Coral Springs Improvement District
Basic Financial Statements and Other Information For the Year Ended September 30, 2025

Coral Springs Improvement District

Table of Contents

Independent Auditor's Report

1-3

Management's Discussion and Analysis (Not Covered by Independent Auditor's Report)

4-8

Basic Financial Statements

Government-wide Financial Statements:

Statement of Net Position

9

Statement of Activities

10

Fund Financial Statements:

Balance Sheet - Governmental Fund

11

Reconciliation of the Balance Sheet of the Governmental Fund to the Statement of Net Position

12

Statement of Revenues, Expenditures and Change in Fund Balance - Governmental Fund

13

Reconciliation of the Statement of Revenues, Expenditures and Change in Fund Balance of the Governmental Fund to the Statement of Activities

14

Statement of Revenues, Expenditures and Change in Fund Balance - Budget and Actual - General Fund

15

Statement of Net Position - Proprietary Fund

16

Statement of Revenues, Expenses and Change in Net Position - Proprietary Fund

17

Statement of Cash Flows - Proprietary Fund

18-19

Notes to Basic Financial Statements

20-33

Required Supplemental Information (Not Covered by Independent Auditor’s Report)

Schedule of Changes in the Total OPEB Liability and Related Ratios

34

Schedule of District Contributions

35

Other Supplemental Information

Schedule of Operating Expenses by Department - Proprietary Fund

36

Coral Springs Improvement District

Table of Contents (Continued)

Other Reports of Independent Auditor

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 Governmental Auditing Standards

37-38

Management Letter Required by Chapter 10.550 of the Rules of the Florida Auditor General

39-41

Data Elements Required By Section 218.39(3)(c), Florida Statutes and
Sections 10.554(1)(i)6 and 10.554(1)(i)7, Rules of the Auditor General (Unaudited)

42

Independent Accountant’s Report on Compliance with Section 218.415, Florida Statutes

43

Citrin Cooperman & Company, LLP
Certified Public Accountants

6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308
T 954.771.0896 F 954.938.9353
citrincooperman.com

INDEPENDENT AUDITOR'S REPORT

To the Board of Supervisors
Coral Springs Improvement District

Report on the Audit of the Financial Statements Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, and each major fund of the Coral Springs Improvement District (the "District"), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities and each major fund of the District, as of September 30, 2025, and the respective changes in its financial position, and, where applicable, cash flows thereof and budgetary comparison for the General fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
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. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.

Citrin Cooperman & Company, LLP

Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:

·
·

Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District's ability to continue as a going concern for a reasonable period of time.

·

·

·

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control- related matters that we identified during the audit.

2

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.

Citrin Cooperman & Company, LLP

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and schedules of changes in the total OPEB liability and related ratios and district contributions, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The schedule of operating expenses by department - proprietary fund on page 36 as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. The schedule of operating expenses by department - proprietary fund is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 4, 2026, on our consideration of the District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and 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.

Fort Lauderdale, Florida March 4, 2026

3
"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.

MANAGEMENT’S DISCUSSION
AND ANALYSIS

Coral Springs Improvement District Management's Discussion and Analysis September 30, 2025

Our discussion and analysis of Coral Springs Improvement District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities.

The analysis provides summary financial information for the District and should be read conjunction with the District’s financial statements.

in

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2025:

·

The District’s total assets and deferred outflows of resources exceeded total liabilities by $ 70,882,908 (net position), of which $ 48,029,539 was unrestricted.

·

Governmental

activities

revenues

totaled

$ 4,424,641,	including

assessments of $ 3,598,959, while

governmental activities expenses

totaled	$ 1,976,463.	Business-type

revenues	totaled	$ 20,112,841,

including charges for services of $ 17,839,280, interest income of

$ 1,347,269, capital grants and contributions of $ 913,361, and miscellaneous income of $ 12,931. Business-type expenses totaled
$ 17,866,693.

·

At September 30, 2025, the General Fund reported a fund balance of
$ 17,900,229, of which $ 13,218,229 was unassigned.

Overview of the Financial Statements

The District’s basic financial statements comprise three components: 1) government-wide financial

statements, 2) fund financial statements, and 3) notes to basic financial statements.

The

government-wide financial statements present an overall picture of the District’s financial position

and results of operations. The fund financial statements present financial information for the District’s major fund. The notes to basic financial statements provide additional information concerning the District’s finances that are not disclosed in the government-wide or fund financial statements.

Government-Wide Financial Statements: The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and business-type activities and the change in net position.

Governmental activities are primarily supported by property tax assessments.

Business-type

activities are supported by charges to the users of those activities, such as water and sewer services.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets, deferred inflow/outflows of resources and liabilities reported as net position. Net position is reported in three categories: 1) net investment in capital assets; 2) restricted and; 3) unrestricted. Assets, liabilities, and net position are reported for all governmental activities separate from the assets, liabilities, and net position of business-type activities.

4

Coral Springs Improvement District Management's Discussion and Analysis September 30, 2025

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program. Revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities or business-type activities. Governmental activities financed by the District include physical environment and general government. Business-type activities financed by user charges include water and sewer services.

Fund Financial Statements: Fund financial statements present financial information for governmental funds and proprietary funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the fund, changes in current financial resources (revenues and expenditures), and current available resources. The enterprise fund financial statements provide information on all assets and liabilities of the fund, changes in the economic resources (revenues and expenses), and total economic resources.

Fund financial statements include a balance sheet and a statement of revenues, expenditures and change in fund balance for the governmental fund. A statement of revenues, expenditures, and change in fund balance - budget and actual, is provided for the District’s General Fund. For enterprise funds, a statement of net position, a statement of revenues, expenses and change in net position, and a statement of cash flows are presented. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses and to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing, split between governmental activities and business-type activities. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including buildings, land, machinery and equipment, construction-in-progress and infrastructure are reported in the statement of net position. All liabilities, including principal outstanding on bonds, and future employee benefits, obligated but not paid by the District, are included. The statement of activities includes a provision for depreciation of all long-lived assets of the District, but transactions between the different functions of the District have been eliminated to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long-lived assets are reported as expenditures and long-term liabilities, such as general obligations bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are provided from the fund financial statements to the government-wide financial statements.

Notes to the Basic Financial Statements: The notes provide additional information that is necessary to acquire a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statement can be found on pages 20 through 33 of this report.

5

Coral Springs Improvement District Management's Discussion and Analysis September 30, 2025

Government-Wide Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of financial position. The following table reflects the condensed government-wide statements of net position as of September 30, 2025 and 2024:

Coral Springs Improvement District Statements of Net Position

Governmental Activities

Business-Type Activities

Total Primary Government

2025

2024

2025

2024

2025

2024

Current and other assets Restricted assets
Capital assets (net)

18,241,546
- 7,338,161

15,315,785
- 7,682,373

31,424,033
4,287,209
39,541,278

28,978,168
4,826,245
40,737,315

49,665,579
4,287,209
46,879,439

44,293,953
4,826,245
48,419,688

$

$

$

$

$

$

Total assets

25,579,707

22,998,158

75,252,520

74,541,728

100,832,227

97,539,886

Total deferred outflows of resources

-

-

735,128

857,649

735,128

857,649

Current liabilities Noncurrent liabilities

361,790
59,230

222,106
65,543

3,807,247
26,456,180

3,512,458
28,408,846

4,169,037
26,515,410

3,734,564
28,474,389

Total liabilities

421,020

287,649

30,263,427

31,921,304

30,684,447

32,208,953

Net position:
Net investments in capital assets
Unrestricted

7,210,839
17,947,848

7,656,844
15,053,665

16,377,658
29,346,563

16,405,421
27,072,652

23,588,497
47,294,411

24,062,265
42,126,317

Total net position

25,158,687

22,710,509

45,724,221

43,478,073

70,882,908

66,188,582

$

$

$

$

$

$

Governmental and

Business-Type

Activities: Governmental

activities increased the District’s net

position by $ 2,448,178, due to revenues and other income exceeding expenses. Current and other assets increased by $ 2,925,761 resulting from revenues exceeding expenditures and interest income from favorable market conditions.

Business-type activities increased the District’s net position by $ 2,246,148, resulting mainly from investment income as well as increased capital grants and contributions. Current and other assets increased by $ 2,445,865 resulting from revenues exceeding expenses and interest income from favorable market conditions. The increase in current liabilities of $ 294,789 is mainly due to an increase in accounts payable and the timing of contracts payable activity for capital improvements. Noncurrent liabilities was reduced by $ 1,952,666 for principal payments on general obligation debt. Charges for services increased by $ 965,496 as the District increased water and sewer rates by 5%. Capital grants and contributions increased by $ 913,361 as the District received grant awards for permanent generators at 5 lift stations, along with other smaller grants. Total expenses decreased by $ 105,536 due to the type of projects done compared to prior year.

6

Coral Springs Improvement District Management's Discussion and Analysis September 30, 2025

Coral Springs Improvement District Statement of Activities

	Governmental Activities	

	Business-Type Activities	

  Total Primary Government	

	2025	

	2024	

	2025	

	2024	

	2025	

	2024	

Revenues:
Charges for services Capital grants and contributions
Taxes:
Assessments Other
Interest income

$

44,490

$

44,247

$

17,839,280

$

16,873,784

$

17,883,770

$

16,918,031

-

-

913,361

-

913,361

-

3,598,959
43,566
	737,626 
  4,424,641 

3,425,526
39,751
	800,226 
  4,309,750 

- 12,931
  1,347,269 
 20,112,841 

- 35,278
  1,586,601 
 18,495,663 

3,598,959
56,497
  2,084,895 
  24,537,482 

3,425,526
75,029

  2,386,827 
 22,805,413 

Total revenues

Expenses:
General government Flood control
Water and sewer

505,770
1,470,693
	-	
 1,976,463  2,448,178

614,911
1,621,050
	-	
 2,235,961  2,073,789

-
-
 17,866,693 
 17,866,693 
2,246,148

-
-
 17,972,229 
 17,972,229 
523,434

505,770
1,470,693
  17,866,693 
  19,843,156 
4,694,326

614,911
1,621,050

 17,972,229 
 20,208,190 

Total expenses

Change in net position

2,597,223

Net position, beginning of the year

 22,710,509 

 20,636,720 

 43,478,073 

 42,954,639 

  66,188,582 

 63,591,359 

Net position, end of the year

$  25,158,687 

$  22,710,509 

$  45,724,221 

$  70,882,908 

$

43,478,073

$

66,188,582

Analysis of the Governmental Funds

As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The focus of the District’s governmental fund is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. Unassigned fund balance may serve as a useful measure of a District’s net resources available for spending at the end of the fiscal year. The General Fund is the only governmental fund.

Cash and cash equivalents increased by $ 1,776,915 resulting from revenues exceeding expenditures and interest income from favorable market conditions. Contracts payable increased
$ 25,529 due to extended capital improvement activity to District canals. The expenditure for flood control decreased by $ 757,125 due to a reduction in repair costs for canal stabilization. As of the end of the current fiscal year, the District’s governmental fund reported an ending fund balance of
$ 17,900,229.

Capital Assets and Debt Administration

The District’s capital assets accumulate less depreciation for its governmental activities and business-type activities as of September 30, 2025, amounting to $ 7,338,161 and $ 39,541,278, respectively, and consists of land, buildings, infrastructure, machinery and equipment, easements and construction-in-progress. Information about the District's capital asset can be found in Note 4, beginning on page 26 of this report.

At the end of the year, the District’s business-type activities had general obligation bond debt outstanding of $ 27,980,000, a principal payment reduced the balance by $ 1,910,000. Additional information on the District’s debt can be found in Note 7 beginning on page 28 of this report.

7

Coral Springs Improvement District Management's Discussion and Analysis September 30, 2025

General Fund Budgetary Highlights: An operating budget for the General Fund was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The General Fund budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The budget to actual comparisons for the General Fund, including the original and final adopted budget, is shown on page 15.

The District experienced a favorable variance in revenues compared to the General Fund budget in the amount of $ 486,741, as the District does not budget for interest income. The District also experienced a favorable variance in expenditures compared to the General Fund budget in the amount of $ 3,692,900, as ongoing project costs will be expended in future years.

Economic Factors and Next Year’s Budgets

General Fund

The 2026 General Fund operating budget increased by approximately 4.06%. The 2026 General Fund budget for capital improvements decrease by approximately $ 973,000 due to the re-structuring of the Safety & Sustainability project for flood mitigation. This project includes tree evaluations in relation to the canals to determine if any trees need to be addressed. In addition, the General Fund 2025-2026 Capital Outlay budget is $ 1,752,000 which includes Canal bank restorations, canal bank assessments, and the purchase of new equipment.

Water and Sewer Enterprise Fund

The 2026 Water and Sewer Fund operating budget increased by approximately 12.8%. The primary reason for the increase is updating technology plantwide and continued plant repair and maintenance. Total capital budget for 2026 is $ 13,365,631 which includes upgrading all customer meters, construction of a generator storage building, one lift station basin lining, digester #1 blower replacement, sand strainers and improvements to Wastewater Plant F.

The District will continue to collaborate with consulting firms specializing in cybersecurity to maintain and upgrade the District’s Network and computer platforms to increase security, efficiency, and sustainability. Cybersecurity is an ongoing concern, and the District has committed funds to ensure the plant and the customer’s information are protected.

The District’s utility rates increased 5% for water and sewer (including irrigation) as recommended by Stantec, following a Rate Study Analysis completed during fiscal year 2024.

Requests for Information

This financial report is designed to provide a general overview of Coral Springs Improvement District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Coral Springs Improvement District, 10300 N.W. 11th Manor, Coral Springs, Florida 33071.

8

BASIC FINANCIAL STATEMENTS

Coral Springs Improvement District Statement of Net Position
 September 30, 2025	

Governmental
  Activities 

Business-Type
  Activities 

	Total	

Assets:
Cash and cash equivalents Investments
Accounts receivable
Due from other governments Internal balances
Restricted cash and cash equivalents Capital assets:
Depreciable net of depreciation Nondepreciable

$

11,993,744
6,307,681
- 387
(60,266)
-

$

15,902,987
12,911,527
1,837,008
712,245
60,266
4,287,209

$

27,896,731
19,219,208
1,837,008
712,632
- 4,287,209

6,648,749
	689,412 

37,514,139
	2,027,139 

44,162,888
	2,716,551 

 25,579,707 

 75,252,520 

 100,832,227 

Total assets

Deferred Outflows of Resources:
Deferred charge on refunding

	-	

	735,128 

	735,128 

Liabilities:
Accounts payable
Capital improvement contracts payable Accrued expenses
Deposits
Accrued interest payable Long-term liabilities:
Due in one year:
Compensated absences payable Bonds payable
Due in more than one year: Total OPEB liability
Compensated absences payable Bonds payable

128,303
127,322
9,975
75,717
-

447,750
205,957
85,029
541,334
284,463

576,053
333,279
95,004
617,051
284,463

20,473
-

277,714
1,965,000

298,187
1,965,000

29,113
30,117
	-	

173,082
268,098
 26,015,000 

202,195
298,215
  26,015,000 

	421,020 

 30,263,427 

  30,684,447 

Total liabilities

Net Position:
Net investment in capital assets Unrestricted

7,210,839
 17,947,848 

16,377,658
 29,346,563 

23,588,497
  47,294,411 

$  25,158,687 

$  45,724,221 

$   70,882,908 

Total net position

The accompanying notes to basic financial statements are an integral part of these statements.

9

Coral Springs Improvement District Statement of Activities
 For the Year Ended September 30, 2025	

Net (Expense) Revenue and
	Changes in Net Position	

	Program Revenues	

Charges for
  Services	

Operating Grants and Contributions

Capital Grants and Contributions

Governmental  Business-Type
  Activities  	Activities

  Expenses 

	Total	

Functions/Programs: Governmental activities: General government Flood control
Total governmental activities
Business-type activities: Water and sewer
Total business-type activities
Total primary government

$

505,770
	1,470,693 

$

-
	44,490 

$

-
	-	

$

-
	-	

$

(505,770)
  (1,426,203)

$

-
-

$

(505,770)
  (1,426,203)

	1,976,463 

	44,490 

	-	

	-	

  (1,931,973)

  (1,931,973)

-

  17,866,693 

	-	

	913,361 

	-	

	885,948 

  17,839,280 

885,948

  17,866,693 

  17,839,280 

	-	

	913,361 

	-	

	885,948 

885,948

$  19,843,156 

$  17,883,770 

$ 	-	

$

913,361

(1,931,973)

885,948

(1,046,025)

General revenues: Assessments Interest income
Miscellaneous income Total general revenues
Change in net position Net position, October 1, 2024
Net position, September 30, 2025

3,598,959
737,626
	43,566 
	4,380,151  2,448,178
  22,710,509 
$  25,158,687 

- 1,347,269
12,931

3,598,959
2,084,895
	56,497 
	5,740,351  4,694,326
  66,188,582 
$  70,882,908 

1,360,200

2,246,148
43,478,073

$  45,724,221 

The accompanying notes to basic financial statements are an integral part of these statements.

10

Coral Springs Improvement District Balance Sheet - Governmental Fund
 September 30, 2025	

General
	Fund	

Assets:
Cash and cash equivalents Investments
Due from other governments

$

11,993,744
6,307,681
	387 

 18,301,812 

Total assets

$

Liabilities: Accounts payable Contracts payable
Accrued expenditures Due to proprietary fund Deposits

$

128,303
127,322
9,975
60,266
	75,717 

	401,583 

Total liabilities

Fund Balance:
Assigned to:
Capital projects
First quarter operating reserves Emergency
Unassigned

3,982,000
450,000
250,000
 13,218,229 

 17,900,229 

Total fund balance

 18,301,812 

Total liabilities and fund balance

$

The accompanying notes to basic financial statements are an integral part of these statements.

11

Coral Springs Improvement District
Reconciliation of the Balance Sheet of the Governmental Fund to the Statement of Net Position
 September 30, 2025	

Total Fund Balance - Governmental Fund

$

17,900,229

Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental fund.

Cost of capital assets
Less accumulated depreciation

$

15,786,100
  (8,447,939)

7,338,161

Certain liabilities are not due and payable in the current period and, therefore, are not reported in the governmental fund.

Total OPEB liability Compensated absences payable

$

(29,113)
	(50,590)

	(79,703)

 25,158,687 

Net Position of Governmental Activities

$

The accompanying notes to basic financial statements are an integral part of these statements.

12

Coral Springs Improvement District
Statement of Revenues, Expenditures and Change in Fund Balance - Governmental Fund
 For the Year Ended September 30, 2025	

General
	Fund	

Revenues:
Assessments Interest income
Miscellaneous income Permit fees

$

3,598,959
737,626
43,566
	44,490 

	4,424,641 

Total revenues

Expenditures:
Current:
General government: Personnel services Operating

304,445
	215,029 

	519,474 

Total general government

Flood control:
Personnel services Operating

471,714
	531,877 

	1,003,591 

Total flood control

	122,890 

Capital outlay

	1,645,955 

Total expenditures

Net change in fund balance

2,778,686

 15,121,543 

Fund Balance, October 1, 2024

$  17,900,229 

Fund Balance, September 30, 2025

The accompanying notes to basic financial statements are an integral part of these statements.

13

Coral Springs Improvement District
Reconciliation of the Statement of Revenues, Expenditures and Change in Fund Balance of the Governmental Fund to the Statement of Activities
 For the Year Ended September 30, 2025	

Net Change in Fund Balance - Governmental Fund

$

2,778,686

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

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is depreciated over their
estimated useful lives.

Expenditures for capital assets Depreciation

$

122,890
	(467,102)

(344,212)

Some expenses reported in the statement of activities are not reported in the governmental funds because they have no effect on current financial resources.

Change in total OPEB liability Change in compensated absences

$

(4,560)
	18,264 

	13,704 

	2,448,178 

Change in Net Position of Governmental Activities

$

The accompanying notes to basic financial statements are an integral part of these statements.

14

Coral Springs Improvement District
Statement of Revenues, Expenditures and Change in Fund Balance - Budget and Actual - General Fund
 For the Year Ended September 30, 2025	

Original and Final Budget *

Actual

Variance

Revenues:
Assessments Interest income
Miscellaneous income Permit fees

3,577,436
300,000
40,464
20,000

3,598,959
737,626
43,566
44,490

21,523
437,626
3,102
24,490

$

$

$

Total revenues

3,937,900

4,424,641

486,741

Expenditures:
Current:
General government: Personnel services Operating

454,006
463,182

304,445
215,029

149,561
248,153

Total general government

917,188

519,474

397,714

Flood control:
Personnel services Operating

551,917
644,750

471,714
531,877

80,203
112,873

Total flood control

1,196,667

1,003,591

193,076

Capital outlay

3,225,000

122,890

3,102,110

Total expenditures

5,338,855

1,645,955

3,692,900

Excess (deficiency) of revenues over (under) expenditures

(1,400,955)

2,778,686

4,179,641

Other Financing Sources (Uses): Appropriation of prior years' fund balance

1,400,955

-

(1,400,955)

Total other financing sources (uses)

1,400,955

-

(1,400,955)

	-	

	2,778,686 

Net change in fund balance

2,778,686

$

$

Fund Balance, October 1, 2024

15,121,543

 17,900,229 

Fund Balance, September 30, 2025

$

* The original budget was not amended.

The accompanying notes to basic financial statements are an integral part of these statements.

15

Coral Springs Improvement District Statement of Net Position - Proprietary Fund
 September 30, 2025	

Water and
 Sewer Fund 

Assets:
Current assets:
Cash and cash equivalents Investments
Accounts receivable
Due from other governments Due from general fund
Total current assets Noncurrent assets:
Restricted cash and cash equivalents
Depreciable net of depreciation Nondepreciable
Total noncurrent assets Total assets
Deferred Outflows of Resources:
Deferred charge on refunding
Liabilities:
Current liabilities:
Accounts payable
Capital improvement contracts payable Accrued expenses
Current portion of compensated absences payable Deposits
Accrued interest payable Current portion of bonds payable Total current liabilities
Noncurrent liabilities:
Total OPEB liability Compensated absences payable Bonds payable
Total noncurrent liabilities Total liabilities
Net Position:
Net investment in capital assets Unrestricted

$

15,902,987
12,911,527
1,837,008
712,245
	60,266 
 31,424,033 

4,287,209
37,514,139
	2,027,139 
 43,828,487 
 75,252,520 

	735,128 

447,750
205,957
85,029
277,714
541,334
284,463
	1,965,000 
	3,807,247 

173,082
268,098
 26,015,000 
 26,456,180 
 30,263,427 

16,377,658
 29,346,563 

$  45,724,221 

Total net position

The accompanying notes to basic financial statements are an integral part of these statements.

16

Coral Springs Improvement District
Statement of Revenues, Expenses and Change in Net Position - Proprietary Fund
 For the Year Ended September 30, 2025	

Water and
 Sewer Fund 

Operating Revenues: Charges for services: Water
Sewer
Contract personnel fees Miscellaneous utility fees Technology sharing fees Rentals

$

9,141,203
8,040,410
83,497
436,820
21,705
	115,645 

 17,839,280 

Total operating revenues

Operating Expenses:
Personnel services
Materials, supplies and services Depreciation

6,906,157
4,984,622
	4,961,167 

 16,851,946 

Total operating expenses

	987,334 

Operating income

Nonoperating Revenues (Expenses):
Interest income Miscellaneous revenue Interest expense

1,347,269
12,931
  (1,014,747)

	345,453 

Total nonoperating revenues (expenses)

Contributions:
Capital contributions

	913,361 

Change in net position

2,246,148

 43,478,073 

Net Position, October 1, 2024

$  45,724,221 

Net Position, September 30, 2025

The accompanying notes to basic financial statements are an integral part of these statements.

17

Coral Springs Improvement District Statement of Cash Flows - Proprietary Fund
 For the Year Ended September 30, 2025	

Water and
 Sewer Fund 

Cash Flows from Operating Activities: Cash received from customers and users Cash paid to employees for services
Cash paid to suppliers for goods and services

$

17,679,128
(6,930,188)
  (5,035,368)

	5,713,572 

Net cash provided by operating activities

Cash Flows from Noncapital Financing Activities:
Cash received for miscellaneous activities

	12,931 

Net cash provided by noncapital financing activities

	12,931 

Cash Flows from Capital and Related Financing Activities:
Proceeds from capital grants
Interest paid and other fiscal charges Bond principal payments
Purchase of capital assets

913,361
(911,645)
(1,910,000)
(4,063,544)

Net cash used in capital
and related financing activities

  (5,971,828)

Cash Flows from Investing Activities:
Purchase of investments Interest received

(563,620)
	1,347,269 

	783,649 

Net cash provided by investing activities

Net increase in cash and cash equivalents

538,324

 19,651,872 

Cash and Cash Equivalents, October 1, 2024

 20,190,196 

Cash and Cash Equivalents, September 30, 2025

$

Cash and Cash Equivalents per Statement of Net Position:
Unrestricted Restricted

$

15,902,987
	4,287,209 

$  20,190,196 

Noncash activities
Capital assets acquired on accounts payable

$ 	80,169 

The accompanying notes to basic financial statements are an integral part of these statements.

18

Coral Springs Improvement District
Statement of Cash Flows - Proprietary Fund (continued)
 For the Year Ended September 30, 2025	

Water and
 Sewer Fund 

Reconciliation of Operating Income to Net Cash Provided by Operating Activities:
Operating income

	987,334 

$

Adjustments to reconcile operating loss to net cash provided by operating activities:
Depreciation
Loss on disposal of capital asset
Changes operating in assets and liabilities: Decrease (increase) in assets:
Accounts receivable
Due from other governments Prepaid items
Due from general fund
Increase (decrease) in operating liabilities: Accounts payable
Accrued expenses Compensated absences payable Deposits
Total OPEB liability

4,961,167
378,583

(165,098)
(639,837)
8,558
(8,508)

210,458
(17,755)
(36,575)
4,946
	30,299 

	4,726,238 

Total adjustments

	5,713,572 

Net cash provided by operating activities

$

The accompanying notes to basic financial statements are an integral part of these statements.

19

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 1 - Organization and Operations

The Coral Springs Improvement District (the "District") was incorporated under the provisions of Chapter 70-617, Laws of Florida, for the purpose of constructing and maintaining systems of drainage, flood control and water and sewer utilities within the boundaries of the District. Its utilities currently service approximately 9,943 meters covering 9,144 accounts.

Note 2 - Summary of Significant Accounting Policies

The basic financial statements of the District have been prepared in conformity with generally accepted accounting principles as applied to governmental units. The District's more significant accounting policies are described below.

Reporting entity: The criteria used for including component units consists of identification of legally separate organizations for which the Board of Supervisors of the District is financially accountable. This criteria also includes identification of organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's basic financial statements to be misleading or incomplete. Based upon this review, there were no potential component units of the District.

The District's basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District's major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The District has both governmental and business-type activities.

In the government-wide statement of net position, the governmental activities column is presented on a consolidated basis, if applicable, and is reported on a full-accrual, economic resource basis, which recognizes all noncurrent assets and receivables as well as all noncurrent debt and obligations. The effect of inter-fund activity has been eliminated from the government-wide financial statements.

The government-wide statement of activities reports both the gross and net cost of each of the District's functions. The net costs, by function, are also supported by general revenues, other revenue, etc. The statement of activities reduces gross expenses by related program revenues, operating and capital grants. Program revenues must be directly associated with the function. Operating grants include operating-specific and discretionary (either operating or capital) grants while the capital grants column reflect capital-specific grants.

This government-wide focus is more on the ability to sustain the District as an entity and the change in the District's net position resulting from the current year's activities.

The accounts of the District are organized on the basis of funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance/net position, revenues and

expenditures (expenses).

The various funds are summarized by type in the basic financial

statements. The following fund types are used by the District:

General Fund - The General Fund is established to account for all financial transactions not properly accounted for in another fund.

20

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 2 - Summary of Significant Accounting Policies (continued)

Water and Sewer Fund - The Water and Sewer Fund is a proprietary fund established to account for operations that are to be financed and operated in a manner similar to private business enterprises. The costs of providing services to customers are to be recovered primarily through user charges.

Measurement focus, basis of accounting, and presentation: Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the basic financial statements. It relates to the timing of the measurements made regardless of the measurement focus applied. Governmental funds use the current financial resources measurement focus and the government-wide statements use the economic resources measurement focus.

Governmental activity in the government-wide financial statements is presented on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

The governmental fund is accounted for using the modified accrual basis of accounting. Revenues are recognized when they become measurable and available for use. "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The District considers revenues available if they are collected within sixty days after year end. Expenditures are generally recognized when the liability is incurred, except that interest payable on debt is recognized only when due.

The Proprietary Fund uses the accrual basis of accounting. Revenue is recognized when earned and expenses are recognized when incurred.

Budgets and budgetary accounting: The District's annual budgets are adopted for the General Fund and Water and Sewer Fund and approved by the Board of Supervisors. The budget amounts presented in the accompanying basic financial statements are as originally adopted by the District's Board of Supervisors. Any amendments to the budget are reflected in the amended budget.

The General Fund budget is prepared on a basis consistent with generally accepted accounting principles (GAAP).

Encumbrances: The District does not utilize encumbrance accounting.

Cash equivalents: For purposes of the statement of cash flows, the Water and Sewer Fund considers all highly liquid investments (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents.

Investments: Investments are stated at their fair value, which is the price that would be received to sell an investment in an orderly transaction at year-end. Certain investments are stated at amortized cost if they have a remaining maturity of one year or less when purchased.

Accounts receivable: Accounts receivable reflected in the Water and Sewer Fund consist of charges to customers for service including sewer revenues on services which have been rendered whether billed or not. No allowance for doubtful accounts is considered necessary.

21

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 2 - Summary of Significant Accounting Policies (continued)

Prepaid items: Certain payments reflect costs applicable to a future accounting period and are recorded as prepaid items in both the government-wide and fund financial statements.

Capital assets: Capital assets, which include land, easements, buildings, infrastructure, machinery and equipment and construction-in-progress, are reported in the governmental or business-type activities columns in the government-wide financial statements. All capital assets are valued at historical cost or estimated cost when actual historical cost is not available. The District defines capital assets as assets with an initial individual cost of more than $ 5,000 and an estimated useful life in excess of one year. Depreciation on all capital assets is charged to operations using the straight-line method over the assets’ estimated service lives, ranging from 5 to 40 years.

The costs of normal maintenance and repairs that do not add to the value of the capital asset or materially extend its life are not capitalized.

Due to/from other funds: Short-term inter-fund advances, when applicable, are recorded by the advancing fund as a receivable with a corresponding payable recorded by the receiving fund. Repayments reduce the corresponding receivable and payable. Inter-fund balances are eliminated in the government-wide financial statements. In addition, the due to/from other funds are discussed in Note 6.

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 assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has one item that qualifies for reporting in this category. It is a deferred charge on refunding reported in the proprietary fund and government wide statement of net position. A deferred charge on refunding results from the difference in carrying value of refunded debt and its reacquisition price. The amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.

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 assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District does not have any items that qualify for reporting in this category.

Net position:
follows:

Net position is classified in three categories.  The general meaning of each is as

a.

Net investment in capital assets - consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds or other borrowings that are attributable to the acquisition, construction or improvement of those assets.

b.

Restricted - consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments, or 2) law through constitutional provisions or enabling legislation.

c.

Unrestricted - all other net position that do not meet the definition of "restricted" or "net investment in capital assets."

22

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 2 - Summary of Significant Accounting Policies (continued)

Fund balance: U.S. GAAP requires that governmental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the District is bound to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The classifications used in the governmental fund financial statements are as follows:

Nonspendable: This classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) are legally or contractually required to be maintained intact.

Restricted: This classification includes amounts for which constraints have been placed on the use of the resources either (a) externally imposed by creditors (such as through a debt covenant), grantors, contributors, or laws or regulations of other governments, or (b) imposed by law through constitutional provisions or enabling legislation. Debt service resources are to be used for future servicing of the revenue note and are restricted through debt covenants.

Committed: This classification includes amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the District Board of Supervisors (the “Board”). These amounts cannot be used for any other purpose unless the Board removes or changes the specified use by taking the same type of action (ordinance or resolution) that was employed when the funds were initially committed. This classification also includes contractual obligations to the extent that existing resources have been specifically committed for use in satisfying those contractual requirements.

Assigned: This classification includes amounts that are constrained by the District’s intent to be used for a specific purpose but are neither restricted nor committed. This intent can be expressed by the Board or through the Board delegating this responsibility to the District manager through the budgetary process. This classification also includes the remaining positive fund balance for all governmental funds except for the General Fund.

Unassigned: This classification includes the residual fund balance for the General Fund.

When the District has expenditures for which committed, assigned or unassigned fund balance is available, the District would consider committed funds to be spent first, then assigned funds and lastly unassigned funds.

Property tax calendar (assessments): Property tax assessments are validated with the Broward County Property Appraiser and collected by the Broward County Tax Collector. The key dates in the property tax cycle are as follows:

Preceding Fiscal Year:

Enforceable lien date Tax roll validated Taxes levied

January 1
June 1 and July 1
November 1

23

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 2 - Summary of Significant Accounting Policies (continued)

Current Fiscal Year:

Beginning of fiscal year for which taxes have been levied
Tax bills rendered Tax due date Delinquent tax lien Tax certificates sold

October 1 Prior to November 1
March 31
April 1 On or before June 1

Use of estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

New accounting pronouncements: During the current fiscal year, the District implemented GASB Statement No. 101, Compensated Absences, which requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. In addition, the District implemented GASB Statement No. 102, Certain Risk Disclosures, which addresses obligations for governmental entities to disclose a variety of risks that could negatively affect the level of service they provide or their ability to meet obligations as they come due. There were no changes required to the financials of the District as a result of the adoption of these standards.

Date of management review: Subsequent events were evaluated by management through March 4, 2026 which is the date the financial statements were available for issuance.

Note 3 - Deposits and Investments

Deposits:

At September 30, 2025, the carrying amount of the District’s bank deposits was

$ 32,183,940 and the bank balance was $ 32,257,552.

State statutes require, and it is the District’s policy, that all deposits be made into, and be held by, financial institutions designated by the Treasurer of the State of Florida as “qualified public depositories” as defined by Chapter 280 of the Florida Statutes. This statute requires that every qualified public depository institution maintains eligible collateral to secure the public entity’s funds. The minimum collateral to be pledged by an institution, the collateral eligible for pledge, and the reporting requirements of the qualified public depositor to the Treasurer is defined by statute. Collateral is pooled in a multiple qualified public depository institution pool with the ability to assess members of the pool should need arise. The District’s deposits of $ 31,757,552, which are in excess of the federal insured level of $ 250,000, are held in qualified public depositories and are covered by the collateral pool held in the name of the financial institution’s trust department or agent but not in the District’s name. In addition, the District had $ 10,500 in petty cash.

Investments: The investment of funds is authorized by Florida Statutes, which allows the District to invest in the Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, SEC registered money market funds with the highest credit quality rating, interest-bearing time deposits or savings accounts in qualified public depositories and direct obligations of the United States Treasury. Certain investments of the proprietary fund are governed by Bond Indentures.

24

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 3 - Deposits and Investments (continued)

The Florida SBA Pool, herein referred to as “Florida PRIME”, is not a registrant with Securities and Exchange Commission (“SEC”); however, its board has adopted operating procedures consistent with the requirements for a 2a-7 fund. For the Florida PRIME, a 2a-7 like pool, the value of the District’s position is the same as the value of the pool shares and is recorded at amortized cost. In accordance with these requirements, the method used to determine the participant’s shares sold and redeemed is the amortized cost method. Amortized cost includes accrued income and is a method of calculating an investment’s value by adjusting its acquisition cost for the amortization of discount or premium over the period from purchase to maturity.

The District’s account balance in the SBA is its amortized cost. The SBA is governed by Chapter 19-7 of the Florida Administrative Code. These rules provide guidance and establish the general operating procedures for the administration of the SBA. Additionally, the Office of the Auditor General of the State of Florida performs the operational audit of the activities and investment of the SBA. The SBA accounts are not subject to custodial risk as these investments are not evidenced by securities that exist in physical or bank entry form.

In accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants, the District’s investment in the Florida PRIME meets the definition of a qualifying investment pool that measures for financial reporting purposes all of its investments at amortized cost and should disclosure the presence of any limitations or restrictions on withdrawals. As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant's daily access to 100 percent of their account value.

Investments as of September 30, 2025, were as follows:

Investments Measured at Amortized
	Cost	

	Maturity	

Included with cash and cash equivalents: Money Market
Included with restricted cash and cash equivalents: Money Market
Included with investments: State Board of Administration: Florida Prime
Florida Class Florida Fit

26,209,326

N/A

$

4,287,209

N/A

6,427,653
6,409,474
	6,382,081 
19,219,208

47 days
42 days
1 day

 49,715,743 

Total investments

$

These deposits and investments are reflected in the

accompanying statement of net position as

cash and cash equivalents, and restricted cash and cash equivalents of $ 32,183,940 and investments of $ 19,219,208.

Credit risk: Florida Statutes require the money market mutual funds held by the District to have the highest credit quality rating from a nationally recognized rating agency. The State Board of Administration funds held by the District are rated AAAm by Standard and Poor's.
25

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 3 - Deposits and Investments (continued)

Interest rate risk: Florida Statutes state that the investment portfolio be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. The District’s investments are not subject to interest rate risk.

Custodial credit risk: For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or

collateral securities that are in the possession of an outside party. investments are subject to custodial credit risk.

None of the District’s

Restricted cash and cash equivalents: The proprietary fund maintains cash and cash equivalents restricted for the following purposes. See Note 7 for additional information.

Future debt service
Renewal and replacement of capital assets

1,000,286

$

	3,286,923 

Total restricted cash and cash equivalents

  4,287,209 

$

Note 4 - Capital Assets

The following is a schedule of changes in capital assets during the year ended September 30, 2025:

Balance, October 1,
	2024	

Balance,
September 30,
	2025	

  Additions	

  Deletions 

  Transfers	

Governmental Activities:
Capital assets, not being depreciated: Construction in progress
Land

$

13,322
	553,200 

$

122,890
	-	

$

-
	-	

$

-
	-	

$

136,212
	553,200 

Total capital assets, not being depreciated

	566,522 

	122,890 

	-	

	-	

	689,412 

Capital assets, being depreciated: Infrastructure
Machinery and equipment

14,202,158
	894,530 

-
	-	

-
	-	

14,202,158
	894,530 

	-	

Total capital assets, being depreciated   15,096,688 

	-	

	-	

	-	

 15,096,688 

Less accumulated depreciation for: Infrastructure
Machinery and equipment

7,262,088
	718,749 

435,077
	32,025 

-
	-	

-
	-	

7,697,165
	750,774 

  7,980,837 

	467,102 

	-	

	-	

  8,447,939 

Total accumulated depreciation

Total capital assets, being depreciated, net

  7,115,851 

	(467,102) 

	-	

	-	

  6,648,749 

Governmental activities capital assets, net

$   7,682,373 

$ 	(344,212)

$ 	-	

$ 	-	

$   7,338,161 

26

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 4 - Capital Assets (continued)

Balance, October 1,
	2024	

Balance,
September 30,
	2025	

  Additions	

  Deletions 

  Transfers	

Business-Type Activities:
Capital assets, not being depreciated: Construction in progress
Easement Land

$

1,632,304
394,998
	361,739 

$

1,233,640
-
	-	

$

(378,583)
-
	-	

$	(1,216,959)
-
	-	

$

1,270,402
394,998
	361,739 

Total capital assets, not being depreciated

  2,389,041 

	1,233,640 

	(378,583) 

  (1,216,959) 

  2,027,139 

Capital assets, being depreciated: Infrastructure
Buildings
Machinery and equipment

138,224,147
1,121,159
  7,935,827 

588,030
103,000
	2,219,043 

(514,784)
(1,136)
	(106,383) 

182,547
-
  1,034,412 

138,479,940
1,223,023
 11,082,899 

Total capital assets, being depreciated   147,281,133 

	2,910,073 

	(622,303) 

  1,216,959 

 150,785,862 

Less accumulated depreciation for: Infrastructure
Buildings
Machinery and equipment

103,107,062
1,081,236
  4,744,561 

4,367,240
13,863
	580,064 

(514,784)
(1,136)
	(106,383) 

-
-
	-	

106,959,518
1,093,963
  5,218,242 

 108,932,859 

	4,961,167 

	(622,303) 

	-	

 113,271,723 

Total accumulated depreciation

Total capital assets, being depreciated, net

  38,348,274 

  (2,051,094) 

	-	

  1,216,959 

 37,514,139 

Business-type activities capital assets, net

$  40,737,315 

$ 	(817,454)

$ 	(378,583)

$ 	-	

$  39,541,278 

Provision for depreciation was charged to functions as follows:

Governmental Activities - Flood control

	467,102 

$

Business-Type Activities - Water and sewer

  4,961,167 

$

Note 5 - Commitments

The District has various ongoing construction contracts. As of

September 30, 2025, commitments on

uncompleted construction contracts totaled approximately $ 1,468,000.

Note 6 - Interfund Transactions

Interfund receivables and payables arise from short‑term transactions between funds to provide liquidity, fund operating activities, and facilitate the timely payment of expenditures. These balances generally result from the allocation of shared costs and from expenditures initially paid by one fund on behalf of another. As of September 30, 2025, the General Fund reports a due to the Water and Sewer Fund in the amount of $60,266, which is primarily attributable to water and sewer charges billed to and paid on behalf of the General Fund by the Water and Sewer Fund. Interfund balances are expected to be settled within the subsequent fiscal year and are not intended to represent permanent transfers or long‑term financing arrangements. No interest is charged on interfund balances.
27

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 7 - Debt

a.

Summary of debt of business-type activities:

Debt at September 30, 2025, included the following:

$ 42,830,000 Series 2016 Water and Sewer Refunding Revenue Bonds, due in annual installments through June 2031, at which time a balloon payment of $ 17,530,000 plus interest will be due; interest is payable semi-annually at a fixed rate of 3.05%.

$   27,980,000 

The following is a summary of the changes that occurred in the Water and Sewer Fund debt during the year ended September 30, 2025:

Balance, October 1,
	2024	

Balance,
September 30,
 Deletions 		2025	

Due Within
 One Year 

Provision for Amortization

 Addi tions 

Series 2016 Bond	$   29,890,000 

$ 	-	 $  1,910,000  $ 	27,980,000 

$   1,965,000 

$ 	122,521 

b.

Summary of significant bond terms of business-type activities:

The Bonds are payable from the net revenues of the water and sewer system of the District. The District covenants to maintain utility rates which will be sufficient to pay its operating expenses and 110% of the annual required principal and interest on the Bonds. The Bondholder requires the District to maintain deposits with a minimum required balance of
$ 3,000,000. The Series 2016 Bonds maturing after June 1, 2026 are subject to redemption prior to maturity at the option of the District. The Series 2016 Bonds maturing through June 1, 2031 are subject to mandatory sinking fund redemption as outlined in the Bond

Indenture.

In addition, the Bonds established a Renewal and Replacement Fund as

discussed in Note 8.

Upon the occurrence of an event of default (including a payment default, bankruptcy, or breach of material covenants, representations or warranties), the bondholders, as the case may be, may pursue any available remedy at law or in equity or by statute, including any applicable law or statute of the United States of America or of the State of Florida, to enforce the payment of principal and interest on the applicable bond then outstanding or the obligations of the District.

c.

The annual debt service requirements are as follows:

Year Ending

 September 30, 

  Principal	

	Interest	

	Total	

2026
2027
2028
2029
2030

$ 1,965,000
2,025,000
2,090,000
2,150,000
2,220,000
 17,530,000 

$

853,390
793,458
731,694
667,950

$ 2,818,390
2,818,458
2,821,694
2,817,950
2,822,374
 18,064,664 

602,374
	534,664 

2031

$  27,980,000 

$   4,183,530 

$  32,163,530 

28

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 8 - Restricted Net Position

Proprietary Fund: The 2016 Series Bonds established a Renewal and Replacement Account to be used for the purpose of paying the costs of nonrecurring maintenance expenditures, extensions, improvements or additions to, or the replacement of the water and sewer system. The minimum required balance for the Renewal and Replacement Account is $ 1,000,000. The balance in the Renewal and Replacement Account at September 30, 2025, was $ 3,286,923 which is reflected as restricted net position in the accompanying statement of net position for the proprietary fund.

Note 9 - Compensated Absences Payable

Employees of the District accumulate unused sick and vacation time up to a specified number of hours depending on the employee's length of employment. Accumulated sick and vacation time can be redeemed in cash at retirement. The accumulated liability for the unused compensated absences at September 30, 2025 of the General Fund is considered to be payable from future resources and, accordingly, is only recorded in the governmental activities column of the statement of net position.

The following is a schedule of the changes in compensated absences of the governmental activities:

Balance, October 1,
	2024	

Net Increase
 (Decrease) 

Balance, September 30,
	2025	

Due

Within

  One Year	

	68,854 

	(18,264)

	50,590 

20,473

$

$

$

$

The following is a schedule of the changes in compensated absences of the Proprietary Fund:

Balance, October 1,
	2024	

Net Increase
 (Decrease) 

Balance, September 30,
	2025	

Due

Within

  One Year	

	582,387 

	(36,575)

	545,812 

	277,714 

$

$

$

$

Note 10 - Other Employee Benefit Plans

The District has a defined contribution pension plan qualified under Sections 401(a), 403(a), and 501(a) of the Internal Revenue Code. The Plan is administered by an independent trustee and the District does not control the assets. All employees who meet the three consecutive months of employment are qualified to participate. All contributions to the plan are fully funded through employer contributions. Total salaries for the year were $ 5,321,645. Total salaries of qualified participants were $ 5,274,019. Each participant’s non-forfeitable percentage of his employer’s contribution account relating to contributions up to 6% of compensation increases (vests) at 20% for each year of plan participation. The remainder of the employer’s contribution account for contributions in excess of 6% of compensation, increases (vests) immediately.

29

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 10 - Other Employee Benefit Plans (continued)

The District has a deferred compensation plan qualified under Section 457(b) of the Internal Revenue code. The Plan is administered by an independent trustee and the District does not control the assets. All full-time employees who meet the three consecutive months of employment and are of 18 years of age are qualified to participate. All contributions to the plan are fully funded through employee payroll deduction. Total salaries for the year were $ 5,321,645. Total salaries of qualified participants were $ 5,274,019.

Employer contributions for the year, less forfeitures from terminated employees, totaled $ 552,980 and are included in personnel services of the General and Water and Sewer Funds.

Note 11 - Post-Employment Benefits

Plan Description

The District provides post-employment health insurance benefits, also known as other postemployment benefits (“OPEB”) to its retired employees through a single-employer plan administered by the District. Pursuant to the provisions of Section 112.0801, Florida Statutes, former employees who retire from the District or its major component unit and eligible dependents may continue to participate in the District’s fully-insured benefit plan for medical insurance coverage. The District subsidizes the premium rates paid by retirees by allowing them to participate in the plan at reduced or blended group (implicitly subsidized) premium rates for both active and retired employees. These rates provide an implicit subsidy for retirees because, on an actuarial basis, their current and future claims are expected to result in higher costs to the plan on average than those of active employees. The benefits provided under this defined benefit plan are provided until the retiree’s attainment of age 65 (or until such time at which retiree discontinues coverage under the District sponsored plans, if earlier). There are no plan assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statements No. 75 and as a result, there is no separate financial report issued.

As of the September 30, 2023 actuarial valuation (rolled-forward to the September 30, 2024 measurement date), there were 56 active plan members and no inactive members currently receiving benefits or entitled to but not yet receiving benefits.

The District’s total OPEB liability was measured as of September 30, 2024, and was determined by an actuarial valuation date as of September 30, 2023.

Funding Policy

Currently, the District follows a pay-as-you-go funding policy, contributing only those amounts necessary to provide for its portion of current year benefit costs and expenses. The District does not directly make a contribution to the plan on behalf of retirees. Retirees and their beneficiaries pay the same group rates as are charged to the District for active employees by its healthcare provider. For the fiscal year ended September 30, 2025 there were no retirees receiving other postemployment benefits. Current and future retirees are required to pay 100% of the blended premium to continue coverage under the District’s group health insurance program.

30

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 11 - Post-Employment Benefits (continued)

Methods and Assumptions

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each Alternative Measurement Method (“AMM”) calculation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. As authorized by GASB Statement No. 75, the AMM allows the employer to use simplifications of certain assumptions in measuring the costs and liabilities.

The following simplifying assumptions were made:

Actuarial cost method - Entry Age Normal

Inflation rate - 2.50%

Discount rate - 3.81%

Salary increases - 3.50%

Retirement age for active employees - Earlier of age 62 with at least six years of service, or at least 30 years of service at any age; participants who have attained such age as of the valuation date are assumed to retire one year after the valuation date.

Active member marital status - Assumption of marital status for active employees has been incorporated in the acceptance probability for spousal coverage. Using this approach, the percentage of future retired plan members taking spousal coverage was assumed at 0%. For active employees, spouses’ genders were assumed to be opposite to the members’ genders and females were assumed three years younger than their spouses. Covered spouse data were collected for current retired plan members as of the valuation date and were assumed to remain unchanged until the assumed death of the spouses.

Mortality - Mortality tables used in the July 1, 2023 actuarial valuation of the Florida Retirement System for non-K-12 Instructional Regular Class members. These rates were taken from adjusted PUB-2010 mortality tables published by the Society of Actuaries with generational mortality improvements using Scale MP-2018. Adjustments to referenced tables are based on the results of a statewide experience study covering the period 2013 through 2018.

Healthcare cost trend rates - 6.50% for the fiscal year beginning 2024, 6.25% for fiscal year beginning 2025 and then gradually decreasing to an ultimate trend rate of 4.00%.

Assumption changes - The discount rate was changed from 4.63% as of the previous measurement period to 3.81% as of September 30, 2024. There were no benefit changes during the year.

31

Coral Springs Improvement District Notes to Basic Financial Statements
 September 30, 2025	

Note 11 - Post-Employment Benefits (continued)

Total OPEB
  Liability	

$ 	167,336 

Balance at September 30, 2023 (measurement date)

Changes for the year:
Service cost
Interest on the total OPEB liability Changes in assumption and other inputs

10,200
8,220
	16,439 

	34,859 

Net Change

$ 	202,195 

Balance at September 30, 2024 (measurement date)

Sensitivity of Total OPEB Liability to Changes in the Discount Rate: The following presents the plan’s total OPEB liability, calculated using a discount rate of 3.81%, as well as what the plan’s total OPEB

liability would be if it were calculated using a discount percent higher:

rate that is one percent lower or one

Current Discount Rate Assumption
	3.81%	

1% Decrease
	2.81%	

1% Increase

	4.81%	

	223,970 

	202,195 

	182,429 

Total OPEB Liability

$

$

$

Sensitivity of Total OPEB Liability to Changes in the Healthcare Cost Trends Rate: The following presents the total OPEB liability of the District, as well as what the District’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (5.50%) or 1-percentage-point higher (7.50%) than the current healthcare cost trend rates:

Current Healthcare Cost Trend Rate
 Assumption

 1% Increase

1% Decrease

	178,247 

	202,195 

	230,542 

Total OPEB Liability

$

$

$

OPEB Expense (Income) and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB: For fiscal year ended September 30, 2025, the District recognized OPEB expense of
$ 34,859. There were no payables, deferred outflows of resources and deferred inflows of resources related to OPEB for the fiscal year ended September 30, 2025.

32

Coral Springs Improvement District Notes to Basic Financial Statements September 30, 2025

Note 12 - Risk Management

The District is exposed to various risks of losses related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees, and natural disasters. The District carries commercial insurance to handle these various risks of losses.

Claims, expenditures, and liabilities would have been reported if it were probable that a loss in excess of policy limits had occurred and the amount of that loss could be reasonably estimated.

33

REQUIRED
SUPPLEMENTAL INFORMATION

Coral Springs Improvement District Required Supplementary Information
Schedule of Changes in the Total OPEB Liability and Related Ratios Other Post-Employment Benefits (OPEB) Plan
 Last Eight Years (Unaudited)	

	2024	

	2023	

	2022	

	2021	

	2020	

	2019	

	2018	

	2017	

September 30, (Measurement Date)

Total OPEB Liability:
Service cost
Interest on the total OPEB liability Difference between expected and actual experience
Changes in assumption and other inputs

$

10,200
8,220

$

10,904
7,199

$

16,096
4,026

$

13,021
3,845

$

11,694
3,797

$

11,087
5,328

$

11,287
4,449

$

11,663
3,592

-
	16,439 

113
	(3,598)

-
	(35,139)

9,535
	(5,169)

-
	4,635 

(32,807)
	14,747 

-
	(3,542)

-
	(3,641)

Net Change in Total OPEB Liability

34,859

14,618

(15,017)

21,232

20,126

(1,645)

12,194

11,614

	167,336 

	152,718 

	167,735 

	146,503 

	126,377 

	128,022 

	115,828 

	104,214 

Total OPEB Liability - Beginning

$ 	202,195 

$ 	167,336 

$ 	152,718 

$ 	167,735 

$ 	146,503 

$ 	126,377 

$ 	128,022 

$ 	115,828 

Total OPEB Liability - Ending

$  5,139,786

$  4,197,129

$  4,300,844

$  4,179,760

$  3,975,452

$  3,568,166

$  3,395,535

$  3,438,220

Covered-employee Payroll *

District's Total OPEB Liability as Percentage of Covered-employee Payroll

3.93%

3.99%

3.55%

4.01%

3.69%

3.54%

3.77%

3.37%

Note to Schedule:
The plan is funded on a pay-as-you-go basis and is not administered as a formal qualifying trust. There were no plan assets as of the date of the most recent valuation. Since there are currently no invested plan assets held in trust to finance the OPEB liability, the discount rate is based on the daily rate of Bond Buyer’s “20-Bond GO Index”.

* Covered-employee payroll is for the calendar year period used for the actuarial valuation.

The schedule is prepared as of the measurement date of the Total OPEB liability which is September 30 of the preceding fiscal year.

This schedule is intended to present information for 10 years. However, until a full 10-year trend is compiled, the OPEB plan will present information for those years for which the information is available.

34

Coral Springs Improvement District Required Supplementary Information Schedule of District Contributions
Other Post-Employment Benefits (OPEB) Plan
 (Unaudited)	

The District does not currently contribute to the OPEB Plan and therefore there is no funding schedule.

35

OTHER
SUPPLEMENTAL INFORMATION

Coral Springs Improvement District
Schedule of Operating Expenses by Department - Proprietary Fund
 For the Year Ended September 30, 2025	

Water and
 Sewer Fund 

Administrative Operations:
Personnel services
Materials, supplies and services Depreciation

$

1,749,323
1,157,680
	93,874 

	3,000,877 

Total administrative operations

Plant Operations:
Personnel services
Materials, supplies and services Depreciation

3,716,381
3,218,626
	3,603,153 

  10,538,160 

Total plant operations

Field Operations:
Personnel services
Materials, supplies and services Depreciation

1,440,453
608,316
	1,264,140 

	3,312,909 

Total field operations

  16,851,946 

Total operating expenses

$

36

OTHER REPORTS OF
INDEPENDENT AUDITORS

Citrin Cooperman & Company, LLP
Certified Public Accountants

6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308
T 954.771.0896 F 954.938.9353
citrincooperman.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
Coral Springs Improvement District

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, the business-type activities, and each major fund of the Coral Springs Improvement District (the "District"), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District's basic financial statements and have issued our report thereon dated March 4, 2026.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we do not express an opinion on the effectiveness of the District's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.

37

Citrin Cooperman & Company, LLP

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. 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 District'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 District's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Fort Lauderdale, Florida March 4, 2026

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.
38

Citrin Cooperman & Company, LLP
Certified Public Accountants

6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308
T 954.771.0896 F 954.938.9353
citrincooperman.com

MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE FLORIDA AUDITOR GENERAL

The Board of Supervisors
Coral Springs Improvement District

Report on the Financial Statements
We have audited the financial statements governmental activities, business-type activities and each major fund of the Coral Springs Improvement District (the "District"), as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated March 4, 2026.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and Chapter 10.550, Rules of Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountant’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 4, 2026, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings and recommendations made in the preceding annual financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Coral Springs Improvement District was established under the laws of the State of Florida in Chapter 70-617, as amended. The District does not have any component units.

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.

39

Citrin Cooperman & Company, LLP

Financial Condition and Management
Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s 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.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Property Assessed Clean Energy (PACE) Programs
As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, the District a statement as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, did operate within the District’s geographical boundaries during the fiscal year under audit.
As required by Section 10.554(1)(i)6.b., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the District, a list of all program administrators and third-party administrators that administered the program. A list of program and third-party administrators can be found here:

·

https://www.broward.org/Sustainability/Pages/PACE.aspx

As required by Section 10.554(1)(i)6.c., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the District, the full names and contact information of each such program administrator and third-party administrator. The full names and contact information for such program and third-party administrators can be found here:

·

https://www.broward.org/Sustainability/Documents/PACEProviderList_2025.pdf

Specific Information
As required by Section 218.39(3)(c), Florida Statutes, and Sections 10.554(1)(i)6 and 10.554(1)(i)7, Rules of the Auditor General, the District reported the specific information in Exhibit 1 accompanying this report. The information for compliance with Section 218.39(3)(c), Florida Statutes and Sections 10.554(1)(i)6 and 10.554(1)(i)7, Rules of the Auditor General, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.
40

Citrin Cooperman & Company, LLP

Monthly Financial Statements
Sections 10.554(1)(i)9.a. and 10.556(9), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the District provided monthly financial statements to its governing board and made such monthly statements available for public access on its website. In connection with our audit, we determined that the District provided monthly financial statements to its governing board and made such monthly statements available for public access on its website.
Transparency
Sections 10.554(1)(i)9.b. and 10.556(9), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether the District provided a link on its website to the Florida Department of Financial Service’s website to view the District’s annual financial report submitted to the Department. In connection with our audit, we determined that the District provided a link on its website to the Florida Department of Financial Service’s website.
Sections 10.554(1)(i)9.c. and 10.556(9), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether the District posted its tentative and final budgets on its website. In connection with our audit, we determined that the District posted its tentative and final budgets on its website.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Fort Lauderdale, Florida March 4, 2026

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.
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Coral Springs Improvement District Exhibit 1
Data Elements Required By Section 218.39(3)(c), Florida Statutes and Sections 10.554(1)(i)6 and 10.554(1)(i)7, Rules of the Auditor General (Unaudited)

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Data Element

Comments

Number of district employees compensated at 9/30/2025

65

Number of independent contractors compensated in September 2025

0

Employee compensation for FYE 9/30/2025 (paid/accrued)

$5,309,921

Independent contractor compensation for FYE 9/30/2025 (paid/accrued)

$0

Each construction project to begin on or after October 1; (>$65K)

Grant 25% match for Hardening of building Phase II

$535,000

Replace sand strainers as per 10yr cip

$1,700,000

Interior Reline 3/4 MG GST CROM or Supply Soltns 430k (No Ext)

$450,000

Well VFD Install - Well #5

$375,000

HSP #1 bypass

$85,000

Digester #1 Blower Replacement

$1,274,131

Plant F Improvement Project by Global Tech

$450,000

New #404 Deep Well Pump and Motor

$150,000

Huber Bar Screen Auger Replacement

$120,000

Meter replacement program

$3,800,000

Lift Station basin lining #4

$1,500,000

Building for generators

$1,500,000

Rehab LS #36

$260,000

Rehab one lift station

$200,000

Valve exerciser/vaccum trailer

$140,000

Budget variance report

Page 15

Ad valorem taxes:

Millage rate FYE 9/30/2025

use IRS rate

Ad valorem taxes collected FYE 9/30/2025

only non-AdValorem

Non ad valorem special assessments:

Special assessment rate FYE 9/30/2025

$296.21

Special assessments collected FYE 9/30/2025

$3,598,958

Outstanding Bonds:

Series 2016, due June 1, 2031

$27,980,000 - See Note 6

Citrin Cooperman & Company, LLP
Certified Public Accountants

6550 N Federal Hwy, 4th Floor Fort Lauderdale, FL 33308
T 954.771.0896 F 954.938.9353
citrincooperman.com

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
Coral Springs Improvement District

We have examined Coral Springs Improvement District (the “District”) compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies (the “specified requirements”), during the year ended September 30, 2025. Management is responsible for the District’s compliance with the specified requirements. Our responsibility is to express an opinion on the District’s compliance with the specified requirements 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 above. 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.
We are required to be independent and to meet our other ethical requirements in accordance with relevant ethical requirements relating to the examination requirements.
Our examination does not provide a legal determination on the District’s compliance with the specified requirements.
In our opinion, the District complied, in all material respects, with the specified requirements for the year ended September 30, 2025.
This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.

Fort Lauderdale, Florida March 4, 2026

"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.

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