In advance: Make fondant trims. Tint fondant: 7 oz. green; 5 oz. blue; 4 oz. each light blue, pink; 3 oz. yellow; 2 oz. light green; 1 oz. light yellow; reserve 1 oz. white. Add 1/8 teaspoon Gum-Tex to each color except white. Roll out 1/8 in. thick. Cut using patterns; attach pieces using damp brush. Cut three balloons
(green, pink, blue). Shape 5/8 in. ball into cone-shaped knot; indent end using ball tool from set. Flatten tip and attach under balloon. Cut white oval highlights, 1 x 3/4 in.; attach. Cut pink hat. Cut 1/2 in. wide light blue stripes; attach 1/2 in. apart, trimming ends as needed. Cut yellow pompom and attach. Cut five gifts (one yellow, two each green, blue); imprint edges for dimension using veining tool from set. Using lighter shades, cut and attach ribbons, then bows, then knots. Let all dry overnight on cornstarch-dusted boards. Attach two lollipop sticks to the back of hat using thinned fondant adhesive, leaving 3 in. extended.