agenda---regular-council-meeting-07-08-2024.pdf?sfvrsn=d861e6dc_4

Regular Council Meeting – July 08, 2024 AGENDA REGULAR COUNCIL MEETING Monday, July 8, 2024 5:00 p.m. Indian Creek Village Hall 9080 Bay Drive Indian Creek, FL 33154

Regular Council Meeting – July 08, 2024 REGULAR COUNCIL MEETING MONDAY, JULY 08, 2024 5:00 P.M. AT VILLAGE HALL 9080 BAY DRIVE, INDIAN CREEK, FL 33154 https://us02web.zoom.us/j/84129172321 Meeting ID: 841 297 2321 1. CALL TO ORDER / ROLL CALL OF MEMBERS 2. PLEDGE OF ALLEGIANCE 3. PUBLIC COMMENTS - Any person wishing to address the Council should state their name, and address, for the record, prior to making the statement and comply with the Village’s rules and regulations for public comments. 4. RESIGNATION Vice-Mayor Javier Holtz TAB 1 5. APPOINTMENT OF NEW VICE-MAYOR by Mayor Bernard Klepach 6. VARIANCE HEARING – Variance # VA024-061701 TAB 2 Any person wishing to address the Council regarding the Variance hearing must be sworn in before speaking into the records. 7. PRESENTATIONS: TAB 3 A. 2023 AUDIT REPORT - Caballero Fierman Llerena & Garcia, LLP 8. CONSENT AGENDA TAB 4 A. Regular Council Meeting – 04/16/2024 9. ORDINANCE – Second Reading TAB 5 A. AN ORDINANCE OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA GRANTING TO FLORIDA POWER & LIGHT COMPANY, ITS SUCCESSORS AND ASSIGNS, A NON-EXCLUSIVE ELECTRIC FRANCHISE, IMPOSING PROVISIONS AND CONDITIONS RELATING THERETO; PROVIDING FOR MONTHLY PAYMENT OF A FRANCHISE FEE TO THE VILLAGE; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. (Ordinance # 2024-237) PUBLIC COMMENTS on ORDINANCE # 237: Any person wishing to address the Council should state their name, and address, for the record, before making the statement.

Regular Council Meeting – July 08, 2024 10. MANAGER’S REPORT TAB 6 A. Seawall Reinforcement B. Trees and Canopy of Walkway Path C. Financial Reports: 1st QTR FY2024 2nd QTR FY2024 3rd QTR FY2024 11. ADJOURNMENT

TAB 1

P a g e 1 | 1 Agenda Regular Council Meeting 07/08/2024 INDIAN CREEK VILLAGE REGULAR COUNCIL MEETING TO: Mayor, Vice-Mayor, and Honorable Members of the Council of Indian Creek Village FROM: Guillermo Olmedillo, Village Manager DATE: July 08, 2024. TITLE: Appointment of Vice-Mayor REQUEST The Vice-Mayor Javier Holtz resigned in a letter dated 05/21/2024. By the Indian Creek Village, Article III, Legislative, Section 3.05, “the Mayor may appoint a vice-mayor who shall act as mayor during the absence or disability of the mayor.” RECOMMENDATION Mayor Bernard Klepach shall appoint one of the Council Members as the new Vice-Mayor. ATTACHMENT 1. Letter of resignation. 2. Indian Creek Village Charter – page CHT:05 – Sec.3.05

Date: Tuesday, May 21, 2024 4:51:47 PM Dear All, It is with a heavy heart that I tender my resignation as vice mayor of Indian Creek Village as Andria and I will be moving off the island shortly. It has been one of the true joys of my life to serve the residents of the village alongside all of you for the past 16 years. I want to say a special “thank you” Benny, Irma, Bob, and Irwin, for making my tenure on the council so memorable as, by any measure, by every measure- we accomplished a tremendous amount together. And to Steve for your guidance and support throughout the years- and to our incredible staff and police department- Guillermo, Roseann and Lorelei- thank you for everything you do on behalf of all the residents, always. To Chief Bernardo and the entire police department of Indian Creek Village- Captains McDonald and Greenberg, Sergeants Post and Martinez, Officers Arzola, Cevallos, Kratman, Martinez, Navarro, Patino, Agramonte, Dumas, Cerna, and Ruiz. I can’t thank you enough for keeping all of our families safe. Andria and I will miss you all. You have our deepest appreciation and admiration. May G-d bless you and your families. Sincerely, Javier Holtz

CHARTER § 3.05 and shall exercise its powers with the intent that the attractive residential nature and the outstanding quality of life in this unique island community shall be preserved and enhanced. State law reference-Governing body as local planning agency, F.S. § 163.3174. Sec. 3.02. Qualifications. Any elector of the Village shall be eligible to hold the office of Village councilmember. The council shall be the judge of the election and qualifications of its members and of the grounds for forfeiture of their [its] office. A member charged with conduct constituting grounds for forfeiture of the member's office shall be entitled to a public hearing on demand, and notice of such hearing shall be mailed to all electors and property owners at least ten days in advance of the hearing. State law reference-Recall of elected officials, F.S. § 100.361. Sec. 3.03. Election and Terms. The regular election of Village councilmembers shall be held on the third Friday of February in each even-numbered year, in the manner provided in Article V of this charter and shall be for four year terms. Sec. 3.04. Compensation. Councilmembers shall serve without compensation. Sec. 3.05. Mayor. The council shall elect from among its members a mayor. Election of the mayor shall be done biennially at the first regular council meeting after each Village election. The mayor shall preside at meetings of the council, shall be recognized as head of Village government for all purposes of official ceremony, by the governor for purposes of military law, execution of contracts, deeds and other documents, and as the city official designated to represent the city in all agreements with other governmental entities or certifications to other govern mental entities, but shall have no administrative duties except as required to carry out the responsibilities herein. The mayor may appoint a vice-mayor who shall act as mayor during the absence or disability of the mayor. CHT:5

TAB 2

P a g e 1 | 3 Variance # VA024-061701 INDIAN CREEK VILLAGE REGULAR COUNCIL MEETING TO: Mayor, Vice-Mayor, and Honorable Members of the Council of Indian Creek Village FROM: Guillermo Olmedillo, Village Manager DATE: July 08, 2024. TITLE: Zoning Variance Appeal Lot 28 Indian Creek Island Road. ______________________________________________________________________ REQUEST The applicant is requesting that the Village Council approve two non-use variances to build a pickle-ball court located 26 feet from the front property line where a 50- foot set-back is required; and 10 feet from the side property line where a 25-foot set-back is required. ANALYSIS Presently the property has a substantial three-tier landscape buffer and a wall along the front of the lot. Additionally, there is a ten-foot ficus hedge along the boundary of Lot 29. The proposed landscaping plan shows additional trees and shrubs around the pickleball court that mitigate the potential impact of noise and view from the road and the neighboring properties. Under the Village Code, the Village may grant a nonuse variance upon showing by the applicant that the variance meets all the following criteria: (a) That special conditions and circumstances exist which are peculiar to the land, structure or building involved and which are not applicable to other lands, structures or buildings in the same zoning district. There is nothing peculiar to the land that would justify the variance request. (b) That the special conditions and circumstances do not result from the actions of the applicant. The conditions and circumstances result in part to the actions of the applicant. (c) That granting the variance requested will not confer on the applicant any special privilege that is denied by these LDRs to other lands, buildings or structures in the same zoning district. The granting of the request will confer a privilege that is not available to others.

P a g e 2 | 3 Variance # VA024-061701 (d) That literal interpretation of the provisions of these LDRs would deprive the applicant of rights commonly enjoyed by other properties in the same zoning district under the terms of these LDRs and would work unnecessary and undue hardship on the applicant. The right required (increased height) is not a right commonly enjoyed by other lot owners. (e) That the variance granted is the minimum variance that will make possible the reasonable use of the land, building or structure. The property can be reasonably used without the variance. (f) That granting the variance will not change the use to one that is not permitted in the zoning district or different from other land in the same district. The granting of the variance will not change the use to one different than permitted for others. (g) That the granting of the variance will be in harmony with the general intent and purpose of these LDRs and that such variance will not be injurious to the area involved or otherwise detrimental to the public welfare. The granting of the variance will allow for a structure that is out of harmony with the general intent of the Land Development Regulations, which is to impose reasonable limits on the use of land. CONCLUSION While the Applicant does not meet all the standards cited above, sufficient safeguards may be imposed to mitigate any adverse impacts on the surrounding properties and the rest of the community. RECOMMENDATION Should the Council decide to grant the variances, I would urge you to impose the following conditions in any approval. a. Provide the Village with two (2) sets of signed and sealed landscaping plans. Such plans shall be submitted for approval to the Village before the commencement of construction. b. The approved plans will be an integral part of the permit. c. The approved landscaping material shall be planted before the issuance of the Certificate of Completion. d. Lighting around the proposed court will not be permitted. e. Remove the pickle-ball court in case of a sale or transfer of the property, unless approved at a public hearing by the Village Council. f. Comply with the attached Construction Operations Management conditions. g. Violation of any of the above conditions shall result in the immediate stoppage of construction.

P a g e 3 | 3 Variance # VA024-061701 ATTACHMENT • Variance # VA024-061701 application • Construction Sites Operations Management.

INDIAN CREEK VILLAGE 9080 Bay Drive Indian Creek Village, FL 33154 Phone 305-865-4121 Fax 305-864-2502 CONSTRUCTION SITES OPERATIONS MANAGEMENT Every construction contractor shall comply with the following conditions: It is incumbent upon the Administration to maintain all public facilities in good condition. Access to the Island is a privilege reserved for residents, members of the Club, and their respective guests. Access to all others is conditional. The following rules shall apply to every construction site and will be a condition of each building permit. 1. Every construction site will provide a truck washing station inside the property and will wash each truck before leaving the property. 2. Should any of your workers be found to cause damage to public infrastructure, the general contractor shall immediately repair such damage and shall provide the Village with the name of the individual who caused the damage. 3. The general contractor for each property is liable for any damage to the road and will not receive a final on the job until the road in front of the property and for 100 feet on either side of the property is restored to the condition that existed when the road received the last lift of asphalt. A “Public Infrastructure Protection Bond” will be required from every construction site. 4. Equipment on steel tracks is not permitted to use the road, including the entrance and the bridge. 5. The use of equipment that will cause damage to the pavement or any portions of the common infrastructure of the Village is prohibited. 6. All equipment and elements that exceed the weight limitations of the Island access bridge shall be delivered to the site by alternate means previously approved in writing by the Village Manager.

TAB 3

1 8950 SW 74th Court I Suite 1210 I Miami, FL 33156 T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM June 28, 2024 To Honorable Mayor, Village Council and Village Manager Indian Creek Village, Florida 9080 Bay Drive Indian Creek Village, Florida 33154 We have audited the financial statements of the governmental activities, the business-type activities, and each major fund of Indian Creek Village for the fiscal year ended September 30, 2023. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards and Government Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated October 14, 2022. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Matters Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Village are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2023. We noted no transactions entered into by the Village during the fiscal year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. There were no sensitive estimates affecting the financial statements. Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the financial statements were: The disclosure of commitments and contingencies in Note 9 to the financial statements. The disclosure of subsequent events in Note 11 to the financial statements. The financial statement disclosures are neutral, consistent, and clear. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to each opinion unit’s financial statements taken as a whole. Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors’ report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated June 28, 2024.

2 8950 SW 74th Court I Suite 1210 I Miami, FL 33156 T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the Village’s financial statements or a determination of the type of auditors’ opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the Village’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other Matters We applied certain limited procedures to Management’s Discussion and Analysis and Budgetary Comparison Schedules, which are required supplementary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding 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 did not audit the RSI and do not express an opinion or provide any assurance on the RSI. We were not engaged to report on introductory and statistical section, which accompany the financial statements but are not RSI. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Restriction on Use This information is intended solely for the information and use of the Honorable Mayor, Village Council, Village Manager and management of the Village and is not intended to be, and should not be, used by anyone other than these specified parties. Very truly yours, Caballero Fierman Llerena & Garcia, LLP

INDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2023 Prepared by: THE FINANCE DEPARTMENT

INDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 Prepared by: THE FINANCE DEPARTMENT

Indian Creek Village There is something almost magical about the Indian Creek Village story. Imagine, if you will, a group of people who at the height of the great Florida boom of the 1920s, after building islands in the middle of Biscayne Bay and connecting them with a series of bridges called the “Venetian Causeway,” moved farther north into unincorporated Dade County. Once past the Miami city limits they organized the Shoreland Company and developed a whole area of northeast Dade County centered around what would, in 1932, after the Shoreland Company went bankrupt in the great bust that followed the boom, become “the village beautiful,” Miami Shores. And then, just when you see how incredible that was in and of itself, think about the fact that their plans included a great causeway – the Grand Concourse – which would connect the Miami side with what was planned to be, in 1926, Miami Shores Island, a six-hundred-acre development that would be larger than all of the man-made islands in Biscayne Bay at the time. Then, to top it off, try to imagine that those plans also included what was to be called “the Mid-Bay Causeway,” which could come north from one of the Venetian Islands (the pilings still showing the outline of an island in Biscayne Bay, just south of the Julia Tuttle Causeway), and following a series of man-made islands, terminate at the south end of Miami Shores Island. The roadway thereon would connect with the Grand Concourse to the Miami side, as well as a bridge over to the beach side. Not surprisingly, it never came to pass. Well, most of it never came to pass, but what did become reality is today’s Indian Creek Village, a magnificent island of approximately three hundred acres south of the Broad Causeway and just west of Surfside, connected to that town by a two-lane bridge. This island – Indian Creek Village – is the direct lineal descendant of the great and grand plans of Hugh Anderson, Ellen Spears Harris and the Shoreland Company, which today is remembered for other things, but not for Miami Shores Island. The filled area – approximately three hundred acres – went into a period of quiescence for several years, but sometime during the 1930s, a small group of hardy but wealthy individuals developed the idea that they could convert the weedy and muck-covered island into an exclusive enclave. Reseeding the island, they built a red-tiled clubhouse, designed to give the appearance of an European castle. The island’s original blueprints provided for forty-one lots along the road surrounding the golf course. A two-lane bridge would connect the island to the rest of the world via a place that had first been developed by Henri Levy, builder of Normandy Isle as well as the southern part of what would become Surfside, originally known as Normandy Beach. Though the country was in the midst of the Great Depression, several wealthy (not to mention hardy!) homesteaders, including John Swift (he of the meatpacking company) and Harold Matzinger (a noted Wall Street genius), built mansions near the clubhouse. In 1939, however, word filtered onto the island that Surfside, which had been incorporated in 1935, was casting envious eyes at the island and, in fact, had been discussing the possibility of annexing the island at its council meetings. Moving swiftly, the island’s residents took advantage of a defunct state law, which, at that time, permitted any group of twenty-five or more people living relatively contiguously to form a municipality. With the assistance of Judge Julien Southerland, who would become a founder, incorporator and the first mayor of Bal Harbour Village, the island was incorporated as Indian Creek Village on May 19, 1939, the Florida Legislature having passed the appropriate enabling act approving said incorporation two days previously. Needless to say, Indian Creek Village remains both a magnificent enclave and a superbly managed and run municipality. 33154, The Story of Bal Harbour, Bay Harbor Islands, Indian Creek Village and Surfside, by Seth H. Bramson

INDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT TABLE OF CONTENTS SEPTEMBER 30, 2023 PAGES I. INTRODUCTORY SECTION (Unaudited) Letter of Transmittal i-iv Certificate of Achievement for Excellence in Financial Reporting v Village Officials vi Organizational Chart vii II. FINANCIAL SECTION Independent Auditors’ Report 1-2 Management’s Discussion and Analysis (Unaudited) 3-10 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 11 Statement of Activities 12 Fund Financial Statements: Balance Sheet - Governmental Funds 13 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 14 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Fund 15 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of the Governmental Funds to the Statement of Activities 16 Statement of Net Position – Proprietary Funds 17 Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds 18 Statement of Cash Flows – Proprietary Funds 19 Notes to Basic Financial Statements 20-29 III. REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) Budgetary Comparison Schedules General Fund 30 Forfeiture Fund 31 Building Fund 32 Note to Budgetary Comparison Schedules 33

INDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT TABLE OF CONTENTS SEPTEMBER 30, 2023 PAGES IV. STATISTICAL SECTION (UNAUDITED) Net Position by Component 34 Changes in Net Position 35-36 Fund Balances of Governmental Funds 37 Changes in Fund Balances, Governmental Funds 38 Net Assessed Value and Estimated Actual Value of Taxable Property 39 Property Tax Rates – Direct and Overlapping Governments 40 Principal Property Taxpayers 41 Property Tax Levies and Collections 42 Ratios of Outstanding Debt by Type 43 Ratios of General Bonded Debt Outstanding 44 Direct and Overlapping Governmental Activities Debt 45 Pledged-Revenue Coverage 46 Demographic and Economic Statistics 47 Principal Employers 48 Full-Time Equivalent Village Government Employees by Function 49 Operating Indicators by Function/Program 50 Capital Asset Statistics by Function/Program 51 V. COMPLIANCE SECTION 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 52 Management Letter in accordance with the Rules of the Auditor General of the State of Florida 53-54 Independent Accountants’ Report on Compliance Pursuant to Section 218.415 Florida Statutes 55

INTRODUCTORY SECTION

INDIAN CREEK VILLAGE, FLORIDA 9080 BAY DRIVE, INDIAN CREEK VILLAGE, FLORIDA 33154-3212 VOICE 305.865.4121 FAX 305.865.2502 VILLAGE MANAGER • June 28, 2024 BERNARD KLEPACH MAYOR JAVIER HOLTZ VICE MAYOR ROBERT DIENER COUNCIL MEMBER IRMA BRAMAN COUNCIL MEMBER IRWIN E. TAUBER COUNCIL MEMBER To the Honorable Mayor, Members of the Village Council and Citizens of Indian Creek Village: Florida Statutes requires that all units of local government publish a complete set of financial statements presented in conformity with accepted accounting principles (GAAP) in the United States and audited in accordance with auditing standards generally accepted in the United States and in accordance with Government Auditing Standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby issue the Annual Comprehensive Annual Financial Report (ACFR or Report) of Indian Creek Village for the fiscal year ended September 30, 2023. This report consists of management's representation concerning the finances of Indian GUILLERMO OLMEDILLO Creek Village Consequently management assumes full responsibility for the completeness and reliability of all the information presented in this Report. To provide STEPHEN J. HELFMAN a reasonable basis for making these representations, management of Indian Creek VILLAGE AITORNEY Village has established a comprehensive internal framework that is designed both to JOHN BERNARDO CHIEF OF POLICE ROSEANN PRADO VILLAGE CLERK protect the Village's assets form loss, theft, or misuse and to compile sufficient reliable information for the preparation of Indian Creek Village's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, Indian Creek Village's comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this Report is complete and reliable in all material respects. The firm of Caballero, Fierman, Llerena & Garcia LLP, licensed certified public accountants has audited Indian Creek Village's financial statements. The goal of the independent audit was to provide reasonable assurance that the basic financial statements of Indian Creek Village for the fiscal year ended September 30, 2023, are free of material misstatement. The independent audit involved examining on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that Indian Creek Village's financial statements for the fiscal year ended September 30, 2023, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first component of the financial section of this Report.i

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). The letter of transmittal is designed to complement MD&A can be found immediately following the independent auditor's report. Profile of the Government Indian Creek Village, incorporated in 1939, is perhaps the most unique municipality in the United States. Located primarily on a 292.5-acre island in Biscayne Bay and adjacent tributaries in northeast Miami-Dade County, it is comprised of thirty-nine estates, single- family homes, the Indian Creek Country Club and Village owned properties. Employment within the Village is limited to those people employed by the country club and the professional staff of the Village. Because of the Village's unique location and beauty, its own police force and a dedicated and well-trained professional staff, property values in the Village are among the highest in the country. Access to the island is regulated by a gated entry via the Surfside Bridge and a single private roadway, Indian Creek Island Road, provides internal traffic circulation. Indian Creek Village has operated under the council-manager form of government since 1982. Policymaking and legislative authority are vested in a governing council consisting of the mayor and four other council members. The Council is responsible among other things for passing ordinances and resolutions, adopting the annual budget, and appointing the Village Manager. The Village Manager is responsible for conducting the policies and ordinances and overseeing the daily operations of the Village. Indian Creek Village offers a range of services including, police protection, building zoning and planning, code enforcement and water and sewer services. Countywide services include corrections rehabilitation, judicial administration, Transit Agency, Public Health Trust, Fire and Rescue, Human and Social Services. Miami-Dade County is the regional government for all county residents. The annual budget serves as a foundation for Indian Creek Village's financial planning and control. Departments of the Village are required to submit requests for appropriations to the Village Manager and these requests are the initiation of developing the proposed budget. The Village Manager then presents this proposed budget to the Council for review. The Council is required to hold public hearings on the proposed budget and to adopt a final budget no later than September 30, the close of the Village's fiscal year. The appropriated budget is prepared by fund and department. The Village Council approves supplemental appropriations. Budget to actual comparisons is provided in this report for the general fund, forfeiture fund and building fund for which appropriated annual budgets have been adopted. The general, forfeiture, and building fund budget to actual reports are presented in the required supplementary information section of this Report.ii

INDIAN CREEK VILLAGE, FLORIDA 9080 BAY DRIVE, INDIAN CREEK VILLAGE, FLORIDA 33154-3212 VOICE 305.865.4121 FAX 305.865.2502 Factors Affecting Financial Condition The information presented in the financial statements is best understood when it is considered from the broader perspective of the specific environment with which Indian Creek Village operates. The following is a discussion of the most significant factors that have currently affected, and are expected to affect, our future financial condition: Long-Term Debt In January 2022, the Village obtained a loan in the amount of$ 18,710,000, the Tax-Exempt Roadway Improvement Special Assessment Bond, for the purpose of financing the cost to rebuild the existing 1.6-mile-long roadway within the Village. The projects includes realignment of the existing roadway, paving, drainage, stormwater, potable water, a new sanitary sewer system, lighting, landscaping and a pedestrian pathway, and the relocation of utilities and telecommunication lines. The term of the loan I fifteen years, at a fixed interest rate of 1.91%. Repayment is secured with an annual non-ad valorem Roadway Assessment utilizing the Uniform Method of collection implemented by the county Tax Collector. Local Economy Indian Creek Village enjoys a favorable economic environment, and local indicators point to continued future stability. This exclusive community is comprised of well-educated and involved citizens who take a genuine interest in the governing aspects of their Village. The Village is comprised of exclusive residential housing stock. There are no industrial or commercial areas in the community. Long-Term Financial Planning The Village utilizes a comprehensive living projection five years into the future to assess revenue trends and expenditure needs to assure a balanced stable financial program while addressing the various goals and objectives of the community. Awards and Acknowledgements The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Indian Creek Village for its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2022. This was the twenty-third year that the Village received this prestigious award. To be awarded a Certificate of Achievement, the government published an easily readable and efficiently organized ACFR. This report satisfied both GAAP and applicable legal requirements.iii

INDIAN CREEK VILLAGE, FLORIDA 9080 BAY DRIVE, INDIAN CREEK VILLAGE, FLORIDA 33154-3212 VOICE 305.865.4121 FAX 305.865.2502 A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR continues to meet the Certificate of Achievement Program's requirements and are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this Report would not have been possible without the efficient and dedicated services of the entire staff of Indian Creek Village. We would like to express our appreciation to all members of all the Village staff who assisted and contributed to the preparation of this report. We would also like to express our appreciation to Caballero, Fierman, Llerena & Garcia LLP our independent auditors, for their assistance and efforts in helping the village prepare the ACFR. Appreciation is also extended to the Mayor and the Village Council for their unfailing support for maintaining the highest standards of professionalism in the management of Indian Creek Village's finances. Village Manageriv

Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Indian Creek Village Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2022 Executive Director/CEOv

INDIAN CREEK VILLAGE, FLORIDA VILLAGE OFFICIALS SEPTEMBER 30, 2023 vi VILLAGE COUNCIL Bernard Klepach, Mayor Javier Holtz, Vice Mayor Irma Braman, Councilmember Robert B. Diener, Councilmember Irwin E. Tauber, Councilmember VILLAGE MANAGER Guillermo Olmedillo VILLAGE CLERK Roseann Prado VILLAGE ATTORNEY Weiss Serota Helfman Cole & Bierman, P.L. FINANCE DIRECTOR Beatrice Good, P.A. INDEPENDENT AUDITORS Caballero Fierman Llerena & Garcia, LLP

Voters Indian Creek Village Village Council Village Manager Engineer Public Safety Chief Patrol Platoon A Squad 1 Captain Officer 1 Officer 2 Public Service Aide 1 Reserve Officer Squad 2 Captain Officer 3 Officer 4 Public Service Aide 2 Platoon B Squad 3 Sergeant Officer 5 Public Service Aide 3 Squad 4 Sergeant Officer 6 Public Service Aide 4 Investigations TFA 1 TFA 2 TFA 3 Code Compliance Planning & Zoning Finance Building Services Village Attorney Village Clerk Deputy Clerk Indian Creek Village, Florida Organizational Chart September 30, 2023vii

INDEPENDENT AUDITORS’ REPORT

1 8950 SW 74th Court I Suite 1210 I Miami, FL 33156 T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM INDEPENDENT AUDITORS’ REPORT To the Honorable Mayor, Village Council, and Village Manager Indian Creek Village, Florida 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 Indian Creek Village, Florida (the Village) as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the Village’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 Village, as of September 30, 2023, 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 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 Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Village and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village’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. Auditors’ 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 auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village’s internal control. Accordingly, no such opinion is expressed.

2 8950 SW 74th Court I Suite 1210 I Miami, FL 33156 T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM  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 Village’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 on pages 3–10 and 30-33 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 Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic 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 basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic 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 28, 2024, on our consideration of the Village’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Village’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 Village’s internal control over financial reporting and compliance. Caballero Fierman Llerena & Garcia, LLP Miami, Florida June 28, 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS (Required Supplementary Information)

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 3 As management of Indian Creek Village, we offer readers of Indian Creek Village’s (the Village) financial statements this narrative overview and analysis of the financial activities of Indian Creek Village for the fiscal year ended September 30, 2023. FINANCIAL HIGHLIGHTS  The assets of Indian Creek Village exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $17,211,651.  The Village’s total net position increased by $3,038,653. Key components of the Village’s net position and change in net position are shown in the tables in the government-wide financial analysis section.  As of the close of the current fiscal year, the Village’s governmental funds reported a combined ending fund balance of $8,677,939. A portion of the fund balance, $78,521 is non-spendable for pre-paid items, $285,179 is restricted for police forfeiture programs, $3,041,267 is restricted for building services, and $1,913,943 is restricted for the Roadway Redevelopment Project. Additionally, $250,000 has been committed for insurance deductibles. The remainder, $3,109,029, is unassigned fund balance available for spending. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to Indian Creek Village’s basic financial statements. The Village’s basic financial statements comprise 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 provide readers with a broad overview of Indian Creek Village’s finances, in a manner like a private sector business. The statement of net position presents information on all Indian Creek Village’s position and liabilities, with the difference between the two 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 Village 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 when the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are documented in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both government-wide financial statements distinguish functions of Indian Creek Village that are principally sustained by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a sizable portion of their costs through user fees and charges (business type activities). The governmental activities of Indian Creek Village include general government, public safety, code enforcement and capital projects. The business-type activities include water and stormwater utility operations. The government-wide financial statements include only Indian Creek Village itself (known as the primary government). The government-wide financial statements are located on pages 11 and 12 of this report. Fund Financial Statements. A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. Indian Creek Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Indian Creek Village has two fund categories: the governmental funds and the proprietary funds.

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 4 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) Governmental Funds. Governmental funds are account for 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 government’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 government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. Indian Creek Village maintains four governmental funds, the general fund, a forfeiture fund, a building fund and a capital projects fund. Indian Creek Village adopts an annual appropriated budget for each of its governmental funds. A budgetary comparison schedule is included for these funds to demonstrate compliance with the budget. The basic governmental fund financial statements are located on pages 13 to 15 of this report. Proprietary Funds. The Village maintains two proprietary funds. Enterprise funds report the same functions presented as business-type activities in the government-wide financial statements. The Village uses enterprise funds to account for its Stormwater and Water Utility operations. The basic proprietary fund financial statements are located on pages 17 to 19 of this report. Notes to the Basic 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. The notes to the financial statements are located on pages 20 to 29 of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the Village, assets exceeded liabilities by $17,211,651 at the close of the most recent fiscal year. The portion of the Village’s net position that reflects its investment in capital position (e.g., land and equipment) is $7,938,957. These assets provide services to residents; consequently, these assets are not available for future spending. Our analysis of the financial statements of the Village begins below. The Statement of Net Position and the Statement of Activities report information about the Village’s activities that will help answer questions about the position of the Village. A comparative analysis is included with prior year information.

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 5 NET POSITION Table A-1 summarizes of the Village’s Net Position. A Summary of the Changes in Net Position is presented in Table A-2. 2023 2022 2023 2022 2023 2022 Current assets 9,000,869$ 13,688,099$ 2,361,083$ 2,285,726$ 11,361,952$ 15,973,825$ Capital assets, net 24,350,099 18,819,177 797,308 744,437 25,147,407 19,563,614 Restricted cash equivalents 948,322 1,014,270 -- -- 948,322 1,014,270 Total Assets 34,299,290 33,521,546 3,158,391 3,030,163 37,457,681 36,551,709 Other liabilities 1,372,195 2,273,017 143,028 152,849 1,515,223 2,425,866 Long-term liabilities 18,730,807 20,090,894 -- -- 18,730,807 20,090,894 Total Liabilities 20,103,002 22,363,911 143,028 152,849 20,246,030 22,516,760 Investment in capital assets 7,938,957 8,654,338 797,308 744,437 8,736,265 9,398,775 Restricted 3,326,446 1,922,411 -- -- 3,326,446 1,922,411 Unrestricted 2,930,885 580,886 2,218,055 2,132,877 5,148,940 2,713,763 Total Position 14,196,288$ 11,157,635$ 3,015,363$ 2,877,314$ 17,211,651$ 14,034,949$ Table A-1 Summary of Net Position Governmental Business-type Activities Activities Total As demonstrated in Table A-1, Summary of Net Position, the Village’s current position increased throughout the year. The increase is attributable to the addition of two capital assets: (1) the Perimeter Security System which added multi- layered security for long-range detection of people and vessels approaching the island from surrounding waters. The integrated perimeter protection begins at Village Hall and extends around the entire island. The second capital asset is (2) the Roadway Redevelopment Project which includes realignment of the existing roadway, all paving, drainage, stormwater, potable water and a new sanitary sewer grinding system, lighting, landscaping, and a pedestrian pathway as well as the relocation of utilities such as telecommunication lines.

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 6 NET POSITION (CONTINUED) 2023 2022 2023 2022 2023 2022 Revenues Program revenues: Charges for services 1,965,631$ 1,278,005$ 787,504$ 624,182$ 2,753,135$ 1,902,187$ Operating grants and contributions 242,588 802,456 -- -- 242,588 802,456 General revenues: Property taxes 5,150,373 4,459,157 -- -- 5,150,373 4,459,157 Special assessment 939,607 -- -- -- 939,607 -- Franchise taxes 60,507 52,547 -- -- 60,507 52,547 Intergovernmental 10,041 9,478 -- -- 10,041 9,478 Other, including interest 176,538 63,333 6,305 5,940 182,843 69,273 Total Revenues 8,545,285 6,664,976 793,809 630,122 9,339,094 7,295,098 Expenses General government 966,949 1,158,537 -- -- 966,949 1,158,537 Public safety 4,104,846 3,779,009 -- -- 4,104,846 3,779,009 Development services 55,141 86,232 -- -- 55,141 86,232 Interest on long-term debt 379,696 278,196 -- -- 379,696 278,196 Water -- -- 569,954 587,409 569,954 587,409 Stormwater -- -- 85,806 81,222 85,806 81,222 Total Expenses 5,506,632 5,301,974 655,760 668,631 6,162,392 5,970,605 Increase (decrease) in net position 3,038,653 1,363,002 138,049 (38,509) 3,176,702 1,324,493 Net Position - Beginning 11,157,635 9,794,633 2,877,314 2,915,823 14,034,949 12,710,456 Net Position - Ending 14,196,288$ 11,157,635$ 3,015,363$ 2,877,314$ 17,211,651$ 14,034,949$ Table A-2 Summary of Changes in Net Position Governmental Business-type Activities Activities Total As illustrated by Table A-2, Changes in Net Position, the Village’s expenses during Fiscal Year 2023 reached $6,162,392 with revenues exceeding expenses by $3,176,702.

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 7 PROGRAM REVENUES AND EXPENSES – GOVERNMENTAL ACTIVITIES Charges for Services, 89% Operating Grants and Contributions, 11% Program Revenues Charges for Services Operating Grants and Contributions General Government 18% Public Safety 74% Development Servi ces 1% Interest on Long-Term Debt 7% Program Expenses General Government Public Safety Development Services Interest on Long-Term Debt

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 8 REVENUES BY SOURCE – GOVERNMENTAL ACTIVITIES Ad Valorem Taxes, 81% Special Assessment, 15% Uti lity Franchises, 1% Inte rgovernmental, 0% Interest and Other, 3% Revenues by Sources - Governmental Activities Ad Valorem Taxes Special Assessment Utility Franchises Intergovernmental Interest and Other FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, Indian Creek Village uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds. The focus of Indian Creek Village’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Village’s financing requirements. Unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At the end of the current fiscal year, the total fund balance within the general fund reflects $3,682,624. Fund balance includes a committed balance for insurance deductibles in the amount of $250,000, non-spendable prepaids totaling $75,069, restricted police forfeiture program revenue of $248,526 and unassigned fund balance of $3,109,029. The general fund is the chief operating fund of Indian Creek Village. As a measure of the general fund’s liquidity, it may be useful to compare unassigned fund balance and total fund balance to total fund expenditures. The total unassigned balance currently represents 52% of total general fund expenditures.

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 9 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS (CONTINUED) A summary of the general fund’s condensed balance sheet and statement of revenues, expenditures and changes in fund balance is included in Tables B-1 and B-2 for September 30, 2023, and 2022 below: Governmental Funds. Fund balance in the general fund decreased by $984,064 due to an increase to the debt service principal expense. The line of credit used as a funding source for the perimeter system was paid in full. Restricted fund balance in the forfeiture fund decreased by $281,066. Meanwhile, the building fund reserves increased by $1,620,364. Forfeiture proceeds collected totaled $189,846. Permit fees collected totaled $1,846,521. 2023 2022 Total Assets 3,836,738$ 4,939,457$ Total Liabilities 154,114$ 272,769$ Fund Balance Non-spendable fund balance 75,069 19,152 Restricted fund balance 248,526 183,789 Committed fund balance 250,000 250,000 Unassigned fund balance 3,109,029 4,213,747 Total Fund Balance 3,682,624 4,666,688 Total Liabilities and Fund Balance 3,836,738$ 4,939,457$ 2023 2022 Total Revenues 6,418,006$ 4,734,980$ Total Expenditures 5,946,916 4,659,872 Excess 471,090 75,108 Other Financing Sources Proceeds from line of credit -- 592,500 Proceeds from capital lease -- 270,419 Proceeds from sale of capital assets -- 39,125 Transfers in 427,665 3,095,056 Transfers out (1,882,819) (213,757) Total Other Financing Sources (1,455,154) 3,783,343 Net Change in Fund Balance (984,064)$ 3,858,451$ Fiscal Year Table B-1 Summary of Condensed Balance Sheet Fiscal Year Table B-2 Summary of Condensed Statement of Revenues, Expenditures and Changes in Fund Balance

INDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2023 10 BUSINESS-TYPE ACTIVITIES The proprietary funds activities increased the Village’s net position by $138,049.  The Stormwater Utility Fund reflected operating income of $97,584 including depreciation expense in the amount of $5,895.  The Water Utility Fund reflected a operating income of $34,160 including depreciation expense in the amount of $5,419. LONG-TERM DEBT The Village’s long-term debt liabilities total $18,120,000. The Series 2022 Roadway Improvement Special Assessment Note, in the amount of $18,710,000, was issued for the purpose of financing the cost of design and realignment of the existing 1.6-mile roadway to include stormwater, potable water, a new sanitary sewer system, lighting, landscape and relocation of telecommunication lines. An annual Roadway Assessment is levied via the Maimi-Dade