HomeMy WebLinkAboutQuarterlyReport_2009-03-31
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Month Ended 03/31/09
o
General Fund:
Revenue $17.4 million or 59% of projections for year end
(net of sanitation)
3.01% greater than prior year due to increase in property
tax levy and higher franchise fees (1% inc ATMOS)
o Sales tax (4 months collections) down 8.26%
o Development related revenue down 33%
o Court Fines down 17%
Ticket count – 1,423 for Mar ‘09
o Park & Rec fees up 34% over PY
2,035 Rec Center memberships sold in Mar ‘09
Expense projections adjusted to include position “freeze”
totaling $1.4 million for year, as well as $334K in operational
savings. Key Variances:
o Personnel variances due to COLA and increased costs for
public safety and new staffing at Rec Center
o Finance & Admin increased due to the associate judge that
was added in 2009.
ESTIMATED unallocated and unobligated Fund Balance
(excess funds) = $1.4M
o Total excess funds from previous years = $2.06 million
o Less authorized commitments:
Sanitation fuel adjustment $156K
o Estimated operating shortfall for YE 2009 $431K
o Additional funds may accumulate during year due to cost
savings within the departments
Utility Funds:
Revenues are ahead of projections
o Electric service revenues up $1.5 million or
6.4% due to Citicorp in current year as well
as higher customer demand
o Water service revenue up $379K or 6.9%
related to growth and impacts of weather
o Wastewater service revenue is on par with
prior year
Expenses are as expected
GENERAL CAPITAL PROJECT UPDATE:
Recreation Center
Phase 2 – (rehab existing facility) – End-April 2009
Estimated savings in project budget - $100K
Funded structural repairs to existing rec center
Final excess determined once project completed
Parking lot renovations
8th Street - complete
Community Center - complete
Bark Park – complete
GMC – 50% complete, finish end of April
Security Improvements
Fire Station 3 & 4 – scheduled May 2009
Upcoming Budget Calendar:
June 8 - Council Workshop on 2009/10 CIP and
Facilities Update
June 22 – Council Workshop for Social Service
Presentations
June 25 – City Manager’s budget balanced
June 30 – Budget Workbook to Council July 13 & 14 – Council Workshop to present 2009/10
City Manager’s Proposed Budget July 24 – Tax Roles Certified by WCAD
July 27 – Final Review of Proposed Budget
July 28 – Special Council Meeting on proposed tax rate
and to set public hearing dates
August 11 & 18 – Public Hearings on Tax Rate August 24 – Public Hearing on 2009/10 Budget August 25 & Sept 8 – 1st and 2nd readings of All Budget
& Tax Ordinances
HIGHLIGHTED INDICATORS
*HOT Tax is collected one month behind, i.e. March
collections represent revenue for February.
*229 permits YTD = $58M New Value
SELECTED STATISTICS
Total Cash & Investments = $51,772,378
Includes $8,892,776 bond proceeds
Avg. weighted maturity: 126 days
Avg. yield on investments: 1.58%
*Excludes GTEC & GEDCO
Financial Report and Investment Report
for Quarter Ended March 31, 2009
TABLE OF CONTENTS
I. Executive Summary
Quarterly Financial Analysis ................................................................................. 1-3
Investments .......................................................................................................... 3-5
Internal Control ........................................................................................................ 5
Capital Projects ....................................................................................................... 6
II. Reports
General Fund Revenue & Expense ........................................................................ 7
March Variance Explanations ................................................................................. 8
Major Fund Revenue Comparison .......................................................................... 9
Investment Report - City .................................................................................. 10-14
Investment Report – GTEC/GEDCO ................................................................ 15-24
Internal Audit Report Summary ............................................................................. 24
Capital Improvement Project Summary – General Projects ............................. 25-26
Capital Improvement Project Summary – GUS Projects .................................. 27-28
Capital Improvement Project Summary - GTEC ................................................... 29
2nd Fiscal Quarter – 2009
Executive Financial Summary
Executive Summary
Quarter ended 3/31/09
I. Quarterly Financial Analysis
General Fund Revenues:
General fund revenues collected through the end of the second fiscal quarter of 2009 are slightly higher than prior year
collections totaling $17,354,124 or 59% of current year projected budget and an increase of 3% over prior year, due to
increased property tax revenue in 2009. The sanitation fund was consolidated into the general fund for the current
2008/09 budget to steam-line reporting.
Property tax revenues are typically received during the first and second quarters of the fiscal year. As of the end of the
quarter, we have received 98.1% of the property tax levy for the year. This is a positive variance over the previous
year’s collection rate of 94.3% at this point in 2008. Property tax revenues are currently up 10% over prior year due to
the increased tax levy for 2009, delinquency rates will be monitored in the upcoming months to identify any trends that
may impact the upcoming budget. Preliminary tax roles for the upcoming budget are expected to remain flat or be
slightly higher than the previous year due to new property added in 2008.
$2,142,249 of sales tax revenue has been collected
for sales generated October through February. This
collection revenue is 34% of projections. Sales tax
projections are estimated to be $800,000 less than
budget, and 8% less than prior year collections. The
City also collects 1/8 cent sales tax to be used toward
the reduction of property taxes, and this decrease will
impact the overall 2009/10 property tax rate.
Court fines are down 17% from prior year with 6,043
cases processed during 2009 versus 6,359 processed
in the prior year.
The City collects a 4 – 5% franchise fee on electrical, natural gas, cable, solid waste, and telephone revenues provided
by entities other than the City. The City has collected $1,121,352 or 87% of current year projected budget through the
end of the 2nd quarter. The City also collects a 2% franchise fee and an 8% return on investment fee from the City
owned utilities which totaled respectively, $641,979 and $2,661,718 through March or 43% of projected budget. These
collections are down $46,000 due to decrease in revenue received.
Development related revenue is down $173,728 or
33% from prior year and will contribute to the shortfall
in general fund revenues. The current slowdown in the
economy is expected to continue through the end of
the 2009. As the economy strengthens, development
activity will increase and be reflected in future budgets.
Revenues will be closely monitored to analyze and
proactively prepare for any potential shortfalls that may
impact current year projections and the 2009/10
budget.
1
2nd Fiscal Quarter – 2009
Executive Financial Summary
General Fund Expenditures:
General fund expenditures through the end of the second fiscal quarter of 2009 closely follow prior year expenditures.
Savings from frozen positions will be realized in later quarters due to positions added to the budget on a staggered
schedule.
Salaries and benefit expenditures year to date reached $9.4 million or 45% of projected budget with an additional $6.9
million or 66% of projected budget spent on operations. Environmental services spent $1,683,227 in the first two fiscal
quarters of 2009 and received revenue of $2,294,885. This service was moved into the general fund in the current year
budget.
The Transportation Services Division provides resources for street maintenance and repairs. Expenditures through the
2nd quarter of 2009 were 46% of projected budget at $845,508. Prior year expenditures were $829,127 or 56% of total
2008 expenditures. Currently, five (5) frozen positions with an anticipated personnel savings of $316,541 are
expected.
The Community Development Division provides resources for planning and development, as well as, building permit
and inspection processing. Anticipated personnel savings in this division for six (6) frozen positions is $230,330.
The Finance Division includes court fine processing through Municipal Court. Expenditures for the quarter are on par
with prior year at 52% of projected budget or $280,594.
Expenditures for Public Safety through the 2nd quarter
are 51% of projected budget with a total of $8.2 million
compared to $7 million or 51% in prior year. Expected
savings of $761,079 for eight (8) frozen positions will
be realized at year end.
Management Services includes City Management,
Council, Public Information and social service funding.
2 positions are currently frozen at an anticipated
savings of $201,264. Total expenditures through the
end of the 2nd quarter are $2.6 million compared to
prior year of $2.3 million.
Community Services includes parks and recreation expenditures. Current expenditures total $3.4 million compared to
$2.8 million in the prior year. Savings from two (2) frozen positions are expected to yield $63,000 in the current year.
Allocations from the Joint Services Fund, for various administrative services, are also projected to be 4-5% less than
budget due to the cost savings within allocated departments.
Utility Revenues:
Electric Revenue is over 6% greater than 2008. Collections of $24 million or 43% of current year projected budget
were received through March 2009 compared to $22.6 million or 44% received at this time last year.
The .12% increase in wastewater revenue is a result of the implementation of the flat rate sewer last April 2008, as well
as, continued customer growth and expansion of the utility. Tap revenue is lower due to the slowdown in development
compared to previous years. Other revenue is on par with prior year.
Water revenue is up 4% over prior year due to the continued drought conditions experienced in Central Texas. As
with wastewater, tap revenue is down due to the economic slowdown. Although interest rates are lower than prior
year, the increased balances in the water fund provided greater interest income compared to prior year.
2
2nd Fiscal Quarter – 2009
Executive Financial Summary
Utility revenues are significantly impacted by growth and weather conditions. Slowdown in the economy and housing
market continue to impact future revenues. Staff will monitor these trends over the upcoming months to identify areas
that may impact the current budget and 2009/10 CIP process.
Other Revenues:
Hotel Occupancy Tax revenue is 14.6% lower than prior year due to the slowdown of the economy. Staff will continue
to monitor revenues closely to evaluate the operating budget for the upcoming year. Future revenues could possibly
decrease as a result of the slowing economy.
Fuel revenues at the airport are lower than prior year due to the decrease in gas prices. This decrease will be reflected
in the current year fuel margin.
Cash Balance vs. Fund Balance:
The $11,358,835 cash balance in the General Fund represents a snapshot of the cash on hand at the end of the
2007/08 fiscal year. The general fund emergency reserves or contingency reserves were $5,850,000 at the end of the
fiscal year but were increased to $6,500,000 for the current budget year. The 2008/09 budget anticipated cash on
hand of $9,298,849, thus excess funds of $2.06 million were realized at the end of the fiscal year. This excess
primarily related to savings in personnel and operational spending along with a prior period revenue adjustment.
The Capital Project fund used $3.9 million from contingency reserves in the General Fund to purchase the Albertson’s
building. These contingency reserves will be repaid from bond proceeds to be issued in May 2009.
II. Investments
Compliance Statement:
The investment activity and strategies described in this report are in compliance with the Public Funds
Investment Act, City’s investment policy, and generally accepted accounting principles. This report includes the
investment position of the City at the end of the second fiscal quarter 2009.
Activity for the quarter primarily related to the reinvestment of maturing securities and diversification of the
portfolio. Existing bond balances will decrease in the coming months as construction draws are needed to fund
projects such as the recreation center completion and Oak Tree Bridge, along with wastewater improvements to
Smith Branch.
The Investment Report for the Quarter Ended March 31, 2009 and the supporting schedules are attached. A
summary of the investment balances at March 31, 2009 compared to the prior quarter is shown below for the City
and both component units.
CITY GTEC GEDCO
12/31/08 3/31/09 12/31/08 3/31/09 12/31/08 3/31/09
Total cash and security
investments
$50,002,107 $52,273,445 $19,445,350 $19,598,518 $2,491,558 $2,668,747
Unrealized gain $306,876 $215,094 $179,448 $117,303 $4,388 $943
Realized gain (loss) for
quarter
$0 $0 $0 $0 $0 $0
3
2nd Fiscal Quarter – 2009
Executive Financial Summary
Economic conditions have stabilized somewhat during the quarter. Yields continue to fall while the government
decides how to implement the various “bail-out” plans.
Stabilizing the banking community is a major goal
of the “bail-out” plans. Arranging
closures/mergers, increasing government lending
programs, directly injecting capital, and temporarily
raising the Federal Deposit Insurance Corporation
(FDIC) insurance limit to $250,000 from $100,000,
have all been implemented. Ensuring that the
City’s financial institution deposits are safe remains
extremely important. The increased FDIC limit,
combined with regular collateral review for deposits
in excess of the insured limit, provides that margin
of safety. The temporary increase in FDIC
insurance will expire in December 2009.
The economy and markets continue to decline and thus have lowered yields considerably throughout the year.
For example, the City’s local government investment pools (TexPool and TexSTAR) began the year yielding
approximately 5.25% and ended the year yielding below 1.50%. Since December 30th, the target rate for
overnight fed funds was a range between 0.00% and .025% and we anticipate the pool yields to continue to drop
as a result of that action. They are currently +/-0.57%.
6/30/08 9/30/08 12/31/08 3/31/09
Managed portfolio yield 3.41% 3.32% 2.31% 1.45%
The City’s investment strategy is to “ladder” or stagger maturities, thus minimizing erratic interest rate
fluctuations. The current unrealized gain in the portfolio is due to higher yielding securities purchased before
market interest rates fell. The interest income, from these securities, diversifies and enhances the yields from
shorter-term deposits and investments. Maintaining safety of principal and adequate liquidity remain the City’s
investment portfolio objectives. Total managed portfolio yield was 1.45% on an annualized basis. The overall
yield is higher than the yield trend for the 3-month Treasury bill and the local government pools which are
currently at 0.21% and 0.57% respectively, as of March 31st.
City Portfolio balances have increased in the last
few years in direct correlation to the increase in
contingency reserves and debt proceeds issued for
capital improvement projects. The City’s
investment portfolio includes bank deposits, local
government investment pool balances, and federal
agency and instrumentality securities. All of these
investments carry insurance or an implied backing
from the Federal Government.
Market conditions have created value in non-
depository bank deposits. These deposits are
insured or collateralized as required by Policy and state law. The Certificate of Deposit Account Registry
Service (CDARS) allows the City to deposit funds with a Texas financial institution. That institution then
“spreads” the funds to other banks throughout the CDARS system to effectively insure the total deposit. The
Bank of New York acts as custodian and functions to prevent deposits in excess of FDIC insurance levels at any
one CDARS bank. Note: With the temporary nature of the increased FDIC level, CDARS has chosen to maintain
$100,000 deposit limitations.
4
2nd Fiscal Quarter – 2009
Executive Financial Summary
In November 2008, the City entered into a CDARS program with ViewPoint Bank in Plano, Texas for placement
of funds to diversify the existing portfolio. Yields were locked in at 3.32% for a 12 month certificate compared to
yields of approximately 2.75% from government backed securities at that time. The City also entered into a
CDARS program with Comerica Bank of Houston, Texas in March 2009 that includes a 1 year investment
yielding 1.81% and a 6 month investment yielding 1.65%. This compares to the 0.60% rates that were available
within the local government pools.
Laurie Brewer, Assistant Finance Director
Micki Rundell, Chief Financial Officer
III. Internal Control
Internal Control Program:
Internal controls are the practices performed by departments to provide management with reasonable assurance
that assets are safeguarded and transactions are authorized, valid, complete, and accurate. Elements of a good
internal control system include 1) separation of duties; 2) authorization; 3) documentation; and 4) reconciliation.
During the 2nd quarter of the fiscal year several audits were performed and reported. These internal audits
validate the accuracy and validity of the City’s financial records by detail testing on individual transactions and
ensuring compliance with City’s financial and administrative policies.
A Travel audit was performed by reviewing individual expense reports and evaluating receipts to
ensure compliance with current travel policies. A procurement card audit was done to ensure
compliance with current purchasing policies. A Long Distance usage Audit was performed to prevent
excessive use. All bills greater than $1 are evaluated and substantiated. Fuel usage was audited
comparing gallons purchased with monthly usage to verify amounts. Petty Cash and cash drawer
audits were performed at various locations to verify cash on hand. A development fee audit was
performed by taking a random sample of Planning and zoning approved items and correlating them to
the development payment receipts in the financial system. A municipal court audit was performed by
looking at cases whereby community service or jail time credit was granted by the Judge. In these
cases, no payment was received therefore documentation is crucial.
No material weaknesses or issues were discovered. All identified items have been or are being
addressed by each department.
A copy of the audit results is included on page 24 of this report.
5
2nd Fiscal Quarter – 2009
Executive Financial Summary
IV. Capital Projects
Capital Improvement Program:
The projects in the Capital Improvement Program (CIP) generally consists of infrastructure and related
construction and do not include small capital items such as furniture, equipment, and vehicles. Significant
maintenance projects, such as street overlay are not included in the capital project schedules.
These maintenance type projects are not capitalized as a fixed asset and are always cash-funded therefore, are
considered operational in nature and are included in the departmental operating budget.
A report showing the current year budget status as well as, project to date information on the approved capital
improvement projects is included in the quarterly financial report. Information on projects completed during the
quarter is also provided for review.
6
GENERAL FUND REVENUE & EXPENSE COMPARISON 2008/2009
For the Quarter Ended 3/31/09
General Fund
2nd QUARTER PRIOR YEAR 2nd QUARTER
TOTAL PRELIMINARY 3/31/09 %ACTUAL 3/31/08 %YTD
BUDGET PROJECTIONS YTD PROJ.TOTAL YTD ACTUAL ACTUAL %
REVENUES:
Property Taxes 8,174,100 8,050,519 7,756,130 96.3% 7,541,643 7,063,020 93.7%693,110 9.81%
Sales Tax 7,011,360 6,220,044 2,142,249 34.4% 6,820,308 2,335,027 34.2%-192,778 -8.26%
Sales Tax (1/8 cent) 941,510 834,129 295,140 35.4% 916,625 330,008 36.0%-34,868 -10.57%
Franchise Fee/ROI 9,379,741 9,054,922 4,425,047 48.9% 9,168,941 4,289,619 46.8%135,428 3.16%
Development & Inspections 1,293,574 857,000 352,603 41.1% 1,158,433 526,331 45.4%-173,728 -33.01%
Court Fines 1,021,200 881,200 437,564 49.7% 1,013,699 527,008 52.0%-89,444 -16.97%
Parks & Recreation 1,586,720 1,549,720 719,642 46.4% 1,056,592 535,890 50.7%183,752 34.29%
Other 3,860,598 2,039,023 1,225,749 60.1% 3,910,362 1,240,869 31.7%-15,120 -1.22%
REVENUE WITHOUT ENVIRON. SVCS 33,268,803 29,486,557 17,354,124 58.9% 31,586,603 16,847,772 53.3%506,352 3.01%
Environmental Services 4,811,433 4,571,433 2,294,885 50.2%n/a 2,294,885 n/a
TOTAL REVENUES (1)38,080,236 34,057,990 19,649,009 57.7% 31,586,603 16,847,772 53.3%2,801,237 16.63%
(1) excludes transfers and SIP related fees
EXPENSES:
TRANSPORTATION
Personnel 1,279,187 963,309 433,969 45.0% 855,048 428,181 50.1%5,788 1.35%
Operations 1,116,047 861,564 411,539 47.8% 627,571 400,946 63.9%10,593 2.64%
TOTAL TRANSPORTATION 2,395,234 1,824,873 845,508 46.3% 1,482,619 829,127 55.9%16,381 1.98%
COMMUNITY DEVELOPMENT
Personnel 2,038,737 1,824,505 848,118 46.5% 1,830,062 868,982 47.5%-20,864 -2.40%
Operations 483,546 453,874 303,936 67.0% 447,440 396,157 88.5%-92,221 -23.28%
TOTAL COMMUNITY DEVELOP 2,522,283 2,278,379 1,152,054 50.6% 2,277,502 1,265,139 55.5%-113,085 -8.94%(6)
FINANCE & ADMINISTRATION
Personnel 415,899 436,060 197,834 45.4% 350,054 169,239 48.3%28,595 16.90%
Operations 114,952 107,439 82,760 77.0% 121,724 70,382 57.8%12,378 17.59%
TOTAL FINANCE & ADMIN 530,851 543,499 280,594 51.6% 471,778 239,621 50.8%40,973 17.10%(1)
FIRE
Personnel 5,762,912 5,589,162 2,577,686 46.1% 4,381,290 2,024,399 46.2%553,287 27.33%(2)
Operations 1,071,706 1,061,646 814,781 76.7% 909,566 668,817 73.5%145,964 21.82%(3)
TOTAL FIRE 6,834,618 6,650,808 3,392,467 51.0% 5,290,856 2,693,216 50.9%699,251 25.96%
MANAGEMENT SERVICES
Personnel 1,202,611 653,607 356,107 54.5% 817,222 377,884 46.2%-21,777 -5.76%
Operations 3,591,171 3,571,582 2,229,872 62.4% 3,173,421 1,968,435 62.0%261,437 13.28%
TOTAL MANAGEMENT SVCS 4,793,782 4,225,189 2,585,979 61.2% 3,990,643 2,346,319 58.8%239,660 10.21%
COMMUNITY SERVICES
Personnel 3,758,176 3,685,847 1,492,580 40.5% 3,152,475 1,361,191 43.2%131,389 9.65%(4)
Operations 2,866,636 2,843,596 1,863,198 65.5% 2,253,631 1,478,573 65.6%384,625 26.01%(4)
TOTAL COMMUNITY SERVICES 6,624,812 6,529,443 3,355,778 51.4% 5,406,106 2,839,764 52.5%516,014 18.17%
POLICE
Personnel 8,097,615 7,864,819 3,540,712 45.0% 6,735,432 3,179,419 47.2%361,293 11.36%(5)
Operations 1,682,876 1,606,232 1,265,871 78.8% 1,669,458 1,164,964 69.8%100,907 8.66%TOTAL POLICE 9,780,491 9,471,051 4,806,583 50.8% 8,404,890 4,344,383 51.7%462,200 10.64%
OPERATING EXP WITHOUT ENVIRON. SVCS.
Personnel 22,555,137 21,017,309 9,447,006 44.9% 18,121,583 8,409,295 46.4%1,037,711 12.34%
Operations 10,926,934 10,505,933 6,971,957 66.4% 9,202,811 6,148,274 66.8%823,683 13.40%
OPERATING EXPENSES 33,482,071 31,523,242 16,418,963 52.1% 27,324,394 14,557,569 53.3%1,861,394 12.79%
GUS (Environmental Services)
Personnel 58,172 59,207 28,100 47.5%n/a 28,100 n/a
Operations 4,517,211 4,433,060 1,655,127 37.3%n/a 1,655,127 n/a
TOTAL GUS 4,575,383 4,492,267 1,683,227 37.5%n/a 1,683,227 n/a
TOTAL OPERATING EXPENSES
Personnel 22,613,309 21,076,516 9,475,106 45.0% 18,121,583 8,409,295 46.4%1,065,811 12.67%
Operations 15,444,145 14,938,993 8,627,084 57.7% 9,202,811 6,148,274 66.8%2,478,810 40.32%
TOTAL OPERATING EXPENSES (2) 38,057,454 36,015,509 18,102,190 50.3% 27,324,394 14,557,569 53.3%3,544,621 24.35%
(2) excludes capital related expenditures
VARIANCE
7
March variance explanations
(1.) The 17.0% increase in Finance & Admin is due to the associate judge and changes in allocations.
(2.)The 27.3% increase in Fire Personnel is due to higher staffing and overtime costs; including costs
associated with emergency response in Bastrop during the recent flooding event. FEMA is expected to
reimburse costs to the City
(3.)The 21.8% increase in Fire Operations is due to moving the SRF billing expenses here, higher ISF
premiums and radio purchases
(4.)The 26.01% increase in Community Svcs Operations is due to higher building ISFs for the library,
equipment for the rec center, increase utility costs and higher building ISF charges; as well as, a 9.65%
increase resulting from staff increases associated with the new Rec Cente
(5.) The 11.4% increase in Police Personnel is due to higher staffing and overtime costs.
(6.)Comm Dev - 8.9% decrease due to one-time projects, such as Comp Plan, funded in 2008. Personnel
costs due to "frozen" positions
8
MAJOR FUND REVENUE COMPARISON 2008/2009
For the Quarter Ended 3/31/09
Other Major Funds:
2nd QUARTER PRIOR YEAR 2nd QUARTER
TOTAL PRELIMINARY 3/31/09 %ACTUAL 3/31/08 %YTD
REVENUES:BUDGET PROJECTIONS YTD PROJ.TOTAL YTD ACTUAL ACTUAL %
Utility Fund Revenues:
ELECTRIC
Electric revenue 67,879,757 55,430,000 24,009,545 43.3% 51,833,477 22,556,943 43.5%1,452,602 6.44%
Electric tap revenue 450,000 300,000 149,270 49.8% 353,834 205,422 58.1%-56,152 -27.33%(1)
Electric other revenue 775,000 645,000 381,279 59.1% 819,994 407,464 49.7%-26,185 -6.43%
TOTAL ELECTRIC REVENUE 69,104,757 56,375,000 24,540,094 43.5% 53,007,305 23,169,829 43.7%1,370,265 5.91%
WASTEWATER
Wastewater revenue 8,016,520 7,993,520 3,776,153 47.2% 7,423,190 3,771,519 50.8%4,634 0.12%
Wastewater tap revenue 250,000 250,000 72,535 29.0% 262,086 114,861 43.8%-42,326 -36.85%(1)
Wastewater other revenue 263,000 183,000 86,155 47.1% 141,387 67,975 48.1%18,180 26.75%
TOTAL WASTEWATER REVENUE 8,529,520 8,426,520 3,934,843 46.7% 7,826,663 3,954,355 50.5%-19,512 -0.49%
WATER
Water revenue 12,811,966 13,120,000 5,872,266 44.8% 13,602,151 5,492,956 40.4%379,310 6.91%
Water tap revenue 450,000 300,000 148,989 49.7% 427,584 193,055 45.2%-44,066 -22.83%(1)
Water other revenue 622,000 603,000 273,260 45.3% 850,187 372,798 43.8%-99,538 -26.70%
TOTAL WATER REVENUE 13,883,966 14,023,000 6,294,515 44.9% 14,879,922 6,058,809 40.7%235,706 3.89%
Other Fund Revenues:
CVB
HOT tax 380,000 325,000 150,048 46.2% 440,581 175,629 39.9%-25,581 -14.57%
Other Revenue 52,834 47,299 36,128 76.4% 79,384 48,813 61.5%-12,685 -25.99%
TOTAL CVB REVENUE 432,834 372,299 186,176 50.0% 519,965 224,442 43.2%-38,266 -17.05%
AIRPORT
Fuel revenue 2,500,000 2,500,000 846,453 33.9% 2,765,552 1,189,314 43.0%-342,861 -28.83%(2)
Leases and Rents 440,880 440,880 265,869 60.3% 521,871 279,587 53.6%-13,718 -4.91%
Other revenue 106,780 86,780 21,745 25.1% 96,713 28,007 29.0%-6,262 -22.36%
TOTAL AIRPORT REVENUE 3,047,660 3,027,660 1,134,067 37.5% 3,384,136 1,496,908 44.2%-362,841 -24.24%
TOTAL MAJOR FUND REVENUES 94,998,737 82,224,479 36,089,695 43.9% 79,617,991 34,904,343 43.8%1,185,352 3.40%
* Does not include transfers
(1) Variance due to Development related revenue (Tap Fees) continue to lag due to the general economic slowdown.
(2) Variance due to fuel prices being higher in the prior year compared to fuel prices this year.
VARIANCE
9
CITY BALANCE COMPARISON BY QUARTER - March 31, 2009
Balance Balance Balance Balance
INVESTMENT BALANCES BY TYPE 6/30/08 9/30/08 12/31/08 3/31/09
U. S. GOVERNMENT AGENCY SECURITIES 40,541,873 31,755,785 21,670,527 14,622,310
TEXPOOL 1,535,916 1,808,437 8,682,911 7,709,239
TEXSTAR 26,371,638 16,194,864 13,857,210 17,005,666
TEXAS TERM - Texas Daily
JPMORGAN CHASE - Local Depository 271,066 174,296 70,020 128,507
VIEWPOINT BANK - Money Market 15,191 43,512
CDARS CERTIFICATES OF DEPOSIT 2,000,000 10,504,970
TOTAL CASH AND INVESTMENTS 70,766,022 53,215,379 50,002,107 52,273,445
Note: Balances shown are at book value.
City
Types of Investments
as of 3/31/09
City Investment Balances
as of 3/31/09
10
PORTFOLIO SUMMARY - By Maturityyy
07/08 07/08 08/09 08/09
Maturity Time Frame 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter
0-6 Months 48,967,341 38,476,324 36,839,332 37,698,860
6-12 Months 10,540,921 7,629,524 8,093,563 10,532,286
12-18 Months 6,163,267 5,050,626 3,018,609 2,042,299
18-36 Months 5,094,493 2,058,905 2,050,603 2,000,000
70,766,022 53,215,379 50,002,107 52,273,445
Long term investments, securities with a 12 month or greater maturity, decreased from 10% at December 31, 2008,
to 8% at March 31, 2009. Maturities are matched with projected disbursement requirements, such as capital
improvement projects and debt service payments, thus maintaining a staggered maturity schedule that hedges the
portfolio from market volatility is recommended. Seventy-two percent of the portfolio will mature within the next six
months, with 20% maturing within 12 months. These maturities match buildout and funding of current projects, as
well as, debt service payments.
07/08 07/08 08/09 08/09
Liquidity Indicators 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter
Weighted Average Maturity 148 134 107 125
Long term investments, securities with a 12 month or greater maturity, decreased from 10% at December 31, 2008,
to 8% at March 31, 2009. Maturities are matched with projected disbursement requirements, such as capital
improvement projects and debt service payments, thus maintaining a staggered maturity schedule that hedges the
portfolio from market volatility is recommended. Seventy-two percent of the portfolio will mature within the next six
months, with 20% maturing within 12 months. These maturities match buildout and funding of current projects, as
well as, debt service payments.
Maturities < 12 months 84.09%86.64%89.86%92.27%
Long term investments, securities with a 12 month or greater maturity, decreased from 10% at December 31, 2008,
to 8% at March 31, 2009. Maturities are matched with projected disbursement requirements, such as capital
improvement projects and debt service payments, thus maintaining a staggered maturity schedule that hedges the
portfolio from market volatility is recommended. Seventy-two percent of the portfolio will mature within the next six
months, with 20% maturing within 12 months. These maturities match buildout and funding of current projects, as
well as, debt service payments.
Long term investments, securities with a 12 month or greater maturity, decreased from 10% at December 31, 2008,
to 8% at March 31, 2009. Maturities are matched with projected disbursement requirements, such as capital
improvement projects and debt service payments, thus maintaining a staggered maturity schedule that hedges the
portfolio from market volatility is recommended. Seventy-two percent of the portfolio will mature within the next six
months, with 20% maturing within 12 months. These maturities match buildout and funding of current projects, as
well as, debt service payments.
Long term investments, securities with a 12 month or greater maturity, decreased from 10% at December 31, 2008,
to 8% at March 31, 2009. Maturities are matched with projected disbursement requirements, such as capital
improvement projects and debt service payments, thus maintaining a staggered maturity schedule that hedges the
portfolio from market volatility is recommended. Seventy-two percent of the portfolio will mature within the next six
months, with 20% maturing within 12 months. These maturities match buildout and funding of current projects, as
well as, debt service payments.
11
TRANSACTION LISTING - SECURITIES - March 31, 2009
Purchase Maturity / Discount / Par Investment
Date Description Call Coupon Value Yield Comments
PURCHASES:
3/10/09 Certificate of Deposit Account Registry Service (CDARS) 9/8/09 1.65% 3,000,000 1.65% Ongoing staggered maturity
Source: Operating/ Reserves investment strategy
1/29/09 Certificate of Deposit Account Registry Service (CDARS) 1/28/10 1.50% 1,500,000 1.51% Ongoing staggered maturity
Source: Operating/ Reserves investment strategy
3/10/09 Certificate of Deposit Account Registry Service (CDARS) 3/10/10 1.81% 2,000,000 1.81% Ongoing staggered maturity
Source: Operating/ Reserves investment strategy
1/29/09 Certificate of Deposit Account Registry Service (CDARS) 1/27/11 2.27% 2,000,000 2.30% Ongoing staggered maturity
Source: Operating/ Reserves investment strategy
MATURITIES:
1/29/08 Federal Home Loan Bank (FHLB) 1/14/09 3.50% 1,500,000 2.73% Ongoing staggered maturity
Source: Operating / Reserves investment strategy
6/21/07 Federal National Mortgage Assn (FNMA) 1/26/09 4.00% 1,500,000 5.21% Ongoing staggered maturity
Source: Operating / Reserves investment strategy
9/26/07 Federal Home Loan Bank (FHLB) 2/17/09 5.55% 1,000,000 4.55% Ongoing staggered maturity
Source: Operating / Reserves investment strategy
6/26/08 Federal Home Loan Mortgage Corp (FHLMC) 2/17/09 4.88% 1,700,000 2.91% Ongoing staggered maturity
Source: '07 Bonds investment strategy
6/14/07 Federal Farm Credit Banks (FFCB) 2/23/09 5.00% 288,000 5.29% Ongoing staggered maturity
Source: '07 Bonds -split w/GTEC investment strategy
9/26/07 Federal National Mortgage Assn (FNMA) 3/16/09 3.13% 1,000,000 4.44% Ongoing staggered maturity
Source: Operating / Reserves investment strategy
ALL SECURITIES REDEEMED AT MATURITY, THEREFORE NO GAIN OR LOSS WAS REALIZED.
12
INVESTMENTS OUTSTANDING - March 31, 2009
12/31/08 3/31/09
Purchase Invest Par Coupon Book Market Book Accrued Investment Market Unrealized
Date Description Number Maturity Value Yield Value Value Value Interest Yield Value Gain/Loss
U. S. GOVERNMENT AGENCY SECURITIES:
12/20/07 Federal National Mortgage Assn (FNMA)31359MZH9 10/15/08 1,000,000 4.50%Matured ----
Source: '07 Bonds
12/20/07 Federal National Mortgage Assn (FNMA)3136F3D45 12/24/08 1,026,000 3.00%Matured ----
Source: '07 Bonds
12/22/06 Federal Home Loan Bank (FHLB)3133XHTU6 12/12/08 2,000,000 5.00%Matured ---- Source: Operating / Reserves
5/8/07 Federal National Mortgage Assn (FNMA)31398AAF9 11/3/08 2,000,000 4.90%Matured ----
Source: Operating / Reserves
6/21/07 Federal Farm Credit Banks (FFCB)31331THX2 10/24/08 2,000,000 3.63%Matured ---- Source: Operating / Reserves
7/26/07 Federal Home Loan Bank (FHLB)3133XBJP1 10/17/08 2,000,000 4.57%Matured ----
Source: Operating / Reserves
6/14/07 Federal Farm Credit Banks (FFCB)31331XQM7 2/23/09 288,000 5.00% 287,879 290,352 Matured ---- ------------ Source: '07 Bonds -split w/GTEC
6/21/07 Federal National Mortgage Assn (FNMA)31359MXL2 1/26/09 1,500,000 4.00% 1,498,750 1,505,560 Matured ---- ------------ Source: Operating / Reserves
9/26/07 Federal Home Loan Bank (FHLB)3133M7N77 2/17/09 1,000,000 5.55% 1,001,270 1,008,197 Matured ---- ------------
Source: Operating / Reserves
9/26/07 Federal National Mortgage Assn (FNMA)31359MUQ4 3/16/09 1,000,000 3.13% 997,269 1,006,824 Matured ---- ------------
Source: Operating / Reserves
9/26/07 Federal National Mortgage Assn (FNMA)31359MUW1 4/14/09 1,000,000 3.85% 998,230 1,010,936 999,777 9,625 4.50% 1,002,047 2,270
Source: Operating / Reserves
12/19/07 Federal Home Loan Bank (FHLB)3133M8YA6 6/3/09 1,000,000 6.30% 1,009,935 1,026,816 1,004,053 15,750 3.86% 1,011,675 7,622
Source: Operating / Reserves
12/19/07 Federal Home Loan Bank (FHLB)3133XGYT5 12/11/09 1,000,000 5.00% 1,010,319 1,036,119 1,007,588 12,500 3.85% 1,031,343 23,755 Source: Operating / Reserves
12/19/07 Federal Home Loan Bank (FHLB)31339XNW0 6/30/10 1,000,000 5.00% 1,015,975 1,051,859 1,013,307 12,500 3.87% 1,047,640 34,333
Source: Operating / Reserves
1/29/08 Federal Home Loan Bank (FHLB)3133XNY86 1/14/09 1,500,000 3.50% 1,500,414 1,503,140 Matured ---- ------------ Source: Operating / Reserves
1/30/08 Federal National Mortgage Assn (FNMA)3136F55H0 8/13/09 1,000,000 4.50% 1,009,932 1,024,335 1,005,905 6,000 2.84% 1,016,034 10,129
Source: Operating / Reserves
1/30/08 Federal Home Loan Mortgage Corp (FHLMC) 3128X33F8 1/25/10 1,000,000 4.38% 1,015,517 1,032,552 1,011,880 8,021 2.87% 1,031,067 19,187 Source: Operating / Reserves
3/6/08 Federal Farm Credit Banks (FFCB)31331YSR2 2/8/10 2,000,000 2.63% 2,003,092 2,030,917 2,002,391 7,729 2.48% 2,033,037 30,646
Source: Operating / Reserves
3/6/08 Federal Home Loan Bank (FHLB)31339YGY2 7/14/10 1,000,000 5.00% 1,034,628 1,051,572 1,028,992 10,694 2.66% 1,048,425 19,433
Source: Operating / Reserves
4/24/08 Federal National Mortgage Assn (FNMA)31359MVE0 5/15/09 1,500,000 4.25% 1,509,743 1,522,688 1,503,199 15,938 2.47% 1,508,585 5,386 Source: Operating / Reserves
4/24/08 Federal Home Loan Bank (FHLB)3133X9H60 11/30/09 1,000,000 4.07% 1,011,486 1,026,284 1,008,344 10,162 2.77% 1,024,048 15,704
Source: Operating / Reserves
6/26/08 Federal Home Loan Mortgage Corp (FHLMC) 3137EAAA7 2/17/09 1,700,000 4.88% 1,704,262 1,712,196 Matured ---- ------------ Source: '07 Bonds
6/26/08 Federal Home Loan Bank (FHLB)3133M9FC1 8/14/09 3,000,000 6.50% 3,061,826 3,111,826 3,036,874 24,917 3.09% 3,071,744 34,870
Source: Operating / Reserves
TOTAL INVESTMENT SECURITIES 21,670,527 21,952,173 14,622,310 133,836 14,825,645 203,335
TexPool 3/31/09 8,682,911 8,693,244 7,709,239 7,712,631 3,392 TexSTAR 3/31/09 13,857,210 13,872,107 17,005,666 17,014,033 8,367
Certificates of Deposit - CDARS Various Various 2,000,000 2,000,000 10,504,970 Various 10,504,970
TOTAL INVESTMENT BALANCES 46,210,648 46,517,524 49,842,185 133,836 50,057,279 215,094
CITY DEPOSITORY
JPMorgan Chase**3/31/09 0.15%70,020 70,020 128,507 0.15% 128,507
JPMorgan Chase Overnight Security**3/31/09 0.00% 3,706,248 3,706,248 2,259,241 0.00% 2,259,241
ViewPoint Bank - Money Market 3/31/09 3.00%15,191 15,191 43,512 3.00% 43,512
TOTAL CASH AND INVESTMENT BALANCES 50,002,107 50,308,983 52,273,445 133,836 52,488,539 215,094
Balances and rates as of 3/31/09.
**Funding of outstanding checks presented for payment, interest earned netted against bank service changes.
13
TRANSACTION LISTING - INVESTMENT POOLS - March 31, 2009
07/08 07/08 08/09 08/09
3rd Quarter 4th Quarter 1st Quarter 2nd Quarter
Balance Market Value Balance Market Value Balance Market Value Balance Market Value
Description 06/30/08 06/30/08 9/30/08 9/30/08 12/31/08 12/31/08 3/31/09 3/31/09 Comments
TexPool 1,535,916 1,535,716 1,808,437 1,807,605 8,682,911 8,693,244 7,709,239 7,712,631 AAA Rated Pool -
$1 per $1 value
Current value:
$1.00044 per $1
TexSTAR 26,371,638 26,362,197 16,194,864 16,182,912 13,857,210 13,872,107 17,005,666 17,014,033 AAA Rated Pool -
$1 per $1 value
Current value:
$1.000492 per $1
(Any changes in market value during quarter were within minimum guidelines unless noted.)
14
Balance Balance Balance Balance
INVESTMENT BALANCES BY TYPE 6/30/08 9/30/08 12/31/08 3/31/09
U. S. GOVERNMENT AGENCY SECURITIES 16,794,788 15,297,327 10,542,265 6,022,454
TEXPOOL 711,428 398,760 6,113,996 5,176,935
TEXSTAR 3,817,356 2,940,350 2,789,089 7,396,392
VIEWPOINT BANK - Money Market 2,737
CDARS CERTIFICATES OF DEPOSIT 1,000,000
TOTAL CASH AND INVESTMENTS 21,323,572 18,636,437 19,445,350 19,598,518
Note: Balances shown are at book value.
Liquidity Indicator / Weighted Average to Maturity 232 186 118 92
Georgetown Transportation Enhancement Corporation
For the Quarter Ended 3/31/09
Balance Balance Balance Balance
INVESTMENT BALANCES BY TYPE 6/30/08 9/30/08 12/31/08 3/31/09
U. S. TREASURY SECURITIES 1,254,636 1,252,843 501,051
TEXSTAR 864,466 1,024,870 1,990,507 1,916,716
VIEWPOINT BANK - Money Market 2,031
CDARS CERTIFICATES OF DEPOSIT 750,000
TOTAL CASH AND INVESTMENTS 2,119,102 2,277,713 2,491,558 2,668,747
Note: Balances shown are at book value.
Liquidity Indicator / Weighted Average to Maturity 120 61 12 86
Georgetown Economic Development Corporation
For the Quarter Ended 3/31/09
15
Georgetown Transportation Enhancement Corporation
Investment Report
For the Quarter Ended 3/31/09
Compliance Statement
The investment activity and strategies described in this report are in compliance with GTEC’s
investment policy and state law.
The Investment Report for the Quarter Ended March 31, 2009, and the supporting schedules are
attached. Portfolio balances increased during the quarter as sales tax collection revenue was received.
Due to the turmoil in the market and decline in yields, the City is evaluating non-depository bank
deposits as potential investments.
Market conditions have created value in these non-depository bank deposits. These deposits are
insured or collateralized as required by Policy and state law. The Certificate of Deposit Account
Registry Service (CDARS) allows the City to deposit funds with a Texas financial institution. That
institution then “spreads” the funds to other banks throughout the CDARS system to effectively insure
the total deposit. The Bank of New York acts as custodian and functions to prevent deposits in excess
of FDIC insurance levels at any one CDARS bank. Note: With the temporary nature of the increased
FDIC level, CDARS has chosen to maintain $100,000 deposit limitations.
Securities purchased in prior quarters have higher yields and thus, contribute to the unrealized market
gain in the portfolio. Our investment strategy is to “ladder” or stagger maturities, thus minimizing
interest rate risk in the long-term.
A summary of the investment balances at March 31, 2009, compared to the prior quarter is shown
below.
GTEC
12/31/08 3/31/09
Total cash and security
investments
$19,445,350 $19,598,518
Unrealized gain $179,448 $117,303
Realized gain or loss for
quarter
$0 $0
Laurie Brewer, Assistant Finance Director
Micki Rundell, Chief Financial Officer
16
GTEC BALANCE COMPARISON BY QUARTER - March 31, 2009
Balance
INVESTMENT BALANCES BY TYPE 3/31/09
U. S. GOVERNMENT AGENCY SECURITIES 6,022,454
TEXPOOL 5,176,935
TEXSTAR 7,396,392
VIEWPOINT BANK - Money Market 2,737
CDARS CERTIFICATES OF DEPOSIT 1,000,000
TOTAL CASH AND INVESTMENTS 19,598,518
Note: Balances shown are at book value.
08/09
Maturity Time Frame 4th Quarter 1st Quarter 2nd Quarter
0 - 6 months 14,579,093
6 - 12 months 4,006,118
12 - 18 months 1,013,307
18 + months
19,598,518
Liquidity Indicator
21,323,572
5,518,793
3,012,969
2,023,364
08/0907/08
3rd Quarter
07/08
10,768,446
Balance
6/30/08
16,794,788
711,428
3,817,356
21,323,572
Balance Balance
12/31/08
10,542,265
6,113,996
9/30/08
15,297,327
398,760
19,445,350 18,636,437
2,789,089
19,445,350
2,940,350
18,636,437
14,419,691
3,008,270
1,001,414
1,015,975
12,594,584
2,013,065
3,010,146
1,018,642
Liquidity Indicator
Weighted Average Maturity 232 186 118 92
GTEC TRANSACTION LISTING - SECURITIES - March 31, 2009
Description Comments
PURCHASES:
Certificate of Deposit Account Registry Service (CDARS) Ongoing staggered maturity
Source: Operating / Reserves investment strategy
MATURITIES:
Federal Farm Credit Banks (FFCB)Ongoing staggered maturity
Source: '07 Bonds -split w/City investment strategy
1.51%
5.29%4,512,000
1/29/09 1/28/10 1.50% 1,000,000
Date Yield
Discount /
Coupon
Par
Value
Purchase Maturity /
Call
6/14/07 2/23/09 5.00%
Investment
17
GTEC INVESTMENTS OUTSTANDING - March 31, 2009
3/31/09
Purchase Invest Par Coupon Book Market Book Accrued Investment Market UnrealizedDateDescriptionNumberMaturityValue Yield Value Value Value Interest Yield Value Gain/Loss
U. S. GOVERNMENT AGENCY SECURITIES:
6/14/07 Federal National Mortgage Assn (FNMA)31398AAF9 11/3/08 3,750,000 4.90% Matured - - - - -
Source: '07 GTEC Bonds
12/19/07 Federal Home Loan Bank (FHLB)3133X9UY4 12/23/08 1,000,000 4.13% Matured - - - - -
Source: Operating/Reserves
6/14/07 Federal Farm Credit Banks (FFCB)31331XQM7 2/23/09 4,512,000 5.00% 4,510,111 4,548,855 Matured - - - - - - - - - -- - - - - - - - - -
Source: '07 Bonds -split w/City
12/19/07 Federal National Mortgage Assn (FNMA)3136F6SC4 12/28/09 2,000,000 4.25% 2,006,719 2,067,807 2,005,025 21,250 3.89% 2,055,452 50,427
Source: Operating/Reserves
12/19/07 Federal Home Loan Bank (FHLB)31339XNW0 6/30/10 1,000,000 5.00% 1,015,975 1,051,859 1,013,307 12,500 3.87% 1,047,640 34,333
Source: Operating/Reserves
3/6/08 Federal Farm Credit Banks (FFCB)31331YRU6 8/4/09 1,000,000 2.70% 1,001,551 1,012,335 1,000,896 4,275 2.43% 1,008,507 7,611
Source: Operating/Reserves
3/10/08 Federal Farm Credit Banks (FFCB)31331YSR2 2/8/10 1,000,000 2.63% 1,001,414 1,015,458 1,001,093 3,865 2.49% 1,016,518 15,425
Source: Operating/Reserves
4/24/08 Federal National Mortgage Assn (FNMA)31359MVE0 5/15/09 1,000,000 4.25% 1,006,495 1,015,125 1,002,133 10,625 2.47% 1,005,723 3,590
Source: Operating/Reserves
TOTAL INVESTMENT SECURITIES 10,542,265 10,711,439 6,022,454 52,515 6,133,840 111,386
TexPool 3/31/09 6,113,996 6,121,272 5,176,935 5,179,213 2,278
TexSTAR 3/31/09 2,789,089 2,792,087 7,396,392 7,400,031 3,639
Certificates of Deposit - CDARS (12 months)1/29/10 1.50%1,000,000 1.51% 1,000,000
TOTAL INVESTMENT BALANCES 19,445,350 19,624,798 18,595,781 52,515 18,713,084 117,303
DEPOSITORY
ViewPoint Bank - Money Market 03/31/09 3.00%2,737 3.00%2,737
TOTAL CASH AND INVESTMENT BALANCES 19,445,350 19,624,798 18,598,518 52,515 18,715,821 117,303
Balances and rates as of 3/31/09.
12/31/08
18
GTEC TRANSACTION LISTING - INVESTMENT POOLS - March 31, 2009
07/08 07/08 08/09 08/09
3rd Quarter 4th Quarter 1st Quarter 2nd Quarter
Balance Market Value Balance Market Value Balance Market Value Balance Market Value
Description 6/30/08 6/30/08 9/30/08 9/30/08 12/31/08 12/31/08 3/31/09 3/31/09 Comments
#
TexPool 711,428 711,336 398,760 398,577 6,113,996 6,121,272 5,176,935 5,179,213 AAA Rated Pool -
$1 per $1 value
Current value:
$1.00044 per $1
TexSTAR 3,817,356 3,815,989 2,940,350 2,938,180 2,789,089 2,792,087 7,396,392 7,400,031 AAA Rated Pool -
$1 per $1 value
Current value:
$1.000492 per $1
(Any changes in market value during quarter were within minimum guidelines unless noted.)
19
Georgetown Economic Development Corporation
Investment Report
For the Quarter Ended 3/31/09
Compliance Statement
The investment activity and strategies described in this report are in compliance with GEDCO’s
investment policy and state law.
The Investment Report for the Quarter Ended March 31, 2009, and the supporting schedules are
attached. Portfolio balances increased during the quarter as sales tax collection revenue was received.
Due to the turmoil in the market and decline in yields, the City is evaluating non-depository bank
deposits as potential investments.
Market conditions have created value in these non-depository bank deposits. These deposits are
insured or collateralized as required by Policy and state law. The Certificate of Deposit Account
Registry Service (CDARS) allows the City to deposit funds with a Texas financial institution. That
institution then “spreads” the funds to other banks throughout the CDARS system to effectively insure
the total deposit. The Bank of New York acts as custodian and functions to prevent deposits in excess
of FDIC insurance levels at any one CDARS bank. Note: With the temporary nature of the increased
FDIC level, CDARS has chosen to maintain $100,000 deposit limitations.
Securities purchased in prior quarters have higher yields and thus, contribute to the unrealized market
gain in the portfolio. Our investment strategy is to “ladder” or stagger maturities, thus minimizing
interest rate risk in the long-term.
A summary of the investment balances at March 31, 2009, compared to the prior quarter is shown
below.
Laurie Brewer, Assistant Finance Director
Micki Rundell, Chief Financial Officer
GEDCO
12/31/08 3/31/09
Total cash and security
investments
$2,491,558 $2,668,747
Unrealized gain $4,388 $943
Realized gain or loss for
quarter
$0 $0
20
GEDCO BALANCE COMPARISON BY QUARTER - March 31, 2009
Balance
INVESTMENT BALANCES BY TYPE 3/31/09
U. S. GOVERNMENT AGENCY SECURITIES
TEXSTAR 1,916,716
VIEWPOINT BANK - Money Market 2,031
CDARS CERTIFICATES OF DEPOSIT 750,000
TOTAL CASH AND INVESTMENTS 2,668,747
Note: Balances shown are at book value.
08/09
Maturity Time Frame 2nd Quarter
0 - 6 months 1,918,747
6 - 12 months 750,000
2,668,747
Liquidity Indicator
Weighted Average Maturity 120 61 12 86
GEDCO TRANSACTION LISTING - SECURITIES - March 31, 2009
Description Comments
PURCHASES:
Certificate of Deposit Account Registry Svc (CDARS) Ongoing staggered maturity
Source: Operating / Reserves investment strategy
MATURITIES:
Federal Home Loan Bank (FHLB)Ongoing staggered maturity
Source: Operating / Reserves investment strategy
2.58%2/24/09 4.01% 500,000
1.51%1/28/10 1.50% 750,000
2,491,558
Balance Balance
12/31/08
501,051
9/30/08
1,252,843
1,024,870
Call
1,614,482
504,620
2,277,713
Maturity /
3rd Quarter
07/08
4th Quarter
07/08
Discount /
1st Quarter
08/09
Balance
6/30/08
1,254,636
864,466
2,119,102
1,990,507
2,491,558
Par
2,277,713
Value
Investment
3/6/08
1/29/09
2,491,558 2,277,713 2,119,102
Date
Purchase
YieldCoupon
21
GEDCO INVESTMENTS OUTSTANDING - March 31, 2009
12/31/08 3/31/09
Purchase Invest Par Coupon Book Market Book Accrued Investment Market Unrealized
Date Description Number Maturity Value Yield Value Value Value Interest Yield Value Gain/Loss
U. S. GOVERNMENT AGENCY SECURITIES:
12/19/2007 Federal Home Loan Bank (FHLB)3133X9UY4 12/23/08 750,000 4.13% Matured ---- Source: Operating / Reserves
3/6/2008 Federal Home Loan Bank (FHLB)3133XARC3 2/24/09 500,000 4.01% 501,051 503,299 Matured ---- ------------
Source: Operating / Reserves
TOTAL INVESTMENT SECURITIES 501,051 503,299
TexSTAR 3/31/09 1,990,507 1,992,647 1,916,716 1,917,659 943Certificates of Deposit - CDARS (12 months) 1/29/10 1.50% 750,000 1.51% 750,000
TOTAL INVESTMENT BALANCES 2,491,558 2,495,946 2,666,716 2,667,659 943
DEPOSITORY
ViewPoint Bank - Money Market 3/31/09 3.00% 2,031 3.00% 2,031
TOTAL CASH AND INVESTMENT BALANCES 2,491,558 2,495,946 2,668,747 2,669,690 943
Balances and rates as of 3/31/09.
22
GEDCO TRANSACTION LISTING - INVESTMENT POOLS - March 31, 2009
07/08 07/08 08/09 08/09
3rd Quarter 4th Quarter 1st Quarter 2nd Quarter
Balance Market Value Balance Market Value Balance Market Value Balance Market Value
Description 6/30/08 6/30/08 9/30/08 9/30/08 12/31/08 12/31/08 3/31/09 3/31/09 Comments
TexSTAR 864,466 864,157 1,024,870 1,024,114 1,990,507 1,992,647 1,916,716 1,917,659 AAA Rated Pool -
$1 per $1 value
Current value:
$1.000492 per $1
(Any changes in market value during quarter were within minimum guidelines unless noted.)
23
Audit Type Total Exceptions
Developmental Services Audit
Approved items 44 - N/A
Audit selection 12
Violations -
Fuel Usage Audit
Diesel gallons purchased 56,817 - N/A
Unleaded gallons purchased 24,874
City's average rate-diesel 1.46$
City's average rate-gasoline 1.29$
Total amount paid (including taxes)136,657.62$
Long Distance Audits
Calls over $1.00 107 - Two personal long-distance calls were made from
Call explanations requested 36 a City phone line
Total amount reimbursed 3.75$
Calls reimbursed to City 2
Petty Cash Audits (Once per quarter)
Cash boxes audited 8 - One employee's petty cash was $30.00 over
Total cash amount 3,225.00$
Violations 1
Cash Drawer Audits (Once per quarter)
Drawers audited 26 - One employee's drawer was ten dollars short
Total cash amount 5,480.00$
Violations 1
Procurement Card Audits
Expense Reports generated 448 - Three employees' Reports were not turned-in to
Total dollars spent 195,349.94$ Accounting
Reports audited 92 - One employee's Report was missing receipts
Violations 4
Travel Audits
Expense Reports generated 126 - Four employees did not return a travel Expense
Reports audited 27 Report or their Procurement Card Expense Report
Violations 4 for the month in which the travel charges occurred
Internal Audit Report Summary
For the Second Fiscal Quarter 2008/2009
24
Capital Improvement Project Summary – General Projects
Second Quarter 2009
Animal Shelter
This area is an extension off of the existing kennel and is being used as a
triage and cat holding area. Construction was completed in February using
staff personnel as the construction manager and saving approximately
$60,000. The facility is now in use and Animal Services is pleased with the
finished product.
Recreation Center
Phase II of the project otherwise known as the Teen/Senior Center will be
completed around the end of April. The contractor is busy putting the final
touches on the facility and a first punchlist inspection will be performed on
April 20. Furniture for this facility is expected to be delivered by the end of
the month.
Parking Lot Additions
The 8th Street parking, Community Center and Bark Park/McMaster Fields
parking lots have been completed and are in use. The Municipal Complex
lot has been cleared for construction and the contractor is conducting a
soil stabilization process. The detention pond has been dug and this will
provide water detention and filtration for the lot as well as runoff from the
adjacent neighborhood. Curb and Gutter is scheduled for the week of April
20 with completion expected by the end of April.
Replacement of the wastewater line under the City Hall lot has been
completed. The water is scheduled to be replaced in the next few weeks.
Construction will begin to replace the asphalt with fibercrete on the west
side of City Hall the week following the Red Poppy Festival on April 27.
We expect the lot to be completed and open for use sometime around
May 15.
Highway Monument Sign
A multi-use agreement from TxDOT and the sign construction bid is on the
Council agenda for April 28 for approval. Solar lighting will has been
evaluated and will be purchased for this project. Final drawings have been
submitted to the TxDOT Regional Office for approval, which should come
after they have received and executed multi-use agreement from the City.
25
Wayfinding Signs
The project is complete with the exception of three signs scheduled for
installation on University Drive. TxDOT is processing approval of these
three signs and we will hopefully be given approval to erect them within
the next thirty days.
Police Evidence Storage
Engineered drawings of the metal building and site plans are being
reviewed by Building Inspection for determination as to location
appropriateness and constructability. Once we receive this approval, a site
plan will be submitted to Development Services for their approval to locate
in the designated area. The metal building has been purchased and funds
have been encumbered for the erection of the building.
Police Impound Lot
Site plans have been approved by Development Services and submitted
to the TCEQ for approval of the water pollution abatement plan. We have
submitted a request to Development Services to rezone the property at
the southwest corner of the landfill from residential to industrial for the
purpose of locating this lot in that location. TCEQ approval will take
approximately 45 days to process.
CVB Renovation/Relocation
This project is complete and CVB has been relocated to their new offices
in the Parks Administration Building.
Watering Mules Sculpture
The project was completed in early March.
26
Capital Improvement Projects
For the Quarter Ended 03/31/09
Division Total PTD
Project Budget Exp. Enc. Balance Budget Costs Balance Status
Facilities
6CE Fire Station # 5 200 0 0 200 400 0 400
6AS Dtown Master Plan 032(30) (1)01(1)
6BI Pedestrian Bridge 000009(9)
6BS Rock St Extension 0 5 (1) (5)05(5)
68C GMC Renovation 877 0 0 877 877 0 877
68D Equipment storage yard 289 0 0 289 289 0 289
68E Land acquisition 400 331 0 69 400 331 69
6CI Remodel Fire # 2 529 0 2 527 529 2 527
68G Police Software 150 0 0 150 150 0 150
City Building Parking Lots 0 101 330 (431)385 485 (100)
Animal Kennel / Triage Intake Area 0 13 (13)08278 4Complete
City Office Improvements 10,221 64 (3)10,159 10,507 113 10,393
Total Facilities $12,666 546 284 $11,835 $13,618 $1,022 $12,596
Recreation Center 481 2,830 (2,752)404 13,097 12,720 377 Construction
6AW New Library 0 13 (13)0 9,700 9,794 (94)Complete
Total Bond Projects 481 2,843 (2,765)404 22,797 22,514 283
Parkland Development 14 1 0 13 149 188 (40)
605 Parks Improvements 65 22 (16)59 500 413 88
6BW Natural Springs Purchase 195 0 0 195 495 105 390
Total Parks Improvements 274 23 (16)267 1,144 706 438
Y-T-D
2008/09 (000s)Project to Date (000s)
Total General Government CIP 13,421 3,412 (2,497)12,506 37,560 24,243 13,317
Streets / Transportation
1AC Old Mill Village 0 216 (203) (13)0 496 (496)
1AR Pavement Mgmt System Update 0 24 (24)0 150 150 0
1AV 2006 Street Rehabs 0 28 0 (28)028(28)
1AZ 2007 Street Rehabs 866 119 (119)866 3,350 2,731 619 Construction
1BA Main Street - Univ to 21st 564 0 0 564 1,129 1 1,128 Design
1BC 2008 Street Rehabs 723 714 1,046 (1,037)2,235 1,858 377 Design
1BH Oak Tree Drive Bridge 551 27 (24)547 1,151 145 1,006 Design
11A Maple St. Realign 650 0 0 650 650 0 650
1BJ Street Maint 2009 1,720 0 0 1,720 1,720 0 1,720
Total Streets $5,073 1,128 676 $3,270 $10,384 $5,409 $4,976
Stormwater
1BE Maple Street Culverts 950 8 32 910 1,100 40 1,060
1BF San Gabriel Park Bank Erosion 250 0 0 250 550 5 545
1BG Stormwater Inventory 150 0 0 150 300 0 300
1BH Oak Tree Drive Bridge 523 39 (38)522 1,123 79 1,043
5AB Churchill Farms 25 0 0 25 50 0 50
5AG Railroad Drainage 35 0 0 35 197 40 157
5AH San Gabriel Park Retaining Wall 200 0 0 200 400 0 400
5AI 18th & Pine Drainage 58 0 0 58 116 0 116
5AJ Blue Hole Park River Banks 31 0 0 31 63 5 58
5AK C&G 2007 300 0 0 300 400 0 400
51A Northwest @ IH35 325 0 0 325 325 0 325
51B Williams Gateway 700 0 0 700 700 0 700
51C TOD 75 0 0 75 75 0 75
Total Stormwater $3,622 47 (6)$3,581 $5,399 $169 $5,230
27
Capital Improvement Projects
For the Quarter Ended 03/31/09
Division Total PTD
Project Budget Exp. Enc. Balance Budget Costs Balance Status
Y-T-D
2008/09 (000s)Project to Date (000s)
Irrigation
5IB Pecan Branch Reuse Line 0 610 (609) (2)4,250 1,100 3,150 Design
5IC San Gabriel Park Line Upgrades 00006500650
Total Irrigation $0 610 (609) ($2)$4,900 $1,100 $3,800
Wastewater
1BC 2008 Street Rehabs 0 363 0 (363)0 363 (363)
1BA Main St ( Univ to 21st) 0 11 (11)0000
2BA 2006 Annexations 654 10 74 570 654 325 329
2BB Wastewater Master Plan Update 0 3 (1) (2)75 101 (26)
3AL Rock Street Lift Station 0 1 0 (2)02(2)
3AY South Fork: Phase B & C1 0 2,649 0 (2,649)1,500 2,660 (1,160)Complete
3BA Northern Lands WWTP 0 16 (16)0000
3BB San Gabriel Plant Upgrade 0 1,943 (1,972)30 696 3,467 (2,771)Design
3BD Smith Branch / SG Interconnect 0 266 1,758 (2,024)7,220 2,711 4,509 Design
3BF Cimaron Hills Plant Expansion 65 15 (15)65 385 39 346 Design
301 CH WWTP Expansion- Oaks MUD Reim 0000000
3BG River Down and Ridge LS Decommission 116 0 0 116 116 0 116
3BI Smith Branch Interceptor Upgrade 1,500 31 (25)1,494 1,500 183 1,317
6BS Rock Street Extension 0 10 (10)0000
303 Wastewater Line Upgrades 250 0 0 250 625 25 600
304 Edwards Aquifer Compliance 750 11 (3)742 2,150 40 2,110
Total Wastewater $3,335 5,330 (221) ($1,774)$14,921 $9,917 $5,004
WtWater
1AA 13th Street Rehab 0 17 0 (17)017(17)
1BC 2008 Street Rehab 0 654 0 (654)0 654 (654)
2ATBerry Creek Booster Upgrade 00002000200
2AU Leander Rd GST 000075075
2AV Park Plant Clearwell 0 1,204 (1,182) (23)1,500 2,038 (538)Design
2AW Austin Ave W/WW 0 2 (2)0000
2AX West Loop: DB Wood to CR 265 00007500750
2AY Escalera Elevated Storage Tank 0 1,095 (1,082) (14)1,725 2,340 (615)Complete
2AZ 2005 Annexations 125 0 0 125 925 15 910
2BA 2006 Annexations 1,967 85 45 1,837 4,167 377 3,790
2BB Master Plan Updates 0 (4)0 4 75 48 27
2BD Leander Rd PS Upgrade 0 114 (114)0000
22ASun City Pump Station 0000000
22B Southlake WTP 1,000 0 0 1,000 1,000 0 1,000
2BF Tera Vista Newland Property 0000000
2BG Chambers of Commerce 6" 0 0 14 (14)014(14)
22C Leak Detection Program 250 0 0 250 250 0 250
22D Street Maintenance 500 0 0 500 500 0 500
22E Town Square District 250 0 0 250 250 0 250
22F Lake Ware Clearwell 488 0 0 488 488 0 488
22G West Lp- Rckmoor To Thousand 0000000
5IB Pecan Branch Reuse Line 0 0 80 (80)080(80)
204 Water Line Upgrades 500 53 (28)475 2,878 371 2,507
Total Water $5,080 3,221 (2,269)$4,800 $14,783 $5,282 $9,501
28
Capital Improvement Projects
For the Quarter Ended 3/31/2009
Division Total PTD
Project Budget Exp. Enc. Balance Budget Costs Balance Status
GTEC
51A Economic Development Projects 942 0 0 942 1,817 0 1,817
51B NW Blvd Bridge 65 4 (0)61 65 25 40
51C Sierra Ridge 694 0 0 694 694 0 694
5QV Tx Outdoor Power Equip 300 300 0 0 300 300 0 Complete
5QC Southwest Bypass 0 215 (214) (1)2,460 1,586 874 Design
5QG Arterial SE1: Inner Loop / SH 130 10,765 81 (69)10,753 34,580 1,460 33,120 Design
5QP 500 South Austin Avenue 326 272 0 55 1,338 678 660
5QU 501 South Austin Ave 556 556 0 0 1,619 556 1,063 Complete
5QW Wolf Ranch Pkwy Ext 330 0 330 0 330 330 0
Total GTEC $13,978 $1,428 $46 $12,504 $43,203 $4,935 $38,268
Y-T-D
2008/09 (000s)Project to Date (000s)
29