Pier Park Community Development District

Financial Statements (Unaudited)

July 31, 2019

Prepared by: Rizzetta & Company, Inc.

pierparkcdd.org rizzetta.com

Pier Park Community Development District
Balance Sheet As of 7/31/2019
(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	

59,550		

1,204,688		

0		

1,264,238		

0		

0	
Investments	0		170,347		3,010		173,357		0		0	
Accounts Receivable	0		0		0		0		0		0	
Accounts Receivable - Other	0		0		0		0		0		0	
Prepaid Expenses	2,200		0		0		2,200		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		3,010	
Amount To Be Provided Debt Service	0		0		0		0		0		13,181,990	
Fixed Assets	 	0		 	0		 	0		 	0		 	2,561,669		 	0	
Total Assets	 	65,174		 	1,375,034		 	3,010		 	1,443,218		 	2,561,669		 	13,185,000	

Liabilities												
Accounts Payable	2,472	492	0	2,964	0	0	
Accrued Expenses Payable	4,786	7,898	0	12,684	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	 	7,258	 	11,589	 	0	 	18,847	 	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	 	57,916	 	838,337	 	(245,330)	 	650,923	 	0	 	0	
Total Fund Equity & Other Credits	 	57,916	 	1,363,445	 	3,010	 	1,424,371	 	2,561,669	 	0	
Total Liabilities & Fund Equity	 	65,174	 	1,375,034	 	3,010	 	1,443,218	 	2,561,669	 	13,185,000	

See Notes to Unaudited Financial Statements

Revenues
Contributions & Donations From Private Sources

Pier Park Owners Association, Inc.	 	336,036	 	336,036	 	332,452	 	(3,584)	 	1.06%	
Total Revenues	 	336,036	 	336,036	 	332,452	 	(3,584)	 	1.07%	

Expenditures
Legislative
Supervisor Fees	3,200	2,400	2,200	200	31.25%	
Financial & Administrative						
Administrative Services	9,013	7,511	7,511	0	16.66%	
District Management	29,500	24,583	24,583	0	16.66%	
District Engineer	1,200	1,000	0	1,000	100.00%	
Trustees Fees	3,500	3,500	3,511	(11)	(0.30)%	
Financial & Revenue Collections	5,000	4,167	4,167	0	16.66%	
Accounting Services	16,600	13,833	13,813	20	16.78%	
Auditing Services	5,000	5,000	5,000	0	0.00%	
Arbitrage Rebate Calculation	600	500	450	50	25.00%	
Travel	500	417	0	417	100.00%	
Public Officials Liability Insurance	3,025	3,025	2,750	275	9.09%	
Legal Advertising	1,000	833	633	200	36.70%	
Dues, Licenses & Fees	175	175	175	0	0.00%	
Website Hosting, Maintenance, Backup (and Email)	2,100	1,750	1,750	0	16.66%	
Legal Counsel						
District Counsel	20,000	16,667	18,680	(2,013)	6.60%	
Electric Utility Services						
Utility Services	26,500	22,083	19,110	2,973	27.88%	
Water-Sewer Combination Services						
Utility Services	13,500	11,250	24,684	(13,434)	(82.84)%	
Stormwater Control						
Lake/Pond Bank Maintenance	4,000	3,333	2,202	1,132	44.95%	
Aquatic Maintenance	5,180	4,317	4,319	(2)	16.62%	
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	46,065	46,063	2	16.67%	
Landscape Replacement Plants, Shrubs, Trees	6,200	5,167	7,520	(2,354)	(21.29)%	
Landscape-Mulch	26,025	21,688	21,678	10	16.70%	
Entry and Walls/Beach Ball Maintenance	5,000	4,167	1,975	2,192	60.50%	
Miscellaneous Expense	3,000	2,500	228	2,272	92.40%	
Irrigation Maintenance	7,210	6,008	10,027	(4,019)	(39.07)%	
Contract Seasonal Maintenance Services	5,775	4,813	4,491	322	22.23%	
Oak Tree Trimming Services	8,000	6,667	3,816	2,850	52.29%	
Landscape Tree Services	12,500	10,417	8,159	2,258	34.72%	

See Notes to Unaudited Financial Statements

Irrigation Repairs	5,000	4,167	3,272	895	34.56%	
Palm Fertilization	100	83	0	83	100.00%	
Road & Street Facilities						
Street/Parking Lot Sweeping	11,500	9,583	10,308	(725)	10.36%	
Street Light Decorative Light Maintenance	8,050	6,708	2,035	4,673	74.72%	
Sidewalk Repair and Maintenance	10,300	8,583	244	8,339	97.63%	
Parking Lot Repair and Maintenance	5,000	4,167	5,481	(1,315)	(9.62)%	
Parks & Recreation						
Management Contract	11,408	9,507	9,507	0	16.66%	
Contingency						
Miscellaneous Contingency	 	1,431	 	1,193	 	0	 	1,193	 	100.00%	
Total Expenditures	 	336,036	 	282,491	 	274,536	 	7,955	 	18.30%	
Excess Of Revenue Over (Under) Expenditures	0	53,545	57,916	4,371	0.00%	
Exc. of Rev./Other Sources Over (Under)	0
Expend./Other Uses		53,545		57,916		4,371		0.00%	

Fund Balance, End of Period	 	0		
 	53,545		
 	57,916		
 	4,371		
 	0.00%	

See Notes to Unaudited Financial Statements

Revenues
Local Business Tax Revenue
Pier Park Occupational License Tax Revenue
Interest Earnings

1,119,936	541,613	1,297,831	756,218	(15.88)%

Interest Earnings	 	0	 	0	 	791	 	791	 	0.00%	
Total Revenues	 	1,119,936	 	541,613	 	1,298,622	 	757,009	 	(15.96)%	

Expenditures
Financial & Administrative
Accounting Services	11,000	9,167	9,187	(20)	16.48% Debt Service
Promissory Note Payment	800,000	275,000	256,876	18,124	67.89%	
Stormwater Control						
Lake/Pond Bank Maintenance	1,500	1,250	515	735	65.65%	
Aquatic Maintenance	2,220	1,850	1,851	(1)	16.62%	
Other Physical Environment						
General Liability Insurance	10,808	10,808	9,877	931	8.61%	
Landscape-Mulch	10,797	8,998	8,997	0	16.66%	
Oak Tree Trimming Services	5,000	4,167	1,684	2,483	66.32%	
Landscape Tree Services	13,035	10,863	10,863	0	16.66%	
Road & Street Facilities						
Street Light Decorative Light Maintenance	3,450	2,875	0	2,875	100.00%	
Parking Lot Repair and Maintenance	15,000	12,500	9,571	2,929	36.19%	
Street/Parking Lot Sweeping	10,500	8,750	7,616	1,134	27.46%	
Parks & Recreation						
Management Contract	25,922	21,602	21,601	0	16.66%	
Park Landscape Maintenance	41,357	34,464	34,464	0	16.66%	
Park Landscape Replacement Plants, Shrubs, Trees	4,000	3,333	322	3,012	91.95%	
Beachfront Improvement Landscape	4,090	3,408	3,408	(0)	16.66%	
Beachfront Improvement Landscape Replace	2,500	2,083	0	2,083	100.00%	
Park Restroom Maintenance Contract	18,500	15,417	15,327	89	17.14%	
Park Restroom Repairs and Maintenance	4,000	3,333	7,370	(4,036)	(84.23)%	
Beachfront Janitorial Service	35,000	29,167	30,934	(1,768)	11.61%	
Beachfront Janitorial Supplies	5,000	4,167	8,281	(4,114)	(65.61)%	
Beachfront Improvement Repair	10,000	8,333	0	8,333	100.00%	
Beachfront Improvement/Capital Improvement	8,000	6,667	0	6,667	100.00%	
Beachfront Improvement Electric Utility	4,500	3,750	2,544	1,206	43.46%	
Beachfront Improvement Water/Sewer	5,000	4,167	11,619	(7,452)	(132.37)%	
Beachfront Improvement Irrigation Repairs	2,000	1,667	0	1,667	100.00%	

See Notes to Unaudited Financial Statements

Park Irrigation Repairs and Maintenance	2,500	2,083	692	1,391	72.30%	
Park Irrigation Inspection Contract	5,408	4,507	4,507	0	16.66%	
Park Solid Waste Removal	2,500	2,083	1,904	179	23.83%	
Park Recreational Equipment	4,800	4,000	0	4,000	100.00%	
Contingency						
Miscellaneous Contingency	 	51,549		 	42,958		 	275		 	42,683		 	99.46%	
Total Expenditures	 	1,119,936		 	543,415		 	460,285		 	83,129		 	58.90%	
Excess Of Revenue Over (Under) Expenditures	0		(1,802)		838,337		840,139		0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
(1,802)		
838,337		
840,139		
0.00%	

Fund Balance, Beginning of Period										
	0		0		525,108		525,108		0.00%	
Fund Balance, End of Period	 	0		 	(1,802)		 	1,363,445		 	1,365,247		 	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 7/31/2019
(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	435,780	(229,229)	(34.47)%

Interest Earnings	0	3,079	3,079	0.00%	
Special Assessments					
Tax Increment Fund - Panama City Beach	 	470,000	 	462,487	 	(7,513)	 	(1.59)%	
Total Revenues	 	1,135,009	 	901,346	 	(233,663)	 	(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		 	(245,330)		 	(245,330)		 	0.00%	
Exc. Of Rev./Other Sources Over (Under) Expend./Other Uses	0		(245,330)		(245,330)		0.00%	

Fund Balance, Beginning of Period								
	0		248,340		248,340		0.00%	
Fund Balance, End of Period	 	0		 	3,010		 	3,010		 	0.00%	

See Notes to Unaudited Financial Statements

Pier Park CDD Investment Summary July 31, 2019

Balance as of
Account	Investment	July 31, 2019

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

$	3,037

The Park National Bank	Money Market	167,310

Total Special Revenue Fund Investments     $	170,347 

US Bank Series 2014 Interest	First American Treasury Obligation Fund Class Z	$	1,414
US Bank Series 2014 General	First American Treasury Obligation Fund Class Z	1,596

Total Debt Service Fund Investments     $	3,010 

Vendor Name		Invoice Date		Invoice Number		Invoice Description		Current Balance	

Gulf Power		
7/22/2019		
33633-67036 07/19		
600 Pier Park Dr. Celebration Tower 07/19		
118.28	
Hopping Green & Sams		7/23/2019		108730		General/Monthly Legal Services 06/19		687.50	
Gulf Power		7/25/2019		SB45751-38004 07/19		16200 Front Beach Road 07/19		1,666.04	
						
Total 001 - General Fund		
2,471.82	

Vendor Name	Invoice Date	Invoice Number	Invoice Description	Current Balance

Gulf Power	7/25/2019	SB45751-38004 07/19	16200 Front Beach Road 07/19
TEK Distributors, Inc.	7/25/2019	372699	Restroom Supplies 07/19

238.01

254.08

Total 100 - Special Revenue Fund - AB Park & Beachfront

492.09

Report Total	2,963.91

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	

Transfer From SRF for Debt Service	$0.00	3,010.03	
	Balance @ 07/31/19	3,010.03	

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

Balance Sheet

Trust statement activity has been recorded through 07/31/19.
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).