Pier Park Community Development District

Financial Statements (Unaudited)

September 30, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 9/30/2018
(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	

36,061		

364,140		

0		

400,201		

0		

0	
Investments	0		169,555		248,340		417,895		0		0	
Accounts Receivable	0		0		0		0		0		0	
Accounts Receivable - Other	0		0		0		0		0		0	
Prepaid Expenses	9,064		9,877		0		18,941		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		248,340	
Amount To Be Provided Debt Service	0		0		0		0		0		13,586,660	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	45,350		 	543,573		 	248,340		 	837,263		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	5,306	274	0	5,580	0	0	
Accrued Expenses Payable	4,250	15,774	0	20,024	0	0	
Other Current Liabilities	0	0	0	0	0	0	
Deferred Revenue	35,794	0	0	35,794	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	 	45,350	 	16,049	 	0	 	61,399	 	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	 	0	 	174,899	 	(11,307)	 	163,592	 	0	 	0	
Total Fund Equity & Other Credits	 	0	 	527,524	 	248,340	 	775,864	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	45,350	 	543,573	 	248,340	 	837,263	 	2,561,669	 	13,835,000	

See Notes to Unaudited Financial Statements

Revenues
Contributions & Donations From Private Sources

Pier Park Owners Association, Inc.	 	336,036	 	336,036	 	310,381	 	(25,655)	 	7.63%	
Total Revenues	 	336,036	 	336,036	 	310,381	 	(25,655)	 	7.63%	

Expenditures
Legislative
Supervisor Fees	3,200	3,200	2,200	1,000	31.25%	
Financial & Administrative						
Administrative Services	9,013	9,013	9,013	0	0.00%	
District Management	29,500	29,500	29,500	0	0.00%	
District Engineer	1,200	1,200	0	1,200	100.00%	
Trustees Fees	3,500	3,500	3,233	268	7.64%	
Financial & Revenue Collections	5,000	5,000	5,000	(0)	0.00%	
Accounting Services	16,600	16,600	16,600	(0)	0.00%	
Auditing Services	5,000	5,000	5,000	0	0.00%	
Arbitrage Rebate Calculation	1,000	1,000	600	400	40.00%	
Travel	500	500	0	500	100.00%	
Public Officials Liability Insurance	3,000	3,000	2,750	250	8.33%	
Legal Advertising	1,000	1,000	939	61	6.10%	
Dues, Licenses & Fees	250	250	175	75	30.00%	
Website Hosting, Maintenance, Backup (and Email)	2,600	2,600	2,100	500	19.23%	
Legal Counsel						
District Counsel	20,000	20,000	25,799	(5,799)	(28.99)%	
Electric Utility Services						
Utility Services	25,000	25,000	24,464	536	2.14%	
Water-Sewer Combination Services						
Utility Services	13,500	13,500	18,635	(5,135)	(38.03)%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	4,000	1,442	2,558	63.94%	
Aquatic Maintenance	5,180	5,180	5,183	(3)	(0.05)%	
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	55,278	55,276	2	0.00%	
Landscape Replacement Plants, Shrubs, Trees	5,000	5,000	4,571	430	8.59%	
Annual Mulching	25,013	25,013	26,013	(1,000)	(3.99)%	
Entry and Walls/Beach Ball Maintenance	5,000	5,000	985	4,015	80.30%	
Miscellaneous Expense	3,000	3,000	3,560	(560)	(18.66)%	
Irrigation Maintenance	7,210	7,210	7,478	(268)	(3.71)%	
Contract Seasonal Maintenance Services	5,775	5,775	5,389	386	6.68%	
Oak Tree Trimming Services	8,000	8,000	3,000	5,000	62.50%	
Landscape Tree Services	9,791	9,791	11,771	(1,980)	(20.22)%	

See Notes to Unaudited Financial Statements

Irrigation Repairs	5,000	5,000	1,148	3,852	77.03%	
Palm Fertilization	495	495	0	495	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	11,500	12,289	(789)	(6.86)%	
Street Light Decorative Light Maintenance	8,050	8,050	4,679	3,371	41.86%	
Sidewalk Repair and Maintenance	11,980	11,980	5,990	5,990	49.99%	
Parking Lot Repair and Maintenance	5,000	5,000	0	5,000	100.00%	
Parks & Recreation
Management Contract	11,670	11,670	11,408	262	2.24% Contingency
Miscellaneous Contingency	 	3,011	 	3,011	 	0	 	3,011	 	100.00%	
Total Expenditures	 	336,036	 	336,036	 	310,381	 	25,655	 	7.63%	
Excess Of Revenue Over (Under) Expenditures	0	0	0	0	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		0		0		0		0.00%	

Fund Balance, End of Period	 	0		
 	0		
 	0		
 	0		
 	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	1,143,240	818,790	(252.36)%

Interest Earnings	 	0	 	0	 	505	 	505	 	0.00%	
Total Revenues	 	324,450	 	324,450	 	1,143,745	 	819,295	 	(252.52)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	11,000	11,000	0	0.00% Debt Service
Promissory Note Payment	0	0	724,309	(724,309)	0.00%	
Stormwater Control						
Lake/Pond Bank Maintenance	1,500	1,500	618	882	58.78%	
Aquatic Maintenance	2,220	2,220	2,221	(1)	(0.05)%	
Other Physical Environment						
General Liability Insurance	14,000	14,000	9,877	4,123	29.44%	
Annual Mulching	10,797	10,797	10,797	0	0.00%	
Oak Tree Trimming Services	5,000	5,000	0	5,000	100.00%	
Landscape Tree Services	13,035	13,035	13,035	0	0.00%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	3,450	0	3,450	100.00%	
Parking Lot Repair and Maintenance	15,000	15,000	18,590	(3,590)	(23.93)%	
Parking Lot Sweeping	10,500	10,500	9,519	981	9.34%	
Parks & Recreation						
Management Contract	26,800	26,800	25,922	878	3.27%	
Park Landscape Maintenance	41,357	41,357	41,357	0	0.00%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	4,000	386	3,614	90.34%	
Beachfront Improvement Landscape Maintenance	4,090	4,090	4,090	(0)	0.00%	
Beachfront Improvement Landscape Replace	2,500	2,500	0	2,500	100.00%	
Park Restroom Maintenance Contract	18,500	18,500	17,380	1,120	6.05%	
Park Restroom Repairs and Maintenance	2,500	2,500	2,902	(402)	(16.06)%	
Beachfront Janitorial Service	35,000	35,000	41,169	(6,169)	(17.62)%	
Beachfront Janitorial Supplies	5,000	5,000	8,164	(3,164)	(63.28)%	
Beachfront Improvement Repair	11,944	11,944	4,700	7,244	60.64%	
Beachfront Improvement/Capital Improvement	8,000	8,000	0	8,000	100.00%	
Beachfront Improvement Electric Utility	4,500	4,500	3,282	1,218	27.06%	
Beachfront Improvement Water/Sewer	5,000	5,000	9,096	(4,096)	(81.91)%	
Beachfront Improvement Irrigation Repairs	2,000	2,000	0	2,000	100.00%	

See Notes to Unaudited Financial Statements

Park Irrigation Repairs and Maintenance	2,500	2,500	1,186	1,314	52.55%	
Park Irrigation Inspection Contract	5,408	5,408	5,408	(0)	0.00%	
Park Solid Waste Removal	2,500	2,500	2,639	(139)	(5.55)%	
Park Recreational Equipment	4,800	4,800	0	4,800	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	51,549		 	1,200		 	50,349		 	97.67%	
Total Expenditures	 	324,450		 	324,450		 	968,846		 	(644,396)		 	(198.61)%	
Excess Of Revenue Over (Under) Expenditures	0		0		174,899		174,899		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
0		
174,899		
174,899		
0.00%	

Fund Balance, Beginning of Period										
	0		0		352,625		352,625		0.00%	
Fund Balance, End of Period	 	0		 	0		 	527,524		 	527,524		 	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 9/30/2018
(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	676,094	8,109	1.21%

Interest Earnings	0	2,145	2,145	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	459,749	 	(10,251)	 	(2.18)%	
Total Revenues	 	1,137,985	 	1,137,987	 	2	 	0.00%	

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		 	(11,307)		 	(11,307)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(11,307)		(11,307)		0.00%	

Fund Balance, Beginning of Period								
	0		259,647		259,647		0.00%	
Fund Balance, End of Period	 	0		 	248,340		 	248,340		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary September 30, 2018

Balance as of
Account	Investment	September 30, 2018

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

$	146,444

Great Western Bank	Money Market	2
Mutual of Omaha Bank	Money Market	23,109
Total Special Revenue Fund Investments     $	169,555 
US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,222
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	247,118
Total Debt Service Fund Investments     $	248,340 

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Hopping Green & Sams		
9/17/2018		
102608		
General/Monthly Legal Services 08/18		
1,304.00	
Hopping Green & Sams		9/17/2018		102609		Quarterly Board Meeting 08/18		1,972.77	
Gulf Power		9/23/2018		33633-67036 09/18		600 Pier Park Dr. Celebration Tower 09/18		108.05	
Gulf Power		9/26/2018		SB45751-38004 09/18		16200 Front Beach Road 09/18		1,921.05	
						
Total 001 - General Fund		
5,305.87	

Vendor Name	Invoice Date	Invoice Number	Invoice Description	Current Balance

Gulf Power	9/26/2018	SB45751-38004 09/18	16200 Front Beach Road 09/18

274.44

Total 100 - Special Revenue Fund - AB Park & Beachfront

274.44

Report Total	5,580.31

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	

Interest Income - Interest Account	$1.85	1,221.65	
Transfer From SRF for November Debt Service	$247,118.45	248,340.10	
	Balance @ 09/30/18	248,340.10	

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

Balance Sheet

Trust statement activity has been recorded through 09/30/18.
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).