Pier Park Community Development District

Financial Statements (Unaudited)

March 31, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 3/31/2018
(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	

31,078		

700,617		

0		

731,696		

0		

0	
Investments	0		169,288		460,672		629,960		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		460,672	
Amount To Be Provided Debt Service	0		0		0		0		0		14,004,328	
Fixed Assets	 	0 		 	0 		 	0 		 	0 		 	2,561,669 		 	0 	
Total Assets	 	31,303 		 	869,905 		 	460,672 		 	1,361,881 		 	2,561,669 		 	14,465,000 	

Liabilities												
Accounts Payable	930	9,235	0	10,165	0	0	
Accrued Expenses Payable	2,713	1,245	0	3,958	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	 	3,643 	 	10,480 	 	0 	 	14,123 	 	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	 	27,660 	 	506,800 	 	201,025 	 	735,485 	 	0 	 	0 	
Total Fund Equity & Other Credits	 	27,660 	 	859,426 	 	460,672 	 	1,347,757 	 	2,561,669 	 	0 	
Total Liabilities & Fund Equity	 	31,303 	 	869,905 	 	460,672 	 	1,361,881 	 	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	1,600	600	1,000	81.25%	
Financial & Administrative						
Administrative Services	9,013	4,506	4,506	0	50.00%	
District Management	29,500	14,750	14,750	0	50.00%	
District Engineer	1,200	600	0	600	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	2,500	2,500	0	49.99%	
Accounting Services	16,600	8,300	8,300	(0)	49.99%	
Auditing Services	5,000	5,000	2,500	2,500	50.00%	
Arbitrage Rebate Calculation	1,000	0	0	0	100.00%	
Travel	500	250	0	250	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	500	446	54	55.40%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	1,300	1,050	250	59.61%	
Legal Counsel						
District Counsel	20,000	10,000	8,365	1,635	58.17%	
Electric Utility Services						
Utility Services	25,000	12,500	13,142	(642)	47.43%	
Water-Sewer Combination Services						
Utility Services	13,500	6,750	4,748	2,002	64.82%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	2,000	721	1,279	81.97%	
Aquatic Maintenance	5,180	2,590	2,591	(1)	49.97%	
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	27,639	27,638	1	50.00%	
Landscape Replacement Plants, Shrubs, Trees	5,000	2,500	3,089	(588)	38.23%	
Annual Mulching	25,013	12,507	13,007	(500)	48.00%	
Entry and Walls/Beach Ball Maintenance	5,000	2,500	0	2,500	100.00%	
Miscellaneous Expense	3,000	1,500	0	1,500	100.00%	
Irrigation Maintenance	7,210	3,605	3,582	23	50.31%	
Contract Seasonal Maintenance Services	5,775	2,888	2,694	193	53.34%	
Oak Tree Trimming Services	8,000	4,000	3,000	1,000	62.50%	
Landscape Tree Services	9,791	4,896	6,216	(1,320)	36.51%	

See Notes to Unaudited Financial Statements

Irrigation Repairs	5,000	2,500	729	1,771	85.41%	
Palm Fertilization	495	248	0	248	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	5,750	5,728	22	50.19%	
Street Light Decorative Light Maintenance	8,050	4,025	475	3,550	94.09%	
Sidewalk Repair and Maintenance	11,980	5,990	5,144	846	57.06%	
Parking Lot Repair and Maintenance	5,000	2,500	0	2,500	100.00%	
Parks & Recreation						
Management Contract	11,670	5,835	5,704	131	51.12%	
Contingency						
Miscellaneous Contingency	 	3,011 	 	1,506 	 	0 	 	1,506 	 	100.00%	
Total Expenditures	 	336,036 	 	175,158 	 	150,498 	 	24,660 	 	55.21%	
Excess Of Revenue Over (Under) Expenditures	0	3,000	27,660	24,660	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		3,000		27,660		24,660		0.00%	

Fund Balance, End of Period	 	0 		
 	3,000 		
 	27,660 		
 	24,660 		
 	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 	 	237 	 	237 	 	0.00%	
Total Revenues	 	324,450 	 	324,450 	 	617,358 	 	292,908 	 	(90.28)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	5,500	5,500	0	50.00% Stormwater Control
Lake/Pond Bank Maintenance	1,500	750	309	441	79.39%	
Aquatic Maintenance	2,220	1,110	1,111	(1)	49.97%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	5,399	5,398	0	50.00%	
Oak Tree Trimming Services	5,000	2,500	0	2,500	100.00%	
Landscape Tree Services	13,035	6,518	6,518	0	50.00%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	1,725	0	1,725	100.00%	
Parking Lot Repair and Maintenance	15,000	7,500	0	7,500	100.00%	
Parking Lot Sweeping	10,500	5,250	5,207	43	50.40%	
Parks & Recreation						
Management Contract	26,800	13,400	12,961	439	51.63%	
Park Landscape Maintenance	41,357	20,679	20,678	0	50.00%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	2,000	193	1,807	95.17%	
Beachfront Improvement Landscape Maintenance	4,090	2,045	2,045	(0)	49.99%	
Beachfront Improvement Landscape Replace	2,500	1,250	0	1,250	100.00%	
Park Restroom Maintenance Contract	18,500	9,250	8,707	543	52.93%	
Park Restroom Repairs and Maintenance	2,500	1,250	1,913	(663)	23.50%	
Beachfront Janitorial Service	35,000	17,500	14,196	3,304	59.43%	
Beachfront Janitorial Supplies	5,000	2,500	2,338	163	53.24%	
Beachfront Improvement Repair	11,944	5,972	4,700	1,272	60.64%	
Beachfront Improvement/Capital Improvement	8,000	4,000	0	4,000	100.00%	
Beachfront Improvement Electric Utility	4,500	2,250	1,763	487	60.81%	
Beachfront Improvement Water/Sewer	5,000	2,500	2,271	230	54.58%	
Beachfront Improvement Irrigation Repairs	2,000	1,000	0	1,000	100.00%	
Park Irrigation Repairs and Maintenance	2,500	1,250	332	918	86.71%	

See Notes to Unaudited Financial Statements

Park Irrigation Inspection Contract	5,408	2,704	2,704	0	49.99%	
Park Solid Waste Removal	2,500	1,250	1,237	13	50.52%	
Park Recreational Equipment	4,800	2,400	0	2,400	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549 		 	25,775 		 	600 		 	25,175 		 	98.83%	
Total Expenditures	 	324,450 		 	169,225 		 	110,557 		 	58,668 		 	65.92%	
Excess Of Revenue Over (Under) Expenditures	0		155,225		506,800		351,575		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
155,225		
506,800		
351,575		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0 		 	155,225 		 	859,426 		 	704,201 		 	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 3/31/2018
(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	923	923	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000 	 	459,749 	 	(10,251)	 	(2.18)%	
Total Revenues	 	1,137,985 	 	460,672 	 	(677,313)	 	(59.52)%	

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 		 	201,025 		 	201,025 		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		201,025		201,025		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0 		 	460,672 		 	460,672 		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD	
Investment Summary	
March 31, 2018	

Balance as of	
March 31, 2018	

Account	Investment

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

Money Market	$	146,286

Money Market	23,002

Total Special Revenue Fund Investments	 $	169,288 

US Bank Series 2014 Interest	
US Bank Series 2014 General	

First American Treasury Obligation Fund Class Z	
First American Treasury Obligation Fund Class Z	

$	923	
459,749	

Total Debt Service Fund Investments	 $	460,672 

001 - General Fund
From 3/1/2018 Through 3/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Carr, Riggs & Ingram, LLC		
2/28/2018		
16409559		
Progress On Audit Billing 12/31/17		
2,500.00	
ASAP Painting & Waterproofing Inc.		3/6/2018		1425		Painting Services 03/18		(3,700.00)	
Gulf Power		3/21/2018		33633-67036 03/18		600 Pier Park Dr. Celebration Tower 03/18		152.42	
Gulf Power		3/26/2018		SB45751-38004 03/18		16200 Front Beach Road 03/18		1,977.79	
						
Total 001 - General Fund		
930.21	

100 - Special Revenue Fund - AB Park & Beachfront From 3/1/2018 Through 3/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

ASAP Painting & Waterproofing Inc.		
3/6/2018		
1425-OLTR		
Painting Services 03/18		
3,700.00	
Gulf Power		3/26/2018		SB45751-38004 03/18		16200 Front Beach Road 03/18		282.54	
PSH Kimco, LLC		3/31/2018		378080		Janitorial Exterior Dan Russell 03/18		3,785.64	
PSH Kimco, LLC		3/31/2018		378081		Janitorial Exterior Aaron Bessant 03/18		1,466.94	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
9,235.12	

Report Total								
10,165.33	

DS Interest paid to Bondholders 5/01/16	
DS Principal paid to Bondholders 5/01/16	
Interest Income - General Account	
Interest Income - Interest Account	

 	

($281,007.25)	
($585,000.00)	
$102.43	
$0.02	
Balance @ 5/31/16	

 	

585,065.12	
65.12	
167.55	
 	167.57	
167.57	

Interest Income - General Account	
Interest Income - Interest Account	

$3.93	
$0.02	
Balance @ 06/30/16	

171.50	
 	171.52	
171.52	

Interest Income - General Account	
Interest Income - Interest Account	

$0.01	
$0.02	
Balance @ 07/31/16	

171.53	
 	171.55	
171.55	

Interest Income - General Account	
Interest Income - Interest Account	

$0.01	
$0.02	
Balance @ 08/31/16	

171.56	
 	171.58	
171.58	

Interest Income - General Account	
Interest Income - Interest Account	
Due From SRF for November Debt Service	

$0.00	
$0.03	
$270,334.86	
Balance @ 09/30/16	

171.58	
171.61	
 	270,506.47	
270,506.47	

Interest Income - General Account	
Interest Income - Interest Account	

$0.00	
$0.03	
Balance @ 10/31/16	

270,506.47	
 	270,506.50	
270,506.50	

Interest Income - General Account	
Interest Income - Interest Account	
DS Interest paid to Bondholders 11/01/16	

$11.54	
$0.02	
($270,506.50)	
Balance @ 11/30/16	

270,518.04	
270,518.06	
 	11.56	
11.56	

Interest Income - General Account	
Interest Income - Interest Account	

$0.00	
$0.00	
Balance @ 12/31/16	

11.56	
 	11.56	
11.56	

Debt Service - TIF funds from City of Panama City Beach	
Interest Income - General Account	
Interest Income - Interest Account	

$479,696.91	
$0.00	
$0.00	
Balance @ 01/31/17	

479,708.47	
479,708.47	
 	479,708.47	
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	
Interest Income - Interest Account	
Transfer from SRF for May Debt Service	

$211.87	
$0.10	
$395,575.89	
Balance @ 04/30/17	

480,142.48	
480,142.58	
 	875,718.47	
875,718.47	

Interest Income - General Account	
Interest Income - Interest Account	
DS Interest paid to Bondholders 05/01/17	
DS Principal paid to Bondholders 05/01/17	

$332.66	
$0.22	
($270,506.50)	
($605,000.00)	
Balance @ 05/31/17	

876,051.13	
876,051.35	
605,544.85	
 	544.85	
544.85	

Interest Income - General Account	
Interest Income - Interest Account	

$0.12	
$0.18	
Balance @ 06/30/17	

544.97	
 	545.15	
545.15	

Interest Income - General Account	
Interest Income - Interest Account	

$0.13	
$0.21	
Balance @ 07/31/17	

545.28	
 	545.49	
545.49	

Interest Income - General Account	
Interest Income - Interest Account	

$0.15	
$0.24	
Balance @ 08/31/17	

545.64	
 	545.88	
545.88	

Interest Income - General Account	
Interest Income - Interest Account	
Due From SRF for November Debt Service	

$0.16	
$0.25	
$259,100.46	
Balance @ 09/30/17	

546.04	
546.29	
 	259,646.75	
259,646.75	

Interest Income - General Account	
Interest Income - Interest Account	

$0.15	
$0.24	
Balance @ 10/31/17	

259,646.90	
 	259,647.14	
259,647.14	

Interest Income - General Account	
Interest Income - Interest Account	
DS Interest paid to Bondholders 11/01/17	

$123.38	
$0.26	
$259,646.75	
Balance @ 11/30/17	

259,770.52	
259,770.78	
 	124.03	
124.03	

$0.09	
Balance @ 12/31/17	

 	124.12	
124.12	

Interest Income - Interest Account

Debt Service - TIF funds from City of Panama City Beach	
Interest Income - Interest Account	

$459,748.53	
$0.11	
Balance @ 01/31/18	

459,872.65	
 	459,872.76	
459,872.76	

Interest Income - General Account	
Interest Income - Interest Account	

$0.00	
$364.65	
Balance @ 02/28/18	

459,872.76	
 	460,237.41	
460,237.41	

Interest Income - General Account	
Interest Income - Interest Account	

$433.80	
$0.45	
Balance @ 03/31/18	

460,671.21	
 	460,671.66	
460,671.66	

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

Balance Sheet

Trust statement activity has been recorded through 03/31/18.
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).