Pier Park Community Development District

Financial Statements (Unaudited)

February 28, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 2/28/2018
(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	

61,374		

716,124		

0		

777,497		

0		

0	
Investments	0		169,248		460,237		629,486		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		460,237	
Amount To Be Provided Debt Service	0		0		0		0		0		14,004,763	
Fixed Assets	 	0 		 	0 		 	0 		 	0 		 	2,561,669 		 	0 	
Total Assets	 	61,599 		 	885,372 		 	460,237 		 	1,407,208 		 	2,561,669 		 	14,465,000 	

Liabilities												
Accounts Payable	8,722	4,889	0	13,611	0	0	
Accrued Expenses Payable	0	0	0	0	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	 	8,722 	 	4,889 	 	0 	 	13,611 	 	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	 	52,877 	 	527,858 	 	200,591 	 	781,325 	 	0 	 	0 	
Total Fund Equity & Other Credits	 	52,877 	 	880,483 	 	460,237 	 	1,393,597 	 	2,561,669 	 	0 	
Total Liabilities & Fund Equity	 	61,599 	 	885,372 	 	460,237 	 	1,407,208 	 	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	1,333	600	733	81.25%	
Financial & Administrative						
Administrative Services	9,013	3,755	3,755	0	58.33%	
District Management	29,500	12,292	12,292	0	58.33%	
District Engineer	1,200	500	0	500	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	2,083	2,083	0	58.33%	
Accounting Services	16,600	6,917	6,917	(0)	58.33%	
Auditing Services	5,000	0	2,500	(2,500)	50.00%	
Arbitrage Rebate Calculation	1,000	0	0	0	100.00%	
Travel	500	208	0	208	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	417	446	(29)	55.40%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	1,083	875	208	66.34%	
Legal Counsel
District Counsel	20,000	8,333	7,365	968	63.17% Electric Utility Services
Utility Services	25,000	10,417	11,011	(595)	55.95%	
Water-Sewer Combination Services	
Utility Services	13,500	5,625	3,975	1,650	70.55%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	1,667	601	1,066	84.97%	
Aquatic Maintenance	5,180	2,158	2,160	(1)	58.31%	
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	23,033	23,032	1	58.33%	
Landscape Replacement Plants, Shrubs, Trees	5,000	2,083	3,089	(1,005)	38.23%	
Annual Mulching	25,013	10,422	10,839	(417)	56.66%	
Entry and Walls/Beach Ball Maintenance	5,000	2,083	0	2,083	100.00%	
Miscellaneous Expense	3,000	1,250	0	1,250	100.00%	
Irrigation Maintenance	7,210	3,004	3,004	0	58.33%	
Contract Seasonal Maintenance Services	5,775	2,406	2,245	161	61.11%	
Oak Tree Trimming Services	8,000	3,333	3,000	333	62.50%	
Landscape Tree Services	9,791	4,080	4,740	(660)	51.59%	

See Notes to Unaudited Financial Statements

Irrigation Repairs	5,000	2,083	664	1,419	86.71%	
Palm Fertilization	495	206	0	206	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	4,792	4,788	4	58.36%	
Street Light Decorative Light Maintenance	8,050	3,354	475	2,879	94.09%	
Sidewalk Repair and Maintenance	11,980	4,992	800	4,192	93.32%	
Parking Lot Repair and Maintenance	5,000	2,083	0	2,083	100.00%	
Parks & Recreation						
Management Contract	11,670	4,863	4,753	109	59.26%	
Contingency						
Miscellaneous Contingency	 	3,011 	 	1,255 	 	0 	 	1,255 	 	100.00%	
Total Expenditures	 	336,036 	 	143,736 	 	125,281 	 	18,455 	 	62.72%	
Excess Of Revenue Over (Under) Expenditures	0	34,422	52,877	18,455	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		34,422		52,877		18,455		0.00%	

Fund Balance, End of Period	 	0 		
 	34,422 		
 	52,877 		
 	18,455 		
 	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	617,120	292,670	(90.20)%

Interest Earnings	 	0 	 	0 	 	198 	 	198 	 	0.00%	
Total Revenues	 	324,450 	 	324,450 	 	617,318 	 	292,868 	 	(90.27)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	4,583	4,583	0	58.33% Stormwater Control
Lake/Pond Bank Maintenance	1,500	625	258	367	82.82%	
Aquatic Maintenance	2,220	925	926	(1)	58.31%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	4,499	4,499	0	58.33%	
Oak Tree Trimming Services	5,000	2,083	0	2,083	100.00%	
Landscape Tree Services	13,035	5,431	5,431	0	58.33%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	1,438	0	1,438	100.00%	
Parking Lot Repair and Maintenance	15,000	6,250	0	6,250	100.00%	
Parking Lot Sweeping	10,500	4,375	4,332	43	58.74%	
Parks & Recreation						
Management Contract	26,800	11,167	10,801	366	59.69%	
Park Landscape Maintenance	41,357	17,232	17,232	0	58.33%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	1,667	161	1,506	95.97%	
Beachfront Improvement Landscape Maintenance	4,090	1,704	1,704	(0)	58.33%	
Beachfront Improvement Landscape Replace	2,500	1,042	0	1,042	100.00%	
Park Restroom Maintenance Contract	18,500	7,708	7,240	468	60.86%	
Park Restroom Repairs and Maintenance	2,500	1,042	1,913	(871)	23.50%	
Beachfront Janitorial Service	35,000	14,583	10,411	4,173	70.25%	
Beachfront Janitorial Supplies	5,000	2,083	1,834	249	63.31%	
Beachfront Improvement Repair	11,944	4,977	650	4,327	94.55%	
Beachfront Improvement/Capital Improvement	8,000	3,333	0	3,333	100.00%	
Beachfront Improvement Electric Utility	4,500	1,875	1,481	394	67.09%	
Beachfront Improvement Water/Sewer	5,000	2,083	1,901	183	61.98%	
Beachfront Improvement Irrigation Repairs	2,000	833	0	833	100.00%	
Park Irrigation Repairs and Maintenance	2,500	1,042	332	709	86.71%	

See Notes to Unaudited Financial Statements

Park Irrigation Inspection Contract	5,408	2,253	2,253	0	58.33%	
Park Solid Waste Removal	2,500	1,042	1,042	(1)	58.30%	
Park Recreational Equipment	4,800	2,000	0	2,000	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549 		 	21,479 		 	600 		 	20,879 		 	98.83%	
Total Expenditures	 	324,450 		 	143,354 		 	89,460 		 	53,894 		 	72.43%	
Excess Of Revenue Over (Under) Expenditures	0		181,096		527,858		346,762		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
181,096		
527,858		
346,762		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0 		 	181,096 		 	880,483 		 	699,387 		 	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 2/28/2018
(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	489	489	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000 	 	459,749 	 	(10,251)	 	(2.18)%	
Total Revenues	 	1,137,985 	 	460,237 	 	(677,748)	 	(59.56)%	

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 		 	200,591 		 	200,591 		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		200,591		200,591		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0 		 	460,237 		 	460,237 		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary February 28, 2018

Balance as of
Account	Investment	February 28, 2018

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

$	146,261

United Bank	Money Market	22,987

Total Special Revenue Fund Investments	 $	169,248 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	488
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	459,749
Total Debt Service Fund Investments	 $	460,237 

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Hopping Green & Sams		
2/19/2018		
98621		
Quarterly Board Meeting 01/18		
225.00	
Hopping Green & Sams		2/19/2018		98622		General/Monthly Legal Services 01/18		1,095.00	
Gulf Power		2/20/2018		33633-67036 02/18		600 Pier Park Dr. Celebration Tower 02/18		146.04	
Gulf Power		2/23/2018		SB45751-38004 02/18		16200 Front Beach Road 02/18		2,079.96	
Bay Landscape Grounds Management, LLC		2/28/2018		44825		Irrigation Repairs		49.28	
Carr, Riggs & Ingram, LLC		2/28/2018		16409559		Progress On Audit Billing 12/31/17		2,500.00	
Progressive Concepts of Panama City, LLC		2/28/2018		225848		Park Sweeping Maintenance 02/18		976.50	
City of Panama City Beach		3/1/2018		COPB Summary 02/18		Utility Summary 02/18		629.75	
Hopping Green & Sams		3/9/2018		99061		General/Monthly Legal Services 02/18		1,020.00	
						
Total 001 - General Fund		
8,721.53	

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Terry's Plumbing Service, LLC		
2/20/2018		
10091		
Restroom Repairs		
95.00	
Gulf Power		2/23/2018		SB45751-38004 02/18		16200 Front Beach Road 02/18		297.14	
Progressive Concepts of Panama City, LLC		2/28/2018		225848		Park Sweeping Maintenance 02/18		883.50	
City of Panama City Beach		3/1/2018		COPB Summary 02/18		Utility Summary 02/18		301.15	
PSH Kimco, LLC		3/7/2018		370612		Janitorial Exterior Dan Russell 02/18		1,892.82	
PSH Kimco, LLC		3/7/2018		372006		Janitorial Exterior Aaron Bessant 02/18		1,419.61	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
4,889.22	

Report Total								
13,610.75	

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	

Interest Income - General Account	
$364.52	
460,237.28	
Interest Income - Interest Account	$0.13	460,237.41	
	Balance @ 02/28/18	460,237.41	

Pier Park Community Development District Notes to Unaudited Financial Statements February 28, 2018

Balance Sheet

Trust statement activity has been recorded through 02/28/18.
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).