Pier Park Community Development District

Financial Statements (Unaudited)

November 30, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 11/30/2018
(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	

1,720		

474,538		

0		

476,259		

0		

0	
Investments	0		169,687		502		170,190		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		502	
Amount To Be Provided Debt Service	0		0		0		0		0		13,834,498	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	57,319		 	644,226		 	502		 	702,047		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	25,157	10,340	0	35,496	0	0	
Accrued Expenses Payable	2,500	9,540	0	12,040	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	 	27,657	 	19,880	 	0	 	47,536	 	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	 	33,246	 	99,238	 	(247,838)	 	(115,354)	 	0	 	0	
Total Fund Equity & Other Credits	 	29,662	 	624,346	 	502	 	654,510	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	57,319	 	644,226	 	502	 	702,047	 	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 11/30/2018
(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	 	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	800	0	800	100.00%	
Financial & Administrative						
Administrative Services	9,013	1,502	1,502	0	83.33%	
District Management	29,500	4,917	4,917	0	83.33%	
District Engineer	1,200	200	0	200	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	833	833	0	83.33%	
Accounting Services	16,600	2,767	2,767	(0)	83.33%	
Auditing Services	5,000	0	0	0	100.00%	
Arbitrage Rebate Calculation	600	100	0	100	100.00%	
Travel	500	83	0	83	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	167	275	(108)	72.54%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	350	350	0	83.33%	
Legal Counsel						
District Counsel	20,000	3,333	5,103	(1,769)	74.48%	
Electric Utility Services						
Utility Services	26,500	4,417	3,692	725	86.06%	
Water-Sewer Combination Services						
Utility Services	13,500	2,250	4,888	(2,638)	63.79%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	667	240	426	93.99%	
Aquatic Maintenance	5,180	863	864	(0)	83.32%	
Stormwater Assessment	34	34	36	(2)	(5.11)%	
Other Physical Environment						
General Liability Insurance	4,632	4,632	4,159	473	10.21%	
Landscape Maintenance	55,278	9,213	9,213	0	83.33%	
Landscape Replacement Plants, Shrubs, Trees	6,200	1,033	0	1,033	100.00%	
Landscape-Mulch	26,025	4,338	4,336	2	83.34%	
Entry and Walls/Beach Ball Maintenance	5,000	833	0	833	100.00%	
Miscellaneous Expense	3,000	500	0	500	100.00%	
Irrigation Maintenance	7,210	1,202	1,286	(84)	82.16%	
Contract Seasonal Maintenance Services	5,775	963	898	64	84.44%	
Oak Tree Trimming Services	8,000	1,333	0	1,333	100.00%	
Landscape Tree Services	12,500	2,083	1,632	452	86.94%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2018 Through 11/30/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Irrigation Repairs	5,000	833	0	833	100.00%	
Palm Fertilization	100	17	0	17	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	1,917	3,952	(2,035)	65.63%	
Street Light Decorative Light Maintenance	8,050	1,342	0	1,342	100.00%	
Sidewalk Repair and Maintenance	10,300	1,717	0	1,717	100.00%	
Parking Lot Repair and Maintenance	5,000	833	0	833	100.00%	
Parks & Recreation
Management Contract	11,408	1,901	1,901	0	83.33% Contingency
Miscellaneous Contingency	 	1,431		 	239		 	0		 	239		 	100.00%	
Total Expenditures	 	336,036		 	63,566		 	57,922		 	5,644		 	82.76%	
Excess Of Revenue Over (Under) Expenditures	0		20,443		33,246		12,803		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
20,443		
33,246		
12,803		
0.00%	

Fund Balance, Beginning of Period										
	0		0		(3,584)		(3,584)		0.00%	
Fund Balance, End of Period	 	0		 	20,443		 	29,662		 	9,219		 	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 11/30/2018
(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	319,936	53,323	140,573	87,250	56.06%	
Revenue						
Interest Earnings						
Interest Earnings	 	0	 	0	 	132	 	132	 	0.00%	
Total Revenues	 	319,936	 	53,323	 	140,705	 	87,382	 	56.02%	

Expenditures
Financial & Administrative
Accounting Services	11,000	1,833	1,833	0	83.33% Stormwater Control
Lake/Pond Bank Maintenance	1,500	250	103	147	93.13%	
Aquatic Maintenance	2,220	370	370	(0)	83.32%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	1,800	1,799	0	83.33%	
Oak Tree Trimming Services	5,000	833	0	833	100.00%	
Landscape Tree Services	13,035	2,173	2,173	0	83.33%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	575	0	575	100.00%	
Parking Lot Repair and Maintenance	15,000	2,500	0	2,500	100.00%	
Street/Parking Lot Sweeping	10,500	1,750	1,305	445	87.57%	
Parks & Recreation						
Management Contract	25,922	4,320	4,320	0	83.33%	
Park Landscape Maintenance	41,357	6,893	6,893	0	83.33%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	667	64	602	98.39%	
Beachfront Improvement Landscape	4,090	682	682	(0)	83.33%	
Beachfront Improvement Landscape Replace	2,500	417	0	417	100.00%	
Park Restroom Maintenance Contract	18,500	3,083	3,628	(545)	80.38%	
Park Restroom Repairs and Maintenance	4,000	667	153	514	96.17%	
Beachfront Janitorial Service	35,000	5,833	2,225	3,608	93.64%	
Beachfront Janitorial Supplies	5,000	833	1,182	(348)	76.36%	
Beachfront Improvement Repair	10,000	1,667	0	1,667	100.00%	
Beachfront Improvement/Capital Improvement	8,000	1,333	0	1,333	100.00%	
Beachfront Improvement Electric Utility	4,500	750	1,593	(843)	64.60%	
Beachfront Improvement Water/Sewer	5,000	833	2,152	(1,319)	56.95%	
Beachfront Improvement Irrigation Repairs	2,000	333	0	333	100.00%	
Park Irrigation Repairs and Maintenance	2,500	417	0	417	100.00%	
Park Irrigation Inspection Contract	5,408	901	901	0	83.33%	

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 11/30/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Solid Waste Removal	2,500	417	212	204	91.50%	
Park Recreational Equipment	4,800	800	0	800	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	8,592		 	0		 	8,592		 	100.00%	
Total Expenditures	 	319,936		 	62,329		 	41,467		 	20,863		 	87.04%	
Excess Of Revenue Over (Under) Expenditures	0		(9,007)		99,238		108,245		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(9,007)		
99,238		
108,245		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(9,007)		 	624,346		 	633,353		 	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 11/30/2018
(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

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

Interest Earnings	0	500	500	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	0	 	(470,000)	 	(100.00)%	
Total Revenues	 	1,135,009	 	500	 	(1,134,509)	 	(99.96)%	

Expenditures					
Debt Service								
Interest	485,009		248,338		236,671		48.79%	
Principal	 	650,000		 	0		 	650,000		 	100.00%	
Total Expenditures	 	1,135,009		 	248,338		 	886,671		 	78.12%	
Excess Of Revenue Over (Under) Expenditures	 	0		 	(247,838)		 	(247,838)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(247,838)		(247,838)		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	502		 	502		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary November 30, 2018

Balance as of
Account	Investment	November 30, 2018

Money Market	$	146,530	
Money Market	23,157	
Total Special Revenue Fund Investments	  $	169,687 	

The Bank of Tampa
The Bank of Tampa ICS Program: BOKF, National Association

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	431
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	71
Total Debt Service Fund Investments     $	502

Pier Park Community Development District
Summary A/R Ledger
From 11/1/2018 Through 11/30/2018

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	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 9/1/2018
001 - General Fund
From 11/1/2018 Through 11/30/2018

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	
Bay Clean Sweep, Inc.		10/25/2018		14195		Additional Sweeping Post Hurricane Michael		1,650.00	
Bay Landscape Grounds Management, LLC		11/1/2018		48571		Landscape Maintenance 11/18		8,760.07	
The Lake Doctors, Inc.		11/1/2018		393937		Monthly Lake Maintenance 11/18		431.90	
Gulf Power		11/26/2018		SB45751-38004 11/18		16200 Front Beach Road 11/18		1,714.66	
Bay Clean Sweep, Inc.		12/1/2018		14170		Power Sweeping Parking Lots/Access Roads 10/18		1,302.00	
Hopping Green & Sams		12/1/2018		104018		General/Monthly Legal Services 10/18		2,024.55	
Gatehouse Media		12/2/2018		.1026541-11/18		Acct #1026541 Legal Advertising 11/18		131.00	
City of Panama City Beach		12/3/2018		COPB Summary 11/18		Utility Summary 11/18		2,480.26	
						
Total 001 - General Fund		
25,156.68	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 9/1/2018
100 - Special Revenue Fund - AB Park & Beachfront From 11/1/2018 Through 11/30/2018

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	
Bay Landscape Grounds Management, LLC		11/1/2018		48571		Landscape Maintenance 11/18		6,307.58	
The Lake Doctors, Inc.		11/1/2018		393937		Monthly Lake Maintenance 11/18		185.10	
Gulf Power		11/26/2018		SB45751-38004 11/18		16200 Front Beach Road 11/18		244.96	
City of Panama City Beach		12/3/2018		COPB Summary 11/18		Utility Summary 11/18		1,186.05	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
10,339.69	

Report Total								
35,496.37	

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	

Interest Income - General Account		
($247,047.33)		
1,362.04	
Interest Income - Interest Account		($859.80)		502.24	
Transfer From SRF for November Debt Service		$0.00		502.24	
		Balance @ 11/30/18		502.24	

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

Balance Sheet

Trust statement activity has been recorded through 11/30/18.
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).

Summary A/R Ledger – Subsequent Collections

General Fund – Payment for Invoice OM1018-2 in the amount of $7,714.34 was received in December 2018.
General Fund – Payment for Invoice OM1018-3 in the amount of $30,857.36 was received in December 2018.