registered voters within the boundaries of SWI Community Development District in accordance with Senate Bill 1184, enacted June 23, 2004. There are zero registered voters in this district as of April 15, 2026.

Please feel free to contact my office should you have questions.

Regards,
if'<?
Lisa Lewis
Supervisor of Elections

1588 N Woodland Blvd., Deland, FL 32720-7915
(386) 736-5930 • FAX (386) 822-5715
VolusiaElections.gov
Para informaci6n en espaiiol, !lame al 386-736-5930.
If your signature has changed, please update your signature by completing a new Florida voter registration application.
It is important to keep your signature updated, so that ballots and/or petition signatures can be counted.

SWI Community Development District

Review of Public Infrastructure Fee Collections
[for the Board’s information only – no action needs to be taken]

SWI CDD FY26 User Fee Collections		Account: Revenue Account Serie	
 Month	Year	Amount	Collected In		
October	2025	276,483.75	Nov-25	
November	2025	48,460.29	Dec-25	
December	2025	148,388.90	Jan-26	
January	2026	127,524.71	Feb-26	
February	2026	75,405.80	Mar-26	
March	2026	94,339.31	Apr-26	
April	2026	89,118.58	May-26	
May	2026		Jun-26	
June	2026		Jul-26	
July	2026		Aug-26	
August	2026		Sep-26	
September	2026	 		Oct-26	
		$859,721.34		

SWI Community Development District

Consideration of Resolution 2026-02, Approving a Proposed Budget for the Fiscal Year 2026-2027 and Setting a Public Hearing thereon.
[suggested date: August 28, 2026]

RESOLUTION 2026-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SWI COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2026/2027 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; ADDRESSING SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors (“Board”) of the SWI Community Development District (“District”) prior to June 15, 2026, proposed budgets (“Proposed Budget”) for the fiscal year beginning October 1, 2026 and ending September 30, 2027 (“Fiscal Year 2026/2027”); and
WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SWI COMMUNITY DEVELOPMENT DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager for Fiscal Year 2026/2027 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.
SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for August 28, 2026 at 9:00 a.m. The meeting will be held at the following location:

LOCATION:	One Daytona Boulevard, Suite 600
Daytona Beach, FL 32114

TRANSMITTAL OF PROPOSED BUDGET TO LOCAL GENERAL PURPOSE
GOVERNMENT. The District Manager is hereby directed to submit a copy of the Proposed Budget to the City of Port Orange at least 60 days prior to the hearing set above.

POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget on the District’s website at least two days before the budget hearing date as set forth in Section 2, and shall remain on the website for at least 45 days.

PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

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

PASSED AND ADOPTED THIS 29TH DAY OF MAY, 2026.

ATTEST:	SWI COMMUNITY
DEVELOPMENT DISTRICT

By:	

Secretary	Its:	

EXHIBIT A

SWI CDD
FY 2027 Proposed Budget Package

PFM Management Services LLC
3501 Quadrangle Blvd., Suite 270
Orlando, Florida 32817
Tel: 407-723-5900

SWI CDD
FY 2027 Proposed Budget

Actual to	Anticipated May	Anticipated FY	FY 2026 Adopted	FY 2027	
04/30/2026	2026 to Sept 2026	2026 Total	Budget	Proposed Budget	

Revenues	
Developer Contributions
Net Revenues	$
$	33,102.33
33,102.33		$
$	21,887.65
21,887.65		$
$	54,989.98
54,989.98		$
$	85,015.00
85,015.00		$
$	85,015.00
85,015.00	
General & Administrative Expenses
Supervisor Fees Trustee Services Management Engineering District Counsel Audit
Tax Preparation Travel and Per Diem Postage & Shipping Legal Advertising Contingency
Web Site Maintenance Dues, Licenses, and Fees
Stormwater Management Maintenance
General Insurance	

$	

- 3,200.00
18,375.00
- 586.50
4,200.00
16.84
- 32.16
-
- 1,475.00
175.00

6,840.00		

$	

500.00
- 13,125.00
1,750.00
244.38
-
- 83.33
13.40
208.33
166.67
1,225.00
- 3,000.00
-		

$	

500.00
3,200.00
31,500.00
1,750.00
830.88
4,200.00
16.84
83.33
45.56
208.33
166.67
2,700.00
175.00
3,000.00
6,840.00		

$	

1,200.00
8,500.00
31,500.00
3,500.00
20,000.00
6,000.00
- 200.00
100.00
500.00
400.00
2,940.00
175.00
3,000.00
7,000.00		

$	

1,600.00
3,650.00
31,500.00
7,000.00
20,000.00
4,400.00
25.00
200.00
100.00
1,000.00
765.00
2,700.00
175.00
3,500.00
8,400.00	
Total General & Administrative Expenses	$	34,900.50		$	20,316.11		$	55,216.61		$	85,015.00		$	85,015.00	
Total Expenses	 $		34,900.50 		 $		20,316.11 		 $		55,216.61 		 $		85,015.00 		 $		85,015.00 	
Income (Loss) from Operations	$	(1,798.17)		$	1,571.54		$	(226.63)		$	-		$	-	
Other Income (Expense)
Interest Income	

$	

226.63		

$	

-		

$	

226.63		

$	

-		

$	

-	
Total Other Income (Expense)	$	226.63		$	-		$	226.63		$	-		$	-	
Net Income (Loss)	$	(1,571.54)		$	1,571.54		$	-		$	-		$	-	

Developer Contributions:
Funding from the developer.

Revenues:

General & Administrative Expenses:

Supervisor Fees:
Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated for meeting attendance and to receive up to $200.00 per meeting plus payroll taxes. The amount for the Fiscal Year is based upon all supervisors attending the meetings.

Trustee Services:
The Trustee submits invoices annually for services rendered on bond series. These fees are for maintaining the District trust accounts.

Management:

The District receives Management and Administrative services as part of a Management Agreement with PFM Group Consulting, LLC. These Services are further outlined in Exhibit "A" of the Management Agreement.

Engineering:
The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of invoices, and all other engineering services as requested by the District throughout the year.

District Counsel:
The District's legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts, and all other legal services as requested by the District throughout the year.

Audit:
Chapter 218 of the Florida Statutes requires a District to conduct an annual financial audit by an Independent Certified Public Accounting firm. Some exceptions apply.

Tax Preparation:
Annual 1099 processing is required to be electronically filed. These are the fees associated with electronic filing.

Travel & Per Diem
Travel to and from meetings as related to the District.

Postage & Shipping:

Mail, overnight deliveries, correspondence, etc.

Legal Advertising:

The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to monthly meetings, special meetings, and public hearings for the District.

Contingency:

Other administrative and grounds expenses incurred throughout the year.

Web Site Maintenance:
Web site maintenance fee.

Dues, Licenses, and Fees:

The District is required to pay an annual fee to the Department of Economic Opportunity.

Stormwater Management Maintenance:
Expenses related to the effort to reduce runoff of rainwater into streets and lawns.

General Insurance:
General liability insurance.

SWI Community Development District Fiscal Year 2027 Proposed Debt Service Budget

FY 2027 Proposed
Series 2017 Budget	

REVENUES:	
Special Assessments

TOTAL REVENUES	$

 $		1,162,120.00

1,162,120.00 	

EXPENDITURES:

Principal 11/01/2026 Interest 11/01/2026 Interest 05/01/2027

TOTAL EXPENDITURES	

$

 $		

220,000.00
240,160.00
235,980.00

696,140.00 	

EXCESS REVENUES	

 $		

465,980.00 	

Principal 11/01/2027 Interest 11/01/2027	

$
$	

230,000.00
235,980.00	

SWI Community Development District

Consideration of Engineer’s Annual Inspection Report

Robert H. Pierro, P.E. 3905 Tarpon Pointe Circle Palm Harbor, FL 34684 rhpierro@icloud.com

April 27, 2026

SWI Community Development District
c/o MUFG Union Bank, N.A.
1251 Avenue of the Americas, 19th Floor New York, NY 10020
Atten: Ivy Wegener, Assistant Vice President, Corporate Trust – Client Account Manager

Re:	The Pavilion at Port Orange – CDD Inspection Services SWI Community Development District
City of Port Orange, Volusia County, Florida Dear Ms. Wegener:
I have completed the on-site inspection of the four storm water ponds owned by SWI CDD at The Pavilion at Port Orange in accordance with my proposal dated May 8, 2025. See attached exhibits.

The on-site inspection of the storm water ponds was performed on April 20, 2026. My onsite inspection included visual inspections around the perimeter of the four ponds to check for any items needing repair or additional maintenance. There were no observed issues with the retaining walls or pond slopes. The water quality in the ponds looked good.

The Pavilion at Port Orange uses stormwater ponds 1-3 for its source of irrigation water. The ponds have access to reclaimed water during dry periods. The reclaimed water is discharged into the southern part of Pond 2. The reclaimed water discharge is being controlled by manually opening or closing a valve. The reclaimed water valve was closed at the time of my inspection. Pond 4 is exclusively for Williamson Blvd. drainage, and it is not hydraulically connected to ponds 1, 2 or 3. Pond 4 does not receive any reclaimed water.
The stormwater calculations for this project are based upon a starting water level of 23.5 in stormwater ponds 1-3. On April 20, 2026, I observed the water level in the stormwater ponds 1-3 to be approximately 24.4. Last year (2025) the pond level was approximately 23.8. During previous inspections, (2018-2025), I have observed the water level in stormwater ponds 1-3 to vary from approximately 23.8 to 25.0. The goal is to maintain a maximum water level of 23.50 during the dry season.

Implement the following guidelines to bring the stormwater system into conformance to the SJRWMD stormwater permit. Implementing these guidelines will allow me, as a professional engineer, to certify to SJRWMD that the stormwater ponds are being maintained in substantial conformance to the approved stormwater permit.

Monitor the water level in the stormwater ponds by using OCS 1 as a point of reference. OCS 1 is the control structure at the southwest portion of pond 1.
The top of grate elevation for OCS 1 is elevation 27.5 per the permitted plans.
Do NOT add reclaimed water to the stormwater ponds if the water level is less than 4 feet (elevation 23.5) from the top of grate.
Adding reclaimed water to the stormwater ponds is acceptable, in my professional opinion, if the water level is greater than 4 feet from the top of grate. The reclaimed water valve should be closed when the water level rises to 4 feet (elevation 23.5) from top of grate.

The stormwater ponds at the Pavilion at Port Orange use multiple outfall control structures (OCS) to control the water levels in the stormwater ponds and it is necessary to properly maintain all the OCS’s even if they appear high and dry.

At the time of my inspection the site was still going through a dry period. As I walked around the site, I did not observe any standing water in the perimeter ditches. There was approximately 3” to 6” of standing water in the ditch next to Williamson Boulevard at Area 1. The rest of the Williamson Boulevard ditch was dry. I could not observe any water flow in the ditches.
Based on my on-site inspection I recommend the following areas (see Master Drainage Plan Exhibit) receive additional maintenance;
Area 1 is a where outfall pipes from ponds 1 & 4 discharge into the Williamson Blvd. ditch and then discharge via a 30” storm pipe under Williamson Blvd. flowing west. This area needs to be monitored on a regular basis, and Volusia County should be notified if the vegetation restricts the adequate flow of stormwater. Volusia County is the entity responsible for maintenance of the Williamson Blvd. drainage system. If the Williamson Blvd. drainage backs up due to poor maintenance, it will have an adverse effect on the Pavilion at Port Orange. The current maintenance is adequate.

OCS 2 This structure looks good. Continue to trim the plant on the north side to prevent it from restricting flow through the top grate.
OCS 3 This structure looks good. Continue to trim the vegetation next to the structure to prevent it from restricting flow through the top grate.
Area 2 is the east end of the stormwater pipe discharging from OCS 4. This is a major outfall for the stormwater ponds. This area is due for maintenance. The end of the pipe should be kept clear of vegetation. This will keep the vegetation from choking the end of the stormwater pipe. Remove the vegetation around the end of the pipe so that the concrete collar around the end of the pipe is visible.
Area 3 is the east end of the stormwater pipes discharging from OCS 5. This is a major outfall for the stormwater ponds. This area is due for maintenance. The end of the pipes should be kept clear of vegetation. This will keep the vegetation from choking the end of the stormwater pipes. Remove the vegetation around the end of the pipes so that the concrete collar around the end of the pipe is visible.

Area 4 also needs the ends of the stormwater pipes kept clear of vegetation. There is a 24” pipe discharging from OCS 6 and two 30” pipes to convey the discharge to the Williamson Blvd. ditch. Stormwater needs to be able to flow freely from the 24” pipe to the two 30” pipes. This area is becoming overgrown and is due for maintenance. There needs to be a defined flow path between the 24” pond outfall pipe and the two 30” pipes going to Williamson Blvd ditch. This area is subject to a drainage easement in favor of Volusia County. The party responsible for maintenance of this area was not clear to CBL or me and guidance from the legal staff is requested.

As part of my due diligence, I reviewed the status of the storm water permit with Saint Johns River Water Management District (SJRWMD). SJRWMD provides a convenient portal through their website to check the status of permits. The governing permit for this site is permit number 4-127-110939-7, dated February 9, 2011. This permit authorized the SWI Community Development District to operate the system and is responsible for routine maintenance. There were no violations noted on the website.

In summary, the stormwater ponds are being maintained in a manner that keeps the stormwater ponds attractive and provides adequate flood protection. However, the stormwater ponds are not in conformance to the SJRWMD stormwater permit, due to the use of adding reclaimed water to the stormwater ponds when the water level is above elevation 23.5. Implementing my guidelines will bring the stormwater ponds into conformance to the SJRWMD stormwater permit. I also recommend that CBL provide additional maintenance on the outfall pipes in areas 3 & 4 and continue to monitor the Williamson Blvd. ditch and to request maintenance by Volusia County as needed.
If you have any questions, please contact me. Sincerely,

Cc: Jane Gaarlandt, District Manager, PFM Group Consulting LLC

Master Drainage Plan

Stormwater Pond 1
Parcel ID: 63180600005A

Photo Credit: Volusia County Property Appraiser

Stormwater Pond 2
Parcel ID: 63180600005D

Photo Credit: Volusia County Property Appraiser

Stormwater Pond 3
Parcel ID: 63180600005C

Photo Credit: Volusia County Property Appraiser

Stormwater Pond 4
Parcel ID: 63180600005B

Photo Credit: Volusia County Property Appraiser

Volusia County Property Appraiser

October 17, 2018		1:3,078		
	0.0325	0.065	0.13mi	
	0.05	0.1	0.2 km	

Overall Parcel Map

The Pavillion at Port Orange	Legend

OCS 1

OCS 2

Pond 2

OCS 3

OCS 4

Area 2

OCS 5

Area 3

OCS 6

Area 4 east

Area 4 west

Area 1 outfall pipe from OCS 1

Area 1 pipe under Williamson Blvd.

SWI Community Development District

Consideration of Proposal for Engineer’s Annual Inspection Report

Robert H. Pierro, PE
3905 Tarpon Pointe Circle Palm Harbor, FL 34684

April 27, 2026

SWI Community Development District

c/o PFM Group Consulting LLC
3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817 Atten: Jane Gaarlandt

Re:	The Pavilion at Port Orange – SWI CDD Inspection Services
City of Port Orange, Volusia County, Florida Dear Ms. Gaarlandt :
I am pleased to present this proposal for professional engineering services for the above referenced project,

Engineering Site Inspection (April/May 2027)
I will make an on-site inspection of the site improvements owned by the CDD. These improvements generally consist of the following;
Four stormwater ponds
I will identify items that are not being properly maintained.
I will prepare a written report summarizing my findings.
I will coordinate my site visit with CBL.

Costs to Repair Improvements that are not being Properly Maintained
If there are items that are not being properly maintained, I will provide recommendations for proper maintenance and repair.
Professional Fee
The Fee for Task A. Engineering Site Inspection, is a Lump Sum of $3,300.00. This fee includes expenses for mileage and travel. This fee includes a 10% increase to reflect rising costs.

The fee for Task B. Costs to Repair Improvements that are not being Properly Maintained, will be Hourly at a rate of $175.00 per hour if required.

Deliverables
My inspection report will be delivered in an electronic format.
Sincerely,

D:\File Cabinet\QC Review\CDD\Port Orange 2026 Report\20260425_Port Orange Inspection Proposal.docx

SWI Community Development District

Review and Acceptance of FY 2025 (October 1, 2024 - September 30, 2025) Annual	Financial Report

SWI
COMMUNITY DEVELOPMENT DISTRICT CITY OF PORT ORANGE, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

SWI COMMUNITY DEVELOPMENT DISTRICT CITY OF PORT ORANGE, FLORIDA

TABLE OF CONTENTS

Page	
INDEPENDENT AUDITOR’S REPORT	1-3	
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-7	
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements: Statement of Net Position
Statement of Activities Fund Financial Statements:
Balance Sheet – Governmental Funds
Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Notes to the Financial Statements	

8
9

10

11

12

13
14-21	
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund
Notes to Required Supplementary Information	

22
23	
OTHER INFORMATION
Data Elements required by FL Statute 218.39 (3) (c)	
24	
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	

25-26	
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	

27	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
28-30	

INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors
SWI Community Development District City of Port Orange, Florida

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of SWI Community Development District, City of Port Orange, Florida ("District") as of and for the fiscal year ended September 30, 2025 and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As discussed in Notes 6 and 9 to the financial statements, the District’s financial conditions continue to deteriorate. In prior years, the District did not have sufficient funds to make the Series 2017 debt service principal payments due on November 1. In the current year, the District did not make the debt service payment in full. The District’s failures to make its scheduled debt service payments in current and prior fiscal years has resulted in $640,000 in past due principal owed to the Developer as of September 30, 2025. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
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 be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge 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 Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 24, 2026, 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 24, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

The management of the SWI Community Development District, City of Port Orange, Florida (“District”) would like to offer the readers of the District’s financial statements this discussion and analysis of the District’s financial activities for the fiscal year ended September 30, 2025. 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 its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($10,311,921).

The change in the District’s total net position in comparison with the prior fiscal year was $134,500, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of
$438,030, an increase of $340,839 in comparison with the prior fiscal year. A portion of fund balance is non-spendable for prepaid items, restricted for debt services, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide 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 statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference between the two 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 statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by Developer contributions and user fees. The District does not have any business-type activities. The governmental activities of the District include the general government (management), and maintenance functions.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category, the governmental funds.

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains two governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund and debt service fund, both of which are considered major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE 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,
		2025		2024	
Assets, excluding capital assets	$	1,092,238	$	647,761	
Capital assets, not being depreciated		4,129,999		4,543,000	
Total assets		5,222,237		5,190,761	
Liabilities, excluding long-term liabilities		867,879		970,903	
Long-term liabilities		14,666,279		14,666,279	
Total liabilities		15,534,158		15,637,182	
Net Position					
Net investment in capital assets		(10,536,280)		(10,328,279)	
Restricted		220,855		-	
Unrestricted		3,504		(118,142)	
Total net position	$	(10,311,921)	$	(10,446,421)	

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 represents the extent to which ongoing program revenues exceeded the cost of operations and depreciation expense.

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,
2025	2024

Revenues:
Program revenues
Charges for services	$	1,032,752	$	721,605	
Operating grants and contributions	82,502	44,720	
General revenues	
Unrestricted investment earnings	728	20,820	
Total revenues	1,115,982	787,145	
Expenses:	
General government	52,338	54,816	
Maintenance and operations	416,001	413,001	
Interest	513,143	538,364	
Total expenses	981,482	1,006,181	
Change in net position	134,500	(219,036)	
Net position - beginning	(10,446,421)	(10,227,385)	
Net position - ending	$  (10,311,921)	$ (10,446,421)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025 was $981,482. The costs of the District’s activities were primarily funded by program revenues. Program revenues were comprised primarily of user fees and Developer contributions. The District also receives investment income. In total, expenses decreased from the prior fiscal year. The majority of the decrease was the result of a decrease in interest expense.

GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

Capital Assets
At September 30, 2025, the District had $10,325,014 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $6,195,015 has been taken, which resulted in a net book value of $4,129,999. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2025, the District had $12,855,000 in Bonds outstanding. Additionally, the District has
$1,811,279 in Deferred Obligations outstanding at September 30, 2025. More detailed information about the District’s capital debt is presented in the notes of the financial statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET

The District anticipates that the costs of operations will remain fairly consistent with those of the prior year. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide property 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 SWI Community Development District’s Finance Department at 3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817.

SWI COMMUNITY DEVELOPMENT DISTRICT CITY OF PORT ORANGE, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2025

Governmental
		   Activities		
ASSETS			
Cash	$	356	
Due from Developer		16,333	
User fees receivable		68,820	
Investment income receivable		3,008	
Prepaid items		1,023	
Restricted assets:			
Investments		1,002,698	
Capital assets:			
Depreciable, net		    4,129,999 	
Total assets		    5,222,237 	
LIABILITIES			
Accounts payable		13,185	
Unearned revenue		1,023	
Due to Developer		640,000	
Accrued interest payable		213,671	
Non-current liabilities:			
Due within one year		215,000	
Due in more than one year		   14,451,279 	
Total liabilities		   15,534,158 	
NET POSITION			
Net investment in capital assets		(10,536,280)	
Restricted for debt service		220,855	
Unrestricted		      3,504 	
Total net position	 $ 	(10,311,921) 	

See notes to the financial statements

SWI COMMUNITY DEVELOPMENT DISTRICT CITY OF PORT ORANGE, FLORIDA STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in Net
		Program Revenues	Position  Charges	Operating
for		Grants and	Governmental Functions/Programs		Expenses	Services	Contributions		Activities	 Primary government:
Governmental activities:
General government	$	52,338	$	-	$	57,947	$	5,609	
Maintenance and operations	416,001	-	-	(416,001)	
Interest on long-term debt		513,143	1,032,752	24,555	544,164 
Total governmental activities		981,482	1,032,752	82,502	133,772 

General revenues:
Unrestricted investment earnings		728 	
Total general revenues		728 	
Change in net position	134,500	
Net position - beginning		(10,446,421) 	
Net position - ending	 $	(10,311,921) 	

See notes to the financial statements

SWI COMMUNITY DEVELOPMENT DISTRICT	
CITY OF PORT ORANGE, FLORIDA	
BALANCE SHEET	
GOVERNMENTAL FUNDS	
SEPTEMBER 30, 2025	
		Major Funds			Total	
	Debt	Governmental	
	General	Service		Funds	
ASSETS						
Cash	$	356	$	-	$	356	
Investments		-	1,002,698		1,002,698	
Due from Developer		16,333	-		16,333	
User fees receivable		-	68,820		68,820	
Investment income receivable		-	3,008		3,008	
Prepaid items		1,023	-		1,023	
Total assets	 $		17,712		$ 1,074,526		$ 	1,092,238 	
LIABILITIES AND FUND BALANCES	
Liabilities:						
Accounts payable	$	13,185	$	-	$	13,185	
Unearned revenue		1,023	-		1,023	
Due to developer		-	640,000		640,000	
Total liabilities		14,208	640,000		654,208	

Fund balances: Nonspendable:
Prepaid items	1,023	-	1,023	
Restricted for:
Debt service	
-	
434,526	
434,526	
Unassigned	2,481	-	2,481	
Total fund balances	3,504	434,526	438,030	

Total liabilities and fund balances	
$	17,712	
$ 1,074,526	
$  1,092,238	

See notes to the financial statements

SWI COMMUNITY DEVELOPMENT DISTRICT CITY OF PORT ORANGE, FLORIDA RECONCILIATION OF THE BALANCE SHEET –
GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2025
Total fund balances - governmental funds	$	438,030 Amounts reported for governmental activities in the statement of net
position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets in the net position of the government as a whole.
Cost of capital assets	10,325,014
Accumulated depreciation	   (6,195,015)    4,129,999
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(213,671)
Bonds payable	(12,855,000)
Deferred obligation	  (1,811,279) (14,879,950)  Net position of governmental activities		 $ (10,311,921) 

See notes to the financial statements

SWI COMMUNITY DEVELOPMENT DISTRICT	
CITY OF PORT ORANGE, FLORIDA	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
GOVERNMENTAL FUNDS	
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025	
		Major Funds		Total	
	Debt	Governmental	
	General	Service	Funds	
REVENUES					
Developer contributions	$	57,947	$	-	$	57,947	
User fees		-	1,032,752	1,032,752	
Investment income		728	24,555	25,283	
Total revenues		58,675	1,057,307	1,115,982	

EXPENDITURES
Current:
General government	52,338	-	52,338	
Maintenance and operations	3,000	-	3,000	
Debt service:				
Principal	-	205,000	205,000	
Interest	-	514,805	514,805	
Total expenditures		55,338		719,805		775,143	

Excess (deficiency) of revenues over (under) expenditures		

3,337		

337,502		

340,839	
Fund balances - beginning		167		97,024		97,191	

Fund balances - ending	
$	
3,504	
$	
434,526	
$	
438,030	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025			
Net change in fund balances - total governmental funds	$	340,839	
Amounts reported for governmental activities in the statement of activities are different because:			
Depreciation of capital assets is not recognized in the governmental fund statements but is reported as an expense in the statement of activities.		

(413,001)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund statement but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.		

205,000	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the fund financial statements.		

      1,662 	
Change in net position of governmental activities	 $		134,500 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

SWI Community Development District ("District") was established on November 2, 2007 by Ordinance 2007-52 of the City of Port Orange, Florida, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes (“Act”). The Act grants to the District among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by 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 exercises all general powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2025, all of the Board members are affiliated with Port Orange Town Center, LLC (“Developer”).
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

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 of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. Operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement 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 related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and 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 government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting; however, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on all assessable property within the District. Assessments are levied to pay for the operations and maintenance and debt service of the District. The fiscal year for which annual assessments are levied begins on October 1 and, if collected using the Uniform Method of Collection, with discounts available for payments through February 28 and become delinquent on April 1. Alternatively, the District adopts a resolution providing for the collection dates and directly collects the assessments.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The Districts operations for the fiscal year ended September 30, 2025 were funded by Developer contributions and user fees.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.
Debt Service Funds
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.
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 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.

Assets, Liabilities and Net Position or Equity (Continued)

Deposits and Investments
The District’s cash on hand and demand deposits are considered to be cash and cash equivalents.
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 Interlocal 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. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture.

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
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. 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 acquisition 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 completed and placed in service.

Property, plant and equipment of the District are depreciated using the straight-line method over the following
estimated useful lives:		
Assets
Grading and stormwater management Roadway and transportation	Years 25
25	

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.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

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 ratably over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

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

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of 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.

Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

The District can establish limitations on the use of fund balance as follows:
Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.
The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

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.

NOTE 3 – BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.
NOTE 4 – DEPOSITS AND INVESTMENTS

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, 2025:

 Amortized Cost	Credit Risk	Maturities	

First American Government Obligations		Weighted average	
Fund	 $		1,002,698 	S&P AAAm	maturity: 45 days	
Total Investments	 $		1,002,698 	

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.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
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 GASB 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.
NOTE 5 – CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2025, was as follows:

Beginning			Ending	
Balance	Additions	Reductions	Balance	

Governmental activities									
Capital assets, being depreciated									
Grading and stormwater management	$	10,151,121	$	-	$	-	$	10,151,121	
Roadway and transportation		173,893		-		-		173,893	
Total capital assets, being depreciated		10,325,014		-		-		10,325,014	

Less accumulated depreciation for:									
Grading and stormwater management		5,684,630		406,045		-		6,090,675	
Roadway and transportation		97,384		6,956		-		104,340	
Total accumulated depreciation		5,782,014		413,001		-		6,195,015	

Total capital assets, being depreciated, net		
4,543,000		
(413,001)		
-		
4,129,999	

Governmental activities capital assets	
$	
4,543,000	
$	
(413,001)	
$	
-	
$	
4,129,999	

Depreciation expense was charged to the maintenance and operations function.

Series 2017
During the fiscal year ended September 30, 2017, the District issued $14,300,000 of Capital Improvement Bonds, Series 2017, due on November 1, 2056, with a fixed interest rate of 3.8%. The Bonds were issued to refund a portion of the Series 2010 Note for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1 and principal is to be paid serially on each November 1.

The Series 2017 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.

The Bond Indenture established a debt service reserve requirement as well as other 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 to generate user fees. The District agrees to charge user fees adequate to provide payment of debt service and to meet the reserve requirements. The District is not in compliance with those requirements of the Bond Indenture at September 30, 2025.

Certain scheduled debt service payments were due on the Series 2017 Bonds. However, shortfalls in the collection of user fees caused there to be insufficient amounts available to fully fund the scheduled debt service payments. As a result, certain scheduled debt service payments were not made by the District. Amounts owed to the Developer for missed payments in current and prior fiscal years amount to a total of
$640,000 as of September 30, 2025.

Deferred Obligation
In a prior year the Developer advanced the District funds for capital improvements that exceeded the original principal amount of the Series 2010 Note. The difference in Developer funds and the principal amount of the Series 2010 Note is recorded as a non-interest bearing Deferred Obligation. The Deferred Obligation is payable from excess user fee revenue as it becomes available. At September 30, 2025, the balance of this deferred obligation totaled $1,811,279.

Long-term debt activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025, were as follows:

Beginning			Ending	Due Within	
Balance	Additions	Reductions	Balance	One Year	

Governmental activities											
Bonds payable:											
Series 2017	$	13,060,000	$	-	$	205,000	$	12,855,000	$	215,000	
Deferred obligation		1,811,279		-		-		1,811,279		-	
Total	$	14,871,279	$	-	$	205,000	$	14,666,279	$	215,000	

At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:
Year ending		Governmental Activities	
  September 30:	Principal	Interest	Total	
2026	$	215,000	$	484,405	$	699,405	
2027		220,000		476,140		696,140	
2028		230,000		467,590		697,590	
2029		240,000		458,660		698,660	
2030		245,000		449,445		694,445	
2031-2035		1,380,000		2,097,030		3,477,030	
2036-2040		1,670,000		1,807,850		3,477,850	
2041-2045		2,000,000		1,460,150		3,460,150	
2046-2050		2,420,000		1,041,200		3,461,200	
2051-2055		2,910,000		536,370		3,446,370	
2056-2057		   1,325,000			76,000			1,401,000 	
	 $ 	12,855,000		$		9,354,840		$ 	22,209,840 	

Port Orange Town Center, LLC has imposed a public user fee on all sales occurring on property for which it holds a leasehold interest within the District. Port Orange Town Center, LLC has assigned the District as beneficiary of the public user fee. In the prior fiscal year, the District entered into a user fee collection agreement with Port Orange Town Center, LLC, Union Bank (Trustee) and Hammock Landing Collecting Agent, LLC (Collecting Agent), where the public user fee is collected and paid to the District. User fee revenue paid to the District during the year ended September 30, 2025 was $1,032,752 which includes a receivable of $68,820.
NOTE 8 – DEVELOPER TRANSACTIONS AND CONCENTRATION

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $57,947 which includes a receivable of $16,333 at September 30, 2025.
The District’s activity is dependent upon the continued involvement of the Developer Port Orange Town Center, LLC, the loss of which could have a material adverse effect on the District’s operations.

NOTE 9 – EVENT OF DEFAULT
During prior years and in the current fiscal year, the District declared the occurrence of an event of default in accordance with the Bond Indenture. The occurrence of an event of default creates certain remedial rights and remedies in favor of the Trustee. Pursuant to the Indenture, the owners of a majority in aggregate principal amount of the Bonds then outstanding may direct the Trustee with regard to such rights and remedies following an event of default and upon provision of indemnity satisfactory to the Trustee and in accordance with provisions of the Indenture.

NOTE 10 – MANAGEMENT COMPANY

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

NOTE 11 – 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 have been no settled claims since inception of the District.

NOTE 12 – SUBSEQUENT EVENTS
Subsequent to fiscal year end, the District paid a total of $300,000 of past due principal, bringing the total past due principal balance to $340,000 as of the date of the report.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Variance with	
	Budgeted			Final Budget -	
		Amounts		Actual	Positive	
	Original & Final	Amounts	(Negative)	
REVENUES						
Developer contributions	$	85,015	$	57,947	$	(27,068)	
Investment income	-		728		728	
Total revenues	85,015		58,675		(26,340)	

EXPENDITURES						
Current:						
General government	81,015		52,338		28,677	
Maintenance and operations	4,000		3,000		1,000	
Total expenditures	85,015		55,338		29,677	

Excess (deficiency) of revenues						
over (under) expenditures	 $	-			3,337	 $		3,337 	
Fund balance - beginning			      167 			
Fund balance - ending		 $		3,504 			

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the General Fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the District’s fiscal year being reported.	
0	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
4	
Employee compensation	$0	
Independent contractor compensation	$40,446	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

Budget variance report	See the Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes;	Not applicable	
		
Non ad valorem special assessments;		
Special assessment rate	Not applicable	
Special assessments collected	Not applicable	
		
Outstanding Bonds:		
Series 2017, due November 1, 2056	$12,855,000	

Independent contractors is defined as individuals and entities that receive a 1099.

1001 W. Yamato Road ▪ Suite 301 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
SWI Community Development District City of Port Orange, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of SWI Community Development District, City of Port Orange, Florida (“District”) as of and for the fiscal year ended September 30, 2025, 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 24, 2026, which includes an emphasis of matter paragraph.
Report on 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 or significant deficiencies may exist that were not identified.
Report on 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.
We noted certain matters that we reported to management of the District in a separate letter dated March 24, 2026.
The District’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the District’s response to the findings identified in our audit and described in the accompanying Management Letter. The District’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

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 24, 2026

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
SWI Community Development District City of Port Orange, Florida
We have examined SWI Community Development District, City of Port Orange, 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, 2025. Management is responsible for the 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.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.
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 SWI Community Development District, City of Port Orange, Florida and is not intended to be and should not be used by anyone other than these specified parties.

March 24, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
SWI Community Development District City of Port Orange, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of SWI Community Development District, City of Port Orange, Florida ("District") as of and for the fiscal year ended September 30, 2025 and have issued our report thereon dated March 24, 2026, which includes an emphasis of matter paragraph.
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 Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 24, 2026, 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.
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 SWI Community Development District, City of Port Orange, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank SWI Community Development District, City of Port Orange, 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 24, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
2025-001 Failure to Meet Debt Service Requirements
Observation: The District failed to fully meet certain debt service requirements during the fiscal year ended September 30, 2025, due to a lack of funds based on revenue shortfalls during prior years. This resulted in the District meeting the condition for a financial emergency as defined in Section 218.503(1), Florida Statutes.
Recommendation: The District should take the necessary steps to alleviate the deteriorating financial condition.
Reference Numbers for Prior Year Findings: 2024-001, 2023-001, 2022-001, 2021-001 Management Response: The District obtained waivers for the payment shortfall.
PRIOR YEAR FINDINGS AND RECOMMENDATIONS

2024-001, 2023-001, 2022-001, 2021-001 Failure to Meet Debt Service Requirements
Current Status: Finding was repeated in the current year, see finding 2025-001 above.
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 such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2024, except as noted above.
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, 2025, except as noted above.
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, 2025.

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

REPORT TO MANAGEMENT (Continued)

In connection with our audit, we determined that the District has met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes. The District failed to make certain scheduled debt service payments due on the Series 2017 Bonds, as a result of a lack of funds. We applied financial condition assessment procedures pursuant to Rule 10.556(7) and determined that a deteriorating financial condition was noted. See Findings section above for additional information. 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.
Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 24.

SWI Community Development District

Ratification of Funding Request Numbers 224 – 240

Invoice No

Supplier

Invoice Date

Invoice Amount

25-00072V	Ormond Beach Observer (SWI2)	07/17/2025	70.13
Total:	70.13

District Manager / Assistant D.M.

Renee Milza
Board Member

Invoice No

Supplier

Invoice Date

Invoice Amount

25-00078V	Ormond Beach Observer (SWI2)	08/07/2025	136.00

DM-08-2025-59

PFM Group Consulting LLC (SWI2)

08/08/2025

2,625.00

Total:	2,761.00

District Manager / Assistant D.M.

Renee Milza
Board Member

Invoice No

Supplier

Invoice Date

Invoice Amount

71516	Cobb Cole (SWI2)	09/05/2025	353.00

DM-09-2025-59

PFM Group Consulting LLC (SWI2)

09/04/2025

2,625.00

7590

VGlobalTech (SWI2)

08/01/2025

110.00

7672	VGlobalTech (SWI2)	09/01/2025	110.00

DM-07-2025-58	PFM Group Consulting LLC (SWI2)	07/01/2025	2,625.00

FMIT 1234	Florida Municipal Ins Trust (SWI2)	09/04/2025	6,840.00

Total:	12,663.00

District Manager / Assistant D.M.

	Renee Milza	
Board Member

Invoice No

Supplier

Invoice Date  Fiscal Year

Invoice Amount

93140	FloridaCommerce (SWI2)	10/01/2025	FY 2026	175.00

OE-EXP-10-2025-28	PFM Group Consulting LLC (SWI2)

10/06/2025	FY 2025

2.22

7711	VGlobalTech (SWI2)	09/30/2025	FY 2025	300.00

25-00097V	Ormond Beach Observer (SWI2)	09/25/2025	FY 2025	46.75

7812	VGlobalTech (SWI2)	10/01/2025	FY 2026	125.00
Total:	648.97

District Manager / Assistant D.M.

	Renee Milza	
Board Member

Invoice No	Supplier	Invoice Date	Invoice Amount	
73190	Cobb Cole	10/16/2025	360.00	
28242	Grau and Associates	11/04/2025	1,000.00	
138578	PFM Group Consulting LLC	10/14/2025	47.21	
OE-EXP-11-2025-56	PFM Group Consulting LLC	11/04/2025	1.48	
7897	VGlobalTech	11/01/2025	125.00	
		Total:	1,533.69	

District Manager / Assistant D.M.

Renee Milza

Board Member

Invoice No

Supplier

Invoice Date  Fiscal Year

Invoice Amount

73458	Cobb Cole (SWI2)	11/05/2025	FY 2026	450.00

2025.08.29

Kristina Elise Circelli (SWI2)

08/29/2025	FY 2025

200.00

DM-11-2025-65	PFM Group Consulting LLC (SWI2)	11/06/2025	FY 2026	2,625.00

2025.08.29	Jon Greene (SWI2)	08/29/2025	FY 2025	200.00

Total:	3,475.00

District Manager / Assistant D.M.

Renee Milza
Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

DM-10-2025-58	PFM Group Consulting LLC (SWI2)	10/01/2025	SWI CDD	2,625.00

DM-12-2025-67	PFM Group Consulting LLC (SWI2)	12/01/2025	SWI CDD	2,625.00

Total:	5,250.00

District Manager / Assistant D.M.

Renee Milza
Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

8031	VGlobalTech (SWI2)	12/01/2025	SWI CDD	125.00
Total:	125.00

District Manager / Assistant D.M.

Renee Milza
Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

28497	Grau and Associates (SWI2)	01/05/2026	SWI CDD	3,200.00
Total:	3,200.00

District Manager / Assistant D.M.

Renee Milza

Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

7990	VGlobalTech (SWI2)	12/01/2025	SWI CDD	300.00

8121	VGlobalTech (SWI2)	01/01/2026	SWI CDD	125.00

Total:	425.00

District Manager / Assistant D.M.

Renee Milza

Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

DM-01-2026-63	PFM Group Consulting LLC (SWI2)	01/05/2026	SWI CDD	2,625.00
Total:	2,625.00

Renee Milza
District Manager / Assistant D.M.	Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

DM-02-2026-63	PFM Group Consulting LLC (SWI2)	02/05/2026	SWI CDD	2,625.00

8201	VGlobalTech (SWI2)	02/01/2026	SWI CDD	125.00

District Manager / Assistant D.M.

Renee Milza

Total:	2,750.00

Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

8090264	U.S.Bank (SWI2)	02/25/2026	SWI CDD	3,265.00

141041	PFM Group Consulting LLC (SWI2)	03/06/2026	SWI CDD	16.84
8288	VGlobalTech (SWI2)	03/01/2026	SWI CDD	125.00
Total:	3,406.84

District Manager / Assistant D.M.

Renee Milza
Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

DM-03-2026-63	PFM Group Consulting LLC (SWI2)	03/05/2026	SWI CDD	2,625.00

District Manager / Assistant D.M.

Renee Milza

Total:	2,625.00

Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

8337	VGlobalTech (SWI2)	03/31/2026	SWI CDD	300.00

OE-EXP-04-2026-36	PFM Group Consulting LLC (SWI2)	04/06/2026	SWI CDD	30.68
Total:	330.68

District Manager / Assistant D.M.

Renee Milza
Board Member

District Manager / Assistant D.M.

Renee Milza

Invoice No	Supplier	Invoice Date	Property		Invoice Amount	
80904	Cobb Cole (SWI2)	04/10/2026	SWI CDD		136.50	
DM-04-2026-68	PFM Management Services LLC (SWI2)	04/05/2026	SWI CDD		2,625.00	
8423	VGlobalTech (SWI2)	04/01/2026	SWI CDD		125.00	
				Total:	2,886.50	

Board Member

Invoice No

Supplier

Invoice Date  Property

Invoice Amount

SWI2-042726	Robert Henson Pierro (SWI2)	04/27/2026	SWI CDD	3,000.00
Total:	3,000.00

District Manager / Assistant D.M.

Renee Milza
Board Member

SWI Community Development District

Review of District’s Financial Position

SWI CDD
FY 2027 Proposed Budget Package

PFM Management Services LLC
3501 Quadrangle Blvd., Suite 270
Orlando, Florida 32817
Tel: 407-723-5900

SWI CDD
FY 2027 Proposed Budget

Actual to	Anticipated May	Anticipated FY	FY 2026 Adopted	FY 2027	
04/30/2026	2026 to Sept 2026	2026 Total	Budget	Proposed Budget	

Revenues	
Developer Contributions
Net Revenues	$
$	33,102.33
33,102.33		$
$	21,887.65
21,887.65		$
$	54,989.98
54,989.98		$
$	85,015.00
85,015.00		$
$	85,015.00
85,015.00	
General & Administrative Expenses
Supervisor Fees Trustee Services Management Engineering District Counsel Audit
Tax Preparation Travel and Per Diem Postage & Shipping Legal Advertising Contingency
Web Site Maintenance Dues, Licenses, and Fees
Stormwater Management Maintenance
General Insurance	

$	

- 3,200.00
18,375.00
- 586.50
4,200.00
16.84
- 32.16
-
- 1,475.00
175.00

6,840.00		

$	

500.00
- 13,125.00
1,750.00
244.38
-
- 83.33
13.40
208.33
166.67
1,225.00
- 3,000.00
-		

$	

500.00
3,200.00
31,500.00
1,750.00
830.88
4,200.00
16.84
83.33
45.56
208.33
166.67
2,700.00
175.00
3,000.00
6,840.00		

$	

1,200.00
8,500.00
31,500.00
3,500.00
20,000.00
6,000.00
- 200.00
100.00
500.00
400.00
2,940.00
175.00
3,000.00
7,000.00		

$	

1,600.00
3,650.00
31,500.00
7,000.00
20,000.00
4,400.00
25.00
200.00
100.00
1,000.00
765.00
2,700.00
175.00
3,500.00
8,400.00	
Total General & Administrative Expenses	$	34,900.50		$	20,316.11		$	55,216.61		$	85,015.00		$	85,015.00	
Total Expenses	 $		34,900.50 		 $		20,316.11 		 $		55,216.61 		 $		85,015.00 		 $		85,015.00 	
Income (Loss) from Operations	$	(1,798.17)		$	1,571.54		$	(226.63)		$	-		$	-	
Other Income (Expense)
Interest Income	

$	

226.63		

$	

-		

$	

226.63		

$	

-		

$	

-	
Total Other Income (Expense)	$	226.63		$	-		$	226.63		$	-		$	-	
Net Income (Loss)	$	(1,571.54)		$	1,571.54		$	-		$	-		$	-	

Developer Contributions:
Funding from the developer.

Revenues:

General & Administrative Expenses:

Supervisor Fees:
Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated for meeting attendance and to receive up to $200.00 per meeting plus payroll taxes. The amount for the Fiscal Year is based upon all supervisors attending the meetings.

Trustee Services:
The Trustee submits invoices annually for services rendered on bond series. These fees are for maintaining the District trust accounts.

Management:

The District receives Management and Administrative services as part of a Management Agreement with PFM Group Consulting, LLC. These Services are further outlined in Exhibit "A" of the Management Agreement.

Engineering:
The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of invoices, and all other engineering services as requested by the District throughout the year.

District Counsel:
The District's legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts, and all other legal services as requested by the District throughout the year.

Audit:
Chapter 218 of the Florida Statutes requires a District to conduct an annual financial audit by an Independent Certified Public Accounting firm. Some exceptions apply.

Tax Preparation:
Annual 1099 processing is required to be electronically filed. These are the fees associated with electronic filing.

Travel & Per Diem
Travel to and from meetings as related to the District.

Postage & Shipping:

Mail, overnight deliveries, correspondence, etc.

Legal Advertising:

The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to monthly meetings, special meetings, and public hearings for the District.

Contingency:

Other administrative and grounds expenses incurred throughout the year.

Web Site Maintenance:
Web site maintenance fee.

Dues, Licenses, and Fees:

The District is required to pay an annual fee to the Department of Economic Opportunity.

Stormwater Management Maintenance:
Expenses related to the effort to reduce runoff of rainwater into streets and lawns.

General Insurance:
General liability insurance.

SWI Community Development District Fiscal Year 2027 Proposed Debt Service Budget

FY 2027 Proposed
Series 2017 Budget	

REVENUES:	
Special Assessments

TOTAL REVENUES	$

 $		1,162,120.00

1,162,120.00 	

EXPENDITURES:

Principal 11/01/2026 Interest 11/01/2026 Interest 05/01/2027

TOTAL EXPENDITURES	

$

 $		

220,000.00
240,160.00
235,980.00

696,140.00 	

EXCESS REVENUES	

 $		

465,980.00 	

Principal 11/01/2027 Interest 11/01/2027	

$
$	

230,000.00
235,980.00	

SWI Community Development District

Staff Reports