Pier Park Community Development District

Financial Statements (Unaudited)

December 31, 2017

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 12/31/2017
(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	

20,945		

446,596		

0		

467,541		

0		

0	
Investments	0		169,170		124		169,294		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	 	21,170 		 	615,766 		 	124 		 	637,060 		 	2,561,669 		 	14,465,000 	

Liabilities												
Accounts Payable	3,236	4,499	0	7,735	0	0	
Accrued Expenses Payable	5,740	4,143	0	9,883	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	 	8,976 	 	8,642 	 	0 	 	17,618 	 	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	 	12,194 	 	254,499 	 	(259,523)	 	7,170 	 	0 	 	0 	
Total Fund Equity & Other Credits	 	12,194 	 	607,124 	 	124 	 	619,442 	 	2,561,669 	 	0 	
Total Liabilities & Fund Equity	 	21,170 	 	615,766 	 	124 	 	637,060 	 	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 	 	94,149 	 	94,149 	 	(0)	 	71.98%	
Total Revenues	 	336,036 	 	94,149 	 	94,149 	 	(0)	 	71.98%	

Expenditures
Legislative
Supervisor Fees	3,200	800	600	200	81.25%	
Financial & Administrative						
Administrative Services	9,013	2,253	2,253	0	75.00%	
District Management	29,500	7,375	7,375	0	75.00%	
District Engineer	1,200	300	0	300	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	1,250	1,250	0	74.99%	
Accounting Services	16,600	4,150	4,150	(0)	74.99%	
Auditing Services	5,000	0	0	0	100.00%	
Arbitrage Rebate Calculation	1,000	0	0	0	100.00%	
Travel	500	125	0	125	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	250	446	(196)	55.40%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	650	525	125	79.80%	
Legal Counsel						
District Counsel	20,000	5,000	5,205	(205)	73.97%	
Electric Utility Services
Utility Services	25,000	6,250	6,166	84	75.33% Water-Sewer Combination Services
Utility Services	13,500	3,375	2,716	659	79.88%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	1,000	361	639	90.98%	
Aquatic Maintenance	5,180	1,295	1,296	(1)	74.98%	
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	13,820	13,819	1	75.00%	
Landscape Replacement Plants, Shrubs, Trees	5,000	1,250	3,089	(1,838)	38.23%	
Annual Mulching	25,013	6,253	6,503	(250)	74.00%	
Entry and Walls/Beach Ball Maintenance	5,000	1,250	0	1,250	100.00%	
Miscellaneous Expense	3,000	750	0	750	100.00%	
Irrigation Maintenance	7,210	1,802	1,802	0	75.00%	
Contract Seasonal Maintenance Services	5,775	1,444	1,347	97	76.67%	
Oak Tree Trimming Services	8,000	2,000	3,000	(1,000)	62.50%	
Landscape Tree Services	9,791	2,448	3,108	(660)	68.25%	

See Notes to Unaudited Financial Statements

Irrigation Repairs	5,000	1,250	615	635	87.70%	
Palm Fertilization	495	124	0	124	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	2,875	2,930	(55)	74.52%	
Street Light Decorative Light Maintenance	8,050	2,012	475	1,537	94.09%	
Sidewalk Repair and Maintenance	11,980	2,995	800	2,195	93.32%	
Parking Lot Repair and Maintenance	5,000	1,250	0	1,250	100.00%	
Parks & Recreation
Management Contract	11,670	2,918	2,852	66	75.56% Contingency
Miscellaneous Contingency	 	3,011 	 	753 	 	0 	 	753 	 	100.00%	
Total Expenditures	 	336,036 	 	90,892 	 	81,954 	 	8,937 	 	75.61%	
Excess Of Revenue Over (Under) Expenditures	0	3,257	12,194	8,937	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		3,257		12,194		8,937		0.00%	

Fund Balance, End of Period	 	0 		
 	3,257 		
 	12,194 		
 	8,937 		
 	0.00%	

See Notes to Unaudited Financial Statements

Revenues
Local Business Tax Revenue
Pier Park Occupational License Tax	324,450	324,450	312,064	(12,386)	3.81%	
Revenue						
Interest Earnings						
Interest Earnings	 	0 	 	0 	 	119 	 	119 	 	0.00%	
Total Revenues	 	324,450 	 	324,450 	 	312,183 	 	(12,267)	 	3.78%	

Expenditures
Financial & Administrative
Accounting Services	11,000	2,750	2,750	0	75.00% Stormwater Control
Lake/Pond Bank Maintenance	1,500	375	155	220	89.69%	
Aquatic Maintenance	2,220	555	555	(0)	74.98%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	2,699	2,699	0	75.00%	
Oak Tree Trimming Services	5,000	1,250	0	1,250	100.00%	
Landscape Tree Services	13,035	3,259	3,259	0	75.00%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	863	0	863	100.00%	
Parking Lot Repair and Maintenance	15,000	3,750	0	3,750	100.00%	
Parking Lot Sweeping	10,500	2,625	2,651	(26)	74.75%	
Parks & Recreation						
Management Contract	26,800	6,700	6,480	220	75.81%	
Park Landscape Maintenance	41,357	10,339	10,339	0	75.00%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	1,000	97	903	97.58%	
Beachfront Improvement Landscape Maintenance	4,090	1,022	1,023	(0)	74.99%	
Beachfront Improvement Landscape Replace	2,500	625	0	625	100.00%	
Park Restroom Maintenance Contract	18,500	4,625	4,353	272	76.46%	
Park Restroom Repairs and Maintenance	2,500	625	749	(124)	70.06%	
Beachfront Janitorial Service	35,000	8,750	6,625	2,125	81.07%	
Beachfront Janitorial Supplies	5,000	1,250	1,150	100	77.00%	
Beachfront Improvement Repair	11,944	2,986	450	2,536	96.23%	
Beachfront Improvement/Capital Improvement	8,000	2,000	0	2,000	100.00%	
Beachfront Improvement Electric Utility	4,500	1,125	838	287	81.37%	
Beachfront Improvement Water/Sewer	5,000	1,250	1,299	(49)	74.02%	
Beachfront Improvement Irrigation Repairs	2,000	500	0	500	100.00%	
Park Irrigation Repairs and Maintenance	2,500	625	332	293	86.71%	

See Notes to Unaudited Financial Statements

Park Irrigation Inspection Contract	5,408	1,352	1,352	0	74.99%	
Park Solid Waste Removal	2,500	625	653	(28)	73.86%	
Park Recreational Equipment	4,800	1,200	0	1,200	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549 		 	12,887 		 	0 		 	12,887 		 	100.00%	
Total Expenditures	 	324,450 		 	91,612 		 	57,685 		 	33,928 		 	82.22%	
Excess Of Revenue Over (Under) Expenditures	0		232,838		254,499		21,661		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
232,838		
254,499		
21,661		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0 		 	232,838 		 	607,124 		 	374,286 		 	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 12/31/2017
(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 December 31, 2017

Balance as of
Account	Investment	December 31, 2017

Money Market	$	146,213	
Money Market	22,957	
Total Special Revenue Fund Investments	  $	169,170 	

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 

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Progressive Concepts of Panama City, LLC		
12/1/2017		
225846		
Park Sweeping Maintenance 12/17		
976.50	
Bay Landscape Grounds Management, LLC		12/18/2017		43851		Irrigation Repairs		36.82	
Gulf Power		12/19/2017		33633-67036 12/18		600 Pier Park Dr. Celebration Tower 12/18		99.97	
Gulf Power		12/22/2017		SB45751-38004 12/17		16200 Front Beach Road 12/17		2,122.63	
						
Total 001 - General Fund		
3,235.92	

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Progressive Concepts of Panama City, LLC		
12/1/2017		
225846		
Park Sweeping Maintenance 12/17		
883.50	
PSH Kimco, LLC		12/15/2017		349003		Janitorial Exterior Aaron Bessant 11/17		1,419.61	
PSH Kimco, LLC		12/15/2017		349004		Janitorial Exterior Dan Russell 11/17		1,892.82	
Gulf Power		12/22/2017		SB45751-38004 12/17		16200 Front Beach Road 12/17		303.22	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
4,499.15	

Report Total								
7,735.07	

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	

Interest Income - Interest Account	
$0.09	
124.12	
	Balance @ 12/31/17	124.12	

Pier Park Community Development District Notes to Unaudited Financial Statements December 31, 2017

Balance Sheet

Trust statement activity has been recorded through 12/31/17.
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).