VIERA EAST
COMMUNITY DEVELOPMENT DISTRICT BREVARD COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

VIERA EAST COMMUNITY DEVELOPMENT DISTRICT BREVARD COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Statement of Net Position – Proprietary Fund	13-14	
Statement of Revenues, Expenses and Changes in Net Position –
Proprietary Fund	
15	
Statement of Cash Flows – Proprietary Fund	16-17	
Notes to Financial Statements	18-29	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
30	
Notes to Required Supplementary Information	31	
OTHER INFORMATION		
Data Elements required by FL Statute 218.39 (3) (c)	32	
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	

33-34	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

35	
MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
36-37	

INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors
Viera East Community Development District Brevard County, Florida

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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 Viera East Community Development District, Brevard County, Florida (“District”) as of and for the fiscal 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, the business-type activities, and each major fund of the District as of September 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the fiscal 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 (GAAS) 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
The District’s 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.
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 GAAS 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, 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.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information 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 Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 12, 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, 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.

June 12, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Viera East Community Development District, Brevard County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The assets plus deferred outflows of resources of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $3,811,163.

The change in the District’s total net position in comparison with the prior fiscal year was $1,187,095, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of
$2,412,826, an increase of $151,489 in comparison with the prior fiscal year. A portion of fund balance is restricted for debt service and capital projects, non-spendable for prepaid items, assigned to capital reserves and the remainder is unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

Both of the government-wide financial statements distinguish functions of the District that are principally supported by assessments (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the District include general government and physical environment functions. The business-type activities of the District include recreational activities which includes a golf course and a restaurant.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into two categories: governmental funds and proprietary funds.

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and capital projects fund, all of which are considered to be major funds.

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

Proprietary Fund
The District maintains one type of proprietary fund, an enterprise fund. An enterprise fund is used to report the same function presented as business-type activities in the government-wide financial statements. The District uses an enterprise fund to account for the operations of the golf course and related recreational facilities within the District.

Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail.
Notes to the Financial Statements

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

As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, assets plus deferred outflows of resources exceeded liabilities at the close of the most recent fiscal year.
The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure); less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.
Key components of the District’s net position are reflected in the following table:

NET POSITION SEPTEMBER 30,
Governmental Activities	Business-type Activities	Total
	2025	2024	2025	2024 (Restated)	2025	2024 (Restated)	
Current and other assets	$	2,517,211	$	2,506,644	$	1,439,851	$	1,321,102	$	3,957,062	$	3,827,746	
Capital assets, net of depreciation	5,712,495	5,959,611	1,764,082	1,779,590	7,476,577	7,739,201	
Total assets	8,229,706	8,466,255	3,203,933	3,100,692	11,433,639	11,566,947	
Deferred outflows of resources	-	-	11,448	35,353	11,448	35,353	
Current liabilities	167,433	312,522	200,982	897,064	368,415	1,209,586	
Long-term liabilities	6,186,608	6,692,025	1,078,901	1,076,621	7,265,509	7,768,646	
Total liabilities	6,354,041	7,004,547	1,279,883	1,973,685	7,633,924	8,978,232	
Net position	
Net investment in capital assets	(423,020)	(670,752)	1,232,544	754,237	809,524	83,485	
Restricted	314,376	290,008	751,390	382,259	1,065,766	672,267	
Unrestricted	1,984,309	1,842,452	(48,436)	25,864	1,935,873	1,868,316	
Total net position	$	1,875,665	$	1,461,708	$	1,935,498	$	1,162,360	$	3,811,163	$	2,624,068	
The District’s net position increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations and depreciation expense.

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

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
Governmental Activities	Business-type Activities	Total

Revenues:	2025	2024	2025	2024 (Restated)	2025	2024 (Restated)	
Program revenues							
Charges for services	$	2,049,621	$	2,054,621	$	4,140,469	$	3,839,838	$	6,190,090	$	5,894,459	
Operating grants and contributions	21,057	23,401	-	-	21,057	23,401	
Capital grants and contributions	3,724	11,364	-	-	3,724	11,364	
General revenues	
Unrestricted investment earnings	48,559	7,315	23,854	16,432	72,413	23,747	
Miscellaneous	64,572	60,446	-	-	64,572	60,446	
Total revenues	2,187,533	2,157,147	4,164,323	3,856,270	6,351,856	6,013,417	
Expenses:	
General government	527,055	503,222	-	-	527,055	503,222	
Physical environment	1,171,136	1,239,737	-	-	1,171,136	1,239,737	
Recreational	-	-	3,236,070	3,079,477	3,236,070	3,079,477	
Interest	159,795	170,874	70,705	95,712	230,500	266,586	
Total expenses	1,857,986	1,913,833	3,306,775	3,175,189	5,164,761	5,089,022	
Transfers	84,410	140,691	(84,410)	(140,691)	-	-	
Change in net position	413,957	384,005	773,138	540,390	1,187,095	924,395	
Net position - beginning (Restated)	1,461,708	1,077,703	1,162,360	621,970	2,624,068	1,699,673	
Net position - ending	$	1,875,665	$	1,461,708	$	1,935,498	$	1,162,360	$	3,811,163	$	2,624,068	

Governmental activities
As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $1,857,986. The costs of the District’s activities were primarily funded by program revenues. Program revenues were comprised primarily of assessments for both the current and prior fiscal years. The District also received funds for administrative fees for the golf fund. Revenues increased slightly in the current fiscal year mostly as a result of the increase in interest income. In total, expenses decreased slightly from the prior fiscal year mainly as a result of a decrease in maintenance and repairs.
Business-type activities
Business-type activities reflect the operations of the golf course and other recreational facilities within the District. The cost of operations is covered primarily by charges to customers. The District also receives revenues from assessments of residents of the District. Revenues increased as a result of increased recreational activities. The increase in total expenses is the result of increased activities at both the golf course and the restaurant.

GENERAL BUDGETING HIGHLIGHTS
An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets

At September 30, 2025, the District had $17,291,605 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $11,579,110 has been taken, which resulted in a net book value of $5,712,495. The District’s business-type activities reported net capital assets of $1,764,082. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2025, the District had $6,220,000 in Bonds outstanding for its governmental activities. For business-type activities, the District had $545,000 in Bonds outstanding. More detailed information about the District’s capital debt is presented in the notes of the financial statements.
At September 30, 2025, the District reported a note liability of $55,106 and a lease liability of $480,809 for its business-type activities. More detailed information about the District’s note and lease liabilities is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS

Subsequent to year end, it is anticipated that the general operations of the District will remain fairly constant. Golf and recreational activities are expected to increase.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Viera East Community Development District’s Finance Department at 219 East Livingston Street, Orlando, Florida 32801.

VIERA EAST COMMUNITY DEVELOPMENT DISTRICT BREVARD COUNTY, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

	Governmental	Business-type		
		Activities		Activities		Total	
ASSETS							
Cash	$	728,782	$	557,170	$	1,285,952	
Investments		1,334,599		-		1,334,599	
Internal balances		7,103		(7,103)		-	
Inventories		-		73,991		73,991	
Prepaid items		3,767		53,049		56,816	
Restricted assets:							
Investments		442,960		762,744		1,205,704	
Capital assets:							
Nondepreciable		4,978,767		872,830		5,851,597	
Depreciable, net		733,728		891,252		1,624,980	
Total assets		8,229,706		3,203,933		11,433,639	

DEFERRED OUTFLOWS OF RESOURCES							
Deferred charge on refunding (debit)		-		11,448		11,448	
Total deferred outflows of resources		-		11,448		11,448	

LIABILITIES							
Accounts payable and accrued expense		104,385		113,599		217,984	
Unearned revenue		-		58,288		58,288	
Other liabilities		-		17,741		17,741	
Accrued interest payable		63,048		11,354		74,402	
Non-current liabilities:							
Due within one year		795,000		751,553		1,546,553	
Due in more than one year		5,391,608		327,348		5,718,956	
Total liabilities		6,354,041		1,279,883		7,633,924	

NET POSITION							
Net investment in capital assets		(423,020)		1,232,544		809,524	
Restricted for debt service		314,376		751,390		1,065,766	
Unrestricted		1,984,309		(48,436)		1,935,873	
Total net position	$	1,875,665	$	1,935,498	$	3,811,163	

See notes to the financial statements

VIERA EAST COMMUNITY DEVELOPMENT DISTRICT BREVARD COUNTY, FLORIDA STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Program Revenues

Net (Expense) Revenue and
Changes in Net Position

Functions/Programs	

Expenses	Charges for
Services	Operating Grants and
Contributions	Capital Grants and
Contributions	Governmental Activities	
Business-type
Activities	Total	
Primary government:							
Governmental activities:							
General government	$	527,055	$	527,055	$	-	$	-	$	-	$	-	$	-	
Physical environment	1,171,136	862,107	-	3,724	(305,305)	-	(305,305)	
Interest on long-term debt	159,795	660,459	21,057	-	521,721	-	521,721	
Total governmental activities	1,857,986	2,049,621	21,057	3,724	216,416	-	216,416	

Business-type activities:															
Recreational	3,236,070	3,532,776	-	-	-	296,706	296,706	
Interest on long-term debt	70,705	607,693	-	-	-	536,988	536,988	
Total business-type activities	3,306,775	4,140,469	-	-	-	833,694	833,694	

General revenues:
Unrestricted investment earnings	48,559	23,854	72,413	
Miscellaneous	64,572	-	64,572	
Total general revenues	113,131	23,854	136,985	
Transfers	84,410	(84,410)	-	
Change in net position	413,957	773,138	1,187,095	
Net position - beginning (Restated)	1,461,708	1,162,360	2,624,068	
Net position - ending	$	1,875,665	$	1,935,498	$	3,811,163	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds	
Debt	Capital
General	Service	Projects

Total Governmental Funds

ASSETS		
Cash	$	728,782	$	-	$	-	$	728,782	
Investments	1,334,599	377,424	65,536	1,777,559	
Due from other funds	53,513	-	-	53,513	
Prepaid items	3,767	-	-	3,767	
Total assets	 $ 2,120,661	$	377,424	$	65,536	$ 2,563,621 

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	104,385	$	-	$	-	$	104,385	
Due to other funds	31,967	-	14,443	46,410	
Total liabilities	136,352	-	14,443	150,795	

Fund balances:
Nonspendable:
Prepaid items	3,767	-	-	3,767	
Restricted for:					
Debt service	-	377,424	-	377,424	
Capital projects	-	-	51,093	51,093	
Assigned to:	
Capital reserves	1,613,233	-	-	1,613,233	
Unassigned	367,309	-	-	367,309	
Total fund balances	1,984,309	377,424	51,093	2,412,826	

Total liabilities and fund balances	
$ 2,120,661	
$	377,424	
$	65,536	
$ 2,563,621	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Total fund balances - governmental funds	$  2,412,826

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 as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	17,291,605
Accumulated depreciation	  (11,579,110)    5,712,495
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(63,048)
Bonds and note payable	  (6,186,608)   (6,249,656) 

Net position of governmental activities	 $ 1,875,665 

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

		Major Funds			Total	
				Debt		Capital	Governmental	
		General		Service		Projects		Funds	
REVENUES
Assessments	
$	
1,389,162	
$	
660,459	
$	
-	
$	
2,049,621	
Interest income		48,559		21,057		3,724		73,340	
Miscellaneous		64,572		-		-		64,572	
Total revenues		1,502,293		681,516		3,724		2,187,533	
EXPENDITURES
Current:
General government		

518,008		

-		

-		

518,008	
Physical environment Debt service:
Principal		764,958

7,976		-

500,000		-

-		764,958

507,976	
Interest		88		161,315		-		161,403	
Capital outlay		153,816		-		14,293		168,109	
Total expenditures		1,444,846		661,315		14,293		2,120,454	

Excess (deficiency) of revenues over (under) expenditures		

57,447		

20,201		

(10,569)		

67,079	
OTHER FINANCING SOURCES (USES)
Transfers in/(out)		
84,410		
-		
-		
84,410	
Total other financing sources (uses)		84,410		-		-		84,410	

Net change in fund balances		
141,857		
20,201		
(10,569)		
151,489	
Fund balances - beginning		1,842,452		357,223		61,662		2,261,337	
Fund balances - ending	$	1,984,309	$	377,424	$	51,093	$	2,412,826	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

are different because:		
Governmental funds report capital outlays as expenditures; however,		
the cost of capital assets is eliminated in the statement of activities and capitalized in the statement of net position.	159,062	
Repayments of long-term liabilities are reported as expenditures in		
the governmental fund financial statements, but such repayments		
reduce liabilities in the statement of net position and are eliminated in		
the statement of activities.	507,976	
Expenses reported in the statement of activities that do not require		
the  use  of  current  financial resources  are not  reported as		
expenditures in the funds. The details of the differences are as		
Depreciation of capital assets	(406,178)	
Amortization of original issue discount/premium	(2,559)	
Change in accrued interest		4,167 	
Change in net position of governmental activities	 $	413,957 	

Net change in fund balances - total governmental funds	$ Amounts reported for governmental activities in the statement of activities

151,489

See notes to the financial statements

ASSETS
Current assets:
Cash and equivalents	$	557,170	
Due from other funds	31,967	
Inventories	73,991	
Prepaid items and deposits		53,049 	
Total current assets		716,177 	

Noncurrent assets:
Restricted assets:		
Investments	762,744	
Capital assets:		
Land	872,830	
Buildings	773,247	
Improvements other than buildings	5,397,448	
Machinery and equipment	2,194,776	
Financed purchase - equipment	479,734	
Less accumulated depreciation		(7,953,953) 	
Total capital assets (net of depreciation)		1,764,082 	
Total noncurrent assets		2,526,826 	
Total assets		3,243,003 	

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding		11,448 
Total deferred outflows of resources		11,448 

(Continued)

See notes to the financial statements

(Continued)

LIABILITIES
Current liabilities:
Accounts payable	
71,808	
Accrued wages	41,791	
Unearned revenue	58,288	
Other liabilities	17,741	
Due to other funds	39,070	
Payable from restricted assets:
Accrued bond interest payable	
11,354	
Bonds payable	542,986	
Financed purchase - note payable	52,525	
Right-to-use lease payable		156,042 	
Total current liabilities		991,605 	
Noncurrent liabilities	
Financed purchase - note payable	2,581	
Right-to-use lease payable	324,767	
Bonds payable		-		
Total noncurrent liabilities		327,348 	
Total liabilities		1,318,953 	

NET POSITION
Net investment in capital assets	

1,232,544	
Restricted	751,390	
Unrestricted		(48,436) 	
Total net position	 $	1,935,498 	

See notes to the financial statements

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Operating revenues:
Charges for services:
Golf course	$	2,411,469	
Restaurant	934,582	
Pro Shop	169,150	
Other		17,575 	
Total operating revenues		3,532,776 	

Operating expenses:
Golf course and pro shop	

1,571,763	
Restaurant	948,163	
Administrative and other	447,215	
Depreciation and amortization		268,929 	
Total operating expenses		3,236,070 	
Operating income (loss)		296,706 	
Nonoperating revenues (expenses): Assessment revenue	
607,693	
Interest income	23,854	
Interest expense		(70,705) 	
Total nonoperating revenues (expenses)		560,842 	
Transfer in (out)	(84,410)	
Change in net position	773,138	
Total net position - beginning (Restated)		1,162,360 	
Total net position - ending	 $	1,935,498 	

See notes to the financial statements

CASH FLOW FROM OPERATING ACTIVITIES
Receipts from customers and users	$	3,561,512	
Payments for goods and services	(1,392,003)	
Payments to employees		(1,208,080) 	
Net cash provided (used) by operating activities		961,429 	

CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Proceeds from assessments	
607,693	
Purchase of capital assets	(227,236)	
Transfers in (out)	(84,410)	
Principal paid	(750,911)	
Interest paid		(81,539) 	
Net cash provided (used) by capital and related financing activities		(536,403) 	

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	

(358,297)	
Interest income		23,854 	
Net cash provided (used) by investing activities		(334,443) 	
Net increase (decrease) in cash and cash equivalents	90,583	
Cash and cash equivalents - October 1		466,587 	
Cash and cash equivalents - September 30	 $	557,170 	

(Continued)

See notes to the financial statements

(Continued)

RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES		
Operating income (loss)	$	296,706	
Adjustments to reconcile operating income (loss)		
to net cash provided (used) by operating activities:		
Depreciation and amortization	268,929	
(Increase)/Decrease in:		
Accounts receivable	14,948	
Due from other funds	116,124	
Prepaid items and deposits	139,815	
Inventory	20,174	
Increase/(Decrease) in:	
Accounts payable	39,778	
Accrued wages	18,063	
Due to other funds	39,070	
Other liabilities	(5,966)	
Unearned revenue		13,788 	
Total adjustments		664,723 	

Net cash provided (used) by operating activities	 $	961,429 

See notes to the financial statements

BREVARD COUNTY, FLORIDA
NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Viera East Community Development District ("District") was created on April 16, 1991 by the Florida Land and Water Adjudicatory Commission by Chapter 42M-1, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by registered voters, as provided by F. S. Chapter 190.006. The Board of Supervisors of the District exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes.

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

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

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents.
Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

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

Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.
Capital Projects Fund
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District.

The District reports the following major proprietary fund:

Recreation Fund
The recreation fund accounts for the operation of a public golf course, restaurant, and pro shop that are financed and supported primarily by user charges.

Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s enterprise fund are charges to customers for sales and services. Operating expenses of the enterprise fund include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

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

When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.
Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.
Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).
The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a “2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.
Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Inventories and Prepaid Items
Inventories are recorded at cost using the first-in first-out method for restaurant related items and the average cost method for items sold at the Pro Shop. In the governmental funds, inventories are recorded as expenditures at the time of purchase.

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
Capital assets, which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the governmental activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition cost.

The costs of normal maintenance and repairs that do not add value to assets or materially extend assets’ lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years	
Furniture and fixtures	5 - 7	
Improvements other than buildings	15	
Buildings	20	
Infrastructure	30	
Machinery and equipment	3 - 7	

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Leases
The District is a lessee for several non-cancellable leases of equipment. The District recognizes a lease liability and an intangible right-to-use lease asset (lease asset) in the government-wide financial statements. The District recognizes lease liabilities with an initial, individual value of $5,000 or more. At the commencement of a lease, the District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The leased asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the commencement date, plus certain direct costs. Subsequently, the leased asset is amortized on a straight-line basis over its useful life.
Key estimates and judgments related to leases include how the District determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments.
The District uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the District generally uses its estimated incremental borrowing rate as the discount rate for leases.
The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the District is reasonably certain to exercise.

Leases (Continued)
The District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability. Lease assets are reported with other capital assets and lease liabilities are reported with long-term debt on the statement of net position.
Refundings of Debt
For current refundings and advance refundings resulting in the defeasance of debt, the difference between the reacquisition price and the net carrying amount of the old debt is reported as a deferred outflow of resources/deferred inflow of resources and recognized ratably as a component of interest expense over the remaining life of the old debt or the life of the new debt, whichever is shorter. In connection with the refundings, $23,905 were recognized as a component of interest expense in the current fiscal year.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

Fund Equity/Net Position
In the fund financial statements, governmental funds report nonspendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.
The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.
NOTE 3 – BUDGETARY INFORMATION

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

Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

Investments
The District’s investments were held as follows at September 30, 2025:

Fair Value	Credit Risk	Maturities

Investment in Local Government Surplus Funds $ Trust Fund (Florida PRIME)

1,640,732

S&P AAAm	Weighted average of the fund
portfolio: 47 days

US Bank Money Markets	899,571	N/A	Not available

Total Investments	 $	2,540,303 
Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indenture limits the type of investments held using unspent proceeds.

Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.
These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.”

With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.

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% of their account value.

NOTE 5 – INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
Interfund receivables and payables at September 30, 2025, were as follows:

 Fund	Receivable	Payable	

General

$	53,513  $

31,967

Capital projects	-	14,443
Enterprise fund		31,967	39,070 
Total	 $	85,480  $	85,480 
The outstanding balances between funds result primarily from the time lag between the dates that transactions are recorded in the accounting system and payments between funds are made. In the case of the District, the amounts owed from the capital projects fund to the general fund relate to equipment and other capital costs that were paid from the general fund which were not yet reimbursed as of year-end. The amount owed by the general fund to the enterprise fund relates to payroll and other expenses of the general fund paid from the enterprise fund which were not yet reimbursed as of current year end. Certain enterprise fund expenses were also paid from the general fund and are shown as payable to the general fund.
Interfund transfers for the fiscal year ended September 30, 2025, were as follows:

 Fund	Transfer in	Transfer out 
General	$	84,410  $	-
Enterprise Fund		-	84,410 
Total	 $	84,410  $	84,410 
Transfers are used to move revenues from the fund where collection occurs to the fund where funds have been reallocated for use. In the case of the District, transfers from the enterprise fund to the general fund was to fund operations.

Capital asset activity for the fiscal year ended September 30, 2025, was as follows:

	Beginning
Balance	
Additions	
Reductions	Ending
Balance	
Governmental activities
Capital assets, not being depreciated Construction in progress	

$	5,031,327	

$	-	

$	(52,560)	

$  4,978,767	
Total capital assets, not being depreciated	5,031,327	-	(52,560)	4,978,767	

Capital assets, being depreciated Infrastructure	

11,465,587	

-	

-	

11,465,587	
Improvements other than buildings	153,495	59,643	-	213,138	
Machinery and equipment	482,134	151,979	-	634,113	
Total capital assets, being depreciated	12,101,216	211,622	-	12,312,838	

Less accumulated depreciation for: Infrastructure	

10,880,953	

352,060	

-	

11,233,013	
Improvements other than buildings	17,434	4,692	-	22,126	
Machinery and equipment	274,545	49,426	-	323,971	
Total accumulated depreciation	11,172,932	406,178	-	11,579,110	

Total capital assets, being depreciated, net	
928,284	
(194,556)	
-	
733,728	

Governmental activities capital assets, net	
$	5,959,611	
$	(194,556)	
$	(52,560)	
$  5,712,495	

Beginning
Balance	Additions	Reductions

Ending Balance

Business type activities
Capital assets, not being depreciated		
Land	$	872,830	$	-	$	-	$	872,830	
Total capital assets, not being depreciated	872,830	-	-	872,830	

Capital assets, being depreciated Buildings	

773,247	

-	

-	

773,247	
Improvements other than buildings	5,187,208	210,240	-	5,397,448	
Machinery and equipment	1,434,704	16,996	-	1,451,700	
Financed purchase - equipment	479,734	-	-	479,734	
Right-to-use leased equipment	743,076	-	-	743,076	
Total capital assets, being depreciated	8,617,969	227,236	-	8,845,205	

Less accumulated depreciation for: Buildings	

773,247	

-	

-	

773,247	
Improvements other than buildings	5,062,037	27,474	-	5,089,511	
Machinery and equipment	1,430,366	2,939	-	1,433,305	
Financed purchase - equipment	316,862	63,716	-	380,578	
Right-to-use leased equipment	128,697	148,615	-	277,312	
Total accumulated depreciation	7,711,209	242,744	-	7,953,953	

Total capital assets, being depreciated, net	
906,760	
(15,508)	
-	891,252	

Business type activities capital assets, net	
$	1,779,590	
$	(15,508)	
$	-	$  1,764,082	
In a prior year, the District issued the Series 2020 bonds primarily to fund capital improvements, which include, but are not limited to, clubhouse renovations and other recreation facilities including restroom, dog park and playground improvements (collectively, the “Series 2020 Project”). The cost of these improvements is estimated at approximately $6,022,585, however, the District is not obligated to fund all potential improvements.

Depreciation expense was charged to physical environment function for governmental activities and the recreation function for business-type activities.

Series 2012
On March 13, 2012, the District issued $5,805,000 of Special Assessment Revenue Refunding Bonds Series 2012 due May 1, 2026, with interest rates ranging from 2.5% to 5.0%. The Bonds were issued for the current refunding of the Series 1996 Bonds. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2013, through May 1, 2026. The Series 2012 Bonds are secured by the pledged revenue as defined in the Master Trust Indenture.

The Series 2012 Bonds maturing prior to May 1, 2022, are not subject to optional redemption. The Bonds maturing on or after May 1, 2023, are subject to redemption prior to maturity at the option of the District at any time after May 1, 2022. The Bonds are subject to mandatory redemption requirements in the manner outlined in the Bond Indenture.

The Bond Indenture requires that the District maintain adequate funds in a reserve account to meet the debt service reserve requirement as defined in the Indenture. In addition, the Bond Indenture has certain restrictions and requirements relating principally to the procedures to be followed in the collection of pledged revenues and the application of the revenues to the various restricted accounts. The District was in compliance with the requirements of the Bond Indenture at September 30, 2025.

Series 2020
On July 8, 2020, the District issued $7,685,000 of Special Revenue Assessment Bonds Series 2020 consisting of $3,820,000 Serial Bonds due on May 1, 2030, with interest rates ranging from 2% to 2.125%;
$1,715,000 Term Bonds due on May 1, 2034 with a fixed interest rate of 2.60%; and $2,150,000 Term Bonds due on May 1, 2038 with a fixed interest rate of 2.75%. The Bonds were issued to acquire and construct certain assessable improvements and pay certain costs associated with the issuance of the Bonds. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2023, through May 1, 2038.

The Series 2020 Bonds maturing on or prior to May 1, 2030, are not subject to redemption at the option of the District prior to their stated dates of maturity. The Series 2020 Bonds maturing on or after May 1, 2031, are subject to redemption prior to maturity at the option of the District in whole or in part at any time on or after May 1, 2030. The Series 2020 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture provides for a surety bond to be obtained in place of funding for a portion of the Debt Service Reserve Fund (the “Reserve Fund”). The Debt Service Reserve Fund Surety Bond constitutes a Debt Service Reserve Fund Insurance Policy under the Bond Indenture. The District has obtained the required bonding and is in compliance with the reserve requirement. The remaining funding for the reserve requirement has been met.

The Bond Indenture established certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service. The District was in compliance with the requirements at September 30, 2025.

Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025, were as follows:

	Beginning
Balance	
Additions	
Reductions	Ending
Balance	Due Within
One Year	
Governmental activities						
Bonds payable:
Series 2020	
$	6,720,000	
$	-	$	
(500,000)	
$	6,220,000	
$	795,000	
Less: original issue discount	(35,951)	-	2,559	(33,392)	-	
Financed purchase - Note Payable	7,976	-	(7,976)	-	-	
Total	$	6,692,025	$	-	$	(505,417)	$	6,186,608	$	795,000	

Business-type Activities
Bonds payable:		
Series 2012	$	1,065,000	$	-	$	(520,000)	$	545,000	$	545,000	
Less: original issue discount	(4,294)	-	2,280	(2,014)	-	
Financed purchases - Note Payable	136,447	-	(81,341)	55,106	52,525	
Right-to-use lease payable	630,379	-	(149,570)	480,809	156,042	
Total	$	1,827,532	$	-	$	(748,631)	$  1,078,901	$	753,567	

At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:

	Governmental Activities	
Year ending
  September 30:	Principal	Interest	Total	
2026	$	795,000	$	150,815	$	945,815	
2027	380,000	134,915	514,915	
2028	385,000	127,315	512,315	
2029	395,000	119,615	514,615	
2030	400,000	112,215	512,215	
2031-2035	2,170,000	408,595	2,578,595	
2036-2038	1,695,000	100,650	1,795,650	
Total	 $	6,220,000	$	1,154,120	$	7,374,120 	

	Business-type Activities	
Year ending
  September 30:	Principal	Interest	Total	

2026
Total

$	545,000	$
$	545,000	$

27,250	$
27,250	$

572,250
572,250

NOTE 8 – NOTES PAYABLE AND LEASES

Financed Purchase Agreements
At September 30, 2025, the District had the following financed purchase agreements for both its governmental and business-type activities:
Monthly	Expiration
Equipment	Payment	Date

Golf Course Mowers & Equipment	6,541	4/1/2026 Tractors		652	1/7/2027

The scheduled payments for years ending after September 30, 2025, are as follows:

	Business-type Activities	
Year ending
September 30:	Principal	Interest	Total

2026

$	52,525	$

1,087	$

53,612

2027		2,581	27	2,608 

Lease Payable

Total

 $	55,106	$	1,114	$	56,220 

At September 30, 2025, the District was a lessee in the following equipment leases:

Equipment	Monthly
Payment	Expiration
Date	
Toro equipment	3,368	4/30/2027	
2024 Hauler 800X Gas	254	1/31/2028	
2024 EZ-GO Golf Carts	10,784	2/28/2029	
The total value of the lease liabilities was $480,809. The total value of the right-to-use assets as of September 30, 2025, was $743,076 with an accumulated amortization of $277,312. The District has the option to purchase the assets any time before the expiration of the leases.

The scheduled payments for years ending after September 30, 2025, are as follows:
	Business-type Activities	
Year ending
September 30:	Principal	Interest	Total	
2026	$	156,042	$	16,834	$	172,876	
2027	145,815	10,219	156,034	
2028	125,567	4,859	130,426	
2029		53,385	536	53,921 	
Total	 $	480,809	$	32,448	$	513,257 	

NOTE 9 – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

NOTE 10 – PRIOR PERIOD ADJUSTMENT
The 2025 report has adjusted the following items listed in the 2024 report:
Business Type
	Activities	

Net position - as previously stated	$	1,179,904	
Overstatement of cash and accounts receivable	(14,956)	
Understatement of deposits payable	(2,588)	
Net position - as restated	 $	1,162,360 	

NOTE 11 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Variance with
	Budgeted
	Amounts	 Original & Final	Actual Amounts	Final Budget - Positive
(Negative)	
REVENUES				
Assessments	$	1,378,973	$	1,389,162	$	10,189	
Interest income	600	48,559	47,959	
Miscellaneous	80,780	64,572	(16,208)	
Total revenues	1,460,353	1,502,293	41,940	

EXPENDITURES
Current:
General government	

224,250	

518,008	

(293,758)	
Physical environment Debt Service:
Principal	1,236,103

-	764,958

7,976	471,145

(7,976)	
Interest	-	88	(88)	
Capital outlay	145,000	153,816	(8,816)	
Total expenditures	1,605,353	1,444,846	160,507	

Excess (deficiency) of revenues over (under) expenditures	

(145,000)	

57,447	

202,447	
OTHER FINANCING SOURCES (USES)
Transfer in (out)	
-	
84,410	
84,410	
Use of fund balance	145,000	-	(145,000)	
Total other financing sources (uses)	145,000	84,410	(60,590)	

Net change in fund balance	
 $	-		
141,857	
 $	141,857 	
Fund balance - beginning			1,842,452 		
Fund balance - ending		 $	1,984,309 		

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the District’s fiscal year being reported.	77	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
168	
Employee compensation	$1,882,835	
Independent contractor compensation	$2,158,825	
Construction projects to begin on or after October 1; ($65K)		

Budget variance report	See the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes	Not applicable	
		
Non ad valorem special assessments;		
Special assessment rate	Operations and maintenance - $236 Recreation - $129
Debt service - $131 - $522	
Special assessments collected	$2,657,314	
Outstanding Bonds:	see Note 7 for details	

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Supervisors
Viera East Community Development District Brevard County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities and each major fund of Viera East Community Development District, Brevard County, Florida (“District”) as of and for the fiscal 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 opinion thereon dated June 12, 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) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
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 agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

June 12, 2026

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Viera East Community Development District Brevard County, Florida
We have examined Viera East Community Development District, Brevard County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Viera East Community Development District, Brevard County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 12, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Viera East Community Development District Brevard County
Report on the Financial Statements

We have audited the accompanying basic financial statements of Viera East Community Development District, Brevard County, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated June 12, 2026.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’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 June 12, 2026, should be considered in conjunction with this management letter.

Purpose of this Letter
The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

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

We wish to thank Viera East Community Development District, Brevard County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

June 12, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS

None
COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2024.
Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures, and no deteriorating financial conditions were noted. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 32.