HomeMy WebLinkAbout01 QuarterlyReport_2016-31-12
Q1 2017
F R I R
F Q E D ,
FINANCIAL REPORT AND INVESTMENT REPORT
For the Quarter Ended December 31, 2016
Table of Contents
Executive Summary .................................................................................................................................... 1-4
General Fund Schedule ................................................................................................................................. 5
Electric Fund Schedule .................................................................................................................................. 6
Water & Rural Water Fund Schedule ............................................................................................................ 7
Council Discretionary Fund Schedule ............................................................................................................ 8
Convention & Visitors Bureau Fund Schedule ............................................................................................... 9
Airport Fund Schedule ................................................................................................................................. 10
Georgetown Transportation Enhancement Corporation Fund Schedule .................................................... 11
Georgetown Economic Development Corporation Fund Schedule ............................................................. 12
Quarterly Investment Report - City ........................................................................................................ 13-27
Quarterly Investment Report - GTEC ...................................................................................................... 28-33
Quarterly Investment Report - GEDCO ................................................................................................... 34-39
Grant Applications ....................................................................................................................................... 40
Capital Improvement Projects ................................................................................................................ 41-46
Long-term Commitments and Other Unfunded Liabilities ..................................................................... 47-48
EXECUTIVE SUMMARY
FOR THE QUARTER ENDED December 31, 2016
I. Quarterly Financial Analysis
General Fund Revenues:
General Fund revenues collected for the first quarter of fiscal year 2017 are stronger than the prior year with a 6.3% increase.
The total revenue collected year to date (YTD) for the General Fund is $14.5 million.
Sales tax revenues continue to be higher than
projected. General Fund sales tax revenues for the
first quarter of fiscal year 2017 are 15.7% ahead of
the first quarter of fiscal year 2016. The sales tax
collections through December totaled $1.0
million, or 8% of budget. The growth in sales tax is
primarily driven by increases in our core sectors of
retail trade, food, and information, which are
positively impacted by population growth.
Property tax revenues are typically received during
the first two quarters of the fiscal year, with the
majority of the taxes being received in December
and January. The amount of revenue is based on
the assessed value and is estimated using the
County Assessor’s data. Any deviations from
estimates in this revenue stream are typically related to new construction and delinquency rates. Property tax revenues for
the first quarter of 2017 are up 3.3%, or $0.2 million, from the first quarter of 2016. Our collection rate as of December 2016
is 49.3% compared to 51.1% last December.
The City collects a 4 – 5% franchise fee on electric, natural gas, cable, and non-cellular telephone revenues provided by entities
other than the City. The City has collected $0.7 million through the first quarter of 2017, which is a 7.3% increase from the
first quarter of 2016. Franchise fees are typically collected on a quarterly basis and the timing of payments can vary. The City
also collects a 3% franchise fee and a 7% return on investment (ROI) fee from City owned utilities, which totaled $0.7 million
and $1.9 million respectively, through the first quarter of the fiscal year. Franchise fee and ROI collections are up 3.5% over
this time last year.
Environmental services revenues are up 5.4% from the
first quarter of 2016. This increase is related to the
growth in the customer base.
Development related revenue is up 20.8% over the
prior year. Year to date development applications are
down 0.06% from last year.
Overall, General Fund primary revenues were strong in
the first quarter of fiscal year 2017 and are higher than
the prior year.
0
20
40
60
80
100
120
OctNovDecJanFebMarAprMayJunJulAugSepNumber of Building Permits
2013
2014
2015
2016
2017
Source: MyPermitNow
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
OctNovDecJanFebMarAprMayJunJulAugSepSales Tax Revenue
2013
2014
2015
2016
2017
Source: Texas Comptroller of Public
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General Fund Expenditures:
General Fund operating expenditures for the first quarter of fiscal year 2017 are 48.0% lower than the same period the prior
year due to an accounting change to the frequency of the internal service fund transfers. Transfers are made monthly to
smooth out the impact over the year, instead of lump sum at the beginning of the year. Each Division is on pace compared to
budget for the first quarter.
Total salaries and benefit expenditures through the first quarter were $7.7 million or 23.9.8% of budget. An additional $5.4
million, or 24.6% of budget, was spent on operations. Overall, personnel costs are higher than first quarter 2016 due to the
merit increases that went into effect February 2016, as well as increases in Fire overtime.
Administration Services includes City Manager’s Office, City Council, City Secretary, Planning and social service funding. Total
expenditures for the first quarter were $1.8 million or 32.2% of budget
Community Services and Finance provides resources for developing downtown, as well as resources for Parks and Recreation,
Convention and Visitors Bureau (CVB), Library, Public Communications and Municipal Court. Year to date expenditures are
$2.4 million or 23.5% of budget.
The Georgetown Utility System Division includes Environmental Services, Inspections, Public Works and Streets. Environmental
Services manages the contract for solid waste collections. Total expenditures through the first quarter were $1.7 million or
18.6% of budget.
Total expenditures for Public Safety through the first quarter are 24.9% of budget for a total of $3.6 million. City management,
finance and fire staff continue to monitor Fire and EMS overtime every two weeks.
Overall General Fund expenditures are within budget and projection. As planned in the budget, General Fund expenditures
are slightly higher than revenue, leading to a minor decrease in fund balance. The fund balance is projected to be $8.5 million,
covering the 90 day contingency reserve and the Economic Uncertainty Reserve.
Utility Revenues:
Electric revenue through the first quarter of 2017 is up 4.2% compared to the prior year’s first quarter. Other revenues are up
35.2% from the prior year due to the city collecting reimbursements from developers related to new infrastructure.
Total water revenue is up from the prior year by 9.0%. Other water sales are up 42.3% through the first quarter which is largely
due to an increase in impact fees for new development in the Western District.
Total wastewater revenue is up 17.6% for fiscal year 2017 compared to last year. Wastewater revenues are up 8.0% which is
largely due to an increase in impact fees for new development in the Western District.
Utility revenues are significantly impacted by growth and weather conditions. The improved economic conditions and housing
market continue to positively impact growth-related revenues. Staff will monitor these trends over the upcoming months.
Other Revenues:
Hotel Occupancy Tax revenue is $205,550, an increase of 45.7% from the prior year due to the Sheraton Hotel. Airport revenue
is up 16.4% from the prior year, due to fuel sales and leases.
II. Investments
The investment activity and strategies described in this report are in compliance with the Public Funds Investment Act (PFIA),
City’s investment policy, and generally accepted accounting principles. Activity for the first quarter of fiscal year 2017 includes
the maturing of financial institution deposits (CD’s), the purchase of new CD’s, and transfers to favorable money market
accounts. Interest rates for money market accounts increased toward the end of the calendar year.
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The Investment Reports for the quarter ended December 31, 2016 and the supporting schedules are attached. Valley View
Consulting, L.L.C., has prepared the attached investment reports. A component of our investment advisory services contract
includes Valley View preparing the quarterly investment reports on behalf of the City. A summary of the investment balances
at December 31, 2016 compared to the prior quarter is shown below for the City as well as Georgetown Transportation
Enhancement Corporation (GTEC) and Georgetown Economic Development Corporation (GEDCO).
CITY GTEC GEDCO
9/30/16 12/31/16 9/30/16 12/31/16 9/30/16 12/31/16
Total cash and investments
$123,230,402 $121,424,358 $26,395,630 $26,843,346 $9,518,021 $5,360,186
Average Yield 0.46% 0.53% 0.60% 0.63% 0.38% 0.56%
The City’s strategy continues to be matching maturities with cash flow needs, while focusing on the investment policy’s long
range goals. The City’s investment strategy is to “ladder” or stagger maturities, thus minimizing erratic interest rate
fluctuations.
City portfolio balances have increased in the last few years in direct correlation to the increase in contingency reserves and
debt proceeds issued for future capital improvement projects. The City’s investment portfolio includes bank deposits, local
government investment pool balances, money market accounts and financial institution deposits. All of these investments
carry insurance or an implied backing from the Federal Government. The collateral on all City investments is monitored at
least monthly to ensure the financial institutions carry minimum collateral of 102% of market value of the City’s investments.
Currently the City does not own any securities due to the market conditions for these types of investments. Once the City
begins purchasing securities, the investment officers will obtain from a reliable source the current credit rating for each held
investment that has a PFIA-required minimum rating. All securities held by financial institutions as collateral on behalf of the
City were reviewed and met PFIA-minimum rating criteria.
The City continues its banking fee reduction strategy by retaining higher daily balances at the City’s depository bank. These
balances earn credit against the fees charged by the bank versus earning interest on these balances. An analysis has been
performed verifying that this method is maximizing earnings by negating fees.
The City's investment program is conducted to accomplish the objectives of safety, liquidity, public trust, and yield. It is also
the objective of the City to diversify its investments to eliminate the risk of loss resulting from over concentration of assets in
a specific maturity, a specific issuer or a specific class of investments. It is the intent of the City to invest its funds to maturity.
III. Capital Projects
The projects in the Capital Improvement Program (CIP) consist of infrastructure and related construction and do not include
small capital items such as furniture, equipment, and vehicle maintenance.
Maintenance-type projects are not capitalized as a fixed asset and are usually cash funded. Therefore, they are considered
operational in nature and are included in the departmental operating budget.
A year-to-date budget status for each of the approved projects is included in the quarterly report, including the following:
DOWNTOWN & COMMUNITY SERVICES
Grace Heritage Center Restoration: As the historic downtown continues to grow, Grace Heritage Center is emerging as a key
landmark and component of the Downtown District. Since the circa 1881 building was donated to the City of Georgetown in
1995 and moved to its current site, the City has performed preventative maintenance, but has not undertaken a comprehensive
approach to the restoration of the structure. City Council has approved contracting with G. Creek Construction, partnering
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with ARCHITEXAS for a Design/Build contract for the restoration of Grace Heritage Center. The City is recently kicked off design
and plan to complete the Restoration Summer 2017.
PARKS
San Gabriel Park Improvements: A master plan for improvements to San Gabriel Park was completed in 2015. The master plan
proposed the improvements be completed in phases due to the high usage and the many events that take place in the park.
The contract for Phase 1 construction has been awarded to Weststar Construction in Georgetown in the amount of $2.5 Million.
Construction is expected to begin in March 2017 with completion in early 2018. Design on Phase 2 is expected to begin late
this summer. Phase 1 improvements include spring restoration, pavilions, road realignment, play areas, restrooms, signage
and parking.
Garey Park: In 2004, Mr. and Mrs. Jack Garey announced they would donate their 525 acre ranch and $5 million to the City of
Georgetown for a public park. In 2008, the citizens passed a parks bond with $10 million dedicated for the construction of
Garey Park. A master plan was completed in 2005 that set the stage for how the park would be developed. The scope of the
project was reduced due to the available budget of $13.5 million. The project was rebid in early 2017 and is within budget.
The bids will be presented to City Council in February 2017 for approval. Construction is expected to begin in April 2017 with
a Spring 2018 completion.
TRANSPORTATION
Southwest Bypass: Construction is approximately 60% complete project wide. Substructures of South San Gabriel bridges are
approximately 95% complete. Beam delivery and set for both structures is due in March. Approaching subgrade level
throughout the project.
ELECTRIC
New development continues to exceed expectations in the first quarter with additional residential, multifamily, and business
projects in progress.
WATER
The Berry Creek Interceptor design is 50% complete and the easement acquisition is in progress. Construction should start in
September 2017.
The Stonehedge and Westinghouse lift station project bid went to the Board and Council in November. Construction started
in January 2017 and is scheduled for completion September 2017.
The Pecan Branch wastewater treatment plant bid opening is on March 28th with construction scheduled to start June 2017.
The Shell Road and CR 255 water main designs are 50% complete and easement acquisitions are in progress. Construction is
estimated to start Summer 2017.
The Domel water treatment plant design is 90% complete. Construction is estimated to start August 2017.
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YEAR-END YEAR-END
APPROVED December-16 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 9,956,779 9,956,779 - -
REVENUES
Property Tax 12,475,000 5,119,843 6,148,721 12,475,000 - -
Sales Tax 12,818,683 978,382 1,030,530 12,818,683 - -
Sanitation Revenue 7,181,300 581,770 1,764,976 7,181,300 - -
Transfer In - ROI & Other 8,505,241 518,836 1,944,573 8,505,241 - -
Franchise Fees 5,142,035 230,639 786,897 5,142,035 - -
Development and Permit Fees 2,307,991 256,306 596,246 2,307,991 - -
Parks and Rec Fees 1,402,306 58,078 278,602 1,402,306 - -
All Other Revenue 4,344,818 550,828 1,478,096 4,344,818 - -
Administrative Charges 1,886,221 158,330 474,990 1,886,221 - -
Total Revenues 56,063,595 8,453,013 14,503,630 56,063,595 - -
EXPENSES
Administrative Services 1,552,320 168,997 378,646 1,552,320 - -
Animal Services 918,594 104,590 268,656 918,594 - -
Arts & Culture 74,385 4,018 31,627 74,385 - -
City Council 156,044 7,328 27,928 156,044 - -
City Secretary 657,852 56,954 134,813 657,852 - -
Code Enforcement 407,773 31,182 64,371 407,773 - -
Environmental Services 5,879,717 501,890 1,004,583 5,879,717 - -
Fire Emergency Services 10,046,095 1,153,463 2,439,220 10,046,095 - -
Fire Support Services 2,418,984 293,099 657,671 2,418,984 - -
General Gov't Contracts 3,353,753 253,730 1,300,524 3,353,753 - -
Inspections 1,167,339 121,114 233,633 1,167,339 - -
Library 2,419,829 259,688 627,672 2,419,829 - -
Municipal Court 564,620 60,943 136,742 564,620 - -
Parks 2,312,359 229,561 540,383 2,312,359 - -
Parks Admin 484,592 51,113 128,931 484,592 - -
Planning 1,182,736 107,368 232,714 1,182,736 - -
Police Admin 2,105,056 192,644 547,021 2,105,056 - -
Police Operations 11,176,291 1,332,179 2,757,742 11,176,291 - -
Public Communications 387,333 35,602 86,904 387,333 - -
Public Works 701,748 65,789 110,762 701,748 - -
Rec Programs 1,439,699 78,267 269,801 1,439,699 - -
Recreation 2,422,487 250,871 577,731 2,422,487 - -
Streets 3,806,498 324,276 1,364,968 3,806,498 - -
Tennis Center 431,262 39,130 96,965 431,262 - -
Transfers 1,444,716 1,156,004 1,177,088 1,444,716 - -
Total Non-Operating Expenditures 57,512,081 6,879,870 15,195,991 57,512,081 - -
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS (1,448,486)1,573,143 (692,361)(1,448,486)- -
ENDING BALANCE 8,508,294 8,508,294 - -
CONTINGENCY 8,000,000 8,000,000
ECONOMIC STABILITY RESERVE 500,000 500,000
General Fund
Year End Projection to Approved as of December 2016
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YEAR-END YEAR-END
APPROVED 16-DEC YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 6,436,145 6,436,145 - -
OPERATING REVENUE
Electric Revenue 65,018,216 4,363,489 14,433,460 65,018,216 - -
Other Revenue 1,745,000 364,100 738,516 1,745,000 - -
Interest 18,100 1,688 4,658 18,100 - -
Total Operating Revenue 66,781,316 4,729,277 15,176,634 66,781,316 - -
OPERATING EXPENDITURES
CRR Credits (1,500,000) (872,894) (1,539,077) (1,500,000) - -
Georgetown Utility Systems 16,754,453 1,471,484 4,102,786 16,754,453 - -
CIP 5,232,000 1,634,218 4,666,087 5,232,000 - -
Purchased Power 38,000,000 4,120,204 8,611,546 38,000,000 - -
Transfer Out-ROI 5,234,145 342,284 1,251,721 5,234,145 - -
Transfer Out-SRF 60,000 60,000 60,000 60,000 - -
Transfer Out-Fleet 71,500 71,500 71,500 71,500 - -
Total Operating Expenditures 63,852,098 6,826,796 17,224,563 63,852,098 - -
TOTAL NET OPERATIONS 2,929,218 (2,097,519) (2,047,929) 2,929,218 - -
NON-OPERATING REVENUE
Bond Proceeds 3,750,000 - - 3,750,000 - -
Total Non-Operating Revenue 3,750,000 - - 3,750,000 - -
NON-OPERATING EXPENDITURES
Debt Issuance Cost 15,000 (518) (518) 15,000 - -
Debt Service 3,464,271 681 163 3,464,271 - -
Total Non-Operating Expenditures 3,479,271 163 (355) 3,479,271 - -
TOTAL NET NON-OPERATIONS 270,729 (163) 355 270,729 - -
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS 3,199,947 (2,097,682) (2,047,574) 3,199,947 - -
ENDING BALANCE 9,636,092 9,636,092 - -
Electric Fund
Year End Projection to Approved as of December 2016
6
YEAR-END YEAR-END
APPROVED 16-DEC YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 24,911,799 24,911,799 - -
OPERATING REVENUE
Water Utility Revenue 26,700,000 1,718,235 6,432,918 26,700,000 - -
Wastewater Utility Revenue 10,733,475 858,060 2,607,269 10,733,475 - -
Capital Recovery Fee 4,767,300 762,032 2,601,271 4,767,300 - -
Other Revenue 3,747,088 410,124 915,270 3,747,088 - -
Irrigation Utility Revenue 225,000 8,198 46,529 225,000 - -
Interest 199,975 20,143 54,511 199,975 - -
Raw Water Revenue 178,500 14,106 31,744 178,500 - -
Transfer In, Debt 115,839 - - 115,839 - -
Total Operating Revenue 46,667,177 3,790,898 12,689,512 46,667,177 - -
OPERATING EXPENDITURES
Transfer Out, Fleet/Joint Service 290,750 99,396 134,188 290,750 - -
Transfer Out, General 425,000 - - 425,000 - -
Transfer Out, ROI 2,604,339 150,535 628,062 2,604,339 - -
Water Administration 16,715,932 1,128,474 5,988,051 16,715,932 - -
Water Distribution 2,209,230 220,657 563,818 2,209,230 - -
Water Plant Management 2,379,631 125,325 840,744 2,379,631 - -
Wastewater Distribution 737,700 36,687 160,288 737,700 - -
Wastewater Plant Management 2,430,507 184,012 1,178,048 2,430,507 - -
Irrigation 205,472 9,822 33,533 205,472 - -
Water Operations 3,713,479 408,034 830,677 3,713,479 - -
Total Operating Expenditures 31,712,040 2,362,943 10,357,409 31,712,040 - -
TOTAL NET OPERATIONS 14,955,137 1,427,955 2,332,103 14,955,137 - -
NON-OPERATING REVENUE
Bond Proceeds 20,000,000 - - 20,000,000 - -
Special Improvement Fees 205,000 - - 205,000 - -
Total Non-Operating Revenue 20,205,000 - - 20,205,000 - -
NON-OPERATING EXPENDITURES
CIP 90 46,727,000 736,003 5,616,976 46,727,000 - -
CIP 91 - 1,302,541 1,305,594 -
Debt Service 5,182,487 587 (369) 5,182,487 - -
Total Non-Operating Expenditures 51,909,487 2,039,131 6,922,201 51,909,487 - -
TOTAL NET NON-OPERATIONS (31,704,487) (2,039,131) (6,922,201) (31,704,487) - -
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS (16,749,350) (611,176) (4,590,098) (16,749,350) - -
ENDING BALANCE 8,162,449 8,162,449 - -
Water Services Fund
Year End Projection to Approved as of December 2016
7
YEAR-END YEAR-END
APPROVED DECEMBER-16 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 185,045 185,045 0 NA
REVENUE
Interest 0 192 275 0 0 NA
Total Revenue 0 192 275 0 0 NA
TRANSFERS IN
Transfer In, General Fund 750,000 750,000 750,000 750,000 0 NA
Total Transfers In 750,000 750,000 750,000 750,000 0 NA
TRANSFERS OUT
Transfer Out, GCP 0 0 0 0 0 NA
Transfer Out, Joint Services 0 0 0 0 0 NA
Transfer Out, General Fund 0 0 0 0 0 NA
Total Transfers Out 0 0 0 0 0 NA
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS 750,000 750,192 750,275 750,000 0 NA
ENDING BALANCE 935,045 935,045 0 NA
Council Discretionary Fund
Year End Projection to Approved as of December 2016
8
YEAR-END YEAR-END
APPROVED DECEMBER-16 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 578,306 578,306 0 NA
REVENUES
Hotel/Motel Occupancy Tax Revenues 1,260,000 101,447 205,550 1,260,000 0 NA
Poppy Festival 125,000 5,140 5,359 125,000 0 NA
Interest 1,500 92 283 1,500 0 NA
Other 8,000 4,174 8,102 8,000 0 NA
Total Revenues 1,394,500 110,853 219,294 1,394,500 0 NA
EXPENDITURES
Personnel 359,570 42,583 81,231 359,570 0 NA
Operations 498,506 21,390 209,294 498,506 0 NA
Poppy Festival 103,700 0 (224)103,700 0 NA
Transfer to General Fund 10,200 10,200 10,200 10,200 0 NA
Transfer to Fleet 5,655 471 1,413 5,655 0 NA
Transfer to Information Technology 42,436 3,536 10,608 42,436 0 NA
Transfer to Facilities 51,535 4,295 12,885 51,535 0 NA
Total Expenditures 1,071,602 82,475 325,407 1,071,602 0 NA
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS 322,898 28,378 (106,113)322,898 0 NA
ENDING BALANCE 901,204 901,204 0 NA
CONTINGENCY 200,000 200,000
Convention & Visitors Bureau Fund
Year End Projection to Approved as of December 2016
9
YEAR-END YEAR-END
APPROVED DEC-16 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV) FAV(UNFAV)
BEGINNING BALANCE 43,849$ 43,849$ -$ 0.0%
OPERATING REVENUE
Fuel and Terminal Sales 2,720,928 187,641 601,157 2,720,928 0 0.0%
Leases and Rentals 767,990 64,434 194,063 767,990 0 0.0%
Interest and Other 66,075 2,181 6,247 66,075 0 0.0%
Total Operating Revenue 3,554,993 254,256 801,466 3,554,993 0 0.0%
OPERATING EXPENDITURES
Personnel 388,781 36,397 74,523 388,781 0 0.0%
Operations-Fuel 2,296,928 0 2,200,414 2,296,928 0 0.0%
Operations-Non Fuel 657,086 74,545 199,040 657,086 0 0.0%
Transfers Out 25,000 0 0 25,000 0 0.0%
Debt Service 143,768 0 (0)143,768 0 0.0%
Total Operating Expenditures 3,511,563 110,943 2,473,977 3,511,563 0 0.0%
TOTAL NET OPERATIONS 43,430 143,313 (1,672,511)43,430 0 0.0%
NON-OPERATING REVENUE
Grants 35,000 0 0 35,000 0 0.0%
Total Non-Operating Revenue 35,000 0 0 35,000 0 0.0%
NON-OPERATING EXPENDITURES
One Time 0 0 0 0 0 NA
Runway Lights 0 0 0 0 0 NA
Fuel Farm 0 0 0 0 0 NA
Software 0 0 0 0 0 NA
Total Non-Operating Expenditures 0 0 0 0 0 NA
TOTAL NET NON-OPERATIONS 35,000 0 0 35,000 0 0.0%
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS 78,430$ 143,313$ (1,672,511)$ 78,430$ -$ 0.0%
ENDING BALANCE 122,279 122,279 0 0.0%
Airport Operations Fund
Year End Projection to Approved as of December 2016
10
YEAR-END YEAR-END
APPROVED DEC-16 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV) FAV(UNFAV)
BEGINNING BALANCE 5,262,150 5,262,150 0 0.0%
OPERATING REVENUE
Sales Tax 5,875,000 455,289 478,466 5,875,000 0 0.0%
Public Improve. District Assessments 553,201 0 0 553,201 0 0.0%
Interest 50,000 7,467 24,820 50,000 0 0.0%
Interlocal Agreement 2,905,356 0 0 2,905,356 0 0.0%
Miscellaneous 0 0 7,539 0 0 0.0%
Total Operating Revenue 9,383,557 462,756 510,825 9,383,557 0 0.0%
OPERATING EXPENDITURES
Administrative Support 330,895 69,926 82,350 330,895 0 0.0%
Total Operating Expenditures 330,895 69,926 82,350 330,895 0 0.0%
TOTAL NET OPERATIONS 9,052,662 392,830 428,475 9,052,662 0 0.0%
NON-OPERATING REVENUE
Debt Proceeds 1,850,000 0 0 1,850,000 0 0.0%
TxDOT Refund 0 223,873 223,873 223,873 223,873 NA
Total Non-Operating Revenue 1,850,000 223,873 223,873 2,073,873 223,873 12.1%
NON-OPERATING EXPENDITURES
Debt Service 3,414,754 0 (710) 3,414,754 0 0.0%
SH 29 to RM 2243 SW Bypass 0 620 893 893 (893) NA
SW Inner Loop 29 to SW Bypass 0 0 8 8 (8) NA
SW Bypass 2243 to IH35 0 14,276 18,989 18,989 (18,989) NA
Rivery-Extension Williams Dr to NW Blvd 4,000,000 3,215 12,870 4,000,000 0 0.0%
Pecan Center Dr to Airport Rd (FY15) 1,850,000 0 579,710 1,850,000 0 0.0%
Mays St (FY15) 3,500,000 0 31,574 3,500,000 0 0.0%
Available for Projects TBD 1,468,750 0 0 1,468,750 0 0.0%
Total Non-Operating Expenditures 14,233,504 18,110 643,334 14,253,394 (19,890) (0.1%)
TOTAL NET NON-OPERATIONS (12,383,504) 205,763 (419,461) (12,179,521) 203,983 1.6%
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS (3,330,842) 598,593 9,014 (3,126,859) 203,983 6.1%
ENDING BALANCE 1,931,308 2,135,291 203,983 10.6%
RESERVED ENDING BALANCE 1,619,550
Georgetown Transportation Enhancement Corporation Fund
Year End Projection to Approved as of December 2016
11
YEAR-END YEAR-END
APPROVED DECEMBER-16 YEAR TO DATE YEAR-END VARIANCE % VARIANCE
BUDGET W/ENCUMB W/ENCUMB PROJECTION FAV(UNFAV)FAV(UNFAV)
BEGINNING BALANCE 5,015,684 5,015,684 0 NA
OPERATING REVENUES
Sales Tax 1,468,750 113,823 119,617 1,468,750 0 NA
Interest 10,400 2,453 6,833 10,400 0 NA
Miscellaneous Revenue 60,321 10,302 10,302 60,321 0 NA
Lease Revenue (Grape Creek)48,000 4,000 12,000 48,000 0 NA
Total Operating Revenues 1,587,471 130,578 148,752 1,587,471 0 NA
OPERATING EXPENDITURES
Debt Service 115,839 0 0 115,839 0 NA
Principal Reduction 100,000 0 0 100,000 0 NA
Interest Expense 111,463 0 0 111,463 0 NA
Bond Issuance Costs 0 0 (114)0 0 NA
Joint Services Allocation 197,722 16,477 49,431 197,722 0 NA
Supplies 300 140 140 300 0 NA
Special Services 7,500 0 33 7,500 0 NA
Travel & Training 1,500 0 0 1,500 0 NA
Promotional & Marketing Program 81,000 15,224 15,224 81,000 0 NA
Miscellaneous Expense 10,321 0 10,302 10,321 0 NA
Total Operating Expenditures 625,645 31,841 75,016 625,645 0 NA
TOTAL NET OPERATIONS 961,826 98,737 73,736 961,826 0 NA
NON-OPERATING EXPENDITURES
Catalyst 24,000 0 0 24,000 0 NA
DisperSol 60,000 0 0 60,000 0 NA
Economic Development Projects -Undetermined 5,370,322 0 0 5,370,322 0 NA
Radix 50,000 0 0 50,000 0 NA
Tasus 6,000 0 0 6,000 0 NA
Texas Life Sciences 100,000 0 0 100,000 0 NA
Total Non-Operating Expenditures 5,610,322 0 0 5,610,322 0 NA
TOTAL NET NON-OPERATIONS (5,610,322)0 0 (5,610,322)0 NA
EXCESS (DEFICIENCY) OF TOTAL
REVENUE OVER TOTAL
REQUIREMENTS (4,648,496)98,737 73,736 (4,648,496)0 NA
ENDING BALANCE 367,188 367,188 0 NA
RESERVED ENDING BALANCE 367,188 367,188
Georgetown Economic Development Corporation Fund
Year End Projection to Approved as of December 2016
12
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SummaryQuarter End Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueBook ValueMarket ValueDemand Accounts0.30% 18,173,961$ 18,173,961 16,449,917$ 16,449,917$ NOW/MMA0.66% 5,349,353 5,349,353 7,359,194 7,359,194 Pools0.48% 69,025,556 69,025,556 71,903,578 71,903,578 CDs/Securities0.91% 30,681,533 30,681,533 25,711,669 25,711,669 Totals123,230,402$ 123,230,402$ 121,424,358$ 121,424,358$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 0.56%Total Portfolio 0.56%Rolling Three Mo. Treas. Yield 0.43%Rolling Three Mo. Treas. Yield 0.43%Rolling Six Mo. Treas. Yield 0.50%Rolling Six Mo. Treas. Yield 0.50%Quarterly TexPool Yield 0.46%12,507$ Interest income provided in separate report.12,507$ September 30, 2016December 31, 2016(1) Average Yield calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.(2) Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.Quarterly Bank Fees OffsetYear-to-date Bank Fees OffsetValley View Consulting, L.L.C.14
Economic Overview12/31/2016The Federal Open Market Committee (FOMC) raised the Fed Funds target range to 0.50% - 0.75% (actual Fed Funds currently trading +/-65 bps). The FOMC also projected the possibility of three additional increases during 2017. Third Quarter US GDP revised up to 3.5%. Other economic data recorded mixed results. December Non Farm Payroll Employment provided 156.000 new jobs. The US Stock markets recorded record highs. Treasury yields peaked and settled slightly lower. When available, CD and Taxable Municipal yields generally exceed government securities. The banks' reactions to recent market movements will determine if MMAs and CDs continue to be attractive.02505007501,0001,2501,5001,7502,0002,2502,500S&P 5000.000.501.001.502.002.503.00Treasury Yield CurvesDecember 31, 2015September 30, 2016December 31, 20160.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.15
City - Investment HoldingsCoupon/ Maturity Settlement Face Amount/ Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day) YieldJPMorgan Chase Cash (3)0.30% 01/01/17 12/31/16 16,449,917$ 16,449,917$ 1.00 16,449,917$ 1 0.30%Southside Bank MMA0.60% 01/01/17 12/31/16 922,886 922,886 1.00 922,886 1 0.60%Green Bank MMA0.67% 01/01/17 12/31/16 6,436,308 6,436,308 1.00 6,436,308 1 0.67%TexPoolAAAm 0.46% 01/01/17 12/31/16 14,730,016 14,730,016 1.00 14,730,016 1 0.46%TexSTARAAAm 0.48% 01/01/17 12/31/16 57,173,562 57,173,562 1.00 57,173,562 1 0.48% BTH Bank CDARS0.90% 02/02/17 02/05/15 1,525,965 1,525,965 100.00 1,525,965 33 0.90%LegacyTexas Bank CD0.83% 04/13/17 05/23/16 2,009,753 2,009,753 100.00 2,009,753 103 0.83%LegacyTexas Bank CD0.83% 04/13/17 05/23/16 4,019,506 4,019,506 100.00 4,019,506 103 0.83%Lubbock National Bank CD0.95% 07/03/17 05/23/16 3,016,750 3,016,750 100.00 3,016,750 184 0.95%Lubbock National Bank CD0.95% 07/03/17 05/23/16 2,513,958 2,513,958 100.00 2,513,958 184 0.95%Lubbock National Bank CD0.95% 07/03/17 05/23/16 3,016,750 3,016,750 100.00 3,016,750 184 0.95%LegacyTexas Bank CD0.95% 08/18/17 06/23/16 3,024,849 3,024,849 100.00 3,024,849 230 0.95%Lubbock National Bank CD1.00% 10/02/17 05/23/16 2,011,756 2,011,756 100.00 2,011,756 275 1.00%Green Bank CD0.81% 11/03/17 11/03/16 1,521,089 1,521,089 100.00 1,521,089 307 0.81%Southside Bank CD0.92% 11/17/17 11/18/16 3,051,294 3,051,294 100.00 3,051,294 321 0.92%121,424,358$ 121,424,358$ 121,424,358$410.56%(1) (2)December 31, 2016(2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.(1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.(3) Earnings Credit - The City's depository accounts provide an earnings credit on balances which is used to offset bank fees.Valley View Consulting, L.L.C.16
0–6 Months85%6–12 Months15%Current Quarter Maturities $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,00003/31/16 06/30/16 09/30/16 12/31/16Portfolio BalancesMoney MarketLocal DepositoryTexSTARTexPoolCertificate of Deposit16617416610269907375109104123156163971088751674941050100150200# of DaysWeighted Average to MaturityJPMorgan Chase14%Southside Bank 3%Green Bank 7%TexPool12%TexSTAR47%LegacyTexas Bank7%Lubbock National Bank9%BTH Bank 1%Portfolio Holdings by IssuerValley View Consulting, L.L.C.17
City - Book and Market Value ComparisonCoupon/ Maturity Face Amount/Purchases/ Sales/Adjust/ Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueJPMorgan Chase Cash0.30% 01/01/17 18,173,961$ 18,173,961$ –$ (1,724,044)$ 16,449,917$ 16,449,917$ Southside Bank MMA0.60% 01/01/17 921,588 921,588 1,298 922,886 922,886 Green Bank MMA0.67% 01/01/17 4,427,765 4,427,765 2,008,543 6,436,308 6,436,308 TexPool0.46% 01/01/17 4,341,802 4,341,802 10,388,214 14,730,016 14,730,016 TexSTAR0.48% 01/01/17 64,683,754 64,683,754 (7,510,192) 57,173,562 57,173,562 BTH Bank CDARS 0.80%11/03/161,519,989 1,519,989 (1,519,989)– – BTH Bank CDARS 0.85%11/17/163,047,956 3,047,956 (3,047,956)– – LegacyTexas Bank CD 0.60%12/07/165,022,592 5,022,592 (5,022,592)– – BTH Bank CDARS 0.90%02/02/171,522,507 1,522,507 3,4581,525,965 1,525,965 LegacyTexas Bank CD 0.83%04/13/172,005,600 2,005,600 4,1532,009,753 2,009,753 LegacyTexas Bank CD 0.83%04/13/174,011,200 4,011,200 8,3064,019,506 4,019,506 Lubbock National Bank CD 0.95%07/03/173,009,616 3,009,616 7,1343,016,750 3,016,750 Lubbock National Bank CD 0.95%07/03/172,508,013 2,508,013 5,9452,513,958 2,513,958 Lubbock National Bank CD 0.95%07/03/173,009,616 3,009,616 7,1343,016,750 3,016,750 LegacyTexas Bank CD 0.95%08/18/173,017,696 3,017,696 7,1533,024,849 3,024,849 Lubbock National Bank CD 1.00%10/02/172,006,748 2,006,748 5,0072,011,756 2,011,756 Green Bank CD0.81%11/03/17– – 1,521,0891,521,089 1,521,089 Southside Bank CD 0.92%11/17/17– – 3,051,2943,051,294 3,051,294 TOTAL123,230,402$ 123,230,402$ 17,018,729$ (18,824,773)$ 121,424,358$ 121,424,358$ September 30, 2016December 31, 2016Valley View Consulting, L.L.C.18
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 GO2014 Revenue Electric2014 Revenue Water WW2014A Revenue WaterJPMorgan Chase Cash 16,449,917$ 16,449,917$ –$ –$ –$ –$ –$ –$ Southside Bank MMA922,886 922,886 Green Bank MMA6,436,308 6,436,308 TexPool14,730,016 14,730,016 TexSTAR57,173,562 1,659,919 2,882,969 548,791 315,959 649,785 6,473,502 – BTH Bank CDARS02/02/17 1,525,965 1,525,965 LegacyTexas Bank CD 04/13/17 2,009,753 LegacyTexas Bank CD 04/13/17 4,019,506 Lubbock National Bank CD 07/03/17 3,016,750 3,016,750 Lubbock National Bank CD 07/03/17 2,513,958 Lubbock National Bank CD 07/03/17 3,016,750 LegacyTexas Bank CD 08/18/17 3,024,849 3,024,849 Lubbock National Bank CD 10/02/17 2,011,756 Green Bank CD11/03/17 1,521,089 1,521,089 Southside Bank CD11/17/17 3,051,294 3,051,294 Totals121,424,358$ 52,338,992$ 2,882,969$ 548,791$ 315,959$ 649,785$ 6,473,502$ –$ Book and Market ValueDecember 31, 2016Valley View Consulting, L.L.C.19
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARBTH Bank CDARS02/02/17LegacyTexas Bank CD 04/13/17LegacyTexas Bank CD 04/13/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17LegacyTexas Bank CD 08/18/17Lubbock National Bank CD 10/02/17Green Bank CD11/03/17Southside Bank CD11/17/17TotalsBook and Market ValueDecember 31, 2016(Continued)Debt ServicePolice Restricted SeizureUtility Debt Service2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Tax Facilities2015 CO-Water–$ –$ –$ –$ –$ –$ –$ –$ 3,059,374 1,393 67,860 29,701 1,036,236 1,423,411 1,161,347 13,802 3,059,374$ 1,393$ 67,860$ 29,701$ 1,036,236$ 1,423,411$ 1,161,347$ 13,802$ Valley View Consulting, L.L.C.20
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARBTH Bank CDARS02/02/17LegacyTexas Bank CD 04/13/17LegacyTexas Bank CD 04/13/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17LegacyTexas Bank CD 08/18/17Lubbock National Bank CD 10/02/17Green Bank CD11/03/17Southside Bank CD11/17/17TotalsBook and Market ValueDecember 31, 2016(Continued)2015 GO-Roads2015A GO-Roads2015A GO-Parks2015 Revenue Electric2015 Revenue Water WW2016 CO- Rivery TIRZ2016 CO- Streets/ Facilities/ Equip2016 GO Bonds–$ –$ –$ –$ –$ –$ –$ –$ 4,314,070 6,973,394 1,708,453 1,678,464 6,234,786 4,143 2,716,078 4,019,506 3,016,750 2,011,756 4,314,070$ 6,973,394$ 1,708,453$ 1,678,464$ 6,234,786$ 4,143$ 2,716,078$ 9,048,011$ Valley View Consulting, L.L.C.21
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARBTH Bank CDARS02/02/17LegacyTexas Bank CD 04/13/17LegacyTexas Bank CD 04/13/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17LegacyTexas Bank CD 08/18/17Lubbock National Bank CD 10/02/17Green Bank CD11/03/17Southside Bank CD11/17/17TotalsBook and Market ValueDecember 31, 2016(Continued)2016 GO- Parks2016 GO- Roads2016 Revenue Electric2016 Revenue Water/WWGarey Park Donation–$ –$ –$ –$ –$ 3,010,602 1,012,598 1,799,823 3,383,151 5,013,953 2,009,753 2,513,958 3,010,602$ 1,012,598$ 1,799,823$ 7,906,862$ 5,013,953$ Valley View Consulting, L.L.C.22
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 GO2014 Revenue Electric2014 Revenue Water WWDebt ServiceJPMorgan Chase Cash18,173,961$ 18,173,961$ –$ –$ –$ –$ –$ –$ Southside Bank MMA921,588 921,588 Green Bank MMA4,427,765 4,427,765 TexPool4,341,802 4,341,802 TexSTAR64,683,754 6,858,523 3,691,623 548,184 325,766 1,769,391 6,480,246 2,882,913 BTH Bank CDARS11/03/16 1,519,989 1,519,989 BTH Bank CDARS11/17/16 3,047,956 3,047,956 LegacyTexas Bank CD 12/07/16 5,022,592 BTH Bank CDARS02/02/17 1,522,507 1,522,507 LegacyTexas Bank CD 04/13/17 2,005,600 LegacyTexas Bank CD 04/13/17 4,011,200 Lubbock National Bank CD 07/03/17 3,009,616 3,009,616 Lubbock National Bank CD 07/03/17 2,508,013 Lubbock National Bank CD 07/03/17 3,009,616 LegacyTexas Bank CD 08/18/17 3,017,696 3,017,696 Lubbock National Bank CD 10/02/17 2,006,748 Totals123,230,402$ 46,841,403$ 3,691,623$ 548,184$ 325,766$ 1,769,391$ 6,480,246$ 2,882,913$ September 30, 2016Book and Market ValueValley View Consulting, L.L.C.23
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARBTH Bank CDARS11/03/16BTH Bank CDARS11/17/16LegacyTexas Bank CD 12/07/16BTH Bank CDARS02/02/17LegacyTexas Bank CD 04/13/17LegacyTexas Bank CD 04/13/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17LegacyTexas Bank CD 08/18/17Lubbock National Bank CD 10/02/17TotalsSeptember 30, 2016Book and Market Value(Continued)Police Restricted SeizureUtility Debt Service2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Tax Facilities2015 CO-Water2015 GO-Roads–$ –$ –$ –$ –$ –$ –$ –$ 1,391 67,785 29,668 1,402,167 1,421,837 3,009,702 13,787 4,309,300 1,391$ 67,785$ 29,668$ 1,402,167$ 1,421,837$ 3,009,702$ 13,787$ 4,309,300$ Valley View Consulting, L.L.C.24
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARBTH Bank CDARS11/03/16BTH Bank CDARS11/17/16LegacyTexas Bank CD 12/07/16BTH Bank CDARS02/02/17LegacyTexas Bank CD 04/13/17LegacyTexas Bank CD 04/13/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17LegacyTexas Bank CD 08/18/17Lubbock National Bank CD 10/02/17TotalsSeptember 30, 2016Book and Market Value(Continued)2015A GO-Roads2015A GO-Parks2015 Revenue Electric2015 Revenue Water WW2016 CO- Rivery TIRZ2016 CO- Streets/ Facilities/ Equip2016 GO Bonds2016 GO- Parks–$ –$ –$ –$ –$ –$ –$ –$ 2,288,599 1,706,564 2,010,907 7,077,152 1,715,640 2,839,203 3,007,273 5,022,592 4,011,200 3,009,616 2,006,748 7,311,191$ 1,706,564$ 2,010,907$ 7,077,152$ 1,715,640$ 2,839,203$ 9,027,564$ 3,007,273$ Valley View Consulting, L.L.C.25
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARBTH Bank CDARS11/03/16BTH Bank CDARS11/17/16LegacyTexas Bank CD 12/07/16BTH Bank CDARS02/02/17LegacyTexas Bank CD 04/13/17LegacyTexas Bank CD 04/13/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17Lubbock National Bank CD 07/03/17LegacyTexas Bank CD 08/18/17Lubbock National Bank CD 10/02/17TotalsSeptember 30, 2016Book and Market Value(Continued)2016 GO- Roads2016 Revenue Electric2016 Revenue Water/WWGarey Park Donation–$ –$ –$ –$ 1,011,479 1,797,833 3,408,411 5,008,409 2,005,600 2,508,013 1,011,479$ 1,797,833$ 7,922,024$ 5,008,409$ Valley View Consulting, L.L.C.26
Valley View Consulting, L.L.C.0.001.002.003.004.005.006.00City of Georgetown Historical Yields Georgetown TexPool Rolling 3 mo T-Bill Rolling 6 mo T-Bill Rolling 12 mo T-Bill27
28
SummaryQuarter End Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueBook ValueMarket ValuePools0.38% 15,794,940$ 15,794,940$ 19,766,782$ 19,766,782$ CDs/Securities0.99% 10,600,691 10,600,691 7,076,564 7,076,564 Totals26,395,630$ 26,395,630$ 26,843,346$ 26,843,346$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 0.63%Total Portfolio 0.63%Rolling Three Mo. Treas. Yield 0.43%Rolling Three Mo. Treas. Yield 0.43%Rolling Six Mo. Treas. Yield 0.50%Rolling Six Mo. Treas. Yield 0.50%Quarterly TexPool Yield 0.46%Interest data provided in separate report. September 30, 2016December 31, 2016(1) Average Yield calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.(2) Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.Valley View Consulting, L.L.C.29
Economic Overview12/31/2016The Federal Open Market Committee (FOMC) raised the Fed Funds target range to 0.50% - 0.75% (actual Fed Funds currently trading +/-65 bps). The FOMC also projected the possibility of three additional increases during 2017. Third Quarter US GDP revised up to 3.5%. Other economic data recorded mixed results. December Non Farm Payroll Employment provided 156.000 new jobs. The US Stock markets recorded record highs. Treasury yields peaked and settled slightly lower. When available, CD and Taxable Municipal yields generally exceed government securities. The banks' reactions to recent market movements will determine if MMAs and CDs continue to be attractive.02505007501,0001,2501,5001,7502,0002,2502,500S&P 5000.000.501.001.502.002.503.00Treasury Yield CurvesDecember 31, 2015September 30, 2016December 31, 20160.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.30
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldTexPool AAAm 0.46% 01/01/17 12/31/16 8,955,458$ 8,955,458$ 1.00 8,955,458$ 1 0.46%TexSTARAAAm 0.48% 01/01/17 12/31/16 7,263,392 7,263,392 1.00 7,263,392 1 0.48%Green Bank MMA0.67% 01/01/17 12/31/16 3,547,931 3,547,931 1.00 3,547,931 1 0.67%Lubbock National Bank CD0.95% 07/03/17 05/23/16 4,022,333 4,022,333 100.00 4,022,333 184 0.95%Lubbock National Bank CD1.05% 08/18/17 08/18/16 3,054,232 3,054,232 100.00 3,054,232 230 1.05%26,843,346$ 26,843,346$ 26,843,346$ 54 0.63%(1) (2)December 31, 2016(1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.(2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.Valley View Consulting, L.L.C.31
Pools 74%CDs/Securities 26%GTEC PORTFOLIO COMPOSITION $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,0003/31/16 6/30/16 9/30/16 12/31/16GTEC PORTFOLIO BALANCES CD TexPool TexSTARValley View Consulting, L.L.C.32
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueTexPool 0.46% 01/01/17 7,461,126$ 7,461,126$ 1,494,332$ –$ 8,955,458$ 8,955,458$ TexSTAR0.48% 01/01/17 8,333,813 8,333,813 (1,070,421) 7,263,392 7,263,392 Green Bank MMA0.67% 01/01/17– – 3,547,931 3,547,931 3,547,931 LegacyTexas Bank CD 0.60% 12/07/16 1,506,778 1,506,778 (1,506,778)– – RBank CD0.80% 12/30/16 2,034,842 2,034,842 (2,034,842)– – Lubbock National Bank CD 0.95% 07/03/17 4,012,821 4,012,821 9,512 4,022,333 4,022,333 Lubbock National Bank CD 1.05% 08/18/17 3,046,250 3,046,250 7,981 3,054,232 3,054,232 TOTAL26,395,630$ 26,395,630$ 5,059,756$ (4,612,041)$ 26,843,346$ 26,843,346$ Market Value Comparison Coupon/Maturity Face Amount/Qtr to QtrFace Amount/DescriptionDiscount Date Par Value Market ValueChange Par Value Market ValueTexPool 0.46% 01/01/17 7,461,126$ 7,461,126$ 1,494,332$ 8,955,458$ 8,955,458$ TexSTAR0.48% 01/01/17 8,333,813 8,333,813 (1,070,421) 7,263,392 7,263,392 Green Bank MMA0.67% 01/01/17– – 3,547,931 3,547,931 3,547,931 LegacyTexas Bank CD 0.60% 12/07/16 1,506,778 1,506,778 (1,506,778)– – RBank CD0.80% 12/30/16 2,034,842 2,034,842 (2,034,842)– – Lubbock National Bank CD 0.95% 07/03/17 4,012,821 4,012,821 9,512 4,022,333 4,022,333 Lubbock National Bank CD 1.05% 08/18/17 3,046,250 3,046,250 7,981 3,054,232 3,054,232 TOTAL26,395,630$ 26,395,630$ 447,716$ 26,843,346$ 26,843,346$ September 30, 2016December 31, 2016September 30, 2016December 31, 2016Valley View Consulting, L.L.C.33
34
SummaryQuarter End Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueBook ValueMarket ValueMMA0.67% 2,002,599$ 2,002,599$ 2,005,534$ 2,005,534$ Pools0.49% 7,515,422 7,515,422 3,354,651 3,354,651 9,518,021$ 9,518,021$ 5,360,186$ 5,360,186$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 0.56%Total Portfolio 0.56%Rolling Three Mo. Treas. Yield 0.43%Rolling Three Mo. Treas. Yield 0.43%Rolling Six Mo. Treas. Yield 0.50%Rolling Six Mo. Treas. Yield 0.50%Quarterly TexPool Yield 0.46%Interest income provided in separate report. September 30, 2016December 31, 2016(1) Average Yield calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.(2) Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.Valley View Consulting, L.L.C.35
Economic Overview12/31/2016The Federal Open Market Committee (FOMC) raised the Fed Funds target range to 0.50% - 0.75% (actual Fed Funds currently trading +/-65 bps). The FOMC also projected the possibility of three additional increases during 2017. Third Quarter US GDP revised up to 3.5%. Other economic data recorded mixed results. December Non Farm Payroll Employment provided 156.000 new jobs. The US Stock markets recorded record highs. Treasury yields peaked and settled slightly lower. When available, CD and Taxable Municipal yields generally exceed government securities. The banks' reactions to recent market movements will determine if MMAs and CDs continue to be attractive.02505007501,0001,2501,5001,7502,0002,2502,500S&P 5000.000.501.001.502.002.503.00Treasury Yield CurvesDecember 31, 2015September 30, 2016December 31, 20160.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.36
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldGreen Bank MMA0.67% 01/01/17 12/31/16 2,005,534$ 2,005,534$ 1.00 2,005,534$ 1 0.67%TexasDAILYAAAm 0.50% 01/01/17 12/31/16 2,011,789 2,011,789 1.00 2,011,789 1 0.50%TexSTARAAAm 0.48% 01/01/17 12/31/16 1,342,863 1,342,863 1.00 1,342,863 1 0.48%5,360,186$ 5,360,186$ 5,360,186$ 1 0.56%(1) (2)December 31, 2016(1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.(2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.Valley View Consulting, L.L.C.37
MMA 37%Pools 63%GEDCO PORTFOLIO COMPOSITION $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,00003/31/16 06/30/16 09/30/16 12/31/16GEDCO PORTFOLIO BALANCES TexasDAILY TexSTAR Money MarketValley View Consulting, L.L.C.38
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueGreen Bank MMA0.67% 01/01/17 2,002,599$ 2,002,599$ 2,935$ –$ 2,005,534$ 2,005,534$ TexasDAILY0.50% 01/01/17 2,009,403 2,009,403 2,386 2,011,789 2,011,789 TexSTAR0.48% 01/01/17 5,506,019 5,506,019 (4,163,157) 1,342,863 1,342,863 TOTAL9,518,021$ 9,518,021$ 5,321$ (4,163,157)$ 5,360,186$ 5,360,186$ Market Value ComparisonQtr to Qtr ChangeGreen Bank MMA 0.67% 01/01/17 2,002,599$ 2,002,599$ 2,935$ 2,005,534$ 2,005,534$ TexasDAILY 0.50% 01/01/172,009,403 2,009,403 2,386 2,011,789 2,011,789 TexSTAR 0.48% 01/01/175,506,019 5,506,019 (4,163,157) 1,342,863 1,342,863 TOTAL 9,518,021$ 9,518,021$ (4,157,835)$ 5,360,186$ 5,360,186$ September 30, 2016 December 31, 2016September 30, 2016 December 31, 2016Valley View Consulting, L.L.C.39
Grant Description Grantor Grant Amount Match Status
Fire
Fire Extinguisher Training System Firehouse Subs Public Safety Foundation 10,332$ -$ Application Approved
CITY OF GEORGETOWN
GRANT APPLICATIONS
as of December 31, 2016
40
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
General Government CIP
Public Safety & Facilities
6CR Public Safety Facility -$ 161,790$ (143,870)$ (17,919)$
6DP Fire Station ESD 300,000 - - 300,000
6EW Transfer Station / Landfill - 29,140 (29,140) -
7AD Communications - 11,951 (11,951) -
9BE Preventative Maintenance - 47,115 (47,115) -
Public Safety & Facilities Subtotal 300,000 249,995 (232,076) 282,081
Parks CIP Bonds
1DN Access to Rtw to Gov Srv -$ 9,118$ (9,118)$ -$
1DO Austin Ave @ 5th St Light - 44 - (44)
1DP 8th St Church to Myrtle - 29,459 (29,417) (42)
1DX SH29 to Leander Rd SW - 6,466 (6,466) -
6CP San Gabriel Park Improvements 1,000,000 17,580 (17,580) 1,000,000
6DE SG Bank Stabilization - 24,970 (2,910) (22,060)
6DM VFW Park - 274,252 (274,252) -
6DO Garey Park 13,500,000 12,396 (11,902) 13,499,506
6ED Grace Heritage Rehab 140,000 - - 140,000
6ES ADA Facilities 150,000 - 6,895 143,105
6ET ADA Parks 150,000 - 190,284 (40,284)
9AU University Sidewalks - 73,865 (73,865) -
YYY Radio Replacement, Parks 64,333 - - 64,333
WWW Sidewalks 453,000 - - 453,000
Parks CIP Bonds Subtotal 15,457,333 448,150 (228,331) 15,237,514
Parks CIP
6DB McMaster Park - 9,675 (9,675) -
6EH Village Park - - 53,232 (53,232)
Parks CIP Subtotal - 9,675 43,556 (53,232)
Downtown & Community Service
6EJ Parking Facility Study / Design - 21,869 (21,869) -
6EK Former PD Renovation - 144 (144) -
6EM Downtown West 6,693,883 - - 6,693,883
46P Sheraton @ the Summit - 2,346,138 - (2,346,138)
Downtown & Community Service Subtotal 6,693,883 2,368,151 (22,013) 4,347,745
Total General Government CIP 22,451,216$ 3,075,971$ (438,864)$ 19,814,108$
Transportation Services CIP
Streets / Transportation
1BZ 971 @ Austin Ave.-$ 101,614$ (101,614)$ -$
1CC FM 1460 - 1,713 (1,713) -
1CE Street Maintenance 906,000 - - 906,000
1CF Street Overlay/Microsurfacing 300,000 - - 300,000
1CN Sealant 100,000 716 (716) 100,000
1CS DB Wood Bridge - 6,792 (13,477) 6,685
1CU Cutler Process 819,000 8,198 (8,198) 819,000
1DI SW Bypass / WR Parkway - 4,047,511 (4,047,447) (64)
1DJ Chip Seal 1,200,000 - - 1,200,000
1DK Southeast Inner Loop - 26,675 - (26,675)
1DL Austin Avenue Bridge - 39,613 150,718 (190,331)
1DN Access RTW to GOV SRV - 40,690 23,129 (63,819)
1DX SH29 to Leander Rd - 40 - (40)
41
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
1DO Austin Avenue at 5th St Light - 5,076 (5,076) -
1DR PH 1 Signal and Curb Ramps - 38,990 (38,990) -
5AL Curb and Gutter 623,000 84,571 789,869 (251,440)
9AU University Sidewalks - - - -
Streets / Transportation Subtotal 3,948,000 4,402,200 (3,253,516) 2,799,316
Sidewalks / Transportation
1DT 10th St (Main- Rock)94,000$ -$ -$ 94,000$
1DW 11th St Main-Rock)151,000 - - 151,000
1DP 8th St (Church - Myrtle 37,000 - - 37,000
1DU 8th St (MLK - Rock)84,000 - - 84,000
1DQ Austin Ave. (9th-University)178,000 - - 178,000
ZZZ Austin Ave. ( SH29- FM2243)70,000 - - 70,000
1DV Chruch St ( 8th -9th)105,000 - - 105,000
XXX Old Town Northeast 960,000 - - 960,000
1DR Ph 1 Signal & Curb Ramps 500,000 - - 500,000
Sidewalks / Transportation Subtotal 2,179,000 - - 2,179,000
CDBG / Transportation
9AU University Sidewalks -$ 46,555$ (466)$ (46,089)$
VVV Scenic Dr Sidewalks 135,500 - - 135,500
CDBG / Transportation Subtotal 135,500 46,555 (466) 89,411
42
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
Stormwater
1BE Maple Street Culverts - - - -
2BV Tin Barn/ 17th & Austin Ave - - - -
1BF San Gabriel Park Bank Erosion - - - -
5AU Stormwater Inventory - - - -
1BH Oak Tree Drive Bridge - - - -
1BU Streets Rehabilitation - - - -
1BV Ranch Road Storm sewer - - - -
1CP 2012 Streets Rehab - - - -
1CS DB Wood Bridge - - - -
5AG Railroad Drainage - - - -
5AK Curbs & Gutters - - - -
5AL Curb & Gutter 500,000 7,100 175,850 317,050
5AM Curb & Sidewalks - - - -
5AO Stormwater Infrastructure 200,000 - - 200,000
5AT Smith Branch Buy-Outs - - - -
5AW Regional Flood Study - 881 (881) -
6DE SG Bank Stabilization - - - -
5AP John Thomas & Gabriel View - - - -
1AM 2004 Street Rehab - - - -
1CJ Austin Ave Sidewalks - - - -
5AV W. 4th Street - - - -
1CZ MS4 Permits - - - -
AAB 18th & Hutto Drainage 100,000 - - 100,000
AAC 2nd & Rock Pond 50,000 - - 50,000
AAD Serenada Culvert Improvements 50,000 - - 50,000
AAE Village PID Inlet 75,000 - - 75,000
Stormwater Subtotal 975,000 7,981 174,969 792,050
Airport
6VA Airport Master Plan - - - -
6VB Parallel Taxiway & Runway Lights - - - -
6VC AJS draining improvements - - - -
6VD Runway 18-36 Lights - - - -
6VE Fuel Farm - - - -
6VF Software Specialized - - - -
Airport Subtotal - - - -
Total Transportation Services CIP 975,000$ 7,981$ 174,969$ 792,050$
NOTES:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
Water Services CIP
WW Line Upgrades:
2CH Cedar Breaks EST - - - -
3B0 EARZ Ph. 8 - - - -
3CG EARZ 2013-14 - - - -
3CJ Berry Creek Interceptor 12,000,000 50,926 (50,926) 12,000,000
5QZ Snead Dr.- - - -
6CR Public Safety Facility - - - -
3BZ Wastewater - Street Rehab 136,000 - - 136,000
AAK San Gabriel Belt Press 2,207,000 - - 2,207,000
3CN Park LS & FM 3,982,000 - - 3,982,000
WW Line Upgrades Subtotal 18,325,000 50,926 (50,926) 18,325,000
43
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
WW Edwards Aquifer Compliance:
3AN EARZ Testing - - - -
3B0 EARZ Ph. 8 - - - -
3CG EARZ 2013-14 - - - -
3CH Odor Control Study - LS - - - -
3CK EARZ 2014-15 750,000 25,393 - 724,607
3CL EARZ 2015-2016 750,000 5,252 657,710 87,038
WW Edwards Aquifer Compliance Subtotal 1,500,000 30,645 657,710 811,645
WW Lift stations & Force Mains
3CC Lift Station Upgrades 550,000 - - 550,000
3CD Stonehedge LS & FM - 28 (28) -
3CE Westinghouse LS & FM - 45,568 2,079,260 (2,124,828) [a]
3CI Austin Custom Molds LS Decommission - - - -
WW Lift stations & Force Mains Subtotal 550,000 45,596 2,079,232 (1,574,828)
WW Treatment Plant
3CA Pecan Branch WWTP 7,948,000 62,070 (62,070) 7,948,000
WW Treatment Plant Subtotal 7,948,000 62,070 (62,070) 7,948,000
Water CIP
1BU Streets Rehabilitation - - - -
1DE Williams Dr @ Jim Hogg Rd - 524 (524) -
2BR LWTP Expansion Ph. III - - - -
2BW Westside Facility - 272,425 12,457 (284,882) [a]
2BZ West Loop (H-1B) PH 1 2,119,000 - - 2,119,000
2CE Rabbit Hill EST - 389,597 (389,597) -
2CH Cedar Breaks EST - 1,161,244 (1,161,244) -
2CI Shell Rd. Water Line - 1,500 (1,500) -
2CJ Meter Issue - 74,960 - (74,960) [a]
2CK Daniels Mountain GST - 2,478 2,478 (4,956) [a]
2CL Park WTP Pump Station - - - -
2CM SW Bypass Waterline - - - -
2CP Sun City Elevated Storage 3,050,000 - 300,000 2,750,000
2CR Sunny Slope Water Line 125,000 20,000 - 105,000
2CS WD Interim Water Master Plan 125,000 - - 125,000
2BU Water - Street Rehabilitation 330,000 - - 330,000
2BN Southlake WTP 1,000,000 - - 1,000,000
2CQ Water Tank Rehab 480,000 - 80,000 400,000
AAF Leander Interconnect 575,000 - - 575,000
AAH LWTP Raw Water Intake 600,000 - - 600,000
AAI Sequoia Ground Storage Tank 2,500,000 - - 2,500,000
AAJ Domel PS Improvements 4,500,000 - - 4,500,000
2JE CR 255 (WD 14-2)3,000,000 - 20,000 2,980,000
Water CIP Subtotal 18,404,000 1,922,727 (1,137,929) 17,619,202
AMI/CIS-Water
42G AMI Upgrade - - - -
2CG Asset Management - - - -
Water/AMI/CIS Subtotal - - - -
Total Water Services CIP 46,727,000$ 2,111,964$ 1,486,017$ 43,129,019$
NOTES:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
44
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
GTEC CIP
1CA SW Bypass Leander to I35 -$ -$ -$ -$
1CC FM 1460 Widening -$ -$ -$ -$
51A Economic Development Projects 1,468,750$ -$ -$ 1,468,750$
5QC Southwest Bypass -$ 893$ -$ (893)$ [a]
5QG SE1: Inner LP / SH130 -$ -$ -$ -$
5QW Wolf Ranch Pkwy Extension -$ -$ -$ -$
5QY NB Frontage Rd 2338 to Lakeway -$ -$ -$ -$
5QX Northwest Boulevard Bridge -$ 11,414$ (11,414)$ -$
5QZ Snead Drive -$ -$ -$ -$
5RB ROW - FM 1460 -$ -$ -$ -$
5RC Williams Dr. Gateway -$ -$ -$ -$
5RF Rivery Road (Convention Center Prj..)-$ -$ -$ -$
5RI Mays Street (S. Georgetown TIRZ)3,500,000$ 1,842,904$ (1,811,310)$ 3,468,406$
5RJ IH 35 / Hwy 29 Intersection Improvements -$ -$ -$ -$
5RM Rivery Ext (Williams Dr. - Nwest Blvd.)4,000,000$ 25,750$ (6,000)$ 3,980,250$
5RN Pecan Center Dr. / Airport Rd.1,850,000$ 169,100$ 410,610$ 1,270,290$
5RO Southwest Bypass - Laubach -$ 19,235$ -$ (19,235)$ [a]
5RP Rivery TIA Improvements -$ 48,309$ (48,309)$ -$
5RQ Rabbit Hill -$ 43,754$ (43,754)$ -$
Total GTEC CIP 10,818,750$ 2,161,358$ (1,510,177)$ 10,167,569$
Notes:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
45
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
Electric CIP
Electric CIP
9-0580-90-139 17th Street Rehab 50,000 - - 50,000
9-0580-90-140 7th Street Rehab 200,000 - - 200,000
9-0580-90-141 Downtown OH Rehab 500,000 - - 500,000
9-0580-90-142 Downtown West 970,000 - - 970,000
9-0580-90-143 Shell Road Feeders 450,000 - - 450,000
9-0580-90-144 Sidewalk Pole Relocation 50,000 - - 50,000
9-0580-90-145 Sidewalks South College 50,000 - - 50,000
9-0580-90-146 Southwest Bypass Feeder 300,000 - - 300,000
9-0580-90-147 Westh 10th Street Rehab 98,000 - - 98,000
9-0580-90-148 Westh 11th Street Rehab 200,000 - - 200,000
9-0580-90-300 Electrical System Improvement - 366,426 245,592 (612,018) [a]
9-0580-90-310 Power Quality Improvements 80,000 8 - 79,992
9-0580-90-320 Sectionalization Improvements 50,000 - - 50,000
9-0580-90-330 Pole Improvements - 1,632 - (1,632) [a]
9-0580-90-331 Pole Inspections 50,000 - - 50,000
9-0580-90-340 Major Device Replacement - - - -
9-0580-90-350 Relocation Projects Reimbursements - 13,459 - (13,459) [a]
9-0580-90-400 Electrical System Expansion - - - -
9-0580-90-410 New Development Projects 1,200,000 820,108 1,237,481 (857,589) [a]
9-0580-90-420 Reimbursements New Development - - - -
9-0580-90-430 Street Lighting 88,000 721 3,000 84,279
9-0580-90-500 Consultant Engineering 150,000 15,161 181,839 (47,000) [a]
9-0580-90-510 System Mapping Support - - 80,000 (80,000) [a]
9-0585-90-003 Electric Substations - - - -
9-0585-90-021 Communication Equipment - - - -
9-0585-90-022 General Engineering - - - -
Electric CIP Subtotal 4,486,000 1,217,515 1,747,912 1,520,573
T&D
9-0585-90-003 Electric Substations - 17,526 (15,974) (1,553) [a]
9-0585-90-021 Communication Equipment 295,000 89,456 45,264 160,280
T&D Subtotal 295,000 106,982 29,290 158,728
CIS
9-0580-91-105 CIS System - 12,285 1,288,406 (1,300,691) [a]
CIS Subtotal - 12,285 1,288,406 (1,300,691)
Total Electric CIP 4,781,000$ 1,336,782$ 3,065,608$ 378,609$
46
Unfunded Liability &
Commitments Description Financial Impact/Notes Status 9/30/16 Status Updates - 12/31/16
Cemetery Special Revenue
Fund
City owns several cemeteries including
Independent Order of Odd Fellows (IOOF) and is
obligated to maintain facilities, primarily mowing.
Currently no perpetual fees to plot owners.
Currently cemetery operations are self-funded through plot
sales of approximately $50K per year. The cemetery is
managed through Parks Administration. In 2015, Council
elected to reserve $75,000 annually for future costs
associated with maintaining the property. The General
Fund will make this transfer in 2016 and 2017.
Current plot sales are used to offset maintenance costs. As of
9/30/15, the Cemetery SRF had an ending fund balance of $314k.
Projected FY2016 ending balance of $400K, with $250K in
perpetual reserve. Approved FY2017 expenditure of $150K to add
Columbarium service.
As of 9/30/2016 the ending balance in the fund increased from
$314K to $401K. An update on the Columbarium service will be
provided during the Parks Budget Workshop.
Self-Insurance Internal Service
Fund
Established in 2014 to provide and manage
employee health insurance. Includes both
employee contributions (premiums) and City
contributions through the annual budget.
Costs are allocated through the budget to the ISF based on
employees within each fund. The ISF is overseen by HR and
Finance, with annual plan elements determined by the
Employee Benefit Committee. City Council approved two
levels of reserve in the Fiscal and Budgetary Policies on April
26, 2016.
Initial plan was to build reserve fund over 3 to 5 year period and
draw from other City sources if necessary. FY2016 projected fund
balance is $2.6M. This fund balance is significantly higher than
originally forecasted, and is due partially to lower medical claims
as well as returning all unused budget allocations for health
insurance into the fund. In FY2017 the IBNR reserve is fully
funded at 10% of expenses, and the Rate Stabilization reserve is
fully funded at 20% of expenses.
As of 9/30/2016 the ending balance in the fund increased from
$2.2M to $2.4M. The City switched its dental plan to self-insured
for 2017. Staff will bring forward a mid-year budget amendment
to the Self-Insurance fund to realize the savings. There will be no
impact to ending balance.
Unfunded Actuarial Accrued
Liability (UAAL)
Recognizes the outstanding liability for the City’s
employee retirement plan through TMRS. The City
contributes monthly to fund the UAAL, based on an
annual percentage of payroll.
Actual % of payroll costs is recognized within each fund. The
UAAL is provided by TMRS and lags one year.
As of 12/30/14, the UAAL was $17.4M and is considered 83.3%
funded. The City will amortize any UAAL over a period not to
exceed the amortization period used by the TMRS actuary. The
City may amortize its UAAL more quickly by making contributions
to TMRS in excess of the rate specified by TMRS. The 2017 TMRS
contribution rate is 12.56%.
As of 12/30/15, the UAAL was $20.9M and is considered 82.2%
funded.
Other Post Employee Benefits
(OPEB)
While the City has no obligation to offer additional
retiree benefits, retirees are eligible to participate
in the City’s health insurance program. That ability
represents a subsidy that impacts health insurance
costs to the City.
Retirees pay their monthly premiums to the ISF who in turn
processes their health insurance claims.
This is an actuarial calculation based on current and future
employees on future City health insurance costs, and has
numerous and complex factors in its calculation. Retirees pay
their own premiums, and thus the liability is considered “pay as
you go”. With additional employees being added, potential
future retiree impacts increase. The 2015 current net OPEB
liability is $786,700, which is an increase of $159,670 over the
prior year.
The 2016 current net OPEB liability is $972,576 which is an
increase of $185,876 over the prior year.
Compensated Absence Future costs associated with benefits such as
vacation, and sick leave for City employees.
Compensated Absence is accrued annually to each
proprietary fund type on a GAAP basis and accounted for on
the balance sheet of each fund. For governmental funds
(and for budgetary basis), the expense is recognized when
due and payable.
in 2015, total citywide Comp Absence is $5.8M, of that $4.9M is
considered unfunded in the Gen Fund. Employee payouts are on
a “pay as you go” basis. $30K is budgeted annually to offset the
costs of employee benefit payout.
In 2016, total citywide compensated absence is $6.4M, of that
$5.4M is considered unfunded in the General Fund. The City's
Fiscal and Budgetary Policy state the payout reserve will equal
15% of the liability in the Governmental Funds. The FY 2018
budget process should consider increasing the $30,000 payout
reserve for the Governmental Funds to be in compliance with
the policy.
Rate Stabilization Reserve Intended to mitigate potential rate impacts due to
increased fuel costs or other external factors.
The RSR is maintained within the Electric Fund and is
projected to be $4.5M in FY2017. Potentially, a similar
reserve could be developed for the Water Fund.
Used to defer or minimize the future cost increases or other
impacts related to power costs. Monitored and adjusted monthly
as needed through the Power Cost Adjustment (PCA).
The Electric Fund experienced higher than usual purchased
power costs in FY 2016. Staff and Council took action to amend
the FY 2016 budget and FY 2017 budget to maintain $4,775,000
in cash reserves for Contingency. Cash reserves for Rate
Stabilization will need to be built back up. The Electric Fund will
procure a new rate study in FY 2018 to determine a new rate
stabilization target.
Airport Maintenance
Fund on-going maintenance of the Airport grounds,
runways and taxi ways. Terminal and Tower
included in Facilities ISF.
An Airport Master Plan will be developed over the next year
to address long term capital maintenance project
prioritization.
A plan was developed to increase revenues towards a self-
supporting fund status within 3- 5 years. Early assessments
indicated the self-supporting status may occur within 3 years. FY
2017 approved budget shows fund breaking even.
As of 9/30/2016 the ending balance in the fund is $310K, a
marked improvement from prior years negative balances.
December 31, 2016
CITY OF GEORGETOWN
Long-term Commitments, Reservations, and Other Unfunded Liabilities
47
Unfunded Liability &
Commitments Description Financial Impact/Notes Status 9/30/16 Status Updates - 12/31/16
Americans with Disabilities Act
(ADA) Compliance Needs
Federally mandated standards for accessibility to
public buildings, parks, sidewalks.
As facilities are built or repurposed, meeting ADA
compliance will be included in Project Costs. Funding for
program expansion will be needed (General Fund sources).
The City has an adopted policy, as required by Federal Law,
that it will make reasonable accommodations and
modifications to ensure that people with disabilities have
an equal opportunity to enjoy its programs, services, and
activities. The City does not maintain a reserve for these
modifications.
The City completed facilities, sidewalks and parks assessments. A
three year funding plan has been prepared for Parks and Facilities
and year one was funded in the 2017 Budget. Training for ADA
Board liaisons is funded in the FY 2017 budget.
Fiscal year 2016 accomplishments include yearlong review of
Plan with Advisory Board, training of 16 City Department ADA
Liaisons and 45 City Staff, accessibility improvements to six
facilities, three parks and more than 36 individual pedestrian
network projects. Work scheduled for Fiscal Year 2017 include
nine facilities, five parks and 12 individual pedestrian network
projects. Fiscal 2017 activities will also include
recommendations for data collection/organization evaluation,
scoping, and completing self-assessments for other Transition
Plan elements as funding is available and review of the Effective
Communication Plan element.
Park Equipment Maintenance
& Replacement
Addresses useful life of equipment type assets in
parks, ensuring maintenance and public safety.
Over the past 5 years, funding for Park Maintenance and
Replacement has increased. $200K transfer from General
Fund included in FY2017 budget. Staff has listed all assets &
developed replacement schedule funded by the General
Fund, soon to be on EAM.
Includes equipment not directly in a Facility, such as benches,
trail lighting, playground equipment, restrooms, and signage.
Playground equipment replacement at McMaster’s Park and
VFW Park is scheduled for the next few months. Additionally, an
outdoor aquatics slide is planned for replacement prior to the
upcoming pool season. Several other parks will have site
furnishings and water fountain updates in the coming months.
Emergency Medical Service
Special Revenue Fund
2014/15 Annual Budget assumed EMS Program to
be operationally active by June 2015 with revenues
to offset operating and capital costs. Operating
deficit would be funded internally until capital costs
were recovered in 5 years.
Additional resource requirements are currently being
evaluated to ensure response times are met and revenue is
recovered. FY2017 budget includes 3 FF/Paramedics to
mitigate overtime for the 4th TRV, and half of a position to
monitor the revenue collection contract.
Operations began in fall 2015 and staff is monitoring call volume,
revenues and collections. Capital has been expended, including
TRV and equipment, 9 new paramedics hired. The City switched
billing vendors in fall of 2016 to maximize revenue collections.
As of fiscal year end 2016, the fund balance is $(826,180), a
decrease from 2015 ending balance of $(704,823). With the lag in
revenue collections, staff estimate it will take several years to
bring the fund back into balance after the start-up capital
expenditures.
Sidewalk Maintenance Funding plan for repairing and maintaining existing
City sidewalks.
FY2017 budget includes spending of $2.6M from approved
2015 Bond Proposition for new sidewalk construction.
Currently, new sidewalks are built as development occurs.
Repairs are funded as needed or if funding is available, when
major roads are repaired. Useful life of a sidewalk is estimated at
40 to 50 years. The largest revenue source comes from the City’s
General Fund. Annual funding for sidewalk construction and
maintenance is approximately $75,000.
In FY 2016, the City completed capital improvements at 36 sites,
totaling $558K.
FY 2017 includes 12 Sidewalk design and construction of 12
capital improvements totaling $2M.
Major Technology
Replacement
City uses ISF for capital replacement of equipment.
Major software (and related implementation) is
funded as needed through the annual budget.
CIS billing to be replaced in 2016, funded by utility funds.
Financial System and Human Resource System selection
consultant funding included in the FY2017 budget. Funding
for acquisition of the new Enterprise Resource Planning
system(s) will be considered in the FY 2018 budget process.
Current system replacements are funded when actually
purchased, with costs allocated if applicable. Revised cost
allocation model that captures replacement costs approved for
the FY2017 budget, with a three year phase in approach to true
cost.
The FY 2016 and FY 2017 Electric and Water fund budgets were
amended to split the cost of the CIS system between the funds.
The remaining costs of the project will be funded with debt
instead of cash. Staff and consultants are currently performing a
business process review for HR and Finance that will inform the
ERP software selection. Estimated costs for buying and
implementing the ERP will be included in the Proposed Budget.
Radio Equipment
Replacement
Communication system consisting of 500 on-body
and in-vehicle radios for Police, Fire, and GUS.Replacement radios are compatible with newer technology.
Current model no longer supported in 2018. Staff proposed 3
year replacement schedule for FY2017-2019, $500K per year.
Phase I approved in FY2017 and led by new Emergency
Management Coordinator.
Staff will provide an update on this year's purchasing during the
budget workshops.
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