Ranch audits have 'clean' slate

Auditors say Lakewood Ranch CDDs are in good financial standing.

By Pam Eubanks
| 6:00 a.m. February 24, 2016

Joe Welch, of Pervis, Gray & Co., shared results of his company's audit with CDD supervisors Feb. 18.

East County
News

The finances of Lakewood Ranch Phase 1 communities remain in good standing.

Auditor Joseph Welch, of Pervis, Gray & Co., on Feb. 18 reported Community Development Districts 1, 2, 4, 5 and 6 and the Inter-District Authority all had clean audits, with no problems identified.

This marks the second year auditors have had no recommendations.

“The staff has a better understanding of accounting,” Town Hall Financial Director Steve Zielinski said. “The accounts are being monitored more frequently. We’ve stayed proactive.”

All the districts, except CDD 6, have substantial reserves.

In other business

Town Hall staff is arranging a meeting with the community’s irrigation water provider, developer-owned Braden River Utilities, to discuss how it charges for water, among other concerns raised by CDD supervisors. The meeting, still to be scheduled, will be advertised as a public meeting so CDD supervisors from all districts can attend.

CDD 1 supervisor Gary Berns asked his fellow board members to reconsider the use of LED lights in street lights within the district.

Town Hall staff continues to work with the Manatee County Sheriff’s Office to finalize an agreement for off-duty patrols within CDD 1.

CDD 6 supervisors learned Manatee County has determined a traffic signal at the intersection of Balmoral Woods and Lakewood Ranch boulevards is not warranted. Supervisors tabled discussion on the item until they have more information.

Its debt is still higher than the value of its assets, but supervisors are working to build reserves. The district became completely resident-controlled in November 2014.

“It’s decisions from 10 to 12 years ago causing it,” Zielinksi said.

CDD 1 retired its bonds in May 2014, and continues to use about $300,000 in leftover money to complete landscaping improvements, including upgrading street lights along Lakewood Ranch Boulevard to LED lights.

CDD 2 retired its bonds in Nov. 1, 2015 and will use surplus dollars for the transfer of utilities to Manatee County, Zielinski said.