The Pier Park Community Development District (“District”) is authorized to determine, order, levy, impose, collect, and enforce special assessments pursuant to this Chapter 190 and Chapter 170 of the Florida Statues. Such special assessments may, in the discretion of the District, be collected and enforced pursuant to the provisions of ss. 197.3631, 197.3632, and 197.3635, Chapter 170, or Chapter 173.
District Budget Information
The budget is a financial plan that serves as the basis for expenditure decision-making and subsequent control of expenditures. The plan strives to provide program services at the levels of service established by the Board during the budget process. However, the budget must also be flexible enough to account for unexpected events and expenditures. Otherwise, levels of service in other program areas may suffer to operate within the constraints of the overall budget. The District’s budget consists of two primary components: an annual operation and maintenance budget (“O&M Budget”); and a debt service budget (“Debt Service Budget”) related to repayment of bonds issued to finance construction of public infrastructure within the District.
The O&M Budget deals with the day in, day out needs of the District for the administration and operation of the District’s facilities and infrastructure. The District follows the budgeting process proscribed by section 190.008,Florida Statutes.
As part of this process, the District must annually adopt a proposed O&M Budget prior to June 15th and transmit the same to the Clerk of the Board of County Commissioners of Bay County, Florida. After a minimum of 60 days after the submittal to the County, the District must conduct at least one public hearing to allow for public comment and testimony relating to the proposed O&M Budget. After the public hearing, the Board of Supervisors may adopt the O&M Budget.
The District’s Debt Service Budget is based on the annual principal and interest installments due according to the amortization schedule for its Capital Improvement Revenue Refunding Bonds, Series 2014 (“Series 2014 Bonds”), and is not subject to annual adjustment. The Series 2014 Bond proceeds were utilized to refund and defease the 2002-1 Bond, which was originally issued to finance the construction and/or acquisition of public improvements that provide special benefit to the property within the District. The Series 2014 Bond will mature in 2034.
Funding of Annual Operation & Maintenance Budget
The District currently funds its annual O&M Budget through two revenue streams. First, the District has an annual funding agreement with the Pier Park Property Owner’s Association (“POA”) that provides for funding from the POA sufficient to cover expenses incurred by the District under the general fund component of the approved annual O&M Budget. Second, the District an agreement with the City of Panama City Beach under which the City remits to the District certain occupational license tax revenues that are used to fund operation and maintenance of Aaron Bessant Park and certain beachfront improvements. The District does not otherwise impose or collect any taxes, fees, assessments, or charges related to its annual O&M Budget.
Funding of Debt Service Budget
The District currently funds debt service payments on its Series 2014 Bonds through tax increment and occupational license tax revenues directed to the District under an agreement with the City of Panama City Beach and the Panama City Community Redevelopment Agency. The District also has an underlying lien of special assessments on the property within the District, but does not itself impose or collect any taxes, fees, assessments, or charges related to its Debt Service Budget.
Bond Payoff Request