Pier Park Community Development District

Financial Statements (Unaudited)

February 28, 2019

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 2/28/2019
(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	

41,656		

738,494		

0		

780,150		

0		

0	
Investments	0		169,891		462,992		632,883		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		462,992	
Amount To Be Provided Debt Service	0		0		0		0		0		13,372,008	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	41,881		 	908,384		 	462,992		 	1,413,258		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	7,350	1,550	0	8,900	0	0	
Accrued Expenses Payable	9,181	6,568	0	15,749	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	 	16,531	 	8,118	 	0	 	24,649	 	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	 	28,934	 	375,158	 	214,652	 	618,745	 	0	 	0	
Total Fund Equity & Other Credits	 	25,350	 	900,266	 	462,992	 	1,388,609	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	41,881	 	908,384	 	462,992	 	1,413,258	 	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 2/28/2019
(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	 	168,018	 	168,018	 	0	 	50.00%	
Total Revenues	 	336,036	 	168,018	 	168,018	 	0	 	50.00%	

Expenditures
Legislative
Supervisor Fees	3,200	1,600	1,400	200	56.25%	
Financial & Administrative						
Administrative Services	9,013	3,755	3,755	0	58.33%	
District Management	29,500	12,292	12,292	0	58.33%	
District Engineer	1,200	500	0	500	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	2,083	2,083	0	58.33%	
Accounting Services	16,600	6,917	6,913	3	58.35%	
Auditing Services	5,000	0	500	(500)	90.00%	
Arbitrage Rebate Calculation	600	250	0	250	100.00%	
Travel	500	208	0	208	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	417	468	(52)	53.16%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	875	875	0	58.33%	
Legal Counsel						
District Counsel	20,000	8,333	11,519	(3,185)	42.40%	
Electric Utility Services						
Utility Services	26,500	11,042	10,316	726	61.07%	
Water-Sewer Combination Services						
Utility Services	13,500	5,625	11,616	(5,991)	13.95%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	1,667	601	1,066	84.97%	
Aquatic Maintenance	5,180	2,158	2,160	(1)	58.31%	
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	23,033	23,032	1	58.33%	
Landscape Replacement Plants, Shrubs, Trees	6,200	2,583	3,538	(955)	42.93%	
Landscape-Mulch	26,025	10,844	10,839	5	58.35%	
Entry and Walls/Beach Ball Maintenance	5,000	2,083	0	2,083	100.00%	
Miscellaneous Expense	3,000	1,250	0	1,250	100.00%	
Irrigation Maintenance	7,210	3,004	3,231	(227)	55.18%	
Contract Seasonal Maintenance Services	5,775	2,406	2,245	161	61.11%	
Oak Tree Trimming Services	8,000	3,333	0	3,333	100.00%	
Landscape Tree Services	12,500	5,208	4,080	1,129	67.36%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2018 Through 2/28/2019
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Irrigation Repairs	5,000	2,083	345	1,739	93.10%	
Palm Fertilization	100	42	0	42	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	4,792	7,645	(2,854)	33.51%	
Street Light Decorative Light Maintenance	8,050	3,354	475	2,879	94.09%	
Sidewalk Repair and Maintenance	10,300	4,292	0	4,292	100.00%	
Parking Lot Repair and Maintenance	5,000	2,083	5,128	(3,045)	(2.56)%	
Parks & Recreation
Management Contract	11,408	4,753	4,753	0	58.33% Contingency
Miscellaneous Contingency	 	1,431		 	596		 	0		 	596		 	100.00%	
Total Expenditures	 	336,036		 	143,484		 	139,084		 	4,400		 	58.61%	
Excess Of Revenue Over (Under) Expenditures	0		24,535		28,934		4,400		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
24,535		
28,934		
4,400		
0.00%	

Fund Balance, Beginning of Period										
	0		0		(3,584)		(3,584)		0.00%	
Fund Balance, End of Period	 	0		 	24,535		 	25,350		 	816		 	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 2/28/2019
(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	133,307	469,661	336,354	(46.79)%

Interest Earnings	 	0	 	0	 	335	 	335	 	0.00%	
Total Revenues	 	319,936	 	133,307	 	469,997	 	336,690	 	(46.90)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	4,583	4,587	(3)	58.30% Stormwater Control
Lake/Pond Bank Maintenance	1,500	625	258	367	82.82%	
Aquatic Maintenance	2,220	925	926	(1)	58.31%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	4,499	4,499	0	58.33%	
Oak Tree Trimming Services	5,000	2,083	0	2,083	100.00%	
Landscape Tree Services	13,035	5,431	5,431	0	58.33%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	1,438	0	1,438	100.00%	
Parking Lot Repair and Maintenance	15,000	6,250	9,571	(3,321)	36.19%	
Street/Parking Lot Sweeping	10,500	4,375	0	4,375	100.00%	
Parks & Recreation						
Management Contract	25,922	10,801	10,801	0	58.33%	
Park Landscape Maintenance	41,357	17,232	17,232	0	58.33%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	1,667	161	1,506	95.97%	
Beachfront Improvement Landscape	4,090	1,704	1,704	(0)	58.33%	
Beachfront Improvement Landscape Replace	2,500	1,042	0	1,042	100.00%	
Park Restroom Maintenance Contract	18,500	7,708	7,959	(251)	56.97%	
Park Restroom Repairs and Maintenance	4,000	1,667	516	1,151	87.11%	
Beachfront Janitorial Service	35,000	14,583	8,636	5,947	75.32%	
Beachfront Janitorial Supplies	5,000	2,083	2,751	(667)	44.98%	
Beachfront Improvement Repair	10,000	4,167	0	4,167	100.00%	
Beachfront Improvement/Capital Improvement	8,000	3,333	0	3,333	100.00%	
Beachfront Improvement Electric Utility	4,500	1,875	1,370	505	69.55%	
Beachfront Improvement Water/Sewer	5,000	2,083	5,370	(3,286)	(7.39)%	
Beachfront Improvement Irrigation Repairs	2,000	833	0	833	100.00%	
Park Irrigation Repairs and Maintenance	2,500	1,042	95	946	96.18%	
Park Irrigation Inspection Contract	5,408	2,253	2,253	0	58.33%	

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 2/28/2019
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Solid Waste Removal	2,500	1,042	843	199	66.28%	
Park Recreational Equipment	4,800	2,000	0	2,000	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	21,479		 	0		 	21,479		 	100.00%	
Total Expenditures	 	319,936		 	139,611		 	94,838		 	44,773		 	70.36%	
Excess Of Revenue Over (Under) Expenditures	0		(6,305)		375,158		381,463		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(6,305)		
375,158		
381,463		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(6,305)		 	900,266		 	906,571		 	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 2/28/2019
(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	503	503	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	462,487	 	(7,513)	 	(1.59)%	
Total Revenues	 	1,135,009	 	462,991	 	(672,018)	 	(59.21)%	

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		 	214,652		 	214,652		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		214,652		214,652		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	462,992		 	462,992		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary February 28, 2019

Balance as of
Account	Investment	February 28, 2019

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

$	146,656

Flushing Bank	Money Market	23,235

Total Special Revenue Fund Investments     $	169,891 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	434
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	462,558
Total Debt Service Fund Investments     $	462,992 

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 2/1/2019
001 - General Fund
From 2/1/2019 Through 2/28/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Hopping Green & Sams		
2/18/2019		
105503		
General/Monthly Legal Services 01/19		
2,416.50	
Hopping Green & Sams		2/18/2019		105504		Quarterly Board Meeting 01/19		302.50	
Gulf Power		2/21/2019		33633-67036 02/19		600 Pier Park Dr. Celebration Tower 02/19		116.57	
Gulf Power		2/25/2019		SB45751-38004 02/19		16200 Front Beach Road 02/19		1,902.29	
TEK Distributors, Inc.		2/26/2019		367330		Restroom Supplies 02/19		342.83	
City of Panama City Beach		3/4/2019		COPB Summary 02/19		Utility Summary 02/19		2,269.43	
						
Total 001 - General Fund		
7,350.12	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 2/1/2019
100 - Special Revenue Fund - AB Park & Beachfront From 2/1/2019 Through 2/28/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Gulf Power		
2/25/2019		
SB45751-38004 02/19		
16200 Front Beach Road 02/19		
271.76	
TEK Distributors, Inc.		2/26/2019		367329		Restroom Supplies 02/19		193.32	
City of Panama City Beach		3/4/2019		COPB Summary 02/19		Utility Summary 02/19		1,085.23	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
1,550.31	

Report Total								
8,900.43	

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 Debt Service		$0.00		503.08	
		Balance @ 12/31/18		503.08	

Interest Income - General Account		
$0.00		
503.08	
Interest Income - Interest Account		$0.93		504.01	
Transfer From SRF for Debt Service		$0.00		504.01	
		Balance @ 01/31/19		504.01	

Interest Income - General Account		
$0.00		
504.01	
Interest Income - Interest Account		$0.98		504.99	
Transfer From SRF for Debt Service		$462,487.43		462,992.42	
		Balance @ 02/28/19		462,992.42	

Pier Park Community Development District Notes to Unaudited Financial Statements February 28, 2019

Balance Sheet

Trust statement activity has been recorded through 02/28/19.
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).