HomeMy WebLinkAbout0 Q1 2018 FINAL Report
Q1 2018
F R I R
F Q E D ,
FINANCIAL REPORT AND INVESTMENT REPORT
For the Quarter Ended December 31, 2017
Table of Contents
Executive Summary .................................................................................................................................... 1-5
General Fund Schedule ................................................................................................................................. 6
Electric Fund Schedule .................................................................................................................................. 7
Water Services Fund Schedule ...................................................................................................................... 8
Joint Services Fund Schedule ......................................................................................................................... 9
Council Discretionary Fund Schedule .......................................................................................................... 10
Convention & Visitors Bureau Fund Schedule ............................................................................................. 11
Paramedic Fund Schedule ........................................................................................................................... 12
Airport Operations Fund Schedule .............................................................................................................. 13
Georgetown Transportation Enhancement Corporation Fund Schedule .................................................... 14
Georgetown Economic Development Corporation Fund Schedule ............................................................. 15
Quarterly Investment Report - City ........................................................................................................ 16-30
Quarterly Investment Report - GTEC ...................................................................................................... 31-36
Quarterly Investment Report - GEDCO ................................................................................................... 37-42
Grant Applications ....................................................................................................................................... 43
Capital Improvement Projects ................................................................................................................ 44-48
Long-term Commitments, Reservations, and Other Unfunded Liabilities .............................................. 49-51
FY2018 Quarterly Report
EXECUTIVE SUMMARY FOR THE QUARTER ENDED DECEMBER 31, 2017
I. QUARTERLY FINANCIAL ANALYSIS
GENERAL FUND REVENUES:
General Fund revenues collected for the first quarter of fiscal year 2018 are 9.5% ahead of fiscal year 2017. The total
revenue collected year to date (YTD) for the General Fund is $15.9 million.
The sales tax collections through December
totaled $1.1 million, or 8% of budget. Sales tax
is two months in arrears. Sales tax revenues are
on target to meet the year-end projection of
$14.3 million. The growth in sales tax is 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 2018 are up 14.2%, or $870,000,
from the first quarter of last year.
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 $1.1 million through the first
quarter of 2018, which is a 4.1% increase from the
first quarter of 2017. 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 $2
million through the first quarter of the fiscal year.
Franchise fee and ROI collections are up 5.2% over
this time last year.
Environmental services revenues are up 19.1%
from first quarter of 2018. This increase is related to the growth in the customer base.
0
20
40
60
80
100
120
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Number of Building Permits
2014
2015
2016
2017
2018
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
2014
2015
2016
2017
2018
Source: TexasComptroller of Public
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FY2018 Quarterly Report
Development related revenue is down 6.1% over the prior year. Year to date development applications are up 13.5%
from last year.
Overall, General Fund primary revenues were strong in the first quarter of fiscal year 2018 and are higher than the
prior year.
GENERAL FUND EXPENDITURES:
General Fund operating expenditures for the first quarter of fiscal year 2018 are 20.3% higher than the same period
in fiscal year 2017. An increase in expenses is primarily due to encumbered one time programs and public safety due
to additional hours for public events.
Total salaries and benefit expenditures through the first quarter were $9.3 million or 27.3% of budget. An additional
$6.4 million, or 24% of budget, was spent on operations.
Administration Services includes City Manager’s Office, City Council, City Secretary and social service funding. Total
expenditures for the first quarter were $650,000 or 24% of budget.
Community Services and Finance provides resources for developing downtown, as well as resources for Parks and
Recreation, Library, Communications and Municipal Court. Year to date expenditures are $2.9 million or 25% 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 $2.1 million or 19% of budget.
Total expenditures for Public Safety through the first quarter are 28.2% of budget for a total of $8 million. City
management, finance and fire staff continue to monitor Fire and EMS overtime every two weeks. The fire
department continues to experience vacancies and personnel on leave, increasing overtime expense.
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 $9.9 million, covering the 90-day contingency reserve and the Economic Uncertainty Reserve.
UTILITY FUNDS:
Electric revenue through the first quarter of 2018 is $15.5 million, up 7.7% compared to the prior year’s first quarter
due to the Power Cost Adjustment.
Total water revenue is up from the prior year by 15.9%; which is largely due to an increase in customer growth.
Total wastewater revenue is up 3.5% for fiscal year 2018 compared to last year. The increase is largely due to impact
fees for new development in the Western District, and customer growth.
Utility revenues are impacted significantly 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.
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FY2018 Quarterly Report
OTHER MAJOR FUNDS:
Hotel Occupancy Tax revenue is $359,000, an increase of 17.8% from the prior year due to the Sheraton Hotel.
Airport revenue is up 11% 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), the City’s investment policy, and generally accepted accounting principles. Activity for the first quarter of
fiscal year 2018 includes the maturing of financial institution deposits (CD’s) and transfers to new CD’s and favorable
money market accounts. Interest rates for money market accounts increased in March 2017 and continue to
increase. They are comparable to yield for CD’s with maturity dates one year to eighteen months out. The City will
continue soliciting the best rates to improve both diversity and yield.
The Investment Reports for the quarter ended December 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 December 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
9/30/17 12/31/17 9/30/17 12/31/17 9/30/17 12/31/17
Total cash and investments $158,220,196 $165,885,663 $18,042,602 $19,053,403 $6,081,347 $6,157,417
Average Yield 1.14% 1.30% 1.28% 1.39% 1.09% 1.23%
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 portfolio increased in the first
quarter due to collections of annual property tax proceeds and an advanced debt refunding. The City’s investment
portfolio includes bank deposits, local government investment pool balances, money market accounts, and financial
institution deposits (CD’s). All of these investments carry insurance or an implied backing from the Federal
Government. The collateral on all City investments are monitored 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, however,
we have a safekeeping relationship with BBVA for future investment possibilities. 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
have been reviewed and met PFIA-minimum rating criteria.
The City has worked closely with the City’s depository bank to find an average daily balance that is best to receive
the highest yield on the account. These balances earn credit against the fees charged by the bank versus earning
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FY2018 Quarterly Report
interest on these balances. The City has looked at various options to maximize our best yield vs investment & the
decision to change the depository collateral from securities to a letter of credit has increased our Earnings Credit
Rate to .45 (plus 10 basis points). 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:
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 in March 2017. 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 is currently designing San Gabriel Park Phase II which is expected to start construction in Spring
2018.
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 2006 that set the stage for how the park would be
developed. The ground breaking for Garey Park was held in March 2017. Prime Construction of Pflugerville is the
general contractor for renovation to Garey House and for site and civil construction. Construction is expected to
take twelve 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 90% complete project-wide. The South San Gabriel bridge is
complete with the final deck pour complete on the Southern bridge. The rails are all that remain to complete. Final
course of asphalt is scheduled for installation in February 2018 weather permitting on the entire project.
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FY2018 Quarterly Report
DOWNTOWN & COMMUNITY SERVICES
Downtown West: The City of Georgetown broke ground Nov. 28 to start the renovation of two City buildings that
will be part of a civic campus for City government offices. Known as Downtown West, the new civic campus will
include a City Hall and Council Chamber and Municipal Court Building as well as the existing Georgetown Public
Library that opened in 2007, the Historic Light and Water Works office building, and a public parking lot on Eighth
Street. The $13 million project is funded by proceeds from the sale of City buildings, municipal bonds, and fee
revenues. Construction should be complete in 12 months. Demolition of the old library is complete and site utilities
are moving forward.
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 90% complete and the easement acquisition is in progress. Construction is
estimated to start in September 2018.
The Stonehedge and Westinghouse lift station project bid went to the Board and Council in November 2016.
Construction started in January 2017 and is scheduled for completion by the end of March 2018.
The Pecan Branch wastewater treatment plant construction started in July 2017 and is scheduled for completion in
July 2019. In the first quarter, the concrete was poured for the aeration basin walls.
The Shell Road and CR 255 water main designs are complete and easement acquisitions are in progress. Construction
is estimated to start September 2019.
The Domel water pump station design is complete. Construction started in July 2017 and is scheduled for completion
in June 2018. In the first quarter crews installed pipes, valves and fittings.
GENERAL CAPITAL PROJECT RECONCILIATION
Staff have begun reconciling capital projects funded with general obligation bonds. Leftover funding from completed
projects may be used for similar projects. This information will be useful in planning future debt sales. For example,
reconciled funds for transportation projects will be used for the FM 1460 project instead of issuing new debt in
FY2018. Staff will continue to meet with departments to determine available funding.
5
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 11,155,457 11,155,457
Revenue
Administrative Charges 2,087,555 512,898 521,886 2,087,555
All Other Revenue 4,056,192 447,791 986,587 4,056,192
Development and Permit Fees 2,553,500 171,477 559,999 2,553,500
Franchise Fees 5,203,863 200,536 1,110,736 5,203,863
Garey Park 225,000 - - 225,000
Parks and Rec Fees 2,339,220 101,079 376,991 2,339,220
Property Tax 13,400,000 5,952,523 7,019,146 13,400,000
ROI 8,417,635 557,786 2,034,309 8,417,635
Sales Tax 14,300,500 1,066,419 1,092,503 14,300,500
Sanitation Revenue 8,974,500 711,643 2,102,087 8,974,500
Transfer In 435,200 68,750 78,950 435,200
Revenue Total 61,993,165 9,790,902 15,883,194 61,993,165
Expense
Administrative Services 1,526,014 170,110 402,138 1,526,014
Animal Services 875,831 92,130 274,415 875,831
Arts & Culture 80,900 2,113 7,404 80,900
City Council 175,087 12,553 53,757 175,087
City Secretary 920,537 61,715 194,547 920,537
Code Enforcement 415,749 42,415 95,335 415,749
Communications 400,137 45,774 113,422 400,137
Environmental Services 7,623,412 601,358 1,372,269 7,623,412
Fire Emergency Services 10,789,592 1,225,065 2,888,205 10,789,592
Fire Support Services 2,648,858 312,533 759,074 2,648,858
Garey Park 621,557 10,479 36,321 621,557
General Gov't Contracts 3,253,786 296,467 1,403,005 3,253,786
Inspections 1,231,441 128,058 277,838 1,231,441
Library 2,554,935 258,402 698,845 2,554,935
Municipal Court 632,929 71,487 169,607 632,929
Parks 2,578,108 263,456 784,735 2,578,108
Parks Admin 607,229 61,282 161,541 607,229
Planning 1,527,911 130,794 318,579 1,527,911
Police Admin 2,234,502 207,452 599,836 2,234,502
Police Operations 11,474,871 1,509,200 3,407,399 11,474,871
Public Works 1,071,301 56,155 478,059 1,071,301
Rec Programs 1,338,038 64,214 221,635 1,338,038
Recreation 2,527,496 260,041 654,100 2,527,496
Streets 3,961,864 252,154 1,180,652 3,961,864
Tennis Center 435,014 36,986 95,141 435,014
Transfer Out 1,739,523 3,739 1,705,870 1,739,523
Expense Total 63,246,622 6,176,132 18,353,729 63,246,622
EXCESS (DEFICIANCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (1,253,457)3,614,770 (2,470,535)(1,253,457)
AVAILABLE FUND BALANCE 9,902,000 9,902,000
Year-End Projection to Approved: Dec FY2018
General Fund
6
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 12,328,770 12,328,770
Operating Revenue
Electric Revenue 67,595,139 4,854,985 15,553,598 67,595,139
Interest 48,318 3,530 13,906 48,318
Other Revenue 3,165,000 340,169 775,960 3,165,000
Operating Revenue Total 70,808,457 5,198,685 16,343,464 70,808,457
Operating Expenditures
CRR Credits (2,000,000) (716,736) (2,342,898) (2,000,000)
Georgetown Utility Systems 17,915,971 2,110,383 5,080,539 17,915,971
Purchased Power 44,000,000 4,915,719 11,495,882 44,000,000
Transfer Out-Interfund Transfers 92,600 - 92,600 92,600
Transfer Out-ROI 5,493,707 372,904 1,264,707 5,493,707
Operating Expenditures Total 65,502,278 6,682,270 15,590,830 65,502,278
Total Net Operations 5,306,179 (1,483,586) 752,634 5,306,179
Non-Operating Revenue
Bond Proceeds 6,537,000 - - 6,537,000
Transfers in 90,981 - 90,981 90,981
Non-Operating Revenue Total 6,627,981 - 90,981 6,627,981
Non-Operating Expenditures
CIP 9,385,000 297,954 2,780,749 9,385,000
Interest Expense 1,697,769 - - 1,697,769
Debt Issuance Cost 15,000 - - 15,000
Debt Service 2,539,258 - - 2,539,258
Non-Operating Expenditures Total 13,637,027 297,954 2,780,749 13,637,027
Total Net Non-Operations (7,009,046) (297,954) (2,689,768) (7,009,046)
EXCESS (DEFICIANCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (1,702,867) (1,781,540) (1,937,134) (1,702,867)
ENDING FUND BALANCE 10,625,903 10,625,903
Contingency 5,125,000 5,125,000
Rate Stabilization 5,500,000 5,500,000
AVAILABLE FUND BALANCE 902 902
Year-End Projection to Approved: Dec FY2018
Electric Fund
7
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB) YEAR-END PROJECTION
BEGINNING FUND BALANCE 14,440,717 14,440,717
Operating Revenue
Capital Recovery Fee 6,672,500 1,080,085 2,606,743 6,672,500
Interest 192,385 75,500 245,269 192,385
Irrigation Utility Revenue 225,000 15,856 76,371 225,000
Other Revenue 2,176,250 372,154 1,611,744 2,176,250
Raw Water Revenue 178,500 11,501 23,942 178,500
Transfer In, Debt 116,613 - - 116,613
Wastewater Utility Revenue 10,850,000 884,617 2,691,970 10,850,000
Water Utility Revenue 27,748,195 1,957,754 6,901,982 27,748,195
Operating Revenue Total 48,159,443 4,397,466 14,158,021 48,159,443
Operating Expenditures
Irrigation 204,300 7,088 35,549 204,300
Transfer Out, Fleet/Joint Service 62,000 - 62,000 62,000
Transfer Out, General 425,000 68,750 68,750 425,000
Transfer Out, ROI 2,686,505 168,137 712,674 2,686,505
Transfer Out, Utilities 90,981 - 90,981 90,981
Wastewater Distribution 613,000 21,491 289,452 613,000
Wastewater Plant Management 2,437,025 168,297 1,094,576 2,437,025
Water Administration 17,147,063 994,403 6,067,478 17,147,063
Water Distribution 2,723,300 111,484 573,951 2,723,300
Water Operations 3,769,545 450,372 1,033,606 3,769,545
Water Plant Management 2,548,726 171,967 658,091 2,548,726
Operating Expenditures Total 32,707,445 2,161,989 10,687,108 32,707,445
Total Net Operations 15,451,998 2,235,477 3,470,913 15,451,998
Non-Operating Revenue
Bond Proceeds - - - -
Non-Operating Revenue Total - - - -
Non-Operating Expenditures
CIP 90 11,650,000 775,145 6,883,399 11,650,000
CIP 91 - - - -
Debt Service 5,344,535 - - 5,344,535
Non-Operating Expenditures Total 16,994,535 775,145 6,883,399 16,994,535
Total Net Non-Operations (16,994,535) (775,145) (6,883,399) (16,994,535)
EXCESS (DEFICIANCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (1,542,537) 1,460,332 (3,412,486) (1,542,537)
ENDING FUND BALANCE 12,898,180 12,898,180
Contingency 6,000,000 6,000,000
AVAILABLE FUND BALANCE 6,898,180 6,898,180
Year-End Projection to Approved: Dec FY2018
Water Fund
8
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 302,565 302,565
Revenue
Administrative Charges 8,966 747 2,241 8,966
GEDCO Admin/Contract Fee 221,328 18,444 55,332 221,328
GTEC Admin/Contract Fee 166,882 13,907 41,721 166,882
Interest 10,000 778 3,410 10,000
Other 26,774 43,113 135,502 26,774
Service Fees - Airport 131,785 10,982 32,946 131,785
Service Fees - Conservation 100,350 8,363 25,089 100,350
Service Fees - Electric 4,233,598 352,800 1,058,400 4,233,598
Service Fees - General 3,345,567 278,797 836,391 3,345,567
Service Fees - Stormwater 938,969 78,247 234,741 938,969
Service Fees - Water 7,248,183 604,015 1,812,045 7,248,183
Transfer In 5,000 - - 5,000
Revenue Total 16,437,402 1,410,193 4,237,818 16,437,402
Expense
Accounting 956,503 102,936 242,197 956,503
City Wide HR 415,400 17,550 81,570 415,400
Conservation 982,774 54,533 143,572 982,774
Customer Care 4,054,593 381,658 975,360 4,054,593
Economic Development 596,092 56,969 152,560 596,092
Engineering 2,143,112 213,061 487,076 2,143,112
Engineering Support 1,069,289 92,397 228,395 1,069,289
Finance Administration 1,113,042 91,875 489,892 1,113,042
Gus Administration 1,469,912 144,020 347,947 1,469,912
Human Resources 949,739 86,372 223,177 949,739
In-House Legal 913,277 77,874 167,985 913,277
Management Services Contracts 705,000 10,153 540,339 705,000
Joint Svcs Con 569,000 71,691 213,629 569,000
Purchasing 734,434 87,393 186,521 734,434
Transfer Out 67,800 - 30,800 67,800
Expense Total 16,739,967 1,488,482 4,511,020 16,739,967
EXCESS (DEFICIANCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (302,565)(78,290)(273,202)(302,565)
AVAILABLE FUND BALANCE 0 0
Year-End Projection to Approved: Dec FY2018
Joint Services Fund
9
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 300,473 300,473
Revenue
Interest 2,000 734 2,555 2,000
Transfer In, General Fund 1,000,000 - 1,000,000 1,000,000
Revenue Total 1,002,000 734 1,002,555 1,002,000
Expense
Transfer Out, GCP - - - -
Transfer Out, General Fund - - - -
Transfer Out, ISF - - - -
Transfer Out, Joint Services - - - -
Expense Total - - - -
EXCESS (DEFICIANCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 1,002,000 734 1,002,555 1,002,000
ENDING FUND BALANCE 1,302,473 1,302,473
Year-End Projection to Approved: Dec 2017
Council Discretionary Fund
10
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 690,201 690,201
Revenue
Hotel/Motel Occupancy Tax Revenues 1,200,000 182,527 359,246 1,200,000
Interest 1,500 475 1,805 1,500
Other 12,000 2,581 5,275 12,000
Poppy Festival 109,400 8,713 9,077 109,400
Revenue Total 1,322,900 194,296 375,403 1,322,900
Expense
Operations 551,381 31,291 211,630 513,406
Personnel 361,237 43,859 95,992 359,874
Poppy Festival 136,200 24 44 136,200
Transfer to Facilities 49,565 4,130 12,390 49,565
Transfer to Fleet 5,090 424 1,272 5,090
Transfer to General Fund 10,200 - 10,200 10,200
Transfer to Information Technology 24,806 2,067 6,201 24,806
Expense Total 1,138,479 81,795 337,729 1,138,479
EXCESS (DEFICIANCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 184,421 112,501 37,674 184,421
ENDING FUND BALANCE 874,622 874,622
Contingency 187,147 187,147
Reserved for Capital 687,474 687,474
AVAILABLE FUND BALANCE - -
Year-End Projection to Approved: Dec FY2018
Convention & Visitors Bureau Fund
11
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE (501,205) (501,205)
Revenue
TASPP Revenue - - - -
EMS Revenue 2,510,662 186,430 569,858 2,510,662
Franchise Fees 20,000 - 4,000 20,000
Transfer In 44,870 3,739 11,217 44,870
Revenue Total 2,575,532 190,169 585,075 2,575,532
Expense
O&M 526,552 43,877 201,565 526,552
Personnel 1,548,812 253,491 573,334 1,548,812
Expense Total 2,075,364 297,368 774,899 2,075,364
EXCESS (DEFICIANCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 500,168 (107,198) (189,824) 500,168
AVAILABLE FUND BALANCE (1,037) (1,037)
Year-End Projection to Approved: Dec FY2018
Paramedic Fund
12
APPROVED BUDGET CURRENT PERIOD
YEAR YO DATE
(W/ENCUMB) YEAR-END PROJECTION
BEGINNING FUND BALANCE 436,734 436,734
Operating Revenue
Fuel and Terminal Sales 2,794,919 190,750 661,612 2,794,919
Interest and Other 65,600 2,333 14,914 65,600
Leases and Rentals 882,484 72,511 216,882 882,484
Operating Revenue Total 3,743,003 265,594 893,408 3,743,003
Operating Expenditures
Debt Service 125,850 - - 125,850
Operations-Fuel 2,300,000 147,921 2,200,287 2,300,000
Operations-Non Fuel 663,754 44,362 159,044 663,754
Personnel 375,920 41,832 95,629 375,920
Transfers Out 53,500 - 53,500 53,500
Operating Expenditures Total 3,519,024 234,115 2,508,461 3,519,024
TOTAL NET OPERATIONS 223,979 31,479 (1,615,053) 223,979
Non-Operating Revenue
Bond Proceeds 150,000 150,000
Grants 35,000 - - 35,000
Non-Operating Revenue Total 185,000 - - 185,000
Non-Operating Expenditures
Airport Master Plan - - 144 -
Airport Ramp 15,000 - - 15,000
Edge Lighting 150,000 - - 150,000
Hangar Upgrades 33,000 - - 33,000
Pavement Upgrades 40,000 - - 40,000
Runway Rehab 16,500 - - 16,500
Taxiway Edge Lighting - - - -
Wildfire Management 25,500 - - 25,500
Wildlife Hazard Management - - - -
Non-Operating Expenditure Total 280,000 - 144 280,000
TOTAL NET NON-OPERATIONS (95,000) - (144) (95,000)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS 128,979 31,479 (1,615,196) 128,979
RESERVES
Contingency 213,158 213,158
Reserves Total 213,158 213,158
AVAILABLE FUND BALANCE 352,555 352,555
Airport Operations Fund
Year End Projection to Approved as of December 2017
13
APPROVED BUDGET CURRENTPERIOD
YEAR YODATE
(W/ENCUMB)YEARENDPROJECTION
BEGINNINGFUNDBALANCE 9,788,621 9,788,621
OperatingRevenue
SalesTax 6,575,000 473,964 518,965 6,575,000
PIDAssessments 553,201 553,201
Interest 127,000 42,908 127,000
OperatingRevenueTotal 7,255,201 473,964 561,874 7,255,201
OperatingExpenditure
AdministrativeSupport 364,814 60,552 364,814
OperatingExpenditureTotal 364,814 60,552 364,814
TOTALNETOPERATIONS 6,890,387 473,964 501,322 6,890,387
NonOperating Expenditure
PecanCenterDrtoAirportRd(FY15)195,573
RiveryTIAImprovements 834 872
RiveryExtension Williams DrtoNWBlvd(FY16)177 22,297
SH29toRM2243SWBypass 1,298 204,738
FM1460Widening 121
MaysSt 6,845 245,639
TamiroImprovements 410,000 410,000
Availablefor ProjectsTBD 1,643,750 1,643,750
DebtService 3,330,135 3,330,135
NonOperatingExpenditure Total 5,383,885 9,154 669,241 5,383,885
TOTALNET NONOPERATIONS (5,383,885)(9,154)(669,241)(5,383,885)
EXCESS(DEFICIENCY)OF TOTALREVENUEOVERTOTAL
REQUIREMENTS 1,506,502 464,810 (167,919)1,506,502
ENDINGFUNDBALANCE 11,295,123 11,295,123
RESERVES
Contingency 1,643,750 1,643,750
ReservedBondProceeds 4,150,000 4,150,000
ReservesTotal 5,793,750 5,793,750
AVAILABLEFUND BALANCE 5,501,373 5,501,373
GeorgetownTransportation Enhancement Corporation Fun d
YearEnd Projectionto Approved asofDecember 2017
14
APPROVED BUDGET CURRENT PERIOD
YEAR YO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 5,902,863 5,902,863
OPERATING REVENUES -
Interest 25,400 6,730 18,189 25,400
Lease Revenue (Grape Creek)24,000 4,000 16,000 24,000
Miscellaneous Revenue 61,100 10,991 10,991 61,100
Sales Tax 1,643,750 118,491 129,741 1,643,750
OPERATING REVENUES Total 1,754,250 140,212 174,921 1,754,250
OPERATING EXPENDITURES -
Debt Service 116,613 - - 116,613
Interest Expense 87,569 - - 87,569
Joint Services Allocation 221,328 18,444 55,332 221,328
Miscellaneous Expense 11,108 10,991 10,991 11,108
Principal Reduction 125,000 - - 125,000
Promotional & Marketing Program 81,000 1,050 7,172 81,000
Special Services 27,500 - 5,000 27,500
Supplies 300 - - 300
Travel & Training 1,500 - - 1,500
OPERATING EXPENDITURES Total 671,918 30,485 78,495 671,918
TOTAL NET OPERATIONS 1,082,332 109,727 96,426 1,082,332
NON-OPERATING EXPENDITURES -
Catalyst 36,000 2,833 30,172 36,000
DisperSol 60,000 - - 60,000
Economic Development Projects -Undetermined 6,338,518 - - 6,338,518
Texas Life Sciences 139,740 139,740 139,740 139,740
NON-OPERATING EXPENDITURES Total 6,574,258 142,573 169,912 6,574,258
TOTAL NET NON-OPERATIONS (6,574,258) (142,573) (169,912) (6,574,258)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (5,491,926) (32,846) (73,486) (5,491,926)
ENDING FUND BALANCE 410,938 410,938
RESERVES
Contingency 410,938 410,938
RESERVES Total 410,938 - - 410,938
AVAILABLE FUND BALANCE - -
Georgetown Economic Development Corporation Fund
Year End Projection to Approved as of December 2017
15
CITYQUARTERLY INVESTMENT REPORTFor the Quarter EndedDecember 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.________________________________________________________________________ Elaine WilsonLeigh 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.16
SummaryQuarter End Results by Investment Category:Asset TypeBook ValueMarket ValueAve. YieldBook ValueMarket ValueDemand Accounts13,874,086$ 13,874,086 0.37% 12,663,029$ 12,663,029$ NOW/MMA45,875,729 45,875,729 1.58% 58,104,096 58,104,096 Pools61,661,393 61,661,393 1.18% 57,759,813 57,759,813 CDs/Securities36,808,988 36,808,988 1.37% 37,358,724 37,358,724 Totals 158,220,196$ 158,220,196$ 165,885,663$ 165,885,663$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 1.30%Total Portfolio 1.30%Rolling Three Mo. Treas. Yield 1.23%Rolling Three Mo. Treas. Yield 1.23%Rolling Six Mo. Treas. Yield 1.26%Rolling Six Mo. Treas. Yield 1.26%Quarterly TexPool Yield 1.18%13,585$ Interest income provided in separate report.13,585$ September 30, 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 OffsetDecember 31, 2017Valley View Consulting, L.L.C.17
Economic Overview12/31/2017The Federal Open Market Committee (FOMC) increased the Fed Funds target range to 1.25% - 1.50% (Effective Fed Funds are trading +/-1.41%) at the Dec FOMC meeting. Two to three additional increases are projected for 2018 (although subject to economic activity). Gradual portfolio reduction continues by limiting reinvestment of maturing holdings. Third Quarter 2017 GDP measured 3.2%. December Non Farm Payroll data recorded a weaker than expected +148k. US economic data continues positive trend. Washington passed an extensive tax cut. Crude oil trading +/-$60 on Middle Eastern turmoil. The Stock Markets once again achieved new highs. Jerome Powell will replace Fed Chair Janet Yellen.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,000S&P 5000.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesDecember 31, 2016September 30, 2017December 31, 20170.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.18
City - Investment HoldingsCoupon/ Maturity Settlement Face Amount/ Book Market Market LifeDescriptionRatings Discount Date Date Par ValueValue PriceValue (Day) YieldJPMorgan Chase Cash (3)0.37% 01/01/18 12/31/17 12,663,029$ 12,663,029$ 1.00 12,663,029$ 1 0.37%Green Bank MMA1.32% 01/01/18 12/31/17 8,039,817 8,039,817 1.00 8,039,817 1 1.32%NexBank MMA1.62% 01/01/18 12/31/17 50,064,279 50,064,279 1.00 50,064,279 1 1.62%TexPoolAAAm 1.18% 01/01/18 12/31/17 15,231,860 15,231,860 1.00 15,231,860 1 1.18%TexSTARAAAm 1.18% 01/01/18 12/31/17 42,527,954 42,527,954 1.00 42,527,954 1 1.18%Lubbock National Bank CD1.20% 02/23/18 02/23/17 6,060,038 6,060,038 100.00 6,060,038 54 1.20%LegacyTexas Bank CD1.20% 03/09/18 03/09/17 5,045,388 5,045,388 100.00 5,045,388 68 1.20%Southside Bank CD1.22% 06/01/18 05/09/17 3,521,559 3,521,559 100.00 3,521,559 152 1.22%Southside Bank CD1.25% 08/01/18 05/09/17 5,031,556 5,031,556 100.00 5,031,556 213 1.25%Southside Bank CD1.60% 11/06/18 11/06/17 4,000,000 4,000,000 100.00 4,000,000 310 1.60%Southside Bank CD1.60% 11/19/18 11/17/17 3,079,386 3,079,386 100.00 3,079,386 323 1.60%Lubbock National Bank CD1.50% 01/03/19 01/03/17 3,041,436 3,041,436 100.00 3,041,436 368 1.50%R Bank CD1.50% 02/21/19 02/21/17 6,067,239 6,067,239 100.00 6,067,239 417 1.50%Independent Bank CD1.60% 03/01/19 05/09/17 1,512,123 1,512,123 100.00 1,512,123 425 1.60%165,885,663$ 165,885,663$ 165,885,663$541.30%(1) (2)December 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.19
0–6 Months86%6–12 Months7%12–18 Months7%Current Quarter Maturities $0 $25,000,000 $50,000,000 $75,000,000 $100,000,000 $125,000,000 $150,000,000 $175,000,000 $200,000,00003/31/17 06/30/17 09/30/17 12/31/17Portfolio BalancesMoney MarketLocal DepositoryTexSTARTexPoolCertificate of Deposit1661741661026990737510910412315616397108875167494191736154050100150200# of DaysWeighted Average to MaturityJPMorgan Chase8%Southside Bank 9%Green Bank 5%NexBank30%TexPool9%TexSTAR26%IndependentBank1%Rbank4%LegacyTexas Bank3%Lubbock National Bank5%Portfolio Holdings by IssuerValley View Consulting, L.L.C.20
City - Book and Market Value ComparisonCoupon/ Maturity Face Amount/Purchases/ Sales/Adjust/ Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueJPMorgan Chase Cash0.37% 01/01/18 13,874,086$ 13,874,086$ –$(1,211,056)$ 12,663,029$ 12,663,029$ Green Bank MMA1.32% 01/01/18 6,484,301 6,484,301 1,555,5158,039,817 8,039,817 NexBank MMA1.62% 01/01/18 39,391,427 39,391,427 10,672,85250,064,279 50,064,279 TexPool1.18% 01/01/18 5,921,168 5,921,168 9,310,69215,231,860 15,231,860 TexSTAR1.18% 01/01/18 55,740,226 55,740,226 (13,212,272) 42,527,954 42,527,954 Lubbock National Bank CD 1.00% 10/02/17 2,026,908 2,026,908 (2,026,908)– – Green Bank CD0.81% 11/03/17 1,530,323 1,530,323 (1,530,323)– – Southside Bank CD0.92% 11/17/17 3,072,339 3,072,339 (3,072,339)– – Lubbock National Bank CD 1.20%02/23/186,041,944 6,041,944 18,0946,060,038 6,060,038 LegacyTexas Bank CD 1.20%03/09/185,030,323 5,030,323 15,0655,045,388 5,045,388 Southside Bank CD1.22%06/01/183,510,763 3,510,763 10,7963,521,559 3,521,559 Southside Bank CD1.25%08/01/185,015,753 5,015,753 15,8035,031,556 5,031,556 Southside Bank CD1.60%11/06/18– – 4,000,0004,000,000 4,000,000 Southside Bank CD1.60%11/19/18– – 3,079,3863,079,386 3,079,386 Lubbock National Bank CD 1.50%01/03/193,030,090 3,030,090 11,3463,041,436 3,041,436 R Bank CD1.50%02/21/196,044,496 6,044,496 22,7436,067,239 6,067,239 Independent Bank CD1.60%03/01/191,506,049 1,506,049 6,0741,512,123 1,512,123 TOTAL158,220,196$ 158,220,196$ 28,718,365$ (21,052,898)$ 165,885,663$ 165,885,663$ September 30, 2017December 31, 2017Valley View Consulting, L.L.C.21
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 Revenue Electric2014 Revenue Water WWDebt ServicePolice Restricted SeizureJPMorgan Chase Cash12,663,029$ 12,663,029$ –$ –$ –$ –$ –$ –$ Green Bank MMA8,039,817 8,039,817 NexBank MMA50,064,279 12,962,926 TexPool15,231,860 15,231,860 TexSTAR42,527,954 5,314,906 401,937 174,887 588,856 3,628,360 2,711,919 - Lubbock National Bank CD 02/23/18 6,060,038 6,060,038 LegacyTexas Bank CD 03/09/18 5,045,388 5,045,388 Southside Bank CD06/01/18 3,521,559 3,521,559 Southside Bank CD08/01/18 5,031,556 5,031,556 Southside Bank CD11/06/18 4,000,000 4,000,000 Southside Bank CD11/19/18 3,079,386 3,079,386 Lubbock National Bank CD 01/03/19 3,041,436 3,041,436 R Bank CD02/21/19 6,067,239 6,067,239 Independent Bank CD03/01/19 1,512,123 1,512,123 Totals165,885,663$ 91,571,262$ 401,937$ 174,887$ 588,856$ 3,628,360$ 2,711,919$ –$ Book and Market ValueDecember 31, 2017Valley View Consulting, L.L.C.22
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARLubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Southside Bank CD06/01/18Southside Bank CD08/01/18Southside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19Independent Bank CD03/01/19TotalsBook and Market ValueDecember 31, 2017(Continued)Utility Debt Service2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Water2015 GO-Roads2015A GO-Roads2015A GO-Parks–$ –$ –$ –$ –$ –$ –$ –$ 68,452 29,960 986,915 1,435,831 13,923 4,190,257 74,278 819,765 68,452$ 29,960$ 986,915$ 1,435,831$ 13,923$ 4,190,257$ 74,278$ 819,765$ Valley View Consulting, L.L.C.23
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARLubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Southside Bank CD06/01/18Southside Bank CD08/01/18Southside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19Independent Bank CD03/01/19TotalsBook and Market ValueDecember 31, 2017(Continued)2015 Revenue Electric2015 Revenue Water WW2016 CO- Rivery TIRZ2016 CO- Streets/ Facilities/ Equip2016 GO Bonds2016 GO- Parks2016 GO- Roads2016 Revenue Electric–$ –$ –$ –$ –$ –$ –$ –$ 4,065,519 4,108,952 4,179 1,063,458 1,024,920 - –$ 4,108,952$ 4,179$ 1,063,458$ –$ –$ 5,090,439$ –$ Valley View Consulting, L.L.C.24
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARLubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Southside Bank CD06/01/18Southside Bank CD08/01/18Southside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19Independent Bank CD03/01/19TotalsBook and Market ValueDecember 31, 2017(Continued)2016 Revenue Water/WWGarey Park Donation2017 CO Facilities/ Public Safety/ Equipment2017 GO- Parks2017 GO- Sidewalks2017 Revenue Electric2017 Revenue Water WW–$ –$ –$ –$ –$ –$ –$ 2,032,771 5,540,032 4,011,110 1,591,485 1,981,187 17,879,248 4,918,098 5,057,701 2,770,795 365,725 352,260 238,438 2,183,183 6,950,869$ 5,057,701$ 8,310,827$ 4,376,835$ 1,943,745$ 2,219,625$ 20,062,430$ Valley View Consulting, L.L.C.25
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 Revenue Electric2014 Revenue Water WWDebt ServicePolice Restricted SeizureJPMorgan Chase Cash13,874,086$ 13,874,086$ –$ –$ –$ –$ –$ –$ Green Bank MMA6,484,301 6,484,301 NexBank MMA39,391,427 929,681 TexPool5,921,168 5,921,168 TexSTAR55,740,226 16,926,814 400,826 187,517 587,229 3,737,341 2,950,635 1,402 Lubbock National Bank CD 10/02/17 2,026,908 Green Bank CD11/03/17 1,530,323 1,530,323 Southside Bank CD11/17/17 3,072,339 3,072,339 Lubbock National Bank CD 02/23/18 6,041,944 6,041,944 LegacyTexas Bank CD 03/09/18 5,030,323 5,030,323 Southside Bank CD06/01/18 3,510,763 3,510,763 Southside Bank CD08/01/18 5,015,753 5,015,753 Lubbock National Bank CD 01/03/19 3,030,090 3,030,090 R Bank CD02/21/19 6,044,496 6,044,496 Independent Bank CD03/01/19 1,506,049 1,506,049 Totals158,220,196$ 78,918,130$ 400,826$ 187,517$ 587,229$ 3,737,341$ 2,950,635$ 1,402$ September 30, 2017Book and Market ValueValley View Consulting, L.L.C.26
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARLubbock National Bank CD 10/02/17Green Bank CD11/03/17Southside Bank CD11/17/17Lubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Southside Bank CD06/01/18Southside Bank CD08/01/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19Independent Bank CD03/01/19TotalsSeptember 30, 2017Book and Market Value(Continued)Utility Debt Service2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Water2015 GO-Roads2015A GO-Roads2015A GO-Parks–$ –$ –$ –$ –$ –$ –$ –$ 68,263 29,877 984,188 1,431,863 13,884 4,184,603 74,073 946,835 68,263$ 29,877$ 984,188$ 1,431,863$ 13,884$ 4,184,603$ 74,073$ 946,835$ Valley View Consulting, L.L.C.27
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARLubbock National Bank CD 10/02/17Green Bank CD11/03/17Southside Bank CD11/17/17Lubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Southside Bank CD06/01/18Southside Bank CD08/01/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19Independent Bank CD03/01/19TotalsSeptember 30, 2017Book and Market Value(Continued)2015 Revenue Electric2015 Revenue Water WW2016 CO- Rivery TIRZ2016 CO- Streets/ Facilities/ Equip2016 GO Bonds2016 GO- Parks2016 GO- Roads2016 Revenue Electric–$ –$ –$ –$ –$ –$ –$ –$ 4,051,000 957 4,375,333 4,167 1,073,477 786 331,241 1,236 2,026,908 957$ 4,375,333$ 4,167$ 1,073,477$ 2,026,908$ 786$ 4,382,241$ 1,236$ Valley View Consulting, L.L.C.28
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARLubbock National Bank CD 10/02/17Green Bank CD11/03/17Southside Bank CD11/17/17Lubbock National Bank CD 02/23/18LegacyTexas Bank CD 03/09/18Southside Bank CD06/01/18Southside Bank CD08/01/18Lubbock National Bank CD 01/03/19R Bank CD02/21/19Independent Bank CD03/01/19TotalsSeptember 30, 2017Book and Market Value(Continued)2016 Revenue Water/WWGarey Park Donation2017 CO Facilities/ Public Safety/ Equipment2017 GO- Parks2017 GO- Sidewalks2017 Revenue Electric2017 Revenue Water WW–$ –$ –$ –$ –$ –$ –$ 2,025,509 5,520,248 5,495,155 1,584,661 1,969,786 17,815,387 5,272,717 5,043,726 3,267,803 500,541 507,931 559,762 2,275,199 7,298,226$ 5,043,726$ 8,788,051$ 5,995,697$ 2,092,592$ 2,529,548$ 20,090,586$ Valley View Consulting, L.L.C.29
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-Bill30
Georgetown Transportation Enhancement Corporation (GTEC)QUARTERLY INVESTMENT REPORTFor the Quarter EndedDecember 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.________________________________ ________________________________________Elaine Wilson Leigh WallaceController Finance 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.31
SummaryQuarter End Results by Investment Category:Asset TypeBook ValueMarket ValueAve. YieldBook ValueMarket ValuePools/MMAs14,966,954$ 14,966,954$ 1.35%15,965,405$ 15,965,405$ CDs/Securities3,075,647 3,075,647 1.59% 3,087,998 3,087,998 Totals 18,042,602$ 18,042,602$ 19,053,403$ 19,053,403$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 1.39%Total Portfolio 1.39%Rolling Three Mo. Treas. Yield 1.23%Rolling Three Mo. Treas. Yield 1.23%Rolling Six Mo. Treas. Yield 1.26%Rolling Six Mo. Treas. Yield 1.26%Quarterly TexPool Yield 1.18%Interest data provided in separate report.September 30, 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.December 31, 2017Valley View Consulting, L.L.C.32
Economic Overview12/31/2017The Federal Open Market Committee (FOMC) increased the Fed Funds target range to 1.25% - 1.50% (Effective Fed Funds are trading +/-1.41%) at the Dec FOMC meeting. Two to three additional increases are projected for 2018 (although subject to economic activity). Gradual portfolio reduction continues by limiting reinvestment of maturing holdings. Third Quarter 2017 GDP measured 3.2%. December Non Farm Payroll data recorded a weaker than expected +148k. US economic data continues positive trend. Washington passed an extensive tax cut. Crude oil trading +/-$60 on Middle Eastern turmoil. The Stock Markets once again achieved new highs. Jerome Powell will replace Fed Chair Janet Yellen.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,000S&P 5000.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesDecember 31, 2016September 30, 2017December 31, 20170.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.33
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market LifeDescription Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldTexPool AAAm 1.18% 01/01/18 12/31/17 4,159,155$ 4,159,155$ 1.00 4,159,155$ 1 1.18%TexSTARAAAm 1.18% 01/01/18 12/31/17 3,830,963 3,830,963 1.00 3,830,963 1 1.18%NexBank MMA1.62% 01/01/18 12/31/17 5,417,126 5,417,126 1.00 5,417,126 1 1.62%Green Bank MMA1.32% 01/01/18 12/31/17 2,558,162 2,558,162 1.00 2,558,162 1 1.32%R Bank CD1.59% 09/22/19 08/22/17 3,087,998 3,087,998 100.00 3,087,998 630 1.59%19,053,403$ 19,053,403$ 19,053,403$ 103 1.39%(1) (2)December 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.34
Pools/MMAs 84%CDs/Securities 16%GTEC PORTFOLIO COMPOSITION $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,0003/31/17 6/30/2017 9/30/2017 12/31/17GTEC PORTFOLIO BALANCES CD TexPool TexSTAR Money MarketValley View Consulting, L.L.C.35
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueTexPool 1.18% 01/01/18 3,034,928$ 3,034,928$ 1,124,227$ –$ 4,159,155$ 4,159,155$ TexSTAR1.18% 01/01/18 3,985,441 3,985,441 (154,478) 3,830,963 3,830,963 NexBank MMA1.62% 01/01/18 5,397,098 5,397,098 20,027 5,417,126 5,417,126 Green Bank MMA1.32% 01/01/18 2,549,487 2,549,487 8,675 2,558,162 2,558,162 R Bank CD1.59% 09/22/19 3,075,647 3,075,647 12,351 3,087,998 3,087,998 TOTAL18,042,602$ 18,042,602$ 1,165,280$ (154,478)$ 19,053,403$ 19,053,403$ Market Value Comparison Coupon/Maturity Face Amount/Qtr to QtrFace Amount/DescriptionDiscount Date Par Value Market ValueChange Par Value Market ValueTexPool 1.18% 01/01/18 3,034,928$ 3,034,928$ 1,124,227$ 4,159,155$ 4,159,155$ TexSTAR1.18% 01/01/18 3,985,441 3,985,441 (154,478) 3,830,963 3,830,963 NexBank MMA1.62% 01/01/18 5,397,098 5,397,098 20,027 5,417,126 5,417,126 Green Bank MMA1.32% 01/01/18 2,549,487 2,549,487 8,675 2,558,162 2,558,162 R Bank CD1.59% 09/22/19 3,075,647 3,075,647 12,351 3,087,998 3,087,998 TOTAL18,042,602$ 18,042,602$ 1,010,802$ 19,053,403$ 19,053,403$ September 30, 2017December 31, 2017September 30, 2017December 31, 2017Valley View Consulting, L.L.C.36
Georgetown Economic Development Corporation (GEDCO)QUARTERLY INVESTMENT REPORTFor the Quarter EndedDecember 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.________________________________________________________________________ Elaine WilsonLeigh 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.37
SummaryQuarter End Results by Investment Category:Asset TypeBook ValueMarket ValueAve. YieldBook ValueMarket ValueMMA2,020,468$ 2,020,468$ 1.32%2,027,345$ 2,027,345$ Pools4,060,879 4,060,879 1.19%4,130,073 4,130,073 6,081,347$ 6,081,347$ 6,157,417$ 6,157,417$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2)Total Portfolio 1.23%Total Portfolio 1.23%Rolling Three Mo. Treas. Yield 1.23%Rolling Three Mo. Treas. Yield 1.23%Rolling Six Mo. Treas. Yield 1.26%Rolling Six Mo. Treas. Yield 1.26%Quarterly TexPool Yield 1.18%Interest income provided in separate report.September 30, 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.December 31, 2017Valley View Consulting, L.L.C.38
Economic Overview12/31/2017The Federal Open Market Committee (FOMC) increased the Fed Funds target range to 1.25% - 1.50% (Effective Fed Funds are trading +/-1.41%) at the Dec FOMC meeting. Two to three additional increases are projected for 2018 (although subject to economic activity). Gradual portfolio reduction continues by limiting reinvestment of maturing holdings. Third Quarter 2017 GDP measured 3.2%. December Non Farm Payroll data recorded a weaker than expected +148k. US economic data continues positive trend. Washington passed an extensive tax cut. Crude oil trading +/-$60 on Middle Eastern turmoil. The Stock Markets once again achieved new highs. Jerome Powell will replace Fed Chair Janet Yellen.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,000S&P 5000.000.501.001.502.002.503.00US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesDecember 31, 2016September 30, 2017December 31, 20170.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.39
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market LifeDescription Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldGreen Bank MMA1.32% 01/01/18 12/31/17 2,027,345$ 2,027,345$ 1.00 2,027,345$ 1 1.32%TexasDAILYAAAm 1.21% 01/01/18 12/31/17 2,029,538 2,029,538 1.00 2,029,538 1 1.21%TexSTARAAAm 1.18% 01/01/18 12/31/17 2,100,535 2,100,535 1.00 2,100,535 1 1.18%6,157,417$ 6,157,417$ 6,157,417$ 1 1.23%(1) (2)December 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.40
MMA 33%Pools 67%GEDCO PORTFOLIO COMPOSITION $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,00003/31/17 06/30/17 09/30/17 12/31/17GEDCO PORTFOLIO BALANCES TexasDAILY TexSTAR Money MarketValley View Consulting, L.L.C.41
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueGreen Bank MMA1.32% 01/01/18 2,020,468$ 2,020,468$ 6,877$ –$ 2,027,345$ 2,027,345$ TexasDAILY1.21% 01/01/18 2,023,832 2,023,832 5,7062,029,538 2,029,538 TexSTAR1.18% 01/01/18 2,037,048 2,037,048 63,4872,100,535 2,100,535 TOTAL6,081,347$ 6,081,347$ 76,070$ –$6,157,417$ 6,157,417$ Market Value ComparisonQtr to QtrChangeGreen Bank MMA 1.32% 01/01/18 2,020,468$ 2,020,468$ 6,877$ 2,027,345$ 2,027,345$ TexasDAILY1.21% 01/01/182,023,832 2,023,832 5,706 2,029,538 2,029,538 TexSTAR1.18% 01/01/182,037,048 2,037,048 63,487 2,100,535 2,100,535 TOTAL6,081,347$ 6,081,347$ 76,070$ 6,157,417$ 6,157,417$ September 30, 2017December 31, 2017September 30, 2017December 31, 2017Valley View Consulting, L.L.C.42
Grant Description Grantor Grant Amount Match Status
Fire
GLO Block Grant General Land Office 850,000.00$ -$ Removed from Agenda
Parks
Recreation Trails Texas Parks and Wildlife Department (TPWD)200,000.00$ 40,000.00$ Under TPWD Review
Public Works
CAPCOG Regional Solid Waste Management Grant 8,110.00$ -$ Removed from Agenda
GUS - Electric
Battery Storage Project Department of Energy (DOE)200,000.00$ 50,000.00$ Under DOE Review
Bloomberg Philanthropies 2017 Mayors Challenge 100,000.00$ -$ Under DOE Review
1,358,110.00$ 90,000.00$
CITY OF GEORGETOWN
GRANT APPLICATIONS
as of December 31, 2017
43
Capital Improvement Projects
For the Quarter Ended
December 31, 2017
2017/18 Year to Date Year toDate
Project Budget Expenditures Encumbrances Balance
General Government CIP
Public Safety&Facilities
6CJ GMC Remodel 100,000$$$100,000$
6CR PublicSafety Facility 13,705 15,238 (28,943)[a]
6DP Fire Station 6 ESD 300,000 300,000
6DA Fire Station 7 2,000,000 13,951 9,700 1,976,349
7AA EOCSirenSystem 18,119 (18,119)[a]
6EW Transfer Station/Landfill 14,877 (14,877)
6FA ERP Project 2,950,000 24,978 2,925,022
229 AnimalSvcs Land &Facility 100,000 100,000
230 Radio Replacement 500,000 500,000
Public Safety&FacilitiesSubtotal 5,950,000 67,511 28,179 5,854,310
Parks CIP
1DX SH29To LeanderRd SW 99,672 (99,570)(102)[a]
6CP SanGabriel Park Improvements 3,500,000 312,355 (312,354)3,500,000
6DO Garey Park 1,962,862 (1,414,329)(548,533)[a]
6ED Grace Heritage Rehab 304,004 (301,231)(2,773)[a]
6ES ADA Facilities 150,000 2,637 147,363
6ET ADA Parks 150,000 36,076 (36,076)150,000
6EI Founder's Park 13,303 7,906 (21,209)[a]
219 Radio Replacement Parks
220 Library Canopy 77,500 77,500
6EZ Aquatics Study 25,058 (25,058)
221 Katy Crossing Trail 500,000 500,000
Parks CIPSubtotal 4,377,500 2,755,966 (2,180,712)3,802,245
Downtown &Community Service
6EG Municipal Court /CVBRedesign 190,000 190,000
6EM DowntownWest 12,883,883 3,238 10,850,402 2,030,243
6EY DowntownElectrical Projects
9BE Preventative Maintenance 7,326 (7,326)
6EN DowntownWest Signage 125,000 125,000
6ER DowntownParkingExpansion 250,000 250,000
Downtown &Community Service Subtotal 13,448,883 10,564 10,843,076 2,595,243
Total General GovernmentCIP 23,776,383$2,834,041$8,690,543$12,251,798$
NOTES:
[a]Individual projects may goover budgetas long as total expenditures
for all CIP projects arewithinthe department'stotalbudget.
44
Capital Improvement Projects
For the Quarter Ended
December 31, 2017
2017/18 Year to Date Year toDate
Project Budget Expenditures Encumbrances Balance
Transportation ServicesCIP
Streets /Transportation
1BU StreetsRehabilitation 7,186$7,424$(239)$1$
1BZ 971 @ AustinAve.3,900,000 3,900,000
1CA SWBypassLeander to I35 8,656 (8,656)
1CC FM1460 1,950,000 1,950,000
1CE StreetMaintenance 3,858,676 8,600 (8,389)3,858,465
1CF StreetOverlay/Microsurfacing (1,046,288)1,046,288
1CJ AustinAvenueSidewalks 2,450 (2,380)(70)[a]
1CP StreetRehab 615,814 12,500 506,952 96,362
1CS DB Wood Bridge 528 (528)
1CU CutlerProcess 368,659 (368,611)(48)[a]
1DI SWBypass/WR Parkway 1,955,675 (1,955,675)
1DL Austin AvenueBridge 16,331 (16,331)
1EB City Wide Sidewalks 253,000 339,203 (287,974)201,771
1EF Old Town NorthEast 3,698 (3,698)
1EG Shell RoadTurn LaneImprovement 12,250 24,720 (36,970)[a]
1EH Northwest Blvd Bridge 10,500,000 10,500,000
1EI Leander Rd River Ridge SW 1,550,000 1,550,000
1EJ RockSt6th to 9th Street 23,000 23,000
1EK Rivery extension 4,500,000 4,500,000
5AL Curb &Gutter 106,058 (106,058)
6DB McMaster Park 690 (690)[a]
Streets /TransportationSubtotal 27,157,676 2,842,722 (3,273,154)27,588,108
Stormwater
1EC 2017 Drainage Improvements 450,000 24,996 (24,916)449,920
5AL Curb andGutter 500,000 20,786 (16,273)495,487
5AW Regional Flood Study 92,017 (90,690)(1,327)[a]
209 18th and Hutto Drainage
5AY Village PID Inlet
Stormwater Subtotal 950,000 137,799 (131,879)944,080
Airport
6VA Airport Master Plan 144 (144)[a]
Airport Subtotal 144 (144)
Total Transportation Services CIP 28,107,676$2,980,665$(3,405,033)$28,532,044$
NOTES:
[a] Individual projects may goover budgetas long as total expenditures
for all CIP projects arewithinthe department'stotalbudget.
45
Capital Improvement Projects
For the Quarter Ended
December 31, 2017
2017/18 Year to Date Year toDate
Project Budget Expenditures Encumbrances Balance
Water Services CIP
Wastewater Line Upgrades:
2BB WastewaterMaster Plan Update $89,071$238,974$(328,045)$[a]
3CJ Berry Creek Interceptor 1,000,000 100,957 1,450,218 (551,175)[a]
208 SanGabriel Inter SGI 2 2,500,000 2,500,000
3CO Wolf Lakes OffsiteWW 12,164 (12,164)
Wastewater Line Upgrades Subtotal 3,500,000 202,192 1,677,028 1,620,780
WW Edwards Aquifer Compliance:
3CL EARZ2015 2016 6,084 (6,084)
3CM EARZ2016 17 1,000,000 152,589 257,286 590,125
WW Edwards Aquifer Compliance Subtotal 1,000,000 158,673 251,202 590,125
WW Lift stations &Force Mains
3CC Lift Station Upgrades
3CD StonehedgeLS &FM 1,971 (1,971)
3CE Westinghouse LS &FM 448,875 (419,136)(29,739)[a]
3CN Park LS &FM 42,380 (42,380)
207 SanGabriel Belt Press
WW Lift stations &Force Mains Subtotal 493,226 (463,487)(29,739)
WW Treatment Plant
3CA PecanBranch WWTP 1,057,392 (1,057,336)(56)[a]
WW Treatment Plant Subtotal 1,057,392 (1,057,336)(56)
Water CIP
2BZ West Loop(H 1B)Ph.1 71,225 (71,225)
2CE Rabbit Hill EST 6,385 (6,385)
2CH Cedar Breaks EST 120,315 (110,982)(9,333)[a]
2CI Shell RoadWater Line 3,215 (3,215)
2CO Majestic Oaks Water Line 26,544 (26,544)
2CP Sun City 1.5MG Est 3,224,000 (3,224,000)[a]
2CQ Water Tank Rehab 480,000 417,000 63,000
2CU LWTP Raw Water Intake Rehab 10,716 (10,716)
2CW LWTP Chemicals 89,823 (89,823)[a]
2CX Water Tank Rehab FY18 49,727 (49,727)[a]
51I CIS System 47,938 (47,938)
2JE CR255WD 14 2 15,000 315,831 (330,831)[a]
2JF Domel Improvements 249,979 (185,267)(64,711)[a]
2JG Braun EST 4,750,000 379,083 4,370,917
2BN Southlake WTP 1,000,000 42,279 (42,279)1,000,000
201 WaterStreet Rehabilitation
202 Leander Interconnect
203 West Loop(H 1A)
205 Sequoia Ground Storage Tank
207 Misc.Line upgrades 250,000 250,000
208 Park WTP clearwell 170,000 170,000
209 SWBypassWater H24 1 500,000 500,000
210 Water Mains
Water CIP Subtotal 7,150,000 593,596 3,970,913 2,585,491
Total Water Services CIP 11,650,000$2,505,078$4,378,320$4,766,601$
NOTES:
[a] Individual projects may goover budgetas long as total expenditures
for all CIP projects arewithinthe department'stotalbudget.
46
Capital Improvement Projects
For the Quarter Ended
December 31, 2017
2017/18 Year to Date Year to Date
Project Budget Expenditures Encumbrances Balance
GTEC CIP
51A Economic Development Projects 1,643,750$$$1,643,750$
5QC SouthwestBypass 203,440 (203,440)[a]
5QW Wolf RanchPkwy Extension
5QX NorthwestBoulevard Bridge
5RI MaysStreet (S.Georgetown TIRZ)248,719 (3,080)(245,639)[a]
5RJ IH 35 /Hwy 29Intersection Improvements
5RL FM 1460 Widening 20 (20)[a]
5RM Rivery Ext (Williams Dr.Nwest Blvd.)25,843 (3,448)(22,395)[a]
5RN Pecan CenterDr./Airport Rd.199,073 (3,500)(195,573)[a]
5RP Rivery TIA Improvements 9,859 (8,987)(872)[a]
5RQ Rabbit Hill Road Improvements 2,230 (2,230)
5RS Tamiro Improvements 410,000 410,000
1CI Williams Dr.Widening 177 (177)[a]
1CC FM 1460 Roadway Improvement 1,577 (1,476)(102)[a]
1DZ SW Bypass /Crush Stone 1,298 (1,298)[a]
Total GTEC CIP 2,053,750$692,217$(22,700)$1,384,234$
Notes:
[a] Individual projectsmay go over budget aslong as total expenditures
for allCIPprojectsare within thedepartment's total budget.
47
Capital Improvement Projects
For the Quarter Ended
December 31, 2017
2017/18 YeartoDate Year toDate
Budget Expenditures Encumbrances Balance
ElectricCIP
90580 9004 7 AustinAve Sidewalks 100,000 100,000
90580 9013 9 17thStreet Rehab 50,000 50,000
90580 9014 0 7thStreet Rehab 200,000 200,000
90580 9014 1 DowntownOHRehab 700,000 700,000
90580 9014 2 DowntownWest 950,000 15,013 127,487 807,500
90580 9014 3 ShellRoadFeeders 450,000 450,000
90580 9014 4 PoleRelocation 50,000 49 49,951
90580 9014 6 SouthwestBypass Feeder 800,000 3,597 116,403 680,000
90580 9014 7 West10th Street Rehab 98,000 98,000
90580 9014 8 West11th Street Rehab 200,000 200,000
90580 9025 5 Downtownurdconversion 200,000 200,000
90580 9025 6 Geo.East T2voltagechange 50,000 9,636 4,392 35,972
90580 9025 7 KathiLnUrd Convesion 100,000 117,353 (17,353)[a]
90580 9026 0 DBWood(SH29Intersection)150,000 2,354 20,146 127,500
90580 9026 1 FM971 relocation 200,000 200,000
90580 9026 2 InnerLoopWidening 200,000 200,000
90580 9026 3 LeanderRd(IH35intersection)10,000 10,000
90580 9026 4 NorthwestBlvd Widening 100,000 753 14,247 85,000
90580 9026 5 RabbitHill RoadWidening 500,000 2,158 72,842 425,000
90580 9026 6 RiveryExtension 200,000 17,191 12,809 170,000
90580 9026 7 University(Mays widening)154,000 154,000
90580 9026 8 WilliamsDr.(IH35Intersection)10,000 10,000
90580 9030 0 ElectricalSystemImprovement 2,474 (350)(2,124)[a]
90580 9031 0 PowerQuality Improvements 80,000 109 79,891
90580 9032 0 SectionalizationImprovements 200,000 200,000
90580 9033 1 PoleInspections 100,000 100,000
90580 9041 0 NewDevelopment Projects 3,000,000 378,003 1,489,063 1,132,933
90580 9043 0 StreetLighting 88,000 5,835 15,162 67,004
90580 9050 0 ConsultantEngineering 150,000 24,760 125,240
90580 9070 1 FiberOptic 245,000 7,603 145,767 91,630
90580 9070 2 FibertoSignal lights 50,000 1,153 49,066 (219)[a]
ElectricCIPSubtotal 9,385,000 588,040 2,192,275 6,604,685
T&D
90585 9002 1 CommunicationEquipment 434 (434)[a]
T&DSubtotal 434 (434)
CIS
90580 9110 5 CISsystem 53,495 (53,495)
CISSubtotal 53,495 (53,495)
TotalElectric CIP 9,385,000 641,969 2,138,780 6,604,251
NOTES:
[a] Individualprojectsmaygooverbudget as longas total expenditures
forall CIPprojectsarewithin thedepartment's total budget.
48
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 9/30/17 Status Updates - 12/31/17
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.
Columbarium design is scheduled to be completed in December.
Mowing and maintenance costs compared to perpetual reserve
still needs to be discussed.
The columbarium project bid will open on January 25th.
Construction is expected to begin in the Spring and will last
approximately 60 days.
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 12/30/16, the UAAL was $22M and is considered 83%
funded. The 2018 TMRS total combined contribution rate is 12.54.No change, updated once annually.
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. GASB requires updates every other 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.
The 15% liability target was fully funded in FY 2018 budget. In FY
2017, these funds were used for two long-tenured payouts in
Police and Fire.
No change. GASB requires updates every other year.
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 budgeted to be $5.5M in
FY2018.
The rate study is funded in the budget. Year-end purchased power
and CIP costs will exceed projections and require a year-end
amendment. Finance and utility staff are partnering on short and
long-term solutions to rebuild the rate stabilization fund.
Currently the Executive Team is evaluating the FY2018 Capital
Improvement Plan, debt issuance program, and other strategies to
improve the cash position of the fund.
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.
The parallel taxiway and fuel storage facility are on schedule. The
current Airport Master Plan effort is ongoing. The Wildlife Hazard
Assessment has begun and will take approximately one year to
complete.
The parallel taxiway and fuel storage facility are almost complete.
Contractor working on punch list items. The current Airport Master
Plan effort has produced a draft Final Plan awaiting consideration by
City, TxDOT and the FAA. The Wildlife Hazard Assessment has begun
and should be completed late 2018.
CITY OF GEORGETOWN
Long-term Commitments, Reservations, and Other Unfunded Liabilities
December 31, 2017
49
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 9/30/17 Status Updates - 12/31/17
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.
In the fourth quarter, the City continued improvements
throughout the city, including curb ramps, crosswalks, pedestrian-
actuated signal infrastructure (“ped heads”), and sidewalk
extensions/reconstructions. While some of the work has been
completed, the project still has not received Texas Department of
Licensing and Regulation (TDLR) compliance inspection and
reporting by a registered accessibility specialist. This will occur at
the end of all construction activities.
The City finalized 2016/17 CIP improvements throughout the city,
including curb ramps, crosswalks, pedestrian-actuated signal
infrastructure (“ped heads”), and sidewalk
extensions/reconstructions. The project still has not been closed
out, however, the Texas Department of Licensing and Regulation
(TDLR) compliance inspection and reporting by a registered
accessibility specialist has occurred.
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, but there has been
some debt funding as well.
The summer projects are wrapping up. All work along Williams
drive is complete, with revegetation underway. 8th and Rock work
waiting on grates to be complete. Crews have moved to Founders
Park, the final area for this project. Construction and railing is
complete on the IH 35 Sidewalk; final revegetation outstanding.
Ribbon cutting to be scheduled for November.
The current projects are Scenic CDBG and Old Town NE sidewalks.
The Scenic CDBG was presented to and approved by GTAB and
Council. Patin Construction was awarded the contract. The notice
to proceed was issued for 2/1/18. The Old Town NE sidewalk
project has begun. The surveying has been completed and it is
roughly 25% drawn. The project is estimated to go out for bid in 5-8
months. There are 2017 GO bond proceeds to cover the cost of this
project.
Park Equipment Maintenance
& Replacement
Over the past 5 years, funding for Park Maintenance and
Replacement has increased. $200K transfer from General
Fund included in FY2018 budget. Staff has listed all assets &
developed replacement schedule funded by the General
Fund, soon to be on EAM.
Planning for Meadow’s Park renovations are scheduled for this
winter. Renovation to the park includes replacement of play
equipment as well as accessibility improvements. Construction is
scheduled to begin early 2018.
Pavilion renovations and playground replacement are scheduled to
be completed this spring at Meadow’s Park. Additional sidewalk
work will be completed to meet ADA compliance as well. The pool
filters at Williams Drive Pool will be replaced in April.
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.
As of September 30, year-end revenue is estimated to be $2.52
million, including the accrual of August and September incidents.
This is $0.32 million above the budget amount $2.2 million. Year-
end expenditures are expected to be $2.17 million, $0.1 million
over budget. Staff anticipate bringing forward a revenue neutral
budget amendment. Finance and Fire staff continue to study
trends in calls for service, overtime, and revenue, and are working
on projections for the appropriate timing to add an additional
peak demand unit into service.
Fiscal Year 2017 ending fund balance is $(637,773), a decrease from
2016 ending fund balance of $(909,490). An increase in revenue
collection has dramatically increased the EMS funds overall position,
however, staff estimates it will take several years to bring the fund
back into balance after the start-up capital expenditures. The new
peak unit was approved in a December Budget Amendment, adding
staffing and ambulance costs to the fund.
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.
The FY 18 budget includes $2,700,000 for acquisition of the
new Enterprise Resource Planning system(s). The final price
has not been agreed upon in the bid process.
The FY2018 IT allocation model includes $500K of cash funding for
the annual subscription fees for the new ERP system. This is an
estimate until staff select an actual vendor. The model also
includes $300K of increases to existing software contracts. These
large increases are reflected through the many funds throughout
the City. Passing through these costs is necessary to keep the fund
balance from decreasing.
No changes from prior quarter. Staff are working on FY 2019 costs
and allocations.
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Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 9/30/17 Status Updates - 12/31/17
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.
The 2017 radios are received and being programmed and
deployed. The Emergency Management Coordinator is working on
the procurement of phase II in FY2018. Phase III will be included in
preparations for the FY2019 budget.
No changes from prior quarter.
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