HomeMy WebLinkAbout02 QuarterlyReport_2017_31_03
Q2 2017
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FINANCIAL REPORT AND INVESTMENT REPORT
For the Quarter Ended March 31, 2017
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 ................................................................................................................ 41-45
Long-term Commitments and Other Unfunded Liabilities ..................................................................... 46-48
EXECUTIVE SUMMARY
FOR THE QUARTER ENDED March 31, 2017
I. Quarterly Financial Analysis
General Fund Revenues:
General Fund revenues collected for the second quarter of fiscal year 2017 are stronger than the prior year with a 7.0%
increase. The total revenue collected year to date (YTD) for the General Fund is $30.5 million.
Sales tax revenues continue to be higher than
projected. General Fund sales tax revenues for
the second quarter of fiscal year 2017 are 11.2%
ahead of the second quarter of fiscal year 2016.
The sales tax collections through March totaled
$4.4 million, or 35% 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 second quarter of 2017 are up 5.9%,
or $0.6 million, from the second quarter of 2016. Our collection rate as of March 2017 is 91.0% compared to 92.1% last March.
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 $2.2 million through the second quarter of 2017, which is a 9.7% increase from the
second 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 $3.6
million through the second quarter of the fiscal year. Franchise fee and ROI collections are up 6.0% over this time last year.
Environmental services revenues are up
6.3% from the second quarter of 2016. This
increase is related to the growth in the
customer base.
Development related revenue is up 11.3%
over the prior year. Year to date
development applications are down 0.05%
from last year.
Overall, General Fund primary revenues
were strong in the second quarter of fiscal
year 2017 and are higher than the prior
year.
0
20
40
60
80
100
120
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Number of Building Permits
2013
2014
2015
2016
2017
Source: MyPermitNow
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
$1,300,000
OctNovDecJanFebMarAprMayJunJulAugSepSales Tax Revenue
2013
2014
2015
2016
2017
Source: Texas Comptroller of Public
Page 1
General Fund Expenditures:
General Fund operating expenditures for the second quarter of fiscal year 2017 are 9.2% 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 second quarter.
Total salaries and benefit expenditures through the second quarter were $15.0 million or 46.2% of budget. An additional $12.2
million, or 49.4% of budget, was spent on operations. Overall, personnel costs are higher than second quarter 2016 due to the
merit increases that went into effect February 2017.
Administration Services includes City Manager’s Office, City Council, City Secretary and social service funding. Total
expenditures for the second quarter were $3.4 million or 59.6% of budget.
Community Services and Finance provides resources for developing downtown, as well as resources for Parks and Recreation,
Library, Public Communications and Municipal Court. Year to date expenditures are $4.6 million or 45.2% 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 second quarter were $4.0 million or
44.4% of budget.
Total expenditures for Public Safety through the second quarter are 47.4% of budget for a total of $12.8 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 projected to be slightly higher than revenue, leading to a minor decrease in fund balance. The fund balance is projected
to be $9.5 million, covering the 90 day contingency reserve and the Economic Uncertainty Reserve.
Utility Revenues:
Electric revenue through the second quarter of 2017 is up 3.2% compared to the prior year’s second quarter. Other revenues
are up 57.6% 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 68.0%. Other water sales are up 180.7% through the second quarter which is
largely due to an increase in impact fees for new development in the Western District.
Total wastewater revenue is up 22.2% for fiscal year 2017 compared to last year. Wastewater revenues are up 7.9% 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 $441,292 year to date, an increase of 37.5% from the prior year due to the Sheraton Hotel.
Airport revenue is up 20.0% 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 second 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 in March 2017.
Page 2
The Investment Reports for the quarter ended March 31, 2017 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 March 31, 2017 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
12/31/16 3/31/17 12/31/16 3/31/17 12/31/16 3/31/17
Total cash and investments
$121,424,358 $137,713,551 $26,843,346 $16,206,262 $5,360,186 $5,510,756
Average Yield 0.56% 0.75% 0.63% 0.82% 0.56% 0.72%
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 has used a 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. Current analysis shows a
higher return on investments that will cover bank fees and provide additional yield. The City will continue to verify depository
yield versus investment yield to achieve the best outcome.
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
Sidewalk Improvements: Construction on several sidewalk improvement projects throughout the city began May 1. This is
the first round of sidewalk improvement projects identified in the adopted Sidewalk Master Plan and funded in part by the
road bond approved by voters in May 2015. Projects include American’s With Disabilities Act compliance and accessibility
improvements throughout downtown and citywide. Construction will be completed in phases, and the entire project is
expected to be completed in late November. Sidewalk improvements include: Del Webb Boulevard and Whispering Wind
Page 3
Drive, Williams Drive and Woodlake Drive, Williams Drive and Wildwood Drive, Williams Drive and Shell Road, Williams Drive
and Lakeway Drive, Williams Drive and River Bend Drive, Austin Avenue and Morrow Street, Austin Avenue from Morrow
Street to Williams Drive, Eighth and Rock streets, Eighth Street from Church to Myrtle streets and Sidewalks in Founders’
Park. The City will also begin construction May 1 on the sidewalk along the southbound Interstate 35 frontage road from
Leander Road to Hwy. 29. The project is expected to be completed Nov. 1. The project was a council priority and is being
funded through certificate of obligation bonds.
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 groundbreaking for Phase 1 construction was held on March 24th. Weststar Construction in Georgetown is the general
contractor. Construction is expected to be completed in early 2018. Phase 1 improvements include spring restoration,
pavilions, road realignment, play areas, restrooms, signage and parking. Austin based RVi was approved by City Council on
April 25th for the design of San Gabriel Park Phase II.
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. City Council
approved construction contracts with Prime Construction of Pflugerville for renovation to Garey House and for site and civil
construction on February 14th. A ground breaking ceremony was held on March 31st. Construction is expected to take 12
months with a spring 2018 completion. Project elements include a playground, splash pad, dog park, equestrian arena, gate
house, event area including Garey House and hiking and equestrian trails.
TRANSPORTATION
Southwest Bypass: Construction is approximately 70% complete project wide. Substructures of South San Gabriel bridges are
approximately 95% complete. Beam delivery on the north bridge was completed in March. Beam delivery on the south bridge
is scheduled for mid-May. Approaching subgrade level throughout the project.
ELECTRIC
New development continues to exceed expectations in the second quarter with additional residential, multifamily, and
business projects in progress.
WATER
The Berry Creek Interceptor design is 60% complete and the easement acquisition is in progress. Construction should start in
November 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 was on March 28th with construction scheduled to start June
2017.
The Shell Road and CR 255 water main designs are complete and easement acquisitions are in progress. Construction is
estimated to start November 2017.
The Domel water treatment plant design is complete. Construction is estimated to start August 2017.
Page 4
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 9,956,779 10,990,128
Revenue
Property Tax 12,475,000 179,645 11,347,117 12,475,000
Sales Tax 12,818,683 943,132 4,481,423 12,818,683
Sanitation Revenue 7,181,300 610,114 3,573,447 7,181,300
ROI 8,070,041 (362,821) 3,605,291 8,070,041
Franchise Fees 5,142,035 (191,784) 2,210,744 5,142,035
Development and Permit Fees 2,307,991 234,229 1,210,556 2,307,991
Parks and Rec Fees 2,190,746 188,251 1,201,812 2,190,746
Administrative Charges 1,886,221 158,330 794,418 1,886,221
All Other Revenue 3,556,378 514,301 1,957,096 3,556,378
Transfer In 435,200 137,500 147,700 435,200
Revenue Total 56,063,595 2,410,898 30,529,604 56,063,595
Expense
Administrative Services 1,552,320 121,148 739,937 1,552,320
Animal Services 918,594 63,359 457,186 918,594
Arts & Culture 74,385 2,324 38,658 74,385
City Council 156,044 7,328 54,070 156,044
City Secretary 657,852 39,188 320,259 657,852
Code Enforcement 407,773 30,749 153,749 407,773
D&CS Admin - 244 351 -
Environmental Services 5,879,717 511,467 2,526,143 5,879,717
Fire Emergency Services 10,046,095 804,645 4,607,765 10,046,095
Fire Support Services 2,418,984 203,395 1,280,437 2,418,984
General Gov't Contracts 3,353,753 263,027 2,292,195 3,353,753
Inspections 1,167,339 78,064 467,215 1,167,339
Library 2,419,829 188,246 1,173,274 2,419,829
Municipal Court 564,620 44,990 264,617 564,620
Parks 2,312,359 185,094 1,027,878 2,312,359
Parks Admin 484,592 39,657 240,038 484,592
Planning 1,182,736 85,983 480,037 1,182,736
Police Admin 2,105,056 174,684 1,046,240 2,105,056
Police Operations 11,176,291 847,435 5,263,764 11,176,291
Public Communications 387,333 24,867 159,144 387,333
Public Works 701,748 57,786 377,678 701,748
Rec Programs 1,439,699 76,985 514,682 1,439,699
Recreation 2,422,487 223,518 1,165,341 2,422,487
Streets 3,806,498 460,342 1,189,616 3,806,498
Tennis Center 431,262 29,804 199,159 431,262
Transfer Out 1,444,716 14,696 1,221,176 1,444,716
Expense Total 57,512,081 4,579,025 27,260,609 57,512,081
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (1,448,486) (2,168,127) 3,268,995 (1,448,486)
ENDING FUND BALANCE 8,508,294 9,541,643
General Fund
Year End Projection to Approved as of March 2017
Page 5
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 6,436,145 6,196,297
Operating Revenue
Electric Revenue 65,898,216 4,409,839 28,169,573 65,898,216
Interest 18,100 2,092 10,260 18,100
Other Revenue 3,820,000 236,211 1,624,550 3,820,000
Operating Revenue Total 69,736,316 4,648,142 29,804,383 69,736,316
Operating Expenditures
CIP 6,956,000 557,755 5,233,828 6,956,000
CRR Credits (1,500,000) (627,672) (2,657,268) (1,500,000)
Georgetown Utility Systems 17,205,453 1,303,833 7,790,066 17,205,453
Purchased Power 38,000,000 3,838,496 18,472,707 38,000,000
Transfer Out-Fleet 71,500 - 71,500 71,500
Transfer Out-ROI 5,234,145 338,644 2,347,498 5,234,145
Transfer Out-SRF 60,000 - 60,000 60,000
Operating Expenditures Total 66,027,098 5,411,055 31,318,331 66,027,098
Total Net Operations 3,709,218 (762,913) (1,513,948) 3,709,218
Non-Operating Revenue
Bond Proceeds 7,025,000 - - 7,025,000
Non-Operating Revenue Total 7,025,000 - - 7,025,000
Non-Operating Expenditures
Debt Issuance Cost 15,000 - 509,918 15,000
Debt Service 3,464,271 - 331 3,464,271
Non-Operating Expenditures Total 3,479,271 - 510,249 3,479,271
Total Net Non-Operations 3,545,729 - 510,249 3,545,729
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS 7,254,947 (762,913) (1,003,699) 7,254,947
ENDING FUND BALANCE 13,691,092 13,451,244
Electric Fund
Year End Projection to Approved as of March 2017
Page 6
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 54,428,336 54,428,336
Operating Revenue
Water Utility Revenue 26,700,000 1,698,498 11,371,736 26,700,000
Wastewater Utility Revenue 10,733,475 860,688 5,174,722 10,733,475
Capital Recovery Fee 4,767,300 1,295,572 6,305,050 4,767,300
Other Revenue 3,747,088 436,184 2,192,705 3,747,088
Irrigation Utility Revenue 225,000 3,357 62,015 225,000
Interest 199,975 26,063 131,698 199,975
Raw Water Revenue 178,500 10,769 70,304 178,500
Transfer In, Debt 115,839 - - 115,839
Operating Revenue Total 46,667,177 4,331,129 25,308,229 46,667,177
Operating Expenditures
Irrigation 205,472 10,505 97,257 205,472
Transfer Out, Fleet/Joint Service 290,750 17,396 186,376 290,750
Transfer Out, General 425,000 137,500 137,500 425,000
Transfer Out, ROI 2,604,339 (639,453) 1,151,929 2,604,339
Wastewater Distribution 737,700 30,879 256,210 737,700
Wastewater Plant Management 2,670,507 141,380 1,939,879 2,670,507
Water Administration 16,600,932 1,089,332 9,472,769 16,600,932
Water Distribution 2,209,230 240,644 1,065,575 2,209,230
Water Operations 3,713,479 323,176 1,674,452 3,713,479
Water Plant Management 2,779,631 132,181 1,557,055 2,779,631
Operating Expenditures Total 32,237,040 1,483,541 17,539,001 32,237,040
TOTAL NET OPERATIONS 14,430,137 2,847,588 7,769,229 14,430,137
Non-Operating Revenue
Bond Proceeds 20,000,000 - - 20,000,000
Special Improvement Fees 205,000 - - 205,000
Non-Operating Revenue Total 20,205,000 - - 20,205,000
Non-Operating Expenditures
CIP 90 72,412,305 703,813 4,492,368 72,412,305
CIP 91 1,161,948 114,943 1,315,691 1,161,948
Debt Service 5,182,487 - 944,754 5,182,487
Non-Operating Expenditures Total 78,756,740 818,755 6,752,813 78,756,740
TOTAL NET NON-OPERATIONS (58,551,740) (818,755) (6,752,813) (58,551,740)
EXCESS (DEFICIENCY) OF TOTAL REVENUE
OVER TOTAL REQUIREMENTS (44,121,603) 2,028,833 1,016,416 93,186,877
ENDING FUND BALANCE 10,306,733 10,306,733
Water Services Fund
Year End Projection to Approved as of March 2017
Page 7
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 185,045 185,045
Revenue
Interest - 320 1,272 -
Transfer In, General Fund 750,000 - 750,000 750,000
Revenue Total 750,000 320 751,272 750,000
Expense
Transfer Out, GCP - - - -
Transfer Out, General Fund - - - -
Transfer Out, Joint Services - - - -
Expense Total - - - -
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS 750,000 320 751,272 750,000
ENDING FUND BALANCE 935,045 935,045
Council Discretionary Fund
Year End Projection to Approved as of March 2017
Page 8
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALALNCE 578,306 578,306
Revenue
Hotel/Motel Occupancy Tax Revenues 1,260,000 87,295 441,292 1,260,000
Interest 1,500 187 827 1,500
Other 8,000 1,261 9,411 8,000
Poppy Festival 125,000 27,919 78,248 125,000
Revenue Total 1,394,500 116,662 529,777 1,394,500
Expense
Operations 498,506 27,683 299,334 498,506
Personnel 359,570 25,243 156,632 359,570
Poppy Festival 103,700 14,674 16,993 103,700
Transfer to Facilities 51,535 4,295 25,770 51,535
Transfer to Fleet 5,655 471 2,826 5,655
Transfer to General Fund 10,200 - 10,200 10,200
Transfer to Information Technology 42,436 3,536 21,216 42,436
Expense Total 1,071,602 75,902 532,972 1,071,602
EXCESS (DEFICIENCY) OF TOTAL REVENUE
OVER TOTAL REQUIREMENTS 322,898 40,759 (3,195) 322,898
ENDING FUND BALANCE 901,204 901,204
Contingency 200,000 200,000
Convention & Visitors Bureau Fund
Year End Projection to Approved as of March 2017
Page 9
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/Encumb)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 43,849 43,849
Operating Revenue
Fuel and Terminal Sales 2,720,928 226,862 1,228,572 2,720,928
Leases and Rentals 767,990 65,207 389,269 767,990
Interest and Other 66,075 2,190 12,837 66,075
TOTAL OPERATING REVENUE 3,554,993 294,259 1,630,678 3,554,993
Operating Expenditures
Personnel 388,781 24,375 145,482 388,781
Operations-Fuel 2,296,928 156,172 2,200,554 2,296,928
Operations-Non Fuel 657,086 48,755 374,605 657,086
Transfers Out 25,000 - - 25,000
Airport Master Plan - - 174 -
Debt Service 143,768 - 20,462 143,768
TOTAL OPERATING EXPENDITURES 3,511,563 229,302 2,741,276.80 3,511,563
TOTAL NET OPERATIONS 43,430 64,956 1,630,678 43,430
Non-Operating Revenue
Grants 35,000 - - 35,000
TOTAL NON-OPERATING EXPENDITURES 35,000 - - 35,000
TOTAL NET OPERATIONS 35,000 - - 35,000
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS 78,430 64,956 1,630,678 78,430
ENDING FUND BALANCE 122,279 122,279
Airport Operations Fund
Year End Projection to Approved as of March 2017
Page 10
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/Encumb)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 11,022,877 11,022,877
Operating Revenue
Sales Tax 5,875,000 437,779 2,076,843 5,875,000
PID Assessments 553,201 - - 553,201
Interest 50,000 10,665 78,173 50,000
Interlocal Agreement 2,905,356 - 992,522 2,905,356
Miscellaneous - - 7,539 -
TOTAL OPERATING REVENUE 9,383,557 448,444 3,155,077 9,383,557
Operating Expenditure
Administrative Support 330,895 27,450 164,701 330,895
TOTAL OPERATING EXPENDITURES 330,895 27,450 164,701 330,895
TOTAL NET OPERATIONS 9,052,662 420,994 2,990,376 9,052,662
Non-Operating Revenue
Debt Proceeds 6,000,000 - - 6,000,000
Other Grant Revenue 450,000 251,089 61,764 450,000
TxDot Refund - - 223,873 -
TOTAL NON-OPERATING REVENUE 6,450,000 251,089 285,637 6,450,000
Non-Operating Expenditure
Available for Projects TBD 1,468,750 - - 1,468,750
Debt Service 3,414,754 - 575,565 3,414,754
FM 971 / Fontana 91,590 40,843 - 91,590
FM1460 Widening 650,000 - 147,576 650,000
IH 35 / HWY29 Intersection 650,000 - - 650,000
Mays St 3,500,000 994,676 36,847 3,500,000
NB Frontage 2338 to Lakeway - - - -
Pecan Center Dr to Airport Rd (FY15)6,000,000 62,500 579,710 6,000,000
Rivery TIA Improvements 1,157,121 22,133 - 1,157,121
Rivery-Extension Williams Dr to NW Blvd (FY16)4,000,000 1,744,058 1,811,478 4,000,000
SH 29 to RM 2243 SW Bypass - 537 1,932 -
SW Bypass 2243 to IH35 354,920 885 20,702 354,920
SW Inner Loop 29 to SW Bypass - - 8 -
Williams Drive Gateway - - - -
Wolf Ranch Pkwy Extension 283,350 - - 283,350
TOTAL NON-OPERATING EXPENDITURE 21,570,485 2,865,633 3,173,816 21,570,485
TOTAL NET NON-OPERTAIONS (15,120,485) (2,614,544) (2,888,179) (15,120,485)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (6,067,823) (2,193,550) 102,197 (6,067,823)
ENDING FUND BALANCE 4,955,054 4,955,054
RESERVED ENDING BALANCE 1,619,550 1,619,550
Georgetown Transportation Enhancement Corporation Fund
Year End Projection to Approved as of March 2017
Page 11
APPROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALALNCE 5,015,684 5,068,518
Revenue
OPERATING REVENUES
Sales Tax 1,468,750 109,445 519,211 1,468,750
Interest 10,400 3,357 16,875 10,400
Miscellaneous Revenue 60,321 - 10,302 60,321
Lease Revenue (Grape Creek)48,000 4,000 28,000 48,000
OPERATING REVENUES TOTAL 1,587,471 116,802 574,388 1,587,471
OPERATING EXPENDITURES
Debt Service 115,839 - 66,679 115,839
Principal Reduction 100,000 - - 100,000
Interest Expense 111,463 - - 111,463
Joint Services Allocation 197,722 16,477 98,862 197,722
Supplies 300 - 140 300
Special Services 7,500 - 33 7,500
Travel & Training 1,500 - - 1,500
Promotional & Marketing Program 81,000 11,595 52,254 81,000
Miscellaneous Expense 10,321 - 10,302 10,321
Bond Issuance Costs - - (114) -
OPERATING EXPENDITURES Total 625,645 28,072 228,157 625,645
TOTAL NET OPERATIONS 961,826 88,730 346,231 961,826
NON-OPERATING EXPENDITURES
Catalyst 24,000 - - 24,000
DisperSol 60,000 - - 60,000
Economic Development Projects -Undetermined 5,370,322 - - 5,370,322
Radix 50,000 - - 50,000
Tasus 6,000 - - 6,000
Texas Life Sciences 100,000 - - 100,000
Rentschler Brewing LLC - - - -
NON-OPERATING EXPENDITURES Total 5,610,322 - - 5,610,322
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS 961,826 88,730 346,231 961,826
ENDING FUND BALANCE 367,188 420,022
Georgetown Economic Development Corporation Fund
Year End Projection to Approved as of March 2017
Page 12
CITYQUARTERLY INVESTMENT REPORTFor the Quarter EndedMarch 31, 2017Prepared byValley View Consulting, L.L.C.The investment portfolio of the City of Georgetown is in compliance with the Public Funds Investment Act and the Investment Policy and Strategies._______________________________________________________________________ VacantLeigh WallaceControllerFinance DirectorDisclaimer: These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were obtained by Valley View Consulting, L.L.C. from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas, are not representative of total return yields and do not account for investment advisor fees.Page 13
SummaryQuarter End Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueBook ValueMarket ValueDemand Accounts0.30% 16,449,917$ 16,449,917 16,807,804$ 16,807,804$ NOW/MMA0.85% 7,359,194 7,359,194 7,372,724 7,372,724 Pools0.63% 71,903,578 71,903,578 69,279,895 69,279,895 CDs/Securities1.10% 25,711,669 25,711,669 44,253,128 44,253,128 Totals121,424,358$ 121,424,358$ 137,713,551$ 137,713,551$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 0.75%Total Portfolio 0.65%Rolling Three Mo. Treas. Yield 0.60%Rolling Three Mo. Treas. Yield 0.52%Rolling Six Mo. Treas. Yield 0.64%Rolling Six Mo. Treas. Yield 0.57%Quarterly TexPool Yield 0.54%12,507$ Interest income provided in separate report.24,657$ December 31, 2016March 31, 2017(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.Page 14
Economic Overview3/31/2017The Federal Open Market Committee (FOMC) raised the Fed Funds target range of 0.75% - 1.00% (actual Fed Funds are trading +/-90 bps). There are mixed anticipations for additional FOMC actions this year. Some look for another rise as early as the June FOMC meeting. Final revision 4th Quarter 2016 GDP increased to 2.1%. US data reflects continuing modest to moderate economic growth. The Stock Markets recorded new highs. Financial Institution deposits (MMAs and CDs) generally offer the best interest earnings opportunity.02505007501,0001,2501,5001,7502,0002,2502,5002,750S&P 5000.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesMarch 31, 2016December 31, 2016March 31, 20170.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.Page 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% 04/01/17 03/31/17 16,807,804$ 16,807,804$ 1.00 16,807,804$ 1 0.30%Southside Bank MMA0.76% 04/01/17 03/31/17 924,511 924,511 1.00 924,511 1 0.76%Green Bank MMA0.86% 04/01/17 03/31/17 6,448,213 6,448,213 1.00 6,448,213 1 0.86%TexPoolAAAm 0.62% 04/01/17 03/31/17 10,964,107 10,964,107 1.00 10,964,107 1 0.62%TexSTARAAAm 0.63% 04/01/17 03/31/17 58,315,788 58,315,788 1.00 58,315,788 1 0.63% LegacyTexas Bank CD0.83% 04/13/17 05/23/16 2,013,869 2,013,869 100.00 2,013,869 13 0.83%LegacyTexas Bank CD0.83% 04/13/17 05/23/16 4,027,738 4,027,738 100.00 4,027,738 13 0.83%Lubbock National Bank CD0.95% 07/03/17 05/23/16 3,023,822 3,023,822 100.00 3,023,822 94 0.95%Lubbock National Bank CD0.95% 07/03/17 05/23/16 2,519,851 2,519,851 100.00 2,519,851 94 0.95%Lubbock National Bank CD0.95% 07/03/17 05/23/16 3,023,822 3,023,822 100.00 3,023,822 94 0.95%LegacyTexas Bank CD0.95% 08/18/17 06/23/16 3,031,940 3,031,940 100.00 3,031,940 140 0.95%Lubbock National Bank CD1.00% 10/02/17 05/23/16 2,016,720 2,016,720 100.00 2,016,720 185 1.00%Green Bank CD0.81% 11/03/17 11/03/16 1,524,195 1,524,195 100.00 1,524,195 217 0.81%Southside Bank CD0.92% 11/17/17 11/18/16 3,058,370 3,058,370 100.00 3,058,370 231 0.92%Lubbock National Bank CD1.20% 02/23/18 02/23/17 6,005,523 6,005,523 100.00 6,005,523 329 1.20%LegacyTexas Bank CD1.20% 03/09/18 03/09/17 5,000,000 5,000,000 100.00 5,000,000 343 1.20%Lubbock National Bank CD1.50% 01/03/19 01/03/17 3,007,278 3,007,278 100.00 3,007,278 643 1.50%R Bank CD1.50% 02/21/19 02/21/17 6,000,000 6,000,000 100.00 6,000,000 692 1.50%137,713,551$ 137,713,551$ 137,713,551$910.75%(1) (2)March 31, 2017(2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.(1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.(3) Earnings Credit - The City's depository accounts provide an earnings credit on balances which is used to offset bank fees.Valley View Consulting, L.L.C.Page 16
City - Book and Market Value ComparisonCoupon/ Maturity Face Amount/Purchases/ Sales/Adjust/ Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueJPMorgan Chase Cash0.30% 04/01/17 16,449,917$ 16,449,917$ 357,888$ –$ 16,807,804$ 16,807,804$ Southside Bank MMA0.76% 04/01/17 922,886 922,886 1,625 924,511 924,511 Green Bank MMA0.86% 04/01/17 6,436,308 6,436,308 11,905 6,448,213 6,448,213 TexPool0.62% 04/01/17 14,730,016 14,730,016 (3,765,909) 10,964,107 10,964,107 TexSTAR0.63% 04/01/17 57,173,562 57,173,562 1,142,226 58,315,788 58,315,788 BTH Bank CDARS 0.90%02/02/171,525,965 1,525,965 (1,525,965)– – LegacyTexas Bank CD 0.83%04/13/172,009,753 2,009,753 4,116 2,013,869 2,013,869 LegacyTexas Bank CD 0.83%04/13/174,019,506 4,019,506 8,232 4,027,738 4,027,738 Lubbock National Bank CD 0.95%07/03/173,016,750 3,016,750 7,072 3,023,822 3,023,822 Lubbock National Bank CD 0.95%07/03/172,513,958 2,513,958 5,893 2,519,851 2,519,851 Lubbock National Bank CD 0.95%07/03/173,016,750 3,016,750 7,072 3,023,822 3,023,822 LegacyTexas Bank CD 0.95%08/18/173,024,849 3,024,849 7,091 3,031,940 3,031,940 Lubbock National Bank CD 1.00%10/02/172,011,756 2,011,756 4,965 2,016,720 2,016,720 Green Bank CD0.81%11/03/171,521,089 1,521,089 3,106 1,524,195 1,524,195 Southside Bank CD 0.92%11/17/173,051,294 3,051,294 7,076 3,058,370 3,058,370 Lubbock National Bank CD 1.20%02/23/18– – 6,005,523 6,005,523 6,005,523 LegacyTexas Bank CD 1.20%03/09/18– – 5,000,000 5,000,000 5,000,000 Lubbock National Bank CD 1.50%01/03/19– – 3,007,278 3,007,278 3,007,278 R Bank CD1.50%02/21/19– – 6,000,000 6,000,000 6,000,000 TOTAL121,424,358$ 121,424,358$ 21,581,067$ (5,291,874)$ 137,713,551$ 137,713,551$ December 31, 2016March 31, 2017Valley View Consulting, L.L.C.Page 17
0–6 Months86%6–12 Months14%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 $160,000,00006/30/16 09/30/16 12/31/2016 03/31/17Portfolio BalancesMoney MarketLocal DepositoryTexSTARTexPoolCertificate of Deposit1661741661026990737510910412315616397108875167494191050100150200# of DaysWeighted Average to MaturityJPMorgan Chase12%Southside Bank 3%Green Bank 6%TexPool8%TexSTAR42%Rbank5%LegacyTexas Bank10%Lubbock National Bank14%Portfolio Holdings by IssuerValley View Consulting, L.L.C.Page 18
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 GO2014 Revenue Electric2014 Revenue Water WWDebt ServiceJPMorgan Chase Cash16,807,804$ 16,807,804$ –$ –$ –$ –$ –$ –$ Southside Bank MMA924,511 924,511 Green Bank MMA6,448,213 6,448,213 TexPool10,964,107 10,964,107 TexSTAR58,315,788 2,884,136 2,084,294 212,849 299,827 650,708 4,795,116 12,621,007 LegacyTexas Bank CD 04/13/17 2,013,869 LegacyTexas Bank CD 04/13/17 4,027,738 Lubbock National Bank CD 07/03/17 3,023,822 3,023,822 Lubbock National Bank CD 07/03/17 2,519,851 Lubbock National Bank CD 07/03/17 3,023,822 LegacyTexas Bank CD 08/18/17 3,031,940 3,031,940 Lubbock National Bank CD 10/02/17 2,016,720 Green Bank CD11/03/17 1,524,195 1,524,195 Southside Bank CD11/17/17 3,058,370 3,058,370 Lubbock National Bank CD 02/23/18 6,005,523 6,005,523 LegacyTexas Bank CD 03/09/18 5,000,000 5,000,000 Lubbock National Bank CD 01/03/19 3,007,278 3,007,278 R Bank CD02/21/19 6,000,000 6,000,000 Totals137,713,551$ 68,679,899$ 2,084,294$ 212,849$ 299,827$ 650,708$ 4,795,116$ 12,621,007$ Book and Market ValueMarch 31, 2017Valley View Consulting, L.L.C.Page 19
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARLegacyTexas 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 CD11/17/17Lubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19TotalsBook and Market ValueMarch 31, 2017(Continued)Police Restricted SeizureUtility Debt Service2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Tax Facilities2015 CO-Water2015 GO-Roads–$ –$ –$ –$ –$ –$ –$ –$ 1,395 67,956 29,743 1,310,027 1,425,433 136 13,822 4,320,198 1,395$ 67,956$ 29,743$ 1,310,027$ 1,425,433$ 136$ 13,822$ 4,320,198$ Valley View Consulting, L.L.C.Page 20
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARLegacyTexas 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 CD11/17/17Lubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19TotalsBook and Market ValueMarch 31, 2017(Continued)2015A GO-Roads2015A GO-Parks2015 Revenue Electric2015 Revenue Water WW2016 CO- Rivery TIRZ2016 CO- Streets/ Facilities/ Equip2016 GO Bonds2016 GO- Parks–$ –$ –$ –$ –$ –$ –$ –$ 2,306,586 1,710,880 1,477,674 5,391,599 4,148 2,599,464 3,014,879 4,027,738 3,023,822 2,016,720 2,306,586$ 1,710,880$ 1,477,674$ 5,391,599$ 4,148$ 2,599,464$ 9,068,279$ 3,014,879$ Valley View Consulting, L.L.C.Page 21
City - AllocationJPMorgan Chase CashSouthside Bank MMAGreen Bank MMATexPoolTexSTARLegacyTexas 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 CD11/17/17Lubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19TotalsBook and Market ValueMarch 31, 2017(Continued)2016 GO- Roads2016 Revenue Electric2016 Revenue Water/WWGarey Park Donation–$ –$ –$ –$ 1,014,037 1,802,380 3,256,418 5,021,075 2,013,869 2,519,851 1,014,037$ 1,802,380$ 7,790,139$ 5,021,075$ Valley View Consulting, L.L.C.Page 22
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 GO2014 Revenue Electric2014 Revenue Water WWDebt ServiceJPMorgan Chase Cash16,449,917$ 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 3,059,374 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$ 3,059,374$ December 31, 2016Book and Market ValueValley View Consulting, L.L.C.Page 23
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 CD11/17/17TotalsDecember 31, 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–$ –$ –$ –$ –$ –$ –$ –$ 1,393 67,860 29,701 1,036,236 1,423,411 1,161,347 13,802 4,314,070 1,393$ 67,860$ 29,701$ 1,036,236$ 1,423,411$ 1,161,347$ 13,802$ 4,314,070$ Valley View Consulting, L.L.C.Page 24
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 CD11/17/17TotalsDecember 31, 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–$ –$ –$ –$ –$ –$ –$ –$ 6,973,394 1,708,453 1,678,464 6,234,786 4,143 2,716,078 3,010,602 4,019,506 3,016,750 2,011,756 6,973,394$ 1,708,453$ 1,678,464$ 6,234,786$ 4,143$ 2,716,078$ 9,048,011$ 3,010,602$ Valley View Consulting, L.L.C.Page 25
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 CD11/17/17TotalsDecember 31, 2016Book and Market Value(Continued)2016 GO- Roads2016 Revenue Electric2016 Revenue Water/WWGarey Park Donation–$ –$ –$ –$ 1,012,598 1,799,823 3,383,151 5,013,953 2,009,753 2,513,958 1,012,598$ 1,799,823$ 7,906,862$ 5,013,953$ Valley View Consulting, L.L.C.Page 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-BillPage 27
Georgetown Transportation Enhancement Corporation (GTEC)QUARTERLY INVESTMENT REPORTFor the Quarter EndedMarch 31, 2017Prepared byValley View Consulting, L.L.C.The investment portfolio of the Georgetown Transportation Enhancement Corporation (GTEC) is in compliance with the Texas Public Funds Investment Act and the Investment Policy and Strategies.________________________________________________________________________VacantLeigh WallaceControllerFinance DirectorDisclaimer: These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were obtained by Valley View Consulting, L.L.C. from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas, are not representative of total return yields and do not account for investment advisor fees.Page 28
SummaryQuarter End Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueBook ValueMarket ValuePools0.69% 19,766,782$ 19,766,782$ 9,112,353$ 9,112,353$ CDs/Securities0.99% 7,076,564 7,076,564 7,093,908 7,093,908 Totals26,843,346$ 26,843,346$ 16,206,262$ 16,206,262$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 0.82%Total Portfolio 0.73%Rolling Three Mo. Treas. Yield 0.60%Rolling Three Mo. Treas. Yield 0.52%Rolling Six Mo. Treas. Yield 0.64%Rolling Six Mo. Treas. Yield 0.57%Quarterly TexPool Yield 0.54%Interest data provided in separate report. December 31, 2016March 31, 2017(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.Page 29
Economic Overview3/31/2017The Federal Open Market Committee (FOMC) raised the Fed Funds target range of 0.75% - 1.00% (actual Fed Funds are trading +/-90 bps). There are mixed anticipations for additional FOMC actions this year. Some look for another rise as early as the June FOMC meeting. Final revision 4th Quarter 2016 GDP increased to 2.1%. US data reflects continuing modest to moderate economic growth. The Stock Markets recorded new highs. Financial Institution deposits (MMAs and CDs) generally offer the best interest earnings opportunity.02505007501,0001,2501,5001,7502,0002,2502,5002,750S&P 5000.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesMarch 31, 2016December 31, 2016March 31, 20170.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.Page 30
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldTexPool AAAm 0.62% 04/01/17 03/31/17 1,220,346$ 1,220,346$ 1.00 1,220,346$ 1 0.62%TexSTARAAAm 0.63% 04/01/17 03/31/17 5,356,707 5,356,707 1.00 5,356,707 1 0.63%Green Bank MMA0.86% 04/01/17 03/31/17 2,535,300 2,535,300 1.00 2,535,300 1 0.86%Lubbock National Bank CD0.95% 07/03/17 05/23/16 4,031,762 4,031,762 100.00 4,031,762 94 0.95%Lubbock National Bank CD1.05% 08/18/17 08/18/16 3,062,146 3,062,146 100.00 3,062,146 140 1.05%16,206,262$ 16,206,262$ 16,206,262$ 50 0.82%(1) (2)March 31, 2017(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.Page 31
Pools 56%CDs/Securities 44%GTEC PORTFOLIO COMPOSITION $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,0006/30/16 9/30/16 12/31/16 3/31/17GTEC PORTFOLIO BALANCES CD TexPool TexSTARValley View Consulting, L.L.C.Page 32
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueTexPool 0.62% 04/01/17 8,955,458$ 8,955,458$ –$ (7,735,112)$ 1,220,346$ 1,220,346$ TexSTAR0.63% 04/01/17 7,263,392 7,263,392 (1,906,685) 5,356,707 5,356,707 Green Bank MMA0.86% 04/01/17 3,547,931 3,547,931 (1,012,631) 2,535,300 2,535,300 Lubbock National Bank CD 0.95% 07/03/17 4,022,333 4,022,333 9,430 4,031,762 4,031,762 Lubbock National Bank CD 1.05% 08/18/17 3,054,232 3,054,232 7,914 3,062,146 3,062,146 TOTAL26,843,346$ 26,843,346$ 17,344$ (10,654,428)$ 16,206,262$ 16,206,262$ Market Value Comparison Coupon/Maturity Face Amount/Qtr to QtrFace Amount/DescriptionDiscount Date Par Value Market ValueChange Par Value Market ValueTexPool 0.62% 04/01/17 8,955,458$ 8,955,458$ (7,735,112)$ 1,220,346$ 1,220,346$ TexSTAR0.63% 04/01/17 7,263,392 7,263,392 (1,906,685) 5,356,707 5,356,707 Green Bank MMA0.86% 04/01/17 3,547,931 3,547,931 (1,012,631) 2,535,300 2,535,300 Lubbock National Bank CD 0.95% 07/03/17 4,022,333 4,022,333 9,430 4,031,762 4,031,762 Lubbock National Bank CD 1.05% 08/18/17 3,054,232 3,054,232 7,914 3,062,146 3,062,146 TOTAL26,843,346$ 26,843,346$ (10,637,084)$ 16,206,262$ 16,206,262$ December 31, 2016March 31, 2017December 31, 2016March 31, 2017Valley View Consulting, L.L.C.Page 33
Georgetown Economic Development Corporation (GEDCO)QUARTERLY INVESTMENT REPORTFor the Quarter EndedMarch 31, 2017Prepared byValley View Consulting, L.L.C.The investment portfolio of the Georgetown Economic Development Corporation (GEDCO) is in compliance with the Texas Public Funds Investment Act and the Investment Policy and Strategies.________________________________________________________________________ VacantLeigh Wallace ControllerFinance DirectorDisclaimer: These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or completeness of this information. The market values included in these reports were obtained by Valley View Consulting, L.L.C. from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas, are not representative of total return yields and do not account for investment advisor fees.Page 34
SummaryQuarter End Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueBook ValueMarket ValueMMA0.86% 2,005,534$ 2,005,534$ 2,009,222$ 2,009,222$ Pools0.65% 3,354,651 3,354,651 3,501,534 3,501,534 5,360,186$ 5,360,186$ 5,510,756$ 5,510,756$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 0.72%Total Portfolio 0.64%Rolling Three Mo. Treas. Yield 0.60%Rolling Three Mo. Treas. Yield 0.52%Rolling Six Mo. Treas. Yield 0.64%Rolling Six Mo. Treas. Yield 0.57%Quarterly TexPool Yield 0.54%Interest income provided in separate report. December 31, 2016March 31, 2017(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.Page 35
Economic Overview3/31/2017The Federal Open Market Committee (FOMC) raised the Fed Funds target range of 0.75% - 1.00% (actual Fed Funds are trading +/-90 bps). There are mixed anticipations for additional FOMC actions this year. Some look for another rise as early as the June FOMC meeting. Final revision 4th Quarter 2016 GDP increased to 2.1%. US data reflects continuing modest to moderate economic growth. The Stock Markets recorded new highs. Financial Institution deposits (MMAs and CDs) generally offer the best interest earnings opportunity.02505007501,0001,2501,5001,7502,0002,2502,5002,750S&P 5000.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesMarch 31, 2016December 31, 2016March 31, 20170.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.Page 36
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldGreen Bank MMA0.86% 04/01/17 03/31/17 2,009,222$ 2,009,222$ 1.00 2,009,222$ 1 0.86%TexasDAILYAAAm 0.66% 04/01/17 03/31/17 2,014,825 2,014,825 1.00 2,014,825 1 0.66%TexSTARAAAm 0.63% 04/01/17 03/31/17 1,486,709 1,486,709 1.00 1,486,709 1 0.63%5,510,756$ 5,510,756$ 5,510,756$ 1 0.72%(1) (2)March 31, 2017(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.Page 37
MMA 36%Pools 64%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 $10,000,00006/30/16 09/30/16 12/31/16 03/31/17GEDCO PORTFOLIO BALANCES TexasDAILY TexSTAR Money MarketValley View Consulting, L.L.C.Page 38
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueGreen Bank MMA0.86% 04/01/17 2,005,534$ 2,005,534$ 3,687$ –$ 2,009,222$ 2,009,222$ TexasDAILY0.66% 04/01/17 2,011,789 2,011,789 3,036 2,014,825 2,014,825 TexSTAR0.63% 04/01/17 1,342,863 1,342,863 143,847 1,486,709 1,486,709 TOTAL5,360,186$ 5,360,186$ 150,570$ -$ 5,510,756$ 5,510,756$ Market Value ComparisonQtr to Qtr ChangeGreen Bank MMA 0.86% 04/01/17 2,005,534$ 2,005,534$ 3,687$ 2,009,222$ 2,009,222$ TexasDAILY 0.66% 04/01/172,011,789 2,011,789 3,036 2,014,825 2,014,825 TexSTAR 0.63% 04/01/171,342,863 1,342,863 143,847 1,486,709 1,486,709 TOTAL 5,360,186$ 5,360,186$ 150,570$ 5,510,756$ 5,510,756$ December 31, 2016 March 31, 2017December 31, 2016 March 31, 2017Valley View Consulting, L.L.C.Page 39
Grant Description Grantor Grant Amount Match Status
Fire
Fire Extinguisher Training System Firehouse Subs Public Safety Foundation 10,332$ -$ Application Approved
Staffing for Adequate Fire Emergency
Response (SAFER)Federal Emergency Management Agency (FEMA)1,600,000$ 1,100,000$ Application Approved
Emergency Management Performance
grant Office of Emergency Management Application Approved
Library
Community Resources Coordinatior Texas State Liabrary & Archives Commission 75,000$ -$ Application Approved
Family Place Libraries Texas State Liabrary & Archives Commission 6,000$ -$ Application Approved
Parks
Recreation Trails Texas Parks and Wildlife Department 180,000$ 20,000$ Application Approved
1,871,332$ 1,120,000$
CITY OF GEORGETOWN
GRANT APPLICATIONS
as of March 31, 2017
Page 40
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
General Government CIP
Public Safety & Facilities
6CR Public Safety Facility - 181,358 (166,279) (15,079) [a]
6EW Transfer Station / Landfill 290,518 34,594 (34,550) 290,474
7AD Communications - 11,951 (11,951) -
9BE Preventative Maintenance 27,395 47,115 (41,615) 21,895
Public Safety & Facilities Subtotal 317,913 275,018 (254,394) 297,290
Parks CIP
1DN Access to Rtw to Gov Srv - 9,118 (9,118) -
1DO Austin Ave @ 5th St Light 375,951 44 - 375,907
1DP 8th St Church to Myrtle - 29,501 (29,417) (84) [a]
1DX SH29 To Leander Rd SW 1,127,853 6,512 159,208 962,133
6CP San Gabriel Park Improvements 3,307,600 53,145 2,499,973 754,482
6DD New Village Parks - 13,425 (13,425) -
6DE SG Bank Stabilization - 2,910 (2,910) -
6DM VFW Park 30,353 823,853 (775,561) (17,939) [a]
6DO Garey Park 13,500,000 32,387 1,568,069 11,899,544
6ES ADA Facilities 295,278 521 20,181 274,576
6ET ADA Parks 600,000 122,714 68,171 409,116
9AU University Sidewalks - 75,526 (75,526) -
9AW CDBG-MLK/3rd St - 6,809 (6,809) -
6DB McMaster Park - 13,094 (13,094) -
6EH Village Park 43,891 53,232 - (9,341) [a]
6EI Founder's Park 70,000 - - 70,000
Parks CIP Subtotal 19,350,926 1,242,790 3,389,742 14,718,394
Downtown & Community Service
46P Sheraton @ The Summit - 2,346,138 - (2,346,138) [a]
6EJ Parking Facility Study / Design - 35,297 (35,297) -
6EK Former PD Renovation - 144 (144) -
6EM Downtown West 12,423,883 180,082 (180,082) 12,423,883
Downtown & Community Service Subtotal 12,423,883 2,561,661 (215,524) 10,077,745
Total General Government CIP 32,092,722$ 4,079,469$ 2,919,824$ 25,093,429$
NOTES:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
Page 41
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
Streets / Transportation
1BZ 971 @ Austin Ave.- 101,614 (101,614) -
1CC FM 1460 1,019,140 446,196 (12,979) 585,923
1CE Street Maintenance 924,259 - 131,655 792,604
1CF Street Overlay/Microsurfacing 1,200,000 - - 1,200,000
1CJ Austin Avenue Sidewalks 70,000 - 70,000 -
1CN Sealant 100,000 1,233 (1,233) 100,000
1CS DB Wood Bridge 623,000 19,749 (26,434) 629,685
1CU Cutler Process 1,055,000 8,198 154,552 892,250
1DI SW Bypass / WR Parkway 2,324,930 7,346,067 (7,346,003) 2,324,866
1DK Southeast Inner Loop - 90,546 1,813 (92,359) [a]
1DL Austin Avenue Bridge 278,463 89,291 101,039 88,132
1DN Acces Rtw to Gov Srv - 60,871 23,129 (84,000) [a]
1DO Austin Avenue at 5th St Light - 10,041 (9,997) (44) [a]
1DR PH 1 Signal and Curb Ramps 500,000 43,790 (38,990) 495,200
1DX SH29 to Leander Rd SW - 40 - (40) [a]
5AL Curb & Gutter - 414,397 243,309 (657,706) [a]
Streets / Transportation Subtotal 8,094,792 8,632,034 (6,811,754) 6,274,512
Stormwater
5AL Curb and Gutter 700,000 10,100 43,800 646,100
5AW Regional Flood Study 617,929 240,628 392,119 (14,818) [a]
Stormwater Subtotal 1,317,929 250,728 435,919 631,282
Airport
6VA Airport Master Plan - 174 - (174) [a]
Airport Subtotal - 174 - (174)
Total Transportation Services CIP 9,412,721$ 8,882,935$ (6,375,834)$ 6,905,620$
NOTES:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
Page 42
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
Water Services CIP
Wastewater Line Upgrades:
3CJ Berry Creek Interceptor 8,328,900 56,063 (56,063) 8,328,900
Wastewater Line Upgrades Subtotal 8,328,900 56,063 (56,063) 8,328,900
WW Edwards Aquifer Compliance:
3CK EARZ 2014-15 300,000 25,803 (6,333) 280,530
3CL EARZ 2015-2016 700,000 135,368 533,837 30,795
3CM EARZ 2016-17 500,000 124,715 226,135 149,150
WW Edwards Aquifer Compliance Subtotal 1,500,000 285,886 753,639 460,475
WW Lift stations & Force Mains
3CD Stonehedge LS & FM 27,572 3,313 (3,313) 27,572
3CE Westinghouse LS & FM 3,448,258 409,100 1,715,728 1,323,430
3CN Park LS & FM 3,982,000 12,750 383,510 3,585,740
WW Lift stations & Force Mains Subtotal 7,457,830 425,163 2,095,925 4,936,742
WW Treatment Plant
3CA Pecan Branch WWTP 9,738,309 166,596 (136,352) 9,708,065
WW Treatment Plant Subtotal 9,738,309 166,596 (136,352) 9,708,065
Water CIP
1DE Williams Dr. @ Jim Hogg Rd - 524 (524) -
2BW Westside Facility - 307,922 (18,554) (289,369) [a]
2CE Rabbit Hill EST - 634,347 (634,347) -
2CH Cedar Breaks EST - 1,620,544 (1,620,544) -
2CI Shell Road Water Line 6,078,793 2,700 (2,700) 6,078,793
2CJ Meter Issue - 171,532 - (171,532) [a]
2CK Daniels Mountain GST - 11,014 (8,536) (2,478) [a]
2CL Park WTP Pump Station 600,000 1,630 (1,630) 600,000
2CO Majestic Oaks Water Line - (50,000) - 50,000
2CP Sun City 1.5MG Est 3,050,000 150,000 150,000 2,750,000
2CQ Water Tank Rehab 600,000 5,000 75,000 520,000
2CR Sunny Slope Water Lines 20,000 20,000 - -
2CS WD Interim Water Master Plan 4,138,187 - 35,132 4,103,055
2CT CIS System 1,161,948 467,520 848,171 (153,743) [a]
2JE CR 255 WD 14-2 3,000,000 - 20,000 2,980,000
2JF Domel Improvements 4,500,000 - 33,000 4,467,000
Water CIP Subtotal 23,148,928 3,342,734 (1,125,532) 20,931,726
Rural Water CIP
2CO Majestic Oaks Water Lines - 222,816 (222,816) -
2JE CR 255 (WD 14-2)- 79,800 (79,800) -
2JF Domel Improvements - 77,603 (77,603) -
Rural Water CIP Subtotal - 380,219 (380,219) -
AMI/CIS-Water
2CG Asset Management - 5,781 (5,781) -
Water/AMI/CIS Subtotal - 5,781 (5,781) -
Total Water Services CIP 50,173,967$ 4,662,441$ 1,145,618$ 44,365,908$
NOTES:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
Page 43
2016/17 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
GTEC CIP
51A Economic Development Projects -$ -$ -$ -$
5QC Southwest Bypass - 1,615 - (1,615) [a]
5QG SE1: Inner LP / SH130 - - - -
5QW Wolf Ranch Pkwy Extension - - - -
5QY NB Frontage Rd 2338 to Lakeway - 440 (440) -
5QX Northwest Boulevard Bridge 91,590 13,812 (13,812) 91,590
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 3,978,699 (3,941,826) 3,463,127
5RJ IH 35 / Hwy 29 Intersection Improvements - - - -
5RM Rivery Ext (Williams Dr. - Nwest Blvd.)4,000,000 1,817,062 (5,611) 2,188,549
5RN Pecan Center Dr. / Airport Rd.6,000,000 315,192 264,518 5,420,290
5RO Southwest Bypass - Laubach 354,920 21,026 - 333,894
5RP Rivery TIA Improvements 1,157,121 86,185 (86,185) 1,157,121
5RQ Rabbit Hill Road Improvements - 204,719 (204,719) -
5QN Williams Dr. Widening - - - -
1CC FM 1460 Roadway Improvement 650,000 - 147,576 502,425
Total GTEC CIP 15,753,631$ 6,438,750$ (3,840,499)$ 13,155,380$
Notes:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
Page 44
2016/17 Year to Date Year to Date
Budget Expenditures Encumbrances Balance
Electric CIP
9-0580-90-139 17th Street Rehab 50,000.00 - - 50,000
9-0580-90-140 7th Street Rehab 200,000.00 - - 200,000
9-0580-90-141 Downtown OH Rehab 500,000.00 - - 500,000
9-0580-90-142 Downtown West 970,000.00 - - 970,000
9-0580-90-143 Shell Road Feeders 450,000.00 - - 450,000
9-0580-90-144 Pole Relocation 50,000.00 - 3,626.00 46,374
9-0580-90-145 Sidewalks South College 50,000.00 - - 50,000
9-0580-90-146 Southwest Bypass Feeder 300,000.00 - - 300,000
9-0580-90-147 West 10th Street Rehab 98,000.00 - - 98,000
9-0580-90-148 West 11th Street Rehab 200,000.00 - - 200,000
9-0580-90-300 Electrical System Improvement - 839,822.15 56,199.17 (896,021) [a]
9-0580-90-310 Power Quality Improvements 80,000.00 3,404.50 76,596
9-0580-90-320 Sectionalization Improvements 50,000.00 50,000
9-0580-90-330 Pole Improvements - 2,194.25 (2,194) [a]
9-0580-90-331 Pole Inspections 50,000.00 - - 50,000
9-0580-90-350 Relocation Projects Reimbursements - 40,055.93 - (40,056) [a]
9-0580-90-410 New Development Projects 1,200,000.00 1,948,551.13 518,668.43 (1,267,220) [a]
9-0580-90-430 Street Lighting 88,000.00 1,852.08 3,000.00 83,148
9-0580-90-500 Consultant Engineering 150,000.00 66,279.31 130,720.69 (47,000) [a]
9-0580-90-510 System Mapping Support - - 80,000.00 (80,000) [a]
Electric CIP Subtotal 4,486,000 2,902,159 792,214 791,626
T&D
9-0585-90-003 Electric Substations - 17,742.59 (15,973.75) (1,769) [a]
9-0585-90-021 Communication Equipment 295,000.00 159,467.40 62,526.89 73,006
T&D Subtotal 295,000 177,210 46,553 71,237
CIS
9-0580-91-105 CIS system 2,175,000.00 49,787.11 1,265,904.22 859,309
CIS Subtotal 2,175,000 49,787 1,265,904 859,309
Total Electric CIP 6,956,000$ 3,129,156$ 2,104,672$ 1,722,172$
NOTES:
[a]Individual projects may go over budget as long as total expenditures
for all CIP projects are within the department's total budget.
Page 45
Unfunded Liability &
Commitments Financial Impact/Notes Status 12/31/16 Status Updates - 3/31/17
Cemetery Special Revenue
Fund
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
has made this transfer in 2016 and 2017.
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.
$75,000 annual transfer will be included in FY 2018 proposed
budget.
Self-Insurance Internal Service
Fund
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. 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.
Recommend removing from list. Fully funded.
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 12/30/15, the UAAL was $20.9M and is considered 82.2%
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%.
The City has not yet received the TMRS contribution rate for FY
2018.
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 2016 current net OPEB liability is $972,576
which is an increase of $185,876 over the prior year.
No change
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 2016, total citywide compensated absence is $6.4M, of that
$5.4M is considered unfunded in the governmental funds. The
City's Fiscal and Budgetary Policy state the payout reserve will
equal 15% of the one year 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.
The FY 2017 mid-year budget amendment will appropriate an
additional $222,000 from the Council Discretionary Fund to the
General Fund to establish the Benefit Payout Reserve. When
combined with the $30,000 currently budgeted, the liability is fully
funded for the year.
March 31, 2017
CITY OF GEORGETOWN
Long-term Commitments, Reservations, and Other Unfunded Liabilities
Page 46
Unfunded Liability &
Commitments Financial Impact/Notes Status 12/31/16 Status Updates - 3/31/17
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 was developed to address long term
capital maintenance project prioritization.
As of 9/30/2016 the ending balance in the fund is $310K, a marked
improvement from prior years negative balances.
2017 funded projects include repairing pavement, replacing lights,
and sealing doors and roofs in hangars, rehabbing taxiways and
improving signage. The airport master plan is still being developed,
and staff continue to look for grant opportunities for funding.
Americans with Disabilities Act
(ADA) Compliance Needs
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.
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.
The City amended and adopted the FY2016 Transition Plan on
1/10/2017. This quarter the City completed renovations to the
Parks Administration building, providing accessible routes into the
City facility which is also a public voting facility.
Sidewalk Maintenance
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.
Construction on several sidewalk improvement projects
throughout the city began in the spring. The entire project is
expected to be completed in late November.
Sidewalk improvements include:
• Del Webb Boulevard and Whispering Wind Drive
• Williams Drive and Woodlake Drive
• Williams Drive and Wildwood Drive
• Williams Drive and Shell Road
• Williams Drive and Lakeway Drive
• Williams Drive and River Bend Drive
• Austin Avenue and Morrow Street
• Austin Avenue from Morrow Street to Williams Drive
• Eighth and Rock streets
• Eighth Street from Church to Myrtle streets
• Sidewalks in Founders’ Park
• Sidewalk along southbound Interstate 35 frontage road from
Leander Road to Hwy. 29.
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Unfunded Liability &
Commitments Financial Impact/Notes Status 12/31/16 Status Updates - 3/31/17
Park Equipment Maintenance
& Replacement
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.
The outdoor pool slide replacement at the recreation center has
been moved to 2018 since it was repaired. All other projects are
on schedule.
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. FY2017 budget includes 3 FF/Paramedics to mitigate
overtime for the 4th TRV, and half of a position to monitor the
revenue collection contract.
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.
As of April 30, 2017, EMS revenue collections are about $1 million,
which is ahead of the budget projections. Year-end revenue is
estimated to be $2.4 million, budget is $2.2 million. Staff continue
to monitor overtime and medical supply expenses monthly.
Major Technology
Replacement (IT Internal
Service Fund)
CIS billing to be replaced in 2016, funded by utility funds.
Enterprise Resource Planning System (Finance and HR)
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.
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.
FY 2018 is year two of IT's revamped cost allocation model based
on actual usage of staff, hardware, and software resources. The FY
2017 mid year budget amendment includes $250,000 of one-time
money from the Council Discretionary fund that will be set aside
for the ERP project in FY 2018. Staff are exploring funding methods
of the ERP, including short-term debt, cash, and the IT allocation.
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.
Projected year 4 costs are additional $250,000.
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