Indigo Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2024

Indigo Community Development District ANNUAL FINANCIAL REPORT
September 30, 2024 TABLE OF CONTENTS

Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances to Net
Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the
Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-33
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	34-35
MANAGEMENT LETTER	36-38
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE
WITH SECTION 218.415, FLORIDA STATUTES	39

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Indigo Community Development District Volusia County, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Indigo Community Development District (the “District”), as of and for the year ended September 30, 2024, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Indigo Community Development District as of September 30, 2024, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
We conducted our audits 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 (Government Auditing Standards). 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 audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter
As discussed in Note L to the financial statements, an error was identified in the District’s previously issued financial statements for the fiscal year ended September 30, 2023. This error resulted in an understatement of capital assets in the District’s Governmental Activities. Accordingly, the beginning net position as of October 1, 2023, was restated. Our opinion is not modified with respect to this matter.

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To the Board of Supervisors
Indigo Community Development District

Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; 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 one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter.

Auditor’s Responsibility 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 opinion. 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 and Government Auditing Standards 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 and Government Auditing Standards, 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.

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To the Board of Supervisors
Indigo Community Development District

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 Management’s Discussion and Analysis 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 obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated January 6, 2026 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is 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 Indigo Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida January 6, 2026

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Management’s discussion and analysis of Indigo Community Development District (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.
The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position are reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment and debt service.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long-lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as capital improvement bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, a reconciliation is provided from the fund financial statements to the government-wide financial statements.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.
Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2024.

The District’s total liabilities exceeded total assets by $(1,762,786) (net position). Unrestricted net position for Governmental Activities was $(2,924,647). Net investment in capital assets was $988,316. Restricted net position was $173,545.

Governmental activities revenues totaled $4,560,350 while governmental activities expenses totaled $2,764,243.

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.
Net Position

Governmental Activities
	2024		2023	
Current assets	$  1,067,045		
$  1,216,427	
Restricted assets	3,691,794		3,464,425	
Capital assets		12,888,030 			8,123,645  *	
Total Assets		17,646,869 			12,804,497 	
Current liabilities	7,828,083		7,249,745	
Non-current liabilities		11,581,572 			9,113,645 	
Total Liabilities		19,409,655 			16,363,390 	
Net investment in capital assets	988,316		(1,386,801) *	
Restricted net position	173,545		155,447	
Net position - unrestricted		(2,924,647)			(2,327,539)	
Total Net Position	 $ (1,762,786)		 $ (3,558,893) *	

* Restated

The increase in capital assets is primarily the result of current year additions in excess of current year depreciation.
The increase in restricted assets and non-current liabilities is related to the debt issuance in the current year.
The increase in current liabilities is primarily related to the increase in matured bonds payable in the current year.

Financial Analysis of the District (Continued)

The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change In Net Position
Governmental Activities
	2024		2023	
Program Revenues				
Charges for services	$	1,784,639		$	1,581,735	
Capital grants and contributions	2,503,971		-	
General Revenues	
Investment earnings	271,740	249,944	
Miscellaneous revenues		- 		8,775 	
Total Revenues		4,560,350 		1,840,454 	
Expenses	
General government	216,847	169,792	
Physical environment	1,315,971	1,311,437 *	
Interest and other charges		1,231,425 		945,276 	
Total Expenses		2,764,243 		2,426,505 	
Change in Net Position			1,796,107		(586,051) Net Position - Beginning of Year		(3,558,893) * 	(2,972,842) *

Net Position - End of Year
* Restated

 $ (1,762,786)

 $ (3,558,893) *

The increase in charges for services is related to the increase in maintenance assessments in the current year.
The increase in capital grants and contributions is related to the capital additions in the current year.
The increase in general government is related to the increase in engineering and attorney fee expenses in the current year.

The increase in interest and other charges is related to the debt issuance in the current year.

Capital Assets Activity
The following schedule provides a summary of the District’s capital assets as of September 30, 2024 and 2023.
	Governmental Activities	
	Description			2024			2023		
Land	$	2,507,717	$	2,507,717	
Construction in progress	9,525,858	4,621,732	
Improvements	1,872,969	1,872,969	
Infrastructure	3,242,014	3,242,014	
Accumulated depreciation		(4,260,528)		(4,120,787)	

Total Capital Assets (Net)

 $	12,888,030 

 $	8,123,645 

	

The activity for the year consisted of additions to construction in progress, $4,904,126, and depreciation, $139,741.
General Fund Budgetary Highlights
Actual governmental expenditures were less than budgeted amounts primarily due to lower fertilizer/pest control and sod replacement expenditures than were anticipated.
The September 30, 2024 budget was not amended.
Debt Management

Governmental Activities debt includes the following:
In December 1999, the District issued $980,000 Capital Improvement Revenue Bonds, Series 1999A, $6,825,000 Capital Improvement Revenue Bonds, Series 1999B and
$8,515,000 Capital Improvement Revenue Bonds, Series 1999C. These bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The balance outstanding at September 30, 2024 was $395,000 for the A bond, and $3,655,000 for the C bond.
In February 2005, the District issued $14,710,000 Capital Improvement Revenue Bonds, Series 2005. The bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The balance outstanding at September 30, 2024 was $2,355,000.
In September 2021, the District issued $2,815,000 Capital Improvement Revenue Bonds, Series 2021. The bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The balance outstanding at September 30, 2024 was $2,695,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Debt Management (Continued)

In June 2024, the District issued $3,235,000 Capital Improvement Revenue Bonds, Series 2024. The bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The balance outstanding at September 30, 2024 was $3,235,000.
Economic Factors and Next Year’s Budget
The District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2025.
Request for Information

The financial report is designed to provide a general overview of Indigo Community Development District finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Indigo Community Development District, Governmental Management Services-CF, LLC, 219 East Livingston Street, Orlando, Florida 32801.

Indigo Community Development District	
STATEMENT OF NET POSITION	
September 30, 2024	

ASSETS	
Current Assets	
Cash	
Investments	
Prepaid items	
Total Current Assets	
Non-current Assets	
Restricted assets	
Investments	
Capital assets, not being depreciated	
Land	
Construction in progress	
Capital assets, being depreciated	
Infrastructure	
Improvements	
Less: accumulated depreciation	
Total Non-current Assets	
Total Assets	

Governmental	
Activities	

$	33,999	
998,873	
	34,173 	
	1,067,045 	

3,691,794	
2,507,717	
9,525,858	
3,242,014	
1,872,969	
	(4,260,528)	
	16,579,824 	
	17,646,869 	

LIABILITIES		
Current Liabilities		
Accounts payable and accrued expenses	118,639	
Accrued interest	348,150	
Matured principal payable	4,120,000	
Matured interest payable	2,486,294	
Bonds payable		755,000 	
Total Current Liabilities		7,828,083 	
Non-current liabilities		
Bonds payable, net		11,581,572 	
Total Liabilities		19,409,655 	

NET POSITION		
Net investment in capital assets	988,316	
Restricted capital projects	173,545	
Unrestricted		(2,924,647)	
Total Net Position	 $	(1,762,786)	

See accompanying notes.
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Net (Expense)	
Revenues and	
Changes in	
Net Position	
Governmental Activities	

Program Revenues	
Charges for Services	Capital Grants and
Contributions	

Indigo Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2024	

$	127,391	$	-	
691,001	2,503,971	
	966,247  	- 	
 $	1,784,639   $	2,503,971 	

$	(89,456)	
1,879,001	
	(265,178)	
1,524,367	

General Revenues:	
Investment earnings	

Functions/Programs	Expenses	
Governmental Activities		
General government	$	(216,847)	
Physical environment	(1,315,971)	
Interest and other charges		(1,231,425)	
Total Governmental Activities	 $	(2,764,243)	

	271,740 

Change in Net Position	1,796,107

Net Position - October 1, 2023, previously reported	
Restatement - correction of an error	
Net Position - October 1, 2023, Restated	

(4,284,587)	
      725,694 	
     (3,558,893)	

Net Position - September 30, 2024	 $	(1,762,786)

See accompanying notes.
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Indigo Community Development District	
BALANCE SHEET -	
GOVERNMENTAL FUNDS	
September 30, 2024	

Cash	
Investments	
Due from other funds	
Prepaid items	
Restricted assets	
Investments	
Total Assets	

-	
$ 1,067,045	

Total	
Governmental	
Funds	

Debt	
Service	

Capital	
Projects	

$	33,999	
998,873	
-	
34,173	

$	-	
-	
355,648	
-	

$	-	
-	
-	
-	

$	33,999	
998,873	
355,648	
34,173	

ASSETS	General

3,518,249	
$ 3,873,897	

173,545	
$	173,545	

3,691,794	
$	5,114,487	

LIABILITIES AND FUND BALANCES

LIABILITIES	
Accounts payable and accrued expenses	
Due to other funds	
Matured principal payable	
Matured interest payable	
Total Liabilities	

$	32,634	
355,648	
-	
-	
388,282	

$	86,005	
-	
4,120,000	
2,486,294	
6,692,299	

$	-	
-	
-	
-	
-	

$	118,639	
355,648	
4,120,000	
2,486,294	
7,080,581	

FUND BALANCES	
Nonspendable	
Prepaids	
Restricted capital projects	
Unassigned	

34,173	
-	
644,590	

-	
-	
(2,818,402)	

-	
173,545	
-	

34,173	
173,545	
(2,173,812)	

Total Fund Balances	678,763	(2,818,402)	173,545	(1,966,094)

Total Liabilities and Fund Balances

$ 1,067,045

$ 3,873,897

$	173,545

$	5,114,487

Indigo Community Development District	
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES	
TO NET POSITION OF GOVERNMENTAL ACTIVITIES	
September 30, 2024	

Total Governmental Fund Balances

Amounts reported for governmental activities in the Statement of Net Position	
are different because:	

Long-term liabilities, including bonds payable, $(12,335,000), less bond	
discount, net, $63,223, and bond premium, net, $(64,795), are not payable	
in the current period and, therefore, are not reported at the fund level.	

$	(1,966,094)

Capital assets, consisting of land, $2,507,717, construction in progress, $9,525,858,	
improvements, $1,872,969, and infrastructure, $3,242,014, net of accumulated	
depreciation, $(4,260,528), used in governmental activities are not current financial	
resources and therefore, are not reported at the fund level.	12,888,030	

(12,336,572)

Accrued interest expense for long-term debt is not a current financial use,	
and therefore, is not reported at the fund level.	(348,150)	

Net Position of Governmental Activities	 $	(1,762,786)

Indigo Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -	
GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2024	

Revenues	
Special assessments	
Investment earnings	
Total Revenues	

$	818,392	
$	966,247	
$	-	
$ 1,784,639	
58,742	162,550	50,448	271,740	
877,134	1,128,797	50,448	2,056,379	

Total	
Governmental	
Funds	

Debt	Capital	
Service	Projects	

Expenditures	
Current	
General government	
Physical environment	
Capital outlay	
Debt service	
Principal	
Interest	
Other	
Total Expenditures	

General

Excess of revenues over/(under)	
expenditures	

Other financing sources/(uses)	
Issuance of long-term debt	
Bond discount	
Transfers in	
Transfers out	

Total Other Financing Sources/(Uses) Net change in fund balances

-

216,847	
1,176,230	
-	

-	
-	
-	

216,847	
1,176,230	
2,400,155	

- 2,400,155

-	670,000	-	670,000	
-	750,685	-	750,685	
-	97,040	322,325	419,365	

1,393,077	1,517,725	2,722,480	5,633,282	

(515,943)	(388,928)	(2,672,032)	(3,576,903)

-	180,704	3,054,296	3,235,000
-	-	(13,928)	(13,928)
-	355,648	5,410	361,058
-	(5,410)	(355,648)	(361,058)

-	

530,942	
2,690,130	
3,221,072	

(515,943)	142,014	18,098	(355,831)	

Fund Balances - October 1, 2023	1,194,706	(2,960,416)	155,447	(1,610,263)

Fund Balances - September 30, 2024	

$	678,763	

$ (2,818,402)	
$	173,545	

$ (1,966,094)	

Indigo Community Development District	
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2024	

Net Change in Fund Balances - Total Governmental Funds

Amounts reported for governmental activities in the Statement of Activities are	
different because:	

Repayment of bond principal is an expenditure at the governmental fund level,	
but the repayment reduces long-term liabilities in the Statement of Net Position.	

$	(355,831)

Governmental funds report capital outlays as expenditures. However, in the Statement		
of Activities, the cost of those assets is allocated over their estimated useful lives		
as depreciation. This is the amount that capital outlay, $2,400,155, and capital		
contributions, $2,503,971 exceeded depreciation, $(139,741), in the current year.	4,764,385	

The issuance of long-term debt, $(3,235,000), net of bond discount, $13,928, is	
recognized as an other financing source at the fund level, however, this increases	
liabilities at the government-wide level.	

(3,221,072)

670,000

Governmental funds report bond discounts and premiums as an other financing		
source/(use); however, in the Statement of Activities, the cost		
is amortized as interest. This is the amount of amortization in the current year.	(1,855)	

In the Statement of Activities, interest is accrued on outstanding bonds; whereas		
at the governmental fund level, interest expenditures are reported when due. This is	
the net amount between the prior year and the current year accruals.	(59,520)	

Change in Net Position of Governmental Activities	$	1,796,107

Indigo Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -	
GENERAL FUND	
For the Year Ended September 30, 2024	

Variance With	
Final Budget	
Positive	
(Negative)	

Original	Final	
Budget	Budget	Actual	

Revenues	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

$ 802,532	
$ 802,532	
$  818,392	
$	15,860	
35,000	35,000	58,742	23,742	
8,775	8,775	-	(8,775)	
846,307	846,307	877,134	30,827	

Expenditures	
Current	
General government	
Physical environment	
Total Expenditures	

204,289	204,289	216,847	(12,558)	
1,194,911	1,194,911	1,176,230	18,681	
1,399,200	1,399,200	1,393,077	6,123	

Net change in fund balances	(552,893)		(552,893)		(515,943)		36,950	
Fund Balances - October 1, 2023	552,893		552,893		1,194,706		641,813	

Fund Balances - September 30, 2024	
$	-		
$	-		
$  678,763		
$	678,763	

See accompanying notes.

The financial statements of Indigo Community Development District (the “District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on January 3, 1995 by Rule 42U-1.001-1.003, Florida Administrative Code of the Florida Land and Adjudicatory Commission. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is governed by a five-member Board of Supervisors, who are elected for terms of four years. The District operates within the criteria established by Chapter 190, Florida Statutes. 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, and financing improvements.
The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility. Oversight responsibility includes, but is not limited to, financial interdependency, designation of management, significant ability to influence operations and accountability for fiscal matters. As required by GAAP, these financial statements present the Indigo Community Development District (the primary government) as a stand-alone government.
Based upon the application of the above-mentioned criteria as set forth by the Governmental Accounting Standards Board, the District has identified no component units.
Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:
Government-wide financial statements
Fund financial statements
Notes to financial statements

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are supported by special assessments and interest. Program revenues include charges for services, and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.
Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance in accordance with Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.
The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by the state constitution, external resource providers, or through enabling legislation.
Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.
Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter, to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds
General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – Accounts for debt service requirements to retire certain capital improvement and revenue bonds which were used to finance the construction of District infrastructure improvements and finance certain additional improvements. The bond series is secured by a pledge of debt service special assessment revenues in any fiscal year related to the improvements. A lien is placed on all benefited land in relationship to the debt outstanding.

Capital Projects Fund – Accounts for the construction of infrastructure improvements within the boundaries of the District.
Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such capital assets, and non-current governmental liabilities, such as capital improvement bonds, be reported in the governmental activities column in the government-wide statement of net position.
Assets, Liabilities and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

Assets, Liabilities and Net Position or Equity (Continued)

Cash and Investments (Continued)

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash equivalents include time deposits and certificates of deposit with original maturities of three months or less and held in a qualified public depository as defined by Florida Statute 280.02.
Restricted Net Position

Certain net position of the District are classified as restricted on the statement of net position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted net position, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.

Capital Assets
Capital assets, which include land, construction in progress, improvements, and infrastructure, are reported in the applicable governmental activities column.

The District defines capital assets as assets with an initial individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.

Assets, Liabilities and Net Position or Equity (Continued)

Capital Assets (Continued)

Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:
Improvements	5-20 years
Infrastructure	10-30 years

Unamortized Bond Discount/Premium
Bond discount/premium are presented on the government-wide financial statements. The costs are amortized over the life of the bonds using the straight-line method. For financial reporting, the unamortized bond discount/premium is netted against the applicable long-term debt.
Budgets

Budgets are prepared and adopted after a public hearing for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget variance columns of the accompanying financial statements may occur.
Use of Estimates

The preparation of the 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 financial statement date and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE	B	–	RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS

Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position
“Total fund balances” of the District’s governmental funds, $(1,966,094), differs from “net position” of governmental activities, $(1,762,786), reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below.
Capital related items
When capital assets, that are to be used in governmental activities, are purchased or constructed, the cost of those assets is reported as expenditures at the governmental fund level. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Land		$	2,507,717	
Construction in progress		9,525,858	
Improvements		1,872,969	
Infrastructure		3,242,014	
Accumulated depreciation			(4,260,528)	
Total		$	12,888,030 	
Long-term debt transactions
Long-term liabilities applicable to the	

District’s	

governmental activities are not due and	
payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2024 were:

Bonds payable	$ (12,335,000)	
Bond premium, net	(64,795)	
Bond discount, net		63,223	
Total	$ (12,336,572)	
Accrued interest		
Accrued liabilities in the Statement of Net Position differ governmental fund level due to accrued interest on bonds.	from the amount reported at the	
Accrued interest on bonds payable	$	(348,150)	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for governmental funds, $(355,831), differs from the “change in net position” for governmental activities, $1,796,107, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of governmental funds. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures at the governmental fund level. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the year.

Capital outlay	$	2,400,155	
Capital contributions	2,503,971	
Depreciation		(139,741)	
Total	$	4,764,385	
Long-term debt transactions		
The issuance of new debt provides	current financial resources at the governmental fund	
level but increases long-term liabilities in the Statement of Net Position.	
Issuance of long-term debt	$	(3,235,000)	
Bond discount		13,928	
Total	$	(3,221,072)	
Repayments of bond principal are reported as an expenditure at the governmental fund level and, thus, have the effect of reducing fund balance because current financial resources have been used.

Debt principal payments	$	670,000	
Bond discount/premium amortization		(1,855)	
Total	$	668,145	
Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures at the governmental fund level.
Net change in accrued interest payable	$	(59,520)

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk; however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2024, the District's bank balance was $40,949 and the carrying value was $33,999. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.
Investments
As of September 30, 2024, the District had the following investments and maturities:

Investment		Maturities		Fair Value	
U S Bank Money Market		N/A		$  3,059,191	
U S Bank Global Corporate Trust		N/A		1,123,730	
Florida PRIME		39 days*			507,746 	
Total				 $  4,690,667 	

*Maturity is a weighted average maturity.

The District categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District's own data in measuring unobservable inputs.

The investments in U S Bank Money Market and U S Bank Global Corporate Trust are level 1 assets.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments (Continued)
The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2024, there were no redemption fees, maximum transaction amounts, or any other requirements that would limit daily access to 100 percent of the account value.
Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
The District has no investment policy that would further limit its investment choices. As of September 30, 2024, the District's investment in Florida PRIME was rated AAAm by Standard & Poor’s. The investments with U S Bank were not rated as of September 30, 2024.
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in U S Bank Money Market are 65% of the District’s total investments, investments in U S Bank Global Corporate Trust are 24%, and the remaining investments in Florida PRIME are 11% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2024 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.
NOTE D – SPECIAL ASSESSMENT REVENUES
Assessments are non-ad valorem assessments on benefitted property within the District. Operating and Maintenance Assessments are based upon adopted budget and levied annually. Debt Service Assessments are levied when bonds are issued and collected annually. 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 all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

NOTE E – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2024 was as follows:

Governmental Activities:
Capital assets, not being depreciated:	Beginning
	Balance		
  Additions			
  Deletions			Ending
	Balance		
Land	$	2,507,717	$	-		$	-		$	2,507,717	
Construction in progress	4,621,732	4,904,126		-		9,525,858	
Total Capital Assets, Not Being Depreciated	7,129,449	
4,904,126		-		12,033,575	

Capital assets, being depreciated:							
Improvements	1,872,969	-		-		1,872,969	
Infrastructure	3,242,014	-		-		3,242,014	
Total Capital Assets, Being Depreciated	5,114,983	
-		-		5,114,983	
Less accumulated depreciation	(4,120,787)	*	(139,741)		-		(4,260,528)	
Total Capital Assets Depreciated, Net	994,196	
*	(139,741)		-		854,455	

Governmental Activities Capital Assets	
$	8,123,645	

* $ 4,764,385		
$	-		
$ 12,888,030	
* Restated							

Depreciation of $139,741 was charged to physical environment.
NOTE F – LONG-TERM DEBT
The following is a summary of activity for long-term debt of the District for the year ended September 30, 2024:

Long-term debt at October 1, 2023	$	9,770,000	
Issuance of long-term debt	3,235,000	
Principal payments		(670,000)	
Long-term debt at September 30, 2024	$	12,335,000	
Capital Improvement Revenue Bonds		
$980,000 Series 1999A Capital Improvement Revenue Bonds due in annual principal installments beginning May 2002. Interest at 7.00% is due May and November beginning May 2002. Current portion is
$45,000.	

$	395,000	

Capital Improvement Revenue Bonds (Continued)		
$8,515,000 Series 1999C Capital Improvement Revenue Bonds due in annual principal installments beginning May 2001. Interest at 7.00% is due May and November beginning May 2001. Current portion is $440,000.	

3,655,000	
$14,710,000 Series 2005 Capital Improvement Revenue Bonds due in annual principal installments beginning May 2007. Interest at 5.75% is due May and November beginning May 2007. Current portion is $165,000.	

2,355,000	
$2,815,000 Series 2021 Capital Improvement Revenue Bonds due in annual principal installments beginning May 2023. Interest at various rates between 2.210% and 3.330% is due May and November beginning May 2022. Current portion is $60,000.	

2,695,000	
$3,235,000 Series 2024 Capital Improvement Revenue Bonds due in annual principal installments beginning May 2025. Interest at various rates between 4.9% and 5.75% is due May and November beginning November 2024. Current portion is $45,000.	

	3,235,000	
Bonds payable	12,335,000	
Bond premium/(discount), net		1,572	
Bonds Payable, net	$	12,336,572	
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2024 are as follows:

Year Ending
  September 30,		
	Principal		
	Interest		
	Total		
2025	$	755,000	$	512,561	$	1,267,561	
2026	805,000	467,804	1,272,804	
2027	850,000	419,849	1,269,849	
2028	895,000	368,831	1,263,831	
2029	960,000	314,726	1,274,726	
2030-2034	2,955,000	806,495	3,761,495	
2035-2039	1,300,000	385,088	1,685,088	
2040-2044	1,060,000	272,019	1,332,019	
2045-2049	1,355,000	164,000	1,519,000	
2050-2054		1,400,000 		35,200 		1,435,200 	
Totals	 $	12,335,000 	 $	3,746,573 	 $	16,081,573 	

Summary of Significant Bonds Resolution Terms and Covenants
The District levies special assessments pursuant to Section 190.022, Florida Statutes and the assessment rolls are approved by resolutions of the District Board. The collections are to be strictly accounted for and applied to the debt service of the bond series for which they were levied. The District covenants to levy special assessments in annual amounts adequate to provide for payment of principal and interest on the bonds. Payment of principal and interest is dependent on the money available in the debt service fund and the District’s ability to collect special assessments levied.
The Series 1999A, 1999C, 2005, 2021 and 2024 Bonds are subject to redemption at the option of the District and are also subject to extraordinary mandatory redemption prior to maturity as outlined in the Bond Indenture.
The bond resolution and the trust indenture provide for the establishment of certain accounts. The accounts include a construction, revenue, redemption, reserve, interest and prepayment account and are maintained by a trustee.
The bond indenture provides for Debt Service Reserve Funds, which shall be held by the Trustee separate and apart from all other funds. The following is a schedule of reserve requirements and balances in the reserve accounts at September 30, 2024:

	Capital Improvement Revenue Bonds	
	Reserve
	Balance		Reserve
 Requirement 	
Series 1999A	$	80,675	$	72,750	
Series 1999C	$	59,586	$	747,289	
Series 2005	$	62,556	$	270,235	
Series 2021	$	78,307	$	78,307	
Series 2024	$  112,661	$	112,661	

NOTE G – INTERFUND ACTIVITY
Interfund balances at September 30, 2024, consisted of the following:

Payable Fund
Receivable Fund	General Fund
	
Debt Service Fund	$	355,648

Interfund balances relate to funds collected in one fund on behalf of another that have not been remitted as of year-end.

NOTE G – INTERFUND ACTIVITY (CONTINUED)
Interfund transfers for the year ended September 30, 2024, consisted of the following:

	Transfers Out	

 Transfers In		Debt Service
Fund		Capital Projects
Fund		
Total	
Debt Service Fund	$	-		$	355,648		$	355,648	
Capital Projects Fund		5,410 			-				5,410 	
Total	 $	5,410 		 $	355,648 		 $	361,058 	

Transfers from the Debt Service Fund to the Capital Projects Fund were in accordance with the Trust Indenture. Transfers from the Capital Projects Fund to the Debt Service Fund were completed to prepay outstanding bonds in connection with the reimbursement of the developer for eligible project expenditures previously funded by the developer.
NOTE H – ECONOMIC DEPENDENCY

A significant portion of the District's activity is dependent upon continued involvement of the major landowners and Developer, the loss of which could have a material adverse effect on the District's operations. As such, the nonpayment of assessments by some of the major landowners in the prior, current, and subsequent fiscal years has resulted in the deterioration of the District’s financial conditions. The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer.
NOTE I – 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 cost of these risks, coverage may not extend to all situations. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

NOTE J – SUBSEQUENT EVENTS
In November 2025, the District made a $10,000 prepayment on the Series 1999A Capital Improvement Revenue Bonds.

Additionally, subsequent to year end, certain scheduled debt service payments were due on the Series 1999C and 2005 Bonds that were not made by the District.
Settlement Agreement with Vero Atlantic 2, LLC
Subsequent to year end, the District entered into a payoff agreement with Vero Atlantic 2, LLC (“Vero”), the owner of Parcel NW-11, to settle delinquent assessments securing the Series 1999C bonds. Pursuant to the agreement, Vero remitted $101,000 to the District’s trustee to satisfy the foreclosure judgment related to Parcel NW-11 and remove the parcel from a scheduled foreclosure sale.

NOTE K – ASSESSMENTS
Settlement Agreement with Cardinal Servicing Company, LLC
During the fiscal year ended September 30, 2018, the District entered into a settlement agreement with a new Landowner, Cardinal Servicing Company, LLC (“Cardinal”) whereby Cardinal would pay the District for a portion of the past due assessments on the lots owned and make the delinquent assessments on such lots current. Pursuant to the agreement, the District collected delinquent assessments for the general and 1999C and 2005 debt service funds in the amounts of $411,175, $1,560,963, and $1,268,988, respectively. All requirements of the agreement were current as of September 30, 2024.
Settlement Agreement with SW-30 Investments, LLC
During a prior fiscal year the District entered a settlement agreement with SW-30 Investments, LLC (“American”) which recently took ownership of delinquent parcels 30 and 32. Pursuant to the agreement, the District received delinquent assessments on such parcels from American as follows: $33,890 for Series 1999C debt assessments, $69,094 for Series 2005 debt assessments, and $65,000 for O & M assessments. The remaining delinquent O & M assessments on the parcels were forgiven while the remaining delinquent debt assessments were assumed by American excluding all penalties and past due accrued and unpaid interest on such debt assessments which was waived. The District also agreed to forbear on the foreclosure of delinquent parcels as long as American remains current on its obligations per the agreement. During a prior fiscal year, the District received $23,538 for Series 1999C debt assessments and $51,074 for Series 2005 debt assessments. All requirements of the agreement were current as of September 30, 2024.
Settlement Agreement with Thoroughbred Classics, LLC
During a prior fiscal year, the District entered into a settlement agreement with a new Landowner, Thoroughbred Classics, LLC (“TC”) whereby TC would pay the District for a portion of the past due assessments on the lots owned and make the delinquent assessments on such lots current. Pursuant to the agreement, the District is to collect delinquent assessments for the 1999C and 2005 debt service funds in the amounts of $19,896, $61,154, and $60,000 for unpaid accrued interest. The agreement provides for TC to pay O & M assessments on the 34 units beginning with October 1, 2021. All requirements of the agreement were current as of September 30, 2024.
Settlement Agreement with INA Group, LLC
During a prior fiscal year, the District entered into a settlement agreement with a new Landowner, INA Group, LLC (“INA”) whereby INA would pay the District for a portion of the past due assessments on the lots owned and make the delinquent assessments on such lots current. Pursuant to the agreement, the District is to collect delinquent assessments for the 1999C, 2005 debt service funds and the general fund in the amounts of $102,239, $314,901, and $96,174, respectively. In addition, the District is to collect an additional $1,281,966 for unpaid principal and interest on the District’s Bonds. The agreement provides for INA to pay O & M assessments on the 411 units beginning with October 1, 2021. All requirements of the agreement were current as of September 30, 2024.

NOTE L – RESTATEMENT OF NET POSITION
During the fiscal year ended September 30, 2024, an error was identified in the previously issued financial statements for the fiscal year ended September 30, 2023. The error resulted in an understatement of capital assets in Governmental Activities in the prior year.
As a result, the beginning net position as of October 1, 2023, has been restated as follows:

Restatement of Net Position

Governmental Activities

Net Position - October 1, 2023, as previously reported	$	(4,284,587)	
Restatement for correction of an error	725,694	
Net Position - October 1, 2023, as restated	$	(3,558,893)	

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Indigo Community Development District Volusia County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Indigo Community Development District, as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated January 6, 2026.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Indigo Community Development District's internal control over financial reporting (internal control) as a basis for designing 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 Indigo Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Indigo Community Development 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 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 have not been identified.

- 34 -

To the Board of Supervisors
Indigo Community Development District

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

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the 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.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida January 6, 2026

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MANAGEMENT LETTER
To the Board of Supervisors
Indigo Community Development District Volusia County, Florida
Report on the Financial Statements
We have audited the financial statements of the Indigo Community Development District as of and for the year ended September 30, 2024, and have issued our report thereon dated January 6, 2026.
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 Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated January 6, 2026, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. The following findings or recommendations were made in the preceding financial audit report.
Finding 2011–01: Financial Condition Assessment
Finding: The District’s financial conditions continue to deteriorate. The debt service fund had a deficit fund balance of $(3,168,640) at September 30, 2024. In the prior and current, fiscal years, major landowners in the District failed to pay significant portions of their assessments. As a result, certain debt service payments were not made. In addition, the District has not met the debt service reserve requirement for the Series 1999C and 2005 Bonds. The non-payment of interest and principal payments when due, are considered events of default. The District is economically dependent on the major landowners of the District.
Recommendation: The District should take the necessary steps to alleviate the deteriorating financial condition.

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To the Board of Supervisors
Indigo Community Development District
Management Response: The District continues to work with the Trustee, the Bondholders, and the landowners of delinquent properties for the collection of debt service assessments. Due to the cost and other issues surrounding the foreclosure of the delinquent assessment properties, the District continues to take direction from the Trustee and the Bondholders.
Current Status: The finding was not corrected in the current year.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Indigo Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Indigo Community Development District did meet one of the conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2024 for the Indigo Community Development District. It is management’s responsibility to monitor the Indigo Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
The information below was provided by management and has not been audited by us; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, Indigo Community Development District reported:
The total number of District employees compensated in the last pay period of the District’s fiscal year: 4
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 13
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $5,910.40
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $1,343,187.01
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2023, together with the total expenditures for such project: N/A
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.
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To the Board of Supervisors
Indigo Community Development District

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, the Indigo Community Development District reported:

The rate or rates of non-ad valorem special assessments imposed by the District. The General Fund assessment was $65.43 - $468.17 and the Debt Service assessment was
$44.43 - $966.39.
Total special assessments collected was $1,783,146.79.
The total amount of outstanding bonds issued by the District and the terms of such bonds. The District had outstanding bonds at September 30, 2024 of $395,000 Series 1999A Bonds maturing 2031, $2,695,000 Series 2021 Bonds maturing in 2052, Series 1999C Bonds $3,655,000 maturing 2030, Series 2005 Bonds, $2,355,000 maturing 2036, and Series 2024 Bonds, $3,235,000 maturing 2054.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred or is likely to have occurred, that has an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.
Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida January 6, 2025

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
Indigo Community Development District Volusia County, Florida

We have examined Indigo Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2024. Management is responsible for Indigo Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Indigo Community Development 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 and, accordingly, included examining, on a test basis, evidence about Indigo Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Indigo Community Development District’s compliance with the specified requirements.

In our opinion, Indigo Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2024.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida January 6, 2026

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