Pier Park Community Development District

Financial Statements (Unaudited)

May 31, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 5/31/2018
(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	

4,035		

649,000		

0		

653,035		

0		

0	
Investments	0		169,369		1,215		170,583		0		0	
Accounts Receivable	84,009		0		0		84,009		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		1,215	
Amount To Be Provided Debt Service	0		0		0		0		0		13,833,785	
Fixed Assets	 	0 		 	0 		 	0 		 	0 		 	2,561,669 		 	0 	
Total Assets	 	88,269 		 	818,368 		 	1,215 		 	907,852 		 	2,561,669 		 	13,835,000 	

Liabilities												
Accounts Payable	25,887	16,770	0	42,657	0	0	
Accrued Expenses Payable	2,745	5,322	0	8,067	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 	 	13,835,000 	
Total Liabilities	 	28,632 	 	22,092 	 	0 	 	50,724 	 	0 	 	13,835,000 	
Fund Equity & Other Credits Beginning Fund Balance	
0	
352,625	
259,647	
612,272	
2,561,669	
0	
Net Change in Fund Balance	 	59,637 	 	443,651 	 	(258,432)	 	244,856 	 	0 	 	0 	
Total Fund Equity & Other Credits	 	59,637 	 	796,276 	 	1,215 	 	857,128 	 	2,561,669 	 	0 	
Total Liabilities & Fund Equity	 	88,269 	 	818,368 	 	1,215 	 	907,852 	 	2,561,669 	 	13,835,000 	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2017 Through 5/31/2018
(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 	 	262,167 	 	(0)	 	21.98%	
Total Revenues	 	336,036 	 	262,167 	 	262,167 	 	(0)	 	21.98%	

Expenditures
Legislative
Supervisor Fees	3,200	2,133	1,400	733	56.25%	
Financial & Administrative						
Administrative Services	9,013	6,009	6,009	0	33.33%	
District Management	29,500	19,667	19,667	0	33.33%	
District Engineer	1,200	800	0	800	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	3,333	3,333	0	33.33%	
Accounting Services	16,600	11,067	11,067	(0)	33.33%	
Auditing Services	5,000	5,000	2,500	2,500	50.00%	
Arbitrage Rebate Calculation	1,000	0	0	0	100.00%	
Travel	500	333	0	333	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	667	574	92	42.55%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	1,733	1,400	333	46.15%	
Legal Counsel						
District Counsel	20,000	13,333	15,350	(2,016)	23.25%	
Electric Utility Services						
Utility Services	25,000	16,667	17,053	(386)	31.78%	
Water-Sewer Combination Services						
Utility Services	13,500	9,000	7,472	1,528	44.64%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	2,667	961	1,705	75.96%	
Aquatic Maintenance	5,180	3,453	3,455	(2)	33.29%	
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	36,852	36,850	2	33.33%	
Landscape Replacement Plants, Shrubs, Trees	5,000	3,333	4,319	(985)	13.63%	
Annual Mulching	25,013	16,675	17,342	(667)	30.66%	
Entry and Walls/Beach Ball Maintenance	5,000	3,333	0	3,333	100.00%	
Miscellaneous Expense	3,000	2,000	3,160	(1,160)	(5.33)%	
Irrigation Maintenance	7,210	4,807	5,032	(226)	30.20%	
Contract Seasonal Maintenance Services	5,775	3,850	3,593	257	37.78%	
Oak Tree Trimming Services	8,000	5,333	3,000	2,333	62.50%	
Landscape Tree Services	9,791	6,527	7,847	(1,320)	19.85%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2017 Through 5/31/2018
(In Whole Numbers)

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

Irrigation Repairs	5,000	3,333	994	2,339	80.11%	
Palm Fertilization	495	330	0	330	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	7,667	7,655	12	33.43%	
Street Light Decorative Light Maintenance	8,050	5,367	475	4,892	94.09%	
Sidewalk Repair and Maintenance	11,980	7,987	5,144	2,843	57.06%	
Parking Lot Repair and Maintenance	5,000	3,333	0	3,333	100.00%	
Parks & Recreation						
Management Contract	11,670	7,780	7,605	175	34.83%	
Contingency						
Miscellaneous Contingency	 	3,011 	 	2,007 	 	0 	 	2,007 	 	100.00%	
Total Expenditures	 	336,036 	 	228,002 	 	202,530 	 	25,473 	 	39.73%	
Excess Of Revenue Over (Under) Expenditures	0	34,165	59,637	25,472	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		34,165		59,637		25,472		0.00%	

Fund Balance, End of Period	 	0 		
 	34,165 		
 	59,637 		
 	25,472 		
 	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 5/31/2018
(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	609,009	284,559	(87.70)%

Interest Earnings	 	0 	 	0 	 	318 	 	318 	 	0.00%	
Total Revenues	 	324,450 	 	324,450 	 	609,327 	 	284,877 	 	(87.80)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	7,333	7,333	0	33.33% Stormwater Control
Lake/Pond Bank Maintenance	1,500	1,000	412	588	72.52%	
Aquatic Maintenance	2,220	1,480	1,481	(1)	33.29%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	7,198	7,198	0	33.33%	
Oak Tree Trimming Services	5,000	3,333	0	3,333	100.00%	
Landscape Tree Services	13,035	8,690	8,690	0	33.33%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	2,300	0	2,300	100.00%	
Parking Lot Repair and Maintenance	15,000	10,000	18,590	(8,590)	(23.93)%	
Parking Lot Sweeping	10,500	7,000	6,926	75	34.04%	
Parks & Recreation						
Management Contract	26,800	17,867	17,281	586	35.51%	
Park Landscape Maintenance	41,357	27,571	27,571	0	33.33%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	2,667	257	2,409	93.56%	
Beachfront Improvement Landscape Maintenance	4,090	2,727	2,727	(0)	33.33%	
Beachfront Improvement Landscape Replace	2,500	1,667	0	1,667	100.00%	
Park Restroom Maintenance Contract	18,500	12,333	11,594	740	37.33%	
Park Restroom Repairs and Maintenance	2,500	1,667	2,679	(1,012)	(7.14)%	
Beachfront Janitorial Service	35,000	23,333	21,218	2,115	39.37%	
Beachfront Janitorial Supplies	5,000	3,333	4,379	(1,045)	12.42%	
Beachfront Improvement Repair	11,944	7,963	4,700	3,263	60.64%	
Beachfront Improvement/Capital Improvement	8,000	5,333	0	5,333	100.00%	
Beachfront Improvement Electric Utility	4,500	3,000	2,285	715	49.21%	
Beachfront Improvement Water/Sewer	5,000	3,333	3,573	(240)	28.53%	
Beachfront Improvement Irrigation Repairs	2,000	1,333	0	1,333	100.00%	
Park Irrigation Repairs and Maintenance	2,500	1,667	880	787	64.80%	

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 5/31/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Irrigation Inspection Contract	5,408	3,605	3,605	0	33.33%	
Park Solid Waste Removal	2,500	1,667	1,820	(154)	27.18%	
Park Recreational Equipment	4,800	3,200	0	3,200	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549 		 	34,366 		 	600 		 	33,766 		 	98.83%	
Total Expenditures	 	324,450 		 	220,967 		 	165,676 		 	55,290 		 	48.94%	
Excess Of Revenue Over (Under) Expenditures	0		103,483		443,651		340,167		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
103,483		
443,651		
340,167		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0 		 	103,483 		 	796,276 		 	692,793 		 	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 5/31/2018
(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	428,975	(239,010)	(35.78)%

Interest Earnings	0	2,138	2,138	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000 	 	459,749 	 	(10,251)	 	(2.18)%	
Total Revenues	 	1,137,985 	 	890,861 	 	(247,124)	 	(21.72)%	

Expenditures					
Debt Service								
Interest	507,985		519,294		(11,309)		(2.22)%	
Principal	 	630,000 		 	630,000 		 	0 		 	0.00%	
Total Expenditures	 	1,137,985 		 	1,149,294 		 	(11,309)		 	(0.99)%	
Excess Of Revenue Over (Under) Expenditures	 	0 		 	(258,432)		 	(258,432)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(258,432)		(258,432)		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0 		 	1,215 		 	1,215 		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary May 31, 2018

Balance as of
Account	Investment	May 31, 2018

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

$	146,336

First Tennessee Bank Natl Association	Money Market	23,033

Total Special Revenue Fund Investments	 $	169,369 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,215

Total Debt Service Fund Investments	 $	1,215 

Pier Park Community Development District
Summary A/R Ledger
From 5/1/2018 Through 5/31/2018

Invoice Date		Customer Name		Invoice Number		Current Balance	

5/1/2018		
Simon Property Group, Inc.		
OM04182		
13,441.44	
5/1/2018		Simon Property Group, Inc.		OM04183		53,765.76	
5/1/2018		The St. Joe Company		OM04181		 	16,801.80 	
Report Balance						84,009.00	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 2/1/2018
001 - General Fund
From 5/1/2018 Through 5/31/2018

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	
Bay Landscape Grounds Management, LLC		5/1/2018		45328		Landscape Maintenance 05/18		8,760.07	
Hopping Green & Sams		5/1/2018		100215		General/Monthly Legal Services 04/18		5,839.00	
Simon Property Group, Inc.		5/1/2018		20103		Management Fee 05/18		950.66	
The Lake Doctors, Inc.		5/1/2018		358043		Monthly Lake Maintenance 05/18		431.90	
Bay Landscape Grounds Management, LLC		5/4/2018		45619		Irrigation Maintenance & Repairs		225.70	
Bay Landscape Grounds Management, LLC		5/18/2018		45691		Irrigation Maintenance & Repairs		60.80	
Bay Landscape Grounds Management, LLC		5/18/2018		45701		Irrigation Maintenance & Repairs		112.40	
Gulf Power		5/22/2018		33633-67036 05/18		600 Pier Park Dr. Celebration Tower 05/18		134.88	
Gulf Power		5/25/2018		SB45751-38004 05/18		16200 Front Beach Road 05/18		1,778.11	
Bay Landscape & Palm Service, LLC		5/25/2018		45750		Landscape Enhancement		220.00	
Press Print Graphics, LLC		5/29/2018		17524		CDD 17/18		3,160.00	
City of Panama City Beach		5/31/2018		COPB Summary 05/18		Utility Summary 05/18		1,584.90	
Gatehouse Media		5/31/2018		1026541-0518		Acct #1026541 Legal Advertising 05/18		128.48	
						
Total 001 - General Fund		
25,886.90	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 2/1/2018
100 - Special Revenue Fund - AB Park & Beachfront From 5/1/2018 Through 5/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Bay Landscape Grounds Management, LLC		
5/1/2018		
45328		
Landscape Maintenance 05/18		
6,307.58	
PSH Kimco, LLC		5/1/2018		392226		Janitorial Exterior Dan Russell 04/18		4,022.24	
PSH Kimco, LLC		5/1/2018		392227		Janitorial Exterior Aaron Bessant 04/18		1,419.61	
Simon Property Group, Inc.		5/1/2018		20103		Management Fee 05/18		2,160.14	
TEK Distributors, Inc.		5/1/2018		357974		Restroom Supplies 05/18		255.58	
The Lake Doctors, Inc.		5/1/2018		358043		Monthly Lake Maintenance 05/18		185.10	
Bay Landscape Grounds Management, LLC		5/2/2018		45609		Irrigation Maintenance & Repairs		133.47	
Terry's Plumbing Service, LLC		5/4/2018		10370		Restroom Repairs		766.09	
118 Waste Pro - Panama City		5/14/2018		0000930834		Solid Waste Service 05/18		194.49	
TEK Distributors, Inc.		5/21/2018		358288		Restroom Supplies 05/18		314.28	
Gulf Power		5/25/2018		SB45751-38004 05/18		16200 Front Beach Road 05/18		254.02	
City of Panama City Beach		5/31/2018		COPB Summary 05/18		Utility Summary 05/18		757.89	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
16,770.49	

Report Total								
42,657.39	

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	

Interest Income - General Account		
$666.12		
890,859.68	
Interest Income - Interest Account		$1.79		890,861.47	
DS Interest paid to Bondholders 05/01/18		($259,646.75)		631,214.72	
DS Principal paid to Bondholders 05/01/18		($630,000.00)		1,214.72	
		Balance @ 05/31/18		1,214.72	

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

Balance Sheet

Trust statement activity has been recorded through 05/31/18.
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).