Pier Park Community Development District

Financial Statements (Unaudited)

April 30, 2019

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 4/30/2019
(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	

67,658		

556,824		

0		

624,482		

0		

0	
Investments	0		170,054		899,934		1,069,989		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		899,934	
Amount To Be Provided Debt Service	0		0		0		0		0		12,935,066	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	67,883		 	726,878		 	899,934		 	1,694,696		 	2,561,669		 	13,835,000	

Liabilities												
Accounts Payable	13,811	5,957	0	19,768	0	0	
Accrued Expenses Payable	3,951	7,815	0	11,766	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	 	17,762	 	13,773	 	0	 	31,534	 	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	 	53,705	 	187,997	 	651,594	 	893,297	 	0	 	0	
Total Fund Equity & Other Credits	 	50,121	 	713,105	 	899,934	 	1,663,161	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	67,883	 	726,878	 	899,934	 	1,694,696	 	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 4/30/2019
(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	 	252,027	 	252,027	 	0	 	25.00%	
Total Revenues	 	336,036	 	252,027	 	252,027	 	0	 	25.00%	

Expenditures
Legislative
Supervisor Fees	3,200	1,600	1,400	200	56.25%	
Financial & Administrative						
Administrative Services	9,013	5,258	5,258	0	41.66%	
District Management	29,500	17,208	17,208	0	41.66%	
District Engineer	1,200	700	0	700	100.00%	
Trustees Fees	3,500	2,155	2,155	0	38.42%	
Financial & Revenue Collections	5,000	2,917	2,917	0	41.66%	
Accounting Services	16,600	9,683	9,673	10	41.72%	
Auditing Services	5,000	0	2,000	(2,000)	60.00%	
Arbitrage Rebate Calculation	600	350	0	350	100.00%	
Travel	500	292	0	292	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	583	827	(243)	17.32%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	1,225	1,225	0	41.66%	
Legal Counsel						
District Counsel	20,000	11,667	14,554	(2,887)	27.22%	
Electric Utility Services						
Utility Services	26,500	15,458	14,077	1,381	46.87%	
Water-Sewer Combination Services						
Utility Services	13,500	7,875	16,371	(8,496)	(21.26)%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	2,333	841	1,492	78.97%	
Aquatic Maintenance	5,180	3,022	3,023	(2)	41.63%	
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	32,246	32,244	1	41.66%	
Landscape Replacement Plants, Shrubs, Trees	6,200	3,617	5,386	(1,769)	13.12%	
Landscape-Mulch	26,025	15,181	15,174	7	41.69%	
Entry and Walls/Beach Ball Maintenance	5,000	2,917	1,975	942	60.50%	
Miscellaneous Expense	3,000	1,750	0	1,750	100.00%	
Irrigation Maintenance	7,210	4,206	6,540	(2,334)	9.29%	
Contract Seasonal Maintenance Services	5,775	3,369	3,144	225	45.56%	
Oak Tree Trimming Services	8,000	4,667	3,816	850	52.29%	
Landscape Tree Services	12,500	7,292	5,711	1,580	54.30%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2018 Through 4/30/2019
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Irrigation Repairs	5,000	2,917	1,840	1,077	63.20%	
Palm Fertilization	100	58	0	58	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	6,708	10,512	(3,804)	8.59%	
Street Light Decorative Light Maintenance	8,050	4,696	950	3,746	88.19%	
Sidewalk Repair and Maintenance	10,300	6,008	244	5,764	97.63%	
Parking Lot Repair and Maintenance	5,000	2,917	5,481	(2,565)	(9.62)%	
Parks & Recreation
Management Contract	11,408	6,655	6,655	0	41.66% Contingency
Miscellaneous Contingency	 	1,431		 	835		 	0		 	835		 	100.00%	
Total Expenditures	 	336,036		 	196,229		 	198,322		 	(2,093)		 	40.98%	
Excess Of Revenue Over (Under) Expenditures	0		55,799		53,705		(2,093)		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
55,799		
53,705		
(2,093)		
0.00%	

Fund Balance, Beginning of Period										
	0		0		(3,584)		(3,584)		0.00%	
Fund Balance, End of Period	 	0		 	55,799		 	50,121		 	(5,677)		 	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 4/30/2019
(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	461,629	585,327	123,697	47.73%

Interest Earnings	 	0	 	0	 	499	 	499	 	0.00%	
Total Revenues	 	1,119,936	 	461,629	 	585,825	 	124,196	 	47.69%	

Expenditures
Financial & Administrative
Accounting Services	11,000	6,417	6,427	(10)	41.57% Debt Service
Promissory Note Payment	800,000	275,000	256,876	18,124	67.89%	
Stormwater Control						
Lake/Pond Bank Maintenance	1,500	875	361	514	75.95%	
Aquatic Maintenance	2,220	1,295	1,296	(1)	41.63%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	6,298	6,298	0	41.66%	
Oak Tree Trimming Services	5,000	2,917	1,684	1,233	66.32%	
Landscape Tree Services	13,035	7,604	7,604	0	41.66%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	2,013	0	2,013	100.00%	
Parking Lot Repair and Maintenance	15,000	8,750	9,571	(821)	36.19%	
Street/Parking Lot Sweeping	10,500	6,125	1,708	4,417	83.73%	
Parks & Recreation						
Management Contract	25,922	15,121	15,121	0	41.66%	
Park Landscape Maintenance	41,357	24,125	24,125	0	41.66%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	2,333	225	2,108	94.37%	
Beachfront Improvement Landscape	4,090	2,386	2,386	(0)	41.66%	
Beachfront Improvement Landscape Replace	2,500	1,458	0	1,458	100.00%	
Park Restroom Maintenance Contract	18,500	10,792	10,844	(53)	41.38%	
Park Restroom Repairs and Maintenance	4,000	2,333	7,116	(4,782)	(77.88)%	
Beachfront Janitorial Service	35,000	20,417	16,676	3,741	52.35%	
Beachfront Janitorial Supplies	5,000	2,917	4,727	(1,811)	5.45%	
Beachfront Improvement Repair	10,000	5,833	0	5,833	100.00%	
Beachfront Improvement/Capital Improvement	8,000	4,667	0	4,667	100.00%	
Beachfront Improvement Electric Utility	4,500	2,625	1,875	750	58.34%	
Beachfront Improvement Water/Sewer	5,000	2,917	7,644	(4,727)	(52.87)%	
Beachfront Improvement Irrigation Repairs	2,000	1,167	0	1,167	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 4/30/2019
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Irrigation Repairs and Maintenance	2,500	1,458	692	766	72.30%	
Park Irrigation Inspection Contract	5,408	3,155	3,155	0	41.66%	
Park Solid Waste Removal	2,500	1,458	1,267	191	49.30%	
Park Recreational Equipment	4,800	2,800	0	2,800	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	30,070		 	275		 	29,795		 	99.46%	
Total Expenditures	 	1,119,936		 	466,133		 	397,828		 	68,305		 	64.48%	
Excess Of Revenue Over (Under) Expenditures	0		(4,503)		187,997		192,501		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(4,503)		
187,997		
192,501		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(4,503)		 	713,105		 	717,609		 	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 4/30/2019
(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	435,780	(229,229)	(34.47)%

Interest Earnings	0	1,665	1,665	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	462,487	 	(7,513)	 	(1.59)%	
Total Revenues	 	1,135,009	 	899,933	 	(235,076)	 	(20.71)%	

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		 	651,594		 	651,594		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		651,594		651,594		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	899,934		 	899,934		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary April 30, 2019

Balance as of
Account	Investment	April 30, 2019

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

$	146,742

Mutual of Omaha Bank	Money Market	23,312

Total Special Revenue Fund Investments     $	170,054 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,596
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	898,338

Total Debt Service Fund Investments     $	899,934 

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 1/1/2019
001 - General Fund
From 4/1/2019 Through 4/30/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Bay Clean Sweep, Inc.		
1/17/2019		
14314		
Power Sweeping/Sidewalk Maint. 01/19		
1,067.95	
Hopping Green & Sams		3/31/2019		106789		General/Monthly Legal Services 03/19		760.00	
Bay Landscape Grounds Management, LLC		4/3/2019		60740		Irrigation Repairs 04/19		1,387.00	
Bay Landscape Grounds Management, LLC		4/15/2019		60907		Irrigation Repairs 04/08/19		710.67	
Bay Landscape Grounds Management, LLC		4/15/2019		60910		Irrigation Repairs 04/19		167.00	
Bay Clean Sweep, Inc.		4/16/2019		14506		Power Sweeping/Sidewalk Maint. 04/19		1,033.50	
Bay Landscape Grounds Management, LLC		4/18/2019		60946		Irrigation Repairs 04/17/19		34.28	
Bay Landscape & Palm Service, LLC		4/20/2019		60965		Install Drift Roses and Princess Caroline 04/19		1,848.00	
Gulf Power		4/25/2019		SB45751-38004 04/19		16200 Front Beach Road 04/19		1,761.00	
The Fresh Coat Paint Co.		4/26/2019		00-19838		Paint Front Beach Road Arch 04/19		1,975.00	
Gulf Power		5/1/2019		33633-67036 04/19		600 Pier Park Dr. Celebration Tower 04/19		116.57	
City of Panama City Beach		5/1/2019		COPB Summary 04/19		Utility Summary 04/19		2,785.60	
Gatehouse Media		5/5/2019		1026541-0419		Acct #1026541 Legal Advertising 04/19		164.53	
						
Total 001 - General Fund		
13,811.10	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 1/1/2019
100 - Special Revenue Fund - AB Park & Beachfront From 4/1/2019 Through 4/30/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Bay Clean Sweep, Inc.		
1/17/2019		
14314		
Power Sweeping/Sidewalk Maint. 01/19		
854.05	
TEK Distributors, Inc.		4/2/2019		368451		Restroom Supplies 04/19		420.74	
TEK Distributors, Inc.		4/10/2019		368703		Restroom Supplies 04/19		371.15	
Ryerson's Electrical Service, Inc.		4/15/2019		7664		Replaced hand dryers in Ladies Restroom 04/19		1,600.00	
Bay Clean Sweep, Inc.		4/16/2019		14506		Power Sweeping/Sidewalk Maint. 04/19		826.50	
TEK Distributors, Inc.		4/18/2019		369015		Restroom Supplies 04/19		301.17	
Gulf Power		4/25/2019		SB45751-38004 04/19		16200 Front Beach Road 04/19		251.58	
City of Panama City Beach		5/1/2019		COPB Summary 04/19		Utility Summary 04/19		1,332.06	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
5,957.25	

Report Total								
19,768.35	

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	

Interest Income - General Account		
$900.13		
464,153.10	
Interest Income - Interest Account		$1.30		464,154.40	
Transfer From SRF for Debt Service		$435,780.00		899,934.40	
		Balance @ 04/30/19		899,934.40	

Pier Park Community Development District Notes to Unaudited Financial Statements April 30, 2019

Balance Sheet

Trust statement activity has been recorded through 04/30/19.
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).