Pier Park Community Development District

Board of Supervisors February 25, 2025

District Office:
120 Richard Jackson Blvd, Suite 220 Panama City Beach, Florida 32407 850-334-9055

www.pierparkcdd.org

PIER PARK
COMMUNITY DEVELOPMENT DISTRICT
City of Panama City Beach City Hall
17007 Panama City Beach Parkway, Panama City Beach, Florida 32413

District Board of Supervisors    Chris Tilley, Sr.	Chairman
Marek Bakun	Vice Chairman
Chris Tilley, Jr.
Lee Ann Leonard	Assistant Secretary
Assistant Secretary	
Martin Horak	Assistant Secretary	
District Manager	Holly Bailey	Rizzetta & Company, Inc.	
District Counsel	Joseph Brown	Kutak Rock LLP	
District Engineer	Robert Carroll	McNeil Carroll Engineering, Inc.	

All cellular phones must be placed on mute while in the meeting room.

The Public Comment portion of the agenda is where individuals may make comments on any matters that concern the District. Individuals are limited to a total of three (3) minutes to make comments during this time.
Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting/hearing/workshop is asked to advise the District Office at least forty-eight (48) hours before the meeting/hearing/workshop by contacting the District Manager at (850) 334-9055. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) 1-800-955-8770 (Voice), who can aid you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting/hearing/workshop is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

PIER PARK COMMUNITY DEVELOPMENT DISTRICT
District Office  120 Richard Jackson Blvd, Suite 220, Panama City Beach, FL 32407 Mailing Address  3434 Colwell Avenue, Suite 200, Tampa, FL 33614 www.PierParkCDD.org

Board of Supervisors Pier Park Community Development District

February 18, 2025

Dear Board Members:

FINAL AGENDA

The regular meeting of the Board of Supervisors of the Pier Park Community Development District will be held on February 25, 2025, at 10:00 a.m. (CT) at the City of Panama City Beach City Hall, located at 17007 Panama City Beach Parkway, Panama City Beach, FL 32413. The following is the final agenda for the meeting:
CALL TO ORDER/ROLL CALL
PUBLIC COMMENT
BUSINESS ADMINISTRATION
Consideration of the Minutes of the Board of Supervisors’
Meeting held on November 20, 2024	Tab 1
Ratification of the Operation and Maintenance Expenditures
for the Months of October 2024 – January 2025	Tab 2
BUSINESS ITEMS
Ratification of the Chair’s Acceptance of the FY 2023
Financial Audit	Tab 3
Discussion of Event Parking
Discussion and Consideration of Proposal for Concrete
Sidewalk Repairs	Tab 4
STAFF REPORTS
District Counsel
2025 Rate Increase Letter Kutak Rock	Tab 5
District Engineer
District Manager
Presentation of District Manager’s Report
SUPERVISOR REQUESTS AND COMMENTS
ADJOURNMENT
We look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to call us at (407) 472-2471.
Very truly yours, Holly Bailey Holly Bailey
District Manager

Tab 1

1	MINUTES OF MEETING
2
Each person who decides to appeal any decision made by the Board with respect to
any matter considered at the meeting is advised that the person may need to ensure
that a verbatim record of the proceedings is made, including the testimony and
evidence upon which such appeal is to be based.
7
8	PIER PARK
9	COMMUNITY DEVELOPMENT DISTRICT
10
11	The regular meeting of the Board of Supervisors for Pier Park Community Development
12  District was held on Wednesday, November 20, 2024, at 10:00 a.m. (CT) at The Panama
13  City Beach City Hall located at 17007 Panama City Beach Parkway, Panama City Beach, FL
14  32413.
15
16  Present:
17
18	Chris Tilley Sr.	Board Supervisor, Chairman (Absent)
19	Marek Bakun	Board Supervisor, Vice Chairman
20	Chris Tilley Jr.	Board Supervisor, Assistant Secretary (via phone)
21	Lee Ann Leonard	Board Supervisor, Assistant Secretary
22	Martin Horak	Board Supervisor, Assistant Secretary
23
24  Also present were:
25
26	Holly Bailey	District Manager, Rizzetta & Company, Inc.
27	Joseph Brown	District Counsel, Kutak Rock, LLP (via phone)
28	James Snowden	District Property Manager
29	Robert Carroll	District Engineer, McNeil Carroll Engineering (Absent)
30	Audience	Present
31
32  FIRST ORDER OF BUSINESS	Call to Order
33
34	Ms. Bailey called the meeting to order at 10:06 a.m. (CDT) and conducted roll call,
35  confirming a quorum for the meeting.
36
37  SECOND ORDER OF BUSINESS	Audience Comments
38
39	Audience comments - None
40
41
42
43
44
45
46
THIRD ORDER OF BUSINESS	Consideration of Minutes of the Board of

Supervisors Meeting Held on July 30,
2024

On a Motion by Mr. Marek Bakun, seconded by Ms. Lee Ann Leonard, with all in favor, the Board approved the Minutes for the Meeting held on July 30, 2024, for Pier Park Community Development District.

50

51
52  FOURTH ORDER OF BUSINESS
53
54

Upon a Motion by Mr. Marek Bakun, seconded by Mr. Martin Horak, with all in favor, the Board ratified Operation and Maintenance Expenditures from the General fund for July 2024 in the amount of $27,426.58, August 2024 in the amount of $27,601.12 and September 2024 in the amount of $9,309.25, for Pier Park Community Development District.

55

Ratification of Operation and Maintenance Expenditures from the General Fund for the Months of July - September 2024

56
FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-01,
Redesignating a Public Depository for
Funds
60

On a Motion by Mr. Martin Horak, seconded by Ms. Lee Ann Leonard, with all in favor, the Board adopted Resolution 2025-01, Redesignating a Public Depository for Funds, for Pier Park Community Development District.

61

62
63
64
65  SIXTH ORDER OF BUSINESS	Staff Reports
66
A. District Counsel
No updates.
69
B. District Engineer
Not present.
72
C. Property Manager
No updates. Discussion on the light ensued by board members.
75

76	D. District Manager
77	No updates.
78
79
80  SEVENTH ORDER OF BUSINESS
81

Supervisor Requests and Comments

82	Mr. Marek Bakun spoke on the changes in the September revisions and gave

83	explanation of the PIPA.		
84			
85	EIGHTH ORDER OF BUSINESS	Adjournment	
86			
On a Motion by Mr. Martin Horak, seconded by Ms. Leonard, with all in favor, the Board	
adjourned the Meeting at 10:23 a.m. Central Time, for Pier Park Community Development	
	District.		

87		
88		
89		
90		
91		
92	 		
93	Secretary/Assistant Secretary	
94		
95		
96		
97		

 	
Chairman/Vice Chairman

Tab 2

Pier Park Community Development District

DISTRICT OFFICE · PANAMA CITY BEACH, FL 32407
Mailing Address · 3434 Colwell Avenue, Suite 200 · Tampa, Florida 33614 www.PierParkCDD.org

Operation and Maintenance Expenditures For Board Approval
October 2024

Attached please find the check register listing the Operation and Maintenance expenditures paid from October 1, 2024 through October 31, 2024. This does not include expenditures previously approved by the Board.

The total items being presented: $73,203.70

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Paid Operation & Maintenance Expenditures	
October 1, 2024 Through October 31, 2024	

Vendor Name		
Check Number 	
Invoice Number		
Invoice Description		
Invoice Amount	
City of Panama City Beach	20241017-1	Monthly Summary 10/24 ACH	Water Services 10/24	$	674.11	
Coastal Electric PC LLC	100314	1906	Electrical Services 08/24	$	1,262.96	
Dumpster Services, LLC	100315	12173	Street Sweeping Services 07/24	$	2,091.00	
Dumpster Services, LLC	100315	12384	Street Sweeping Services 08/24	$	1,906.50	
Eddie's Irrigation Services, LLC	100316	066274	Irrigation Repair 07/24	$	75.00	
Egis Insurance Advisors, LLC	100317	25297	General Liability/Property/POL Liability	$	22,706.00	
			Insurance FY 24/25			
Florida Department of	20241024-1	90377 ACH	Special District Fee FY 24/25	$	175.00	
Commerce						
Florida Power & Light Company 100324	Monthly Summary 09/24	Electric Services 09/24	$	1,247.73	
GreenEarth Southeast, LLC	100318	105282	Landscape Maintenance 08/24	$	12,460.92	
GreenEarth Southeast, LLC	100318	111537	Landscape Maintenance 09/24	$	12,460.91	
Rizzetta & Company, Inc.	100321	INV0000093699	District Management Fees 10/24	$	5,589.68	
Rizzetta & Company, Inc.	100323	INV0000093889	Assessment Roll 10/24	$	5,150.00	
Simon Property Group, Inc.	100319	201177	Management Services 07/24	$	3,110.80	

Paid Operation & Maintenance Expenditures
October 1, 2024 Through October 31, 2024

Vendor Name	 Check Number  Invoice Number	 Invoice Description	 Invoice Amount

Simon Property Group, Inc.	100319	201179	Management Services 09/24	
The Lake Doctors, Inc.	20241003-1	1933478 370	Monthly Lake Maintenance 08/24	
The Lake Doctors, Inc.	20241003-1	1933478-B 370	Monthly Lake Maintenance 08/24	
VGlobal Tech	100320	6494	ADA Website Maintenance 09/24	
Waste Pro - Panama City

Report Total	100322	0001481313	Waste Disposal Services 09/24	

$	3,110.80	
$	467.60	
$	200.40	
$	220.00	
$		294.29	

 $		
73,203.70	

Pier Park Community Development District

DISTRICT OFFICE · PANAMA CITY BEACH, FL 32407
Mailing Address · 3434 Colwell Avenue, Suite 200 · Tampa, Florida 33614 www.PierParkCDD.org

Operation and Maintenance Expenditures For Board Approval
November 2024

Attached please find the check register listing the Operation and Maintenance expenditures paid from November 1, 2024 through November 30, 2024. This does not include expenditures previously approved by the Board.

The total items being presented:  $49,645.08

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Vendor Name	 Check Number  Invoice Number	 Invoice Description	 Invoice Amount

City of Panama City Beach	20241119-1	Monthly Summary 11/24	Water Services 11/24	$	1,094.05	
Dumpster Services, LLC	100325	12608	Street Sweeping Services 09/24	$	1,783.50	
Florida Power & Light Company	100331	Monthly Summary 10/24	Electric Services 10/24	$	1,401.93	
Florida Select Tree Services, LLC	100329	INV-4977	Tree Trimming & Removal 09/24	$	15,000.00	
GreenEarth Southeast, LLC	100332	119281	Landscape Maintenance 10/24	$	12,460.92	
Kutak Rock, LLP	100326	3455043	Legal Services 07/24	$	1,985.76	
Kutak Rock, LLP	100326	3467552	Legal Services 09/24	$	4,456.00	
Rizzetta & Company, Inc.	100330	INV0000094517	District Management Fees 11/24	$	5,589.68	
Simon Property Group, Inc.	100333	201180	Management Services 10/24	$	3,110.80	
The Lake Doctors, Inc.	100327	1933478	Monthly Lake Maintenance 08/24	$	467.60	
The Lake Doctors, Inc.	100327	1933478-B	Monthly Lake Maintenance 08/24	$	200.40	
The Lake Doctors, Inc.	100327	1937184	Monthly Lake Maintenance 09/24	$	668.00	
The Lake Doctors, Inc.	100327	1944980	Monthly Lake Maintenance 10/24	$	668.00	

Vendor Name	 Check Number  Invoice Number	 Invoice Description	 Invoice Amount

VGlobal Tech	100328	6622	ADA Website Maintenance 10/24	$	220.00	
VGlobal Tech	100334	6702	ADA Website Maintenance 11/24	$	220.00	
Waste Pro - Panama City	100335	0001494629	Waste Disposal Services 10/24	$	318.44	

Report Total				
 $	49,645.08	

Pier Park Community Development District

DISTRICT OFFICE ꞏ PANAMA CITY BEACH, FL 32407
Mailing Address ꞏ 3434 Colwell Avenue, Suite 200 ꞏ Tampa, Florida 33614 www.PierParkCDD.org

Operation and Maintenance Expenditures For Board Approval
December 2024

Attached please find the check register listing the Operation and Maintenance expenditures paid from December 1, 2024 through December 31, 2024. This does not include expenditures previously approved by the Board.
The total items being presented: $42,052.20

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Pier Park Community Development District
Paid Operation & Maintenance Expenditures
December 1, 2024 Through December 31, 2024

& Frank CPA
City of Panama City Beach	20241219-1	Monthly Summary 12/24 ACH	09/30/23
Water Services 12/24	$	2,601.71	
Dumpster Services, LLC	100337	12839	Street Sweeping Services 10/24	$	1,906.50	
Eddie's Irrigation Services, LLC	100342	100924	Irrigation Repair 10/24	$	2,686.72	
Florida Power & Light Company	100343	Monthly Summary 11/24	Electric Services 11/24	$	1,396.91	
Florida Select Tree Services,	100344	INV-4988	Tree Trimming 10/24	$	5,500.00	
LLC
Gannett Florida LocaliQ	100347	0006819792	Account #523224 Legal Advertising	$	125.39	
GreenEarth Southeast, LLC	100345	122574	11/24
Event Labor - Pirated Festival 10/24	$	1,429.79	
GreenEarth Southeast, LLC	100345	122650	Landscape Maintenance 11/24	$	12,460.91	
GreenEarth Southeast, LLC	100345	122675	Event Labor - Ironman Event 11/24	$	500.00	
Martin Horak	100339	MH112024	Board of Supervisors Meeting	$	200.00	
Rizzetta & Company, Inc.	100336	INV0000095433	11/20/24
District Management Fees 12/24	$	5,589.68	
Simon Property Group, Inc.	100340	201181	Management Services 11/24	$	3,110.80	
Waste Pro - Panama City	100346	0001500909	Waste Disposal Services 11/24	 $	293.79 	

Report Total				
 $	42,052.20	

Vendor Name	 Check Number  Invoice Number	 Invoice Description	 Invoice Amount Berger, Toombs, Elam, Gaines		100341	369626		Audit Financial Statements FYE		$	4,250.00

Pier Park Community Development District

DISTRICT OFFICE ꞏ PANAMA CITY BEACH, FL 32407
Mailing Address ꞏ 3434 Colwell Avenue, Suite 200 ꞏ Tampa, Florida 33614 www.PierParkCDD.org

Operation and Maintenance Expenditures For Board Approval
January 2025

Attached please find the check register listing the Operation and Maintenance expenditures paid from January 1, 2025 through January 31, 2025. This does not include expenditures previously approved by the Board.

The total items being presented: $71,787.82

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Pier Park Community Development District

Paid Operation & Maintenance Expenditures	
January 1, 2025 Through January 31, 2025	

Vendor Name		
Check Number 	
Invoice Number		
Invoice Description		
Invoice Amount	

City of Panama City Beach	
20240122-1	
Monthly Summary 01.25	
Monthly Summary 01.25 Autopay	
$	
1,908.60	
		Autopay				
Coastal Electric PC LLC	100356	1938	Electrical Services 01/25	$	4,080.91	
Dumpster Services, LLC	100352	13029	Street Sweeping Services 11/24	$	1,845.00	
Dumpster Services, LLC	100357	13194	Street Sweeping Services 01/25	$	1,906.50	
Florida Power & Light Company 100353	24000-03642 Summary 12/24	24000-03642 Summary 12/24	$	1,634.50	
GreenEarth Southeast, LLC	100348	126845	Landscape Maintenance 12/24	$	12,460.91	
GreenEarth Southeast, LLC	100358	135828	Irrigation Repairs 12/24	$	496.14	
GreenEarth Southeast, LLC	100358	135829	Event Labor - New Year's Eve 12/24	$	1,824.00	
GreenEarth Southeast, LLC	100363	98705	Irrigation Maintenance 07/24	$	494.06	
GreenEarth Southeast, LLC	100363	111559	Pinestraw Installation 09/24	$	4,083.00	
GreenEarth Southeast, LLC	100363	97446 370	Landscape Maintenance 07/24	$	12,460.92	
GreenEarth Southeast, LLC	100364	134372	Landscape Maintenance 01/25	$	12,460.92	
Kutak Rock, LLP	100359	3512934	Legal Services 11/24	$	1,512.50	

Tab 3

Pier Park Community Development District ANNUAL FINANCIAL REPORT
September 30, 2023

Pier Park Community Development District	
ANNUAL FINANCIAL REPORT	
September 30, 2023	
TABLE OF CONTENTS	
Page Number	
REPORT OF INDEPENDENT AUDITORS	1-3	
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9	
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements: Statement of Net Position Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Special Revenue Fund	

10
11

12

13

14

15

16

17	
Notes to Financial Statements	18-29	

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	30-31
MANAGEMENT LETTER	32-34
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	35

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Pier Park Community Development District Panama City Beach, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Pier Park Community Development District (the “District”), as of and for the year ended September 30, 2023, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Pier Park Community Development District as of September 30, 2023, and the respective changes in financial position and the budgetary comparison for the General and Special Revenue Funds for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

- 1 -

To the Board of Supervisors
Pier Park Community Development District

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:

Exercise professional judgement and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

- 2 -

To the Board of Supervisors
Pier Park Community Development District

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated November 20, 2024 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Pier Park Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 20, 2024

- 3 -

Management’s discussion and analysis of Pier Park Community Development District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.
The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments and licenses and permits.
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment, culture/recreation and debt service.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including improvements other than buildings, and infrastructure are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long-lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are provided from the fund financial statements to the government-wide financial statements.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2023.

The District’s total assets were exceeded by total liabilities by $(9,576,922) (net position). Net investment in capital assets for the District was $(2,036,286). Restricted net position was $40,697 and unrestricted net position was $(7,581,333).

Governmental activities revenues totaled $2,128,256 while governmental activities expenses totaled $1,880,116.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position

Governmental Activities
		2023			2022	

Current assets Restricted assets Capital assets
Total Assets	
$	
238,594
195,291
       525,383 
       959,268 		
$	
737,993
188,011
       632,620 
     1,558,624 	
Current liabilities Non-current liabilities
Total Liabilities	981,190
	9,555,000 
	10,536,190 	1,048,686
	10,335,000 
	11,383,686 	
Net Position
Net investment in capital assets Restricted
Unrestricted
Total Net Position	

$	
(2,036,286)
40,697
     (7,581,333) 
(9,576,922)		

$	
(1,929,049)
34,169
     (7,930,182) 
(9,825,062)	

The decrease in current assets is related to the decrease in cash, which was the result of expenditures exceeding revenues at the fund level in the current year.

The decrease in current liabilities is related to the decrease in accounts payable in the current year.
The reduction in non-current liabilities is primarily the result of the principal payments on bonds payable in the current year.

The reduction in capital assets and net investment in capital assets is related to depreciation.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District (Continued)
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change In Net Position

	Governmental Activities	

Program Revenues Special assessments Contributions
General Revenues Licenses and permits Investment earnings
Total Revenues		    2023			    2022		
	$	815,052	$	670,210	
		22,803		331,686	
		1,277,882		2,372,903	
		     12,519 		      1,646 	
		   2,128,256 		   3,376,445 	
Expenses
General government Physical environment Culture/recreation Subordinated note payments Interest and other charges
Total Expenses	
165,775	
163,789	
	381,291	402,626	
	170,407	128,290	
	775,910	1,790,258	
		386,733 		413,134 	
		1,880,116 		2,898,097 	
Change in Net Position		248,140		478,348	
Net Position - Beginning of Year		(9,825,062)		(10,303,410)	
Net Position - End of Year	 $ 	(9,576,922)	 $ 	(9,825,062)	

The decrease in licenses and permits is the result of an decrease in license revenues collected in the current year.
The decrease in physical environment is related to the decrease in landscape, mulch and irrigation maintenance expenses in the current year.
The increase in culture/recreation is related to the increase in landscape and janitorial services expenses in the current year.
The decrease in subordinated note payments in the current year is related to the lower debt service payments.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30,
2023 and 2022:					
Governmental Activities	
Description		2023		2022	

Improvements other than buildings		$	477,089		$	477,089	
Infrastructure		2,084,580		2,084,580	
Less: accumulated depreciation			(2,036,286)			(1,929,049)	
Governmental Activities Capital Assets		 $	525,383 		 $	632,620 	

During the year, depreciation was $107,237.					
General Fund Budgetary Highlights					

The budgeted expenditures exceeded actual expenditures in the current year because legal fee and utility expenditures were less than anticipated.

The September 30, 2023 budget was not amended.
Debt Management

Governmental Activities debt includes the following:

In May 2014, the District issued $16,220,000 Series 2014 Capital Improvement Revenue Refunding Bonds. These bonds were issued to refund the Series 2002 Capital Improvement Revenue Bonds. As of September 30, 2023, the balance outstanding for the Series 2014 Bonds was $10,335,000.

For more information about long-term debt see the accompanying notes to financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Pier Park Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2024.
Request for Information

The financial report is designed to provide a general overview of Pier Park Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to Pier Park Community Development District’s Accounting Department at 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614.

Pier Park Community Development District	
STATEMENT OF NET POSITION	
September 30, 2023			

Governmental	
		Activities	
ASSETS			
Current Assets			
Cash	$	218,592	
Prepaid expenses		19,777	
Deposits		225 	
Total Current Assets		238,594 	
Non-Current Assets		
Restricted Assets			
Investments		195,291	
Capital Assets, Being Depreciated			
Improvements other than buildings		477,089	
Infrastructure		2,084,580	
Less: accumulated depreciation		(2,036,286)	
Total Non-Current Assets		720,674 	
Total Assets		959,268 	
LIABILITIES			
Current Liabilities			
Accounts payable and accrued expenses		46,596	
Bonds payable		780,000	
Accrued interest		154,594 	
Total Current Liabilities		981,190 	
Non-Current Liabilities		
Bonds payable		9,555,000 	
Total Liabilities		10,536,190 	
NET POSITION			
Net investment in capital assets		(2,036,286)	
Restricted for debt service		40,697	
Unrestricted		(7,581,333)	
Total Net Position	 $		(9,576,922)	

See accompanying notes to financial statements.

- 10 -

Pier Park Community Development District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2023

Net (Expenses)	
Revenues and	
Changes in	
     Program Revenues			Net Position		

Functions/Programs		
Expenses		Charges for
Services		Operating
Contributions		Governmental
Activities	
Governmental Activities									
General government		$	(165,775)		$	152,262		$	9,609		$	(3,904)	
Physical environment		(381,291)		208,293		13,145		(159,853)	
Culture/recreation		(170,407)		782		49		(169,576)	
Subordinated note payments		(775,910)		-		-		(775,910)	
Interest and other charges			(386,733)			453,715 			- 			66,982 	
Total Governmental Activities		 $	(1,880,116)		 $	815,052 		 $	22,803 		(1,042,261)	

General Revenues
Licenses and permits	1,277,882	
Investment income		12,519 	
Total General Revenues		1,290,401 	
Changes in Net Position	248,140	
Net Position - Beginning of Year		(9,825,062)	
Net Position - End of Year	 $	(9,576,922)	

See accompanying notes to financial statements.

- 11 -

Pier Park Community Development District BALANCE SHEET -
GOVERNMENTAL FUNDS
September 30, 2023

ASSETS	

	General		
Special
	Revenue		
Debt
	Service		Total Governmental
	Funds		
Cash	$	7,755	$	210,837	$	-	$	218,592	
Due from other funds	94,422	-	-	94,422	
Prepaid expenses	2,694	17,083	-	19,777	
Deposits	225	-	-	225	
Restricted assets					
Investments, at fair value		- 		- 		195,291 		195,291 	
Total Assets	 $	105,096 	 $	227,920 	 $	195,291 	 $	528,307 	

LIABILITIES AND FUND BALANCES LIABILITIES
Accounts payable and accrued expenses	$	14,031	$	32,565	$	-	$	46,596	
Due to other funds		- 		94,422 		- 		94,422 	
Total Liabilities		14,031 		126,987 		- 		141,018 	

FUND BALANCES
Nonspendable - prepaid expenses/deposits	2,919		17,083		-		20,002	
Restricted:								
Debt service	-		-		195,291		195,291	
Assigned special revenue	-		83,850		-		83,850	
Unassigned	88,146		-		-		88,146	
Total Fund Balances	91,065		100,933		195,291		387,289	

Total Liabilities and Fund Balances	
 $	105,096 		
 $	227,920 		
 $	195,291 		
 $	528,307 	

Pier Park Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2023

Total Governmental Fund Balances	$	387,289	
Amounts reported for governmental activities in the Statement of Net Position are different because:			
Capital assets, improvements other than buildings, $477,089, and infrastructure, $2,084,580, net of accumulated depreciation, $(2,036,286), used in governmental activities are not current financial resources, and therefore, are not reported at the fund level.		

525,383	
Long-term liabilities, bonds payable, are not due and payable in the current period, and therefore, are not reported at the fund level.		
(10,335,000)	
Accrued interest expense for long-term debt is not a current financial use, and therefore, is not reported at the fund level.		
    (154,594)	
Net Position of Governmental Activities	 $		(9,576,922)	

Pier Park Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES	
IN FUND BALANCES - GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2023	
					Total	
			Special	Debt	Governmental	
		General			Revenue			Service			Funds		
Revenues					
Special assessments	$	361,337	$	-	$	453,715	$	815,052	
Licenses and permits		-	583,915	693,967	1,277,882	
Developer contributions		34,774	-	-	34,774	
Investment income		- 		4,969 		7,550 		12,519 	
Total Revenues		396,111 		588,884 		1,155,232 		2,140,227 	
Expenditures						
Current						
General government		128,542	37,233	-	165,775	
Physical environment		175,844	98,210	-	274,054	
Culture/recreation		660	169,747	-	170,407	
Debt service						
Subordinated note payments		-	775,910	-	775,910	
Principal		-	-	750,000	750,000	
Interest		- 		- 		397,952 		397,952 	
Total Expenditures		305,046 		1,081,100 		1,147,952 		2,534,098 	
Net Change in Fund Balance		91,065	(492,216)	7,280	(393,871)	
Fund Balances - Beginning of Year		- 		593,149 		188,011 		781,160 	
Fund Balances - End of Year	 $	91,065   $	100,933   $	195,291 	 $	387,289 	

See accompanying notes to financial statements.

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2023

Net Change in Fund Balances - Total Governmental Funds	$	(393,871)	
Amounts reported for governmental activities in the Statement of Activities are different because:			
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount of depreciation in the current period.		

(107,237)	
Repayments of bond principal are expenditures at the fund level, but the repayment reduces long-term liabilities at the government-wide level.		
750,000	
Unavailable revenues are recognized as deferred inflows of resources at the fund level, however, revenues are recognized when earned at the government-wide level. This is the current year change.		

(11,971)	
In the Statement of Activities, interest is accrued on outstanding bonds; whereas at the governmental funds level, interest expenditures are reported when due. This is the change in accrued interest in the current period.		

      11,219 	
Change in Net Position of Governmental Activities	 $		248,140 	

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2023

Variance with

Revenues
Special assessments Developer contributions
Total Revenues			Final Budget	
		Original	Final	Positive	
		Budget	Budget	Actual	(Negative)	
	
$	
360,364	
$	360,364	$	361,337	$	973	
		        - 		-  	34,774  	34,774 	
		    360,364 		360,364  	396,111  	35,747 	
Expenditures Current
General government Physical environment Culture/recreation	

136,301		

136,301		

128,542		

7,759	
	212,313		212,313		175,844		36,469	
		11,750 			11,750 			660 			11,090 	
Total Expenditures		360,364 			360,364 			305,046 			55,318 	
Net Change in Fund Balances		-		-		91,065		91,065	
Fund Balances - Beginning of Year		- 			- 			- 			- 	
Fund Balances - End of Year	 $		- 	 $	-   $	91,065   $	91,065 	

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - SPECIAL REVENUE FUND
For the Year Ended September 30, 2023

								Variance with	
								Final Budget	
	Original			Final				Positive	
	Budget			Budget		Actual		(Negative)	
Revenues									
Licenses and permits	$	334,366		$  334,366		$	583,915		$	249,549	
Investment income		- 			- 			4,969 			4,969 	
Total Revenues	334,366		334,366		588,884		254,518	

Expenditures									
Current									
General government	11,377		11,377		37,233		(25,856)	
Physical environment	104,282		104,282		98,210		6,072	
Culture/recreation	218,707		218,707		169,747		48,960	
Debt service									
Subordinated note payments		- 			- 			775,910 			(775,910)	
Total Expenditures		334,366 			334,366 			1,081,100 			(746,734)	
Net Change in Fund Balances		-		-		(492,216)		(492,216)	
Fund Balances - Beginning of Year		-		-		593,149		593,149	

Fund Balances - End of Year	
 $		
- 		
 $	- 		
 $	100,933 		
 $	100,933 	

The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on March 22, 2001, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), by Panama City Beach Ordinance #716 as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Pier Park Community Development District. The District is governed by a five member Board of Supervisors who are elected on an at large basis by landowners within the District. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Pier Park Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth by the Governmental Accounting Standards Board, the District has identified no component units.
Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements
Fund financial statements
Notes to financial statements

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government- wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are supported by special assessments, licenses and permits, developer contributions and interest. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.
Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.
The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.
Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.
Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter, to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long- term debt are recorded as an other financing source rather than as a fund liability.
Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Special Revenue Fund – The Special Revenue Fund accounts for the operation of park and beachfront improvements.
Debt Service Fund – Accounts for debt service requirements to retire the special assessment bonds which were used to finance the construction of District infrastructure improvements. The bonds are secured by a first lien on and pledge of the Special Assessment Revenues and pledged Funds.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and improvements, and non-current governmental liabilities, such as general obligation bonds and due to developer be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments
Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

Assets, Liabilities, and Net Position or Equity (Continued)
Cash and Investments (Continued)
Cash equivalents include time deposits and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.
Restricted Net Position
Certain net position of the District is classified as restricted on the statement of net position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted net position, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.
Capital Assets
Capital assets, which include improvements other than buildings and infrastructure, are reported in the governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows.
Infrastructure	25 years
Improvements other than buildings	20 years

4. Assets, Liabilities, and Net Position or Equity (Continued)

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget columns of the accompanying financial statements may occur.
NOTE B – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk; however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2023, the District's bank balance was $227,597 and the carrying value was $218,592. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

Investments

As of September 30, 2023, the District had the following investments and maturities:

	Investment			Maturities			Fair Value		
First American Treasury Obligation	15 Days*	 $		195,291 	
*Weighted average maturity				

The District categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most realizable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtained quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances which includes the District's own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investment listed above is a Level 1 asset. Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk

The District's investments in treasury obligations are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2023, the District’s investments in First American Treasury Obligation was rated AAAm by Standard & Poor’s.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in First American Treasury Obligation were 100% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2023 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE C – CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2023 was as follows:

Balance				Balance	
	October 1,			September 30,	
		2022			Additions		 Disposals  		2023		
Governmental activities:				
Capital assets, being depreciated:							
Improvements other than buildings	$	477,089	$	-	$	-	$	477,089	
Infrastructure		2,084,580 		- 		-  		2,084,580 	
Total Capital Assets, Being Depreciated		2,561,669 		- 		-  		2,561,669 	
Less accumulated depreciation for:							
Improvements other than buildings		(429,102)		(23,854)	-	(452,956)	
Infrastructure		(1,499,947)		(83,383)		-  		(1,583,330)	
Total Accumulated Depreciation		(1,929,049)		(107,237)		-  		(2,036,286)	
Total Capital Assets Depreciated, Net	 $		632,620 	 $		(107,237)	 $	-   $	525,383 	
Current year depreciation of $107,237 was charged to physical environment.
NOTE D – LONG-TERM DEBT
Governmental Activities
The following is a summary of activity for long-term debt of the Governmental Activities for the year ended September 30, 2023:

Long-term debt at October 1, 2022	$	11,085,000	
Principal payments		(750,000)	
Long-term debt at September 30, 2023	$	10,335,000	
Long-term debt for Governmental Activities is comprised of the following:		
Capital Improvement Revenue Refunding Bonds		
$16,220,000 Series 2014 Capital Improvement Revenue and Refunding Bonds are due in annual principal installments beginning May 2015 maturing May 2034. Interest of 3.59% is
due semiannually in May and November beginning November 2014. Current portion is $780,000.	

$	10,335,000	

NOTE D – LONG-TERM DEBT (CONTINUED)
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2023 are as follows:
Year Ending
  September 30, 		Principal			Interest			Total		
2024	$	780,000	$	371,026	$	1,151,026	
2025	810,000	343,025	1,153,025	
2026	840,000	313,946	1,153,946	
2027	870,000	283,789	1,153,789	
2028	900,000	252,557	1,152,557	
2029-2033	5,020,000	753,542	5,773,542	
2034		1,115,000 		40,029 		1,155,029 	
Totals	 $	10,335,000 	 $	2,357,914 	 $	12,692,914 	
Significant Bond Provisions
The Trust Indenture established certain restrictions relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agreed to levy special assessments in annual amounts adequate to provide payment of debt service. The District is in compliance with the requirements of the Bond Indenture.
The District has entered into a Public Improvement Partnership Agreement (the “Agreement”) with the CRA whereby the CRA has agreed to transfer to the trustee on or before January 31 of each year, for as long as the Bonds are outstanding, certain tax increment revenues as defined in the Bond Indenture for payment of debt service on the Bonds. In accordance with the Agreement, the District received $441,744 in tax increment revenues during the fiscal year ended September 30, 2023.

Pursuant to the Agreement, the City has also pledged certain occupational license revenues to the District. During the fiscal year ended September 30, 2023, the District recognized
$1,277,882 of occupational license tax revenues from the City. The revenues are to be used in the following order:
Payment of debt service on the Bonds.
Payment of certain maintenance costs within the District.
Repayment of subordinated notes to the Developers.

NOTE E – SUBORDINATED NOTES
As part of the Public Improvement Partnership Agreement, the District and the Developers have entered into several contingent subordinated notes. During the year ended September 30, 2023, the District did not issue any new notes and repaid $775,910 on the contingent notes. These amounts have been recorded as Developer contributions in prior years and relate to maintenance costs and debt service contributions. Repayment of these notes can only be made if the occupational license revenues pledged by the City exceed certain maintenance and debt service obligations. In that event, it is possible that the Developers would receive certain amounts as repayment of these subordinated notes. Because of the uncertainty surrounding repayment of these amounts, no liability has been recorded in the accompanying financial statements at September 30, 2023.

NOTE F – INTERFUND BALANCES
Interfund balances at September 30, 2023, consisted of the following:

Payable Fund
Receivable Fund	Special Revenue Fund
	
General Fund	$	94,222

Interfund balances at year end relate to the General Fund paying certain amounts on the behalf of the Special Revenue Fund.

NOTE G – RELATED PARTY TRANSACTIONS
The Developers have agreed to fund the General Fund operations of the District. In connection with the agreement, the Developers’ contributions to the General Fund totaled $34,774 for the year ended September 30, 2023. The Developers have also agreed to fund the debt service requirements on the bonds, which are not paid through special assessments nor another designated source of revenue. Developer contributions to the Debt Service Fund were not needed for the current year as other revenue sources were sufficient to fund the debt service payments. At September 30, 2023, three of the board members were affiliated with the Developer, two of which are immediate family members.

NOTE H – ECONOMIC DEPENDENCY

A significant portion of the District's activity is dependent upon continued involvement of the Developers, the loss which could have a material adverse effect on the District's operations. At September 30, 2023, the Developers owned a significant amount of the assessable property located within the District's boundaries.

NOTE I – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Pier Park Community Development District Panama City Beach, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Pier Park Community Development District, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated November 20, 2024.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Pier Park Community Development District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Pier Park Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Pier Park Community Development District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.

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To the Board of Supervisors
Pier Park Community Development District

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Pier Park Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 20, 2024

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MANAGEMENT LETTER

To the Board of Supervisors
Pier Park Community Development District Panama City Beach, Florida
Report on the Financial Statements
We have audited the financial statements of the Pier Park Community Development District as of and for the year ended September 30, 2023, and have issued our report thereon dated November 20, 2024.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated November 20, 2024, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. The following finding or recommendation was made in the preceding financial audit report.
Finding 2022-01
Finding: Actual expenditures exceeded budgeted amounts for the Special Revenue Fund for the year ended September 30, 2022.
Management Response: We will add procedures to ensure that an over expenditure does not happen in the future.
Current Status: The finding was not corrected in the current fiscal year.

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To the Board of Supervisors
Pier Park Community Development District
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Pier Park Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Pier Park Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Pier Park Community Development District. It is management’s responsibility to monitor the Pier Park Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2023.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c) and Section 218.32(1)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Pier Park Community Development District reported:
The total number of District employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation, defined as individuals or entities that receive 1099s, was paid in the last month of the District’s fiscal year: 1
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0
All compensation earned by or awarded to nonemployee independent contractors, defined as entities or individuals that receive 1099s, whether paid or accrued, regardless of contingency: $37,999
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2022, together with the total expenditures for such project: N/A
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.

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To the Board of Supervisors
Pier Park Community Development District
As required by Section 218.39(3)(c) and Section 218.32(1)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Pier Park Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: The District direct assessed the Developers were $27 per square foot for the General Fund and $.33 per square foot for Debt Service.
The amount of special assessments collected by or on behalf of the District: $815,052.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Series 2014, $10,335,000 matures May 2034.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we noted the following finding.
Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 20, 2024

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
Pier Park Community Development District Panama City Beach, Florida

We have examined Pier Park Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2023. Management is responsible for Pier Park Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Pier Park Community Development District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Pier Park Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Pier Park Community Development District's compliance with the specified requirements.

In our opinion, Pier Park Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2023.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 20, 2024

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Tab 4

3601 East 11th Street Panama City, Florida 32401 (850) 624-9217 Phone

January 20, 2025

Simon Property Group, Inc. 600 Pier Park Drive, Suite 125 Panama City Beach, FL 32413 Attention: James/Chris

Re: 2025 Concrete Sidewalk Repairs
We propose to demo and remove concrete from all damaged areas, then form and replace the sidewalk with concrete of the appropriate thickness (4" & 6") and finish. ADA mats (detectable warnings) will be installed at required locations in accordance with FDOT standards. Additionally, we will remove and reinstall ADA brick pavers at two locations where trip hazards are present, ensuring proper compaction during the process.

Item #	Item Description	~Qty	Unit	Unit Cost	Total Cost	
1	Conc. Sidewalk	5,086	SF	$15.95	$81,121.70	
This proposal is a unit price quote, Meaning the pricing is based on the cost per unit of each item provided. All quantities are
approximate and may vary due to several factors.	$81,121.70	

Thank you for the opportunity to quote you on this work. If you have any questions, please call me at (850) 258-1345.

Sincerely,

William Nixon
Tightline Construction, Inc.

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Tab 5

Kutak Rock LLP
107 West College Avenue, Tallahassee, FL 32301-7707
office 850.692.7300

Joseph A. Brown
850.692.7303
Joseph.Brown@kutakrock.com

January 23, 2025
Pier Park Community Development District c/o Holly Bailey, District Manager
Rizzetta & Company, Inc.
120 Richard Jackson Blvd., Suite 200
Tampa, Florida 33614

Re:	2025 Rate Increase

Dear Ms. Bailey,
Since our firm was retained, we have charged Pier Park Community Development District (“the District”) fees at an hourly rate for the provision of legal services. Section IV.B. of the fee agreement in place between my firm and the District contemplates adjustments to the hourly rates from time to time after an annual evaluation by our firm. For the many years I have provided legal services to the District, I have kept my rates at very substantial discounts in consideration of a long, and valued, attorney-client relationship. However, at this time I am requesting that the District consider approving an increase in my rates to a level more in line with the rates I currently charge for similar services to other clients. In 2024, my hourly rate was $275 for the District. I am requesting the District’s Board of Supervisors consider an increase to $350 per hour. Based on my current expectations of the District’s need for legal services, I do not expect this increase to have a significant impact on the District’s budget, absent unusual or unforeseen items arising. I request this change be made effective upon Board approval. Rates applicable for associate, paralegal, or other attorney services will continue to be charged in accordance with the terms of the existing fee agreement.

We welcome the opportunity to discuss this proposal with you further. If you have any questions, please feel free to call.
Very truly yours,

Joseph A. Brown

Accepted:

Chris Tilley, Board of Supervisors

4935-5783-1439.1