Pier Park Community Development District

Financial Statements (Unaudited)

March 31, 2019

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 3/31/2019
(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	

10,520		

842,771		

0		

853,292		

0		

0	
Investments	0		169,971		463,253		633,224		0		0	
Accounts Receivable	16,802		0		0		16,802		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		463,253	
Amount To Be Provided Debt Service	0		0		0		0		0		13,371,747	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	27,547		 	1,012,743		 	463,253		 	1,503,543		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	9,864	4,058	0	13,922	0	0	
Accrued Expenses Payable	5,581	4,728	0	10,308	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	 	15,445	 	8,786	 	0	 	24,231	 	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	 	15,686	 	478,849	 	214,913	 	709,448	 	0	 	0	
Total Fund Equity & Other Credits	 	12,102	 	1,003,957	 	463,253	 	1,479,312	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	27,547	 	1,012,743	 	463,253	 	1,503,543	 	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 3/31/2019
(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	 	184,820	 	16,802	 	45.00%	
Total Revenues	 	336,036	 	168,018	 	184,820	 	16,802	 	45.00%	

Expenditures
Legislative
Supervisor Fees	3,200	1,600	1,400	200	56.25%	
Financial & Administrative						
Administrative Services	9,013	4,506	4,506	0	50.00%	
District Management	29,500	14,750	14,750	0	50.00%	
District Engineer	1,200	600	0	600	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	2,500	2,500	0	49.99%	
Accounting Services	16,600	8,300	8,293	7	50.04%	
Auditing Services	5,000	0	2,000	(2,000)	60.00%	
Arbitrage Rebate Calculation	600	300	0	300	100.00%	
Travel	500	250	0	250	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	500	662	(162)	33.78%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	1,050	1,050	0	50.00%	
Legal Counsel						
District Counsel	20,000	10,000	14,294	(4,294)	28.52%	
Electric Utility Services						
Utility Services	26,500	13,250	12,200	1,050	53.96%	
Water-Sewer Combination Services						
Utility Services	13,500	6,750	13,585	(6,835)	(0.63)%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	2,000	721	1,279	81.97%	
Aquatic Maintenance	5,180	2,590	2,591	(1)	49.97%	
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	27,639	27,638	1	50.00%	
Landscape Replacement Plants, Shrubs, Trees	6,200	3,100	3,538	(438)	42.93%	
Landscape-Mulch	26,025	13,013	13,007	6	50.02%	
Entry and Walls/Beach Ball Maintenance	5,000	2,500	0	2,500	100.00%	
Miscellaneous Expense	3,000	1,500	0	1,500	100.00%	
Irrigation Maintenance	7,210	3,605	3,832	(227)	46.84%	
Contract Seasonal Maintenance Services	5,775	2,888	2,694	193	53.34%	
Oak Tree Trimming Services	8,000	4,000	3,816	184	52.29%	
Landscape Tree Services	12,500	6,250	4,896	1,355	60.83%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2018 Through 3/31/2019
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Irrigation Repairs	5,000	2,500	1,095	1,405	78.10%	
Palm Fertilization	100	50	0	50	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	5,750	8,654	(2,904)	24.74%	
Street Light Decorative Light Maintenance	8,050	4,025	950	3,075	88.19%	
Sidewalk Repair and Maintenance	10,300	5,150	0	5,150	100.00%	
Parking Lot Repair and Maintenance	5,000	2,500	5,481	(2,981)	(9.62)%	
Parks & Recreation
Management Contract	11,408	5,704	5,704	0	50.00% Contingency
Miscellaneous Contingency	 	1,431		 	716		 	0		 	716		 	100.00%	
Total Expenditures	 	336,036		 	169,856		 	169,134		 	722		 	49.67%	
Excess Of Revenue Over (Under) Expenditures	0		(1,838)		15,686		17,524		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(1,838)		
15,686		
17,524		
0.00%	

Fund Balance, Beginning of Period										
	0		0		(3,584)		(3,584)		0.00%	
Fund Balance, End of Period	 	0		 	(1,838)		 	12,102		 	13,940		 	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 3/31/2019
(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

1,119,936	159,968	596,115	436,147	46.77%

Interest Earnings	 	0	 	0	 	416	 	416	 	0.00%	
Total Revenues	 	1,119,936	 	159,968	 	596,531	 	436,563	 	46.74%	

Expenditures
Financial & Administrative
Accounting Services	11,000	5,500	5,507	(7)	49.93% Debt Service
Promissory Note Payment	800,000	0	0	0	100.00% Stormwater Control
Lake/Pond Bank Maintenance	1,500	750	309	441	79.39%	
Aquatic Maintenance	2,220	1,110	1,111	(1)	49.97%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	5,399	5,398	0	50.00%	
Oak Tree Trimming Services	5,000	2,500	1,684	816	66.32%	
Landscape Tree Services	13,035	6,518	6,518	0	50.00%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	1,725	0	1,725	100.00%	
Parking Lot Repair and Maintenance	15,000	7,500	9,571	(2,071)	36.19%	
Street/Parking Lot Sweeping	10,500	5,250	28	5,222	99.73%	
Parks & Recreation						
Management Contract	25,922	12,961	12,961	0	50.00%	
Park Landscape Maintenance	41,357	20,679	20,678	0	50.00%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	2,000	193	1,807	95.17%	
Beachfront Improvement Landscape	4,090	2,045	2,045	(0)	49.99%	
Beachfront Improvement Landscape Replace	2,500	1,250	0	1,250	100.00%	
Park Restroom Maintenance Contract	18,500	9,250	7,976	1,274	56.88%	
Park Restroom Repairs and Maintenance	4,000	2,000	5,516	(3,516)	(37.88)%	
Beachfront Janitorial Service	35,000	17,500	12,422	5,078	64.50%	
Beachfront Janitorial Supplies	5,000	2,500	3,228	(728)	35.43%	
Beachfront Improvement Repair	10,000	5,000	0	5,000	100.00%	
Beachfront Improvement/Capital Improvement	8,000	4,000	0	4,000	100.00%	
Beachfront Improvement Electric Utility	4,500	2,250	1,623	627	63.93%	
Beachfront Improvement Water/Sewer	5,000	2,500	6,312	(3,812)	(26.23)%	
Beachfront Improvement Irrigation Repairs	2,000	1,000	0	1,000	100.00%	

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 3/31/2019
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Irrigation Repairs and Maintenance	2,500	1,250	692	558	72.30%	
Park Irrigation Inspection Contract	5,408	2,704	2,704	0	49.99%	
Park Solid Waste Removal	2,500	1,250	1,055	195	57.79%	
Park Recreational Equipment	4,800	2,400	0	2,400	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	25,775		 	275		 	25,500		 	99.46%	
Total Expenditures	 	1,119,936		 	165,372		 	117,682		 	47,690		 	89.49%	
Excess Of Revenue Over (Under) Expenditures	0		(5,404)		478,849		484,253		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(5,404)		
478,849		
484,253		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(5,404)		 	1,003,957		 	1,009,361		 	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 3/31/2019
(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	764	764	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	462,487	 	(7,513)	 	(1.59)%	
Total Revenues	 	1,135,009	 	463,251	 	(671,758)	 	(59.19)%	

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		 	214,913		 	214,913		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		214,913		214,913		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	463,253		 	463,253		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary March 31, 2019

Balance as of
Account	Investment	March 31, 2019

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

$	146,697

United Bank	Money Market	23,274

Total Special Revenue Fund Investments     $	169,971 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	694
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	462,559
Total Debt Service Fund Investments     $	463,253 

Pier Park Community Development District
Summary A/R Ledger
From 3/1/2019 Through 3/31/2019

Invoice Date		Customer Name		Invoice Number		Current Balance	

3/31/2019		
The St. Joe Company		
OM0419-1		
 	16,801.80	
Report Balance						16,801.80	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 12/1/2018
001 - General Fund
From 3/1/2019 Through 3/31/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Hopping Green & Sams		
3/19/2019		
106228		
General/Monthly Legal Services 02/19		
2,009.50	
Hopping Green & Sams		3/19/2019		106229		Quarterly Board Meeting 02/19		1,266.00	
Florida Select Tree Services, LLC		3/22/2019		INV-2818		Prune 32 Oak Trees		3,816.45	
Gulf Power		3/26/2019		SB45751-38004 03/19		16200 Front Beach Road 03/19		1,772.45	
Carr, Riggs & Ingram, LLC		3/29/2019		16642872		Progress On Audit Billing 09/30/18		1,000.00	
						
Total 001 - General Fund		
9,864.40	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 12/1/2018
100 - Special Revenue Fund - AB Park & Beachfront From 3/1/2019 Through 3/31/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

PSH Kimco, LLC		
12/31/2018		
459096		
Janitorial Exterior Aaron Bessant 12/18		
1,466.94	
TEK Distributors, Inc.		3/14/2019		367837		Restroom Supplies 03/19		57.32	
Bay Landscape Grounds Management, LLC		3/20/2019		60363		Irrigation Repairs 03/19		597.00	
Florida Select Tree Services, LLC		3/22/2019		INV-2818		Prune 32 Oak Trees		1,683.55	
Gulf Power		3/26/2019		SB45751-38004 03/19		16200 Front Beach Road 03/19		253.21	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
4,058.02	

Report Total								
13,922.42	

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	

Interest Income - General Account		
$259.79		
463,252.21	
Interest Income - Interest Account		$0.76		463,252.97	
Transfer From SRF for Debt Service		$0.00		463,252.97	
		Balance @ 03/31/19		463,252.97	

Pier Park Community Development District Notes to Unaudited Financial Statements March 31, 2019

Balance Sheet

Trust statement activity has been recorded through 03/31/19.
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).