Pier Park Community Development District

Financial Statements (Unaudited)

December 31, 2018

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 12/31/2018
(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	

16,467		

593,722		

0		

610,189		

0		

0	
Investments	0		169,754		503		170,257		0		0	
Accounts Receivable	0		0		0		0		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		503	
Amount To Be Provided Debt Service	0		0		0		0		0		13,834,497	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	16,692		 	763,476		 	503		 	780,671		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	3,842	4,671	0	8,513	0	0	
Accrued Expenses Payable	5,151	10,315	0	15,466	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	 	8,993	 	14,986	 	0	 	23,979	 	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	 	11,283	 	223,382	 	(247,837)	 	(13,172)	 	0	 	0	
Total Fund Equity & Other Credits	 	7,699	 	748,490	 	503	 	756,692	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	16,692	 	763,476	 	503	 	780,671	 	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 12/31/2018
(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	800	0	800	100.00%	
Financial & Administrative						
Administrative Services	9,013	2,253	2,253	0	75.00%	
District Management	29,500	7,375	7,375	0	75.00%	
District Engineer	1,200	300	0	300	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	1,250	1,250	0	74.99%	
Accounting Services	16,600	4,150	4,150	(0)	74.99%	
Auditing Services	5,000	0	0	0	100.00%	
Arbitrage Rebate Calculation	600	150	0	150	100.00%	
Travel	500	125	0	125	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	250	275	(25)	72.54%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	525	525	0	75.00%	
Legal Counsel						
District Counsel	20,000	5,000	6,603	(1,603)	66.98%	
Electric Utility Services						
Utility Services	26,500	6,625	5,776	849	78.20%	
Water-Sewer Combination Services						
Utility Services	13,500	3,375	6,797	(3,422)	49.65%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	1,000	361	639	90.98%	
Aquatic Maintenance	5,180	1,295	1,296	(1)	74.98%	
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	13,820	13,819	1	75.00%	
Landscape Replacement Plants, Shrubs, Trees	6,200	1,550	0	1,550	100.00%	
Landscape-Mulch	26,025	6,506	6,503	3	75.01%	
Entry and Walls/Beach Ball Maintenance	5,000	1,250	0	1,250	100.00%	
Miscellaneous Expense	3,000	750	0	750	100.00%	
Irrigation Maintenance	7,210	1,802	2,030	(227)	71.84%	
Contract Seasonal Maintenance Services	5,775	1,444	1,347	97	76.67%	
Oak Tree Trimming Services	8,000	2,000	0	2,000	100.00%	
Landscape Tree Services	12,500	3,125	2,448	677	80.41%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2018 Through 12/31/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Irrigation Repairs	5,000	1,250	0	1,250	100.00%	
Palm Fertilization	100	25	0	25	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	2,875	4,952	(2,077)	56.93%	
Street Light Decorative Light Maintenance	8,050	2,012	0	2,012	100.00%	
Sidewalk Repair and Maintenance	10,300	2,575	0	2,575	100.00%	
Parking Lot Repair and Maintenance	5,000	1,250	0	1,250	100.00%	
Parks & Recreation
Management Contract	11,408	2,852	2,852	0	75.00% Contingency
Miscellaneous Contingency	 	1,431		 	358		 	0		 	358		 	100.00%	
Total Expenditures	 	336,036		 	89,939		 	79,885		 	10,053		 	76.23%	
Excess Of Revenue Over (Under) Expenditures	0		(5,930)		11,283		17,212		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(5,930)		
11,283		
17,212		
0.00%	

Fund Balance, Beginning of Period										
	0		0		(3,584)		(3,584)		0.00%	
Fund Balance, End of Period	 	0		 	(5,930)		 	7,699		 	13,628		 	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 12/31/2018
(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

319,936	79,984	279,967	199,983	12.49%

Interest Earnings	 	0	 	0	 	199	 	199	 	0.00%	
Total Revenues	 	319,936	 	79,984	 	280,166	 	200,182	 	12.43%	

Expenditures
Financial & Administrative
Accounting Services	11,000	2,750	2,750	0	75.00% Stormwater Control
Lake/Pond Bank Maintenance	1,500	375	155	220	89.69%	
Aquatic Maintenance	2,220	555	555	(0)	74.98%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	2,699	2,699	0	75.00%	
Oak Tree Trimming Services	5,000	1,250	0	1,250	100.00%	
Landscape Tree Services	13,035	3,259	3,259	0	75.00%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	863	0	863	100.00%	
Parking Lot Repair and Maintenance	15,000	3,750	0	3,750	100.00%	
Street/Parking Lot Sweeping	10,500	2,625	2,205	420	79.00%	
Parks & Recreation						
Management Contract	25,922	6,481	6,480	0	75.00%	
Park Landscape Maintenance	41,357	10,339	10,339	0	75.00%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	1,000	97	903	97.58%	
Beachfront Improvement Landscape	4,090	1,022	1,023	(0)	74.99%	
Beachfront Improvement Landscape Replace	2,500	625	0	625	100.00%	
Park Restroom Maintenance Contract	18,500	4,625	5,073	(448)	72.57%	
Park Restroom Repairs and Maintenance	4,000	1,000	153	847	96.17%	
Beachfront Janitorial Service	35,000	8,750	4,118	4,632	88.23%	
Beachfront Janitorial Supplies	5,000	1,250	1,351	(101)	72.97%	
Beachfront Improvement Repair	10,000	2,500	0	2,500	100.00%	
Beachfront Improvement/Capital Improvement	8,000	2,000	0	2,000	100.00%	
Beachfront Improvement Electric Utility	4,500	1,125	1,719	(594)	61.80%	
Beachfront Improvement Water/Sewer	5,000	1,250	3,065	(1,815)	38.69%	
Beachfront Improvement Irrigation Repairs	2,000	500	0	500	100.00%	
Park Irrigation Repairs and Maintenance	2,500	625	95	530	96.18%	
Park Irrigation Inspection Contract	5,408	1,352	1,352	0	74.99%	

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 12/31/2018
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Solid Waste Removal	2,500	625	418	207	83.26%	
Park Recreational Equipment	4,800	1,200	0	1,200	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	12,887		 	0		 	12,887		 	100.00%	
Total Expenditures	 	319,936		 	88,090		 	56,784		 	31,306		 	82.25%	
Excess Of Revenue Over (Under) Expenditures	0		(8,106)		223,382		231,488		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(8,106)		
223,382		
231,488		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(8,106)		 	748,490		 	756,596		 	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 12/31/2018
(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	501	501	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	0	 	(470,000)	 	(100.00)%	
Total Revenues	 	1,135,009	 	501	 	(1,134,508)	 	(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		 	(247,837)		 	(247,837)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(247,837)		(247,837)		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	503		 	503		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary December 31, 2018

Balance as of
Account	Investment	December 31, 2018

Money Market	$	146,573	
Money Market	23,181	
Total Special Revenue Fund Investments	  $	169,754 	

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	$	432
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	71
Total Debt Service Fund Investments     $	503

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 12/1/2018
001 - General Fund
From 12/1/2018 Through 12/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Gulf Power		
12/26/2018		
SB45751-38004 12/18		
16200 Front Beach Road 12/18		
1,933.44	
City of Panama City Beach		1/3/2019		COPB Summary 12/18		Utility Summary 12/18		1,908.96	
						
Total 001 - General Fund		
3,842.40	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 12/1/2018
100 - Special Revenue Fund - AB Park & Beachfront From 12/1/2018 Through 12/31/2018

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

PSH Kimco, LLC		
12/1/2018		
453899		
Janitorial Exterior Dan Russell 11/18		
1,892.82	
PSH Kimco, LLC		12/1/2018		453900		Janitorial Exterior Aaron Bessant 11/18		1,419.61	
TEK Distributors, Inc.		12/20/2018		365793		Restroom Supplies 12/18		169.43	
Gulf Power		12/26/2018		SB45751-38004 12/18		16200 Front Beach Road 12/18		276.22	
City of Panama City Beach		1/3/2019		COPB Summary 12/18		Utility Summary 12/18		912.86	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
4,670.94	

Report Total								
8,513.34	

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	

Interest Income - General Account		
$0.00		
502.24	
Interest Income - Interest Account		$0.84		503.08	
Transfer From SRF for November Debt Service		$0.00		503.08	
		Balance @ 12/31/18		503.08	

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

Balance Sheet

Trust statement activity has been recorded through 12/31/18.
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).