Auditors like looks of CDD books

LAKEWOOD RANCH — The state of the finances of Lakewood Ranch community development districts is strong, according to auditors.

Auditor Joe Welch, of Purvis Gray & Co. reported Feb. 19 that his company had no issues with Lakewood Ranch CDDs 1, 2, 4, 5 and 6 and the Inter-District Authority.

“It was a clean audit,” Welch said. “I think the management is doing a great job with the books.”

In every district except for the IDA, Lakewood Ranch Town Hall’s financial department had to inventory capital assets and create new depreciation schedules based on findings from the previous year.

However, that issue was resolved and does not translate to any financial impact to the districts in terms of future budgeting.

Supervisors said they were pleased with the progress Town Hall’s financial department has made and also with the timeliness of Purvis Gray & Co.’s work.

“This is the best audit performance we’ve had since I’ve been here,” IDA Chairman and CDD 2 Supervisor Tom Green said. “I’m glad we’re continuing to improve (quality, process and timing).”

In other business
CDD 1:
The district’s budget workshop will be held at 7 p.m. March 23, at Lakewood Ranch Town Hall.

CDD 2:
The district’s budget workshop is scheduled for 3 p.m. March 26, at Lakewood Ranch Town Hall.

CDD 5:
Supervisors approved a proposal for a resurfacing project in the Belmont community.

CDD 6:
Supervisors approved a contract with Asphalt Main Co. for the resurfacing of Balmoral Woods Boulevard from Lakewood Ranch Boulevard to the entrance of the Edenmore subdivision. Cost for the project is not to exceed $103,000.

Supervisors authorized staff to proceed with the refinancing of 2005A series bonds and authorized the chairman or vice chairman to execute a term sheet and commitment letter, subject to staff approval. The refinancing only affects some properties in CDD 6, including those in Thornhill, Greystone, Highfield and some in Edenmore. Savings vary between $430 and $718, depending on the lot.

The district’s budget workshop is scheduled for 10 a.m. March 23, at Lakewood Ranch Town Hall.

IDA:
The IDA’s budget workshop is slated for 9 a.m. March 24, at Town Hall.