CDDs in The Villages reaping rewards of soaring stock market

Feb 18, 2024

Financial investments by The Villages community development districts soared during the 2022-23 fiscal year, wiping out prior year losses.

Recent audits of district finances by Purvis Gray of Ocala found gains across the board. The audits were presented at recent district meetings.

CDD 10, for example, posted an $85,000 investment loss in fiscal year 2021-22 and a $650,000 gain the following year, ending last Sept. 30.

The $884,000 gain in CDD 5 wiped out a deficit of $618,000 the prior year. CDD 8 showed a gain of $727,000 against a prior year loss of $283,000.

In CDD 6, a gain of $891,000 last year offset a deficit of $599,000 the prior yea and Supervisor Linda Grzesik said the fund has continued to gain since September. CDD 9 had an investment gain of $1 million.

Helen Painter, an accountant with Purvis Gray, said the stock market was a factor in the loss recovery.

Most of 2022 was a dismal year for stocks with high inflation while last year improved.

Villages Finance Director Jennifer Liunoras said interest rate hikes by the Federal Reserve also contributed to the turn-around.

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