Turnbull Creek 
Community Development District 
ANNUAL FINANCIAL REPORT 
September 30, 2024 
Turnbull Creek Community Development District 
ANNUAL FINANCIAL REPORT 
September 30, 2024 
TABLE OF CONTENTS 
Page 
Number 
REPORT OF INDEPENDENT AUDITORS 1-3 
MANAGEMENT’S DISCUSSION AND ANALYSIS 4-9 
BASIC FINANCIAL STATEMENTS: 
Government-wide Financial Statements: 
Statement of Net Position 10 
Statement of Activities 11 
Fund Financial Statements: 
Balance Sheet – Governmental Funds 12 
Reconciliation of Total Governmental Fund Balances 
to Net Position of Governmental Activities 13 
Statement of Revenues, Expenditures and Changes in Fund 
Balances – Governmental Funds 14 
Reconciliation of the Statement of Revenues, Expenditures 
and Changes in Fund Balances of Governmental Funds 
to the Statement of Activities 15 
Statement of Revenues, Expenditures and Changes in Fund 
Balances – Budget and Actual – General Fund 16 
Notes to Financial Statements 17-28 
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER 
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS 
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN 
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 29-30 
MANAGEMENT LETTER 31-34 
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH 
SECTION 218.415, FLORIDA STATUTES 35 
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REPORT OF INDEPENDENT AUDITORS 
To the Board of Supervisors 
Turnbull Creek Community Development District 
St. Johns County, Florida 
Report on Audit of the Financial Statements 
Opinion 
We have audited the financial statements of the governmental activities and each major fund of Turnbull Creek Community Development District (the “District”), as of and for the year ended September 30, 2024, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. 
In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Turnbull Creek Community Development District as of September 30, 2024, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. 
Basis for Opinion 
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 
Responsibilities of Management for the Financial Statements 
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 
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To the Board of Supervisors 
Turnbull Creek Community Development District 
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s 
ability to continue as a going concern for one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter. 
Auditor’s Responsibility for the Audit of the Financial Statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. 
In performing an audit in accordance with GAAS and Government Auditing Standards, we: 
• Exercise professional judgement 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 judgement, 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. 
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To the Board of Supervisors 
Turnbull Creek Community Development District 
Required Supplementary Information 
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 
Other Reporting Required by Government Auditing Standards 
In accordance with Government Auditing Standards, we have also issued a report dated May 23, 2025 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts. 
The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Turnbull Creek Community Development District’s internal control over financial reporting and compliance. 
Berger, Toombs, Elam, Gaines & Frank 
Certified Public Accountants PL 
Fort Pierce, Florida 
May 23, 2025 
Turnbull Creek Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2024 
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Management’s discussion and analysis of Turnbull Creek Community Development 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 in conjunction with the District’s financial statements. 
OVERVIEW OF THE FINANCIAL STATEMENTS 
The District’s basic financial statements comprise three components; 1) government-wide financial statements, 2) fund financial statements, and 3) notes to financial statements. The government-wide financial statements present an overall picture of the District’s financial position and results of operations. The fund financial statements present financial information for the District’s major funds. The notes to financial statements provide additional information concerning the District’s finances. 
The government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments. 
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Assets, liabilities, and net position are reported for all Governmental activities. 
The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment, culture and recreation, and debt service. 
Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources. 
Turnbull Creek Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2024 
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OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) 
Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements. 
The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets, are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. In the statement of activities, transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as special assessment bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliation is provided from the fund financial statements to the government-wide financial statements. 
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements. 
Financial Highlights 
The following are the highlights of financial activity for the year ended September 30, 2024. 
♦ The District’s total liabilities exceeded total assets by $(650,226) (net position). Net investment in capital assets was $(1,606,531), restricted net position was $261,366 and unrestricted net position was $694,939. 

♦ Governmental activities revenues totaled $2,817,385 while governmental activities expenses totaled $2,355,889. 

Turnbull Creek Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2024 
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OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) 
Financial Analysis of the District 
The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes. 
Net Position 
The increase in current assets and current liabilities is related to the increase in accounts payable in the current year. 2024 2023 Current assets 930,134 $ 898,310 $ Restricted assets 1,115,208 1,014,959 Capital assets 10,030,783 10,301,783 Total Assets 12,076,125 12,215,052 Current liabilities 1,283,989 1,048,949 Non-current liabilities 11,442,362 12,277,825 Total Liabilities 12,726,351 13,326,774 Net investment in capital assets (1,606,531) ( 2,133,985) Restricted net position 261,366 147,284 Unrestricted net position 694,939 874,979 Total Net Position (650,226) $ ( 1,111,722) $ Governmental Activities 
The increase in restricted assets is related to revenues exceeding expenditures in the Debt Service Fund in the current year. 
The decrease in capital assets is mainly related to current year depreciation. 
The increase in net position is the result of revenues in excess of expenses in the current year. 
The decrease in non-current liabilities is related to the principal payments made in the current year. 
Turnbull Creek Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2024 
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OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) 
Financial Analysis of the District (Continued) 
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes. 
Change In Net Position 
The increase in charges for services is related to the increase in special assessments in the current year. 2024 2023 Program Revenues Charges for services 2 ,691,078 $ 2 ,595,020 $ Investment earnings 1 14,743 6 2,032 Miscellaneous revenues 1 1,564 1 4,579 Total Revenues 2 ,817,385 2 ,671,631 Expenses General government 2 20,319 1 61,245 Physical environment 9 57,906 8 15,437 Culture/recreation 6 40,998 6 54,925 Interest and other charges 5 36,666 5 67,594 Total Expenses 2 ,355,889 2 ,199,201 Change in Net Position 4 61,496 4 72,430 Net Position - Beginning of Year (1,111,722) (1,584,152) Net Position - End of Year (650,226) $ (1,111,722) $ Governmental Activities
The increase in general government is related to the increase in legal fees in the current year. 
The increase in physical environment is mainly the result of the increase in landscape maintenance and reserve expenses in the current year. 
The decrease in culture/recreation is related to the decrease in contingency expenses in the current year. 
Turnbull Creek Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2024 
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OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) 
Capital Assets Activity 
The following schedule provides a summary of the District’s capital assets as of September 30, 2024 and 2023. 
Current year activity consisted of depreciation of $471,448 and additions to improvements other than buildings of $200,448. 
General Fund Budgetary Highlights Description 2024 2023 Land and improvements 3,846,133 $ 3,846,133 $ Infrastructure 5,052,657 5,052,657 Buildings 8,344,455 8,344,455 Improvements other than buildings 200,448 - Equipment 52,327 52,327 Less: accumulated depreciation (7,465,237) (6,993,789) Capital Assets, net 10,030,783 $ 10,301,783 $ Governmental Activities 
Actual expenditures were less than budgeted expenditures primarily due to less utility, reserve and facility monitor expenditures in the current year than were anticipated. 
The September 30, 2024 budget was amended for legal fee, landscape, contingency and reserve expenditures that were higher than originally anticipated. 
Debt Management 
Governmental Activities debt includes the following: 
♦ In March 2015, the District issued $13,375,000 Special Assessment Refunding Bonds, Series 2015A and $1,280,000 Special Assessment Bonds, Series 2015B. The Bonds were issued to provide funds to refund and redeem the Special Assessment Bonds, Series 2005 and to finance the Phase 1 - Pond Bank Reconstruction Project. The balance outstanding at September 30, 2024 for the Series 2015A Bonds was $8,375,000 and the Series 2015B Bonds was $1,005,000. 

Turnbull Creek Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2024 
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OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) 
Debt Management (Continued) 
• In April 2016, the District issued $4,196,000 Special Assessment Refunding Bonds, Series 2016. The Bonds were issued to refund and redeem the outstanding Special Assessment Bonds, Series 2006 and retire the deferred costs. The balance outstanding at September 30, 2024 was $2,938,000. 

Economic Factors and Next Year’s 
The District does not expect any economic factors to have a significant effect on the financial position or results of operations of the District in fiscal year 2025. 
Request for Information 
The financial report is designed to provide a general overview of Turnbull Creek Community Development 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 Turnbull Creek Community Development District’s Accounting Department at 3434 Colwell Avenue, Suite 200, Tampa, Florida, 33614. 
Turnbull Creek Community Development District STATEMENT OF NET POSITION September 30, 2024 Governmental Activities