Pier Park Community Development District

Financial Statements (Unaudited)

June 30, 2019

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 6/30/2019
(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	

5,267		

1,008,201		

0		

1,013,468		

0		

0	
Investments	0		170,215		3,005		173,220		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	3,199		0		0		3,199		0		0	
Amount Available in Debt Service	0		0		0		0		0		3,005	
Amount To Be Provided Debt Service	0		0		0		0		0		13,181,995	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	8,691		 	1,178,416		 	3,005		 	1,190,111		 	2,561,669		 	13,185,000	

Liabilities												
Accounts Payable	3,657	1,107	0	4,764	0	0	
Accrued Expenses Payable	4,936	7,385	0	12,320	0	0	
Other Current Liabilities	0	0	0	0	0	0	
Deferred Revenue	0	0	0	0	0	0	
Due To Other Funds	0	3,199	0	3,199	0	0	
Revenue Bonds Payable--Long Term	 	0	 	0	 	0	 	0	 	0	 	13,185,000	
Total Liabilities	 	8,593	 	11,690	 	0	 	20,283	 	0	 	13,185,000	
Fund Equity & Other Credits Beginning Fund Balance	
0	
525,108	
248,340	
773,448	
2,561,669	
0	
Net Change in Fund Balance	 	98	 	641,617	 	(245,336)	 	396,380	 	0	 	0	
Total Fund Equity & Other Credits	 	98	 	1,166,725	 	3,005	 	1,169,828	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	8,691	 	1,178,416	 	3,005	 	1,190,111	 	2,561,669	 	13,185,000	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2018 Through 6/30/2019
(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	 	248,443	 	(3,584)	 	26.06%	
Total Revenues	 	336,036	 	252,027	 	248,443	 	(3,584)	 	26.07%	

Expenditures
Legislative
Supervisor Fees	3,200	2,400	2,200	200	31.25%	
Financial & Administrative						
Administrative Services	9,013	6,760	6,760	0	25.00%	
District Management	29,500	22,125	22,125	0	25.00%	
District Engineer	1,200	900	0	900	100.00%	
Trustees Fees	3,500	3,500	2,155	1,345	38.42%	
Financial & Revenue Collections	5,000	3,750	3,750	0	24.99%	
Accounting Services	16,600	12,450	12,433	17	25.10%	
Auditing Services	5,000	5,000	5,000	0	0.00%	
Arbitrage Rebate Calculation	600	450	450	0	25.00%	
Travel	500	375	0	375	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	750	633	117	36.70%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	1,575	1,575	0	25.00%	
Legal Counsel						
District Counsel	20,000	15,000	18,192	(3,192)	9.03%	
Electric Utility Services						
Utility Services	26,500	19,875	17,325	2,549	34.62%	
Water-Sewer Combination Services						
Utility Services	13,500	10,125	21,499	(11,374)	(59.24)%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	3,000	2,082	918	47.96%	
Aquatic Maintenance	5,180	3,885	3,887	(2)	24.95%	
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	41,459	41,457	2	25.00%	
Landscape Replacement Plants, Shrubs, Trees	6,200	4,650	5,386	(736)	13.12%	
Landscape-Mulch	26,025	19,519	19,510	9	25.03%	
Entry and Walls/Beach Ball Maintenance	5,000	3,750	1,975	1,775	60.50%	
Miscellaneous Expense	3,000	2,250	228	2,022	92.40%	
Irrigation Maintenance	7,210	5,407	8,516	(3,108)	(18.11)%	
Contract Seasonal Maintenance Services	5,775	4,331	4,042	290	30.01%	
Oak Tree Trimming Services	8,000	6,000	3,816	2,184	52.29%	
Landscape Tree Services	12,500	9,375	7,343	2,032	41.25%	

See Notes to Unaudited Financial Statements

Pier Park Community Development District
Statement of Revenues and Expenditures 001 - General Fund
From 10/1/2018 Through 6/30/2019
(In Whole Numbers)

Percent Annual Annual Budget	YTD Budget	YTD Actual	YTD Variance	Budget Remaining

Irrigation Repairs	5,000	3,750	3,272	478	34.56%	
Palm Fertilization	100	75	0	75	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	8,625	9,299	(674)	19.14%	
Street Light Decorative Light Maintenance	8,050	6,037	2,035	4,002	74.72%	
Sidewalk Repair and Maintenance	10,300	7,725	244	7,481	97.63%	
Parking Lot Repair and Maintenance	5,000	3,750	5,481	(1,731)	(9.62)%	
Parks & Recreation						
Management Contract	11,408	8,556	8,556	0	25.00%	
Contingency						
Miscellaneous Contingency	 	1,431	 	1,073	 	0	 	1,073	 	100.00%	
Total Expenditures	 	336,036	 	256,119	 	248,345	 	7,774	 	26.10%	
Excess Of Revenue Over (Under) Expenditures	0	(4,092)	98	4,190	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		(4,092)		98		4,190		0.00%	

Fund Balance, End of Period	 	0		
 	(4,092)		
 	98		
 	4,190		
 	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 6/30/2019
(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	514,952	1,081,366	566,414	3.44%

Interest Earnings	 	0	 	0	 	660	 	660	 	0.00%	
Total Revenues	 	1,119,936	 	514,952	 	1,082,026	 	567,074	 	3.39%	

Expenditures
Financial & Administrative
Accounting Services	11,000	8,250	8,267	(17)	24.84% Debt Service
Promissory Note Payment	800,000	275,000	256,876	18,124	67.89%	
Stormwater Control						
Lake/Pond Bank Maintenance	1,500	1,125	464	661	69.08%	
Aquatic Maintenance	2,220	1,665	1,666	(1)	24.95%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	8,098	8,098	0	25.00%	
Oak Tree Trimming Services	5,000	3,750	1,684	2,066	66.32%	
Landscape Tree Services	13,035	9,776	9,776	0	25.00%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	2,588	0	2,588	100.00%	
Parking Lot Repair and Maintenance	15,000	11,250	9,571	1,679	36.19%	
Street/Parking Lot Sweeping	10,500	7,875	6,703	1,172	36.16%	
Parks & Recreation						
Management Contract	25,922	19,442	19,441	0	25.00%	
Park Landscape Maintenance	41,357	31,018	31,018	0	25.00%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	3,000	290	2,710	92.76%	
Beachfront Improvement Landscape	4,090	3,067	3,068	(0)	24.99%	
Beachfront Improvement Landscape Replace	2,500	1,875	0	1,875	100.00%	
Park Restroom Maintenance Contract	18,500	13,875	13,952	(77)	24.58%	
Park Restroom Repairs and Maintenance	4,000	3,000	7,370	(4,370)	(84.23)%	
Beachfront Janitorial Service	35,000	26,250	25,934	316	25.90%	
Beachfront Janitorial Supplies	5,000	3,750	7,238	(3,488)	(44.75)%	
Beachfront Improvement Repair	10,000	7,500	0	7,500	100.00%	
Beachfront Improvement/Capital Improvement	8,000	6,000	0	6,000	100.00%	
Beachfront Improvement Electric Utility	4,500	3,375	2,306	1,069	48.74%	
Beachfront Improvement Water/Sewer	5,000	3,750	10,096	(6,346)	(101.91)%	
Beachfront Improvement Irrigation Repairs	2,000	1,500	0	1,500	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 6/30/2019
(In Whole Numbers)

Annual Budget	
YTD Budget	
YTD Actual	
YTD Variance	Percent Annual Budget Remaining	
Park Irrigation Repairs and Maintenance	2,500	1,875	692	1,183	72.30%	
Park Irrigation Inspection Contract	5,408	4,056	4,056	0	24.99%	
Park Solid Waste Removal	2,500	1,875	1,692	183	32.32%	
Park Recreational Equipment	4,800	3,600	0	3,600	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	38,662		 	275		 	38,387		 	99.46%	
Total Expenditures	 	1,119,936		 	517,654		 	440,408		 	77,246		 	60.68%	
Excess Of Revenue Over (Under) Expenditures	0		(2,702)		641,617		644,320		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(2,702)		
641,617		
644,320		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(2,702)		 	1,166,725		 	1,169,428		 	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 6/30/2019
(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	3,074	3,074	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	462,487	 	(7,513)	 	(1.59)%	
Total Revenues	 	1,135,009	 	901,341	 	(233,668)	 	(20.59)%	

Expenditures					
Debt Service								
Interest	485,009		496,677		(11,668)		(2.40)%	
Principal	 	650,000		 	650,000		 	0		 	0.00%	
Total Expenditures	 	1,135,009		 	1,146,677		 	(11,668)		 	(1.03)%	
Excess Of Revenue Over (Under) Expenditures	 	0		 	(245,336)		 	(245,336)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(245,336)		(245,336)		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	3,005		 	3,005		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary June 30, 2019

Balance as of
Account	Investment	June 30, 2019

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

$	146,825

BOKF, National Association	Money Market	2
The Huntington National Bank	Money Market	23,388
Total Special Revenue Fund Investments     $	170,215 
US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,409
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	1,596
Total Debt Service Fund Investments     $	3,005 

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 6/1/2019
001 - General Fund
From 6/1/2019 Through 6/30/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Gulf Power		
6/20/2019		
33633-67036 06/19		
600 Pier Park Dr. Celebration Tower 06/19		
109.84	
Hopping Green & Sams		6/20/2019		108065		General/Monthly Legal Services 05/19		2,437.50	
Hopping Green & Sams		6/20/2019		108066		Quarterly Board Meeting 05/19		660.00	
AMTEC		6/25/2019		4888-06-19		Arbitrage Rebate Calculation Series 2014		450.00	
						
Total 001 - General Fund		
3,657.34	

Pier Park Community Development District
Aged Payables by Invoice Date Aging Date - 6/1/2019
100 - Special Revenue Fund - AB Park & Beachfront From 6/1/2019 Through 6/30/2019

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

TEK Distributors, Inc.		
6/7/2019		
370738		
Restroom Supplies 06/19		
398.20	
Terry's Plumbing Service, LLC		6/14/2019		12839		Restroom Repairs 06/19		141.00	
TEK Distributors, Inc.		6/27/2019		371557		Restroom Supplies 06/19		236.64	
TEK Distributors, Inc.		6/27/2019		371558		Restroom Supplies 06/19		331.20	
						
Total 100 - Special Revenue Fund - AB Park & Beachfront		
1,107.04	

Report Total								
4,764.38	

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	

Interest Income - General Account		
($895,342.69)		
4,591.71	
Interest Income - Interest Account		($1,592.88)		2,998.83	
Transfer From SRF for Debt Service		$0.00		2,998.83	
		Balance @ 05/31/19		2,998.83	

Interest Income - General Account		
$0.00		
2,998.83	
Interest Income - Interest Account		$5.70		3,004.53	
Transfer From SRF for Debt Service		$0.00		3,004.53	
		Balance @ 06/30/19		3,004.53	

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

Balance Sheet

Trust statement activity has been recorded through 06/30/19.
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).