Northern Riverwalk Community Development District

May 6, 2020

Northern Riverwalk
Community Development District

5385 N. Nob Hill Road, Sunrise, Florida 33351 Phone: 954-721-8681 - Fax: 954-721-9202

April 29, 2020

Board of Supervisors Northern Riverwalk
Community Development District

Dear Board Members:
A communications media technology special meeting of the Board of Supervisors of the Northern Riverwalk Community Development District will be held on May 6, 2020 at 3:00 p.m. In accordance with Office of the Governor, Executive Order 20-69 (Emergency Management - COVID-19 - Local Government Public Meetings), authorizing the use of communications media technology , such as telephonic conferencing, as provided in Section 120.54(5)(b)2, Florida Statutes, the Board of Supervisors and members of the public may attend and participate in the meeting utilizing the following call-in information: from your compute,r tablet or smartphone go to: https://global.gotomeeting.com/join/750381205 or by dialing +1 (312) 757-3121 and Access Code: 750-381-205 and are further encouraged to submit comments or questions in advance of the meeting by email to info@gmssf.com or by telephone by calling 954-721-8681. Following is the advance agenda for the meeting:
Oath of Office for Mr. Nicholas Mastroianni II (elected at November 1, 2017 Landowners Election), Mr. Nicholas Mastroianni Ill , Ms. Sandy Albanese, and Mr. Mark Giresi (elected at November 6, 2019 Landowners Election)
Roll Call
Organizational Matters
Consideration of Resolution #2020-02 Canvassing and Certifying Results of Landowners Election
Consideration of Resolution #2020-03 Electing Officers
Approval of the Minutes of the October 2, 2019 Meeting
Consideration of Resolution #2020-04 Amending the Debt Service Fund Budget
Consideration of Resolution #2020-05 Approving the Proposed Fiscal Year 2021 Budget and Setting the Public Hearing
Acceptance of Audit for Fiscal Year Ending September 30, 2019
Staff Reports
Attorney
Engineer
Manager - Number of Registered Voters in the District - 0
Financial Reports
Summary of Invoices
Combined Balance Sheet
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.northernriverwalkcdd.com

RESOLUTION 2020-02

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 Districf 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 6, 2019, 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 NORTHERN RIVERWALK 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:

 	Nicholas Mastroianni III	 	8          Votes  

 	Mark Ciresi		 	8         Votes  

Sandy Albanese	 	7	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:

 	Nicholas Mastroianni II		four (4) year term

 	John Oliver	

four (4) year term

 	Sandy Albanese		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 2020-03

A	RESOLUTION	ELECTING NORTHERN	RIVERWALK DEVELOPMENT DISTRICT

OFFICERS	OF	THE
COMMUNITY

WHEREAS, the Board of Supervisors of the Northern Riverwalk Community Development District at a regular business meeting following the landowners meeting held on November 06, 2019 desires to elect the below recited persons to the offices specified.

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

The following persons were elected to the offices shown, to wit:

Chairman  Vice Chairman Treasurer Secretary
Assistant Secretary Assistant Secretary Assistant Secretary Assistant Secretary

PASSED  AND ADOPTED THIS	DAY OF 		20

Chairman / Vice Chairman

Secretary / Assistant Secretary

MINUTES OF MEETING NORTHERN RIVERWALK
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Northern Riverwalk Community Development District was held on Wednesday, October 2, 2019 at 11:00 a.m. at the offices of Allied Capital and Development of South Florida, LLC, 115 Front Street, Suite #300, Jupiter, Florida.

Present and constituting a quorum were:

John Oliver Sandy Albanese Mark Giresi
Also present were: Rich Hans
William Capko
Mike Williams Wes Bradish

FIRST ORDER OF BUSINESS

Vice Chairman Assistant Secretary Assistant Secretary

District Manager District Counsel
Bond Counsel (by phone)
RBC Capital Markets, LLC (by phone)

Oath of Office for Mr. Nicholas Mastroianni II

Mr. Hans: The first item on the agenda is the oath of office for Nicholas Mastroianni II but he's not here today so we will pass on that item.

SECOND  ORDER OF BUSINESS	Roll Call
Mr. Hans called the meeting to order and called the roll.

THIRD  ORDER OF BUSINESS	Approval of the Minutes of the
June 5, 2019 Meeting
Mr. Hans: Moving on we have the approval of the minutes from our June 5th meeting, if anyone has any comments on those, we'll take those, if not, a motion accepting the minutes would be in order.

On MOTION by Mr. Oliver seconded  by Ms. Albanese  with all in favor, the Minutes of the June 5, 2019 Meeting were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Engagement
Letter with Grau & Associates to perform the Audit for Fiscal Year Ending September 30, 2019
Mr. Hans: Then we have consideration of the engagement letter with Grau & Associates to perform the audit for fiscal year ending September 30, 2019. It's their standard proposal that they have and they are in line with when we went out for the audit selection for the 5 year term.
Mr. Oliver: Right, and it's under the same terms and conditions and prices that we used before.
Mr. Hans: Yes, so a motion accepting that would be in order.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor, accepting the engagement letter with Grau & Associates to perform the audit for Fiscal Year ending September 30, 2019 was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Engagement
Letter  with  Akerman   to   serve  as
Bond Counsel
Mr. Hans: Then we have a few items for the bond related items, we have an engagement letter with Akerman to serve as bond counsel, and that's Mike Williams who's one the phone, and I don't know if there are any questions or discussions about that but he is on the phone for any questions.
Mr. Oliver: I have no questions.
Mr. Hans: Alright, then just a motion accepting that would be in order.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor, accepting the engagement letter with Akerman to serve as Bond Counsel was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Engagement
Letter with GMS to serve as Methodology Consultant
Mr. Hans: Then we have the GMS engagement letter to serve as the methodology consultant, that's to prepare the methodology report and the allocation report. If there are any questions or discussions, I can take those, otherwise a motion to approve would be in order.
Mr. Oliver: No questions, that's basically the same fee proposal as  before  so I'll make a motion to approve.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor, accepting the engagement letter with GMS to serve as methodology consultant was approved.

SEVENTH  ORDER OF BUSINESS	Ratification	of  Engagement	Letter
with       Ziegler       to        serve      as
Underwriter/Placement Agent
Mr. Hans: Then we have ratification of the engagerrient letter with Ziegler to serve as the underwriter/placement agent, and Wes is on the phone if there are any questions on that.
Mr. Oliver: No, I have no questions.
Mr. Hans: Then just a motion to ratify that would be in order.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor, ratifying the engagement letter with Ziegler to serve as underwriter/placement agent was approved.

EIGHTH  ORDER OF BUSINESS	Ratification	of  Engagement	Letter
with	Ziegler	for	Hedge	Advisory Services
Mr. Hans:	And also, with the engagement letter with Ziegler to be our hedge advisory services, that's for the termination of the existing swap.
Mr. Oliver: Right, and you don't have swap in the new one, so I'll make a motion.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor, ratifying the engagement letter with Ziegler for hedge advisory services was approved.

NINTH ORDER OF BUSINESS	Ratification of Public Finance and
Tax Exempt Specialty Lending Financing Proposal with Sunflower Bank
Mr. Hans: Item No. 9 is revised because item No. 10 is gone.
Mr. Oliver: Right, and just for the other members, there was a participation to do the new bond between two different banks and Ameris dropped out so Sunflower picked up the whole deal.
Mr. Hans: Right, and in the loose handouts I gave you is the revised term sheet for Sunflower, the latest update.
Mr. Oliver: I'll make a motion to approve.

On MOTION by Mr. Oliver seconded  by Ms. Albanese  with all in favor, accepting the public finance and tax exempt specialty lending financing proposal  with  Sunflower  Bank  was approved.

TENTH  ORDER OF BUSINESS	Ratification	of	Proposal	for	Tax
Exempt Special Obligation Revenue Refunding Bond with Ameris Bank
Mr. Hans: Then as we said, item No. 10 is no longer relevant.

ELEVENTH  ORDER OF BUSINESS	Consideration of Resolution #2020-
01 Bond Authorizing Resolution
Mr. Hans: Moving along, we have consideration of resolution #2020-01, this is the bond authorizing resolution, and Mike Williams has prepared that. Mike, you want just give a quick overview of your resolution?
Mr. Williams: Yes, and it looks like in the prior comment you all have taken care of most of the things that this resolution intended to address.
Mr. Hans: If I could just interrupt you for one second, it's the loose one that I handed out, not the one in the book.
Mr. Williams: I'm sorry, go ahead Rich.

October 2, 2019	Northern Riverwalk COD

Mr. Hans: Ok, sorry Mike, go ahead.
Mr. Williams: Yes, as folks have pointed out this resolution authorizes not exceeding $22 million of the 2019 refunding note, and Wes can probably give us a better handle on exactly what number that will be. It will be obviously less than $22 million, and it does three things, it refunds the 2017 note, it pays the termination fees as folks already mentioned, and it pays cost of issuing the note together with some monies coming over from the 2017 note, so it authorizes those three allocations and then it authorizes Bill's firm, our firm, and the folks in the room there, including Rich's firm to take all actions necessary to close the note transaction.
Mr. Oliver: Very good.
Mr. Hans: Everyone is shaking their heads and agree with you. Mr. Oliver: I have no issue, I'll make a motion.

On MOTION by Mr. Oliver seconded by Ms. Albanese  with all  in favor, Resolution  #2020-01  the  Bond  Authorizing Resolution was approved.

TWELVTH ORDER OF BUSINESS	Consideration	of	Draft	Allocation
Report
Mr. Hans: Then along with the issuance I prepared a draft allocation report just in case, and it's called the draft report, because these numbers may change slightly.
Mr. Oliver: Yes, I looked at it this morning, and yes that's going to change a few times before the closing.
Mr. Hans: Right, and all this report does is it makes the allocation from your 2017 bonds, how it was, and it proportionately allocates the refinancing to it, and you'll see probably on the last page, yes the very last page, the table, it shows you right now
$21,717,000 is the size of the bond that would be needed to refund, that may change slightly, and then you can see the assessments for the years 20 to 23 are fixed, then between 24 and 27 they go up to a different rate, and then there's a bullet that's due at the end of term in 2038.
Mr. Oliver: Right.
Mr. Hans: So, this just summarizes the assessments per year on the different parcels that we're currently assessing.

October 2, 2019	Northern Riverwalk CDD

Mr. Oliver: Perfect.
Mr. Hans: Just a motion accepting the draft would be in order. Mr. Oliver: I'll make a motion.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor, accepting the draft allocation report was approved.

THIRTEENTH ORDER OF BUSINESS Staff Reports
Mr. Hans: Moving on to staff reports, anything for us today Bill?

Attorney
Mr. Capko: Nothing other than this financing.

Engineer
Mr. Hans: We have no engineer here today for any report.

Manager
Mr. Hans: Under the manager, I think our schedule right now tentatively a week from today, if that's still the schedule Wes, the pre-closing for the bonds, and we'll just need John as you're set up for vice chairman to sign, and myself as secretary.
Mr. Oliver: Yes.
Mr. Brandish: Sorry Rich, I was on mute, but that's correct Rich, we're planning on  the 9th in your offices and I will be there for the pre-closing. With respect to the numbers I
think the only moving part to Mike's point is the actual termination payment, and I think we will plan to price the termination.
Mr. Oliver: And I think you were just going to answer my question, what the effective date of that termination would be.
Mr. Brandish: Yes, so we are planning do it, if we settle on the 10th, the current plan would be to terminate on the 8th because you'll price the termination and then you have two days to deliver the funds for the termination and 'T' plus to trade. So, currently the schedule is, we would price the termination on the 8th, pre-close on the 9th, sign all the documents and then settle and fund on the 10th, so that's the current schedule we have.

October 2, 2019	Northern Riverwalk COD

Mr. Oliver: Ok, perfect.
Mr. Brandish: And Mike you have received comments from bank counsel at this point for the documents, correct?
Mr. Williams: Yes, just updated, I got a call with the trustee and their counsel at 1:00 o'clock today and hopefully we get an almost final version of the trust indenture out to folks this afternoon.
Mr. Oliver: Excellent, thank you. Mr. Hans: Alright.

FOURTEENTH ORDER OF BUSINESS Financial Reports
Summary of Invoices
Combined Balance Sheet
Mr. Hans: Moving on to our financial reports, there's a summary of our invoices and the combined balance sheet. If anyone has any questions or comments, we can take those, and if not, a motion to approve would be in order.
Mr. Oliver: I have no questions.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor, the summary of invoices and the combined balance sheet were approved.

FIFTEENTH  ORDER OF BUSINESS	Supervisors	Requests
Audience Comments
Mr. Hans: Supervisors requests, anything from our Supervisors today? Mr. Oliver: I have nothing.
Mr. Hans: We have no audience here for any comments.

and

SIXTEENTH  ORDER OF BUSINESS	Adjournment
Mr. Hans:	Then if there is no other District business a motion to adjourn the meeting would be in order.

On MOTION by Mr. Oliver seconded by Ms. Albanese with all in favor the meeting was adjourned.

Secretary /Assistant Secretary	Chairman / Vice Chairman

RESOLUTION 2020-04

WHEREAS, the Board, hereinafter referred to as the "Board", of the Northern Riverwalk Community Development District, hereinafter referred to as "District", adopted a Debt Service Fund Budget for fiscal year 2020, and

WHEREAS, the Board desires to reallocate funds budgeted to re-appropriate Revenues and Expenses approved during the Fiscal Year.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF THE NORTHERN RIVERWALK COMMUNITY DEVELOPMENT  DISTRICT  TO  THE FOLLOWING:

The Debt Service Fund Budget is hereby amended in accordance with Exhibit "A" attached.

This resolution shall become effective this 6th day of May, 2020 and be reflected in the monthly and fiscal Year End 9/30/19 Financial Statements and Audit Report of the District.

Northern Riverwalk Community Development District

by:			 Chairman

Attest:

by:	 	

Amended Budget
Fiscal Year 2020

Northern Riverwalk Community Development District

May 6, 2020

Northern Riverwalk
Debt Service
Note Series 2017 - Refunding Note Series 2019
Budget Amendment FY2020 Exhibit A

	Adopted
Budget			Proposed
Increased/			Amended
Budget	
Description		FY2020			(Decrease)			FY2020	
		Series 2017						Series 2019	
Revenues									
Assessments		$1,320,696			($339,624)			$981,072	
Interest Income		$0			$0			$0	
Carry Forward Surplus( 1 )		$877,010			($877,010)			$0	
Total Revenues		$2,197,706			($1,216,634)			$981,072	

Expenditures									

Series 2017 Refunding BAN									
Interest - 11/1		$462,622			($462,622)			$0	
Interest - 5/1		$462,622			($462,622)			$0	
Principal - 5/1		$585,000			($585,000)			$0	
Total Expenditures		$1,510,243			($1,510,243)			$0	
									
Restricted Fund Balance		$687,463			$293,609			$981,072	

Carry Forward is net of Reserve account( 1)

Northern Riverwalk	Series 2019, Refunding Note
Community  Development  District	Amortization Schedule

PRINCIPAL
 	DATE	BALANCE	RATE		 INTEREST	PRINCIPAL		 TOTAL	

1-Nov-19	$	21,784,431	4.000%	$	$		
1-May-20	$	21,784,431	4.000%	$		$	
1-Nov-20	$	21,784,431	4.000%	$	922,207.56	$		
1-May-21	$	21,784,431	4.000%	$	435,688.61		$ 1,357,896.17	
1-Nov-21	$	21,784,431	4.000%	$	435,688.61	$	196,254.80		
1-May-22	$	21,588,176	4.000%	$	431,763.52		$ 1,063,706.93	
1-Nov-22	$	21,588,176	4.000%	$	431,763.52	$	204,105.10		
1-May-23	$	21,384,071	4.000%	$	427,681.41		$ 1,063,550.03	
1-Nov-23	$	21,384,071	4.000%	$	427,681.41	$	212,269.60		
1-May-24	$	21,171,801	4.000%	$	423,436.02		$ 1,063,387.04	
1-Nov-24	$	21,171,801	4.000%	$	423,436.02	$	220,760.20		
1-May-25	$	20,951,041	4.000%	$	419,020.82		$ 1,063,217.04	
1-Nov-25	$	20,951,041	4.000%	$	419,020.82	$	704,858.60		
1-May-26	$	20,246,182	4.000%	$	404,923.65		$ 1,528,803.06	
1-Nov-26	$	20,246,182	4.000%	$	404,923.65	$	733,052.80		
1-May-27	$	19,513,130	4.000%	$	390,262.59		$ 1,528,239.04	
1-Nov-27	$	19,513,130	4.000%	$	390,262.59	$	762,375.00		
1-May-28	$	18,750,755	4.000%	$	375,015.09		$ 1,527,652.68	
1-Nov-28	$	18,750,755	4.000%	$	375,015.09	$	792,870.00		
1-May-29	$	17,957,885	4.000%	$	359,157.69		$ 1,527,042.78	
1-Nov-29	$	17,957,885	4.000%	$	359,157.69	$	824,584.80		
1-May-30 .	$	17,133,300	4.000%	$	342,665.99		$ 1,526,408.48	
1-Nov-30	$	17,133,300	4.000%	$	342,665.99	$	857,568.20		
1-May-31	$	16,275,732	4.000%	$	325,514.63		$ 1,525,748.82	
1-Nov-31	$	16,275,732	4.000%	$	325,514.63	$	891,870.80		
1-May-32	$	15,383,861	4.000%	$	307,677.21		$ 1,525,062.64	
1-Nov-32	$	15,383,861	4.000%	$	307,677.21	$	927,545.80		
1-May-33	$	14,456,315	4.000%	$	289,126.30		$ 1,524,349.31	
1-Nov-33	$	14,456,315	4.000%	$	289,126.30	$	964,647.60		
1-May-34	$	13,491,667	4.000%	$	269,833.35		$ 1,523,607.24	
1-Nov-34	$	13,491,667	4.000%	$	269,833.35	$ 1,003,233.40		
1-May-35	$	12,488,434	4.000%	$	249,768.68		$ 1,522,835.42	
1-Nov-35	$	12,488,434	4.000%	$	249,768.68	$ 1,043,362.80		
1-May-36	$	11,445,071	4.000%	$	228,901.42		$ 1,522,032.90	
1-Nov-36	$	11,445,071	4.000%	$	228,901.42	$ 1,085,097.20		
1-May-37	$	10,359,974	4.000%	$	207,199.48		$ 1,521,198.10	
1-Nov-37	$	10,359,974	4.000%	$	207,199.48	$ 1,128,501.20		
1-May-38	$	9,231,473	4.000%	$	184,629.45		$ 1,520,330.13	
1-Nov-38	$	9,231,473	4.000%	$	184,629.45	$ 1,173,641.20		
1-May-39	$	8,057,832	4.000%	$	161,156.63		$ 1,519,427.28	
1-Nov-39	$	8,057,832	4.000%	$	161,156.63	$ 8,057,831.50	$ 8,218,988.13	
		 	Total		   $13,389,052.64 	   $21,784,430.60 	   $35,173,483.24 	

RESOLUTION 2020-05

A RESOLUTION OF THE NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT APPROVING THE DISTRICT'S PROPOSED BUDGET FOR FISCAL YEAR 2021 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW

WHEREAS, the District Manager has prepared the proposed budget for the Fiscal Year 2021;
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 190.00S(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 NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT:

The proposed budget for Fiscal Year 2021 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--- 2020

ChairmanNice Chairman

Secretary/Assistant Secretary

Proposed Budget
Fiscal Year 2021

Northern Riverwalk Community Development District

May 6, 2020

Northern Riverwalk					General Fund	
Community Development District						
	Adopted	Actual	Projected	Projected	Adopted	
	Budget	Thru	Next	thru	Budget	
Description	FY2020	3/31/2020	6 Months	9/30/2020	FY2021	ii	
Revenues						
Maintenance Assessments	$106,304	$107,480	$0	$107,480	$106,304	
Misc. Income	$0	$91	$0	$91	$0	
Total Revenues	$106,304	$107,571	$0	$107,571	$106,304	

Expenditures						
Administrative						
Engineering	$5,000	$0	$5,000	$5,000	$5,000	
Assessment Roll	$2,780	$2,630	$0	$2,630	$2,780	
Attorney	$30,000	$4,174	$25,826	$30,000	$30,000	
Annual Audit	$5,000	$4,400	$0	$4,400	$5,000	
Trustee Fees	$4,717	$0	$4,717	$4,717	$4,717	
Management Fees	$40,000	$20,000	$20,000	$40,000	$40,000	
Telephone	$100	$5	$50	$55	$50	
Postage	$250	$9	$300	$309	$350	
Printing & Binding	$750	$137	$250	$387	$700	
Insurance	$6,325	$5,894	$0	$5,894	$6,325	
Legal Advertising	$2,000	$316	$1,200	$1,516	$2,000	
Other Current Charges	$750	$316	$434	$750	$750	
Website Admin	$1,000	$500	$500	$1,000	$1,000	
Office Supplies	$150	$23	$50	$73	$150	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Contingencies	$250	$0	$250	$250	$250	
Total Administrative	$99,247	$38,580	$58,576	$97,157	$99,247	

Field						
Drainage System R & R	$2,000	$0	$2,000	$2,000	$2,000	
Contingencies	$5,057	$0	$5,000	$5,000	$5,057	
Total Field	$7,057	$0	$7,000	$7,000	$7,057	
						
Total Expenditures	$106,304	$38,580	$65,576	$104,157	$106,304	
						
Assigned Fund Balance	$0	$68,991	($65,576)	$3,415	$0	

Northern Riverwalk
Community Development District	General Fund

REVENUES:

Maintenance Assessments

The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

EXPENDITURES:

Administrative:

Engineering Fees

The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc. The District has contracted with Thomas Engineering for these services.

Assessment Roll

The Palm Beach County Property Appraiser charges the District to utilize the County's Tax Roll for their assessments.

Attorney

The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc. The District has contracted with Lewis, Longman and Walker, PA. for these services.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services - South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Telephone

Telephone and fax machine.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Preferred Governmental Insurance Trust. PGIT specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Northern Riverwalk
Community Development District	General Fund

Administrative: (continued)

Other Current Charges

Bank charges and any other miscellaneous expenses that incurred during the year.

Website Compliance

Per Chapter 2014-22, Laws of Florida, all Districts must have a website by to provide detailed information on the COD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Department of Economic Opportunity for $175.

Capital Outlay

Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Drainage System R & R

The district will reserve funds for the renewal and replacement of components of the drainage system. It is estimated that no renewal or replacement funds will need to be expended in the first 10 years of the system operating.

Northern Riverwalk	Debt Service
Community Development District	Series 2019, Refunding Note

	Adopted
Budget	Actual
Thru	Projected
Next	Projected
thru	Adopted
Budget	
Description	FY2020	3/31/2020	6 Months	9/30/2020	FY2021	

Revenues						
Special Assessments - On Roll	$1,320,696	$930,759	$0	$930,759	$1,320,696	
Interest Income	$0	$175	$0	$175	$0	
Carry Forward Surplus( 1)	$877,010	$18,323	$0	$18,323	$462,739	
Total Revenues	$2,197,707	$949,257	$0	$949,257	$1,783,435	

Expenditures						

Series 2019						
Interest - 11/1	$462,622	$0	$0	$0	$ 435,688.61	
Interest - 5/1	$462,622	$0	$486,519	$486,519	$ 435,688.61	
Principal - 5/1	$585,000	$0	$0	$0	$0	
Total Expenditures	$1,510,243	$0	$486,519	$486,519	$871,377	
						
Excess Revenues	$687,464	$949,257	($486,519)	$462,739	$912,058	
				
11/1/21 Interest	
$ 435,688.61	
(  1l  c  arry Forward is net of Reserve account	11/1/21 Principal         $  196,254.80 
   $ 631,943.41 

Northern Riverwalk	Series 2019, Refunding Note
Community  Development District	Amortization Schedule

PRINCIPAL
 	DATE	BALANCE	RATE		 INTEREST	PRINCIPAL		 TOTAL	

1-Ma -20	$	21,784,431	4.000%	$	486,518.95	$	$	486,518.95	
1-Nov-20	$	21,784,431	4.000%	$	435,688.61	$		
1-Ma -21	$	21,784,431	4.000%	$	435,688.61	$	$	871,377.22	
1-Nov-21	$	21,784,431	4.000%	$	435,688.61	$	196,254.80		
1-May-22	$	21,588,176	4.000%	$	431,763.52	$	$ 1,063,706.93	
1-Nov-22	$	21,588,176	4.000%	$	431,763.52	$	204,105.10		
1-May-23	$	21,384,071	4.000%	$	427,681.41	$	$ 1,063,550.03	
1-Nov-23	$	21,384,071	4.000%	$	427,681.41	$	212,269.60		
1-May-24	$	21,171,801	4.000%	$	423,436.02	$	$ 1,063,387.04	
1-Nov-24	$	21,171,801	4.000%	$	423,436.02	$	220,760.20		
1-May-25	$	20,951,041	4.000%	$	419,020.82	$	$ 1,063,217.04	
1-Nov-25	$	20,951,041	4.000%	$	419,020.82	$	704,858.60		
1-May-26	$	20,246,182	4.000%	$	404,923.65	$	$ 1,528,803.06	
1-Nov-26	$	20,246,182	4.000%	$	404,923.65	$	733,052.80		
1-May-27	$	19,513,130	4.000%	$	390,262.59	$	$ 1,528,239.04	
1-Nov-27	$	19,513,130	4.000%	$	390,262.59	$	762,375.00		
1-May-28	$	18,750,755	4.000%	$	375,015.09	$	$ 1,527,652.68	
1-Nov-28	$	18,750,755	4.000%	$	375,015.09	$	792,870.00		
1-May-29	$	17,957,885	4.000%	$	359,157.69	$	$ 1,527,042.78	
1-Nov-29	$	17,957,885	4.000%	$	359,157.69	$	824,584.80		
1-May-30	$	17,133,300	4.000%	$	342,665.99	$	$ 1,526,408.48	
1-Nov-30	$	17,133,300	4.000%	$	342,665.99	$	857,568.20		
1-May-31	$	16,275,732	4.000%	$	325,514.63	$	$ 1,525,748.82	
1-Nov-31	$	16,275,732	4.000%	$	325,514.63	$	891,870.80		
1-May-32	$	15,383,861	4.000%	$	307,677.21	$	$ 1,525,062.64	
1-Nov-32	$	15,383,861	4.000%	$	307,677.21	$	927,545.80		
1-May-33	$	14,456,315	4.000%	$	289,126.30	$	$ 1,524,349.31	
1-Nov-33	$	14,456,315	4.000%	$	289,126.30	$	964,647.60		
1-May-34	$	13,491,667	4.000%	$	269,833.35	$	$ 1,523,607.24	
1-Nov-34	$	13,491,667	4.000%	$	269,833.35	$ 1,003,233.40		
1-May-35	$	12,488,434	4.000%	$	249,768.68	$	$ 1,522,835.42	
1-Nov-35	$	12,488,434	4.000%	$	249,768.68	$ 1,043,362.80		
1-May-36	$	11,445,071	4.000%	$	228,901.42	$	$ 1,522,032.90	
1-Nov-36	$	11,445,071	4.000%	$	228,901.42	$ 1,085,097.20		
1-May-37	$	10,359,974	4.000%	$	207,199.48	$	$ 1,521,198.10	
1-Nov-37	$	10,359,974	4.000%	$	207,199.48	$ 1,128,501.20		
1-May-38	$	9,231,473	4.000%	$	184,629.45	$	$ 1,520,330.13	
1-Nov-38	$	9,231,473	4.000%	$	184,629.45	$ 1,173,641.20		
1-May-39	$	8,057,832	4.000%	$	161,156.63	$	$ 1,519,427.28	
1-Nov-39	$	8,057,832	4.000%	$	161,156.63	$ 8,057,831.50	$ 8,218,988.13	
		 	Total		   $13,389,052.64 	   $21,784,430.60 	   $35,173,483.24 	

NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT
TOWN OF JUPITER, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT TOWN OF JUPITER, FLORIDA

TABLE OF CONTENTS

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

Page
1-2

3-6

7
8

9

10

11

12
13-21

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual - General Fund	22
Notes to Required Supplementary Information	23

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	24-25

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	26

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

Grau& Associates
CERTIFIED  PUBLIC ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

951 Yamato Road• Suite 280 Boca Raton, Florida  33431 (561) 994-9299 • (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

To the Board of Supervisors
Northern Riverwalk Community Development District Town of Jupiter, Florida

Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities and each major fund of Northern Riverwalk Community Development District, Town of Jupiter, Florida ("District") as of and for the fiscal year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.
Management's Responsibility 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; this includes 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.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud  or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2019, 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.

Other Matters
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, 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 Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 5, 2020, 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.
,%?/.t,M'   ,)-   A
February 5, 2020

MANAGEMENT'S DISCUSSION AND ANALYSIS

Our discussion and analysis of Northern Riverwalk Community Development District, Town of Jupiter, Florida ("District") provides a narrative overview of the District's financial activities for the fiscal  year ended September 30, 2019. Please read it in conjunction with the District's Independent Auditor's Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities plus deferred inflows of resources of the District exceeded its assets plus deferred outflows of resources at the close of the most recent fiscal year resulting in a net position deficit balance of $(6,392,980).

The change in the District's total net position in comparison with the prior fiscal year was
$380,763, an increase. The key components of the District's net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2019, the District's governmental funds reported combined ending fund balances of $1,122,997, an increase of $31,925 in comparison with the prior fiscal year. The total fund balance is non-spendable for prepaid items, restricted for debt service, 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 and liabilities 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 assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance functions.

Fund Financial Statements

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

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

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

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

Notes to the Financial Statements

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

GOVERNMENT-WIDE FINANCIAL ANALYSIS

As noted earlier, net position may serve over time as a useful indicator of an entity's financial position. In the case of the District, liabilities plus deferred inflows of resources exceeded assets plus deferred outflows of resources at the close of the most recent fiscal year.

Key components of the District's net position are reflected in the following table:

NET POSITION

SEPTEMBER 30,
    2019	2018		
Current and other assets	$	1,123,384	$	1,633,681	
Capital assets, net of depreciation	14,193,018	14,608,585	

Total assets	 15,316,402	16,242,266 
Deferred outflows of resources	 	692,003		
Current liabilities	1,606,731	978,891	
Long-term liabilities	20,315,000	20,900,000	
Total liabilities	    21,921,731	21,878,891 	
Deferred inflows of resources	 	479,654	1,137,118 	
Net position		
Net investment in capital assets	(7,398,985)	(6,851,415)	
Restricted	179,103	(6,242)	
Unrestricted		 	826,902		83,914 Total net position	$       (6,392,980)   $	(6,773,743)	

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

The District's net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure); less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for  future spending. Although the District's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District's net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District's other obligations.

The District's net position increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations and depreciation expense.

Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
 	20.19	2018	
Rewnues:
Program rewnues
Charges for sennces	$	1,624,742 $	1,655,385	
Operating grants and contributions	732	378	
General rewnues	 	10,078	12 
Total rewnues	 	1,635,552	1,655,775 Expenses:
General gowmment	77,350	83,757	
Maintenance and operations	415,567	415,567	
Interest	761,872	785,786	
Note issuance costs	 	450,700 	
Total expenses	1,254,789	1,735,810	
Change in net position	380,763	(80,035)	
Net position - beginning	(6,773,743)	(6,693,708)	
Net position - ending	$        (6,392,980)   $	(6,773,743)

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2019 was $1,254,789. The costs of the District's activities were primarily paid by program revenues. Program revenues of the District are comprised primarily of assessments for the current fiscal year. Expenses decreased due to Note issuance costs that were incurred in the prior fiscal 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, 2019.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2019, the District had $16,550,888 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $2,357,870 has been taken, which resulted in a net book value of $14,193,018. More detailed information about the District's capital assets  is presented in the notes of the financial statements.

Capital Debt

At September 30, 2019, the District had $20,900,000 in Notes outstanding for its governmental activities. More detailed information about the District's debt is presented in the notes to the financial statements.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND OTHER EVENTS

Subsequent to fiscal year end, the District issued $21,784,431 of the Series 2019 Refunding Note in order to refund the outstanding Series 2017 Note.

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 Northern Riverwalk Community Development District's Finance Department at 5385 N. Nob Hill Road Sunrise, Florida 33351.

NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT TOWN OF JUPITER, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2019

	Governmental
 	Activities		
ASSETS
Cash	
$	118,924	
Assessments receivable	10,468	
Prepaid items	5,894	
Restricted assets:		
Investments	988,098	
Capital assets:		
Depreciable, net	14,193,018	
Total assets	 	15,316,402 	
DEFERRED OUTFLOWS OF RESOURCES		
Accumulated decrease in fair value of hedging derivatives	 	692,003 	
LIABILITIES		
Accounts payable	387	
Accrued interest payable	329,341	
Derivative instrument-interest rate swap	692,003	
Non-current liabilities:		
Due within one year	585,000	
Due in more than one year	20,315,000	
Total liabilities	 	21,921,731 	
DEFERRED INFLOWS OF RESOURCES		
Deferred amount on refunding	 	479,654 	
Total deferred inflows of resources	 	479,654 	
NET POSITION		
Net investment in capital assets	(7,398,985)	
Restricted for debt service	179,103	
Unrestricted	 	826,902 	
Total net position	   $	(6,392,980) 	

See notes to the financial statements

NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT TOWN OF JUPITER, FLORIDA
STATEMENT  OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

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

Charges for

Grants and

Governmental

Functions/Programs Primary government:
Governmental activities:

Expenses

Services	Contributions	Activities	

General government	$	77,350	$	77,350	$	$	
Maintenance and operations	415,567	40,907		(374,660)	
Interest on long-term debt	761,872	1,506,485	732	745,345	

Total governmental activities

 	1,254,789	1,624,742	732		370,685

General revenues:
Miscellaneous income	 	10,078 
Total general revenues	 		10,078 Change in net position		380,763
Net position - beginning	{6,773,743)

Net position - ending	 $	{6,392,980}

See notes to the financial statements

8

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2019

 	Major Funds		Total
Governmental
 General	Debt Service	Funds	
ASSETS		
Cash	$	118,924	$	$	118,924	
Investments		988,098	988,098	
Assessments receivable	10,468		10,468	
Prepaid items	 	5,894	5,894
Total assets	$ 	135,286	$	988,098	$  1,123;384

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$ 	387	$	$	387
Total liabilities	 	387	387

Fund balances:
Nonspendable:
Prepaids	5,894	5,894 Restricted for:
Debt service	988,098	988,098
Unassigned, reported in:
General fund	 	129,005	129,005
Total fund balances		 	134,899		988,098		1,122,997 Total liabilities and fund balances	 $		135,286	$	988,098	$  1,123,384 

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2019

Fund balance - governmental funds
Amounts reported for governmental activities in the statement of net
position are different because:	$	1,122,997	
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 assets of the government as a whole.
Cost of capital assets, net	

14,193,018	
Deferred inflows related to refunding of debt are reported on the government wide financial statements but not on the fund
financial statements.	

(479,654)	
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	

(329,341)	
Note payable	 	(20,900,000)	(21,229,341)	
Net position of governmental activities	$	(6,392,980)	

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

Major Funds		Total
Governmental

REVENUES

General

Debt Service	Funds

Assessments Interest income

$	118,257	$  1,506,485
732

$  1,624,742
732

Miscellaneous income Total revenues

 	10,078	10,078 
 	128,335	1,507,217	1,635,552 

EXPENDITURES		
Current:		
General government	77,350		77,350	
Debt service:				
Principal		560,000	560,000	
Interest	 	966,277	966,277 	
Total expenditures	 	77,350	1,526,277	1,603,627 	
Excess (deficiency) of revenues		
over (under) expenditures	50,985	(19,060)	31,925	

Fund balances - beginning Fund balances - ending

 	83,914	1,007,158	1,091,072 

$	134,899	$	988,098	$   1,122,997

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, 2019

Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities are different because:
Depreciation of capital assets is not recognized in the governmental fund statements but is reported as an expense in the statement of activities.
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but  such  repayments  reduce liabilities in the statement of net position  and  are eliminated in  the statement of activities.
Deferred amount on refunding is amortized over the life of the Notes on the government wide statemetnts. The amount is recorded at the time of the transaction on the fund financial statements.
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities, but not in the fund financial statements.
Change in net position of governmental activities

$	31,925

(415,567)

560,000

115,116

 	89,289 
$	380,763

See notes to the financial statement

NOTES TO FINANCIAL STATEMENTS NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY
The Northern Riverwalk Community Development District (the "District") was created on May 19, 2009 by Ordinance 1-09 of the Town of Jupiter, 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, 2019, all of the board members were affiliated with Jupiter Waterways, LLC ("Developer"). In addition, the Developer owns a majority of the land within the District; therefore, the District is economically dependent on the Developer.

The Board has the final responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB") Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship  with the District  are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.

The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.

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

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on 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 funds:

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

Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

As a general rule, the effect of inter-fund activity has been eliminated from the government-wide financial statements.

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 Inter-local Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

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 rE:Jcorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market 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	
Infrastructure - Ri1.erwalk	30
Stormwater management	30
Roads, sidewalks, street lighting	40
Irrigation and other infrastructure	15
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.
Refundings of Debt
For current refundings and advance refundings resulting in the defeasance of debt, the  difference between the reacquisition price and the net carrying amount of the old debt is reported as a deferred outflow of resources/deferred inflow of resources and recognized ratably as a component of interest expense over the remaining life of the old debt or the life of the new debt, whichever is shorter. In connection with the refunding, $115,116 was recognized as a component of interest expense in the current fiscal year.

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.

Fund Equity/Net Position (Continued)
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 that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated  revenue and appropriations in the subsequent year's appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements  are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net  position  represents the assets restricted by the District's Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 3 - BUDGETARY INFORMATION

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

The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain 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.

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, 2019:

 	Maturities	Amortized Cost	Credit Risk 
Business Money Market Account at Fifth

Third Bank Total im.estments

N/A	$
$

988,098	S&P AAAm
988,098

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. Accordingly, the District's investments have been reported at amortized cost above.

Capital assets activity for the fiscal year ended September 30, 2019 was as follows:

Goi.emmental activities
Capital assets, being depreciated

Beginning	Ending
 	Balance	Additions	Reductions	Balance	

Infrastructure - Ril.lclrwalk	$	11,847,961	$		$	$	11,847,961	
Stormwater management	1,387,030				1,387,030	
Roads, sidewalks, street lighting	2,595,293				2,595,293	
Irrigation and other infrastructure	720,604				720,604	
Total capital assets, being depreciated	16,550,888				16,550,888	
Less accumulated depreciation for: Infrastructure - Ril.lclrwalk	
1,464,831		
296,199		
1,761,030	
Stormwater management	138,704		34,676		173,380	
Roads, sidewalks, street lighting	194,648		48,662		243,310	
Irrigation and·other infrastructure	 	144,120	36,030	180,150
Total accumulated depreciation		1,942,303	415,567			2,357,870 Total capital assets being depreciated, net 	14,608,585             (415,567) 		14,193,018 Gol.lclmmental activities capital assets, net             $    14,608,585     $        (415,567)   $	$   14,193,018
Depreciation has been charged to maintenance and operations.

NOTE 6 - LONG-TERM LIABILITIES

Taxable Refunding Note, Series 2017
On November 30, 2017, the District issued $22,000,000 of Special Assessment Taxable Refunding Note, Series 2017, due on May 1, 2026 with an interest rate of 3.427%. The Note was issued for the purpose of currently refunding the Series 2016 Note. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2018 through the final maturity on May 1, 2026.

The Note is subject to redemption at the option of the District prior to its maturity. The Note is subject to extraordinary mandatory redemption prior to its selected maturity in the manner determined by the Note Registrar if certain events occurred as outlined in the Loan Agreement.

The Loan Agreement established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the loan issuance costs and the procedures to be followed by the District on assessments  to property owners.  The loan is also secured by tax increment revenues from the Town of Jupiter, Florida Community Redevelopment Agency (CRA) in accordance with the Economic Development Incentive Agreement. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2019.

Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2019 were as follows:

Beginning	Ending	Due Within
    Balance	Additions	Reductions	Balance	One Year 
Gmernmental actil.ities	
Series 2017	$     21,460,000     $	$	560,000     $	20,900,000     $	585,000
Total	 $	21,460,000    $	$	560,000     $	20,900,000     $	585,000 

At September 30, 2019, the scheduled debt service requirements on the Note was as follows:

Year ending		Governmental Actil.ities		
Seetember 30:	Princieal	Interest	Total	
2020	$	585,000	$	728,180	$	1,313,180	
2021	610,000	705,864	1,315,864	
2022	640,000	684,669	1,324,669	
2023	670,000	662,432	1,332,432	
2024	690,000	640,903	1,330,903	
2025-2026	 	17,705,000	1,205,512	18,910,512
Total	 $	20,900,000	$	4,627,560	$	25,527,560 

NOTE 7- DERIVATIVE INSTRUMENTS

At September 30, 2019, derivative instruments held by the District are as follows:

 	2019	
 Effecti1.e cash flow hedges	Notional	Fair Value	

Floating-to-fixed interest rate swaps on debt Total derivati1.es

   $	20,900,000	$	(692,003)
$	20,900,000	$	(692,003)

On November 30, 2017, in connection with the issuance of the Series 2017 Special Assessment Taxable Refunding Notes discussed in Note 7 above, the District entered into an interest rate swap agreement to hedge the risk of overall changes in cash flows associated with the variable-rate note coupons (a cash flow hedge). The fair value generally represents the estimated amount that the District would pay to terminate the swap agreement at September 30, 2019. The valuation inputs used to determine the fair value of these instruments are considered Level 2, as they rely on observable inputs other than quoted active market prices.

The District had previously entered into an interest rate swap in connection with the issuance of Series 2016 Taxable Refunding Notes. On November 28, 2017, the interest rate swap agreement was terminated. In connection with the termination of the 2016 interest rate swap agreement, a termination payment of $690,700 was received. The amount received was factored into determining the deferred amount on refunding.

In accordance with GASB 53, an interest rate swap is considered an effective cash flow hedge if the swap payments received substantially offset the payments made on the associated debt. An interest rate swap that is not considered an effective cash flow hedge is deemed to be an investment derivative instrument and changes in fair value are recorded as net investment income (loss). The 2017 interest rate swap agreement has been determined to be an effective cash flow hedge.

The District makes payments based on a fixed rate of 1.477% and receives variable rate payments from the swap counterparty based on 65% of One-Month USO LIBOR. The 2017 interest rate swap agreement terminates on May 1, 2026.

NOTE 7 - DERIVATIVE INSTRUMENTS (Continued)

The change in fair value of derivative instruments, which includes realized gains and losses on positions closed, for the fiscal year ended September 30, 2019 is summarized as follows:

 Effecti1.e cash flow hedges	2019	

Floating-to-fixed interest rate swaps on debt Total change in fair value of derivati1.es

$	(1,234,351)
$	(1,234,351)

Credit risk - For derivative instruments, credit risk is generally the risk that the counterparty of an instrument will not fulfill its obligation to the holder. This is measured by the assignment of a credit quality rating of the counterparty by a nationally recognized statistical rating organization. The counterparty's senior debt rating was A3 by Moody's.

Termination risk -  There is termination  risk with floating-to-fixed interest rate swaps because the District or swap counterparty may terminate a swap if the other party fails to perform under the terms of the contract or its credit rating falls below investment grade. Termination risk is the risk that the associated variable rate debt no longer carries a synthetic fixed rate and if at the time of termination a swap has a negative fair value, the District is liable to the counterparty for payment equal to the swap's fair value.

Basis risk - The District is also exposed to basis risk as the variable payments paid to the District by the counterparty are based on a percentage of LIBOR. Basis risk is the risk that changes in the relationship between LIBOR may impact the synthetic fixed rate of the variable rate debt.

NOTE 8 - DEVELOPER TRANSACTIONS

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 9-CONCENTRATION

The District's activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District's operations.

NOTE 10- MANAGEMENT AGREEMENT

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 11 - RISK MANAGEMENT

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

NOTE12-SUBSEQUENTEVENTS

Bond Issuance
Subsequent to fiscal year end, the District issued $21,784,431 of the Series 2019 Refunding Note in order to refund the outstanding Series 2017 Note. In connection with the Bond Issuance, the interest rate swap agreement was terminated on October 8, 2019 and the District made a swap termination payment of
$827,000.

NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT TOWN OF JUPITER, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019

Variance with Final Budget -
Budgeted		Actual		Positive Adopted & Final	Amounts	(Negative) 

REVENUES
Maintenance assessments Miscellaneous income
Total revenues

EXPENDITURES
Current:
General government Maintenance
Total expenditures

Excess (deficiency) of revenues over (under) expenditures

Fund balances - beginning Fund balances - ending

$	106,304	$	118,257	$	11,953
 	10,078	10,078
 	106,304	128,335	22,031 

98,747	77,350	21,397
 	7,557	7,557
 	106,304	77,350	28,954

$	50,985     $	50,985

 	83,914 

   $	134,899 

See notes to required supplementary information

NORTHERN RIVERWALK COMMUNITY DEVELOPMENT DISTRICT TOWN OF JUPITER, FLORIDA
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, 2019.

Grau & Associates
CERTIFIED  PUBLIC ACCOUNTANTS

951 Yamato Road• Suite 280 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
Northern Riverwalk Community Development District Town of Jupiter, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Northern Riverwalk Community Development District, Town of Jupiter, Florida ("District") as of and for the fiscal year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District's basic financial statements, and have. issued our opinion thereon dated February 5, 2020.
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 may exist that have not been identified.
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.

February 5, 2020

Grau & Associates
CERTIFIED  PUBLIC ACCOUNTANTS

951 Yamato Road • Suite 280 Boca Raton, Florida  33431 (561) 994-9299 • (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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
Northern Riverwalk Community Development District Town of Jupiter, Florida

We have examined Northern Riverwalk Community Development District, Town of Jupiter, 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, 2019. 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.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2019.

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 Northern Riverwalk Community Development  District, Town of Jupiter, Florida and is not intended to be and should not be used by anyone other than these specified parties.

February 5, 2020

Grau& Associates
CERTIFIED  PUBLIC ACCOUNTANTS

951 Yamato Road • Suite 280 Boca Raton, Florida  33431 (561) 994-9299 • (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

MANAGEMENTLETTERPURSUANTTOTHERULESOF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA

To the Board of Supervisors
Northern Riverwalk Community Development District Town of Jupiter, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of Northern Riverwalk Community Development District, Town of Jupiter, Florida ("District") as of and for the fiscal year ended September 30, 2019, and have issued our report thereon dated February 5, 2020.

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 Reports and Schedule

We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and Compliance and Other Matters based on an audit of the financial statements performed in accordance with Government Auditing Standards; and Independent Accountant's Report on an  examination conducted in accordance with A/CPA Professional Standards, Section 601, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated February 5, 2020, 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.
Ill. 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 Northern Riverwalk Community Development District, Town of Jupiter, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Northern Riverwalk Community Development District, Town of Jupiter, 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.

j;>,/µU<d""..
February 5, 2020

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

Ill. 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, 2018.

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, 2019.

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, 2019.

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, 2019. 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.

April 16, 2020

William Capko
Lewis, Longman & Walker, P.A
515 North Flagler Drive Suite 1500
West Palm Beach FL 33401

RE: Northern Riverwalk Community Development District Mr. Capko:
In accordance with the requirements of Chapter 190(3)(a)(2)(d), we certify that, as of April 15th, 2020, the number of registered voters within the Northern Riverwalk Community Development District boundaries is 0.

Should you have any questions or require additional information, please do not hesitate to contact us.

Jodi Bradley IT/GIS Department

NORTHERN RIVERWALK
COMMUNITY DEVELOPMENT DISTRICT

Summary of Invoices
May 6, 2020

 	Fund	Date	Check No.s	Amount	
General	October 15, 2019	268-271	$6,447.47	
November 12, 2019	272-274	$4,096.52	
December 16, 2019	275-277	$434,285.79	
January 23, 2020	279-282	$672,115.90	
January 28, 2020	283	$3,417.46	
March 18, 2020	284-285	$8,297.42	
!Total Invoices for Approval	$1,12s,660.s6 1	

Voided Check - 278
GMS-SF

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER
***    CHECK DATES 09/18/2019  - 04/24/2020 ***	NORTHERN RIVERWALK - GF
BANK A NORTHER RIVERWALK GF

RUN	4/24/20

PAGE	1

CHECK	VEND#	.....INVOICE........EXPENSED TO...		VENDOR NAME DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS

10/15/19 00003	10/01/19 67540868 201909 310-51300-42000
DELIVERIES THRU 9/25/19

STATUS

*

AMOUNT	....CHECK.....
AMOUNT	#

75.46

- - - - -	- - -	- - - -	
10/15/19	00001	10/01/19	
		
10/01/19	
		10/01/19	
		10/01/19	
		10/01/19	

10/15/19	
00004	
10/09/19	

-
108
OCT 108
OCT 108
OCT 108
OCT 108
OCT

FEDEX

201910 310-51300-34000
19 - MGMT FEES
201910 310-51300-49500
19 - WEBSITE ADMIN
201910 310-51300-51000
19 - OFFICE  SUPPLIES 201910 310-51300-42000
19 - POSTAGE
201910 310-51300-42500
19 - COPIES

-   -   -   -   -   -   -   -   - -
3,333.33

83.33

*	3.00
*	2.00
*	8.85

75.46 000268

GOVERNMENTAL MANAGEMENT SERVICES -

WGC-1325 201909 310-51300-31500 SEP 19 - ATTORNEY FEES

3,430.51 000269
- - - - - - - - - - - - - - -
311.50

LEWIS, LONGMAN & WALKER, PA

10/15/19 00019	9/18/19 490-0916 201910 310-51300-31300
NON-ADV DATA PREP 2019

311.50 000270
- - - - - - - - - - - - - - -
2,630.00

11/12/19 00005	10/01/19 74508

PALM BEACH COUNTY - FINANCE DEPT

201910 310-51300-54000

2,630.00 000271
- - - - - - - - - - - - - - -
*	175.00

- - - - - - - - - - - - -

DISTRICT FILING FEES

DEPARTMENT OF ECONOMIC OPPORTUNITY

175.00 000272
- - - - - - - - - - - - - - -

11/12/19 00001	11/01/19 110
NOV 11/01/19 110
NOV
11/01/19 110
NOV 11/01/19 110
NOV 11/01/19 110
NOV 11/01/19 110
NOV

201911 310-51300-34000
19 - MANAGEMENT  FEES 201911 310-51300-49500
19 - WEBSITE ADM
201911 310-51300-51000
19 - OFFICE  SUPPLIES 201911 310-51300-42000
19 - POSTAGE
201911 310-51300-42500
19 - COPIES
201911 310-51300-41000
- TELEPHONE

*	3,333.33
83.33

*	20.15
*	1.84
*	121.70
*	4.69

GOVERNMENTAL MANAGEMENT SERVICES -

11/12/19 00024	10/21/19 10212019 201910 310-51300-48000
NOTICE OF MEETING

3,565.04 000273
-     -     -   -  -  -	- - - - -
316.48

THE PALM BEACH POST	316.48 000274

NRIV -N RIVERWALK-	ACOOPER

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER
***    CHECK DATES 09/18/2019  - 04/24/2020 ***	NORTHERN RIVERWALK - GF
BANK A NORTHER RIVERWALK GF

RUN	4/24/20

PAGE	2

CHECK DATE

VEND#

.....INVOICE.....
DATE	INVOICE

12/16/19	00001	12/01/19	
		12/01/19	
		12/01/19	
		12/01/19	

12/16/19	
00004	
11/06/19	
		12/05/19	

12/20/19	
00025	
12/20/19	

1/23/20	
00001	
1/01/20	
		1/01/20	
		1/01/20	
		1/01/20	

111
DEC 19
111
DEC 19

...EXPENSED TO...
YRMO	DPT ACCT# SUB	SUBCLASS

201912 310-51300-34000
MGMT FEES
201912 310-51300-49500
WEBSITE ADMIN

VENDOR NAME

STATUS

*
*

AMOUNT

3,333.33

83.33

....CHECK.....
AMOUNT	#

111	201912 310-51300-42000
DEC 19 - POSTAGE

*	1.38

111
DEC 19

201912 310-51300-42500
- COPIES

*	1. 65

GOVERNMENTAL

WGC-1328 201910 310-51300-31500 OCT 19 - ATTORNEY FEES
WGC-1332 201911 310-51300-31500 NOV 19 - ATTORNEY FEES

MANAGEMENT SERVICES -

1,561.40

267.00

3,419.69 000275

LEWIS, LONGMAN & WALKER, PA

12202019 201912 300-20700-10000
TAX RECEIPTS FY2020

429,037.70

1,828.40 000276

112
JAN 20
112
JAN 20
112
JAN 20
112
JAN 20

NORTHERN RIVERWALK CDD

202001 310-51300-34000
MGMT FEES
202001 310-51300-49500
WEBSITE ADMIN
202001 310-51300-42000
POSTAGE
202001 310-51300-42500
COPIES

3,333.33

83.33

.50

*	.30

429,037.70 000277

- - - - - - - - - - - - -
1/28/20 00001	1/01/20 112
JAN   1/01/20 112
JAN   1/01/20 112
JAN 1/01/20 112
JAN

GOVERNMENTAL MANAGEMENT SERVICES -

202001 310-51300-34000	V
- MGMT FEES
202001 310-51300-49500	V
20 - WEBSITE ADMIN
202001 310-51300-42000	V
20 - POSTAGE
202001 310-51300-42500	V
20 - COPIES

3,333.33-

83.33-

.50-

.30-

3,417.46 000278

1/23/20 00012

GOVERNMENTAL MANAGEMENT SERVICES -

1/03/20 18971	202001 310-51300-32200
AUDIT FYE 09/30/2019

*	4,400.00

3,417.46-000278

1/23/20 00022

GRAU AND ASSOCIATES

1/23/20 01232020 202001 300-20700-10000
EXCESS FUNDS COLLECTED

*	165,144.31

4,400.00 000279

HARBOURSIDE PLACE, LLC	165,144.31 000280

NRIV -N RIVERWALK-	ACOOPER

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER
***   CHECK DATES 09/18/2019 -  04/24/2020 ***	NORTHERN RIVERWALK - GF
BANK A NORTHER RIVERWALK GF

RUN	4/24/20	PAGE	3

CHECK DATE

VEND#

.....INVOICE .....
DATE	INVOICE

...EXPENSED TO... YRMO	DPT ACCT# SUB

SUBCLASS

VENDOR NAME

STATUS

AMOUNT	....CHECK.....
AMOUNT	#

1/23/20 00004

1/13/20 WGC-1337 201912 310-51300-31500 DEC 19 - ATTORNEY FEES

*	890.00

1/23/20 00025

LEWIS, LONGMAN & WALKER, PA

1/23/20 01232020 202001 300-20700-10000
TRANSFER OF TAX RECEIPTS

*	501,721.59

890.00 000281

- - - - - - - - - - - - -
1/28/20 00001	1/01/20 112
JAN 1/01/20 112
JAN 1/01/20 112
JAN   1/01/20 112
JAN

NORTHERN RIVERWALK COD

		3,333.33		
	*	83.33		
		.50		
	*	. 3 0		
MANAGEMENT	SERVICES	-		3,417.46	000283	
			3,333.33			
		*	83.33			
		*	.45			
		*	3,333.33			
		*	83.33			
			.15			
			3. 0 0			
		*	4. 5 0			
MANAGEMENT	SERVICES	-		6,841.42	000284	
		*	591.50			
		*	864.50			

202001 310-51300-34000
20 - MGMT FEES
202001 310-51300-49500
20 - WEBSITE ADMIN
202001 310-51300-42000
20 - POSTAGE
202001 310-51300-42500
20 - COPIES

501,721.59 000282

- - - - - - - -	-	- -	- -	
3/18/20	00001	2/01/20	
		2/01/20	
		2/01/20	
		3/01/20	
		3/01/20	
		3/01/20	
		3/01/20	
		3/01/20	

113
FEB 113
FEB 113
FEB 114
MAR 114
MAR 114
MAR 114
MAR 114
MAR

GOVERNMENTAL

202002 310-51300-34000
20 - MANAGEMENT FEES 202002 310-51300-49500
20 - WEBSITE ADM
202002 310-51300-42500
20 - COPIES
202003 310-51300-34000
20 - MANAGEMENT FEES 202003 310-51300-49500
20 - WEBSITE ADM
202003 310-51300-51000
20 - OFFICE SUPPLIES 202003 310-51300-42000
20 - POSTAGE
202003 310-51300-42500
20 - COPIES

3/18/20 00004

GOVERNMENTAL

2/05/20 WCG-1340 202001 310-51300-31500 JAN 20 - ATTORNEY'S FEES
3/05/20 WGC-1345 202002 310-51300-31500 FEB 20 - ATTORNEY'S FEES

LEWIS, LONGMAN & WALKER, PA

TOTAL FOR BANK A TOTAL FOR REGISTER
NRIV -N RIVERWALK-	ACOOPER

1,128,660.56

1,128,660.56

1,456.00 000285

Northern Riverwalk
Community Development District Tax Collections
Fiscal Year Ending September 30, 2020

On Roll Assessments:

001.300.363.100
$	106,304.00

Date
Received	Gross Tax
Received	Discounts/
(Penalties)	Commissions	Interest	Net Amount
Received	General
Fund	Debt
Service Fund	Total	
						10.34%	89.66%		

$113,089.36

 	-	

.4 %'

023.700.363.100
$	922,207.56	$1,028,511.56	Net
$981,071.87	$1,094,161.23	Gross

12/11/2019	$	483,635.70	$	19,345.43	$	4,642.90   $
1/8/2020	$	782,550.85	$	31,302.01	$	7,512.49	$
1/23/2020( 1 )	$	(172,025.32)   $	(6,881.01)   $	$
TOTALS	$   1,094,161.23	$	43,766.43	$	12,155.39	$

$	459,647.371':•.  $

14'

$	743,736.35	$
$   (165,144.30)(,t  $
$1,038,239.42  iIwlll  $

30,609.67
76,870.45

107,480.12

$	429,037.70	$	459,647.37
$	666,865.90   $	743,736.35
$	(165,144.31)  $	(165,144.31)

$	930,759.29	$ 1,038,239.41
100.00%

(ll Refund to landowner for excess funds collected from the tax collector.

Check
277
282

To Debt Service

Date 12/20/2019
1/23/2020

Bal to Transfer

v#25 001.300.20700.10000

 	Amount	
$	429,037.70
$	501,721.59

$	930,759.29 
$	(0.00)

COMMUNITY DEVELOPMENT DISTRICT
COMBINED BALANCE SHEET
March 31, 2020

Governmental Fund T	es		Totals	
Debt		Capital	Governmental	
	 	General	Service 	 Projects	Funds		
ASSETS:			
Cash:			
Operating Account	$203,884	$203,884	
Assessment Receievable	$6	$6	
Series 2017 Refunding Note			
Reserve	$0	$0	$0	
Revenue	$0	$0	$0	
Construction		$0	$0	
Series 2019 Refunding Note						
Reserve		$18,323	$0	$18,323	
Revenue		$930,934	$0	$930,934	
TOTAL ASSETS	$203,890	$949,258	$0	$1,153,148	

LIABILITIES:					
Accounts Payable	$0			$0	
FUND BALANCES:					

Restricted for Debt Service		
$949,258		
$949,258	
Restricted for Capital Project			$0	$0	
Unassigned	$203,890	 	$203,890	

TOTAL LIABILITIES
& FUND BALANCES	

$203,890	

$949,258	

$0	

$1,153,148	

General Fund
Statement of Revenues, Expenditures & Chnages in Fund Balances
March 31, 2020

ADOPTED	PRORATED BUDGET	ACTUAL
Description	BUDGET	THRU 03/31/20	THRU 03/31/20	VARIANCE

Revenues

Maintenance Assessments	$106,304	$106,304	$107,480	$1,176	
Misc Income	$0	$0	$91	$91	
Total Revenues	$106,304	$106,304	$107,571	$1,267	

Expenditures:					
Administrative					
Engineering Fees	$5,000	$2,500	$0	$2,500	
Assessment Roll	$2,780	$2,630	$2,630	$0	
Attorney Fees	$30,000	$15,000	$4,174	$10,826	
Annual Audit	$5,000	$4,400	$4,400	$0	
Trustee Fees	$4,717	$4,717	$0	$4,717	
Management Fees	$40,000	$20,000	$20,000	$0	
Telephone	$100	$50	$5	$45	
Postage	$250	$125	$9	$116	
Printing & Binding	$750	$375	$137	$238	
Insurance	$6,325	$6,325	$5,894	$431	
Legal Advertising	$2,000	$1,000	$316	$684	
Other Current Charges	$750	$375	$316	$59	
Website Admin	$1,000	$500	$500	$0	
Office Supplies	$150	$75	$23	$52	
Dues, Licenses & Subscriptions	$175	$175	$175	$0	
Capital Outlay	$250	$125	$0	$125	
Total Administrative	$99,247	$58,372	$38,580	$19,792	

Field					
Drainage System R&R	$2,000	$1,000	$0	$1,000	
Contingencies	$5,057	$2,529	$0	$2,529	
Total Field	$7,057	$3,529	$0	$3,529	
TOTAL EXPENDITURES	$106,304	$61,901	$38,580	$23,320	

Excess (deficiency) of revenues over (under) expenditures	
$0	

$44,404	

$68,991	

$24,588	

Net change in fund balance	$0	
$44,404	
$68,991	
$24,588	

Fund Balance - Beginning	$0		
$134,899		
Fund Balance - Ending	 	$0		$203,890		

 	
ADOPTED	PRORATED BUDGET	ACTUAL
Description	BUDGET	THRU 03/31/20	THRU 03/31/20	VARIANCE

Revenues

Special Assessments	$0	$0	$930,759	$930,759	
Interest Income	$0	$0	$175	$175	
Total Revenues	$0	$0	$930,934	$930,934	

Expenditures					
Series 2019 Refunding					
Interest Expense - 11/1	$0	$0	$0	$0	
Principal Expense - 5/1	$0	$0	$0	$0	
Interest Expense - 5/1	$0	$0	$0	$0	
Total Expenses	$0	$0	$0	$0	
Excess (deficiency) of revenues over(under)expendltures	
$0	
$0	
$930,934	
$930,934	

Other Financing Sources/(Uses)					
lnterfund Transfer In (out)	$0	$0	$18,324	$18,324	
Total Other Financing Sources/(Uses)	$0	$0	$18,324	$18,324	

Net change in fund balance	$0	$0	
$949,258	
$949,258	

Fund Balance - Beginning	
$877,010		
$0		
Fund Balance - Ending	$877,010		$949,258		

	ADOPTED	PRORATED BUDGET	ACTUAL		
 Description			BUDGET	THRU 03/31/20	THRU 03/31/20		VARIANCE	
Revenues							
Special Assessments		$1,320,696	$1,320,696	$0		($1,320,696)	
Interest Income		$0	$0	$0		$0	
Total Revenues		$1,320,696	$1,320,696	 	$0 		($1,320,696)	
Expenditures							
Series 2017 Refunding							
Interest Expense - 11/1		$462,622	$462,622	$395,209		$67,413	
Principal Expense - 5/1		$585,000	$585,000	$20,900,000		($20,315,000)	
Interest Expense - 5/1		$462,622	$462,622	$0		$462,622	
Other Debt Service Costs		$0	$0	$815,054		($815,054)	

Total Expenses	$1,510,243	$1,510,243	$22,110,263	($20,600,020)	

Excess (deficiency) of revenues over (under) expenditures	

($189,547)		

($189,547)		

($22,110,263)		

($21,920,716)	

Other Financing Sources/(Uses)								
lnterfund Transfer In (out)	$0		$0		$21,122,165		$21,122,165	
Total Other Financing Sources/(Uses)	 	$0 		 	$0 		$21,122,165		$21,122,165	
Net change in fund balance	($189,547)		($189,547)		($988,098)		($798,551)	

Fund Balance - Beginning	
$877,010				
$988,097			
Fund Balance - Ending	$687,464				($0)			

NORTHERN RIVERWALK
COMMUNITY DEVELOPMENT DISTRICT

Capital Projects Fund - Series 2017 Refunding Note
Statement of Revenues, Expenditures
& Changes in Fund Balances March 31, 2020

 DESCRIPTION		ADOPTED
BUDGET		PRORATED
THRU 03/31/20		ACTUAL
THRU 03/31/20		
VARIANCE	

REVENUES:								
Interest Income	$0		$0		$33		$33	
TOTAL REVENUES	 	$0 		 	$0 		 	$33 		 	$33 	
EXPENDITURES:								
Cost of Issuance	$0		$0		$643,975		($643,975)	
TOTAL EXPENDITURES	 	$0 		 	$0 		 	$643,975 		($643,975)	
EXCESS (DEFICIENCY) OF REVENUES								
OVER (UNDER) EXPENDITURES	 	$0 		 	$0 		 	($643,942)		($643,942)	
OTHER FINANCING SOURCES/(USES)								
lnterfund Transfer In	$0		$0		$662,265		$662,265	
lnterfund Transfer (Out)	$0		$0		($18,323)		($18,323)	

TOTAL OTHER FINANCING	

 		
SOURCES AND USES	 	$0 		 	$0	$643,942	$643,942	
NET CHANGE IN FUND BALANCE	 	$0 		 	$0 	 	$0	$0 	

FUND BALANCE - Beginning	
$0	
$0	

FUND BALANCE - Ending

 	$0 

 	$0 

Northern Riverwalk	Series 2019, Refunding Note
Community Development District	Amortization Schedule

PRINCIPAL
 	DATE	BALANCE	RATE		 INTEREST	PRINCIPAL		 	TOTAL	

1-Nov-19	$	21 784 431	4.000%	$	486 518.95	$	$	486 518.95	
1-May-20	$	21,784,431	4.000%	$	435,688.61	$		
1-Nov-20	$	21784431	4.000%	$	435 688.61	$	$	871 377.22	
1-May-21	$	21,784,431	4.000%	$	435,688.61	$	196,254.80		
1-Nov-21	$	21,588,176	4.000%	$	431,763.52	$	$	1,063,706.93	
1-May-22	$	21,588,176	4.000%	$	431,763.52	$	204,105.10		
1-Nov-22	$	21,384,071	4.000%	$	427,681.41	$	$ 1,063,550.03	
1-May-23	$	21,384,071	4.000%	$	427,681.41	$	212,269.60		
1-Nov-23	$	21,171,801	4.000%	$	423,436.02	$	$ 1,063,387.04	
1-May-24	$	21,171,801	4.000%	$	423,436.02	$	220,760.20		
1-Nov-24	$	20,951,041	4.000%	$	419,020.82	$	$ 1,063,217.04	
1-May-25	$	20,951,041	4.000%	$	419,020.82	$	704,858.60		
1-Nov-25	$	20,246,182	4.000%	$	404,923.65	$	$ 1,528,803.06	
1-May-26	$	20,246,182	4.000%	$	404,923.65	$	733,052.80		
1-Nov-26	$	19,513,130	4.000%	$	390,262.59	$	$ 1,528,239.04	
1-May-27	$	19,513,130	4.000%	$	390,262.59	$	762,375.00		
1-Nov-27	$	18,750,755	4.000%	$	375,015.09	$	$ 1,527,652.68	
1-May-28	$	18,750,755	4.000%	$	375,015.09	$	792,870.00		
1-Nov-28	$	17,957,885	4.000%	$	359,157.69	$	$ 1,527,042.78	
1-May-29	$	17,957,885	4.000%	$	359,157.69	$	824,584.80		
1-Nov-29	$	17,133,300	4.000%	$	342,665.99	$	$ 1,526,408.48	
1-May-30	$	17,133,300	4.000%	$	342,665.99	$	857,568.20		
1-Nov-30	$	16,275,732	4.000%	$	325,514.63	$	$ 1,525,748.82	
1-May-31	$	16,275,732	4.000%	$	325,514.63	$	891,870.80		
1-Nov-31	$	15,383,861	4.000%	$	307,677.21	$	$ 1,525,062.64	
1-May-32	$	15,383,861	4.000%	$	307,677.21	$	927,545.80		
1-Nov-32	$	14,456,315	4.000%	$	289,126.30	$	$	1,524,349.31	
1-May-33	$	14,456,315	4.000%	$	289,126.30	$	964,647.60		
1-Nov-33	$	13,491,667	4.000%	$	269,833.35	$	$ 1,523,607.24	
1-May-34	$	13,491,667	4.000%	$	269,833.35	$ 1,003,233.40		
1-Nov-34	$	12,488,434	4.000%	$	249,768.68	$	$ 1,522,835.42	
1-May-35	$	12,488,434	4.000%	$	249,768.68	$ 1,043,362.80		
1-Nov-35	$	11,445,071	4.000%	$	228,901.42	$	$ 1,522,032.90	
1-May-36	$	11,445,071	4.000%	$	228,901.42	$ 1,085,097.20		
1-Nov-36	$	10,359,974	4.000%	$	207,199.48	$	$ 1,521,198.10	
1-May-37	$	10,359,974	4.000%	$	207,199.48	$ 1,128,501.20		
1-Nov-37	$	9,231,473	4.000%	$	184,629.45	$	$ 1,520,330.13	
1-May-38	$	9,231,473	4.000%	$	184,629.45	$ 1,173,641.20		
1-Nov-38	$	8,057,832	4.000%	$	161,156.63	$	$ 1,519,427.28	
1-May-39	$	8,057,832	4.000%	$	161,156.63	$ 8,057,831.50	$ 8,218,988.13	
 	Total		$ 13,389,052.64		$ 21,784,430.60 	$ 35,173,483.24