Meadow Pointe III Community Development District

Financial Statements (Unaudited)

September 30, 2019

Prepared by: Rizzetta & Company, Inc.

meadowpointe3.org rizzetta.com

Meadow Pointe III Community Development District
Balance Sheet As of 9/30/2019
(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	238,479		0		0		238,479		0		0	
Investments	826,192		0		635,997		1,462,189		0		0	
Investments - Reserves	0		465,461		0		465,461		0		0	
Accounts Receivable	4,365		0		2,069		6,434		0		0	
Prepaid Expenses	20,152		0		0		20,152		0		0	
Deposits	19,142		0		0		19,142		0		0	
Due From Other Funds	34,722		0		0		34,722		0		0	
Due From Others	134		0		0		134		0		0	
Amount Available in Debt Service	0		0		0		0		0		638,066	
Amount To be Provided Debt Service	0		0		0		0		0		9,306,934	
Fixed Assets	0		0		0		0		11,045,871		0	
Total Assets	 	1,143,186		 	465,461		 	638,066		 	2,246,714		 	11,045,871		 	9,945,000	

Liabilities												
Accounts Payable	5,263		0		0		5,263		0		0	
Sales Tax Payable	284		0		0		284		0		0	
Accrued Expenses Payable	27,509		0		0		27,509		0		0	
Other Current Liabilities	700		0		0		700		0		0	
Due to Other Funds	0		34,722		0		34,722		0		0	
Revenue Bonds Payable-Long-Term	0		0		0		0		0		9,945,000	
Total Liabilities	33,756		34,722		0		68,478		0		9,945,000	

Fund Equity & Other Credits												
Beginning Fund Balance	1,131,588		342,745		628,897		2,103,231		11,045,871		0	
Net Change in Fund Balance	(22,158)		87,994		9,169		75,005		0		0	
Total Fund Equity & Other Credits	1,109,431		430,739		638,066		2,178,236		11,045,871		0	

Total Liabities & Fund Equity	
 	1,143,186		
 	465,461		
 	638,066		
 	2,246,714		
 	11,045,871		
 	9,945,000	

See Notes to Unaudited Financial Statements

Revenues
Interest Earnings
Interest Earnings	0	0	20,939	20,939	0.00%	
Special Assessments						
Tax Roll	1,760,309	1,760,309	1,780,910	20,601	(1.17)%	
Other Miscellaneous Revenues						
Miscellaneous	10,000		10,000		0		(10,000)		100.00%	
Non-Resident Annual Fees	0		0		1,051		1,051		0.00%	
Key Fobs	0		0		1,066		1,066		0.00%	
Remotes	0		0		6,393		6,393		0.00%	
Rentals	0		0		6,220		6,220		0.00%	
Vending Machine	0		0		255		255		0.00%	
Recording Fees	0		0		95		95		0.00%	
Cell Tower Lease	28,262		28,262		32,759		4,497		(15.91)%	
Total Revenues	1,798,571		1,798,571		1,849,688		51,117		(2.84)%	

Expenditures
Legislative
Supervisor Fees	16,000	16,000	13,800	2,200	13.75%	
Financial & Administrative						
Administrative Services	5,800	5,800	5,800	0	0.00%	
District Management	32,500	32,500	32,500	0	0.00%	
District Engineer	20,000	20,000	20,275	(275)	(1.37)%	
Disclosure Report	3,100	3,100	3,000	100	3.22%	
Trustees Fees	10,000	10,000	10,649	(649)	(6.49)%	
Tax Collector /Property Appraiser Fees	150	150	150	0	0.00%	
Financial & Revenue Collections	5,000	5,000	5,000	(0)	0.00%	
Accounting Services	21,000	21,000	21,000	0	0.00%	
Auditing Services	3,675	3,675	3,675	0	0.00%	
Arbitrage Rebate Calculation	1,950	1,950	1,000	950	48.71%	
Assessment Roll	5,000	5,000	5,000	0	0.00%	
Public Officials Liability Insurance	3,850	3,850	2,750	1,100	28.57%	
Legal Advertising	1,000	1,000	1,476	(476)	(47.64)%	
Miscellaneous Mailings	2,500	2,500	0	2,500	100.00%	
Bank Fees	0	0	283	(283)	0.00%	
Dues, Licenses & Fees	450	450	700	(250)	(55.55)%	
Website Hosting, Maintenance, Backup	2,400	2,400	2,400	0	0.00%	
Legal Counsel						
District Counsel	18,000	18,000	20,995	(2,995)	(16.64)%	
Law Enforcement						
Contracted Deputy Services	94,000	94,000	99,654	(5,654)	(6.01)%	
Electric Utility Services

Utility Services	31,000	31,000	27,805	3,195	10.30%	
Street Lights	98,000	98,000	98,717	(717)	(0.73)%	
Garbage/Solid Waste Control Garbage - Residential	
203,400	
203,400	
172,656	
30,744	
15.11%	
Garbage - Recreation Facility	800	800	792	8	1.00%	
Solid Waste Assessment Recreational Facility	1,000	1,000	934	66	6.57%	
Water-Sewer Combination Services Utility - Recreation Facilities	
3,000	
3,000	
3,864	
(864)	
(28.80)%	
Stormwater Control
Mitigation Area Monitoring & Maintenance	
4,810	
4,810	
1,255	
3,555	
73.90%	
Aquatic Plant Replacement	7,500	7,500	0	7,500	100.00%	
Aquatic Maintenance Contract	65,000	65,000	64,596	404	0.62%	
Stormwater Assessment	3,800	3,800	3,773	27	0.72%	
Stormwater System Maintenance	5,000	5,000	2,100	2,900	58.00%	
Other Physical Environment						
Field Operations	15,000	15,000	8,700	6,300	42.00%	
Property Insurance	6,427	6,427	6,305	122	1.89%	
General Liability Insurance	3,850	3,850	3,604	246	6.38%	
Flood Insurance	2,175	2,175	2,459	(284)	(13.05)%	
Street Light Deposit Bond	650	650	0	650	100.00%	
Entry & Walls Maintenance	5,000	5,000	250	4,750	95.00%	
Landscape Maintenance	166,000	166,000	234,186	(68,186)	(41.07)%	
Irrigation Repair & Maintenance	20,000	20,000	10,123	9,877	49.38%	
Annual Color Rotation	20,000	20,000	12,800	7,200	36.00%	
Landscape Replacement Plants, Shrubs, Trees	40,000	40,000	27,153	12,847	32.11%	
Landscape - Mulch	38,000	38,000	26,746	11,254	29.61%	
Landscape - Fertilizer Applications	30,000	30,000	29,025	975	3.25%	
Tree Trimming/Removal Services	10,800	10,800	9,035	1,765	16.34%	
Fire Ant Treatment	10,000	10,000	0	10,000	100.00%	
Landscape - Pest Control	5,300	5,300	4,840	460	8.67%	
Well Maintenance	6,000	6,000	0	6,000	100.00%	
Lift Station Maintenance	10,000	10,000	1,388	8,612	86.11%	
Wildlife Management Services	6,000	6,000	7,200	(1,200)	(20.00)%	
Miscellaneous Expenses	18,000	18,000	23,701	(5,701)	(31.67)%	
Road & Street Facilities						
Gate Maintenance	20,000	20,000	40,497	(20,497)	(102.48)%	
Gate Phone	7,500	7,500	8,108	(608)	(8.10)%	
Sidewalk Repair & Maintenance	10,000	10,000	20,900	(10,900)	(109.00)%	
Street Sign Repair & Replacement	1,000	1,000	0	1,000	100.00%	

Roadway Repair & Maintenance	5,000	5,000	0	5,000	100.00%	
Street Light/Decorative Light Maintenance	2,000	2,000	200	1,800	89.97%	
Parking Lot Repair & Maintenance	5,000	5,000	795	4,205	84.10%	
Parks & Recreation Management Contract	
215,000	
215,000	
199,276	
15,724	
7.31%	
Pool Repairs	5,000	5,000	1,195	3,805	76.10%	
Pool/Water Park/Fountain Maintenance	5,000	5,000	13,740	(8,740)	(174.80)%	
Facilities - Pest Control	550	550	744	(194)	(35.27)%	
Facility A/C & Heating Maintenance & Repair	10,000	10,000	1,114	8,886	88.86%	
Playground Equipment/Maintenance	1,500	1,500	1,013	487	32.44%	
Operating Supplies	4,000	4,000	9,812	(5,812)	(145.30)%	
Dog Waste Station Supplies	1,900	1,900	724	1,176	61.89%	
Vehicle Maintenance	2,000	2,000	2,704	(704)	(35.22)%	
Miscellaneous Expenses	5,000	5,000	4,983	17	0.34%	
Security System Monitoring & Maintenance	2,000	2,000	10,555	(8,555)	(427.75)%	
Clubhouse Internet, Cable, Phone	3,500	3,500	2,052	1,448	41.37%	
Athletic/Park Court/Field Repairs	1,500	1,500	5,910	(4,410)	(294.00)%	
Boardwalk & Bridge Maintenance	10,000	10,000	0	10,000	100.00%	
Computer Support Maintenance & Repair	1,000	1,000	497	503	50.30%	
Fitness Equipment Maintenance & Repair	2,000	2,000	741	1,259	62.93%	
Special Events Special Events	
7,500	
7,500	
2,772	
4,728	
63.04%	
Street Tree Removal Program Tree Purchase	
100,000	
100,000	
119,480	
(19,480)	
(19.48)%	
Street Tree Removal	125,734	125,734	223,600	(97,866)	(77.83)%	
Street Tree Install	138,000	138,000	160,538	(22,538)	(16.33)%	
Contingency						
Capital Outlay	24,000		24,000		6,578		17,422		72.58%	
Total Expenditures	1,798,571		1,798,571		1,872,645		(74,074)		(4.12)%	

Excess of Revenues Over (Under) Expenditures	
0		
0		
(22,958)		
(22,958)		
0.00%	

Other Financing Sources (Uses)										
Proceeds from Sale of Assets	0		0		800		800		0.00%	

	Budget		YTD Budget		YTD Actual		YTD Variance		Remaining	

Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	
0		
0		
(22,158)		
(22,158)		
0.00%	

Fund Balance, Beginning of Period										
	0		0		1,131,588		1,131,588		0.00%	
Fund Balance, End of Period	 	0		 	0		 	1,109,431		 	1,109,431		 	0.00%	

Reserve Fund
From 10/1/2018 Through 9/30/2019
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget to Actual Variance

Budget Percentage Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		8,870		8,870		0.00%	
Special Assessments								
Tax Roll	225,158		225,158		0		0.00%	
Total Revenues	225,158		234,028		8,870		3.94%	

Expenditures
Contingency
Asset Replacement Reserve	107,597		11,313		96,285		89.48%	
Road Reserves	117,561		134,722		(17,161)		(14.59)%	
Total Expenditures	225,158		146,035		79,124		35.14%	

Excess of Revenues Over (Under) Expenditures	
0		
87,994		
87,994		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
87,994		
87,994		
0.00%	

Fund Balance, Beginning of Period								
	0		342,745		342,745		0.00%	
Fund Balance, End of Period	 	0		 	430,739		 	430,739		 	0.00%	

Tax Roll	587,460		593,557		6,097		1.03%	
Total Revenues	587,460		602,269		14,809		2.52%	

Expenditures								
Debt Service								
Interest	282,460		274,150		8,310		2.94%	
Principal	305,000		325,000		(20,000)		(6.55)%	
Total Expenditures	587,460		599,150		(11,690)		(1.99)%	

Excess of Revenues Over (Under) Expenditures	
0		
3,119		
3,119		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
3,119		
3,119		
0.00%	

Fund Balance, Beginning of Period								
	0		465,843		465,843		0.00%	
Fund Balance, End of Period	 	0		 	468,961		 	468,961		 	0.00%	

Tax Roll	353,623		357,293		3,670		1.03%	
Total Revenues	353,623		362,587		8,964		2.54%	

Expenditures								
Debt Service								
Interest	178,623		181,538		(2,914)		(1.63)%	
Principal	175,000		175,000		0		0.00%	
Total Expenditures	353,623		356,538		(2,914)		(0.82)%	

Excess of Revenues Over (Under) Expenditures	
0		
6,050		
6,050		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
6,050		
6,050		
0.00%	

Fund Balance, Beginning of Period								
	0		163,055		163,055		0.00%	
Fund Balance, End of Period	 	0		 	169,105		 	169,105		 	0.00%	

Meadow Pointe III CDD Investment Summary September 30, 2019

Balance as of
Account	Investment	September 30, 2019

The Bank of Tampa	Money Market Account	$	28,998	
The Bank of Tampa ICS Program:				
BOKF, National Association	Money Market Account		245,342	
CrossFirst Bank	Money Market Account		1	
First United Bank and Trust Company	Money Market Account		25,261	
Pinnacle Bank	Money Market Account		35,835	
Stifel Bank and Trust	Money Market Account		10	
The Huntington National Bank	Money Market Account		245,349	
The Park National Bank	Money Market Account		71	
Western Alliance Bank	Money Market Account		245,325	

Total General Fund Investments     $	826,192

The Bank of Tampa ICS Program: Road Reserve
CrossFirst Bank	Money Market Account		$	8	
First United Bank and Trust Company	Money Market Account			48,313	
Flushing Bank	Money Market Account			1	
NexBank, SSB	Money Market Account			15	
Pinnacle Bank	Money Market Account			3	
Stifel Bank and Trust	Money Market Account			82	
		Subtotal		48,422	
Asset Replacement					
CrossFirst Bank	Money Market Account			31	
First United Bank and Trust Company	Money Market Account			171,470	
NexBank, SSB	Money Market Account			10	
Pinnacle Bank	Money Market Account			20	
Stifel Bank and Trust	Money Market Account			116	
The Park National Bank	Money Market Account			43	
United Bank	Money Market Account			245,349	
		Subtotal		417,039	

Total Reserve Fund Investments     $	465,461

US Bank Series 2007A Revenue	First American Treasury Obligation Fund Class Z	$	168,327	
US Bank Series 2013 Revenue	First American Treasury Obligation Fund Class Z		101,712	
US Bank Series 2013 Reserve	First American Treasury Obligation Fund Class Z		178,437	
US Bank Series 2013 Prepayment	First American Treasury Obligation Fund Class Z		2,840	
US Bank Series 2015A1 Reserve	US Bank Money Market 5		94,180	
US Bank Series 2015A Revenue	US Bank Money Market 5		71,910	
US Bank Series 2015A2 Reserve	US Bank Money Market 5		18,591	

Total Debt Service Fund Investments     $	635,997

Invoice Date	Customer Name	Invoice Number	Current Balance

10/1/2018	Pasco County Tax Collector	FY18-19	4,364.96

Total 001 - General Fund

4,364.96

Summary A/R Ledger
200 - Debt Service Fund - Series 2013 & 2015 From 9/1/2019 Through 9/30/2019

Invoice Date	Customer Name	Invoice Number	Current Balance

10/1/2018	Pasco County Tax Collector	FY18-19	1,291.52

Total 200 - Debt Service Fund - Series 2013 & 2015

1,291.52

Summary A/R Ledger
202 - Debt Service Fund - Series 2007A From 9/1/2019 Through 9/30/2019

Invoice Date		Customer Name		Invoice Number		Current Balance		

10/1/2018		
Pasco County Tax Collector		
FY18-19			
777.42	
		
Total 202 - Debt Service Fund - Series 2007A					
777.42	

Report Balance	6,433.90

Aged Payables by Invoice Date Aging Date - 7/1/2019
001 - General Fund
From 9/1/2019 Through 9/30/2019

Vendor Name		Invoice/Credit Date		
Invoice/Credit Number		Invoice/Credit Description		
Current	

The Pool Doctor		
7/25/2019		
140168		
Remove Old Coping, Wash Are, Prep & Set Coping 07/19		
1,195.00	
ADT Security Services, Inc.		9/13/2019		716073866		Quarterly Security Monitoring 010/01/19-12/31/19		189.06	
Airite Air Conditioning, Inc		9/17/2019		191373		Replace Compressor 09/19		550.00	
DCSI Inc.		9/20/2019		26151		Gate CCTV Warranty/License Plate Camera 09/19		395.88	
Pasco County Utilities		9/20/2019		12456029		1500 Meadow Pointe Blvd 08/19		340.33	
Straley Robin Vericker		9/20/2019		17471		General Legal Services 08/19		1,225.00	
Withlacoochee River Electric Cooperative, Inc.		9/23/2019		1353910 09/19		Street Lights 09/19		1,342.07	
CINTAS Corporation #074		9/27/2019		4031233821		Supplies 09/19		25.34	
						
Total 001 - General Fund		
5,262.68	

Report Total								
5,262.68	

Notes to Unaudited Financial Statements September 30, 2019

Balance Sheet

Trust statement activity has been recorded through 09/30/19.
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 FY18-19 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.