Meadow Pointe III Community Development District

Financial Statements (Unaudited)

October 31, 2019

Prepared by: Rizzetta & Company, Inc.

meadowpointe3.org rizzetta.com

Meadow Pointe III Community Development District
Balance Sheet As of 10/31/2019 (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	138,823		0		0		138,823		0		0	
Investments	827,240		0		636,750		1,463,990		0		0	
Investments - Reserves	0		466,071		0		466,071		0		0	
Accounts Receivable	1,764,669		225,158		943,152		2,932,979		0		0	
Prepaid Expenses	0		0		0		0		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		1,579,902	
Amount To be Provided Debt Service	0		0		0		0		0		8,365,098	
Fixed Assets	0		0		0		0		11,045,871		0	
Total Assets	 	2,784,731 		 	691,229 		 	1,579,902 		 	5,055,861 		 	11,045,871 		 	9,945,000 	

Liabilities												
Accounts Payable	5,902		0		0		5,902		0		0	
Sales Tax Payable	283		0		0		283		0		0	
Accrued Expenses Payable	110,776		0		0		110,776		0		0	
Other Current Liabilities	800		0		0		800		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	117,760		34,722		0		152,482		0		9,945,000	

Fund Equity & Other Credits												
Beginning Fund Balance	1,044,010		430,739		638,066		2,112,816		11,045,871		0	
Net Change in Fund Balance	1,622,960		225,768		941,836		2,790,563		0		0	
Total Fund Equity & Other Credits	2,666,970		656,507		1,579,902		4,903,379		11,045,871		0	

Total Liabities & Fund Equity	
 	2,784,731 		
 	691,229 		
 	1,579,902 		
 	5,055,861 		
 	11,045,871 		
 	9,945,000 	

See Notes to Unaudited Financial Statements

Revenues
Interest Earnings
Interest Earnings	0		0		1,048		1,048		0.00%	
Special Assessments										
Tax Roll	1,760,309		1,760,309		1,760,304		(5)		0.00%	
Other Miscellaneous Revenues										
Non-Resident Annual Fees	200		17		70		53		64.95%	
Key Fobs	600		50		19		(31)		96.88%	
Remotes	4,500		375		589		214		86.91%	
Rentals	4,500		375		449		74		90.03%	
Vending Machine	200		17		84		67		57.94%	
Cell Tower Lease	28,262		2,355		2,826		471		90.00%	
Total Revenues	1,798,571		1,763,498		1,765,389		1,892		1.84%	

Expenditures
Legislative
Supervisor Fees	16,000	1,333	1,000	333	93.75%	
Financial & Administrative						
Administrative Services	5,800	483	483	0	91.66%	
District Management	32,500	2,708	2,708	0	91.66%	
District Engineer	20,000	1,667	1,171	496	94.14%	
Disclosure Report	3,100	0	0	0	100.00%	
Trustees Fees	10,000	8,700	8,647	53	13.53%	
Tax Collector /Property Appraiser Fees	150	0	0	0	100.00%	
Financial & Revenue Collections	5,000	417	417	0	91.66%	
Accounting Services	21,000	1,750	1,750	0	91.66%	
Auditing Services	3,675	3,675	0	3,675	100.00%	
Arbitrage Rebate Calculation	1,950	0	0	0	100.00%	
Assessment Roll	5,000	5,000	5,000	0	0.00%	
Public Officials Liability Insurance	3,675	3,675	2,819	856	23.29%	
Legal Advertising	1,000	83	0	83	100.00%	
Miscellaneous Mailings	2,500	208	0	208	100.00%	
Bank Fees	0	0	33	(33)	0.00%	
Dues, Licenses & Fees	450	175	0	175	100.00%	
Website Hosting, Maintenance, Backup	5,000	417	200	217	96.00%	
Legal Counsel						
District Counsel	18,000	1,500	1,580	(80)	91.22%	
Law Enforcement						
Contracted Deputy Services	99,654	8,305	8,341	(36)	91.63%	
Electric Utility Services						
Utility Services	31,000	2,583	2,125	459	93.14%	
Street Lights	98,000	8,167	8,279	(112)	91.55%	

Garbage/Solid Waste Control Services

Garbage - Residential	192,246	16,021	14,388	1,633	92.51%	
Garbage - Recreation Facility	800	67	66	1	91.75%	
Solid Waste Assessment Recreational Facility	1,000	0	0	0	100.00%	
Water-Sewer Combination Services
Utility Services - Recreation
Facilities	3,000	250	451	(201)	84.97%	
Stormwater Control
Mitigation Area Monitoring & Maintenance	
4,810	
401	
345	
56	
92.82%	
Aquatic Plant Replacement	7,500	625	0	625	100.00%	
Aquatic Maintenance Contract	66,480	5,540	5,383	157	91.90%	
Stormwater Assessment	3,800	0	0	0	100.00%	
Stormwater System Maintenance	5,000	417	0	417	100.00%	
Other Physical Environment						
Field Services	16,500	1,375	8,225	(6,850)	50.15%	
Property Insurance	6,135	6,135	6,790	(655)	(10.67)%	
General Liability Insurance	2,888	2,888	3,075	(187)	(6.47)%	
Flood Insurance	2,175	2,175	2,781	(606)	(27.86)%	
Street Light Deposit Bond	650	650	189	461	70.97%	
Entry & Walls Maintenance	5,000	417	0	417	100.00%	
Landscape Maintenance	212,508	17,709	18,034	(325)	91.51%	
Irrigation Repair & Maintenance	20,000	1,667	422	1,245	97.89%	
Annual Color Rotation	20,000	1,667	0	1,667	100.00%	
Holiday Decorations	0	0	646	(646)	0.00%	
Landscape Replacement Plants, Shrubs, Trees	40,000	3,333	1,074	2,259	97.31%	
Landscape - Mulch	38,000	3,167	0	3,167	100.00%	
Landscape - Fertilizer Applications	30,000	2,500	8,300	(5,800)	72.33%	
Tree Trimming/Removal Services	10,800	900	0	900	100.00%	
Fire Ant Treatment	10,000	833	0	833	100.00%	
Landscape - Pest Control	5,300	442	430	12	91.88%	
Well Maintenance	6,000	500	0	500	100.00%	
Lift Station Maintenance	10,000	833	79	755	99.21%	
Wildlife Management Services	6,000	500	0	500	100.00%	
Miscellaneous Expenses	18,000	1,500	0	1,500	100.00%	
Road & Street Facilities						
Gate Maintenance	35,000	2,917	894	2,022	97.44%	
Gate Phone	7,500	625	703	(78)	90.62%	
Sidewalk Repair & Maintenance	15,000	1,250	0	1,250	100.00%	

Street Sign Repair & Replacement	1,000	83	0	83	100.00%	
Roadway Repair & Maintenance	5,000	417	0	417	100.00%	
Street Light/Decorative Light Maintenance	2,000	167	0	167	100.00%	
Parking Lot Repair & Maintenance	5,000	417	0	417	100.00%	
Parks & Recreation Management Contract	
221,000	
18,417	
18,575	
(159)	
91.59%	
Pool Repairs	5,000	417	0	417	100.00%	
Pool/Water Park/Fountain Maintenance	13,740	1,145	1,145	0	91.66%	
Facilities - Pest Control	550	46	51	(5)	90.72%	
Facility A/C & Heating Maintenance & Repair	10,000	833	0	833	100.00%	
Playground Equipment & Maintenance	1,500	125	0	125	100.00%	
Operating Supplies	7,500	625	747	(122)	90.04%	
Dog Waste Station Supplies	1,900	158	248	(90)	86.94%	
Vehicle Maintenance	2,000	167	117	49	94.13%	
Miscellaneous Expenses	5,000	417	256	161	94.88%	
Security System Monitoring & Maintenance	5,000	417	485	(68)	90.30%	
Clubhouse Internet, Cable, Phone	3,500	292	137	154	96.07%	
Athletic/Park Court/Field Repairs	5,000	417	0	417	100.00%	
Boardwalk & Bridge Maintenance	10,000	833	0	833	100.00%	
Computer Support Maintenance & Repair	1,000	83	0	83	100.00%	
Fitness Equipment Maintenance & Repair	2,000	167	137	30	93.15%	
Special Events Special Events	
10,000	
833	
380	
453	
96.19%	
Street Tree Removal Program Tree Purchase	
125,000	
10,417	
0	
10,417	
100.00%	
Street Tree Removal	150,000	12,500	3,325	9,175	97.78%	
Street Tree Install	223,000	18,583	0	18,583	100.00%	
Contingency						
Capital Outlay	24,000		2,000		0		2,000		100.00%	
Total Expenditures	2,025,236		198,122		142,429		55,693		92.97%	

Excess of Revenues Over (Under) Expenditures	
(226,665)		
1,565,375		
1,622,960		
57,584		
816.01%	

Other Financing Sources (Uses)										

	Budget		YTD Budget		YTD Actual		YTD Variance		Remaining	

Carryforward Fund Balance	
226,665		
0		
0		
0		
100.00%	
Exc. of Rev./Other Sources Over (Under) Expend./Other Uses	0		1,565,375		1,622,960		57,584		0.00%	

Fund Balance, Beginning of Period										
	0		0		1,044,010		1,044,010		0.00%	
Fund Balance, End of Period	 	0 		 	1,565,375 		 	2,666,970 		 	1,101,595 		 	0.00%	

Reserve Fund
From 10/1/2019 Through 10/31/2019
(In Whole Numbers)

Current Period
Annual Budget	Actual

Budget to Actual Variance

Budget Percentage Remaining

 	 	 	

Revenues
Interest Earnings
Interest Earnings	0		610		610		0.00%	
Special Assessments								
Tax Roll	225,158		225,158		0		0.00%	
Total Revenues	225,158		225,768		610		0.27%	

Expenditures
Contingency
Asset Replacement Reserve	107,597		0		107,597		100.00%	
Road Reserves	117,561		0		117,561		100.00%	
Total Expenditures	225,158		0		225,158		100.00%	

Excess of Revenues Over (Under) Expenditures	
0		
225,768		
225,768		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
225,768		
225,768		
0.00%	

Fund Balance, Beginning of Period								
	0		430,739		430,739		0.00%	
Fund Balance, End of Period	 	0 		 	656,507 		 	656,507 		 	0.00%	

Tax Roll	587,460		587,460		0		0.00%	
Total Revenues	587,460		587,942		482		0.08%	

Expenditures								
Debt Service								
Interest	277,460		0		277,460		100.00%	
Principal	310,000		0		310,000		100.00%	
Total Expenditures	587,460		0		587,460		100.00%	

Excess of Revenues Over (Under) Expenditures	
0		
587,942		
587,942		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
587,942		
587,942		
0.00%	

Fund Balance, Beginning of Period								
	0		468,961		468,961		0.00%	
Fund Balance, End of Period	 	0 		 	1,056,904 		 	1,056,904 		 	0.00%	

Tax Roll	353,623		353,623		0		0.00%	
Total Revenues	353,623		353,894		270		0.08%	

Expenditures								
Debt Service								
Interest	173,623		0		173,623		100.00%	
Principal	180,000		0		180,000		100.00%	
Total Expenditures	353,623		0		353,623		100.00%	

Excess of Revenues Over (Under) Expenditures	
0		
353,894		
353,894		
0.00%	

Exc. of Rev./Other Sources Over/(Under) Expend./Other Uses	
0		
353,894		
353,894		
0.00%	

Fund Balance, Beginning of Period								
	0		169,105		169,105		0.00%	
Fund Balance, End of Period	 	0 		 	522,998 		 	522,998 		 	0.00%	

Meadow Pointe III CDD Investment Summary October 31, 2019

Balance as of
Account	Investment	October 31, 2019

The Bank of Tampa	Money Market Account	$	29,002	
The Bank of Tampa ICS Program:				
City National Bank of Florida	Money Market Account		245,321	
Fulton Bank, N.A.	Money Market Account		10	
Manufacturers Bank	Money Market Account		245,246	
Pinnacle Bank	Money Market Account		62,337	
The Bryn Mawr Trust Company	Money Market Account		3	
The Huntington National Bank	Money Market Account		245,321	

Total General Fund Investments    $	827,240 

The Bank of Tampa ICS Program: Road Reserve
Mutual of Omaha Bank	Money Market Account		$	48,486	
		Subtotal		48,486	

Asset Replacement
FirstBank	Money Market Account		1	
Fulton Bank, N.A.	Money Market Account		98	
Mutual of Omaha Bank	Money Market Account		196,835	
Pinnacle Bank	Money Market Account		182,984	
Stifel Bank and Trust	Money Market Account		37,656	
The Bryn Mawr Trust Company	Money Market Account		9	
Traditional Bank, Inc.	Money Market Account		2	
		Subtotal	417,585	

Total Reserve Fund Investments    $	466,071 

US Bank Series 2007A Revenue	First American Treasury Obligation Fund Class Z	$	168,598	
US Bank Series 2013 Revenue	First American Treasury Obligation Fund Class Z		102,162	
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		2,845	
US Bank Series 2015A1 Reserve	US Bank Money Market 5		94,180	
US Bank Series 2015A2 Reserve	US Bank Money Market 5		18,591	
US Bank Series 2015A Revenue	US Bank Money Market 5		71,937	

Total Debt Service Fund Investments    $	636,750 

Invoice Date		Customer Name		Invoice Number		Current Balance	

10/1/2018		
Pasco County Tax Collector		
FY18-19		
4,364.96	
10/1/2019		Pasco County Tax Collector		FY19-20		1,760,304.48	
		
Total 001 - General Fund				
1,764,669.44	

Invoice Date	Customer Name	Invoice Number	Current Balance

10/1/2019	Pasco County Tax Collector	FY19-20	225,158.00

Total 005 - Reserve Fund

225,158.00

Summary A/R Ledger
200 - Debt Service Fund - Series 2013 & 2015 From 10/1/2019 Through 10/31/2019

Invoice Date		Customer Name		Invoice Number		Current Balance	

10/1/2018		
Pasco County Tax Collector		
FY18-19		
1,291.52	
10/1/2019		Pasco County Tax Collector		FY19-20		587,459.79	
		
Total 200 - Debt
Service Fund - Series 2013 & 2015				
588,751.31	

Summary A/R Ledger
202 - Debt Service Fund - Series 2007A From 10/1/2019 Through 10/31/2019

Invoice Date	Customer Name		Invoice Number		Current Balance	

10/1/2018	
Pasco County Tax Collector		
FY18-19		
777.42	
10/1/2019	Pasco County Tax Collector		FY19-20		353,623.04	
	
Total 202 - Debt Service Fund - Series 2007A				
354,400.46	

Report Balance					
2,932,979.21	

Aged Payables by Invoice Date Aging Date - 10/1/2019
001 - General Fund
From 10/1/2019 Through 10/31/2019

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

DCSI Inc.		
10/20/2019		
26284		
Gate CCTV Warranty/License Plate Camera 10/19		
395.88	
Pasco County Utilities		10/22/2019		12582005		1500 Meadow Pointe Blvd 09/19		420.62	
Withlacoochee River Electric Cooperative, Inc.		10/23/2019		1353910 10/19		Street Lights 10/19		1,342.07	
Southern Automated Access Services LLC		10/24/2019		7023		Replaced Exit Island Operator Belt 10/19		95.00	
Commercial Controls, Inc.		10/24/2019		4474		Rewired Pool Lights 10/19		256.00	
CINTAS Corporation #074		10/25/2019		4033346312		Supplies 10/25/19		25.34	
Mid Florida Tree Service, Inc.		10/28/2019		5415		Tree Removal/Maintenance 10/19		3,325.00	
Fitness Logic		10/30/2019		92418		Repaired Walking Belt on Treadmill 10/19		42.00	
						
Total 001 - General Fund		
5,901.91	

Report Total								
5,901.91	

Notes to Unaudited Financial Statements October 31, 2019

Balance Sheet

Trust statement activity has been recorded through 10/31/19.
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 FY19-20 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.