Portofino Landings Community Development District
May 12, 2026

Seat 1: Deslyn Henry – C		
Seat 3: Ana Maria Kuper – V.C		
Seat 2: Mary Papantonis		
Seat 5: Brandon Skinner		
Seat 4: Alberto Amador – A.S.		

Portofino Landings
Community Development District
Agenda

Tuesday	2160 NW Reserve Park Trace, Port St. Lucie, Florida May 12, 2026		Microsoft Teams
11:30a.m.	Meeting ID: 217 040 090 031 817 and Passcode: dW9xA2Hg
1 872-240-4685 and Phone Conference ID: 905 364 451#

Oath of Office for Ms. Mary Papantonis, Mr. Brandon Skinner and Mr. Alberto Amador – Page 3

Roll Call

Organizational Matters
Consideration of Resolution #2026-01 Canvassing and Certifying Results of Landowners Election – Page 4

Oath of Office for Newly Appointed Supervisor(s)

Election of Officer(s)

Consideration of Resolution #2026-02 Electing Officer(s) – Page 6

Approval of Minutes of the August 12, 2025 Meeting – Page 8

Consideration of Resolution #2026-03 Approving the Proposed Fiscal Year 2027 Budget and Setting the Public Hearing – Page 20

Consideration of Engagement Letter with Grau & Associates to perform the Audit for Fiscal Year Ending September 30, 2026 – Page 27

Acceptance of Audit for Fiscal Year Ending in September 30, 2025 – Page 32

Staff Reports
Attorney – Consideration of Request for Adjustment to District Counsel Fee Structure –
Page 64

Engineer

Manager – Number of Registered Voters in the District – 213 – Page 66
Financial Reports
Approval of Check Run Summary – Page 67
Approval of Unaudited Financials – Page 74
Supervisors Requests and Audience Comments
Adjournment
Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.portofinolandingscdd.com

Oath of Office
I, 	 a resident of the State of Florida and citizen of the United States of America, and being a Supervisor of the Portofino Landings Community Development District and a recipient of public funds on behalf of the District, do hereby solemnly swear or affirm that I will support the Constitution of the United States and of the State of Florida, and will faithfully, honestly and impartially discharge the duties devolving upon me in the office of Supervisor of the Portofino Landings Community Development District, 	, Florida.
Signature 	 Mailing Address 	

County of Residence: 	 Telephone #: 	 E-mail: 	 Date: 	

Sworn	to	(or	affirmed)	before	me	this			day	of		,	by
	 whose signature appears hereinabove.

Notary Public State of Florida

Print Name

My Commission expires Personally known 	 or produced identification 	
Type of identification	

RESOLUTION 2026-01

A RESOLUTION CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS ELECTION OF SUPERVISORS HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES

WHEREAS, pursuant to Section 190.006(2), Florida Statute, a landowners meeting is required to be held within 90 days of the District’s creation and every two years following the creation of a Community Development District for the purpose of electing three Supervisors of the District; and
WHEREAS, following proper publication of notice thereof, such landowners meeting was held on November 4, 2025 at which the below recited persons were duly elected by virtue of the votes cast in their respective favor; and
WHEREAS, the Board of Supervisors by means of this Resolution desire to canvas the votes and declare and certify the results of said election;

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT;

The following persons are found, certified, and declared to have been duly elected as Supervisors of and for the District, having been elected by the votes cast in their favor as shown, to wit:

	Mary Papantonis   	Seat #2– 14 Votes  

	Alberto Amador,		Seat #4 – 14 Votes	

	Brandon Skinner		Seat #5 – 12 Votes	

In accordance with said statute, and by virtue of the number of votes cast for the respective Supervisors, they are declared to have been elected for the following terms of office:

	Mary Papantonis		four (4) year term
	Alberto Amador,		four (4) year term
	Brandon Skinner		two (2) year term

Said terms of office shall commence immediately upon the adoption of this Resolution.

PASSED AND ADOPTED THIS, 	DAY OF 	.

Chairman / Vice Chairman

Secretary / Assistant Secretary

RESOLUTION 2026-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT ELECTING OFFICERS OF THE PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT PURSUANT TO SECTION 190.006(6), FLORIDA STATUTES; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, pursuant to the requirements of Section 190.006(6), Florida Statutes, the Board of Supervisors of the Portofino Landings Community Development District desires to elect the below recited persons to the offices specified.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT, THAT:

Section 1. The following persons are elected to the Portofino Landings Community Development District offices below, to wit:

Chairman
Vice Chairman Treasurer
Assistant Treasurer Secretary
Assistant Secretary Assistant Secretary Assistant Secretary
Section 2.  All sections, or parts thereof, which conflict herewith, are, to the extent of such conflict, superseded and repealed. In the event that any portion of this

Resolution is found to be unconstitutional or improper, it shall be severed herein and shall not affect the validity of the remaining portions of this Resolution.
Section 3.	This Resolution shall take effect immediately upon its adoption.

PASSED AND ADOPTED BY THE BOARD OF SUPERVISORS OF THE PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT, THIS    DAY OF 	, 202 .

PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT

Print name:	 Chairman / Vice Chairman

Print name: 	 Secretary / Assistant Secretary

MINUTES OF MEETING PORTOFINO LANDINGS
COMMUNITY DEVELOPMENT DISTRICT

The special meeting of the Board of Supervisors of the Portofino Landings Community Development District was held on Tuesday, August 12, 2025, at 11:30 a.m. at 2160 NW Reserve Park Trace, Port St. Lucie, Florida 34986.

Present and constituting a quorum were:

Deslyn Henry	Chairman
Ana Kuper	Vice Chairman
Ryoeltho Tarte	Assistant Secretary
Alberto Amador	Assistant Secretary

Also present were:
Andressa Hinz Philippi	District Manager
Rich Hans	Governmental Management Services (by phone)
Matthew Hans	Governmental Management Services
Dmitriy Gulyamov	Governmental Management Services
Ginger Wald	District Counsel
Ash Leyva	Blue Sky Communities (by phone)
Scott McDonald	Resident (by phone)
Several Residents	(by phone)

FIRST ORDER OR BUSINESS	Roll Call
Ms. Hinz Philippi called the meeting to order and called the roll.

SECOND ORDER OF BUSINESS	Organizational Matters
Consideration of Appointment of Supervisor(s) to Unexpired Term(s) of Office – Seat #5 (11/2025)
Oath of Office for Newly Appointed Supervisor(s)
Ms. Hinz Philippi: So, the next item would be organizational matters and item A is consideration of an appointment of Supervisor to the unexpired term of office for seat #5. Does the Board have anyone they wish to appoint at this time?
Ms. Kuper: This is Ana and I’d like to appoint Alberto Amador.

Ms. Hinz Philippi: Ok, alright, so that was for seat #5.

On MOTION by Ms. Kuper seconded by Ms. Henry all in favor, appointing Alberto Amador to fill the unexpired term of office for seat #5 was approved.

Ms. Hinz Philippi: Ok, so let’s give the oath of office. Ms. Wald: Yes, we’ll do it right here, I have one.
Ms. Hinz Philippi: Ok, alright. So, I’ll read the oath and you just state your name after I say the word “I”, so “I”.
Mr. Amador: Alberto Amador.
Ms. Hinz Philippi: A resident of the State of Florida and citizen of the United States of America, being a Supervisor of the Portofino Landings Community Development District, and recipient of public funds on behalf of the District, do hereby solemnly swear or affirm that I will support the Constitution of the United States, and of the State of Florida, and will faithfully, honestly, and impartially discharge the duties devolving upon me in the office of Supervisor of the Portofino Landings Community Development District, St. Lucie County, Florida.
Mr. Amador: I do.
Ms. Hinz Philippi: Alright, thank you. Alright, so you can fill out the information there and then we can take care of that. You should receive an email from our office that is going to give you some instructions for that, it would be coming from Jennifer from our office. Ginger can also give you a little bit of explanation for your duties as a Board member but, that’s about it.

Election of Officer(s)
Ms. Hinz Philippi: Now, since we do have Alberto on the Board now in seat #5, we need to take a look at our election of officers. What we have now is Deslyn Henry as chairman.
Mr. Leyva: Excuse me Andressa, this is Ash Leyva with Blue Sky Communities, we had previously discussed and nominated Scott McDonald for a Board seat and I

don’t know where that ended up but, I was under the impression that you guys were considering that, I realized there was an open seat.
Ms. Wald: If we get the letter of resignation from Dorothy Palmer, and we’ll put it on the agenda for the next meeting, then there will be another open seat, plus we will have a landowners election in November of this year and I don’t recall which number the seats are open but, either two or three of the seats will be open.
Ms. Hinz Philippi: Yes, seat #4, #5 and #2, if I’m not mistaken.
Ms. Wald: So, there will be three seats open for that landowners election, and that’s going to be announced at this meeting.
Ms. Hinz Philippi: Yes.
Ms. Wald: So, you’ll have an opportunity at that time. Mr. Leyva: Was that in November you said?
Ms. Hinz Philippi: Yes, November 4th.
Ms. Wald: And that’s on the agenda, so let’s move forward with the election of officers.
Ms. Hinz Philippi: Yes, so at this point we have Deslyn Henry as chairman, Ana Maria Kuper as vice chairman, and then Dorothy Palmer and Ryoeltho Tarte as assistant secretaries, and also Patti Powers as treasurer, Paul Winkeljohn as secretary, Sharyn Henning is assistant treasurer, and myself as an assistant secretary. So, if you guys are ok to keep the same slate of officer and then add Alberto as an assistant secretary that would be an option, and if not, you guys can tell me what you want to do.
Ms. Kuper: I motion to keep it the same.

On MOTION by Ms. Kuper seconded by Ms. Henry with all in favor, Election of Officers, keeping the existing slate of officers the same and adding Alberto Amador as an assistant secretary as stated on the record was approved.	

THIRD ORDER OF BUSINESS	Approval of Minutes of the May
29, 2025 Meeting
Ms. Hinz Philippi: The next item would be approval of the minutes of May 29, 2025. If you have any corrections or additions please let me know, and if not, a motion to approve would be in order.

On MOTION by Ms. Kuper seconded by Mr. Tarte
with all in favor, the Minutes of the May 29, 2025 Meeting were approved.	
FOURTH ORDER OF BUSINESS	Public Hearing to Adopt the Fiscal
Year 2026 Budget
Motion to Open the Public Hearing
Ms. Hinz Philippi: The next item would be a motion to open the public hearing to adopt the fiscal year 2026 budget.

On MOTION by Ms. Henry seconded by Ms. Kuper with all in favor, opening the Public Hearing was approved.	

Public Comment and Discussion
Consideration	of	Resolution	#2025-04	Annual	Appropriation Resolution
Ms. Hinz Philippi: Alright, so for public comment and discussion, we don’t have any public here just for the record but, we did discuss the budget at the last meeting.
Mr. Matthew Hans: Andressa, we do have public online, like the Blue Sky group as they are members of the public.
Ms. Hinz Philippi: Sure, but I was talking about in person there, we don’t have anyone, right?
Ms. Wald: Correct, but they’re still a member of the public online.
Ms. Hinz Philippi: Ok, so do we have any discussion from the Ash or anyone online with us today? Not hearing any discussion, is there any discussion from the Board members? Not hearing any, we can move on to resolution #2025-04, the annual appropriation resolution, we need a motion to approve.

On MOTION by Ms. Henry seconded by Mr. Tarte with all in favor, Resolution #2025-04 the Annual Appropriation Resolution was approved.	
Consideration of Resolution #2025-05 Levy of Non Ad Valorem Assessments
Ms. Hinz Philippi: The next item would be resolution #2025-05 to levy the Non AD Valorem Assessments, this is where we have our agreement with the Tax Collector to collect our taxes, so I need a motion to approve.

On MOTION by Ms. Kuper seconded by Mr. Amador with all in favor, Resolution #2025-05 Levy of Non Ad Valorem Assessments was approved.

Motion to Close the Public Hearing
Ms. Hinz Philippi: The next item would be a motion to close the public hearing.

On MOTION by Ms. Henry seconded by Ms. Kuper with all in favor, closing the Public Hearing was approved.

FIFTH ORDER OF BUSINESS	Audit Selection Committee Meeting
Opening Audit Selection Committee Meeting
Ms. Hinz Philippi: The next item would be the audit selection committee meeting, I need a motion to open the audit selection committee meeting.

On MOTION by Mr. Tarte seconded by Ms. Henry
with	all	in	favor,	opening	the	Audit	Selection Committee Meeting was approved.	
Roll Call
Ranking of Respondents to RFP
Adjournment
Ms. Hinz Philippi: The roll call was already called, it’s the same roll that we had for our Board meeting, so that takes care of the roll call for our audit selection committee meeting.
Ms. Wald: And you’re adding Alberto.

Ms. Hinz Philippi: Yes, and adding Alberto Amador as part of the roll call since he was elected to the open seat #5. Then we have ranking of respondents to the RFP. We only had Grau & Associates respond to the RFP, so your selection and ranking is basically based on what they are proposing for us. I’m going to tell you that most of the District that we have are not getting many firms responding to the audits, usually it’s one or two firms. Since Grau & Associates is one of the biggest, they have the best price so usually when they respond other firms don’t, and their price is very consistent with what we are seeing in other Districts audit proposals, so I would be confident that’s a good fee. So, if you guys wanted to change you can but, they did give us like 10 years of prices but, that is not the case because in 5 years we have to do the audit selection committee meeting again but, it’s good for us to know that they’re increasing like $100 per year, nothing major, so it’s good to have an amount that you can see how much they are going to increase. For the next fiscal year they’re proposing $4,200 and the criteria that we talked about at the last meeting it was price, their ability to do the work, their experience, and all of that, and personnel to do the work, we gave them 20 points, proposer’s experience was 20 points, and understanding the scope of work, 20 points, and ability to furnish the required services, 20 points, and price was 20 points. So, because we don’t have any other firms you can just rank them #1 and then we can just select the on the next agenda item.
Mr. Matthew Hans: Andressa, I have an objection here.
Ms. Wald: You can go out for bid again and see if you get others, or you can just proceed forward with ranking them #1, Grau & Associates, and then waiving the requirement of two other proposals, and that would be the recommendation of District management to rank Grau & Associates as #1 and waive the other two, and you can say so moved if you wish.

On MOTION by Ms. Henry seconded by Ms. Kuper with all in favor, ranking of respondents to the RFP, ranking Grau & Associates as the #1 auditing firm and waiving the requirement for two other proposals was approved.	

Ms. Hinz Philippi: So, you’re choosing Grau & Associates as the #1 ranked firm, so then we need a motion to adjourn the audit selection committee meeting.

On MOTION by Ms. Henry seconded by Mr. Tarte
with all in favor, the Audit Selection Committee Meeting was adjourned.	
SIXTH ORDER OF BUSINESS	Selection of Audit Firms
Ms. Hinz Philippi: Alright, so now we go back to the selection of the audit firms, and I need a motion to selection Grau & Associates to serve as the District’s auditing firm.

On MOTION by Mr. Tarte seconded by Ms. Kuper with all in favor, accepting Grau & Associates to serve as the District’s auditing firm was approved.

SEVENTH ORDER OF BUSINESS	Discussion of Date Correction for
Landowners Election – November 4, 2025 – Seats (#2, #4 and #5)
Ms. Hinz Philippi: The next item would be discussion of the Portofino Landings Landowners meeting which is going to be held on November 4, 2025 at 11:30 a.m. at 2160 NW Reserve Park Trace, and then of course we have the ballet, a sample of the ballot there. The seats that are open are seats #2, seat #4 and seat #5, and that would be Ryoeltho, Alberto and Dorothy’s seats, and since she resigned we’re probably going to have that one open but, if you are going to be at the meeting you just need one person representing the landowner and if the person cannot be there in person, you can name a proxyholder and that information is also going to come to you closer to the November election so you guys can get organized and see who can attend the meeting because you don’t have the need to have more than one person attend. In case you have more than one landowner attending then of course the other party who is interested can cast their votes and can appear and also elect somebody for the seat that are open.
Mr. Leyva: And what was the quorum, the votes, I think you had a certain amount of basically for a share of ownership there are some rules Rich explained in the

past and you had to have a certain amount of votes to elect someone, how does that work?
Ms. Wald: The property owner, and if you own a lot, you get one vote, one property owner can vote for one lot, if it’s acreage, it’s the number of acreage rounded up, so if it’s 10.2 acres, you get 11 votes for each seat.
Mr. Leyva: Ok because what happened before was.
Ms. Wald: It doesn’t matter what happened before, it’s whoever shows up at the landowners election either or in person as the actual landowner, or has a proxy from the landowner, or landowners and they’re the ones that have the ability to vote at the landowners election. So, on November 4, 2025 if you want, as a representative of one of the property owners, one of the landowners from Blue Sky, you need to have a representative here with their proxy to vote.
Mr. Leyva: So, it has to be in person, I think last time you guys tried to join us via ZOOM for the meeting and it did not work out for you.
Ms. Wald: Correct, you need to be in person. Mr. Leyva: Understood.
Ms. Wald: Ok.

EIGHTH ORDER OF BUSINESS	Staff Reports
Ms. Hinz Philippi: Alright, so with that said, if you guys have any other questions you can direct them to me later, and then the next item would be staff report, we have a memorandum from Ginger for the 2025 legislative update.

Attorney – Memorandum – 2025 Legislative Update
Ms. Wald: Yes, so in your agenda package when you got them via emailed you saw a couple pages of memorandum, and each year our firm does an end of the year recap of the laws that were passed by the State of Florida, at the legislative session. So, there are a few that are in here, read them at your leisure, and really for this District there’s not too much that applies to this District. If you’re going to change any of your rules of procedure, or you’re going to enact in rules, there’s some new requirements as to the timing for advertisements, that’s more for the District manager to make sure that it’s done in accordance therewith. If you have somebody living in your community that

is a public officer, such as a state senator, then their information, their spouses information and their children, including adult children are exempt from public records disclosure. So, they can provide that information to the District manager in case anyone makes a public records request that won’t be in there. You’re not issuing bonds, we don’t need to worry about that. You cannot hold yourselves out as an officer or in the military and if you do illegally and lie, then the Commission on Ethics can go after you, fine you and also garnish your wages for up to 20 years, so that’s on page 1. The fifth one is dealing with platting, you’re already platted, you don’t have to worry about that, and the last one is dealing with change orders for construction projects. If for some reason we’re going to have a construction project within the CDD which I don’t foresee right now, if the CDD is the one that’s actually proceeding forward with the project, change orders have to be considered within 35 days, so that wasn’t in place before but, we don’t have any of that on schedule it’s just that we provide that information for each one of our clients, which includes CDD and also local governments. So, that’s all I have for that. Your Form 1s, you’re going to have to do a Form 1, and we’ll talk about it after the meeting and some of the other information. You were mostly all appointed within the last year so hopefully you’ve already submitted those Form 1s and got those in. You are going to have by the end of this year proceed forward with completing 4 hours of ethics training. You should have received that information via email, and if not, I’m going to ask Andressa to make sure that goes out to you, it is your individual responsibility, when you fill out your Form 1s for next year there’s going to be a little box that you’re going to check saying that you did complete that 4 hours. So, that is your individual requirement, and again, every time we have a meeting we advise you, don’t forget, it’s something that you need to do. That’s all I have unless anybody has any questions, and like I said, we’ll talk right after the meeting, it won’t take long, that’s all I have.
Ms. Hinz Philippi: Alright, thank you, Ginger.

Engineer
Ms. Hinz Philippi: We do not have any engineer here today.

Manager
Consideration of 2025 Performance Measures and Standards as Required by Florida Statute 189.0694
Ms. Hinz Philippi: So, the next item would be manager, we consideration of 2025 performance measures and standards required by Florida Statute 189.0694. This was introduced to us last year and it’s one more requirement from our legislature and we have put this together with our company and Ginger’s office too. So, this is our District performance measures and standards, and it just includes everything that we already do with public meetings compliance, notice of meetings, access to records compliance, infrastructure and facilities maintenance, District infrastructure, financial transparency, initial reports, audit information, so all that we already do we have as goals, and we can measure them and see if they were achieved at the end of the year. We do advise that you approve this and if you guys have any questions or suggestions I can take those but, this is standard and we’re doing the best we can to not make this hard for the Board to evaluate at a later time. So, I would ask for a motion to approve the performance measures and standards required by Florida Statute.

On MOTION by Mr. Tarte seconded by Mr. Amador with all in favor, accepting the 2025 Performance Measures and Standards as required by Florida Statute 189.0694 was approved.	
Consideration of Proposed Fiscal Year 2026 Meeting Schedule
Ms. Hinz Philippi: The next item would be consideration of the proposed fiscal year 2026 meeting schedule. We have here the proposed dates on the second Tuesday of each month as follows, and of course we only meet when we need to or when we have business to attend to, so these are the dates we have proposed. If you have any problem with the dates or anything let me know, and if not, I would need a motion to approve the proposed fiscal year 2026 meeting schedule.

On MOTION by Ms. Kuper seconded by Mr. Tarte with all in favor, accepting the proposed Fiscal Year 2026 Meeting Schedule was approved.	

Form 1 Financial Disclosure Due by July 1, 2025
Reminder to Complete Annual Ethics Training by December 31, 2025
Ms. Hinz Philippi: The other item I had was of course to talk about Form 1 and Ginger already talked about that and since you guys were just elected I think you still probably need to file your first form that will be sent by Jennifer to you guys, and on here I have Dorothy and Tamika who did file their forms and Jim Dupre did not, so we’re going to try and contact him for that, and Ginger can explain a little bit more about Form 1 to you guys and for Alberto who is there after the meeting. Then a reminder to complete the annual ethics training by December 31st and as Ginger said, you need to do that, and her firm has given us links that you can go and do the training online, and it’s self-reported, so once you do finish your training online and they also provide free links that you can do. So, it’s 4 hours of training and you have to complete it by the end of the year by December 31st, and then next year when you do you Form 1 disclosure, you’re going to check the box that you did perform and finish your training. I would advise the you just make a note on which site you did your training, and the date, just for yourself because it is self-reporting, just so you have it in any case, and I don’t think you guys have an email yet but, I will forward you the links so you can have that. Other than that, I don’t have anything else to report on.

NINTH ORDER OF BUSINESS	Financial Reports
Approval of Check Run Summary
Acceptance of Unaudited Financials
Ms. Hinz Philippi: We can move on to financial reports, tab A is the approval of the check run summary, and tab B is the acceptance of the unaudited financials. If you have any questions I can take them, if not, a motion to approve would be in order.

On MOTION by Mr. Amador seconded by Ms. Kuper
with all in favor, the Check Run Summary and the Unaudited Financials were approved.	

TENTH ORDER OF BUSINESS	Supervisor’s	Requests	and
Audience Comments
Ms. Hinz Philippi: The next item would be Supervisor’s requests and audience comments. Do we have any Supervisor’s requests at this time? Not hearing any, are there any audience comments?
Mr. Rich Hans: Andressa and maybe Ginger, as far as the ethics training, there’s a cutoff, like if you’re elected to the Board, I think it’s in March.
Ms. Wald: Yes.
Mr. Rich Hans: So, like Alberto wouldn’t be required to do his ethics training this year, and I’m not sure when the other Board members came on so, you just might want to check that because if they may not be required to do it this year, it would be next year. Then the other, just for Matt, make sure to get the resolution 2025-05 signed I need that to submit with the tax roll, so if you could get that signed today while you’re there that would be great.
Ms. Wald: They already have them printed out and ready to go Rich. Mr. Rich Hans: Ok.
Ms. Wald: And I have to see when the other people were appointed, I have to go back and look, and I will advise accordingly.
Mr. Rich Hans: Ok, perfect, thanks.

ELEVENTH ORDER OF BUSINESS	Adjournment
Ms. Hinz Philippi: Alright, thank you for that Rich. So, since we don’t have any other comments or requests, I just need a motion to adjourn.

On MOTION by Ms. Henry seconded by Mr. Tarte with all in favor, the Meeting was adjourned.	

Secretary / Assistant Secretary	Chairman / Vice Chairman

RESOLUTION 2026-03

A RESOLUTION OF THE PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT APPROVING THE DISTRICT’S PROPOSED BUDGET FOR FISCAL YEAR 2027 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW

WHEREAS, the District Manager has prepared the proposed budget for the Fiscal Year 2027;
and

WHEREAS, the Board of Supervisors approves the proposed budget for purpose of submitting said budget to the local governing authorities not less than 60 days prior to the public hearing date in accordance with Chapter 190.008(b), Florida Statutes: and

WHEREAS, the Board of Supervisors desires to set the public hearing date;

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

The proposed budget for Fiscal Year 2027 is hereby approved for the purpose of conducting a public hearing to adopt said budget.
A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date: 	 Hour: 	 Place: 	

Notice of public hearing shall be published in accordance with Florida Law. Adopted this 	day of 	, 2026.

Chairman/Vice Chairman

Secretary/Assistant Secretary

Portofino Landings	
Community Development District	

Proposed Budget	
FY 2027	

Table of Contents

1

2-3

4

	General Fund

	Narratives

	Assessment Schedule

Portofino Landings	
Community Development District	
Proposed Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Proposed Budget	
Description	FY2026	3/31/26	6 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments - On Roll	133,920	$134,578	$-	$134,578	$133,920	
Interest income	2,000	3,055	1,500	4,555	$3,000	

TOTAL REVENUES	$135,920	$137,633	$1,500	$139,133	$136,920	

EXPENDITURES:

Administrative						
Engineering	$8,000	$-	$4,000	$4,000	$8,000	
Attorney	9,000	3,000	6,000	9,000	9,000	
Annual Audit	5,300	4,200	-	4,200	4,300	
Management Fees	32,782	16,391	16,391	32,782	33,765	
Property Appraiser	2,100	1,425	-	1,425	2,100	
Information Technology	1,061	531	530	1,061	1,093	
Website Maintenance	1,061	531	530	1,061	1,093	
Telephone	25	-	13	13	25	
Postage & Delivery	100	20	80	100	100	
Rentals and Leases	2,400	1,200	1,200	2,400	2,400	
Insurance General Liability	8,918	7,932	-	7,932	8,725	
Printing & Binding	250	0	125	125	250	
Legal Advertising	1,000	313	500	813	1,000	
Other Current Charges	1,000	299	500	799	1,000	
Office Supplies	25	0	13	13	25	
Dues, Licenses & Subscriptions	175	175	-	175	175	
First Quarter Operating	10,556	-	9,556	9,556	10,556	
Property Taxes	350	331	-	331	350	
Contingency	10,453	-	5,227	5,227	11,407	

TOTAL ADMINISTRATIVE	$94,555	$36,347	$44,664	$81,012	$95,364	

Operations & Maintenance

Field Expenditures

Field Management	$6,365	3,183	$3,182	$6,365	$6,556	
Canal Maintenance	16,500	5,200	11,300	16,500	16,500	
Lake Maintenance	6,000	-	1,000	1,000	6,000	
Pot Hole Repairs	2,500	-	2,500	2,500	2,500	
Drainage Maintenance	10,000	-	10,000	10,000	10,000	

TOTAL FIELD EXPENDITURES	$41,365	$8,383	$27,982	$36,365	$41,556	

TOTAL EXPENDITURES	$135,920	$44,730	$72,647	$117,377	$136,920	

EXCESS REVENUES (EXPENDITURES)	$-	$92,903	$(71,147)	$21,756	$-	

Special Assessments - On Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for
the operating expenditures during the Fiscal Year.	

Interest	
The District earns interest on the monthly average collected balance for each of their investment accounts.	

Expenditures - Administrative	

Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Property Appraiser	
The Saint Lucie County Board of Commissioners provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Board of Commissioners for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The budget for Board of Commissioners costs was based on a unit price per parcel.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
Website Maintenance	
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.	
Communication - Telephone	
New internet and Wi-Fi service for Office.	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Rentals and Leases	
The District will be charged $200 per month for office rent from Governmental Management Services – South Florida,
LLC, for the District's administrative offices located in Fort Lauderdale.	

Insurance General Liability	
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the FloridaCommerce for $175.	
First Quarter Operating	
Represents expenses in the first 2 months prior to assessments being collected.	
Property Taxes	
Represents Calandar year Property Taxes	
Contingency	
Represents any minor expenditures not budgeted the District may need to make during the Fiscal Year.	

Expenditures – Field	

Field Management	
The District will contract Governmental Management Services, South Florida, LLC for on-site management. The responsibilities include reviewing contracts and other maintenance related items.	
Canal Maintenance	
Monthly water management services to all the canals throughout the district.	
Lake Maintenance	
Monthly water management services to all the lakes throughout the district.	
Pot Hole Repairs	
The District will contract a company for the repairs of the pot holes with the district.	
Drainage Maintenance	
Storm Drain Cleaning for all Storm Drains throughout the District.	

Portofino Landings	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2026-2027	

Neighborhood	O&M Units	
ERU's	
Annual Maintenance Assessments	
	
FY 2027	
FY2026	Increase/ (decrease)	

Multy Family	

166	

166	

$322.91	

$322.91	

$0.00	
Multy Family	224	224	$322.91	$322.91	$0.00	
Recreation	1	2	$322.91	$322.91	$0.00	

Commercial - sq ft	
49,200	
49.2	
$322.91	
$322.91	
$0.00	
Total	390	441.2			$	-	

Page 4

February 26, 2026 Board of Supervisors
Portofino Landings Community Development District 5385 N. Nob Hill Road
Sunrise, FL 33351

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

We are pleased to confirm our understanding of the services we are to provide Portofino Landings Community Development District, City of Fort Pierce, Florida (“the District”) for the fiscal year ended September 30, 2026. We will audit the financial statements of the governmental activities and each major fund, including the related notes to the financial statements, which collectively comprise the basic financial statements of Portofino Landings Community Development District as of and for the fiscal year ended September 30, 2026. In addition, we will examine the District’s compliance with the requirements of Section 218.415 Florida Statutes. This letter serves to renew our agreement and establish the terms and fee for the 2026 audit.
Accounting principles generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement the District’s basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. As part of our engagement, we will apply certain limited procedures to the District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We will 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.
The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited:
Management’s Discussion and Analysis
Budgetary comparison schedule
The following other information accompanying the financial statements will not be subjected to the auditing procedures applied in our audit of the financial statements, and our auditor’s report will not provide an opinion or any assurance on that information:
Compliance with FL Statute 218.39 (3) (c)
Audit Objectives
The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of the District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report upon completion of our audit of the District’s financial statements. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the financial statements is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of testing of internal control and compliance, and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that the District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.

Examination Objective
The objective of our examination is the expression of an opinion as to whether the District is in compliance with Florida Statute 218.415 in accordance with Rule 10.556(10) of the Auditor General of the State of Florida. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and will include tests of your records and other procedures we consider necessary to enable us to express such an opinion. We will issue a written report upon completion of our examination of the District’s compliance. The report will include a statement that the report is intended solely for the information and use of management, those charged with governance, and the Florida Auditor General, and is not intended to be and should not be used by anyone other than these specified parties. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the District’s compliance is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
Other Services
We will assist in preparing the financial statements and related notes of the District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.
Management Responsibilities
Management is responsible for compliance with Florida Statute 218.415 and will provide us with the information required for the examination. The accuracy and completeness of such information is also management’s responsibility. You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. In addition, you will be required to make certain representations regarding compliance with Florida Statute 218.415 in the management representation letter. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, who possesses suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.
Management is responsible for designing, implementing and maintaining effective internal controls, including evaluating and monitoring ongoing activities, to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements.
Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence.
Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.
You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report.
Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information.
With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on your website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the information contained in these sites or to consider the consistency of other information in the electronic site with the original document.

Audit Procedures—General
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse.
Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards.
Audit Procedures—Internal Control
Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards.
An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards.
Audit Procedures—Compliance
As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of the District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.
Engagement Administration, Fees, and Other
We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by us for testing.
The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to a cognizant or oversight agency or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of Grau & Associates personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced during the conduct of the audit may be public records under Florida law. The District agrees to notify Grau & Associates of any public record request it receives that involves audit documentation.

Furthermore, Grau & Associates agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Auditor acknowledges that the designated public records custodian for the District is the District Manager (“Public Records Custodian”). Among other requirements and to the extent applicable by law, Grau & Associates shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if Auditor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Grau & Associate’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Grau & Associates, Grau & Associates shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF GRAU & ASSOCIATES HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE PUBLIC RECORDS CUSTODIAN AT: GMS-SF LLC - 5385 N Nob Hill Road Sunrise, FL 33351 - TELEPHONE: 954-721-8681 - RECORDREQUEST@GMSSFL.COM

Our fee for these services will not exceed $4,300 for the September 30, 2026 audit, unless there is a change in activity by the District which results in additional audit work or if additional Bonds are issued.
We will complete the audit within prescribed statutory deadlines, which requires the District to submit its annual audit to the Auditor General no later than nine (9) months after the end of the audited fiscal year, with the understanding that your employees will provide information needed to perform the audit on a timely basis.

The audit documentation for this engagement will be retained for a minimum of five years after the report release date. If we are aware that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the audit documentation.

Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be submitted in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be suspended if your account becomes 60 days or more overdue and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out-of-pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate.

This agreement may be renewed each year thereafter subject to the mutual agreement by both parties to all terms and fees. The fee for each annual renewal will be agreed upon separately.
The District has the option to terminate this agreement with or without cause by providing thirty (30) days written notice of termination to Grau & Associates. Upon any termination of this agreement, Grau & Associates shall be entitled to payment of all work and/or services rendered up until the effective termination of this agreement, subject to whatever claims or off-sets the District may have against Grau & Associates.

We will provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of comment received during the period of the contract. Our 2025 peer review report accompanies this letter.

We appreciate the opportunity to be of service to Portofino Landings Community Development District and believe this letter accurately summarizes the terms of our engagement and, with any addendum, if applicable, is the complete and exclusive statement of the agreement between Grau & Associates and the District with respect to the terms of the engagement between the parties. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us.

Very truly yours, Grau & Associates

Antonio J. Grau

RESPONSE:
This letter correctly sets forth the understanding of Portofino Landings Community Development District.

By: 		
Title:	
Date:	

 	

FlCPA

•

-�	AICPA'.

Florida Institute of Certified Public Accountants

Peer Review Program

Administered in Florida
by the Florida Institute of CPAs

November 18, 2025 Antonio Grau
Grau & Associates
1001 W. Yamato Road, Suite 301 Boca Raton, FL 33431-4403

Dear Antonio Grau:

It is my pleasure to notify you that on November 18, 2025, the Florida Peer Review Committee accepted the report on the most recent System Review of your firm. The due date for your next review is December 31, 2028. This is the date by which all review documents should be completed and submitted to the administering entity.

As you know, the report had a peer review rating of pass. The Committee asked me to convey its congratulations to the firm.

Thank you for your cooperation. Sincerely,

Peer Review Team
FICPA Peer Review Committee paul@ficpa.org
850.224.2727, x5957

cc: Daniel Hevia, David Caplivski

Firm Number: 900004390114	Review Number:  616829

119 S Monroe Street, Suite 121 I Tallahassee, FL 32301I 850.224.2727, in Florida I www.ficpa.org

December 3, 2025

To the Board of Supervisors
Portofino Landings Community Development District City of Fort Pierce, Florida

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

We have audited the financial statements of Portofino Landings Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 3, 2025. Professional standards require that we advise you of the following matters relating to our audit.

We have also examined the District’s 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 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
Our Responsibility in Relation to the Financial Statement Audit
Our responsibility, as described by professional standards, is to form and express an opinion(s) about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant ethical requirements regarding independence.
With respect to financial statement preparation, the following safeguards are in place:
Management made all decisions and performed all management functions;
A competent individual was assigned to oversee the services;
Management evaluated the adequacy of the services performed;
Management evaluated and accepted responsibility for the result of the service performed; and
Management established and maintained internal controls, including monitoring ongoing activities.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies

Management is responsible for selecting and applying appropriate accounting policies. A summary of the significant accounting policies adopted by the District is included in Note 2 to the financial statements. There were no new accounting policies adopted and no changes in existing significant accounting policies or their application during the fiscal year, other than those described in Note 2, if any. No matters came to our attention that, under professional standards, we are required to inform you about concerning (1) the methods used to account for significant unusual transactions or (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments normally reflect management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates, if present, may be particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them could differ markedly from management’s current judgments.

In connection with our audit, we considered the reasonableness of the accounting estimates used by management. The most sensitive accounting estimate(s) affecting the financial statements included, as applicable:

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.

If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

We evaluated the key factors and assumptions used by management to develop the estimate(s) and determined that they were reasonable in relation to the financial statements taken as a whole.

Financial Statement Disclosures

Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the District’s financial statements included, as applicable:

Long-term liabilities related to bonds payable and debt service requirements.
Litigation, claims, and assessments related to pending legal matters; and
Pension and Other Post-Employment Benefit (OPEB) plan disclosures.
If no such disclosures were identified for the current year, this section should be read to indicate that we did not note any financial statement disclosures involving significant judgment or sensitivity.

Circumstances Affecting the Auditor’s Report

Professional standards require us to communicate any circumstances that affect the form or content of our auditor’s report. If applicable, such circumstances—such as a modification of opinion, an emphasis-of-matter or other-matter paragraph, or a reference to substantial doubt about the District’s ability to continue as a going concern—are described in our auditor’s report included in the District’s financial report. If no such circumstances existed, this section should be read to indicate that our report was unmodified.

Significant Difficulties Encountered during the Audit

We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Corrected Misstatements

Professional standards require us to communicate all material misstatements identified and corrected during the audit. Management has corrected all misstatements that were identified as a result of our audit procedures. Any such audit adjustments, if applicable, are summarized in the accompanying schedule of journal entries. If none were identified, this section should be read to indicate that we did not note any misstatements that were material, individually or in the aggregate, to the financial statements taken as a whole.

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Districts’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.

Representations Requested from Management

Professional standards require that we obtain certain written representations from management as part of our audit. We have received such representations in a letter. A copy of this letter is available for your review upon request.

Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.

Other Significant Matters, Findings, or Issues

In the normal course of our professional association with the District, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the District’s auditors.

As noted previously in this letter, any current-year findings identified during our audit are communicated in our separate reports titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida. If no findings were identified, this section should be read to indicate that we did not note any additional significant matters or findings requiring communication to those charged with governance.

This report is intended solely for the information and use of the Board of Supervisors and management of the District and is not intended to be and should not be used by anyone other than these specified parties.

Grau & Associates

PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT
CITY OF FORT PIERCE, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT CITY OF FORT PIERCE, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-5	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	6	
Statement of Activities	7	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	8	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	9	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
10	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
11	
Notes to the Financial Statements	12-18	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget and Actual – General Fund	
19	
Notes to Required Supplementary Information	20	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	21	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

22-23	
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	

24	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
25-26	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Portofino Landings Community Development District City of Fort Pierce, Florida

1001 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 the major fund of Portofino Landings Community Development District, City of Fort Pierce, 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 the 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.
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 December 3, 2025, 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.

December 3, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Portofino Landings Community Development District, City of Fort Pierce, Florida (“District”) provides a narrative overview 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 assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $2,226,697.

The change in the District’s total net position in comparison with the prior fiscal year was ($23,513), a decrease. 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
$204,851, an increase of $60,471 in comparison with the prior fiscal year. The total fund balance is non-spendable for prepaid items 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 residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The 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 special assessment. The District does not have any business-type activities. The governmental activities of the District include 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: 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 balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains one individual governmental fund. 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, which is considered to be a major fund.

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, assets exceeded liabilities at the close of the fiscal year ended September 30, 2025.
Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
	2025	2024	
Assets, excluding capital assets	$	206,132	$	147,237	
Capital assets		2,021,846	2,105,830 	
Total assets		2,227,978	2,253,067 	
Liabilities, excluding long-term liabilities		1,281	2,857 	
Total liabilities		1,281	2,857 	
Net position
Investment in capital assets	2,021,846	2,105,830
Unrestricted		204,851	144,380 
Total net position	 $	2,226,697	$	2,250,210 

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.

The remaining balance of unrestricted net position may be used to meet the District’s other obligations.

The District’s net position decreased during the most recent fiscal year. The majority of the decrease is attributed to the cost of operations and depreciation expense exceeding program revenues.
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	$	135,458	$	135,802	
General revenues	2,054	-	
Total revenues	137,512	135,802	
Expenses:	
General government	65,241	64,198	
Maintenance and operations	95,784	100,067	
Conveyance of infrastructure	-	1,747,984	
Total expenses	161,025	1,912,249	
Change in net position	(23,513)	(1,776,447)	
Net position - beginning	2,250,210	4,026,657	
Net position - ending	$	2,226,697	$	2,250,210	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $161,025. The costs of the District’s activities were funded by program revenues. Program revenues were comprised of assessments. In total, expenses decreased over the prior year as the result of the conveyance of infrastructure improvements in the prior year.

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 $3,510,551 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $1,488,705 has been taken, which resulted in a net book value of $2,021,846. More detailed information about the District’s capital assets is presented in the notes of the financial statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET

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

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

PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT CITY OF FORT PIERCE, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash	$	45,916	
Investments	152,054	
Assessments receivable	230	
Prepaid items	7,932	
Capital assets		
Nondepreciable	1,641,020	
Depreciable, net		380,826 	
Total assets		2,227,978 	
LIABILITIES		
Accounts payable		1,281 	
Total liabilities		1,281 	
NET POSITION		
Investment in capital assets	2,021,846	
Unrestricted		204,851 	
Total net position	 $	2,226,697 	

See notes to the financial statements

PORTOFINO LANDINGS COMMUNITY DEVELOPMENT DISTRICT CITY OF FORT PIERCE, FLORIDA
STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in Net
 Program Revenues	Position   

Charges for	Governmental
Functions/Programs	  Expenses	Services	Activities	 Primary government:
Governmental activities:

General government

$	65,241	$

135,458	$

70,217

Maintenance and operations			95,784		-	(95,784)  Total governmental activities		161,025	135,458	(25,567) 

General revenues:
Unrestricted investment earnings		2,054 	
Total general revenues		2,054 	
Change in net position		(23,513) 	
Net position - beginning		2,250,210 	
Net position - ending	 $	2,226,697 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

		Major Fund	

General	Total Governmental
Funds	
ASSETS
Cash	
$	45,916	
$	45,916	
Investments	152,054	152,054	
Assessments receivable	230	230	
Prepaid items	7,932	7,932	
Total assets	$	206,132	$	206,132	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	1,281	$	1,281	
Total liabilities	1,281	1,281	

Fund balances:
Nonspendable:
Prepaid items	7,932	7,932	
Unassigned	196,919	196,919	
Total fund balances	204,851	204,851	

Total liabilities and fund balances	
$	206,132	
$	206,132	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Amounts reported for governmental activities in the statement of net position are different because:
Fund balance - governmental funds	$   204,851
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, net of accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	3,510,551
Accumulated depreciation	  (1,488,705)		2,021,846  Net position of governmental activities		$  2,226,697

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

		Major Fund	

General	Total
Governmental Funds	
REVENUES			
Assessments	$	135,458	$	135,458	
Interest	2,054	2,054	
Total revenues	137,512	137,512	

EXPENDITURES
Current:
General government	

65,241	

65,241	
Maintenance and operations	11,800	11,800	
Total expenditures	77,041	77,041	

Excess (deficiency) of revenues			
over (under) expenditures	60,471	60,471	
Fund balances - beginning	144,380	144,380	

Fund balances - ending	
$	204,851	
$	204,851	

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	$	60,471

Amounts reported for governmental activities in the statement of activities are different because:
Depreciation on capital assets is not recognized in the governmental fund financial statements, but is reported as an expense in the
statement of activities.		(83,984) 
Change in net position of governmental activities	$	(23,513)

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Portofino Landings Community Development District ("District") was created on November 20, 2006 by Ordinance K-462 of the City Commission of the City of Fort Pierce, Florida, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue Bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a 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 of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2025, all of the Board members are affiliated with Prime Homes at Portofino Landings, Ltd. (“Developer”).

The Board has the 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 benefitted property within the District. Operating and Maintenance Assessments are based upon adopted budget and levied annually at a public hearing of the District. Debt Service Assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the Debt Service Assessments on their property subject to various provisions in the Bond documents.

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 District reports the following major governmental fund:

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.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.
Assets, Liabilities and Net Position or Equity

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

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

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida 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.

The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a “2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.
Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.
Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
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 assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:

Assets	Years	
Roadways	20	
Storm sewer	25	

Capital Assets (Continued)
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 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.

Fund Equity/Net Position (Continued)
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.

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 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 

Florida Prime

 $	152,054 
 $	152,054 

AAAm	47 Days

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

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.
Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.

However, the Bond Indenture limits the type of investments held using unspent proceeds.
Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with 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. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.” With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.
As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value.

Beginning Balance

Additions	Reductions

Ending Balance

Governmental activities
Capital assets, not being depreciated		
Land and land improvements	$	1,641,020	$	-	$	-	$	1,641,020	
Total capital assets, not being depreciated	1,641,020	-	-	1,641,020	

Capital assets, being depreciated Infrastructure - roadways	

920,347	

-	

-	

920,347	
Infrastructure - storm sewer	949,184	-	-	949,184	
Total capital assets, being depreciated	1,869,531	-	-	1,869,531	

Less accumulated depreciation for: Infrastructure - roadways	

759,282	

46,017	

-	

805,299	
Infrastructure - storm sewer	645,439	37,967	-	683,406	
Total accumulated depreciation	1,404,721	83,984	-	1,488,705	

Total capital assets, being depreciated, net	
464,810	
(83,984)	
-	380,826	

Governmental activities capital assets, net	
$  2,105,830	
$	(83,984)	
$	-	$  2,021,846	

Depreciation expense was charged to the maintenance and operations function.

NOTE 6 – CONCENTRATION

Landings Fort Pierce, LLC (“Major Landowner”) owns the majority of the land within the District; therefore, the District is economically dependent on the Major Landowner.
NOTE 7 – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting advisory services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

NOTE 8 – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

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

	
Budgeted
	Amounts	 Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	
REVENUES
Assessments	
$	133,920	
$	135,458	
$	1,538	
Interest income	-	2,054	2,054	
Total revenues	133,920	137,512	3,592	

EXPENDITURES
Current:
General government	92,740	65,241	27,499	
Maintenance and operations	41,180	11,800	29,380	
Total expenditures	133,920	77,041	56,879	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

60,471	

 $	60,471 	
Fund balance - beginning			144,380 		
Fund balance - ending		 $	204,851 		

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 FLORIDA 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.	
5	
Employee compensation	$0	
Independent contractor compensation	$13,873	
Construction projects to begin on or after October 1; (>$65K)	N/A	

Budget variance report	See the Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual - General Fund	
Non ad valorem special assessments;		
Special assessment rate
Special assessments collected	Operations and maintenance - $322.91	
	$135,458	
Outstanding Bonds:	$0	

1001 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
Portofino Landings Community Development District City of Fort Pierce, 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 the major fund of Portofino Landings Community Development District, City of Fort Pierce, 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 December 3, 2025.
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.

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.

December 3, 2025

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
Portofino Landings Community Development District City of Fort Pierce, Florida

We have examined Portofino Landings Community Development District, City of Fort Pierce, 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 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 Portofino Landings Community Development District, City of Fort Pierce, Florida and is not intended to be and should not be used by anyone other than these specified parties.

December 3, 2025

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Portofino Landings Community Development District City of Fort Pierce, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Portofino Landings Community Development District, City of Fort Pierce, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 3, 2025.

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 December 3, 2025, 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 Portofino Landings Community Development District, City of Fort Pierce, Florida and the Auditor General of the State of Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Portofino Landings Community Development District, City of Fort Pierce, 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.

December 3, 2025

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

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

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2024.
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.
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.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2025. 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 21.

AW OFFIC�S
BILLING<»COCHRAN
ESTABLISHED 1977

KENNETH W. MORGAN, JR. MICHAEL l. PAWELCZYK MANUEL R. COMRAS ANDREW A. RIEF
JEFFERY R, LAWLEY GINGER E. WALD SCOTT C. COCHRAN
ALINE 0. MARCANTONIO
JOHN C. WEBBER

STEVEN F. BILLING {1947-1998) HAYWARD D, GAY (1943-2007)

BILLING COCHRAN, P.A. LAS OLAS SQUARE, SUITE 600
515 EAST LAS OLAS BOULEVARD FORT LAUDERDALE, FLORIDA 33301
(954) 764-7150
{954) 764-7279 FAX

PGANATIONAL OFFICE CENTER
300 AVENUE OF THE CHAMPIONS, SUITE 270 PALM BEACH GARDENS, FLORIDA 33418
{561) 659-5970
{561) 659-6173 FAX

CHRISTINE A. BROWN GABRIELLA A. FERNANDEZ PEREZ
MARLENE E. GONZALEZ LORI 8. LEWELLEN LIZA E. SMOKER LUCAS A. WILLIAMS
DF COUNSEL: CLARK J. COCHRAN, JR.
SUSAN F. DELEGAL DENNISE. LYLES BRUCE M. RAMSEY RICHARD T. WOULFE

WWW.BJLLJNGCOCHRAN.COM PLEASE REPLY TO: FORT LAUDERDALE

February 3, 2026

VIA E-MAIL ONLY-AHPhilippi@gmssf.com Ms. Andressa Hinz Philippi
District Manager
Governmental Management Services 5385 N. Nob Hill Road
Sunrise, FL 33351

Re:		Adjustment to District Counsel Fee Structure Portofino Landings Community Development District Our File: 803.05735
Dear Andressa:
This firm's current fee structure has been in place since 2008. Although we are certainly mindful of the necessity to keep increases in the District's expenses, including the cost of legal services, to a minimum, it has become necessary for us to adjust our hourly rates effective, October I, 2026, as follows:

Attomeys/Partners:
Attorneys/Associates:

$300.00 per hour
$250.00 per hour

This hourly fee structure will be adjusted on a periodic basis in connection with the District's budget process no later than every third Fiscal Year to reflect changes in the Consumer Price Index published by the U. S. Department of Labor.

Ms. Andressa Hinz Philippi February 3, 2026
Page2

Naturally, should you feel you have any questions or require any further information in support of this adjustment you should feel free to contact me at your convenience. As I think you are aware, we very much appreciate the opportunity to serve as District Counsel as well as your courtesy and cooperation with regard to the necessity of what we believe to be both infrequent and reasonable adjustments to our schedule of professional fees.

MJP/jmp
cc: Jennifer McConnell, GMS (via email only)

Per Florida Statute 190.006(3)(a)2.d., the number of registered voters in the Community Development District(s), based on the previous mapping forwarded by your organization, is provided below as of April 15, 2026. If any of your mapping information has changed, please forward the applicable documentation to our o�ice as soon as possible.

CDD NAME	REGISTERED VOTERS	
Bent Creek	480	
Cooper Creek	1,056	
Creekside	420	
Portofino Isles	1,300	
Portofino Landings	213	
Portofino Shores	788	
Reserve	1,275	
Veranda Landing	184	
River Place	736	
Tesoro	446	
Verano 1	1,454	
Verano 2	2,445	
Verano 3	1,376	
Verano 4	218	
Verano 5	0	
Verano Center	12	
Waterstone	836	

Portofino Landings	
COMMUNITY DEVELOPMENT DISTRICT	

Fiscal Year 2026	
Check Register	

7/1/25 - 3/31/26

Date

check #'s

Amount

7/1 - 7/31	525 -528	$	4,819.07	

8/1 - 8/31	529 - 531	4,841.08	

9/1 - 9/30	532 - 537	13,872.87	

10/1 - 10/31	538 - 540	4,792.79	

11/1 - 11/30	541 - 546	5,241.45	

12/1 - 12/31	547 - 551	7,367.47	

1/1 - 1/31	552 - 554	8,495.48	

2/1 - 2/28	555 - 559	5,940.57	

3/1 - 3/31	560 - 562	4,793.09	

TOTAL	$	60,163.87	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/24/26	PAGE	1
*** CHECK DATES 07/01/2025 - 03/31/2026 ***	PORTOFINO LANDINGS - GEN FUND
BANK A PORTOFINO LANDINGS
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

7/02/25 00001	7/01/25	
	7/01/25	
	7/01/25	
	7/01/25	
	7/01/25	
	7/01/25	
	7/01/25	

309	202507 310-51300-34000	*	2,652.25
JUN 25 - MGMT FEES
309	202507 310-51300-44000	*	200.00
JUL 25 - RENT
309	202507 310-51300-35100	*	85.83
JUL 25 - COMPUTER TIME
309	202507 310-51300-35110	*	85.83
JUL 25 - WEBSITE ADMIN
309	202507 310-51300-42000	*	4.53
JUL 25 - POSTAGE
309	202507 310-51300-42500	*	.15
JUL 25 - COPIES
310	202507 320-53800-34000	*	515.00
JUL 25 - FIELD SERVICES
GMS-SF, LLC	3,543.59 000525
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/02/25 00029	6/30/25 2570017	202506 320-53800-46700	*	650.00
JUN 25 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000526
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/15/25 00014	6/30/25 194036	202506 310-51300-31500	*	500.00
JUN 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000527
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/15/25 00031	6/30/25 7198878	202506 310-51300-48000	*	125.48
AUDIT RFP MEETING
GANNETT FLORIDA LOCALIQ	125.48 000528

8/04/25 00001	8/01/25	
	8/01/25	
	8/01/25	
	8/01/25	
	8/01/25	
	8/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
311	202508 310-51300-34000	*	2,652.25
AUG 25 - MGMT FEES
311	202508 310-51300-44000	*	200.00
AUG 25 - RENT
311	202508 310-51300-35100	*	85.83
AUG 25 - COMPUTER TIME
311	202508 310-51300-35110	*	85.83
AUG 25 - WEBSITE ADMIN
311	202508 310-51300-42000	*	2.17
AUG 25 - POSTAGE
312	202508 320-53800-34000	*	515.00
AUG 25 - FIELD SERVICES
GMS-SF, LLC	3,541.08 000529
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
8/04/25 00029	7/29/25 2570018	202507 320-53800-46700	*	650.00
JUL 25 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000530
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PLND PORTOFINO LAND SRINKUS

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/24/26	PAGE	2
*** CHECK DATES 07/01/2025 - 03/31/2026 ***	PORTOFINO LANDINGS - GEN FUND
BANK A PORTOFINO LANDINGS
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
8/04/25 00030	7/14/25 015970	202507 320-53800-46700	*	650.00
JUL 25 - QTR. CANAL MAINT
WETLANDS MANAGEMENT SF, LLC	650.00 000531
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/04/25 00014	7/31/25 194545	202507 310-51300-31500	*	500.00

BILLING COCHRAN,	P.A.	500.00	000532	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	- - -	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
9/04/25 00001	9/01/25 313	202509 320-53800-34000	*	515.00	
SEP	25	- FIELD SERVICES	
9/01/25 314	202509 310-51300-34000	*	2,652.25	
SEP	25	- MGMT FEES	
9/01/25 314	202509 310-51300-44000	*	200.00	
SEP	25	- RENT	
9/01/25 314	202509 310-51300-35100	*	85.83	
SEP	25	- COMPUTER TIME	
9/01/25 314	202509 310-51300-35110	*	85.83	
SEP	25	- WEBSITE ADMIN	
9/01/25 314	202509 310-51300-42000	*	1.48	
SEP	25	- POSTAGE	

JUL 25 - ATTORNEY FEES

GMS-SF, LLC	3,540.39 000533
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/04/25 00029	8/25/25 25700199 202508 320-53800-46700	*	650.00
AUG 25 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000534
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00014	8/31/25 195007	202508 310-51300-31500	*	1,125.00
AUG 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	1,125.00 000535
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00021	9/15/25 29215	202509 300-15500-10000	*	7,932.00
FY 2026 LIA INSURANCE
EGIS INSURANCE ADVISORS, LLC	7,932.00 000536
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00031	8/31/25 7300838	202508 310-51300-48000	*	125.48
AUDIT COMMITTEE MEETING
GANNETT FLORIDA LOCALIQ	125.48 000537
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/25 00014	9/30/25 195515	202509 310-51300-31500	*	500.00

- - - - - - - - 10/13/25 00001	- - - - - - - 10/01/25 315
OCT	BILLING COCHRAN, P.A.
- - - - - - - - - - - - - - - - - - - - - - - - -
202510 310-51300-34000		-	-	-	-	-	-	- -
*	-	-	-	-	-	- - - - -	-	500.00
- - - -	000538
- - -	
	10/01/25 315	202510 310-51300-44000								*						200.00				
	OCT	25 - RENT
PLND PORTOFINO LAND SRINKUS																		

SEP 25 - ATTORNEY FEES

25 - MGMT FEES

2,731.83

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/24/26	PAGE	3
*** CHECK DATES 07/01/2025 - 03/31/2026 ***	PORTOFINO LANDINGS - GEN FUND
BANK A PORTOFINO LANDINGS

DATE	DATE	
	10/01/25	
	10/01/25	
	10/01/25	
	10/01/25	

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...	VENDOR NAME	STATUS	AMOUNT	....CHECK.....
INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS	AMOUNT	#
315	202510 310-51300-35100	*	88.42
OCT 25 - COMPUTER TIME
315	202510 310-51300-35110	*	88.42
OCT 25 - WEBSITE ADMIN
315	202510 310-51300-42000	*	3.70
OCT 25 - POSTAGE
316	202510 320-53800-34000	*	530.42
OCT 25 - FIELD SERVICES
GMS-SF, LLC	3,642.79 000539
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/25 00029	9/30/25 2570200	202509 320-53800-46700	*	650.00

HUGO'S LAWN CARE, LLC	650.00	000540	
- - - - - - - -	- - - - - - - - -	- - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
11/06/25 00033	10/01/25	93074	202510 310-51300-54000	*	175.00	
FY 2026	DISTRICT FEES	
FLORIDACOMMERCE	175.00	000541	
- - - - - - - -	- - - - - - - - -	- - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
11/06/25 00031	9/30/25	7353205	202509 310-51300-48000	*	131.36	
NOTICES	OF MEETINGS	
10/31/25	7405673	202510 310-51300-48000	*	313.32	
NOTICE	OF LO MEETING	

SEP 25 - CANAL MAINT

GANNETT FLORIDA LOCALIQ	444.68	000542	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
319	202511 320-53800-34000	*	530.42	
NOV	25	- FIELD SERVICES	
320	202511 310-51300-34000	*	2,731.83	
NOV	25	- MGMT FEES	
320
NOV	25	202511 310-51300-44000	*	200.00	
320	202511 310-51300-35100	*	88.42	
NOV	25	- COMPUTER TIME	
320	202511 310-51300-35110	*	88.42	
NOV	25	- WEBSITE ADMIN	
320	202511 310-51300-42000	*	1.48	
NOV	25	- POSTAGE	

11/06/25 00001	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	

- RENT

GMS-SF, LLC	3,640.57 000543
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/06/25 00029 10/28/25 25700210 202510 320-53800-46700	*	650.00
OCT 25 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000544
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/06/25 00024 11/06/25 2419-211 202511 310-51300-49100	*	86.11
2025 PROERTY TAXES
11/06/25 2419-212 202511 310-51300-49100	*	245.09
2025 PROERTY TAXES
ST. LUCIE COUNTY TAX COLLECTOR	331.20 000545
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PLND PORTOFINO LAND SRINKUS

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/24/26	PAGE	4
*** CHECK DATES 07/01/2025 - 03/31/2026 ***	PORTOFINO LANDINGS - GEN FUND
BANK A PORTOFINO LANDINGS
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
11/06/25 00030 10/20/25 016022	202510 320-53800-46700	*	650.00
OCT 25 - QTR. CANAL MAINT
WETLANDS MANAGEMENT SF, LLC	650.00 000546
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/04/25 00014 10/31/25 195944	202510 310-51300-31500	*	500.00

BILLING COCHRAN,	P.A.	500.00	000547	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	- - -	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
321	202512 320-53800-34000	*	530.42	
DEC	25	- FIELD SERVICES	
322	202512 310-51300-34000	*	2,731.83	
DEC	25	- MGMT FEES	
322	202512 310-51300-44000	*	200.00	
DEC	25	- RENT	
322	202512 310-51300-35100	*	88.42	
DEC	25	- COMPUTER TIME	
322	202512 310-51300-35110	*	88.42	
DEC	25	- WEBSITE ADMIN	
322	202512 310-51300-42000	*	3.70	
DEC	25	- POSTAGE	

OCT 25 - ATTORNEY FEES

12/04/25 00001	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
GMS-SF, LLC	3,642.79 000548
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/04/25 00029 11/24/25 25700211 202511 320-53800-46700	*	650.00
NOV 25 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000549
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/10/25 00014 11/30/25 196247	202511 310-51300-31500	*	500.00
NOV 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000550
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/10/25 00022 12/01/25 INV-1408 202512 310-51300-31700	*	1,424.68
2025 TRIM NOTICE
MICHELLE FRANKLIN	1,424.68 000551

1/08/26 00001	1/01/26	323
JAN	
1/01/26	324	
	JAN	
1/01/26	324	
	JAN	
1/01/26	324	
	JAN	
1/01/26	324	
	JAN	
1/01/26	324	
	JAN	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
202601 320-53800-34000	*	530.42

	*	2,731.83	
	*	200.00	
	*	88.42	
	*	88.42	

LAND SRINKUS	*	.15	

26 - FIELD SERVICES
202601 310-51300-34000
26 - MGMT FEES
202601 310-51300-44000
26 - RENT
202601 310-51300-35100
26 - COMPUTER TIME
202601 310-51300-35110
26 - WEBSITE ADMIN
202601 310-51300-51000
26 - OFFICE SUPPLIES
PLND PORTOFINO

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/24/26	PAGE	5
*** CHECK DATES 07/01/2025 - 03/31/2026 ***	PORTOFINO LANDINGS - GEN FUND
BANK A PORTOFINO LANDINGS
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
1/01/26 324	202601 310-51300-42000	*	6.24
JAN 26 - POSTAGE
GMS-SF, LLC	3,645.48 000552
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/08/26 00012	1/05/26 28473	202601 310-51300-32200	*	4,200.00
AUDIT FYE 9/30/25
GRAU AND ASSOCIATES	4,200.00 000553
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/08/26 00029 12/21/25 25700212 202512 320-53800-46700	*	650.00
DEC 25 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000554
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/06/26 00014 12/31/25 196799	202512 310-51300-31500	*	500.00

BILLING COCHRAN,	P.A.	500.00	000555	
- - - - - - - -	- - - - - - -	-	-	- - - - - - - - - - - - -	- - - - -	- - -	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
325	202602 320-53800-34000	*	530.42	
FEB	26	- FIELD SERVICES	
326	202602 310-51300-34000	*	2,731.83	
FEB	26	- MGMT FEES	
326	202602 310-51300-44000	*	200.00	
FEB	26	- RENT	
326	202602 310-51300-35100	*	88.42	
FEB	26	- COMPUTER TIME	
326	202602 310-51300-35110	*	88.42	
FEB	26	- WEBSITE ADMIN	
326	202602 310-51300-42000	*	1.48	
FEB	26	- POSTAGE	

DEC 25 - ATTORNEY FEES

2/06/26 00001	2/01/26	
	2/01/26	
	2/01/26	
	2/01/26	
	2/01/26	
	2/01/26	
GMS-SF, LLC	3,640.57 000556
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/06/26 00029	1/28/26 25700213 202601 320-53800-46700	*	650.00
JAN 26 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000557
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/12/26 00014	1/31/26 197151	202601 310-51300-31500	*	500.00
JAN 26 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000558
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/12/26 00030	1/26/26 016074	202601 320-53800-46700	*	650.00
JAN 26 - QTR. CANAL MAINT
WETLANDS MANAGEMENT SF, LLC	650.00 000559
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/10/26 00014	2/28/26 197532	202602 310-51300-31500	*	500.00
FEB 26 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000560
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PLND PORTOFINO LAND SRINKUS

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/24/26	PAGE	6
*** CHECK DATES 07/01/2025 - 03/31/2026 ***	PORTOFINO LANDINGS - GEN FUND
BANK A PORTOFINO LANDINGS
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
3/10/26 00001	3/01/26 327	202603 320-53800-34000	*	530.42

	3/01/26	
	3/01/26	
	3/01/26	
	3/01/26	
	3/01/26	
	3/01/26	

MAR 26 - FIELD SERVICES
328	202603 310-51300-34000	*	2,731.83
MAR 26 - MGMT FEES
328	202603 310-51300-44000	*	200.00
MAR 26 - RENT
328	202603 310-51300-35100	*	88.42
MAR 26 - COMPUTER TIME
328	202603 310-51300-35110	*	88.42
MAR 26 - WEBSITE ADMIN
328	202603 310-51300-42000	*	3.70
MAR 26 - POSTAGE
328	202603 310-51300-42500	*	.30
MAR 26 - COPIES
GMS-SF, LLC	3,643.09 000561
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/10/26 00029	2/26/26 25700214 202602 320-53800-46700	*	650.00
FEB 26 - CANAL MAINT
HUGO'S LAWN CARE, LLC	650.00 000562
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	60,163.87
TOTAL FOR REGISTER	60,163.87

PLND PORTOFINO LAND SRINKUS

Portofino Landings	
Community Development District	

Unaudited Financial Reporting	
March 31, 2026	

Table of Contents

1

2 - 3

4

	Balance Sheet

	General Fund

	Month to Month

5		Assessment Receipt Schedule

Portofino Landings	
Community Development District	
Combined Balance Sheet	
March 31, 2026	

Cash:	
Operating Account	

Investments:	
State Board of Administration (SBA)	

Liabilities:	
Accounts Payable	

Fund Balance:	
Unassigned	

	General
Fund	
Assets:		
	$	143,794	
		
	155,108	
Total Assets	$	298,903	
		
	$	1,150	
Total Liabilites	$	1,150	
		
	$	297,753	
Total Fund Balances	$	297,753	
		
Total Liabilities & Fund Balance	$	298,903	

Portofino Landings	
Community Development District	
General Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending March 31, 2026	

Revenues:		
Special Assessments - Tax Roll	$  133,920	
Interest Income	2,000	

	
$  133,920	
2,000	

	
$  134,578	
3,055	

	
$	658	
1,055	

Total Revenues	$ 135,920	$ 135,920	$ 137,633	$	1,713	

Expenditures:					
General & Administrative:					
Engineering	$	8,000	$	4,000	$	-	$	4,000	
Attorney	9,000	4,500	3,000	1,500	
Annual Audit	5,300	5,300	4,200	1,100	
Management Fees	32,782	16,391	16,391	-	
Information Technology	1,061	531	531	-	
Website Maintenance	1,061	531	531	-	
Telephone	25	13	-	13	
Postage & Delivery	100	50	20	30	
Insurance General Liability	8,918	8,918	7,932	986	
Printing & Binding	250	125	0	125	
Rental & Leases	2,400	1,200	1,200	-	
Legal Advertising	1,000	500	313	187	
Property Taxes	350	350	331	19	
Other Current Charges	1,000	500	299	201	
Office Supplies	25	12	0	12	
Dues, Licenses & Subscriptions	175	175	175	-	
Property Appraiser	2,100	2,100	1,425	675	
First Quarter Operating	10,557	10,557	-	10,557	
Contingency	10,452	10,452	-	10,452	
Total General & Administrative	$	94,555	$	66,203	$	36,347	$	29,856	

Portofino Landings	
Community Development District	
General Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending March 31, 2026	

Operations & Maintenance

Field Expenditures		
Field Management	$	6,365	
Canal Maintenance	16,500	
Lake Maintenance	6,000	
Pot Hole Repairs	2,500	
Drainage Maintenance	10,000	

$	3,183	
8,250	
3,000	
1,400	
5,000	

$	3,183	
5,200	
-	
-	
-	

$	-	
3,050	
3,000	
1,400	
5,000	

Subtotal Field Expenditures	$	41,365	$	20,833	$	8,383	$	12,450	

Total Operations & Maintenance	$	41,365	$	20,833	$	8,383	$	12,450	

Total Expenditures	$ 135,920	$	87,036	$	44,730	$	42,306	

Excess (Deficiency) of Revenues over Expenditures	$	-	$	48,884	$	92,903	$	44,018	

Net Change in Fund Balance	$	-	$	48,884	$	92,903	$	44,018	
	
Fund Balance - Beginning	$	-		$  204,850		
	
Fund Balance - Ending	$	-		$  297,753		

Portofino Landings	
Community Development District	
Month to Month	

Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Revenues:														
Special Assessments - Tax Roll	$	-	$	-	$  119,087	$	77	$  15,414	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  134,578	
Interest Income	554	520	518	507	454	502	-	-	-	-	-	-	3,055	

Total Revenues	$	554	$	520	$ 119,605	$	584	$  15,867	$	502	$	-	$	-	$	-	$	-	$	-	$	-	$ 137,633	

Expenditures:														
General & Administrative:														
Engineering	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Attorney	500	500	500	500	500	500	-	-	-	-	-	-	3,000	
Annual Audit	-	-	-	4,200	-	-	-	-	-	-	-	-	4,200	
Management Fees	2,732	2,732	2,732	2,732	2,732	2,732	-	-	-	-	-	-	16,391	
Information Technology	88	88	88	88	88	88	-	-	-	-	-	-	531	
Website Maintenance	88	88	88	88	88	88	-	-	-	-	-	-	531	
Telephone	-	-	-	-	-	-	-	-	-	-	-	-	-	
Postage & Delivery	4	1	4	6	1	4	-	-	-	-	-	-	20	
Insurance General Liability	7,932	-	-	-	-	-	-	-	-	-	-	-	7,932	
Printing & Binding	-	-	-	-	-	0	-	-	-	-	-	-	0	
Rental & Leases	200	200	200	200	200	200	-	-	-	-	-	-	1,200	
Legal Advertising	313	-	-	-	-	-	-	-	-	-	-	-	313	
Property Taxes	-	331	-	-	-	-	-	-	-	-	-	-	331	
Other Current Charges	51	56	69	46	34	43	-	-	-	-	-	-	299	
Office Supplies	-	-	-	0	-	-	-	-	-	-	-	-	0	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Property Appraiser	-	-	1,425	-	-	-	-	-	-	-	-	-	1,425	
First Quarter Operating	-	-	-	-	-	-	-	-	-	-	-	-	-	
Contingency	-	-	-	-	-	-	-	-	-	-	-	-	-	
Total General & Administrative	$  12,084	$	3,998	$	5,106	$	7,861	$	3,644	$	3,655	$	-	$	-	$	-	$	-	$	-	$	-	$  36,347	

Operations & Maintenance

Field Expenditures														
Field Management	$	530	$	530	$	530	$	530	$	530	$	530	$	-	$	-	$	-	$	-	$	-	$	-	$	3,183	
Canal Maintenance	1,300	650	650	1,300	650	650	-	-	-	-	-	-	5,200	
Lake Maintenance	-	-	-	-	-	-	-	-	-	-	-	-	-	
Pot Hole Repairs	-	-	-	-	-	-	-	-	-	-	-	-	-	
Drainage Maintenance	-	-	-	-	-	-	-	-	-	-	-	-	-	

Subtotal Field Expenditures	$	1,830	$	1,180	$	1,180	$	1,830	$	1,180	$	1,180	$	-	$	-	$	-	$	-	$	-	$	-	$	8,383	

Total Operations & Maintenance	$	1,830	$	1,180	$	1,180	$	1,830	$	1,180	$	1,180	$	-	$	-	$	-	$	-	$	-	$	-	$	8,383	

Total Expenditures	$  13,914	$	5,178	$	6,287	$	9,691	$	4,824	$	4,836	$	-	$	-	$	-	$	-	$	-	$	-	$  44,730	

Excess (Deficiency) of Revenues over Expen	$  (13,360)	$	(4,658)	$  113,319	$	(9,107)	$  11,043	$	(4,333)	$	-	$	-	$	-	$	-	$	-	$	-	$  92,903	

Net Change in Fund Balance	$ (13,360)	$  (4,658)	$ 113,319	$  (9,107)	$  11,043	$  (4,333)	$	-	$	-	$	-	$	-	$	-	$	-	$  92,903	

Portofino Landings
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts - St. Lucie County Fiscal Year 2026

Gross Assessments  $	142,467.89  $	142,467.89

ON ROLL ASSESSMENTS

Net Assessments	$

133,919.82	$

133,919.82

allocation in %	100.00%	100.00%

Date	
Distribution	
Gross Amount	Discount/
Penalty	
Commission	
Interest	
Net Receipts	
O&M Portion	
Total	

12/08/25	
1/21-11/27/2	
$	53,603.06	
$	2,144.12	
$	1,029.18	
$	-	
$	50,429.76	
$	50,429.76	
$	50,429.76	
12/12/25	11/28-12/4/2	72,977.66	2,919.10	1,401.17	-	68,657.39	68,657.39	68,657.39	
01/09/26	Interest	-	-	-	76.82	76.82	76.82	76.82	
02/23/26	2/6-2/12/26	15,887.17	158.87	314.57	-	15,413.73	15,413.73	15,413.73	
	TOTAL	$	142,467.89	$	5,222.09	$	2,744.92	$	76.82	$	134,577.70	$	134,577.70	$	134,577.70	

$

100.00% Percent Collected
0.00 maining to Collect