Pier Park Community Development District

Financial Statements (Unaudited)

August 31, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 8/31/2018
(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	

989		

1,081,271		

0		

1,082,260		

0		

0	
Investments	0		169,507		1,220		170,727		0		0	
Accounts Receivable	84,009		0		0		84,009		0		0	
Accounts Receivable - Other	0		0		0		0		0		0	
Prepaid Expenses	2,155		0		0		2,155		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		1,220	
Amount To Be Provided Debt Service	0		0		0		0		0		13,833,780	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	87,378		 	1,250,778		 	1,220		 	1,339,376		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	21,090	528,251	0	549,341	0	0	
Accrued Expenses Payable	2,145	7,037	0	9,182	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	 	23,235	 	535,288	 	0	 	558,523	 	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	 	64,143	 	362,865	 	(258,427)	 	168,581	 	0	 	0	
Total Fund Equity & Other Credits	 	64,143	 	715,491	 	1,220	 	780,853	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	87,378	 	1,250,778	 	1,220	 	1,339,376	 	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 8/31/2018
(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	 	336,036	 	346,176	 	10,140	 	(3.01)%	
Total Revenues	 	336,036	 	336,036	 	346,176	 	10,140	 	(3.02)%	

Expenditures
Legislative
Supervisor Fees	3,200	2,933	2,200	733	31.25%	
Financial & Administrative						
Administrative Services	9,013	8,262	8,262	0	8.33%	
District Management	29,500	27,042	27,042	0	8.33%	
District Engineer	1,200	1,100	0	1,100	100.00%	
Trustees Fees	3,500	3,500	3,233	268	7.64%	
Financial & Revenue Collections	5,000	4,583	4,583	0	8.33%	
Accounting Services	16,600	15,217	15,217	(0)	8.33%	
Auditing Services	5,000	5,000	5,000	0	0.00%	
Arbitrage Rebate Calculation	1,000	1,000	600	400	40.00%	
Travel	500	458	0	458	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	917	574	342	42.55%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	2,383	1,925	458	25.96%	
Legal Counsel						
District Counsel	20,000	18,333	22,222	(3,889)	(11.11)%	
Electric Utility Services						
Utility Services	25,000	22,917	22,435	482	10.26%	
Water-Sewer Combination Services						
Utility Services	13,500	12,375	15,885	(3,510)	(17.66)%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	3,667	1,322	2,345	66.95%	
Aquatic Maintenance	5,180	4,748	4,751	(3)	8.28%	
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	50,672	50,669	2	8.33%	
Landscape Replacement Plants, Shrubs, Trees	5,000	4,583	4,571	13	8.59%	
Annual Mulching	25,013	22,929	23,845	(917)	4.66%	
Entry and Walls/Beach Ball Maintenance	5,000	4,583	0	4,583	100.00%	
Miscellaneous Expense	3,000	2,750	3,560	(810)	(18.66)%	
Irrigation Maintenance	7,210	6,609	6,835	(226)	5.20%	
Contract Seasonal Maintenance Services	5,775	5,294	4,940	354	14.46%	
Oak Tree Trimming Services	8,000	7,333	3,000	4,333	62.50%	
Landscape Tree Services	9,791	8,975	10,955	(1,980)	(11.88)%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2017 Through 8/31/2018
(In Whole Numbers)

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

Irrigation Repairs	5,000	4,583	1,148	3,435	77.03%	
Palm Fertilization	495	454	0	454	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	10,542	11,374	(832)	1.09%	
Street Light Decorative Light Maintenance	8,050	7,379	2,320	5,059	71.17%	
Sidewalk Repair and Maintenance	11,980	10,982	5,990	4,991	49.99%	
Parking Lot Repair and Maintenance	5,000	4,583	0	4,583	100.00%	
Parks & Recreation						
Management Contract	11,670	10,698	10,457	240	10.39%	
Contingency						
Miscellaneous Contingency	 	3,011	 	2,760	 	0	 	2,760	 	100.00%	
Total Expenditures	 	336,036	 	309,614	 	282,033	 	27,581	 	16.07%	
Excess Of Revenue Over (Under) Expenditures	0	26,422	64,143	37,721	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		26,422		64,143		37,721		0.00%	

Fund Balance, End of Period	 	0		
 	26,422		
 	64,143		
 	37,721		
 	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 8/31/2018
(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	1,311,718	987,268	(304.28)%

Interest Earnings	 	0	 	0	 	457	 	457	 	0.00%	
Total Revenues	 	324,450	 	324,450	 	1,312,174	 	987,724	 	(304.43)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	10,083	10,083	0	8.33% Debt Service
Promissory Note Payment	0	0	724,309	(724,309)	0.00%	
Stormwater Control						
Lake/Pond Bank Maintenance	1,500	1,375	567	808	62.21%	
Aquatic Maintenance	2,220	2,035	2,036	(1)	8.28%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	9,897	9,897	0	8.33%	
Oak Tree Trimming Services	5,000	4,583	0	4,583	100.00%	
Landscape Tree Services	13,035	11,949	11,949	0	8.33%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	3,163	0	3,163	100.00%	
Parking Lot Repair and Maintenance	15,000	13,750	18,590	(4,840)	(23.93)%	
Parking Lot Sweeping	10,500	9,625	8,664	961	17.48%	
Parks & Recreation						
Management Contract	26,800	24,567	23,762	805	11.33%	
Park Landscape Maintenance	41,357	37,911	37,910	0	8.33%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	3,667	354	3,313	91.15%	
Beachfront Improvement Landscape Maintenance	4,090	3,749	3,749	(0)	8.33%	
Beachfront Improvement Landscape Replace	2,500	2,292	0	2,292	100.00%	
Park Restroom Maintenance Contract	18,500	16,958	15,930	1,028	13.89%	
Park Restroom Repairs and Maintenance	2,500	2,292	2,802	(510)	(12.06)%	
Beachfront Janitorial Service	35,000	32,083	36,437	(4,353)	(4.10)%	
Beachfront Janitorial Supplies	5,000	4,583	7,908	(3,325)	(58.16)%	
Beachfront Improvement Repair	11,944	10,949	4,700	6,249	60.64%	
Beachfront Improvement/Capital Improvement	8,000	7,333	0	7,333	100.00%	
Beachfront Improvement Electric Utility	4,500	4,125	3,008	1,117	33.16%	
Beachfront Improvement Water/Sewer	5,000	4,583	7,596	(3,013)	(51.91)%	
Beachfront Improvement Irrigation Repairs	2,000	1,833	0	1,833	100.00%	

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 8/31/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Irrigation Repairs and Maintenance	2,500	2,292	1,186	1,105	52.55%	
Park Irrigation Inspection Contract	5,408	4,957	4,957	0	8.33%	
Park Solid Waste Removal	2,500	2,292	2,439	(147)	2.45%	
Park Recreational Equipment	4,800	4,400	0	4,400	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	47,253		 	600		 	46,653		 	98.83%	
Total Expenditures	 	324,450		 	298,579		 	949,309		 	(650,730)		 	(192.59)%	
Excess Of Revenue Over (Under) Expenditures	0		25,871		362,865		336,994		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
25,871		
362,865		
336,994		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0		 	25,871		 	715,491		 	689,620		 	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 8/31/2018
(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	2,143	2,143	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	459,749	 	(10,251)	 	(2.18)%	
Total Revenues	 	1,137,985	 	890,867	 	(247,118)	 	(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		 	(258,427)		 	(258,427)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(258,427)		(258,427)		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0		 	1,220		 	1,220		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary August 31, 2018

Balance as of
Account	Investment	August 31, 2018

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

$	146,415

Great Western Bank	Money Market	23,092

Total Special Revenue Fund Investments     $	169,507 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,220

Total Debt Service Fund Investments     $	1,220 

Pier Park Community Development District
Summary A/R Ledger
From 8/1/2018 Through 8/31/2018

Invoice Date		Customer Name		Invoice Number		Current Balance	

8/18/2018		
Simon Property Group, Inc.		
OM0818-2		
13,441.44	
8/18/2018		Simon Property Group, Inc.		OM0818-3		53,765.76	
8/18/2018		The St. Joe Company		OM0818-1		 	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 - 7/1/2018
001 - General Fund
From 8/1/2018 Through 8/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Hopping Green & Sams		
7/26/2018		
101698		
General/Monthly Legal Services 06/18		
2,667.00	
The Lake Doctors, Inc.		8/1/2018		375857		Monthly Lake Maintenance 08/18		431.90	
Bay Landscape Grounds Management, LLC		8/1/2018		46683		Landscape Maintenance 08/18		8,760.07	
Bay Landscape & Palm Service, LLC		8/9/2018		47677		Palm Treatments		660.00	
Christopher Von Tilley		8/13/2018		CT081318		Board Of Supervisors Meeting - 08/13/18		200.00	
William W. Payne		8/13/2018		WP081318		Board Of Supervisors Meeting - 08/13/18		200.00	
Kenneth D Goldberg		8/13/2018		KG081318		Board Of Supervisors Meeting - 08/13/18		200.00	
Michael Denton		8/13/2018		MD081318		Board Of Supervisors Meeting - 08/13/18		200.00	
Bay Clean Sweep, Inc.		8/17/2018		14006		Power Sweeping Parking Lots/Access Roads 08/18		1,922.00	
Bay Landscape Grounds Management, LLC		8/21/2018		47753		Irrigation Repairs		73.28	
Hopping Green & Sams		8/21/2018		102123		General/Monthly Legal Services 07/18		200.00	
Hopping Green & Sams		8/21/2018		102125		Quarterly Board Meeting 07/18		600.00	
Gulf Power		8/23/2018		33633-67036 08/18		600 Pier Park Dr. Celebration Tower 08/18		54.39	
Gulf Power		8/27/2018		SB45751-38004 08/18		16200 Front Beach Road 08/18		1,678.30	
City of Panama City Beach		8/31/2018		COPB Summary 08/18		Utility Summary 08/18		3,243.17	
						
Total 001 - General Fund		
21,090.11	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 7/1/2018
100 - Special Revenue Fund - AB Park & Beachfront From 8/1/2018 Through 8/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Bay Landscape Grounds Management, LLC		
8/1/2018		
46683		
Landscape Maintenance 08/18		
6,307.58	
The Lake Doctors, Inc.		8/1/2018		375857		Monthly Lake Maintenance 08/18		185.10	
TEK Distributors, Inc.		8/8/2018		362049		Restroom Supplies 08/18		207.42	
PSH Kimco, LLC		8/14/2018		435029		Janitorial Exterior Aaron Bessant 07/18		1,466.94	
PSH Kimco, LLC		8/14/2018		435030		Janitorial Exterior Dan Russell 07/18		4,732.05	
TEK Distributors, Inc.		8/15/2018		362359		Restroom Supplies 08/18		272.99	
The St. Joe Company		8/27/2018		082718 St. Joe		Promissory Note Payment		512,996.63	
Gulf Power		8/27/2018		SB45751-38004 08/18		16200 Front Beach Road 08/18		239.76	
TEK Distributors, Inc.		8/30/2018		362910		Restroom Supplies 08/18		366.92	
TEK Distributors, Inc.		8/31/2018		362966		Credit Memo For Restroom Supplies		(75.68)	
City of Panama City Beach		8/31/2018		COPB Summary 08/18		Utility Summary 08/18		1,550.88	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
528,250.59	

Report Total								
549,340.70	

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	

Interest Income - General Account		
$0.00		
1,214.72	
Interest Income - Interest Account		$1.59		1,216.31	
		Balance @ 06/30/18		1,216.31	

Interest Income - General Account		
$0.00		
1,216.31	
Interest Income - Interest Account		$1.68		1,217.99	
		Balance @ 07/31/18		1,217.99	

Interest Income - General Account		
$0.00		
1,217.99	
Interest Income - Interest Account		$1.81		1,219.80	
		Balance @ 08/31/18		1,219.80	

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

Balance Sheet

Trust statement activity has been recorded through 08/31/18.
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).

Summary A/R Ledger – Subsequent Collections

General Fund – Payment for Invoice OM0818-1 in the amount of $16,801.80 was received in September 2018.
General Fund – Payment for Invoice OM0818-2 in the amount of $13,441.44 was received in September 2018.
General Fund – Payment for Invoice OM0818-3 in the amount of $53,765.76 was received in September 2018.