Pier Park Community Development District

Financial Statements (Unaudited)

January 31, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 1/31/2018
(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	

8,440		

555,406		

0		

563,846		

0		

0	
Investments	0		169,212		459,873		629,085		0		0	
Accounts Receivable	67,207		0		0		67,207		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		459,873	
Amount To Be Provided Debt Service	0		0		0		0		0		14,005,127	
Fixed Assets	 	0 		 	0 		 	0 		 	0 		 	2,561,669 		 	0 	
Total Assets	 	75,872 		 	724,618 		 	459,873 		 	1,260,363 		 	2,561,669 		 	14,465,000 	

Liabilities												
Accounts Payable	4,131	1,445	0	5,575	0	0	
Accrued Expenses Payable	1,000	3,833	0	4,833	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	 	5,131 	 	5,278 	 	0 	 	10,408 	 	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	 	70,741 	 	366,715 	 	200,226 	 	637,682 	 	0 	 	0 	
Total Fund Equity & Other Credits	 	70,741 	 	719,340 	 	459,873 	 	1,249,954 	 	2,561,669 	 	0 	
Total Liabilities & Fund Equity	 	75,872 	 	724,618 	 	459,873 	 	1,260,363 	 	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 	 	178,158 	 	178,158 	 	(0)	 	46.98%	
Total Revenues	 	336,036 	 	178,158 	 	178,158 	 	(0)	 	46.98%	

Expenditures
Legislative
Supervisor Fees	3,200	1,067	600	467	81.25%	
Financial & Administrative						
Administrative Services	9,013	3,004	3,755	(751)	58.33%	
District Management	29,500	9,833	12,292	(2,458)	58.33%	
District Engineer	1,200	400	0	400	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	1,667	2,083	(417)	58.33%	
Accounting Services	16,600	5,533	6,917	(1,383)	58.33%	
Auditing Services	5,000	0	0	0	100.00%	
Arbitrage Rebate Calculation	1,000	0	0	0	100.00%	
Travel	500	167	0	167	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	333	446	(113)	55.40%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	867	875	(8)	66.34%	
Legal Counsel
District Counsel	20,000	6,667	6,025	641	69.87% Electric Utility Services
Utility Services	25,000	8,333	8,785	(452)	64.85%	
Water-Sewer Combination Services	
Utility Services	13,500	4,500	3,345	1,155	75.22%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	1,333	481	853	87.98%	
Aquatic Maintenance	5,180	1,727	1,728	(1)	66.64%	
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	18,426	18,425	1	66.66%	
Landscape Replacement Plants, Shrubs, Trees	5,000	1,667	3,089	(1,422)	38.23%	
Annual Mulching	25,013	8,338	8,671	(333)	65.33%	
Entry and Walls/Beach Ball Maintenance	5,000	1,667	0	1,667	100.00%	
Miscellaneous Expense	3,000	1,000	0	1,000	100.00%	
Irrigation Maintenance	7,210	2,403	2,403	0	66.66%	
Contract Seasonal Maintenance Services	5,775	1,925	1,796	129	68.89%	
Oak Tree Trimming Services	8,000	2,667	3,000	(333)	62.50%	
Landscape Tree Services	9,791	3,264	3,924	(660)	59.92%	

See Notes to Unaudited Financial Statements

Irrigation Repairs	5,000	1,667	615	1,052	87.70%	
Palm Fertilization	495	165	0	165	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	3,833	3,812	22	66.85%	
Street Light Decorative Light Maintenance	8,050	2,683	475	2,208	94.09%	
Sidewalk Repair and Maintenance	11,980	3,993	800	3,193	93.32%	
Parking Lot Repair and Maintenance	5,000	1,667	0	1,667	100.00%	
Parks & Recreation						
Management Contract	11,670	3,890	3,803	87	67.41%	
Contingency						
Miscellaneous Contingency	 	3,011 	 	1,004 	 	0 	 	1,004 	 	100.00%	
Total Expenditures	 	336,036 	 	117,314 	 	107,417 	 	9,897 	 	68.03%	
Excess Of Revenue Over (Under) Expenditures	0	60,844	70,741	9,897	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		60,844		70,741		9,897		0.00%	

Fund Balance, End of Period	 	0 		
 	60,844 		
 	70,741 		
 	9,897 		
 	0.00%	

See Notes to Unaudited Financial Statements

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

324,450	324,450	440,508	116,058	(35.77)%

Interest Earnings	 	0 	 	0 	 	161 	 	161 	 	0.00%	
Total Revenues	 	324,450 	 	324,450 	 	440,669 	 	116,219 	 	(35.82)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	3,667	4,583	(917)	58.33% Stormwater Control
Lake/Pond Bank Maintenance	1,500	500	206	294	86.26%	
Aquatic Maintenance	2,220	740	740	(0)	66.64%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	3,599	3,599	0	66.66%	
Oak Tree Trimming Services	5,000	1,667	0	1,667	100.00%	
Landscape Tree Services	13,035	4,345	4,345	0	66.66%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	1,150	0	1,150	100.00%	
Parking Lot Repair and Maintenance	15,000	5,000	0	5,000	100.00%	
Parking Lot Sweeping	10,500	3,500	3,449	52	67.15%	
Parks & Recreation						
Management Contract	26,800	8,933	8,641	293	67.75%	
Park Landscape Maintenance	41,357	13,786	13,786	0	66.66%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	1,333	129	1,205	96.78%	
Beachfront Improvement Landscape Maintenance	4,090	1,363	1,363	(0)	66.66%	
Beachfront Improvement Landscape Replace	2,500	833	0	833	100.00%	
Park Restroom Maintenance Contract	18,500	6,167	5,820	346	68.53%	
Park Restroom Repairs and Maintenance	2,500	833	1,060	(226)	57.62%	
Beachfront Janitorial Service	35,000	11,667	8,991	2,676	74.31%	
Beachfront Janitorial Supplies	5,000	1,667	1,150	517	77.00%	
Beachfront Improvement Repair	11,944	3,981	450	3,531	96.23%	
Beachfront Improvement/Capital Improvement	8,000	2,667	0	2,667	100.00%	
Beachfront Improvement Electric Utility	4,500	1,500	1,184	316	73.69%	
Beachfront Improvement Water/Sewer	5,000	1,667	1,600	67	68.00%	
Beachfront Improvement Irrigation Repairs	2,000	667	0	667	100.00%	
Park Irrigation Repairs and Maintenance	2,500	833	332	501	86.71%	

See Notes to Unaudited Financial Statements

Park Irrigation Inspection Contract	5,408	1,803	1,803	0	66.66%	
Park Solid Waste Removal	2,500	833	848	(15)	66.08%	
Park Recreational Equipment	4,800	1,600	0	1,600	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549 		 	17,183 		 	0 		 	17,183 		 	100.00%	
Total Expenditures	 	324,450 		 	117,483 		 	73,954 		 	43,529 		 	77.21%	
Excess Of Revenue Over (Under) Expenditures	0		206,967		366,715		159,749		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
206,967		
366,715		
159,749		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0 		 	206,967 		 	719,340 		 	512,374 		 	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 1/31/2018
(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 	 	459,749 	 	(10,251)	 	(2.18)%	
Total Revenues	 	1,137,985 	 	459,873 	 	(678,112)	 	(59.59)%	

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 		 	200,226 		 	200,226 		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		200,226		200,226		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0 		 	459,873 		 	459,873 		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary January 31, 2018

Balance as of
Account	Investment	January 31, 2018

The Bank of Tampa	Money Market The Bank of Tampa ICS Program:

$	146,239

Bank of China, New York, NY	Money Market	1
Capital Bank	Money Market	12
First Tennessee Bank Natl Association	Money Market	22,960
Total Special Revenue Fund Investments	 $	169,212 
US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	124
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	459,749
Total Debt Service Fund Investments	 $	459,873 

Pier Park Community Development District
Summary A/R Ledger
From 1/1/2018 Through 1/31/2018

Invoice Date		Customer Name		Invoice Number		Current Balance	

1/4/2018		
Simon Property Group, Inc.		
OM0118-2		
13,441.44	
1/4/2018		Simon Property Group, Inc.		OM0118-3		 	53,765.76 	
Report Balance						67,207.20	

001 - General Fund
From 1/1/2018 Through 1/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Gulf Power		
1/22/2018		
33633-67036 01/18		
600 Pier Park Dr. Celebration Tower 01/18		
198.84	
Gulf Power		1/25/2018		SB45751-38004 01/18		16200 Front Beach Road 01/18		2,420.55	
Progressive Concepts of Panama City, LLC		1/31/2018		225847		Park Sweeping Maintenance 01/18		882.00	
City of Panama City Beach		2/1/2018		COPB Summary 01/18		Utility Summary 01/18		629.29	
						
Total 001 - General Fund		
4,130.68	

100 - Special Revenue Fund - AB Park & Beachfront From 1/1/2018 Through 1/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Gulf Power		
1/25/2018		
SB45751-38004 01/18		
16200 Front Beach Road 01/18		
345.78	
Progressive Concepts of Panama City, LLC		1/31/2018		225847		Park Sweeping Maintenance 01/18		798.00	
City of Panama City Beach		2/1/2018		COPB Summary 01/18		Utility Summary 01/18		300.93	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
1,444.71	

Report Total								
5,575.39	

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	

Debt Service - TIF funds from City of Panama City Beach	
$459,748.53	
459,872.65	
Interest Income - Interest Account	$0.11	459,872.76	
	Balance @ 01/31/18	459,872.76	

Pier Park Community Development District Notes to Unaudited Financial Statements January 31, 2018

Balance Sheet

Trust statement activity has been recorded through 01/31/18.
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).