Meadow Pointe III Community Development District

Financial Statements (Unaudited)

May 31, 2018

Prepared by: Rizzetta & Company, Inc.

meadowpointe3.org rizzetta.com

Meadow Pointe III Community Development District
Balance Sheet As of 5/31/2018
(In Whole Numbers)

	
General Fund		
Reserve Fund		
Debt Service Fund		Total Governmental Funds		General Fixed Assets Account Group		General Long-Term Debt Account Group	
Assets Cash	

15,555		

0		

0		

15,555		

0		

0	
Investments	1,615,874		0		603,789		2,219,663		0		0	
Investments - Reserves	0		855,442		0		855,442		0		0	
Accounts Receivable	18,799		0		10,127		28,926		0		0	
Prepaid Expenses	2,074		0		0		2,074		0		0	
Deposits	19,142		0		0		19,142		0		0	
Due From Other Funds	507,323		0		9,049		516,372		0		0	
Amount Available in Debt Service	0		0		0		0		0		622,965	
Amount To be Provided Debt Service	0		0		0		0		0		9,822,035	
Fixed Assets	0		0		0		0		10,515,038		0	
Total Assets	 	2,178,767 		 	855,442 		 	622,965 		 	3,657,174 		 	10,515,038 		 	10,445,000 	

Liabilities												
Accounts Payable	503,898		0		0		503,898		0		0	
Sales Tax Payable	222		0		0		222		0		0	
Accrued Expenses Payable	23,602		0		0		23,602		0		0	
Due to Other Funds	9,049		507,323		0		516,372		0		0	
Revenue Bonds Payable-Long-Term	0		0		0		0		0		10,445,000	
Total Liabilities	536,772		507,323		0		1,044,095		0		10,445,000	

Fund Equity & Other Credits												
Beginning Fund Balance	756,774		840,582		619,320		2,216,676		10,515,038		0	
Net Change in Fund Balance	885,221		(492,462)		3,644		396,403		0		0	
Total Fund Equity & Other Credits	1,641,995		348,119		622,965		2,613,079		10,515,038		0	

Total Liabities & Fund Equity	 	2,178,767	 	855,442	 	622,965	 	3,657,174	 	10,515,038	 	10,445,000 

See Notes to Unaudited Financial Statements

Revenues
Interest Earnings
Interest Earnings	0	0	5,153	5,153	0.00%	
Special Assessments						
Tax Roll	1,747,009	1,747,009	1,750,801	3,792	(0.21)%	
Other Miscellaneous Revenues						
Miscellaneous	10,000		6,667		3,514		(3,153)		64.86%	
Non-Resident Annual Fees	0		0		561		561		0.00%	
Key Fobs	0		0		318		318		0.00%	
Remotes	0		0		4,355		4,355		0.00%	
Cell Tower Lease	28,262		18,841		18,841		(0)		33.33%	
Total Revenues	1,785,271		1,772,517		1,783,542		11,025		0.10%	

Expenditures
Legislative
Supervisor Fees	16,000	10,667	9,000	1,667	43.75%	
Financial & Administrative						
Administrative Services	5,800	3,867	3,867	0	33.33%	
District Management	32,500	21,667	21,667	0	33.33%	
District Engineer	20,000	13,333	6,485	6,848	67.57%	
Disclosure Report	3,100	3,100	3,100	0	0.00%	
Trustees Fees	9,000	9,000	9,967	(967)	(10.74)%	
Tax Collector /Property Appraiser Fees	150	150	150	0	0.00%	
Financial & Revenue Collections	5,000	3,333	3,333	0	33.33%	
Accounting Services	21,000	14,000	14,000	0	33.33%	
Auditing Services	3,550	0	0	0	100.00%	
Arbitrage Rebate Calculation	1,950	1,950	500	1,450	74.35%	
Assessment Roll	5,000	5,000	5,000	0	0.00%	
Public Officials Liability Insurance	2,129	2,129	2,750	(621)	(29.16)%	
Legal Advertising	1,000	667	624	43	37.60%	
Dues, Licenses & Fees	450	450	278	172	38.25%	
Website Maintenance	2,400	1,600	1,759	(159)	26.70%	
Legal Counsel						
District Counsel	18,000	12,000	12,573	(573)	30.15%	
Law Enforcement						
Contracted Deputy Services	94,000	62,667	69,951	(7,284)	25.58%	
Electric Utility Services						
Utility Services	31,000	20,667	18,459	2,207	40.45%	
Street Lighting	85,000	56,667	65,523	(8,856)	22.91%	
Garbage/Solid Waste Control						
Garbage - Residential	172,868	115,245	113,000	2,245	34.63%	
Garbage - Recreation Facility	800	533	528	5	34.00%	

Solid Waste Assessment Recreational Facility
Water-Sewer Combination Services

1,000	1,000	934	66	6.57%

Utility - Recreation Facilities	3,000	2,000	2,442	(442)	18.58%	
Mitigation Area Monitoring & Maintenance	4,810	3,207	1,705	1,502	64.55%	
Aquatic Plant Replacement	7,500	5,000	0	5,000	100.00%	
Aquatic Contract	52,000	34,667	45,079	(10,412)	13.30%	
Pasco County Stormwater Assessment	3,000	3,000	3,802	(802)	(26.74)%	
Stormwater System Maintenance	5,000	3,333	0	3,333	100.00%	
Other Physical Environment						
Field Operations	8,700	5,800	7,825	(2,025)	10.05%	
Property Insurance	7,600	7,600	6,720	880	11.57%	
General Liability Insurance	3,850	3,850	3,000	850	22.07%	
Flood Insurance	2,015	2,015	2,175	(160)	(7.94)%	
Street Light Deposit Bond	650	433	0	433	100.00%	
Entry & Walls Maintenance	5,000	3,333	1,450	1,883	71.00%	
Landscape Maintenance	166,000	110,667	131,590	(20,923)	20.72%	
Irrigation Repairs & Maintenance	20,000	13,333	11,040	2,293	44.79%	
Annual Color Rotation	20,000	13,333	686	12,648	96.57%	
Landscape Replacement Plants, Shrubs, Trees	40,000	26,667	23,561	3,106	41.09%	
Mulch Installation	38,000	25,333	47,817	(22,483)	(25.83)%	
Landscape - Fertilizer Applications	30,000	20,000	21,100	(1,100)	29.66%	
Tree Trimming/Removal Services	10,800	7,200	3,175	4,025	70.60%	
Fire Ant Treatment	10,000	6,667	0	6,667	100.00%	
Landscape- Pest Control	5,300	3,533	3,265	268	38.39%	
Well Maintenance	6,000	4,000	195	3,805	96.75%	
Lift Station Maintenance	10,000	6,667	456	6,211	95.44%	
Wildlife Management Services	0	0	6,550	(6,550)	0.00%	
Miscellaneous Expenses	18,000	12,000	210	11,790	98.83%	
Road & Street Facilities						
Gate Maintenance	20,000	13,333	15,512	(2,179)	22.43%	
Gate Phone	7,500	5,000	4,945	55	34.06%	
Sidewalk Repair & Maintenance	10,000	6,667	3,300	3,367	67.00%	
Street Sign Repairs & Replacement	1,000	667	1,040	(373)	(4.00)%	
Roadway Repair & Maintenance	5,000	3,333	4,095	(762)	18.10%	
Street Light/Decorative Light Maintenance	2,000	1,333	0	1,333	100.00%	

Stormwater Control

Parking Lot Repair & Maintenance	5,000	3,333	0	3,333	100.00%	
Parks & Recreation
Management Contract	275,765	183,843	116,734	67,109	57.66%	
Pool Repairs	5,000	3,333	1,493	1,840	70.13%	
Pool/Water Park/Fountain Maintenance	5,000	3,333	9,402	(6,068)	(88.03)%	
Facilities - Pest Control	550	367	360	7	34.54%	
Facility A/C & Heating Maintenance & Repair	10,000	6,667	282	6,385	97.18%	
Playground Equipment/Maintenance	1,500	1,000	88	912	94.13%	
Operating Supplies	4,000	2,667	8,696	(6,029)	(117.40)%	
Dog Waste Station Supplies	1,500	1,000	951	49	36.60%	
Vehicle Maintenance	2,000	1,333	1,340	(6)	33.01%	
Miscellaneous Expenses	5,000	3,333	6,785	(3,452)	(35.70)%	
Security System Monitoring & Maintenance	2,000	1,333	1,279	54	36.03%	
Clubhouse Internet, Cable, Phone	3,500	0	753	(753)	78.48%	
Athletic/Park Court/Field Repairs	1,500	1,000	285	715	81.00%	
Boardwalk & Bridge Maintenance	10,000	6,667	161	6,506	98.39%	
Computer Support/Maintenance/Repairs	1,000	667	400	267	60.00%	
Fitness Equipment Maintenance/Repairs	2,000	1,333	176	1,157	91.20%	
Special Events						
Special Events	7,500	5,000	1,939	3,061	74.14%	
Street Tree Removal Program Phase 2						
Tree Purchase	98,666	65,777	0	65,777	100.00%	
Street Tree Removal	124,375	82,917	1,820	81,097	98.53%	
Street Tree Install	135,993	90,662	7,077	83,585	94.79%	
Contingency						
Capital Outlay	24,000		16,000		22,116		(6,116)		7.85%	
Reserve Study	5,000		3,333		0		3,333		100.00%	
Total Expenditures	1,785,271		1,198,562		898,321		300,241		49.68%	

Excess of Revenues Over (Under) Expenditures	
0		
573,955		
885,221		
311,266		
0.00%	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
573,955		
885,221		
311,266		
0.00%	

	Budget		YTD Budget		YTD Actual		YTD Variance		Remaining	

Fund Balance, Beginning of Period	

0		

0		

756,774		

756,774		

0.00%	
Fund Balance, End of Period	 	0 		 	573,955 		 	1,641,995 		 	1,068,040 		 	0.00%	

Reserve Fund
From 10/1/2017 Through 5/31/2018
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget to Actual Variance

Budget Percentage Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		4,926		4,926		0.00%	
Special Assessments								
Tax Roll	171,158		171,158		0		0.00%	
Total Revenues	171,158		176,084		4,926		2.88%	

Expenditures
Contingency
Asset Replacement Reserve	53,597		21,615		31,982		59.67%	
Road Reserves	117,561		646,932		(529,371)		(450.29)%	
Total Expenditures	171,158		668,547		(497,389)		(290.60)%	

Excess of Revenues Over (Under) Expenditures	
0		
(492,462)		
(492,462)		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
(492,462)		
(492,462)		
0.00%	

Fund Balance, Beginning of Period								
	0		840,582		840,582		0.00%	
Fund Balance, End of Period	 	0 		 	348,119 		 	348,119 		 	0.00%	

Debt Service Fund - Series 2013 & 2015 From 10/1/2017 Through 5/31/2018
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget to Actual Variance

Budget Percentage Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		3,580		3,580		0.00%	
Special Assessments								
Tax Roll	587,460		588,795		1,335		0.22%	
Total Revenues	587,460		592,375		4,915		0.84%	

Expenditures								
Debt Service								
Interest	292,460		281,818		10,642		3.63%	
Principal	295,000		310,000		(15,000)		(5.08)%	
Total Expenditures	587,460		591,818		(4,358)		(0.74)%	

Excess of Revenues Over (Under) Expenditures	
0		
557		
557		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
557		
557		
0.00%	

Fund Balance, Beginning of Period								
	0		461,488		461,488		0.00%	
Fund Balance, End of Period	 	0 		 	462,045 		 	462,045 		 	0.00%	

Tax Roll	353,623		354,427		804		0.22%	
Total Revenues	353,623		356,638		3,015		0.85%	

Expenditures								
Debt Service								
Interest	188,623		188,550		73		0.03%	
Principal	165,000		165,000		0		0.00%	
Total Expenditures	353,623		353,550		73		0.02%	

Excess of Revenues Over (Under) Expenditures	
0		
3,088		
3,088		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
3,088		
3,088		
0.00%	

Fund Balance, Beginning of Period								
	0		157,832		157,832		0.00%	
Fund Balance, End of Period	 	0 		 	160,920 		 	160,920 		 	0.00%	

Meadow Pointe III CDD
Investment Summary May 31, 2018

Balance as of
Account	Investment	May 31, 2018

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

$	248,392

Capital Bank	Money Market Account	81
EagleBank	Money Market Account	245,167
Flushing Bank	Money Market Account	16,470
Fulton Bank, N.A.	Money Market Account	245,062
Manufacturers Bank	Money Market Account	245,022
Morton Community Bank	Money Market Account	245,152
Pinnacle Bank	Money Market Account	245,167
The Park National Bank	Money Market Account	5
West Bank	Money Market Account	10
Western Alliance Bank	Money Market Account	125,348
Total General Fund Investments     $	1,615,874 
The Bank of Tampa ICS Program: Road Reserve
Boston Private Bank & Trust Company	Money Market Account		$	245,167	
Fulton Bank, N.A.	Money Market Account		66	
Manufacturers Bank	Money Market Account		2	
Morton Community Bank	Money Market Account		15	
The Park National Bank	Money Market Account		35	
United Bank	Money Market Account		245,085	
West Bank	Money Market Account		16,418	
Western Alliance Bank	Money Market Account		1,858	
		Subtotal	508,643	
Asset Replacement				
Flushing Bank	Money Market Account		228,677	
Fulton Bank, N.A.	Money Market Account		3	
Manufacturers Bank	Money Market Account		9	
The Park National Bank	Money Market Account		29	
United Bank	Money Market Account		77	
West Bank	Money Market Account		43	
Western Alliance Bank	Money Market Account		117,961	
		Subtotal	346,799	

Total Reserve Fund Investments     $	855,442 

US Bank Series 2007A Revenue	First American Treasury Obligation Fund Class Z	$	153,714	
US Bank Series 2013 Revenue	First American Treasury Obligation Fund Class Z	90,107	
US Bank Series 2013 Reserve	First American Treasury Obligation Fund Class Z	178,828	
US Bank Series 2013 Prepayment	First American Treasury Obligation Fund Class Z	3,898	
US Bank Series 2015A1 Reserve	US Bank Money Market 5	94,180	
US Bank Series 2015A Revenue	US Bank Money Market 5	64,471	
US Bank Series 2015A2 Reserve	US Bank Money Market 5	18,591	

Total Debt Service Fund Investments     $	603,789 

10/1/2017	Pasco County Tax Collector	FY17-18	18,799.06

Total 001 - General Fund

18,799.06

2013 & 2015

2007A

Report Balance	28,925.79

Vendor Name		Date		Invoice/Credit Number		Description		Current		

Aventura Nursery & Landscape, Inc.		
12/1/2017		
34645		
Tree
Watering/August-Octo... 2017			
8,000.00	
Brian K. Archambault		5/11/2018		BKA1845		Schedule Pavement Project 05/11/18			925.00	
Erik W. Bromiley		5/11/2018		EB 051118		Off Duty Patrol Pavement Project 05/11/18			450.00	
Marek J. Kus		5/11/2018		MK 051118		Off Duty Patrol Pavement Project 05/11/18			450.00	
Marek J. Kus		5/12/2018		MK 051218		Off Duty Patrol Pavement Project 05/12/18			450.00	
Raymond O. Ada III		5/12/2018		RA 051218		Off Duty Patrol Pavement Project 05/12/18			450.00	
Ronald C Paulin II		5/12/2018		RP 051218		Off Duty Patrol Pavement Project 05/12/18			450.00	
TCO Enterprises Corp		5/13/2018		TD 051318		Off Duty Patrol Pavement Project 05/13/18			450.00	
Erik W. Bromiley		5/13/2018		EB 051318		Off Duty Patrol Pavement Project 05/13/18			450.00	
Brian K. Archambault		5/13/2018		BA 051318		Off Duty Patrol Pavement Project 05/13/18			450.00	
William B. Courtney		5/14/2018		WC 051418		Off Duty Patrol Pavement Project 05/14/18			300.00	
William B. Courtney		5/15/2018		WC 051518		Off Duty Patrol Pavement Project 05/15/18			250.00	
Brian K. Archambault		5/16/2018		BA 051618		Off Duty Patrol Pavement Project 05/16/18			250.00	
Arthur R Daddio		5/16/2018		RD 051618		Board of Supervisors Meeting 05/16/18			200.00	
Michael J Hall		5/16/2018		MH 051618		Board of Supervisors Meeting 05/16/18			200.00	
John A. Johnson		5/16/2018		JJ 051618		Board of Supervisors Meeting 05/16/18			200.00	

Vendor Name		Date		Invoice/Credit Number		Description		Current		

Paul Carlucci		
5/16/2018		
PC 051618		
Board of Supervisors Meeting 05/16/18			
200.00	
Home Depot Credit		5/21/2018		6035 3225 3190 3767		Supplies 05/18			104.09	
Services				05/18						
Pasco County Utilities		5/21/2018		10503287		1500 Meadow Pointe Blvd 04/18			492.00	
Withlacoochee River Electric Cooperative, Inc.		5/22/2018		1353910 05/18		Street Lights 05/18			1,347.44	
CINTAS Corporation #074		5/25/2018		074849363		Supplies 05/18			33.58	
Whitaker Contracting Corp		5/29/2018		052918		Balance Due Job 18508 05/18			478,320.60	
Signarama of New Tampa		5/29/2018		SAR-1687		Yard Signs & Stakes 05/18			368.30	
Whitaker Contracting Corp		5/30/2018		Change Order-1		Incident
Repairs-Bearded Oak, Beaconsfield, Alchester 05/18			6,477.30	
Arthur R Daddio		5/30/2018		RD 053018		Board of Supervisors Meeting 05/30/18			200.00	
Paul Carlucci		5/30/2018		PC 053018		Board of Supervisors Meeting 05/30/18			200.00	
John A. Johnson		5/30/2018		JJ 053018		Board of Supervisors Meeting 05/30/18			200.00	
Michael J Hall		5/30/2018		MH 053018		Board of Supervisors Meeting 05/30/18			200.00	
Southern Automated Access Services LLC		5/31/2018		4799		Install Loaner Circuit Board, Heatherstone 05/18			95.00	
Southern Automated Access Services LLC		6/1/2018		4803		Install Loaner Keypad, Claridge Place 05/18			95.00	
Stantec Consulting Services Inc.		6/1/2018		1363977		Engineering Services 05/18			1,640.00	
						
Total 001 - General Fund			
503,898.31	

Report Total									
503,898.31	

Meadow Pointe III Community Development District Notes to Unaudited Financial Statements
May 31, 2018

Balance Sheet

Trust statement activity has been recorded through 05/31/18.
See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org for Municipal Disclosures and Market Data.
For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund.

Summary A/R Ledger – Payment Terms

Payment terms for landowner assessments are (a) defined in the FY17-18 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.