Pier Park Community Development District

Financial Statements (Unaudited)

October 31, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 10/31/2018
(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	

12,643		

346,701		

0		

359,344		

0		

0	
Investments	0		169,622		248,409		418,032		0		0	
Accounts Receivable	55,374		0		0		55,374		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		248,409	
Amount To Be Provided Debt Service	0		0		0		0		0		13,586,591	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	68,241		 	516,323		 	248,409		 	832,974		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	12,845	8,732	0	21,577	0	0	
Accrued Expenses Payable	2,445	8,940	0	11,385	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	 	15,290	 	17,672	 	0	 	32,962	 	0	 	13,835,000	
Fund Equity & Other Credits Beginning Fund Balance	
(3,584)	
525,108	
248,340	
769,864	
2,561,669	
0	
Net Change in Fund Balance	 	56,536	 	(26,457)	 	69	 	30,148	 	0	 	0	
Total Fund Equity & Other Credits	 	52,952	 	498,651	 	248,409	 	800,012	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	68,241	 	516,323	 	248,409	 	832,974	 	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 10/1/2018 Through 10/31/2018
(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	 	84,009	 	91,168	 	7,159	 	72.86%	
Total Revenues	 	336,036	 	84,009	 	91,168	 	7,159	 	72.87%	

Expenditures
Legislative
Supervisor Fees	3,200	0	0	0	100.00%	
Financial & Administrative						
Administrative Services	9,013	751	751	0	91.66%	
District Management	29,500	2,458	2,458	0	91.66%	
District Engineer	1,200	100	0	100	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	417	417	0	91.66%	
Accounting Services	16,600	1,383	1,383	(0)	91.66%	
Auditing Services	5,000	0	0	0	100.00%	
Arbitrage Rebate Calculation	600	50	0	50	100.00%	
Travel	500	42	0	42	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	83	144	(60)	85.64%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	175	175	0	91.66%	
Legal Counsel						
District Counsel	20,000	1,667	3,078	(1,412)	84.60%	
Electric Utility Services						
Utility Services	26,500	2,208	1,842	366	93.04%	
Water-Sewer Combination Services						
Utility Services	13,500	1,125	2,408	(1,283)	82.16%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	333	120	213	96.99%	
Aquatic Maintenance	5,180	432	432	(0)	91.66%	
Stormwater Assessment	34	0	0	0	100.00%	
Other Physical Environment						
General Liability Insurance	4,632	4,632	4,159	473	10.21%	
Landscape Maintenance	55,278	4,607	4,606	0	91.66%	
Landscape Replacement Plants, Shrubs, Trees	6,200	517	0	517	100.00%	
Landscape-Mulch	26,025	2,169	2,168	1	91.67%	
Entry and Walls/Beach Ball Maintenance	5,000	417	0	417	100.00%	
Miscellaneous Expense	3,000	250	0	250	100.00%	
Irrigation Maintenance	7,210	601	601	0	91.66%	
Contract Seasonal Maintenance Services	5,775	481	449	32	92.22%	
Oak Tree Trimming Services	8,000	667	0	667	100.00%	
Landscape Tree Services	12,500	1,042	816	226	93.47%	

See Notes to Unaudited Financial Statements

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

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Irrigation Repairs	5,000	417	0	417	100.00%	
Palm Fertilization	100	8	0	8	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	958	2,595	(1,637)	77.43%	
Street Light Decorative Light Maintenance	8,050	671	0	671	100.00%	
Sidewalk Repair and Maintenance	10,300	858	0	858	100.00%	
Parking Lot Repair and Maintenance	5,000	417	0	417	100.00%	
Parks & Recreation
Management Contract	11,408	951	951	0	91.66% Contingency
Miscellaneous Contingency	 	1,431		 	119		 	0		 	119		 	100.00%	
Total Expenditures	 	336,036		 	36,360		 	34,632		 	1,727		 	89.69%	
Excess Of Revenue Over (Under) Expenditures	0		47,650		56,536		8,886		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
47,650		
56,536		
8,886		
0.00%	

Fund Balance, Beginning of Period										
	0		0		(3,584)		(3,584)		0.00%	
Fund Balance, End of Period	 	0		 	47,650		 	52,952		 	5,302		 	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 10/1/2018 Through 10/31/2018
(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	319,936	26,661	0	(26,661)	100.00%	
Revenue						
Interest Earnings						
Interest Earnings	 	0	 	0	 	67	 	67	 	0.00%	
Total Revenues	 	319,936	 	26,661	 	67	 	(26,594)	 	99.98%	

Expenditures
Financial & Administrative
Accounting Services	11,000	917	917	0	91.66% Stormwater Control
Lake/Pond Bank Maintenance	1,500	125	52	73	96.56%	
Aquatic Maintenance	2,220	185	185	(0)	91.66%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	900	900	0	91.66%	
Oak Tree Trimming Services	5,000	417	0	417	100.00%	
Landscape Tree Services	13,035	1,086	1,086	0	91.66%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	288	0	288	100.00%	
Parking Lot Repair and Maintenance	15,000	1,250	0	1,250	100.00%	
Street/Parking Lot Sweeping	10,500	875	805	70	92.33%	
Parks & Recreation						
Management Contract	25,922	2,160	2,160	0	91.66%	
Park Landscape Maintenance	41,357	3,446	3,446	0	91.66%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	333	32	301	99.19%	
Beachfront Improvement Landscape	4,090	341	341	(0)	91.66%	
Beachfront Improvement Landscape Replace	2,500	208	0	208	100.00%	
Park Restroom Maintenance Contract	18,500	1,542	1,412	130	92.37%	
Park Restroom Repairs and Maintenance	4,000	333	0	333	100.00%	
Beachfront Janitorial Service	35,000	2,917	1,725	1,191	95.07%	
Beachfront Janitorial Supplies	5,000	417	622	(205)	87.57%	
Beachfront Improvement Repair	10,000	833	0	833	100.00%	
Beachfront Improvement/Capital Improvement	8,000	667	0	667	100.00%	
Beachfront Improvement Electric Utility	4,500	375	1,548	(1,173)	65.60%	
Beachfront Improvement Water/Sewer	5,000	417	966	(550)	80.67%	
Beachfront Improvement Irrigation Repairs	2,000	167	0	167	100.00%	
Park Irrigation Repairs and Maintenance	2,500	208	0	208	100.00%	
Park Irrigation Inspection Contract	5,408	451	451	0	91.66%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures
100 - Special Revenue Fund - AB Park & Beachfront From 10/1/2018 Through 10/31/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Solid Waste Removal	2,500	208	0	208	100.00%	
Park Recreational Equipment	4,800	400	0	400	100.00%	
Contingency							
Miscellaneous Contingency	 	51,549		 	4,296		 	0		 	4,296		 	100.00%	
Total Expenditures	 	319,936		 	36,569		 	26,524		 	10,044		 	91.71%	
Excess Of Revenue Over (Under) Expenditures	0		(9,907)		(26,457)		(16,550)		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(9,907)		
(26,457)		
(16,550)		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(9,907)		 	498,651		 	508,558		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 200 - Debt Service Fund
From 10/1/2018 Through 10/31/2018
(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

665,009	0	(665,009)	(100.00)%

Interest Earnings	0	69	69	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	0	 	(470,000)	 	(100.00)%	
Total Revenues	 	1,135,009	 	69	 	(1,134,940)	 	(99.99)%	

Expenditures					
Debt Service								
Interest	485,009		0		485,009		100.00%	
Principal	 	650,000		 	0		 	650,000		 	100.00%	
Total Expenditures	 	1,135,009		 	0		 	1,135,009		 	100.00%	
Excess Of Revenue Over (Under) Expenditures	 	0		 	69		 	69		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		69		69		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	248,409		 	248,409		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary October 31, 2018

Balance as of
Account	Investment	October 31, 2018

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

$	146,488

Mutual of Omaha Bank	Money Market	23,134

Total Special Revenue Fund Investments     $	169,622 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,291
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	247,118

Total Debt Service Fund Investments     $	248,409 

Pier Park Community Development District
Summary A/R Ledger
From 10/1/2018 Through 10/31/2018

Invoice Date		Customer Name		Invoice Number		Current Balance	

10/1/2018		
Simon Property Group, Inc.		
OM1018-2		
7,714.34	
10/1/2018		Simon Property Group, Inc.		OM1018-3		30,857.36	
10/1/2018		The St. Joe Company		OM1018-1		 	16,801.80	
Report Balance						55,373.50	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 9/1/2018
001 - General Fund
From 10/1/2018 Through 10/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Florida Select Tree Services, LLC		
9/17/2018		
INV-2712		
Trimming Of All Oak Trees		
3,584.00	
Hopping Green & Sams		10/17/2018		103212		General/Monthly Legal Services 09/18		3,078.24	
Gulf Power		10/22/2018		33633-67036 10/18		600 Pier Park Dr. Celebration Tower 10/18		108.05	
Gulf Power		10/25/2018		SB45751-38004 10/18		16200 Front Beach Road 10/18		1,733.93	
Bay Clean Sweep, Inc.		10/25/2018		14195		Additional Sweeping Post Hurricane Michael		1,650.00	
City of Panama City Beach		11/2/2018		COPB Summary 10/18		Utility Summary 10/18		2,547.12	
Gatehouse Media		11/4/2018		1026541-1018		Acct #1026541 Legal Advertising 10/18		143.60	
						
Total 001 - General Fund		
12,844.94	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 9/1/2018
100 - Special Revenue Fund - AB Park & Beachfront From 10/1/2018 Through 10/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Florida Select Tree Services, LLC		
9/17/2018		
INV-2712		
Trimming Of All Oak Trees		
2,416.00	
PSH Kimco, LLC		10/9/2018		446413		Janitorial Exterior Dan Russell 09/18		3,430.73	
PSH Kimco, LLC		10/9/2018		446415		Janitorial Exterior Aaron Bessant 09/18		1,419.61	
Gulf Power		10/25/2018		SB45751-38004 10/18		16200 Front Beach Road 10/18		247.71	
City of Panama City Beach		11/2/2018		COPB Summary 10/18		Utility Summary 10/18		1,218.02	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
8,732.07	

Report Total								
21,577.01	

Pier Park Community Development District
Bond Proceed Analysis

Receipt & Disbursements		Amount		Balance Forward	

Interest Income - General Account		
$0.00		
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	

Interest Income - General Account		
$67.40		
248,407.50	
Interest Income - Interest Account		$1.87		248,409.37	
Transfer From SRF for November Debt Service		$0.00		248,409.37	
		Balance @ 10/31/18		248,409.37	

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

Balance Sheet

Trust statement activity has been recorded through 10/31/18.
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).