Pier Park Community Development District

Financial Statements (Unaudited)

April 30, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 4/30/2018
(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	

14,570		

478,278		

0		

492,849		

0		

0	
Investments	0		169,328		890,194		1,059,522		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		890,194	
Amount To Be Provided Debt Service	0		0		0		0		0		13,574,806	
Fixed Assets	 	0 		 	0 		 	0 		 	0 		 	2,561,669 		 	0 	
Total Assets	 	14,795 		 	647,607 		 	890,194 		 	1,552,595 		 	2,561,669 		 	14,465,000 	

Liabilities												
Accounts Payable	6,711	20,139	0	26,850	0	0	
Accrued Expenses Payable	2,139	5,012	0	7,151	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	 	8,851 	 	25,150 	 	0 	 	34,001 	 	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	 	5,944 	 	269,831 	 	630,547 	 	906,322 	 	0 	 	0 	
Total Fund Equity & Other Credits	 	5,944 	 	622,456 	 	890,194 	 	1,518,594 	 	2,561,669 	 	0 	
Total Liabilities & Fund Equity	 	14,795 	 	647,607 	 	890,194 	 	1,552,595 	 	2,561,669 	 	14,465,000 	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2017 Through 4/30/2018
(In Whole Numbers)

Percent Annual Annual Budget	YTD Budget	YTD Actual	YTD Variance	Budget Remaining

Revenues
Contributions & Donations From Private Sources

Pier Park Owners Association, Inc.	 	336,036 	 	262,167 	 	178,158 	 	(84,009)	 	46.98%	
Total Revenues	 	336,036 	 	262,167 	 	178,158 	 	(84,009)	 	46.98%	

Expenditures
Legislative
Supervisor Fees	3,200	1,867	600	1,267	81.25%	
Financial & Administrative						
Administrative Services	9,013	5,258	5,258	0	41.66%	
District Management	29,500	17,208	17,208	0	41.66%	
District Engineer	1,200	700	0	700	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	2,917	2,917	0	41.66%	
Accounting Services	16,600	9,683	9,683	(0)	41.66%	
Auditing Services	5,000	5,000	2,500	2,500	50.00%	
Arbitrage Rebate Calculation	1,000	0	0	0	100.00%	
Travel	500	292	0	292	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	583	446	137	55.40%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	1,517	1,225	292	52.88%	
Legal Counsel						
District Counsel	20,000	11,667	9,511	2,156	52.44%	
Electric Utility Services						
Utility Services	25,000	14,583	15,140	(556)	39.44%	
Water-Sewer Combination Services						
Utility Services	13,500	7,875	5,887	1,988	56.38%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	2,333	841	1,492	78.97%	
Aquatic Maintenance	5,180	3,022	3,023	(2)	41.63%	
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	32,246	32,244	1	41.66%	
Landscape Replacement Plants, Shrubs, Trees	5,000	2,917	4,099	(1,182)	18.03%	
Annual Mulching	25,013	14,591	15,174	(583)	39.33%	
Entry and Walls/Beach Ball Maintenance	5,000	2,917	0	2,917	100.00%	
Miscellaneous Expense	3,000	1,750	0	1,750	100.00%	
Irrigation Maintenance	7,210	4,206	4,206	0	41.66%	
Contract Seasonal Maintenance Services	5,775	3,369	3,144	225	45.56%	
Oak Tree Trimming Services	8,000	4,667	3,000	1,667	62.50%	
Landscape Tree Services	9,791	5,711	7,031	(1,320)	28.18%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2017 Through 4/30/2018
(In Whole Numbers)

Percent Annual Annual Budget	YTD Budget	YTD Actual	YTD Variance	Budget Remaining

Irrigation Repairs	5,000	2,917	821	2,096	83.57%	
Palm Fertilization	495	289	0	289	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	6,708	6,710	(1)	41.65%	
Street Light Decorative Light Maintenance	8,050	4,696	475	4,221	94.09%	
Sidewalk Repair and Maintenance	11,980	6,988	5,144	1,844	57.06%	
Parking Lot Repair and Maintenance	5,000	2,917	0	2,917	100.00%	
Parks & Recreation						
Management Contract	11,670	6,808	6,655	153	42.97%	
Contingency						
Miscellaneous Contingency	 	3,011 	 	1,756 	 	0 	 	1,756 	 	100.00%	
Total Expenditures	 	336,036 	 	201,580 	 	172,214 	 	29,367 	 	48.75%	
Excess Of Revenue Over (Under) Expenditures	0	60,587	5,944	(54,643)	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		60,587		5,944		(54,643)		0.00%	

Fund Balance, End of Period	 	0 		
 	60,587 		
 	5,944 		
 	(54,643)		
 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures
100 - Special Revenue Fund - AB Park & Beachfront From 10/1/2017 Through 4/30/2018
(In Whole Numbers)

Percent Annual Annual Budget	YTD Budget	YTD Actual	YTD Variance	Budget Remaining

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

324,450	324,450	416,312	91,862	(28.31)%

Interest Earnings	 	0 	 	0 	 	277 	 	277 	 	0.00%	
Total Revenues	 	324,450 	 	324,450 	 	416,590 	 	92,140 	 	(28.40)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	6,417	6,417	0	41.66% Stormwater Control
Lake/Pond Bank Maintenance	1,500	875	361	514	75.95%	
Aquatic Maintenance	2,220	1,295	1,296	(1)	41.63%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	6,298	6,298	0	41.66%	
Oak Tree Trimming Services	5,000	2,917	0	2,917	100.00%	
Landscape Tree Services	13,035	7,604	7,604	0	41.66%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	2,013	0	2,013	100.00%	
Parking Lot Repair and Maintenance	15,000	8,750	18,590	(9,840)	(23.93)%	
Parking Lot Sweeping	10,500	6,125	6,071	55	42.18%	
Parks & Recreation						
Management Contract	26,800	15,633	15,121	512	43.57%	
Park Landscape Maintenance	41,357	24,125	24,125	0	41.66%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	2,333	225	2,108	94.37%	
Beachfront Improvement Landscape Maintenance	4,090	2,386	2,386	(0)	41.66%	
Beachfront Improvement Landscape Replace	2,500	1,458	0	1,458	100.00%	
Park Restroom Maintenance Contract	18,500	10,792	10,174	618	45.00%	
Park Restroom Repairs and Maintenance	2,500	1,458	1,913	(454)	23.50%	
Beachfront Janitorial Service	35,000	20,417	17,196	3,221	50.86%	
Beachfront Janitorial Supplies	5,000	2,917	3,434	(517)	31.32%	
Beachfront Improvement Repair	11,944	6,967	4,700	2,267	60.64%	
Beachfront Improvement/Capital Improvement	8,000	4,667	0	4,667	100.00%	
Beachfront Improvement Electric Utility	4,500	2,625	2,031	594	54.86%	
Beachfront Improvement Water/Sewer	5,000	2,917	2,815	101	43.69%	
Beachfront Improvement Irrigation Repairs	2,000	1,167	0	1,167	100.00%	
Park Irrigation Repairs and Maintenance	2,500	1,458	746	712	70.14%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures
100 - Special Revenue Fund - AB Park & Beachfront From 10/1/2017 Through 4/30/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Irrigation Inspection Contract	5,408	3,155	3,155	0	41.66%	
Park Solid Waste Removal	2,500	1,458	1,626	(168)	34.96%	
Park Recreational Equipment	4,800	2,800	0	2,800	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549 		 	30,070 		 	600 		 	29,470 		 	98.83%	
Total Expenditures	 	324,450 		 	195,096 		 	146,759 		 	48,337 		 	54.77%	
Excess Of Revenue Over (Under) Expenditures	0		129,354		269,831		140,477		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
129,354		
269,831		
140,477		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0 		 	129,354 		 	622,456 		 	493,102 		 	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 4/30/2018
(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	428,975	(239,010)	(35.78)%

Interest Earnings	0	1,470	1,470	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000 	 	459,749 	 	(10,251)	 	(2.18)%	
Total Revenues	 	1,137,985 	 	890,194 	 	(247,791)	 	(21.77)%	

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 		 	630,547 		 	630,547 		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		630,547		630,547		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0 		 	890,194 		 	890,194 		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary April 30, 2018

Balance as of
Account	Investment	April 30, 2018

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

$	146,311

Mutual of Omaha Bank	Money Market	23,017

Total Special Revenue Fund Investments	 $	169,328 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,470
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	888,724

Total Debt Service Fund Investments	 $	890,194 

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 2/1/2018
001 - General Fund
From 4/1/2018 Through 4/30/2018

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	
Hopping Green & Sams		4/1/2018		99808		General/Monthly Legal Services 03/18		1,145.50	
Gulf Power		4/22/2018		33633-67036 04/18		600 Pier Park Dr. Celebration Tower 04/18		124.15	
Gulf Power		4/25/2018		SB45751-38004 04/18		16200 Front Beach Road 04/18		1,873.72	
Bay Landscape Grounds Management, LLC		4/25/2018		45300		Irrigation Maintenance & Repairs 04/18		91.60	
Progressive Concepts of Panama City, LLC		4/30/2018		225850		Park Sweeping Maintenance 04/18		976.50	
						
Total 001 - General Fund		
6,711.47	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 2/1/2018
100 - Special Revenue Fund - AB Park & Beachfront From 4/1/2018 Through 4/30/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Emerald Coast Striping, LLC		
4/17/2018		
4082		
Pier Park Stripping		
11,555.50	
TEK Distributors, Inc.		4/17/2018		357046		Restroom Supplies 04/18		202.94	
118 Waste Pro - Panama City		4/20/2018		0000927234		Solid Waste Service 04/18		194.49	
Gulf Power		4/25/2018		SB45751-38004 04/18		16200 Front Beach Road 04/18		267.67	
Emerald Coast Striping, LLC		4/27/2018		4106		Pier Park Stripping		7,034.50	
Progressive Concepts of Panama City, LLC		4/30/2018		225850		Park Sweeping Maintenance 04/18		883.50	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
20,138.60	

Report Total								
26,850.07	

Pier Park Community Development District
Bond Proceed Analysis

Receipt & Disbursements		Amount		Balance Forward	

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		
$0.00		
459,872.76	
Interest Income - Interest Account		$364.65		460,237.41	
		Balance @ 02/28/18		460,237.41	

Interest Income - General Account		
$433.80		
460,671.21	
Interest Income - Interest Account		$0.45		460,671.66	
		Balance @ 03/31/18		460,671.66	

Interest Income - General Account		
$545.73		
461,217.39	
Interest Income - Interest Account		$1.08		461,218.47	
Transfer From SRF for May Debt Service		$428,975.09		890,193.56	
		Balance @ 04/30/18		890,193.56	

Pier Park Community Development District Notes to Unaudited Financial Statements April 30, 2018

Balance Sheet

Trust statement activity has been recorded through 04/30/18.
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).