Pier Park Community Development District ANNUAL FINANCIAL REPORT
September 30, 2024

Pier Park Community Development District ANNUAL FINANCIAL REPORT
September 30, 2024 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	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – Special Revenue Fund	17
Notes to Financial Statements	18-28
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	29-30
MANAGEMENT LETTER	31-33
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	34

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, 2024, 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, 2024, 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 (Government Auditing Standards). 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.
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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.

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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 June 17, 2025 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 June 17, 2025

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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 and Special Revenue Funds. 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 capital assets, 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 capital improvement revenue 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, 2024.

The District’s total assets were exceeded by total liabilities by $(8,823,606) (net position). Net investment in capital assets for the District was $(2,143,523). Unrestricted net position was $(6,680,083).

Governmental activities revenues totaled $1,742,526 while governmental activities expenses totaled $989,210.

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
	2024		2023	

Current assets	
$	401,701		
$	238,594	
Restricted assets	121,677		195,291	
Capital assets		418,146 			525,383 	
Total Assets		941,524 			959,268 	
Current liabilities	1,020,130		981,190	
Non-current liabilities		8,745,000 			9,555,000 	
Total Liabilities		9,765,130 			10,536,190 	

Net Position				
Net investment in capital assets	(2,143,523)	(2,036,286)	
Restricted	-	40,697	
Unrestricted		(6,680,083)		(7,581,333)	
Total Net Position	 $	(8,823,606)		 $	(9,576,922)	

The increase in current assets is related to the increase in cash balances at year end.

The decrease in restricted assets is due to the decrease in investment balances at year end.

The increase in current liabilities is primarily related to the increase 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	
		Government
	2024		al Activities	
	2023		
Program Revenues			
Charges for services	$	867,711	$	815,052	
Operating grants and contributions	610,550	22,803	
General Revenues			
Licenses and permits	242,958	1,277,882	
Investment earnings		21,307 		12,519 	
Total Revenues		1,742,526 		2,128,256 	
Expenses			
General government	175,327	165,775	
Physical environment	329,721	381,291	
Culture/recreation	124,803	170,407	
Subordinated note payments	-	775,910	
Interest and other charges		359,359 		386,733 	
Total Expenses

Change in Net Position		989,210 

753,316		1,880,116 

248,140	
Net Position - Beginning of Year		(9,576,922) 		(9,825,062) 	
Net Position - End of Year	 $ (8,823,606) 	 $ (9,576,922) 	

The increase in charges for services is related to the increase in special assessments in the current year.

The increase in operating grants and contributions and decrease in licenses and permits is primarily due to a change in the reporting of revenues, in addition to the decrease in license revenues collected in the current year.
The decrease in physical environment and culture/recreation is related to the decrease in beachfront expenses in the current year.
The decrease in subordinated note payments is related to the note being paid off in the prior year.

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, 2024 and 2023:

	Governmental Activities		
 Description	
Improvements other than buildings	
$	   2024	
477,089	
$	   2023	
477,089	
Infrastructure		2,084,580		2,084,580	
Less: accumulated depreciation		(2,143,523)		(2,036,286)	
Governmental Activities Capital Assets	 $		418,146 	 $		525,383 	

During the year, depreciation was $107,237.

General Fund Budgetary Highlights

The General Fund budgeted expenditures exceeded actual expenditures in the current year because use of reserves, and landscape maintenance and utility expenditures were less than anticipated.

The September 30, 2024 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, 2024, the balance outstanding for the Series 2014 Bonds was $9,555,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Pier Park Community Development District expects reduced beachfront expenditures for the fiscal year 2025, as the maintenance responsibilities were transferred to the City in the current fiscal year.
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.

ASSETS
Current Assets Cash

Governmental Activities

$	398,782

Prepaid expenses	2,694
Deposits		225 
Total Current Assets		401,701 
Non-Current Assets Restricted Assets
Investments	121,677
Capital Assets, Being Depreciated
Improvements other than buildings	477,089	
Infrastructure	2,084,580	
Accumulated depreciation		(2,143,523)	
Total Non-Current Assets		539,823 	
Total Assets		941,524 	

LIABILITIES
Current Liabilities
Accounts payable and accrued expenses	67,203
Bonds payable	810,000
Accrued interest		142,927 
Total Current Liabilities		1,020,130 
Non-Current Liabilities
Bonds payable		8,745,000 
Total Liabilities		9,765,130 

NET POSITION		
Net investment in capital assets	(2,143,523)	
Unrestricted		(6,680,083)	
Total Net Position	 $	(8,823,606)	

See accompanying notes to financial statements.

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Pier Park Community Development District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2024

						Net (Expenses)	
						Revenues and	
						Changes in	
				Program Revenues		Net Position	
				Operating			
				Charges for	Grants and		Governmental	
Functions/Programs

Governmental Activities	Expenses	Services	Contributions		Activities	
General government	$	(175,327)		$	165,825	$	-		$	(9,502)	
Physical environment		(329,721)		244,050	-		(85,671)	
Culture/recreation		(124,803)		10,250	-		(114,553)	
Interest and other charges		(359,359)		447,586  	610,550 			698,777 	
Total Governmental Activities	 $		(989,210)		 $	867,711   $	610,550 		489,051	
				 
General Revenues			
				Licenses and permits		242,958	
				Investment income			21,307 	
				Total General Revenues			264,265 	
				Changes in Net Position		753,316	
				Net Position - Beginning of Year

Net Position - End of Year			(9,576,922)	
						 $	(8,823,606)	

See accompanying notes to financial statements.

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Pier Park Community Development District BALANCE SHEET -
GOVERNMENTAL FUNDS
September 30, 2024

ASSETS

General	Debt Service	Total Governmental
Funds	

$	398,782		
$	-		
$	398,782	
2,694		-		2,694	
225		-		225	
-		121,677		121,677	
$	401,701		$	121,677		$	523,378	

Cash
Prepaid expenses Deposits Restricted assets
Investments Total Assets

LIABILITIES AND FUND BALANCES LIABILITIES
Accounts payable and accrued expenses

$	67,203	$

-	$	67,203

FUND BALANCES
Nonspendable - prepaid expenses/deposits		2,919			-			2,919	
Restricted:									
Debt service		-			121,677			121,677	
Unassigned		331,579			-			331,579	
Total Fund Balances		334,498			121,677			456,175	

Total Liabilities and Fund Balances	
$	
401,701		
$	
121,677		
$	
523,378	

Pier Park Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2024

Total Governmental Fund Balances	$	456,175

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, $(2,143,523), used in governmental activities are not current financial resources, and therefore, are not reported at the fund level.

418,146

Long-term liabilities, bonds payable, are not due and payable in the
current period, and therefore, are not reported at the fund level.	(9,555,000)

Accrued interest expense for long-term debt is not a current financial use, and therefore, is not reported at the fund level.

(142,927)

Net Position of Governmental Activities	$	(8,823,606)

Pier Park Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GOVERNMENTAL FUNDS
For the Year Ended September 30, 2024

Revenues	

General		
Special Revenue		
Debt Service		Total Governmental Funds	
Special assessments	$	420,125		$	-		$	447,586		$	867,711	
Intergovernmental revenues	-		-		610,550		610,550	
Licenses and permits	-		242,958		-		242,958	
Investment income	-		2,031		19,276		21,307	
Total Revenues	420,125		244,989		1,077,412		1,742,526	

Expenditures Current
General government	138,193		37,134		-		175,327	
Physical environment	203,383		34,325		-		237,708	
Culture/recreation Debt service
Principal	8,542

-		116,261

-		-

780,000		124,803

780,000	
Interest	-		-		371,026		371,026	
Total Expenditures	350,118		187,720		1,151,026		1,688,864	
Excess of revenues over/(under) expenditures	

70,007		

57,269		

(73,614)		

53,662	
Other Financing Sources/(Uses) Insurance proceeds	

15,224		

-		

-		

15,224	
Transfers in	158,202		-		-		158,202	
Transfers out	-		(158,202)		-		(158,202)	
Total Other Financing Sources/(Uses)	173,426		(158,202)		-		15,224	

Net Change in Fund Balances	
243,433		
(100,933)		
(73,614)		
68,886	
Fund Balances - Beginning of Year	91,065		100,933		195,291		387,289	

Fund Balances - End of Year	
$	334,498		
$	-		
$	121,677		
$	456,175	

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, 2024

Net Change in Fund Balances - Total Governmental Funds	$	68,886

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.	
780,000	
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.	

11,667	

Change in Net Position of Governmental Activities	
$	753,316	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2024

Revenues

Variance with Final Budget
Original		Final			Positive Budget	Budget	Actual	(Negative)

Special assessments

$	414,419	$

414,419

$	420,125	$

5,706

Expenditures
Current		
General government	149,515	149,515		138,193		11,322	
Physical environment	235,142	235,142		203,383		31,759	
Culture/recreation	29,762	29,762		8,542		21,220	
Total Expenditures	414,419	414,419		350,118		64,301	

Excess of revenues over/(under)							
expenditures	-	-		70,007		70,007	

Other Financing Sources/(Uses)							
Insurance proceeds	-	-	15,224	15,224	
Transfers in	-	-	158,202	158,202	
Total Other Financing Sources/(Uses)	  
-	-	173,426		173,426	

Net Change in Fund Balances	  

-	-	243,433		
243,433	
Fund Balances - Beginning of Year	-	-	91,065		91,065	

Fund Balances - End of Year	  

$	-	$	-	$	334,498		
$	334,498	

See accompanying notes to financial statements.

Pier Park Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN	
FUND BALANCES - BUDGET AND ACTUAL - SPECIAL REVENUE FUND	
For the Year Ended September 30, 2024	

Revenues

Original Budget	

Final Budget	

Actual	Variance with Final Budget Positive
(Negative)	

Licenses and permits	$	450,824	$  450,824	$	242,958	$	(207,866)	
Investment income	-		-		2,031		2,031	
Total Revenues	450,824		450,824		244,989		(205,835)	

Expenditures Current
General government	38,077		38,077		37,134		943	
Physical environment	104,521		104,521		34,325		70,196	
Culture/recreation	308,226		308,226		116,261		191,965	
Total Expenditures	450,824		450,824		187,720		263,104	

Excess of revenues over/(under)	
-		
-		
57,269		
57,269	
expenditures

Other Financing Sources/(Uses)
Transfers out	-	-	(158,202)	(158,202) Net Change in Fund Balances	-	-	(100,933)	(100,933) Fund Balances - Beginning of Year	-	-		100,933		100,933

Fund Balances - End of Year

$	-	$

-	$	-	$	-

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, 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 accounted for the operation of park and beachfront improvements. The Special Revenue Fund closed in the current year.
Debt Service Fund – Accounts for debt service requirements to retire the capital improvement revenue 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 capital assets, and non-current governmental liabilities, such as capital improvement revenue bonds, 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, special revenue, 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, 2024, the District's bank balance was $700,400 and the carrying value was $398,782. 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, 2024, the District had the following investments and maturities:

	Investment			Maturities			Fair Value	
First American Treasury Obligation	31 Days*	 $	121,677 	
*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 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, 2024, 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, 2024 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.

Pier Park Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2024

NOTE C – CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2024 was as follows:

Balance	Balance
October 1,	September 30,
	2023	 	Additions	  Disposals  	2024	
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	

(452,956)	

(23,854)	

-	

(476,810)	
Infrastructure		(1,583,330)		(83,383)		- 		(1,666,713)	
Total Accumulated Depreciation		(2,036,286)		(107,237)		- 		(2,143,523)	
Total Capital Assets Depreciated, Net	 $	525,383 	 $	(107,237)	 $	- 	 $	418,146 	
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, 2024:

Long-term debt at October 1, 2023	$	10,335,000	
Principal payments		(780,000)	
Long-term debt at September 30, 2024	$	9,555,000	
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 $810,000.	

$	9,555,000	

Pier Park Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2024 NOTE D – LONG-TERM DEBT (CONTINUED)
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2024 are as follows:

Year Ending							
  September 30, 

2025		Principal			Interest			Total		
	$	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		935,000		220,247		1,155,247	
2030-2034

Totals		5,200,000 		573,324 		5,773,324 	
	 $		9,555,000 	 $		1,986,888 	 $		11,541,888 	
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 $610,550 in tax increment revenues during the fiscal year ended September 30, 2024.

Pursuant to the Agreement, the City has also pledged certain occupational license revenues to the District. During the fiscal year ended September 30, 2024, the District recognized $242,958 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.

Pier Park Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2024 NOTE E – SPECIAL ASSESSMENT REVENUES
Assessment revenues recognized for the 2023-2024 fiscal year were levied in October 2023. All taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes, discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount.
All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at fiscal year end.
NOTE F – INTERFUND TRANSFERS

Interfund transfers for the year ending September 30, 2024, consisted of the following:

Transfers out	

Transfers in	Special Revenue Fund
	
General Fund	$	158,202	

Interfund transfers relate to the closing of the Special Revenue Fund by the direction of the Board of Supervisors.
NOTE G – ECONOMIC DEPENDENCY

A significant portion of the District’s activity is dependent upon continued involvement of the Developers, the loss of which could have a material adverse effect on the District’s operations. At September 30, 2024, the Developers owned a significant amount of the assessable property located within the District’s boundaries. As of September 30, 2024, three of the board members were affiliated with the Developer, two of which are immediate family members.
NOTE H – 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, 2024, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated June 17, 2025.

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 June 17, 2025

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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, 2024, and have issued our report thereon dated June 17, 2025.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; 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 Reports and Schedule
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 that report, which is dated June 17, 2025, 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 made to address findings and recommendations made in the preceding financial audit report. The following finding 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 and September 30, 2023.
Current Status: The finding was 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, requires 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 the Pier Park Community Development District has not met one 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 conditions assessment procedures as of September 30, 2024 for the 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.
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 below was provided by management and has not been audited by us; therefore, we do not express an opinion or provide any assurance on the information.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, 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, defined as individuals or entities that receive 1099s, to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 0
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, whether paid or accrued, regardless of contingency: $38,048
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, 2023, 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 Board did not amend the budget.

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To the Board of Supervisors
Pier Park Community Development District
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, 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:
$0.31 per square foot for the General Fund and $0.33 per square foot for the Debt Service Fund.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $867,711.
The total amount of outstanding bonds issued by the District and the terms of such bonds are as follows: $9,555,000 Series 2014 Bonds due on May 1, 2034 at a fixed interest rate of 3.59%.

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 fraud, waste, or abuse, that has occurred or is likely to have occurred, that has an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.
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 June 17, 2025

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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, 2024. 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, 2024.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2025

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