Pier Park Community Development District

Financial Statements (Unaudited)

November 30, 2017

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 11/30/2017
(In Whole Numbers)

	
General Fund		Special Revenue Fund - AB Park & Beachfront		
Debt Service Fund		
Total Governmental Funds		General Fixed Assets Account Group		
General Long-Term Debt Account Group	

Assets
Cash In Bank	

47,841		

304,253		

0		

352,093		

0		

0	
Investments	0		169,131		124		169,255		0		0	
Accounts Receivable	0		0		0		0		0		0	
Accounts Receivable - Other	0		0		0		0		0		0	
Prepaid Expenses	0		0		0		0		0		0	
Deposits	225		0		0		225		0		0	
Due From Other Funds	0		0		0		0		0		0	
Amount Available in Debt Service	0		0		0		0		0		124	
Amount To Be Provided Debt Service	0		0		0		0		0		14,464,876	
Fixed Assets	 	0 		 	0 		 	0 		 	0 		 	2,561,669 		 	0 	
Total Assets	 	48,066 		 	473,384 		 	124 		 	521,574 		 	2,561,669 		 	14,465,000 	

Liabilities												
Accounts Payable	11,569	2,046	0	13,614	0	0	
Accrued Expenses Payable	2,000	3,833	0	5,833	0	0	
Other Current Liabilities	0	0	0	0	0	0	
Deferred Revenue	0	0	0	0	0	0	
Due To Other Funds	0	0	0	0	0	0	
Revenue Bonds Payable--Long Term	 	0 	 	0 	 	0 	 	0 	 	0 	 	14,465,000 	
Total Liabilities	 	13,569 	 	5,879 	 	0 	 	19,447 	 	0 	 	14,465,000 	
Fund Equity & Other Credits Beginning Fund Balance	
0	
352,625	
259,647	
612,272	
2,561,669	
0	
Net Change in Fund Balance	 	34,497 	 	114,880 	 	(259,523)	 	(110,146)	 	0 	 	0 	
Total Fund Equity & Other Credits	 	34,497 	 	467,505 	 	124 	 	502,126 	 	2,561,669 	 	0 	
Total Liabilities & Fund Equity	 	48,066 	 	473,384 	 	124 	 	521,574 	 	2,561,669 	 	14,465,000 	

See Notes to Unaudited Financial Statements

Revenues
Contributions & Donations From Private Sources

Pier Park Owners Association, Inc.	 	336,036 	 	84,009 	 	94,149 	 	10,140 	 	71.98%	
Total Revenues	 	336,036 	 	84,009 	 	94,149 	 	10,140 	 	71.98%	

Expenditures
Legislative
Supervisor Fees	3,200	533	0	533	100.00%	
Financial & Administrative						
Administrative Services	9,013	1,502	1,502	0	83.33%	
District Management	29,500	4,917	4,917	0	83.33%	
District Engineer	1,200	200	0	200	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	833	833	0	83.33%	
Accounting Services	16,600	2,767	2,767	(0)	83.33%	
Auditing Services	5,000	0	0	0	100.00%	
Arbitrage Rebate Calculation	1,000	0	0	0	100.00%	
Travel	500	83	0	83	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	167	446	(279)	55.40%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	433	350	83	86.53%	
Legal Counsel						
District Counsel	20,000	3,333	2,714	619	86.42%	
Electric Utility Services						
Utility Services	25,000	4,167	3,943	223	84.22%	
Water-Sewer Combination Services						
Utility Services	13,500	2,250	2,067	183	84.69%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	667	240	426	93.99%	
Aquatic Maintenance	5,180	863	864	(0)	83.32%	
Stormwater Assessment	20	20	34	(14)	(68.00)%	
Other Physical Environment						
General Liability Insurance	6,200	6,200	4,159	2,041	32.92%	
Landscape Maintenance	55,278	9,213	9,213	0	83.33%	
Landscape Replacement Plants, Shrubs, Trees	5,000	833	3,089	(2,255)	38.23%	
Annual Mulching	25,013	4,169	4,336	(167)	82.66%	
Entry and Walls/Beach Ball Maintenance	5,000	833	0	833	100.00%	
Miscellaneous Expense	3,000	500	0	500	100.00%	
Irrigation Maintenance	7,210	1,202	1,202	0	83.33%	
Contract Seasonal Maintenance Services	5,775	963	898	64	84.44%	
Oak Tree Trimming Services	8,000	1,333	3,000	(1,667)	62.50%	
Landscape Tree Services	9,791	1,632	2,292	(660)	76.59%	

See Notes to Unaudited Financial Statements

Irrigation Repairs	5,000	833	578	255	88.44%	
Palm Fertilization	495	83	0	83	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	1,917	1,953	(36)	83.01%	
Street Light Decorative Light Maintenance	8,050	1,342	475	867	94.09%	
Sidewalk Repair and Maintenance	11,980	1,997	800	1,197	93.32%	
Parking Lot Repair and Maintenance	5,000	833	0	833	100.00%	
Parks & Recreation
Management Contract	11,670	1,945	1,901	44	83.70% Contingency
Miscellaneous Contingency	 	3,011 	 	502 	 	0 	 	502 	 	100.00%	
Total Expenditures	 	336,036 	 	64,469 	 	59,652 	 	4,818 	 	82.25%	
Excess Of Revenue Over (Under) Expenditures	0	19,540	34,497	14,957	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		19,540		34,497		14,957		0.00%	

Fund Balance, End of Period	 	0 		
 	19,540 		
 	34,497 		
 	14,957 		
 	0.00%	

See Notes to Unaudited Financial Statements

Revenues
Local Business Tax Revenue
Pier Park Occupational License Tax	324,450	324,450	157,826	(166,624)	51.35%	
Revenue						
Interest Earnings						
Interest Earnings	 	0 	 	0 	 	80 	 	80 	 	0.00%	
Total Revenues	 	324,450 	 	324,450 	 	157,907 	 	(166,543)	 	51.33%	

Expenditures
Financial & Administrative
Accounting Services	11,000	1,833	1,833	0	83.33% Stormwater Control
Lake/Pond Bank Maintenance	1,500	250	103	147	93.13%	
Aquatic Maintenance	2,220	370	370	(0)	83.32%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	1,800	1,799	0	83.33%	
Oak Tree Trimming Services	5,000	833	0	833	100.00%	
Landscape Tree Services	13,035	2,173	2,173	0	83.33%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	575	0	575	100.00%	
Parking Lot Repair and Maintenance	15,000	2,500	0	2,500	100.00%	
Parking Lot Sweeping	10,500	1,750	1,767	(17)	83.17%	
Parks & Recreation						
Management Contract	26,800	4,467	4,320	146	83.87%	
Park Landscape Maintenance	41,357	6,893	6,893	0	83.33%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	667	64	602	98.39%	
Beachfront Improvement Landscape Maintenance	4,090	682	682	(0)	83.33%	
Beachfront Improvement Landscape Replace	2,500	417	0	417	100.00%	
Park Restroom Maintenance Contract	18,500	3,083	2,934	149	84.14%	
Park Restroom Repairs and Maintenance	2,500	417	749	(332)	70.06%	
Beachfront Janitorial Service	35,000	5,833	4,732	1,101	86.47%	
Beachfront Janitorial Supplies	5,000	833	1,150	(316)	77.00%	
Beachfront Improvement Repair	11,944	1,991	450	1,541	96.23%	
Beachfront Improvement/Capital Improvement	8,000	1,333	0	1,333	100.00%	
Beachfront Improvement Electric Utility	4,500	750	535	215	88.11%	
Beachfront Improvement Water/Sewer	5,000	833	988	(155)	80.23%	
Beachfront Improvement Irrigation Repairs	2,000	333	0	333	100.00%	
Park Irrigation Repairs and Maintenance	2,500	417	332	84	86.71%	

See Notes to Unaudited Financial Statements

Park Irrigation Inspection Contract	5,408	901	901	0	83.33%	
Park Solid Waste Removal	2,500	417	374	42	85.03%	
Park Recreational Equipment	4,800	800	0	800	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549 		 	8,592 		 	0 		 	8,592 		 	100.00%	
Total Expenditures	 	324,450 		 	65,742 		 	43,027 		 	22,715 		 	86.74%	
Excess Of Revenue Over (Under) Expenditures	0		258,708		114,880		(143,828)		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
258,708		
114,880		
(143,828)		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0 		 	258,708 		 	467,505 		 	208,797 		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 200 - Debt Service Fund
From 10/1/2017 Through 11/30/2017
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget To Actual Variance

Budget Percent Remaining

 	 	 	

Revenues
Local Business Tax Revenue
Pier Park Occupational License Tax Revenue
Interest Earnings

667,985	0	(667,985)	(100.00)%

Interest Earnings	0	124	124	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000 	 	0 	 	(470,000)	 	(100.00)%	
Total Revenues	 	1,137,985 	 	124 	 	(1,137,861)	 	(99.99)%	

Expenditures					
Debt Service								
Interest	507,985		259,647		248,338		48.88%	
Principal	 	630,000 		 	0 		 	630,000 		 	100.00%	
Total Expenditures	 	1,137,985 		 	259,647 		 	878,338 		 	77.18%	
Excess Of Revenue Over (Under) Expenditures	 	0 		 	(259,523)		 	(259,523)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(259,523)		(259,523)		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0 		 	124 		 	124 		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary November 30, 2017

Balance as of
Account	Investment	November 30, 2017

Money Market	$	146,190	
Money Market	22,941	
Total Special Revenue Fund Investments	  $	169,131 	

The Bank of Tampa
The Bank of Tampa ICS Program: Bank of China, New York, NY

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	124
Total Debt Service Fund Investments      $	124 

Aged Payables by Invoice Date Aging Date - 11/1/2017
001 - General Fund
From 11/1/2017 Through 11/30/2017

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Florida Select Tree Services, LLC		
11/21/2017		
INV-2358		
Remove 8 Oak Trees		
3,000.00	
Hopping Green & Sams		11/27/2017		97105		General/Monthly Legal Services 10/17		2,425.46	
Gulf Power		11/28/2017		SB45751-38004 11/17		16200 Front Beach Road 11/17		1,857.57	
Progressive Concepts of Panama City, LLC		11/30/2017		225845		Park Sweeping Maintenance 11/17		976.50	
Bay Landscape Grounds Management, LLC		11/30/2017		43528		Palm Removal & Installation		1,336.50	
Bay Landscape Grounds Management, LLC		11/30/2017		43536		Irrigation Repairs		34.60	
Bay Landscape Grounds Management, LLC		11/30/2017		43537		Irrigation Repairs		304.94	
Bay Landscape Grounds Management, LLC		11/30/2017		43539		Irrigation Repairs		238.46	
City of Panama City Beach		12/4/2017		COPB Summary 11/17		Utility Summary 11/17		919.58	
Ryerson's Electrical Service, Inc.		12/4/2017		7435		Replaced Bulbs and Ballast Kit		475.00	
						
Total 001 - General Fund		
11,568.61	

Aged Payables by Invoice Date Aging Date - 11/1/2017
100 - Special Revenue Fund - AB Park & Beachfront From 11/1/2017 Through 11/30/2017

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Gulf Power		
11/28/2017		
SB45751-38004 11/17		
16200 Front Beach Road 11/17		
265.36	
Progressive Concepts of Panama City, LLC		11/30/2017		225845		Park Sweeping Maintenance 11/17		883.50	
TEK Distributors, Inc.		11/30/2017		352584		Restroom Supplies 11/17		251.10	
Bay Landscape Grounds Management, LLC		11/30/2017		43535		Irrigation Repairs-AB Park		52.43	
Bay Landscape Grounds Management, LLC		11/30/2017		43538		Irrigation Repairs-AB Park		153.42	
City of Panama City Beach		12/4/2017		COPB Summary 11/17		Utility Summary 11/17		439.74	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
2,045.55	

Report Total								
13,614.16	

Interest Income - Interest Account	$34.35	470,016.17	
Interest Income - General Account	$0.00	470,016.17	
	Balance @ 02/29/16	470,016.17	

Interest Income - Interest Account	
$55.77	
470,071.94	
Interest Income - General Account	$0.00	470,071.94	
	Balance @ 03/31/16	470,071.94	

Interest Income - Interest Account	
$65.12	
470,137.06	
Interest Income - General Account	$0.00	470,137.06	
Transfer OLTR Funds for Debt Service	$395,935.31	866,072.37	
	Balance @ 04/30/16	866,072.37	

DS Interest paid to Bondholders 5/01/16	
($281,007.25)	
585,065.12	
DS Principal paid to Bondholders 5/01/16	($585,000.00)	65.12	
Interest Income - General Account	$102.43	167.55	
Interest Income - Interest Account	$0.02	167.57	
	Balance @ 5/31/16	167.57	

Interest Income - General Account	
$3.93	
171.50	
Interest Income - Interest Account	$0.02	171.52	
	Balance @ 06/30/16	171.52	

Interest Income - General Account	
$0.01	
171.53	
Interest Income - Interest Account	$0.02	171.55	
	Balance @ 07/31/16	171.55	

Interest Income - General Account	
$0.01	
171.56	
Interest Income - Interest Account	$0.02	171.58	
	Balance @ 08/31/16	171.58	

Interest Income - General Account	
$0.00	
171.58	
Interest Income - Interest Account	$0.03	171.61	
Due From SRF for November Debt Service	$270,334.86	270,506.47	
	Balance @ 09/30/16	270,506.47	

Interest Income - General Account	
$0.00	
270,506.47	
Interest Income - Interest Account	$0.03	270,506.50	
	Balance @ 10/31/16	270,506.50	

Interest Income - General Account	
$11.54	
270,518.04	
Interest Income - Interest Account	$0.02	270,518.06	
DS Interest paid to Bondholders 11/01/16	($270,506.50)	11.56	
	Balance @ 11/30/16	11.56	

Interest Income - General Account	
$0.00	
11.56	
Interest Income - Interest Account	$0.00	11.56	
	Balance @ 12/31/16	11.56	

Debt Service - TIF funds from City of Panama City Beach	$479,696.91	479,708.47	
Interest Income - General Account	$0.00	479,708.47	
Interest Income - Interest Account	$0.00	479,708.47	
	Balance @ 01/31/17	479,708.47	

Interest Income - General Account	
$70.12	
479,778.59	
Interest Income - Interest Account	$0.00	479,778.59	
	Balance @ 02/28/17	479,778.59	

Interest Income - General Account	
$151.99	
479,930.58	
Interest Income - Interest Account	$0.03	479,930.61	
	Balance @ 03/31/17	479,930.61	

Interest Income - General Account	
$211.87	
480,142.48	
Interest Income - Interest Account	$0.10	480,142.58	
Transfer from SRF for May Debt Service	$395,575.89	875,718.47	
	Balance @ 04/30/17	875,718.47	

Interest Income - General Account	
$332.66	
876,051.13	
Interest Income - Interest Account	$0.22	876,051.35	
DS Interest paid to Bondholders 05/01/17	($270,506.50)	605,544.85	
DS Principal paid to Bondholders 05/01/17	($605,000.00)	544.85	
	Balance @ 05/31/17	544.85	

Interest Income - General Account	
$0.12	
544.97	
Interest Income - Interest Account	$0.18	545.15	
	Balance @ 06/30/17	545.15	

Interest Income - General Account	
$0.13	
545.28	
Interest Income - Interest Account	$0.21	545.49	
	Balance @ 07/31/17	545.49	

Interest Income - General Account	
$0.15	
545.64	
Interest Income - Interest Account	$0.24	545.88	
	Balance @ 08/31/17	545.88	

Interest Income - General Account	
$0.16	
546.04	
Interest Income - Interest Account	$0.25	546.29	
Due From SRF for November Debt Service	$259,100.46	259,646.75	
	Balance @ 09/30/17	259,646.75	

Interest Income - General Account	
$0.15	
259,646.90	
Interest Income - Interest Account	$0.24	259,647.14	
	Balance @ 10/31/17	259,647.14	

Interest Income - General Account	
$123.38	
259,770.52	
Interest Income - Interest Account	$0.26	259,770.78	
DS Interest paid to Bondholders 11/01/17	$259,646.75	124.03	
	Balance @ 11/30/17	124.03	

Pier Park Community Development District Notes to Unaudited Financial Statements November 30, 2017

Balance Sheet

Trust statement activity has been recorded through 11/30/17.
See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org for Municipal Disclosures and Market Data.
There is a contingent liability due to Simon Property Group, L.P. and The St. Joe Company. Promissory notes are payable from Annual Reinvestment Revenue as defined in the Public Improvement Partnership Agreement (PIPA).