Coquina Shores Community Development District 475 West Town Place, Suite 114
St. Augustine, Florida 32092 www.coquinashorescdd.com
April 9, 2026

Board of Supervisors Coquina Shores CDD
Call-in #: 1-877-304-9269; Code 3006875

Dear Board Members and Staff:

The Coquina Shores Community Development District Board of Supervisors Meeting is scheduled for Thursday, April 16, 2026 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center, 55 Town Center Boulevard, Palm Coast, Florida 32164.
Following is the agenda for the meeting:

	I.	Call to Order

	I.	Public Comment

	I.	Approval of Minutes of the February 26, 2026 Meeting

	I.	Acceptance of the Fiscal Year 2025 Audit Report

	I.	Discussion of the Fiscal Year 2027 Budget

	I.	Consideration of S.E. Cline Change Order Nos. 4 and 5
	II.	Staff Reports
	A.	District Counsel

	A.	District Engineer – Ratification of Requisition Nos. 8-10

	A.	District Manager

	I.	Financial Reports
	A.	Financial Statements as of February 28, 2026

	A.	Check Register

	I.	Other Business
	II.	Supervisors’ Requests and Audience Comments

	I.	Next Scheduled Meeting – Thursday, May 21, 2026 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center

	I.	Adjournment

MINUTES
MINUTES OF MEETING
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Coquina Shores Community Development District was held on Thursday, February 26, 2026 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center, 55 Town Center Boulevard, Palm Coast, Florida 32164.

Present and constituting a quorum were:

Blaz Kovacic	Chairman
Marcy McBride by phone	Vice Chair
Matthew Fossler	Supervisor
Bill Livingston	Supervisor
Brett North by phone	Supervisors

Also present were:

Jim Oliver	District Manager
Katie Buchanan by phone	District Counsel
Scott Lockwood by phone	District Engineer
Daniel Harvey	Governmental Management Services

The following is a summary of the discussions and actions taken at the February 26, 2026 meeting.

FIRST ORDER OF BUSINESS	Roll Call
Mr. Oliver called the meeting to order at 2:00 p.m.

SECOND ORDER OF BUSINESS	Public Comment
There being no members of the public present, the next item followed.

THIRD ORDER OF BUSINESS	Approval of Minutes of the January 15,
2026 Meeting
There were no revisions to the minutes.

February 26, 2026	Coquina Shores CDD

FOURTH ORDER OF BUSINESS	Consideration of First Amendment to
Contract with S.E. Cline Construction, Inc.
Mr. Kovacic stated that the City of Palm Coast requested a change in the design and modification of the scope of work for the offsite improvements, specifically the reuse main and force main, which resulted in two change orders from S.E. Cline. The amendment to the contract covers the change in the date for government acceptance, and the total price of the contract, which reduced.

FIFTH ORDER OF BUSINESS	Consideration of Change Order Nos. 2 and
3 to S.E. Cline Contract
Mr. Kovacic stated that change order number two covers the additional scope of work related to the new design of the offsite improvements discussed above, and change order number three covers the amount of the reduction of the cost due to shortening lengths of the reuse and force main.

SIXTH ORDER OF BUSINESS	Ratification of S.E. Cline Pay Application
No. 4
A copy of pay application number four, totaling $497,273.22 was included in the agenda package for the Board’s review. Mr. Kovacic noted requisition number six covers this pay application.

SEVENTH ORDER OF BUSINESS	Staff Reports
	A.	District Counsel
There being nothing to report, the next item followed.
February 26, 2026	Coquina Shores CDD

	A.	District Engineer – Requisition Summary
A copy of requisition number six totaling $497,273.22 was provided to the Board for their review.
Mr. Lockwood provided an update on a request regarding the development.

	A.	District Manager
There being nothing to report, the next item followed.

EIGHTH ORDER OF BUSINESS	Financial Reports
	A.	Financial Statements as of December 31, 2025
Copies of the financial statements were included in the agenda package for the Board’s
review.

	A.	Check Register
A copy of the check register totaling $18,253.66 was included in the agenda package for the Board’s review.

NINTH ORDER OF BUSINESS	Other Business
There being none, the next item followed.

TENTH ORDER OF BUSINESS	Supervisors’	Requests	and	Audience
Comments
The Board discussed canceling the March 19, 2026 meeting.

ELEVENTH ORDER OF BUSINESS	Next Scheduled Meeting – Thursday, April
16, 2026 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center
TWELFTH ORDER OF BUSINESS	Adjournment
February 26, 2026	Coquina Shores CDD

Secretary/Assistant Secretary	Chairman/Vice Chairman

FOURTH ORDER OF BUSINESS

COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
CITY OF PALM COAST, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, 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 of 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	
Notes to Financial Statements	13-19	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
20	
Notes to Required Supplementary Information	21	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	22	
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	

23-24	
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	

25	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
26-27	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Coquina Shores Community Development District City of Palm Coast, Florida
1001 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 and each major fund of Coquina Shores Community Development District, City of Palm Coast, 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 and each major fund of the District as of September 30, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
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 April 3, 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.

April 3, 2026
MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Coquina Shores Community Development District, City of Palm Coast, 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 liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($295,076).

	•	The change in the District’s total net position in comparison with the prior fiscal year was ($308,531), a decrease. 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 $3,585,072, an increase of $3,571,617 in comparison with the prior fiscal year. The total fund balance is nonspendable for prepaid items, restricted for debt service and capital projects, and the remainder is unassigned deficit fund balance in the general fund.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s 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.

The government-wide financial statements include all governmental activities that are principally supported by Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (management) function.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.
OVERVIEW OF FINANCIAL STATEMENTS (Continued)

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

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

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

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

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

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

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

The District’s net position decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations exceeded ongoing program revenues.
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,
2025	2024

Revenues:
Program revenues
Operating grants and contributions	$	66,486	$	65,511	
Total revenues	66,486	65,511	
Expenses:			
General government	75,819	70,839	
Bond issue costs	284,050	-	
Interest	15,148	-	
Total expenses	375,017	70,839	
Change in net position	(308,531)	(5,328)	
Net position - beginning	13,455	18,783	
Net position - ending	$	(295,076)	$	13,455	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $375,017. The costs of the District’s activities were funded by program revenues which were comprised of Developer contributions. In total, expenses increased from the prior fiscal year mainly due to bond issuance costs incurred in the current year.

GENERAL BUDGETING HIGHLIGHTS

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

At September 30, 2025, the District had $3,865,000 in Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS

It is anticipated that the general operations of the District will continue to increase as the District is built out.
CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, landowners, 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 Coquina Shores Community Development District’s Finance Department at 475 West Town Place, Suite 114, St. Augustine, FL 32092.
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	1,802	
Due from Developer	8,781	
Prepaid items	5,512	
Restricted assets:		
Investments		3,580,950 	
Total assets		3,597,045 	
LIABILITIES		
Accounts payable	11,973	
Accrued interest payable	15,148	
Non-current liabilities:		
Due within one year	55,000	
Due in more than one year		3,810,000 	
Total liabilities		3,892,121 	
NET POSITION		
Net investment in capital assets	(437,560)	
Restricted for debt service	138,362	
Unrestricted		4,122 	
Total net position	 $	(295,076) 	

See notes to the financial statements
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Program
Net (Expense) Revenue and Changes in Net
	Revenues	Position	 Operating
Grants and	Governmental
Functions/Programs		Expenses	Contributions	Activities	 Primary government:
Governmental activities:
General government	$	75,819	$	66,486	$	(9,333)	
Interest on long-term debt	15,148	-	(15,148)	
Bond issue costs		284,050		-	(284,050)  Total governmental activities		375,017	66,486	(308,531) 

Change in net position	(308,531)	
Net position - beginning		13,455 	
Net position - ending	 $	(295,076) 	

See notes to the financial statements
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds		Total
Debt
General	Service
Capital Projects
Governmental Funds
ASSETS					
Cash and cash equivalents	$	1,802	$	-	$	-	$	1,802	
Investments	-	153,510	3,427,440	3,580,950	
Due from Developer	8,781	-	-	8,781	
Prepaid items	5,512	-	-	5,512	
Total assets	 $	16,095	$	153,510	$ 3,427,440	$ 3,597,045 

LIABILITIES, AND FUND BALANCES
Liabilities:
Accounts payable	$	11,973	$	-	$	-	$	11,973	
Total liabilities	11,973	-	-	11,973	

Fund balances:
Nonspendable:
Prepaid items		5,512		-		-		5,512	
Restricted for:									
Debt service		-		153,510		-		153,510	
Capital projects		-		-		3,427,440		3,427,440	
Unassigned		(1,390)		-		-		(1,390)	
Total fund balances		4,122		153,510		3,427,440		3,585,072	

Total liabilities and fund balances	
$	
16,095	
$	
153,510	
$	
3,427,440	
$	
3,597,045	

See notes to the financial statements
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Fund balance - governmental funds	$ 3,585,072 Amounts reported for governmental activities in the statement of
net position are different because:
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	(15,148)
Bonds payable	 (3,865,000)  (3,880,148)  Net position of governmental activities		$  (295,076)

See notes to the financial statements
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	Major Funds		Total
Debt
General	Service
Capital Projects
Governmental Funds
REVENUES					
Developer contributions	$	66,486	$	-	$	-	$	66,486			
Total revenues	66,486	-	-	66,486			

EXPENDITURES
Current:
General government	

75,819	

-	

-	

75,819	
Debt service:
Bond issuance costs	
-	
-	
284,050	
284,050	
Total expenditures	75,819	-	284,050	359,869	

Excess (deficiency) of revenues over (under) expenditures	

(9,333)	

-	

(284,050)	

(293,383)	

OTHER FINANCING SOURCES (USES)
Bond proceeds	

-	

153,510	

3,711,490	

3,865,000	
Total other financing sources (uses)	-	153,510	3,711,490	3,865,000	

Net change in fund balances	
(9,333)	
153,510	
3,427,440	
3,571,617	
Fund balances - beginning	13,455	-	-	13,455	

Fund balances - ending	
$	4,122	
$	153,510	
$ 3,427,440	
$  3,585,072	

See notes to the financial statements
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
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

Net change in fund balances - total governmental funds	$	3,571,617	
Amounts reported for governmental activities in the statement of activities are different because:		
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long-term liabilities in the statement of net position.	

(3,865,000)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the governmental fund financial statements.	

	(15,148) 	
Change in net position of governmental activities	$	(308,531)	

See notes to the financial statements
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

Coquina Shores Community Development District (the "District") was established by the City Council of the City of Palm Coast’s approval of Ordinance No. 2023-09 effective on August 1, 2023, 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 is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2025, three Board members are affiliated with Altman Companies (“Developer”).
The Board has the responsibility for:
	1.	Allocating and levying assessments.
	2.	Approving budgets.
	3.	Exercising control over facilities and properties.
	4.	Controlling the use of funds generated by the District.
	5.	Approving the hiring and firing of key personnel.
	6.	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.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection 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 on 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 Funds
The debt service funds are used to account for the accumulation of resources for the annual payment of principal and interest on 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.

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.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)
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).

Deposits and Investments (Continued)
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:

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

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.
The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 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 value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

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.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

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

Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

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.
	a.	Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
	b.	Public hearings are conducted to obtain comments.
	c.	Prior to October 1, the budget is legally adopted by the District Board.
	d.	All budget changes must be approved by the District Board.
	e.	The budgets are adopted on a basis consistent with generally accepted accounting principles.
	f.	Unused appropriations for annually budgeted funds lapse at the end of the year.
NOTE 4 – DEPOSITS AND INVESTMENTS

Deposits
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:

Amortized Cost	Credit Risk	Maturities

Dreyfus Gov Sec CM Investor 610
$	3,580,950
S&P AAAm
Weighted average of the fund portfolio: 47 days
 $	3,580,950 

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.
NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
	•	Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
	•	Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
	•	Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.
NOTE 5 – CAPITAL ASSETS
The infrastructure intended to serve the District has been estimated at a total cost of approximately $65 million. A portion of the project costs was expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. Upon completion, certain improvements are to be conveyed to others for ownership and maintenance responsibilities. The District issued Series 2025 Bonds during the current fiscal year in order to fund a portion of the project, but no capital expenditures have been incurred as of September 30, 2025.

NOTE 6 – LONG TERM LIABILITIES

Series 2025
On September 30, 2025, the District issued $3,865,000 of Special Assessment Bonds, Series 2025 consisting of various Term Bonds with due dates from May 1, 2032, to May 1, 2055 and fixed interest rates ranging from 4.25% to 5.7%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. 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, 2026, through May 1, 2055.
The Series 2025 Bonds are subject to redemption at the option of the District prior to their maturity. The Series 2025 Bonds are subject to optional redemption. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other 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 and to meet the reserve requirements. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be released to the Developer for construction costs paid on behalf of the District; this did occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2025.
NOTE 6 – LONG TERM LIABILITIES (Continued)

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

Governmental activities
Beginning Balance

Additions	Reductions
Ending Balance
Due Within One Year

Bonds payable:				
Series 2025	$	-	$	3,865,000	$	-	$	3,865,000	$	55,000	
Total	$	-	$	3,865,000	$	-	$	3,865,000	$	55,000	

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

Year ending
	Governmental Activities	
  September 30:	Principal	Interest	Total	
2026	$	55,000	$	123,133	$	178,133	
2027	60,000	208,692	268,692	
2028	60,000	206,195	266,195	
2029	60,000	203,645	263,645	
2030	70,000	200,989	270,989	
2031-2035	380,000	956,700	1,336,700	
2036-2040	500,000	843,013	1,343,013	
2041-2045	645,000	690,113	1,335,113	
2046-2050	875,000	485,140	1,360,140	
2051-2055		1,160,000	208,834	1,368,834 			
	 $	3,865,000	$	4,126,454	$	7,991,454 			

NOTE 7 - DEVELOPER TRANSACTIONS AND CONCENTRATION
The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $66,486, which includes a receivable of
$8,781 as of September 30, 2025.

The District’s activity is dependent upon the continued involvement of the Developer and major landowners, the loss of which could have a material adverse effect on the District’s operations.
NOTE 8 - MANAGEMENT COMPANY

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

NOTE 9 - RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims since inception of the District.
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	
Budgeted
	Amounts	 Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	

REVENUES
Developer Contributions	

$	140,453	

$	66,486	

$	(73,967)	
Total revenues	140,453	66,486	(73,967)	

EXPENDITURES
Current:
General government	140,453	75,819	64,634	
Total expenditures	140,453	75,819	64,634	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

(9,333)  $	(9,333) 		
Fund balance - beginning			13,455 		
Fund balance - ending		 $	4,122 		

See notes to required supplementary information
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
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.	1	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
3	
Employee compensation	$185	
Independent contractor compensation	$67,274	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

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;	Not applicable	
		
Outstanding Bonds:		
Series 2025, due May 1, 2055	$3,865,000	
1001 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
Coquina Shores Community Development District City of Palm Coast, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Coquina Shores Community Development District, City of Palm Coast, 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 April 3, 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.

April 3, 2026
1001 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 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
Coquina Shores Community Development District City of Palm Coast, Florida
We have examined Coquina Shores Community Development District, City of Palm Coast, 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 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 Supervisors of Coquina Shores Community Development District, City of Palm Coast, Florida and is not intended to be and should not be used by anyone other than these specified parties.

April 3, 2026
1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Coquina Shores Community Development District City of Palm Coast, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Coquina Shores Community Development District, City of Palm Coast, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated April 3, 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 April 3, 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:

	I.	Current year findings and recommendations.
	II.	Status of prior year findings and recommendations.
	III.	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 Coquina Shores Community Development District, City of Palm Coast, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Coquina Shores Community Development District, City of Palm Coast, 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.

April 3, 2026
REPORT TO MANAGEMENT

	I.	CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None.

	I.	PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None.

	I.	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:

	1.	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.
	1.	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.
	1.	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.
	1.	The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
	2.	The District has not met any of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
	3.	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 management.

	1.	Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 22.

SIXTH ORDER OF BUSINESS

CGC 061947
S.E. Cline Construction, Inc.
P.O. Box 354425, Palm Coast, FL 32135
18 Utility Drive, Palm Coast, FL 32137 Phone: (386) 446-6426 Fax: (386) 446-6481

JRDER REQUEST

DATE:	3/30/2026	CHANGE	ORDER#:	4	
PROJECT:	Coquina Shores Offistc	JOB#:	1224		
OWNER:	Coquina Shores CDD				
Revision to	the original proposal and Scope of Work:				
	Aspahlt Changes Per FDOT				
	QTY	U.O.M.	PRICE	TOTAL	
1	Install 2" SP 12.5	1245	SY	$	26.60	$	33,117.00	
2	Install l "-1.5" FC 9.5	1245	SY	$	32.88	$	40,935.60	
			
Total	
$	74,052.60	
1. Total price under the orignal Construction Agreement:	$ 1,470,151.33					
2. Previous Change Orders:	$	(59,004.90)					
3. This Change Order:	$	74,052.60					
4. Total price under the new Construction Agreement:	$ 1,485,199.03					
Additional Lime due lo bike week shutdown by FDOT. Please move Subslantial lo 11./10/2026
All other terms and conditions of the Construction Agreement referred lo above shall remain unchanged.

OWNER

By:	_ Date:		_
S.E. Cline Construction, Inc.
P.O. Box 354425, Palm Coast, FL 32135
18 Utility Drive, Palm Coast, FL 32137 Phone: (386) 446-6426 Fax: (386) 446-6481

I ORDER REQUEST

DATE:	
3/30/2026		CHANGE	ORDER#:	5	
PROJECT:	Coquina Shores Ofliste		JOB#:	1224		
O\,VNER:	Coquina Shores CDD					
Revision to	the original proposal and Scope of Work:
Aspahlt Credit for Changes Per FDOT					
		QTY	U.O.M.	PRICE	TOTAL	
1	Credit for Item #22 1" Asphalt SP 9.5	1245	SY	
$	10.63	
$	(13,234.35)	
2	Credit for Item #23 1" Asphalt SP 9.5	1245	SY	$	10.70	$	(13,321.50)		
			
Total	
$	(26,555.85)		
1. Total price under the orignal Construction Agreement:				$ 1,470,151.33		
2. Previous Change Orders:				$	15,047.70		
3. This Change Order:				$	(26,555.85)		
4. Total price under the ne"v Construction Agreement:				$ 1,458,643.18		

All other terms and conditions of the Construction Agreement referred to above shall remain unchanged.

OWNER

By:		_ Date:			

SEVENTH ORDER OF BUSINESS

B.
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
The undersigned, an Authorized Officer of Coquina Shores Community Development District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), dated as of September 1, 2025, as amended and supplemented by the First Supplemental Trust Indenture between the District and the Trustee, dated as of September 1, 2025 (collectively, the "Indenture"). All capitalized terms used herein shall have the meaning ascribed to such term in the Indenture.

(A)

(B)
Requisition Number: Name of Payee:
8

S.E. Cline Construction
	C.	Amount Payable:
$ 310,396.08
	C.	Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments or state costs of issuance, if applicable):
Payment for: Coquina Shores Offsite - Contractor Application for Payment No. 6 (March 2026)

	C.	Fund, Account or subaccount from which disbursement is to be made: Series 2025 Acquisition and Construction Account
The undersigned hereby certifies that:
?  obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Series 2025 Acquisition and Construction Account and the subaccount, if any, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2025 Project and each represents a Cost of the Series 2025 Project, and has not previously been paid out of such Account or subaccount;
OR
D  this requisition is for costs of issuance payable from the Series 2025 Costs of Issuance Account that has not previously been paid out of such Account.
The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set
forth above, which has not been released or will not be released simultaneously with the payment hereof.
The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Originals or copies of the invoice(s) from the contractor of the improvements acquired or services rendered (or other equivalent supporting documents) with respect to which disbursement is hereby requested are on file with the District.

COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
I

By: 	
Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
If this requisition is for a disbursement from other than the Series 2025 Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the Series 2025 Project and is consistent with (a) the applicable acquisition or construction contract, (b) the plans and specifications for the portion of the Series 2025 Project with respect to which such disbursement is being made, and (c) the report of the Consulting Engineer attached as an Exhibit to the First Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer

Coquina Shores Community Development District c/o Government Management Services
475 West Town Place, Suite 114
AIA Type Document
Application and Certification for Payment	Page 1 of 4

TO (OWNER): Coquina Shores CDD
C/O Gov. Management Ser., LLC 475 W. Town Place, Ste 114
St. Augustine, FL 32092
FROM (CONTRACTOR): S. E. Cline Construction
P.O.Box 354425
18 Utility Drive
Palm Coast, FL 32135-4425

PROJECT: Coquina Shores Offsite
6150 State Highway 100 E.
Cline Job #1224
Palm Coast, FL 32137 VIA (ARCHITECT):

APPLICATION NO: 6 PERIOD TO:3/31/2026

ARCHITECT'S PROJECT NO:

DISTRIBUTION TO:
OWNER ARCHITECT CONTRACTOR

CONTRACT FOR:	CONTRACT DATE:
CONTRACTOR'S APPLICATION FOR PAYMENT
Application is made for Payment, as shown below, in connection with the Contract. Continuation Sheet, AIA Type Document is attached.
The Undersigned Contractor certifies that to the best of the Contractor's knowledge, information and belief the work covered by this application for Payment has been completed in accordance with the Contract Documents, that all amounts have been paid by the Contractor for Work for which previous Certificates for Payment were issued and payments received from the owner, and that
current payment shown herein is now due. CONTRACTOR: S. E. Cline Construction

	a.	5.00 % of Completed Work

$	64,927.63

By: _,. 0-	

State of: FL County of: Flagler

7.	,	-
Date: 3-3\-8Q3(o
	a.	0.00 % of Stored Material
$	0.-00
Subscribed and Sworn to before
A ►_, •	,,????-?{. of  00-IGJ??
Total retainage (Line Sa+ Sb) .................... $	64,927.63
Notary Public:
*?	* Commission# HH 537636

	6.	TOTAL EARNED LESS RETAINAGE .............. $	1,233,624.26
My Commissio
? ..?.?.?Off\:
Expires June 11, 2028
(Line 4 less Line 5 Total)
	6.	LESS PREVIOUS CERTIFICATES FOR PAYMENT
(Line 6 from prior Certificate) ..................... $	923,228.18
	6.	CURRENT PAYMENT DUE ..................... $	310,396.08
	7.	BALANCE TO FINISH, INCLUDING RETAINAGE
(Line 3 less Line 6)	$	177,522.17
ARCHITECT'S-CERTIFICATE FOR PAYMENT
In Accordance with the Contract Documents, based on on-site observations and the data com-prising the above application, the Architect certifies to owner that to the best of the Architect's knowledge, information and belief the Work has progressed as indicated.the quality of the work is in accordance with the Contract Documents, and the Contractor is entitled to payment of the AMOUNT CERTIFIED.
$310,396.08
AMOUNT CERTIFIED	$.;.	_
(Attach explanation if amount certified differs from the amount applied. Initial all figures on this Aoolication and on the Continuation Sheet that are changed to conform to the amount certified.)
Erigine?r -:
p-p?
4-1-2026
By:		 Date:		

This Certificate is not negotiable. The AMOUNT CERTIFIED is payable only to the Contractor named herein. Issuance, Payment and acceptance of payment are without prejudice to any rights of the Owner or Contractor under this Contract.

Field review by John Goodman
AIA Type Document
Application and Certification for Payment	Page 2 of 4

TO (OWNER): Coquina Shores COD	PROJECT: Coquina Shores Offsite	APPLICATION NO: 6 C/0 Gov. Management Ser., LLC		6150 State Highway 100 E.
DISTRIBUTION TO:

CONTRACT FOR:	CONTRACT DATE:

  	BALANCE	RETAINAGE

(6 Months)

Ditches After Pipe)
AIA Type Document
Application and Certification for Payment	Page 3 of 4

TO (OWNER): Coquina Shores COD	PROJECT: Coquina Shores Offsite	APPLICATION NO: 6	DISTRIBUTION
C/0 Gov. Management Ser., LLC	6150 State Highway 100 E.	TO:
475 W. Town Place, Ste 114	Cline Job #1224	PERIOD TO: 3/31/2026
- OWNER
St. Augustine, FL 32092	Palm Coast, FL 32137	- ARCHITECT
- CONTRACTOR
FROM (CONTRACTOR): S. E. Cline Construction
P.O.Box 354425	VIA (ARCHITECT):	ARCHITECT'S
PROJECT NO:	
18 Utility Drive
Palm Coast, FL 32135-4425			

CONTRACT FOR:	CONTRACT DATE:

 	BALANCE	RETAINAGE

22	0.00	13,234.35	0.00

23	0.00	13,321.50	0.00

24	100.00	0.00	199.82
25	100.00	0.00	19.30
26	100.00	0.00	1,084.34
27	31.38	50,919.98	1,164.13
28	A.DA Handicxap Ramps	1,487.50	0.00	0.00	0.00	0.00	0.00	1,487.50	0.00
29	A.DA Mats	3,332.00	0.00	0.00	0.00	0.00	0.00	3,332.00	0.00
30	Railing (Allowance)	16,184.00	0.00	0.00	0.00	0.00	0.00	16,184.00	0.00
31	19"x30" Mitered End Section	15,171.64	7,585.82	7,585.82	0.00	15,171.64	100.00	0.00	758.58
32	19"x30" ERCP	52,664.96	49,898.80	2,766.16	0.00	52,664.96	100.00	0.00	2,633.25
33	6" PVC DR18 Force Main	102,627.20	102,627.20	0.00	0.00	102,627.20	100.00	0.00	5,131.36
34	8" HOPE Force Main Directional	69,904.50	65,244.20	4,660.30	0.00	69,904.50	100.00	0.00	3,495.23
Drill
35	1O" HOPE Force Main Dircetional	40,061.50	0.00	40,061.50	0.00	40,061.50	100.00	0.00	2,003.08
Drill
36	Force Main Fittings & Valves	62,865.43	62,865.43	0.00	0.00	62,865.43	100.00	0.00	3,143.27
37	12" DR18 PVC Water Main	6,236.80	6,236.80	0.00	0.00	6,236.80	100.00	0.00	311.84
38	6" DR18 PVC Water Main	2,557.60	2,557.60	0.00	0.00	2,557.60	100.00	0.00	127.88
39	Water Main Fittings & Valves	34,673.47	34,673.47	0.00	0.00	34,673.47	100.00	0.00	1,733.67
40	16" DR18 PVC Reuse Main	214,302.00	214,302.00	0.00	0.00	214,302.00	100.00	0.00	10,715.10
41	18" HOPE Reuse Main Dircetional	208,149.00	208,149.00	0.00	0.00	208,149.00	100.00	0.00	10,407.45
Drill
AIA Type Document
Application and Certification for Payment	Page 4 of 4

TO (OWNER): Coquina Shores COD	PROJECT: Coquina Shores Offsite	APPLICATION NO: 6	DISTRIBUTION C/0 Gov. Management Ser., LLC		6150 State Highway 100 E.		 TO:

CONTRACT FOR:	CONTRACT DATE:

SCHEDULE	PREVIOUS	COMPLETED	STORED	COMPLETED
ITEM	DESCRIPTION	VALUE	APPLICATIONS	THIS PERIOD	MATERIAL	STORED	?o	  	BALANCE	RETAINAGE	
42	Reuse Main Fittings & Valves	174,522.39	174,522.39	0.00	0.00	174,522.39		100.00	0.00	8,726.12	
43	Mobilization	2,123.00	2,123.00	0.00	0.00	2,123.00		100.00	0.00	106.15	
Change Order #1
44	Bond and Additional Admin Fees	19,946.00	19,946.00	0.00	0.00	19,946.00	100.00	0.00	997.30
Change Order #2
45	Demo Sidewalk (950 LF)	32,550.00	32,550.00	0.00	0.00	32,550.00	100.00	0.00	1,627.50
46	Install Lime Rock (Driveway	4,811.20	4,811.20	0.00	0.00	4,811.20	100.00	0.00	240.56
Popeyes)(194 SY)
47	Install Asphalt (Driveway Popeyes)	12,354.00	12,354.00	0.00	0.00	12,354.00	100.00	0.00	617.70
48	Install Pavement Markings for	1,500.00	1,500.00	0.00	0.00	1,500.00	100.00	0.00	75.00
Driveway
49	Install Additional Fittings & ARVS	39,764.00	39,764.00	0.00	0.00	39,764.00	100.00	0.00	1,988.20
50	Install Additional 8" Force Main Drill	4,660.30	4,660.30	0.00	0.00	4,660.30	100.00	0.00	233.02
Change Order #3

51	Underrun Line Item 33 (130 LF)	-38,978.60	-38,978.60	0.00	0.00	-38,978.60	100.00	0.00	-1,948.93	
52	Underrun Line Item 40 (250 LF)	-66,238.80	-66,238.80	0.00	0.00	-66,238.80	100.00	0.00	-3,311.94	
53	Underrun Line Item 41 (120 LF)	-69,373.00	-69,373.00	0.00	0.00	-69,373.00	100.00	0.00	-3,468.65	
REPORT TOTALS	$1,411,146.43	$971,819.15	$326,732.74	$0.00	$1,298,551.89	92.02	$112,594.54	$64,927.63	

This Instrument Prepared By:
S.E. Cline Construction, Inc.
P.O. Box 354425
18 Utility Dr. Palm Coast, FL 32137

WAIYER AND RELEASE OF LIEN UPON PROGRESS PAYMENT

The undersigned lienor, in consideration of the sum of $310,396.08, hereby waives and releases its lien and right to claim a lien for labor, services or materials furnished through
March 31st , 2026, to Coguina Shores Community Development District C/O Gov. Management Ser., LLC on the following described property:

Coquina Shores Off-Site Improvements
6150 State Highway 100 East Palm Coast, FL 32137
This Waiver and release does not cover any retention or labor, services, or materials furnished after the date specified.
DATED on March 31st, 2026

S.E. Cline Construction, Inc. 18 Utility Drive
Palm CQast, FL ?	3

STATE OF FLORIDA COUNTY OF FLAGLER
The foregoing instrument was acknowledged before me by means ofJphysical presence or □
online notarization, this 31st day of March, 2026, by Eric Rush as Vice President for S.E. Cline Construction, Inc.

(ye;sonally Kn?	 OR Produced Identification 	
,,o?\.l'-.1..P.(J.?	HT
* ?	*	Commission# HH 537636
????	Expires June 11, 2028
-?-OFF\.

TE: This release is conditioned upon clearance of the check tendered by SE. Cline Construction, Inc. in payment of the amount stated herein. If collected fimds are not received by lienor upon deposit of the check tendered, this Waiver and Release is null and void.

Application I Certificate for Progress Payment

Project Title: Coquina Shores Offsite Improvements Purchase Order No.:
Progress Payment No.:	6
Job#	1224
For Period Ending: 3/31/2026
																		
Item	Description of Work	Unit  Qty		
Unit Price		
Scheduled Value	
Prev Qty	
Previous
Value	
Qty in Place		Value Work
in Place this Period		
Stored Materials		Qty Completed
& Stored this Period		Total
Complete and Stored		
Retention Withheld	
																		
1	General Conditions	LS	1	$  4,046.00	$	4,046.00	20%	$	809.20	20%	$	-	$	-	$	-	$	809.20	s	40.46					
2	NPDES Permit Compliance	MO	6	$	$	-	0%	$	-	0%	$	-	$	-	$	$	-	s	-					
3	Survey & As-Builts	LS	1	$  21,756.83	$	21,756.83	50%	$	10,878.42	50%	$	-	$	-	$	$	10,878.42	$	543.92					
4	Erosion Control Monthly Monitoring (6 Months)	LS	1	$  6,426.00	$	6,426.00	20%	$	1,285.20	100%	$	5,140.80	$	-	$	5,140.80	$	6,426.00	$	321.30					
5	Silt Fence Type Ill (Regular)	LF	2785	$	2.38	$	6,628.30	100%	$	6,628.30	100%	$	$	s	$	6,628.30	$	331.42					
6	Inlet Protection	EA	8	$	148.75	$	1,190.00	100%	$	1,190.00	100%	$	$	-	$	$	1,190.00	$	59.50					
7	Maintenance of Traffic	LS	1	s 18,445.00	$	18,445.00	40%	$	7,378.00	100%	$	11,067.00	$	s	11,067.00	$	18,445.00	$	922.25					
8	Demolition	LS	1	s 58,099.20	$	58,099.20	50%	$	29,049.60	100%	$	29,049.60	$	$	29,049.60	$	58,099.20	s	2,904.96					
9	Selective Clearing	LS	1	s 17,882.10	$	17,882.10	100%	$	17,882.10	100%	$	$	-	$	-	$	17,882.10	$	894.11					
10	Strip Topsoil	CY	905	$	7.24	$	6,552.20	0%	$	-	100%	$	6,552.20	s	-	$	6,552.20	$	6,552.20	$	327.61					
11	Stockpile Topsoil Onsite	CY	905	$	3.01	$	2,724.05	0%	$	-	100%	$	2,724.05	s	-	$	2,724.05	$	2,724.05	$	136.20					
12	Sile Cut	CY	163	s	1.55	$	252.65	0%	$	-	100%	$	252.65	$	$	252.65	$	252.65	$	12.63					
13	Place & Compact Fill	CY	1217	s	14.47	$	17,609.99	0%	$	-	100%	$	17,609.99	$	-	$	17,609.99	$	17,609.99	$	880.50					
14	Purchase Fill Material	CY	1054	$	16.13	$	17,001.02	0%	$	-	100%	$	17,001.02	$	$	17,001.02	$	17,001.02	$	850.05					
15	Earthwork Denisty Testing	LS	1	$  5,450.20	$	5,450.20	0%	$	-	100%	$	5,450.20	$	-	$	5,450.20	s	5,450.20	$	272.51					
16	Earthwork (Regrading Existing Ditches After Pipe)	LS	1	$  3,310.00	s	3,310.00	50%	$	1,655.00	100%	$	1,655.00	$	-	$	1,655.00	$	3,310.00	$	165.50					
17	Final Dressout (One Time Only)	SY	12750	$	1.71	s	21,802.50	0%	$	-	100%	$	21,802.50	$	-	$	21,802.50	$	21,802.50	$	1,090.13					
18	Site Sod	SY	12750	$	4.93	s	62,857.50	0%	$	-	100%	$	62,857.50	$	-	$	62,857.50	$	62,857.50	$	3,142.88					
19	Subsoil Stabilization (Turn Lane)	SY	1360	$	17.36	$	23,609.60	0%	$	-	100%	$	23,609.60	$	-	$	23,609.60	$	23,609.60	$	1,180.48					
20	Subgrade for Sidewalk	SY	1235	$	8.05	$	9,941.75	0%	$	-	100%	$	9,941.75	$	-	$	9,941.75	$	9,941.75	$	497.09					
21	8" Limerock (Turn Lane)	SY	1245	$	24.80	$	30,876.00	0%	$	-	100%	$	30,876.00	$	$	30,876.00	$	30,876.00	$	1,543.80					
22	1" Asphalt Pavement SP9.5 (Turn Lane 1st Lift)	SY	1245	$	10.63	$	13,234.35	0%	$	-	0%	s	-	$	-	$	s	-	$					
23	1" Asphalt Pavement SP9.5 (Turn Lane 2nd Lift)	SY	1245	$	10.70	$	13,321.50	0%	$	-	0%	s	-	$	$	-	s	-	$					
24	Prime Limerock	SY	1245	$	3.21	$	3,996.45	0%	$	-	100%	s	3,996.45	$	-	$	3,996.45	s	3,996.45	s	199.82					
25	Tack Coat	SY	1245	$	0.31	$	385.95	0%	$	-	100%	$	385.95	$	-	$	385.95	$	385.95	$	19.30					
26	Striping & Signs	LS	1	$  21,686.70	$	21,686.70	0%	$	-	100%	$	21,686.70	s	$	21,686.70	$	21,686.70	$	1,084.34					
27	Sidewalks	SF	11075	$	6.70	$	74,202.50	31.3770%	$	23,282.52	31.3770%	$	-	s	-	$	$	23,282.52	$	1,164.13					
28	A.DA Handicxap Ramps	EA	5	$	297.50	$	1,487.50	0%	$	-	0%	$	$	-	$	-	$	$					
29	A.DA Mats	SF	70	$	47.60	$	3,332.00	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-					
1 of 2

Application I Certificate for Progress Payment

Project Title: Coquina Shores Offsite Improvements Purchase Order No.:
Progress Payment No.:	6
Job#	1224
For Period Ending: 3/31/2026

)
)
)

2 of 2
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
The undersigned, an Authorized Officer of Coquina Shores Community Development District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), dated as of September 1, 2025, as amended and supplemented by the First Supplemental Trust Indenture between the District and the Trustee, dated as of September 1, 2025 (collectively, the "Indenture"). All capitalized terms used herein shall have the meaning ascribed to such term in the Indenture.
	A.	Requisition Number:
	B.	Name of Payee:
09

Kutak Rock LLP
ACH/Wire Transfer Remit To:
ABA #104000016
First National Bank of Omaha A/C # 24690470
Reference: Invoice No. 3728605 Client Matter No. 44223-3
Notification Email: eftgroup@kutakrock.com
	A.	Amount Payable:	$140.00
	B.	Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments or state costs of issuance, if applicable):
Professional Services related to Project Construction - Invoice 3655531

	A.	Fund, Account or subaccount from which disbursement is to be made: Series 2025 Acquisition and Construction Account
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Series 2025 Acquisition and Construction Account and the subaccount, if any, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2025 Project and each represents a Cost of the Series 2025 Project, and has not previously been paid out of such Account or subaccount;
OR
	this requisition is for costs of issuance payable from the Series 2025 Costs of Issuance Account that has not previously been paid out of such Account.
The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set

forth above, which has not been released or will not be released simultaneously with the payment hereof.
The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Originals or copies of the invoice(s) from the contractor of the improvements acquired or services rendered (or other equivalent supporting documents) with respect to which disbursement is hereby requested are on file with the District.

COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

By: 	
Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
If this requisition is for a disbursement from other than the Series 2025 Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the Series 2025 Project and is consistent with (a) the applicable acquisition or construction contract, (b) the plans and specifications for the portion of the Series 2025 Project with respect to which such disbursement is being made, and (c) the report of the Consulting Engineer attached as an Exhibit to the First Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer
KUTAK  ROCK  LLP
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

November 12, 2025
Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

ACWWire Transfer Remit To:
ABA #104000016
First National Bank of Omaha
Kutak Rock LLP
NC# 24690470
Reference: Invoice No. 3655531 Client Matter No. 44223-3
Notification Email: eftgroup@kutakrock.com

Mr. Jim Oliver Coquina Shores CDD
C/O Governmental Management Services Suite 114
475 West Town Place
St. Augustine, FL 32092	Invoice No. 3655531
44223-3

Re:	Project Construction
For Professional Legal Services Rendered

09/26/25	K. Buchanan	140.00	Confer	with	contractor	regarding
payment and performance bond

TOTAL HOURS

TOTAL FOR SERVICES RENDERED TOTALCURRENTAMOUNTDUE

PRIVILEGED AND CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION AND/OR WORK PRODUCT
$140.00

$140.00
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
The undersigned, an Authorized Officer of Coquina Shores Community Development District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), dated as of September 1, 2025, as amended and supplemented by the First Supplemental Trust Indenture between the District and the Trustee, dated as of September 1, 2025 (collectively, the "Indenture"). All capitalized terms used herein shall have the meaning ascribed to such term in the Indenture.
	A.	Requisition Number:
	B.	Name of Payee:
10

Kutak Rock LLP
ACH/Wire Transfer Remit To:
ABA #104000016
First National Bank of Omaha A/C # 24690470
Reference: Invoice No. 3728605 Client Matter No. 44223-3
Notification Email: eftgroup@kutakrock.com
	A.	Amount Payable:	$5,190.50
	B.	Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments or state costs of issuance, if applicable):
Professional Services related to Project Construction - Invoice 3728605

	A.	Fund, Account or subaccount from which disbursement is to be made: Series 2025 Acquisition and Construction Account
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Series 2025 Acquisition and Construction Account and the subaccount, if any, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2025 Project and each represents a Cost of the Series 2025 Project, and has not previously been paid out of such Account or subaccount;
OR
	this requisition is for costs of issuance payable from the Series 2025 Costs of Issuance Account that has not previously been paid out of such Account.
The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set

forth above, which has not been released or will not be released simultaneously with the payment hereof.
The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Originals or copies of the invoice(s) from the contractor of the improvements acquired or services rendered (or other equivalent supporting documents) with respect to which disbursement is hereby requested are on file with the District.

COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

By: 	
Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
If this requisition is for a disbursement from other than the Series 2025 Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the Series 2025 Project and is consistent with (a) the applicable acquisition or construction contract, (b) the plans and specifications for the portion of the Series 2025 Project with respect to which such disbursement is being made, and (c) the report of the Consulting Engineer attached as an Exhibit to the First Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer
KUTAK  ROCK  LLP
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

April 6, 2026
Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

ACH/Wire Transfer Remit To:
ABA # l 04000016
First National Bank of Omaha
Kutak Rock LLP
AIC # 24690470
Reference: Invoice No. 3728605 Client Matter No. 44223-3
Notification Email: eftgroup@kutakrock.com

Mr. Jim Oliver Coquina Shores CDD
C/O Governmental Management Services Suite 114
475 West Town Place
St. Augustine, FL 32092	Invoice No. 3728605
44223-3

Re:	Project Construction
For Professional Legal Services Rendered

10/02/25

10/21/25
K. Buchanan

K. Buchanan
1.00	350.00

0.70	245.00
Prepare for and attend conference call regarding acquisition of improvements
Prepare for and attend conference call regarding construction requisitions and acquisitions
10/22/25

10/29/25
K. Buchanan

K. Buchanan
1.20

2.20
420.00

770.00
Review draft acquisition packages; confer with district engineer
Review	contracts	and	pay applications;		prepare		requis1t10n;
	prepare acquisition package; confer
with bond counsel and disclosure counsel regarding eligible expenses				
10/30/25	K. Buchanan	2.30	805.00	Prepare for and attend conference	
				call regarding acquisition of work	
				product; finalize acquisition package	
11/06/25	K. Buchanan	0.90	315.00	Prepare for and attend conference	
				call regarding Requisition 2	
KUTAK ROCK LLP
Coquina Shores CDD April 6, 2026
Client Matter No. 44223-3 Invoice No. 3728605
Page 2

11/19/25    K. Buchanan	1.70	595.00	Review  back  up  document  for
acquisition of work product; confer with bond counsel and underwriter's counsel regarding modification of project
11/20/25    K. Buchanan	1.20    420.00	Confer   with  district   engmeer
				regarding work product acquisition;
continue to review same	
12/08/25	K. Buchanan	1.80	630.00	Prepare acquisition package for work	

12/09/25	
K. Buchanan	
0.80	
280.00	product
Attend	conference	call	regarding	
				Acquisition 2; revise same	
12/18/25	K. Buchanan	0.30	105.00	Follow	up	on	requisition	and
acquisition package
02/26/26	K. Buchanan	0.70	255.50	Review	change	orders	to
construction contract
TOTAL HOURS	14.80

TOTAL FOR SERVICES RENDERED	$5,190.50	
TOTALCURRENTAMOUNTDUE	$5,190.50	
UNPAID INVOICES:		
November 12, 2025	Invoice No. 3655531	140.00	
TOTAL DUE	 $5,330.50	

EIGHTH ORDER OF BUSINESS

A.

Coquina Shores
Community Development District

Unaudited Financial Reporting
February 28, 2026
Table of Contents

	Balance Sheet

	General Fund Income Statement

	Month to Month

	Debt Service Series 2025

	Capital Project Series 2025

	Construction Schedule

	Long Term Debt Report

	Assessment Receipt Schedule

	Check Register
Coquina Shores
Community Development District Combined Balance Sheet February 28, 2026

Assets:
Cash:
Operating Account

$	103,995	$

-	$	-	$

-	$	103,995
Due from Developer	-	-	-	-	-
Due from General Fund	-	-	-	-	- Series 2022
Coquina Shores
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending February 28, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Thru 02/28/26	Thru 02/28/26	Variance	

Revenues:					
Special Assessments	$	182,962	$	137,222	$	137,222	$	-	
Developer Contributions	-	-	9,006	9,006	
Interest Income	-	-	-	-	
Total Revenues	$	182,962	$	137,222	$	146,227	$	9,006	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	5,000	$	400	$	4,600	
FICA Expense	918	-	383	31	352	
Engineering	12,000	5,000	11,910	(6,910)	
Attorney	25,000	10,417	2,684	7,732	
Annual Audit	3,300	-	-	-	
Assessment Administration	7,500	-	-	-	
Arbitrage	600	-	-	-	
Dissemination Agent	7,500	3,125	2,500	625	
Trustee Fees	4,600	-	-	-	
Management Fees	47,250	19,688	19,688	-	
Information Technology	2,003	835	835	-	
Website Maintenance	1,336	557	557	-	
Telephone	500	208	45	163	
Postage & Delivery	1,500	625	11	614	
General Liability and Public Officials Insurance	5,500	5,500	5,512	(12)	
Printing & Binding	1,200	500	237	263	
Legal Advertising	5,000	2,083	251	1,832	
Other Current Charges	4,080	1,700	1,547	153	
Office Supplies	1,000	417	0	416	
Dues, Licenses & Subscriptions	175	175	175	-	
Total General & Administrative	$	142,962	$	56,211	$	46,384	$	9,827	

Operations & Maintenance					
Operation and Maintenance	$	40,000	$	-	$	-	$	-	
Total Operations & Maintenance	$	40,000	$	-	$	-	$	-	
					
Total Expenditures	$	182,962	$	56,211	$	46,384	$	9,827	
					
Excess (Deficiency) of Revenues over Expenditures	$	-		$	99,843		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	-	$	-	
Total Other Financing Sources/(Uses)	$	-	$	-	$	-	$	-	
					
Net Change in Fund Balance	$	-	$	-	$	99,843	$	-	
					
Fund Balance - Beginning	$	-		$	4,121		
					
Fund Balance - Ending	$	-		$	103,964		
Coquina Shores
Community Development District Month to Month

Revenues:

Special Assessments	$	-	$	40,124  $	-	$	97,097  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	137,222					
Developer Contributions Interest Income	5,512
-	3,494
-	-	-	-	-	-	-	-	-	-	-	9,006
-	-	-	-	-	-	-	-	-	-	-				
Total Revenues	$	5,512	$	43,618	$	-	$	97,097	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	146,227	

Expenditures:							
General & Administrative:							
Supervisor Fees	$	-	$	-	$	200	$	200	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	400	
FICA Expense	-	-	15	15	-	-	-	-	-	-	-	-	31	
Engineering	2,269	6,884	2,193	565	-	-	-	-	-	-	-	-	11,910	
Attorney	-	-	2,684	-	-	-	-	-	-	-	-	-	2,684	
Annual Audit	-	-	-	-	-	-	-	-	-	-	-	-	-	
Assessment Administration	-	-	-	-	-	-	-	-	-	-	-	-	-	
Arbitrage	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	-	625	625	625	625	-	-	-	-	-	-	-	2,500	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	3,938	3,938	3,938	3,938	3,938	-	-	-	-	-	-	-	19,688	
Information Technology	167	167	167	167	167	-	-	-	-	-	-	-	835	
Website Maintenance	111	111	111	111	111	-	-	-	-	-	-	-	557	
Telephone	18	-	13	14	-	-	-	-	-	-	-	-	45	
Postage & Delivery	2	2	1	3	3	-	-	-	-	-	-	-	11	
General Liability and Public Officials Insurance	5,512	-	-	-	-	-	-	-	-	-	-	-	5,512	
Printing & Binding	30	42	90	32	44	-	-	-	-	-	-	-	237	
Legal Advertising	132	30	30	30	31	-	-	-	-	-	-	-	251	
Other Current Charges	82	1,348	40	36	41	-	-	-	-	-	-	-	1,547	
Office Supplies	0	0	0	0	0	-	-	-	-	-	-	-	0	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$	12,435	$	13,147	$	10,106	$	5,736	$	4,960	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	46,384	

Operation and Maintenance							

Operation and Maintenance	$	-	$	-	$	-		$	-	$	-	$	-	$	-	$	-		$	-	$	-	$	-	$	-	$	-	
Total Operation and Maintenance	$	-	$	-	$	-  $	-	$	-	$	-	$	-	$	-		$	-	$	-	$	-	$	-	$	-		

Coquina Shores
Community Development District Debt Service Fund Series 2025
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending February 28, 2026

	Proposed	Prorated Budget	Actual		
	Budget	Thru 02/28/26	Thru 02/28/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	186,120	$	-	$	-	$	-	
Special Assessments -Direct Bill	270,666	203,000	203,000		
Interest Income	-	-	1,712	1,712	
Total Revenues	$	456,786	$	203,000	$	204,712	$	1,712	

Expenditures:					
Interest -11/01	$	18,177	$	18,177	$	18,177	$	-	
Interest - 5/01	105,541	-	-	-	
Principal - 5/01	55,000	-	-	-	
Total Expenditures	$	178,718	$	18,177	$	18,177	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	278,068	$	184,823	$	186,535	$	1,712	

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	(1,602)	$	(1,602)	
Bonds Proceeds	-	-	-	$	-	
Total Other Financing Sources/(Uses)	$	-	$	-	$	(1,602)	$	(1,602)	
					
Net Change in Fund Balance	$	278,068	$	184,823	$	184,933	$	110	
					
Fund Balance - Beginning	$	-		$	153,510		
					
Fund Balance - Ending	$	278,068		$	338,443		
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2025
Construction Account

10/31/25	1	JX Palm Coast Land LLC	Wetland Mitigation/Gopher Relocation	$	881,396.87	
12/23/25	2	JX Palm Coast Land LLC	Phase I Infrastructure Improvements	1,308,848.21	
12/12/25	3	S. E. Cline Construction	Coquina Shores Offsite Application #1	48,464.78	
1/9/26	4	S. E. Cline Construction	Coquina Shores Offsite Application #2	86,379.86	
1/9/26	5	S. E. Cline Construction	Coquina Shores Offsite Application #3	85,439.80	
	6	S. E. Cline Construction	Coquina Shores Offsite Application #4	497,273.22	
	7	S. E. Cline Construction	Coquina Shores Offsite Application #5	205,670.52	

TOTAL		$	3,113,473.26	
	
Project (Construction) Fund at 9/30/25	
$	3,404,190.32	
	Interest Earned and Transfer thru 02/28/26	27,283.45	
	Transfer from COI	-	
	Transfer from Debt Service (Reserve)	1,602.31	
	Outstanding Requistions	702,943.74	
	Requisitons Paid thru 02/28/26	(3,113,473.26)	

Remaining Project (Construction) Fund	$	1,022,546.56	
Coquina Shores		
Community Development District
Capital Projects Fund Series 2025		
Statement of Revenues, Expenditures, and Changes in Fund Balance		
For The Period Ending February 28, 2026		
	Actual	
	Thru 02/28/26	
Revenues		
Interest Income	$	27,488	
Total Revenues	$	27,488	

Expenditures:		
Capital Outlay	$	2,410,530	
Cost of Issuance Expenses	10,400	
Underwriters Discount	-	
Total Expenditures	$	2,420,930	
		
Excess (Deficiency) of Revenues over Expenditures	$	(2,393,441)	

Other Financing Sources/(Uses)		
Transfer In/(Out)	$	1,602	
Bond Proceeds	-	
Total Other Financing Sources (Uses)	$	1,602	
		
Net Change in Fund Balance	$	(2,391,839)	
		
Fund Balance - Beginning	$	3,427,440	
		
Fund Balance - Ending	$	1,035,601	
Coquina Shores
Community Development District Long Term Debt Report

Series 2025, Special Assessment Revenue Bonds		

Interest Rate:	
4.250-5.700%	
Maturity Date:	5/1/2055	
Reserve Fund Definition	50% of Maximum Annual Debt Service	
Reserve Fund Requirement:	$135,333	
Reserve Fund Balance	135,333	
Bonds Outstanding -	$3,865,000	
Less: Principal Payment - 12/15/23	$0	
		
Current Bonds Outstanding	$3,865,000	
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
Fiscal Year 2026 Assessments Receipts Summary

ASSESSED	
# O&M UNITS ASSESSED	
SERIES 2025 DEBT ASSESSED	
FY26 O&M ASSESSED	
TOTAL ASSESSED	
JX PALM COAST LAND LLC	427	177,260.00	80,248.97	257,508.97	
PULTE HOME COMPANY, LLC	223	93,406.25	102,713.03	196,119.28	
TOTAL DIRECT INVOICES (1)(2)	650	270,666.25	182,962.00	453,628.25	

ASSESSED REVENUE TAX ROLL	
0	
-	
-	
-	
TOTAL NET ASSESSMENTS	650	270,666.25	182,962.00	453,628.25	

DUE/RECEIVED	
BALANCE DUE	SERIES 2025 DEBT
RECEIVED (2)	
O&M RECEIVED	
TOTAL RECEIVED		
JX PALM COAST LAND LLC	0.00		177,260.00	80,248.97	257,508.97	
PULTE HOME COMPANY, LLC	0.00		93,406.25	102,713.03	196,119.28	
TOTAL DIRECT RECEIVED	0.00		270,666.25	182,962.00	453,628.25	

ASSESSED REVENUE TAX ROLL		
-	
-	
-	
-	
TOTAL NET ASSESSMENTS	0.00		270,666.25	182,962.00	453,628.25	
	1.	Assessments for bulk lands are due: 60% due 4/1/26 and 40% due 9/30/26
	2.	O&M is due 25% by 10/15/25, 1/1/26, 41/1/26, 7/1/26

B.
Coquina Shores
COMMUNITY DEVELOPMENT DISTRICT

Fiscal Year 2026
Check Register

Date	check #'s		Amount		

1/1/26 - 1/31/26	
87-94	
$		
152,529.05	
2/1/26 - 2/28/26	95-98			75,536.92	
	SUBTOTAL			$228,065.97	
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	1/28/26	PAGE	1
*** CHECK DATES 01/01/2026 - 01/31/2026 ***	COQUINA SHORES - GENERAL FUND
BANK A COQUINA SHORES CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
1/07/26 00004 12/10/25 7504276	202512 310-51300-48000	*	29.60
12/10 #11887449
GANNET MEDIA CORP	29.60 000087
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/21/26 00009	1/16/26 01162026 202601
11/14 JPX WIRE
1/16/26 01162026 202601
1/9 JPX WIRE
COQUINA SHORES CDD C/O BANK OF	132,945.00 000088
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/21/26 00007 11/03/25 222750	202510 310-51300-31100	*	2,268.75
OCT CONSULTING TASKS
ENGLAND THIMS & MILLER	2,268.75 000089
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/21/26 00007 12/01/25 223140	202511 310-51300-31100	*	6,883.75
NOV CONSULTING TASKS
ENGLAND THIMS & MILLER	6,883.75 000090
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/21/26 00007	1/13/26 223997	202512 310-51300-31100	*	2,192.94
DEC CONSULTING TASKS
ENGLAND THIMS & MILLER	2,192.94 000091
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
32	202601 310-51300-34000	*	3,937.50
JAN MANAGEMENT FEES
32	202601 310-51300-35300	*	111.33
JAN WEBSITE ADMIN
32	202601 310-51300-35100	*	166.92
JAN INFO TECH
32	202601 310-51300-31300	*	625.00
JAN DISSEM AGENT SRVCS
32	202601 310-51300-51000	*	.12
OFFICE SUPPLIES
32	202601 310-51300-42000	*	2.96
POSTAGE
32	202601
COPIES
32	202601
TELEPHONE
32A	202511
NOV AMEX-HILTON GARDEN
GOVERNMENTAL MANAGEMENT SRVCS LLC	5,524.62 000092
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/21/26 00003 12/04/25 3669490	202510 310-51300-31500	*	1,997.39
OCT GENERAL COUNSEL
KUTAK ROCK LLP	1,997.39 000093
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
COQS COQUINA SHORES TLEE
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	1/28/26	PAGE	2
*** CHECK DATES 01/01/2026 - 01/31/2026 ***	COQUINA SHORES - GENERAL FUND
BANK A COQUINA SHORES CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
1/21/26 00003	1/06/26 3686144	202511 310-51300-31500	*	687.00
NOV GENERAL COUNSEL
KUTAK ROCK LLP	687.00 000094
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	152,529.05
TOTAL FOR REGISTER	152,529.05

COQS COQUINA SHORES TLEE
LocaliQ
Florida
GANNETT	ACCOUNT NAME
Coquina Shores COD	ACCOUNT#
1268464	INVDATE
12/31/25	
	INVOICE#
0007504276	INVOICE PERIOD
Dec 1- Dec 31, 2025	CURRENT INVOICE TOTAL
$29.60	
	PREPAY
(Memo Info)

$0.00	UNAPPLIED
(included in amt due)
$0.00	TOTAL CASH AMT DUE*

$29.60	
BILLING ACCOUNT NAME AND ADDRESS

Coquina Shores COD 475 WTown PL# 114
St Augustine, FL 32092-3649	PAYMENT DUE DATE: JANUARY 31, 2026

Legal Entity: Gannett Media Corp.
Terms and Conditions: Past due accounts are subject to Interest at the rate of 18% per annum or the maximum legal rate (whichever is less). Advertiser claims for a credit related to rates incorrectly Invoiced or paid must be submitted In writing to Publisher within 30 days of the Invoice date or the claim will be waived. Any credit towards future advertising must be used within 30 days of Issuance or the credit will be forfeited.
All funds payable In US dollars.			
BILLING INQUIRIES/ADDRESS CHANGES 1-877-736-7612 or smb@ccc.gannett.com	FEDERAL ID 47-2390983			
Save A Tree! Gannett is going paperless. Enjoy the convenience of accessing your billing information anytime and pay online. To avoid missing an invoice, sign up today by going to https://gcil.my.site.com/financialservicesportal/s/.				

Date	Description	Amount
12/1/25
12/10/25
Balance Forward PAYMENT - THANK YOU
$29.60
-$29.60

Package Advertising:
Start-End Date Order Number	Product	Description	PO Number	Package Cost	
12/10/25 11887449	OTB Flagler/ Palm Coast News Tribune	11887449		$29.60	

As an incentive for customers, we provide a discount off the total Invoice cost equal to the 3.99% service fee if you pay with Cash/Check/ACH. Pay by Cash/Check/ACH and Savel
Total Cash Amount Due Service Fee 3.99%
*Cash/Check/ACH Discount
*Payment Amount by Cash/Check/ACH Payment Amount by Credit Card
$29.60
$1.18
-$1.18
$29.60
$30.78
PLEASE DETACH AND RETURN THIS PORTION WITH YOUR PAYMENT
ACCOUNT NAME
Coquina Shores COD	ACCOUNT NUMBER
1268464	INVOICE NUMBER
0007504276	AMOUNT PAID
$?CL(;O				
CURRENT DUE
$29.60	30DAYS PAST DUE
$0.00	60 DAYS PAST DUE
$0.00	90 DAYS PAST DUE
$0.00	120+ DAYS PAST DUE
$0.00	UNAPPLIED PAYMENTS
$0.00	TOTAL CASH AMT DUE*

$29.60	
REMITTANCE ADDRESS (Include Account# & Invoice# on check)

Gannett Florida LocaliQ PO Box 631244
Cincinnati, OH 45263-1244	TO PAY BY PHONE PLEASE CALL:
1-877-736-7612	TOTAL CREDIT CARD AMT DUE
$30.78					
	
To sign up for E-mailed invoices and online payments please go to https_:U?ciLmy?om,lfinancialsen,lcesp_o_cta1LsL						
□□□1268464□□□□□□□□□□□□□75□4276□□□□296067177
1:i,1_E r--LA<-iu:1111>i\1.,t{_i:;o),?,
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AFFIDAVIT OF PUBLICATION
Courtney Hogge Coquinu Shores CDD 475 WTown PL# l 14
Saint Augustine FL 32092-3649

STATE OF WISCONSIN, COUNTY OF BROWN

Before the undersigned authority personally appeared, who on oath says that he or she ls the Legal Coordinator of The flagler/Palm Coast NEWS-TRIBUI\JE, published In Flagler County, Florida; that the attached copy of advertisement, being a Govt Public Notices, was published on the publicly accessible website of Flagler County, Florida, or in a newspaper by print In 'the Issues of, on:

OTB news-journalonllne.com  12/10/2025
OTB Palm Coast News Tribune 12/10/2025

Affiant further says that the website or n wspaper complies
NOTICE 01' MEETING OF 'l'Hll BOARD OF SUPERVISOllS 01' 'l'Hl: COQUINA SHORES COMMUNITY OEVEl.OPMENT DISTRICT
The Board of Supervisors {"Board") of the Coqulna Shores Community Development District will hold a regular meeting on Thursday, December 18, 2026, at 2:00 p,m, at the HIiton Garden Inn Palm Coast Town center located at 65 Town Center Boulevard, Palm Coast, Florida 32164, The purpose of the meeting Is to review monthly Hnan• clal reports, siaff reports, and to conduct any other business that may come before the Board. A copy of the agenda may be obtained from Governmental Management Services, LLC, 476 West Town Place, Suite 114, st. Augustine, Florida 32092,  Ph:  (904)  940-6860
("District Manager's office"),
The meeting is open to the public Md will be conducted In accor-dance with the provisions of Florida law. The meeting may be continued to a date, time, and place to be specified on the record at meeting, There may be occasions when Board supervisors or District Staff will participate by speaker tele• phone,
Any person requiring special accommodations at this meeting because of a disability or physical Impairment should contact the District Manager's Office at least
with all legal requ	ments for publicatl Florida Statutes

My commission expires

Publication Cost:	$29.60	
Tax Amount:	$0.00	
Payment Cost:	$29,60	
Order No:	11887449	
Customer No:	1268464	
PO#:		
THIS IS NOT AN INVOICE!
Please do1101 use Ihisfor111jorpayme111remiflm1ce.
In chapter 50,

lerk1 who

# of Copies:
1
forty-eight (48} hours prior to the meeting. If you are hearing or speech Impaired, please contact the Florida Relay Service by dialing 7-1·1, or 1-800-966-8771 {TTY) /
1-800-965-8770 (Voice), for aid In contacting the District Manager's Office,
A person who decides to appeal any decision made by the Board with respect to any matter consid-ered at the meeting Is advised that this same person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings Is made, Including the testimony and evidence upon which the appeal Is to be based.
Jim Oliver District Manager
NT#11887449 12/10/2025

Page 1 of 1

COQUINA SHORES CDD
z,;;;:?MMUNITY DEVELOPMENT DISTRICT
\;;? i '?
11	General Fund
iwI
Check Request

Date	Amount	Authorized By

Janua,y 16, 2026	$132,945.00	Sheryl Fulks

Pa able to:

Co uina Shore CDD C/O Bank of New York Mellon DS 2025 #9

 Date Check Needed:	
ASAP	l.300.20700.10300

Intended Use of Funds Reauested·
		
11/14/25 JPX WIRE	$	88 630.00		
1/9/26 JPX WIRE	44 315.00		

		

		

	$ 132 945.00	
		
(Attach supporting documentation for request. Overnight via Fedex with deposit letter
from Accoutant)
Erm ENGLANIJ-lHIMS&MILL.Ell

Governmental Management Services, LL.C. Coquina Shores Community Development District 475 W Town Place
Suite 114
St. Augustine, FL 32092

SI. Augustine Road, Jacksonville, FL 32258
etmlnc,com ! 904.642.8990

November 03, 2025
Invoice No:	222750
!Total This Invoice	$2,268,751

Project	22515.00000	Coquina Shores Community Development District EMAIL TO: BKOVACIC@BBXCAPITAL.COM
Professional Services rendered through October 25, 2025

Phase	01.	Petition for Establishment Support				
CDD Meeting Online						
Billing Limits		Current	Prior	To-Date		
Total Billings		0,00	13,061.25	13,061.25		
Limit				25,000.00		
Remaining				11,938.75		
			Total this	Phase	0.00	
Phase	02.	Consulting Tasks for CDD				
Create and Distribute Requisition List 1						
Review Information given to us by GMS						
Discuss with Katie and Jim Oliver Work on preparing requisition 1						
Labor						
	Hours	Rate	Amount			
Senior Engineer/Senior Project Manager						
Lockwood, Scott	10/4/2025	1.25	255,00	318.75			
Lockwood, Scott	10/18/2025	2.50	255.00	637.50			
Lockwood, Scott	10/25/2025	4.50	255.00	1,147.50			
Administrative Support						
Blair, Shelley	10/25/2025	1.50	110.00	165.00			
Totals	9,75		2,268.75			
Total Labor				2,268.75		
		Total this	Phase	$2,268.75		
Phase	XP	Expenses						
		Total this	Phase	0.00		

Total This Invoice ======$=2,=2=68=·=7=5
Erm

ENGLAND-TIIIMS&MILLEfl

'IF""'
II]

\?,,? fl/ ?::,;fi\
dl '?  h;:,,,_,,1.114775Old St. Augustine Road, Jacksoiwilte, FL 32258

Governmental Management Services, LLC. Coquina Shores Community Development District 47S W Town Place
Suite 114
St. Augustine, FL 32092
December 01, 2025
Invoice No:	223140
!Total This Invoice	$6,883,751

Project	22515,00000	Coquina Shores Community Development District EMAIL TO: BKOVACIC@BBXCAPITALCOM
Professional Services rendered through November 22, 2025

Phase
CDD Meeting Online	01.	Petition for Establishment Support				
BIiiing Limits		Current	Prior	To-Date		
Total Billings		0,00	13,061,25	13,061.25		
Limit				25,000,00		
Remaining				11,938,75		
			Total this	Phase	0,00	
Phase	02,	Consulting Tasks for CDD				
Create and distribute requisitions as requested by GMS
Meet with Katie and Jim Oliver to discuss procedures and practices, Meeting with Blaz to discuss process for requisition,
Prepare many Invoices and place into spreadsheet for Requisition 1, 2 and 3, CDD Meeting in Person in Palm Coast
Labor

Hours	Rate	Amount				
Senior Engineer/Senior Project Manager Lockwood, Scott	11/1/2025	
2.75	
255,00	
701.25			
Lockwood, Scott	11/8/2025	.75	255,00	191.25		
Lockwood, Scott	11/15/2025	1.25	255,00	318.75		
Lockwood, Scott	11/22/2025	10.50	255,00	2,677.50		
Engineering Intern						
Zierden, Ashley	11/15/2025	5,00	150,00	750,00		
Zierden, Ashley	11/22/2025	13.50	150,00	2,025,00		
Administrative Support
Blair, Shelley	
11/22/2025	
2,00	
110.00	
220,00		
Totals
Total Labor		35,75		6,883.75	
6,883.75	
			Total this	Phase	$6,883.75	
Phase	XP	Expenses					
			Total this	Phase	0.00	

Project	22515.00000	Coquina Shores Community Development Dis	Invoice	223140

Total This Invoice ======$=6=8=83='=7=5

Outstanding Invoices
Number
222750
Total

Date
11/3/2025

Balance
2,268.75
2,268.75

Total Now Due	$9,152,50

Page 2
Erm ENGLAND~THIMS&Mll.l.EH

Governmental Management Services, L.L.C. Coquina Shores Community Development District 475 W Town Place
Suite 114
St. Augustine, FL 32092

January 13, 2026
Invoice No:	223997
!Total This Invoice	$2,192.941

Project	22515.00000	Coquina Shores Community Development District EMAIL TO: BKOVACIC@BBXCAPITAL.COM
Professional Services rendered through December 31. 2025	.
Phase	01.	Petition for Establishment Support
CDD Meeting Online				
BIiiing Limits	Current	Prior	To-Date	
Total Billings	0.00	13,061.25	13,061.25	
Limit			25,000,00	
Remaining			11,938.75	
Total this Phase	0,00
-	--·
Prepare and work on requisitions. Send requisition list to Marcy to review
Submit COD requisitions and Certifications to Team for processing

Deal with requisitions with Pay apps
Labor

Hours	Rate	Amount				
Senior Engineer/Senior Project Manager Lockwood, Scott	12/13/2025	
1.50	
255.00	
382.50			
Lockwood, Scott	12/20/2025	2.25	255,00	573.75		
Lockwood, Scott	12/27/2025	2.50	255.00	637,50		
Engineering Intern						
Zierden, Ashley	12/13/2025	1.00	150.00	150,00		
Zierden, Ashley	12/20/2025	2.00	150.00	300.00		
Administrative Support
Blair, Shelley	
11/29/2025	.so	
110.00	
55.00		
Totals		9.75		2,098.75		
Total Labor					2,098,75	
Total this Phase	$2,098,75
-	--·
Phase
Expenses
MIieage
XP	Expenses

Total Expenses	1.15 times

81.90
81.90	94,19

Project	22515.00000	Coquina Shores Community Development Dis	Invoice	223997

Outstanding Invoices
Number
222750
223140
Total

Date
11/3/2025
12/1/2025

Balance
2,268.75
6,883.75
9,152.50
Total this Phase	$94.19 Total This Invoice ========$2l=1=92=.9=4

Total Now Due	$11,345.44

Page 2
Governmental Management Services, LLC	Invoice
475 West Town Place, Suite 114
St. Augustine, FL 32092

Bill To:
Coqulna Shores COD 475 West Town Place Suite 114
St. Augustine, FL 32092
Invoice #: 32
Invoice Date: 1/1/26
Due Date: 1/1/26
Case:
P.O. Number:

Description	Hours/Qty	Rate	Amount

Management Fees - January 2026 Website Administration - January 2026 Information Technology - January 2026
Dissemination Agent Services - January 2026 Office Supplies
Postage Copies Telephone
AMEX Charge 11/22/25 - Hilton Garden Inn		3,937.50
111.33
166.92
625.00
0.12
2.96
31.50
14.29
635.00	3,937.50
111.33
166.92
625.00
0.12
2.96
31.50
14.29
635.00	

Total	$5,524.62	
Payments/Credits	$0.00	
Balance Due	$5,524.62	
KUTAK  ROCK  LLP
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

December 4, 2025

Mr. Jim Oliver Coquina Shores CDD
C/O Governmental Management Services Suite 114
475 West Town Place St. Augustine, FL 32092
Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

Reference: Invoice No. 3669490 Client Malter No. 44223-1
Notification Email: eftgroup@kutakrock.com

Invoice No. 3669490
44223-1

Re:	General Counsel
For Professional Legal Services Rendered

10/03/25	K. Buchanan	0.40	140.00
10/09/25	J. Gillis	0.10	18.50
10/13/25	K. Buchanan	0.30	105.00
Confer	with	district	manager regarding tentative agenda
Receive and review Florida DEO special district update form
Confer	with	district	manager
	regarding agenda items				
10/13/25	H. Hurley	0.70	192.50	Prepare disclosure of public finance	
				for 2025 series bonds	
10/23/25	K. Buchanan	0.50	175.00	Prepare for and attend board meeting	
10/28/25	H. Hurley	4.60	1,265.00	Prepare requisition package	
10/30/25	H. Hurley	0.30	82.50	Prepare requisition package	

TOTAL HOURS	6.90

PRIVILEGED AND CONFIDENTIAL
ATI'ORNEV-CLIENT COMMUNICATION AND/OR WORK PRODUCT
KUTAK ROCK LLP
Coguina Shores CDD			
December 4, 2025
Client Matter No. 44223-1 Invoice No. 3669490
Page 2			
TOTAL FOR SERVICES RENDERED		$1,978.50	
DISBURSEMENTS			
Computer Research	18.89		
TOTAL DISBURSEMENTS		18.89	
TOTAL CURRENT AMOUNT DUE		$1,997.39	

PRJVILEGED AND CONFIDENTIAL
ATrORNEY-CLIENT COMMUNICATION AND/OR WORK PRODUCT
KUTAK  ROCK  LLP
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598
Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

January 6, 2026

Reference: Invoice No. 3686144 Client Matter No. 44223-1
Notification Email: eftgroup@kutakrock.com

Mr. Jim Oliver Coquina Shores CDD
C/O Governmental Management Services Suite 114
475 West Town Place
St. Augustine, FL 32092	Invoice No. 3686144
44223-l

Re:	General Counsel
For Professional Legal Services Rendered

11/02/25
P. O'Bryant
0.20	55.00
Conduct	research	and	prepare
	memorandum regarding current law on the open carry of firearms on
district property or at meetings				
11/06/25	K. Buchanan	0.40	140.00	Review tentative agenda and confer	
				with district manager	
11/13/25	J. Gillis	0.10	18.50	Review board members and prepare	
				updates to Capital Conversations e-	
11/14/25	K. Buchanan	0.50	175.00	mail tracking chart
Confer with district manager; review	
				agenda package	
11/20/25	K. Buchanan	0.80	280.00	Prepare for and attend board meeting	
11/21/25	J. Gillis	0.10	18.50	Review bond deal database entry	
				form; confer with  staff  regarding	
				same	

TOTAL HOURS	2.10

PRJVJLEGED AND CONFJDENTJAL
ATTORNEY-CLIENT COMMUNJCA TJON AND/OR WORK PRODUCT
KUTAK ROCK LLP
Coquina Shores CDD January 6, 2026
Client Matter No. 44223-1 Invoice No. 3686144
Page 2

TOTAL FOR SERVICES RENDERED TOTAL CURRENT AMOUNT DUE
$687.00

$687.00

PRIVILEGED AND CONFIDENTIAL
A'ITORNEY-CLIENT COMMUNICATION AND/OR WORK PRODUCT
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/26/26	PAGE	1
*** CHECK DATES 02/01/2026 - 02/28/2026 ***	COQUINA SHORES - GENERAL FUND
BANK A COQUINA SHORES CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...	VENDOR NAME	STATUS	AMOUNT	....CHECK.....

01/07 #11927612	GANNET	MEDIA	CORP	29.60	000095																			
- - - - - - - -	- - - - - - -	- - - - - - - - - - - - - - -	- - -	- - -	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	- - - - -	- - - - -	- - -	
2/12/26 00001	2/01/26	33	202602 310-51300-34000	*	3,937.50																			
FEB	MANAGEMENT FEES																							
2/01/26	33	202602 310-51300-35300	*	111.33																				
FEB	WEBSITE ADMIN																							
2/01/26	33	202602 310-51300-35100	*	166.92																				
FEB	INFO TECH																							
2/01/26	33	202602 310-51300-31300	*	625.00																				
FEB	DISSEM AGENT SRVCS																							
2/01/26	33	202602 310-51300-51000	*	.12																				
OFFICE SUPPLIES																								
2/01/26	33	202602 310-51300-42000	*	2.96																				
POSTAGE																								
2/01/26	33	202602 310-51300-42500	*	43.80																				
COPIES																								
GOVERNMENTAL	MANAGEMENT SRVCS LLC	4,887.63	000096																					
- - - - - - - -	- - - - - - - - -	- - - - - - - - - - - - - - - -	- - - - - - - - - - -	-	-	- -	-	-	-	-	-	- - - - -	- - - - -	- - -										
2/19/26 00009	2/17/26	02172026	202601 300-20700-10300	*	70,054.69																			
1/28/26	PULTE 10/15 & 1/1																							
COQUINA SHORES CDD C/O BNY DS 2025	70,054.69 000097
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/19/26 00007	2/09/26 224363	202601 310-51300-31100	*	565.00
PETITION FOR ESTABLISH
ENGLAND THIMS & MILLER	565.00 000098
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	75,536.92
TOTAL FOR REGISTER	75,536.92

COQS COQUINA SHORES TLEE
USA TODAY co.
LocaliQ	ACCOUNT NAME
Coqulna Shores CDD	ACCOUNT#
1268464	INVDATE
01/31/26	
	INVOICE#
0007551743	INVOICE PERIOD
Jan 1- Jan 31, 2026	CURRENT INVOICE TOTAL
$29.60	
	PREPAY
(Memo Info}
$0.00	UNAPPLIED
(included in amt due)
$0.00	
TOTAL CASH AMT DUE*

$29.60	
BILLING ACCOUNT NAME AND ADDRESS

Coquina Shores COD 475WTownPL#114
St Augustine, FL 32092-3649	PAYMENT DUE DATE: FEBRUARY 28, 2026

Legal Entity: USA TODAY Media Corp.
Terms and Conditions: Past due accounts are subject to Interest at the rate of 18% per annum or the maximum legal rate (whichever Is less). Advertiser claims for a credit related to rates Incorrectly Invoiced or paid must be submitted In writing to Publisher within 30 days of the Invoice date or the claim will be waived. Any credit towards future advertising must be used within 30 days of Issuance or the credit will be forfeited.
All funds payable In US dollars.			
BILLING INQUIRIES/ADDRESS CHANGES 1-877-736-7612 or smb@usatodayco.com	FEDERAL ID 47-2390983			
Save A Tree! USA TODAY Co. is going paperless. Enjoy the convenience of accessing your billing information anytime and pay online. To avoid missing an invoice, sign up today by going to https://gcil.my.site.com/financialservicesportal/s/.				
Date	Description	Amount
1/1/26
1/14/26
Balance Forward PAYMENT -THANK YOU
$29.60
-$29.60

Package Advertising:
Start-End Date Order Number	Product	Description	PO Number	Package Cost
1/7/26 11927612	DTB Flagler/ Palm Coast News Tribune
Coqulna Shores January	$29.60

As an Incentive for customers, we provide a discount off the total Invoice cost equal to the 3.99% service fee if you pay with Cash/Check/ACH. Pay by Cash/Check/ACH and Savel
Total Cash Amount Due Service Fee 3.99%
*Cash/Check/ACH Discount
*Payment Amount by Cash/Check/ACH Payment Amount by Credit Card
$29.60
$1.18
-$1.18
$29.60
$30.78

PLEASE DETACH AND RETURN THIS PORTION WITH YOUR PAYMENT
ACCOUNT NAME
Coqulna Shores CDD	ACCOUNT NUMBER
1268464	INVOICE NUMBER
0007551743	AMOUNT PAID
R1- 'L ,o				
CURRENT DUE
$29.60	30DAYS PAST DUE
$0.00	60 DAYS PAST DUE
$0.00	90 DAYS PAST DUE
$0.00	120+DAYS PAST DUE
$0.00	UNAPPLIED PAYMENTS
$0.00	TOTAL CASH AMT DUE*
$29.60	
REMITTANCE ADDRESS (Include Account# & Invoice# on check)	TO PAY BY PHONE PLEASE CALL:	TOTAL CREDIT CARD AMT DUE					
	1-877-736-7612	$30.78					
USA TODAY Media Corp.							
PO Box 631244
Cincinnati, OH 45263-1244	To sign up for E-mailed invoices and online payments please go to https.:LLgciL_m_µhacomLfinancialsentjce_SpO_cta!/_sL						
0001268464000000000000075517430000296067173
:rt-1i;;·FLAG)_f;;t{/f"ALM -?0,\$1'
PO Box 631244 Cincinnati, OH 45263"1244

AFFIDAVIT OF PUBLICATION

Coquina Shores CDD 475 WTown PL# 114
St Augustine FL 32092-3649

STATE OF WISCONSIN, COUNTY OF BROWN

Before the undersigned authority personally appeared, who on oath says that he or she is the Legal Coordinator ofThe Flagler/Palm Coast NEWS-TRIBUNE, published in Flagler County, Florida; that the attached copy of advertisement, being a Public Notices, was pub!lshed on the publicly accessible website of Flagler County, Florida, or in a newspaper by print in the issues of, on:

OTB news-journalonline.com 01/07/2026 DTB Palm Coast News Tribune 01/07/2026

Affiant further says that the website or newspaper complies with all legal requirements for publication In chapter 50, Florida Statutes,
Subscribed and sworn to before me, by the legal clerk, who is personally known to me, on 01/07/2026

NOTICE OF MEETING OF THE BOARD OF SUPERVISORS OF THE COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
The Board of Supervisors ("Board") of the coqulna Shores Community Development District will hold a regular meeting on Thursday, Janu-ary 15, 2026, .it 2:00 p.m. at the HIiton Garden tnn Palm Coast Town Center located at 55 Town Center Boulevard, Palm Coast, Florida 32164. The purpose of the meeting Is to review monthly financial reports, staff reports, and to conduct any other business that may come before the Board. A copy of the agenda may be obtalnea from Governmental Management Serv1ces1 LLC, 475 West Town Place,
Sulte 114, St, Augustine, Florida
32092,  Ph:  (904)  940-5850
("District Manager's Office"),
The meeting Is open to the public and will be conducted In accor-dance with the provisions of Florida law. The meeting may be continued to a date, time, and place to be specified on the record at meeting. There may be occasions when Board Supervisors or District staff will participate by speaker tele-phone,
Any person requiring specfal accommodations at this meatlng because of a dlsablllty or physical lmpairrnant should contact the District Manager's Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech Impaired, please contact the Florida Relay Service by dlallng 7"1-1, or 1-800-955·8771 (TTY) /
1-800-955-8770 (Voice), for aid In
contacting the District Manager's Office.
A person who decides to appeal any decision made by the Board with respect to any matter consid-ered at the meeting is advised that this same person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings Is made, Including the testimony and evidence upon which the appeal Is to be based.
Jim Oliver District Manager

Publication Cost:	$29.60	
Tax Amount:	$0.00	
Payment Cost:	$29,60	
Order No:	11927612	
Customer No:	1268464	
PO#:		
TIDS IS NOT AN INVOICE!
Please do 110/ use thisformfor payment re111///a11ce.

# of Copies:
·o
1/7/2026 1X

Page 1 of 1
Governmental Management Services, LLC
475 West Town Place, Suite 114 St. Augustine, FL 32092

Bill To:
Coquina Shores COD 475 West Town Place Suite 114
St. Augustine, FL 32092
Invoice

Invoice #: 33
Invoice Date: 2/1/26
Due Date: 2/1/26
Case:
P.O. Number:

Description	Hours/Qty	Rate	Amount

Management Fees - February 2026 Website Administration - February 2026 Information Technology - February 2026
Dissemination Agent Services - February 2026 Office Supplies
Postage Copies		3,937.50
111.33
166.92
625.00
0.12
2.96
43.80	3,937.50
111.33
166.92
625.00
0.12
2.96
43.80	

Total	$4,887.63	
Payments/Credits	$0.00	
Balance Due	$4,887.63	

F?•? ltP!4"«'W4/\COQUINA SHORES CDD
?,: \??  ?icu/?<SMMUNITY DEVELOPMENT DISTRICT
ti 1
(1 fl
tJ 01
General Fund

Check Request

Date	Amount	Authorized By

February 17, 2026	$70,054.69	Sheryl Fulks

Pa able to:

Co uina Shore CDD C/O Bank of New York Mellon DS 2025 #9

Date Check Needed:	Budget Category: ASAP	 uoo.20100.10300

Intended Use of Funds Requested:
	
1/28/26 PULTE 10/15 &1/1	$	70,054.69	

	

	

	
$	70,054.69	
	
(Attach supporting documentation for request. Overnight via Fedex with deposit letter
from Accoutant)
ETm

ENGLAND-THIMS&MILLEI?

Governmental Management Services, L.L.C. Coquina Shores Community Development District 475 W Town Place
Suite 114
St. Augustine, FL 32092
February 09, 2026
Invoice No:	224363
!Total This Invoice	$565.ool

Project	22515.00000	Coquina Shores Community Development District EMAIL TO: BKOVACIC@BBXCAPITAL.COM
Professional Services rendered through January 31. 2026 	.

Phase
CDD Meeting Online	01.	Petition for Establishment Support				
Billing Limits		Current	Prior	To-Date		
Total Billings		0.00	13,061.25	13,061.25		
Limit				25,000.00		
Remaining				11,938.75		
			Total this	Phase	0.00	
Phase	02.	Consulting Tasks for CDD				
Prepare and work on monthly requisitions
Deal with Pay App from Offsite Contractor for Coquina Shores Pl
Labor

Senior Engineer/Senior Project Manager Lockwood, Scott	1/10/2026
Administrative Support

Hours	Rate	Amount

2.00	255.00	510.00
Blair, Shelley

Totals
Total Labor
1/10/2026	.so
2.50
110.00

Total this Phase
55.00
565.00

565.00
$565.00

Phase	XP	Expenses

Total this Phase	0.00

Total This Invoice	$565.00
============::::::::::