HomeMy WebLinkAboutQ4 2018 ENTIRE REPORT
Q4 2018
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FINANCIAL REPORT AND INVESTMENT REPORT
For the Quarter Ended September 30, 2018
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 Fund Schedule ................................................................................................................................. 13
Georgetown Transportation Enhancement Corporation Fund Schedule .................................................... 14
Georgetown Economic Development Corporation Fund Schedule ............................................................. 15
Quarterly Investment Report - City ........................................................................................................ 16-36
Quarterly Investment Report - GTEC ...................................................................................................... 37-43
Quarterly Investment Report - GEDCO ................................................................................................... 44-50
Grant Applications ....................................................................................................................................... 51
Capital Improvement Projects ................................................................................................................ 52-54
Long-term Commitments and Other Unfunded Liabilities ..................................................................... 55-57
EXECUTIVE SUMMARY FOR THE QUARTER ENDED SEPTEMBER 30, 2018
I. QUARTERLY FINANCIAL ANALYSIS
Please note this quarterly report includes unaudited figures. Currently, City staff along with our audit partners, are in
the process of completing the year-end close out and the Comprehensive Annual Finance Report (CAFR). It is
anticipated the CAFR process will be completed within the next few months and all numbers finalized. The numbers
presented in this report are unaudited, preliminary, and subject to change.
GENERAL FUND REVENUES:
General Fund revenues total $62.8 million, or 0.3% higher
than budget and 0.79% less than projections.
The sales tax collections through September total $14.8
million, or 1.75% higher than budget and 0.59% higher than
projections. Growth in our core sectors of retail, food, and
information 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 payments. Property tax
revenue for the fourth quarter of FY2018 is up 5.9%, or
$739,714 from the fourth quarter of FY2017. Property tax
revenue will end the year within four tenths of a percent of
the budget.
The City collects franchise fees for electric, natural gas,
cable, and non-cellular telephone services. Through the
fourth quarter, franchise fee revenues total $5.3 million in
2018, an increase of 14.1% from the fourth quarter of 2017.
Franchise fees collections occur on a quarterly basis. The
variance from projection was 0.11%.
The City also collects a 3% franchise fee and a 7% return on
investment (ROI) fee from City owned utilities. Through the
fourth quarter of the fiscal year, the City has collected $8.6
million ROI, an increase of 6.1% over this time last year. The
ROI variance from projection is 1.71%.
Sanitation services revenues are up 20.6% from the fourth quarter of FY2017. This increase is due to the growth in
the customer base and the implementation of new rates. The variance of actual to projection is -1.25%.
Development related revenue totals $2.9 million, or 103.8% of budget through the fourth quarter.
-
20
40
60
80
100
120
140
160
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Building Permits
2014 2015 2016 2017 2018
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
$1,300,000
$1,400,000
OctNovDecJanFebMarAprMayJunJulAugSepSales Tax
2014 2015 2016 2017 2018
1
GENERAL FUND EXPENDITURES:
General Fund expenditures for the fourth quarter of fiscal year 2018 are at 98.9% of budget. Total salaries and benefit
expenditures through the fourth quarter total $35.0 million. Other operational costs total $25.3 million, or 97.1% of
budget.
Vacancy Savings: Personnel projections are initially made in March, and refined over a two-month process. By May,
the final projections on personnel are solidified. Several departments have experienced vacancies after the final
projections were made and thus had notable variances from actual to projection. These departments include
Planning, Public Works, Garey Park, and Code Enforcement. Rec Programs department also saw significant savings
in part time personnel cost for swimming pools.
Administration Services Division (Administrative Services, City Council, City Secretary, and Social Service Funding)
expenditures for the fourth quarter total $2.5 million, which represents 94.5% of budget. Year-to-date expenditures
for the Community Services (Parks and Rec., Library, and Communications) and Finance Division (Municipal Court)
total $11.2 million or 96.0% of budget. The Georgetown Utility System Division (Environmental Services, Inspections,
Public Works, and Streets) expenditures through the fourth quarter total $10.8 million or 95.6% of budget. Year-to-
date expenditures for Public Safety total $29.0 million, which represents 99.2% of budget. Overall, General Fund
expenditures are within budget and the fund can cover the 90-day Contingency Reserve and the Economic Stability
Reserve.
The Police Division (Police Admin, Police Operations, Animal Services, and Code Enforcement) is over budget by
$46,201 or 0.18% of total appropriation. The overage in budget is due to special event patrol costs at Blue Hole
throughout the summer. Staff will propose a year-end amendment for Police from savings in the Fire Division. The
total appropriation level of the General Fund budget will remain the same.
UTILITY FUNDS:
Electric sales revenue through the fourth quarter of FY2018 totals $69.2 million, up 2.3% compared to budget. The
increase is due to growth in the customer base and the impact of the power cost adjustment. Total operating
revenues ended FY2018 at $73.6 million, or $1.4 million more than budgeted.
Electric expenditures exceed budget due to higher than projected purchase power costs. The net of purchased power
and congestion revenue rights (CRRs) exceed budget by $11.6 million. Due to the overage in purchased power, the
fund will require a year-end budget amendment. The fund is anticipated to end FY2018 will a fund balance of $1.97
million, a variance to projection of $6.84 million.
Water revenue is up 9.5% while wastewater revenue is up 1.4% compared to last year. The increases are due to
growth in the system and impact fees. Impact fee revenue came in $5.45 million higher than projections. System fee
revenues (water and wastewater fees) finished the year at $40.7 million.
Water expenses total $50.83 million. Non-operational expenses total $18.3 million. These non-operational expenses
are capital improvement projects that normally span multiple years. A CIP Rollforward Budget amendment to
reauthorize these projects for spending in FY2019 is planned in December.
OTHER MAJOR FUNDS:
Hotel Occupancy Tax revenue is $1.2 million for the fiscal year, an increase of 1.3% from the prior year due to the
Sheraton Hotel. Airport revenue is up 3.1% from the prior year, and includes fuel sales and lease revenue. The Airport
fund will end FY2018 with $1.06 million of fund balance.
2
II. INVESTMENTS
The investment activity and strategies described in this report comply with the Public Funds Investment Act (PFIA),
the City’s investment policy, and generally accepted accounting principles. Activity for the fourth quarter of fiscal
year 2018 includes the maturing of financial institution deposits (CDs), reinvestment of CD’s, & investing of bond
proceeds in CD’s and Treasury Bills. Interest rates for money market accounts and CD’s have continued to increase
due to the Federal Open Market Committee (FOMC) increasing the rate by .25% in September 2018. The City will
continue soliciting for the best rates to improve both diversity and yield, while keeping in mind safety and liquidity.
The Investment Reports for the quarter ended September 30, 2018, 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 September 30, 2018, 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 Book Value GTEC GEDCO
6/30/18 9/30/18 6/30/18 9/30/18 6/30/18 9/30/18
Total cash and investments
$203,105,508 $180,045,674 $20,607,520 $18,517,065 $6,651,120 $6,942,552
Average Yield 1.83% 2.07% 1.90% 1.98% 1.92% 2.04%
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. As interest rates have risen, the City is also managing yield on bond proceeds for arbitrage
purposes.
City portfolio balances have increased in the last few years due to the increase in contingency reserves, interest rate
increases, 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, financial institution deposits
(CD’s), and Treasury Bills. 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.
The City made a decision to diversify investments during this quarter. A T-bill was purchased in August with bond
proceeds, as well as various CD’s. The City has a safekeeping relationship with BBVA Compass to manage security
purchases. The investment officers, with the direction of Valley View, will work with approved brokers for purchases.
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
interest on these balances. During this fiscal year, we have made $32,336.87 in excess of the fees. The City has
looked at various options to maximize our best yield versus investment and 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). The
excess earning allowance over fees has continued to increase over the last several months. The City will continue to
verify depository yield versus investment yield to achieve the best outcome.
3
The City's investment program is conducted to accomplish the objectives of safety, liquidity, public trust, and yield.
Each aspect is considered when making decisions regarding investments.
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, these projects are operational in nature and
are in the departmental operating budget. A year-to-date budget status for each of the approved projects is included
in the quarterly report.
PARKS
San Gabriel Park Improvements: Phase one of San Gabriel Park is complete. A contract with Prime Construction was
approved by City Council on May 22, 2018 for the construction of phase two. Construction is expected to be
completed by June 2019. Phase two includes entry monuments, roadway and parking improvements, four medium
size picnic and barbecue pavilions, a large multi-use pavilion, 10 small picnic pavilions, trails and trail heads, two
children’s play areas, restoration of two existing springs, one new small restroom building, lighting for two existing
volleyball courts, one lighted basketball court, directional and interpretive signage, open spaces and landscaping. In
addition, the trail extension from San Gabriel Park to the park at Katy Crossing will also be constructed.
COMMUNITY SERVICES
Construction on several sidewalk improvement projects throughout the city began in May 2017. This was the first
round of sidewalk improvement projects identified in the adopted Sidewalk Master Plan and was funded in part by
a road bond approved by voters in May 2015. Work on the initially designed portion is complete and the next
downtown sidewalk project is currently being designed.
Old Town North East Sidewalks: Staff is finalizing design and have TCEQ WPAP approval. One easement has been
signed and staff is working to finalize the remaining six. Staff will begin to advertise and bid as soon as the
remaining easements are obtained.
Austin Ave Sidewalks (Hwy. 29 to Leander Rd): Staff begin advertising this project starting October 14th and will
open bid on October 30th 2018.
Downtown West: The City of Georgetown broke ground in November 2017 to start the renovation of two City
buildings that will be part of a civic campus for City government offices. The new civic campus will include a City Hall
and Council Chamber/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 is scheduled
to be complete by the end of the year. City Hall is completely dry and even finishes have begun. Council and Court
buildings are close behind City Hall.
ELECTRIC
New development continues to exceed expectations in the fourth quarter with additional residential, multifamily,
and business projects in progress. Projects under construction include Holt Caterpillar, Ewald Kubota, Hillwood
Section 2, Downtown West, Carroll at Rivery Ranch, Mansions II, and Woodsprings Hotel.
WATER
The Berry Creek Interceptor design is 90% complete and the easement acquisition is in progress. Berry Creek
Interceptor phase 4, 5, and 6 will be approximately 15,000 linear feet of 36-inch wastewater from the existing lift
station at Sun City to the Berry Creek lift station. Construction is estimated to start in November 2018.
4
The Pecan Branch Wastewater Treatment Plant expansion will take the existing plant from 1.5 million gallons to 3
million gallons of treatment capacity. The Pecan Branch wastewater treatment plant construction started in July 2017
and is scheduled for completion in July 2019.
The Shell Road and CR 255 water main designs are complete and easement acquisitions are in progress. This project
will be approximately 44,500 LF of 30—inch waterline from Daniels Mountain Water storage tank to Braun Water
storage tank. Construction is estimated to start in December 2019.
5
APRROVED BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
%YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 12,405,718 12,405,718 12,405,718 - -
Revenue
Administrative Charges 2,087,555 172,287 2,075,819 2,087,555 (11,736) -0.56%
All Other Revenue 4,076,192 327,588 3,976,989 4,187,026 (210,037) -5.02%
Development and Permit Fees 2,758,500 303,627 2,863,551 3,102,150 (238,599) -7.69%
Franchise Fees 5,213,863 489,120 5,306,460 5,300,544 5,916 0.11%
Garey Park 225,000 23,344 102,451 225,000 (122,549) -54.47%
Parks and Rec Fees 2,339,220 148,999 2,375,730 2,437,500 (61,770) -2.53%
Property Tax 13,400,000 961,586 13,344,564 13,400,000 (55,436) -0.41%
ROI 8,417,635 1,250,873 8,618,437 8,473,681 144,756 1.71%
Sales Tax 14,575,000 3,806,931 14,830,820 14,743,750 87,070 0.59%
Sanitation Revenue 8,974,500 973,014 8,762,764 8,873,500 (110,736) -1.25%
Transfer In 547,200 218,750 547,200 472,200 75,000 15.88%
Revenue Total 62,614,665 8,676,119 62,804,784 63,302,906 (498,122) -0.79%
Expense
Administrative Services 1,590,089 132,360 1,558,913 1,557,444 (1,469) -0.09%
Animal Services 875,831 63,717 834,646 828,681 (5,965) -0.72%
Arts & Culture 80,900 5,752 55,327 80,931 25,604 31.64%
City Council 175,087 12,559 174,286 173,230 (1,056) -0.61%
City Secretary 848,463 120,554 736,060 727,349 (8,711) -1.20%
Code Enforcement 415,749 27,792 359,903 390,366 30,463 7.80%
Communications 410,137 42,398 404,654 389,324 (15,330) -3.94%
Environmental Services 7,623,412 1,617,962 7,882,463 7,715,241 (167,222) -2.17%
Fire Emergency Services 11,139,592 1,398,738 10,819,809 10,956,430 136,621 1.25%
Fire Support Services 2,648,858 202,248 2,701,554 2,680,268 (21,286) -0.79%
Garey Park 621,557 123,567 452,220 517,820 65,600 12.67%
General Gov't Contracts 3,253,786 288,510 4,015,619 3,742,660 (272,959) -7.29%
Inspections 1,231,441 100,341 1,159,540 1,160,914 1,374 0.12%
Library 2,574,935 208,324 2,574,140 2,525,656 (48,484) -1.92%
Municipal Court 632,929 55,292 613,192 614,394 1,202 0.20%
Parks 2,578,108 235,018 2,568,396 2,580,317 11,921 0.46%
Parks Admin 607,229 56,225 607,919 609,666 1,747 0.29%
Planning 1,664,911 235,453 1,626,304 1,534,488 (91,816) -5.98%
Police Admin 2,234,502 191,573 2,266,242 2,220,396 (45,846) -2.06%
Police Operations 11,959,871 890,826 12,071,368 12,043,704 (27,664) -0.23%
Public Works 1,241,845 104,423 938,338 1,138,228 199,890 17.56%
Rec Programs 1,338,038 107,518 1,167,587 1,318,687 151,100 11.46%
Recreation 2,527,496 220,446 2,504,403 2,491,467 (12,936) -0.52%
Streets 4,657,416 744,645 3,710,832 4,535,851 825,019 18.19%
Tennis Center 435,014 43,225 400,300 427,705 27,405 6.41%
Transfer Out 1,928,103 3,739 1,928,101 1,928,103 2 0.00%
Expense Total 65,295,298 7,233,205 64,132,116 64,889,319 757,204 1.17%
EXCESS (DEFICIENCY) OF TOTAL REVENUE
OVER TOTAL REQUIREMENTS (2,680,633) 1,442,914 (1,327,331) (1,586,413) 259,082 -16.33%
AVAILABLE FUND BALANCE 9,725,085 11,078,387 10,819,305 259,082 2.39%
Preliminary Actuals to Year-End Projection: Sep FY2018
General Fund
6
APRROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
% YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 6,758,275 6,758,275 6,758,275 - 0.00%
Operating Revenue
Electric Revenue 67,595,139 9,323,738 69,170,340 69,416,907 (246,567) -0.36%
Interest 48,318 13,646 79,733 47,632 32,100 67.39%
Other Revenue 4,569,955 547,762 4,354,058 5,017,865 (663,808) -13.23%
Operating Revenue Total 72,213,412 9,885,146 73,604,130 74,482,405 (878,275) -1.18%
Operating Expenditures
CRR Credits (2,000,000) (3,707,789) (9,975,855) (7,000,000) 2,975,855 -42.51%
Georgetown Utility Systems 18,465,971 1,965,833 18,248,400 18,433,826 185,426 1.01%
Purchased Power 44,000,000 10,250,969 63,633,139 52,000,000 (11,633,139) -22.37%
Transfer Out-Interfund Transfers 92,600 - 92,600 92,600 - 0.00%
Transfer Out-ROI 5,493,707 608,194 5,344,952 5,235,000 (109,952) -2.10%
Operating Expenditures Total 66,052,278 9,117,207 77,343,236 68,761,426 (8,581,810) -12.48%
Total Net Operations 6,161,134 767,939 (3,739,105) 5,720,979 (9,460,085) -165.36%
Non-Operating Revenue
Bond Proceeds 6,537,000 - 6,727,776 6,537,000 190,776 2.92%
Transfers in 540,981 - 540,981 540,981 - 0.00%
Non-Operating Revenue Total 7,077,981 - 7,268,757 7,077,981 190,776 2.70%
Non-Operating Expenditures
CIP 9,880,487 1,246,933 3,907,079 6,508,565 2,601,486 39.97%
Interest Expense 1,697,769 (197) 1,259,120 1,259,116 (4) 0.00%
Debt Issuance Cost 15,000 - 190,776 15,000 (175,776) -1171.84%
Debt Service 2,539,258 - 2,960,260 2,959,731 (529) -0.02%
Non-Operating Expenditures Total 14,132,514 1,246,736 8,317,235 10,742,412 2,425,177 22.58%
Total Net Non-Operations (7,054,533) (1,246,736) (1,048,478) (3,664,431) 2,615,953 71.39%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (893,399) (478,796) (4,787,584) 2,056,548 (6,844,132) -332.80%
ENDING FUND BALANCE 5,864,876 1,970,691 8,814,823 (6,844,132) -77.64%
RESERVED ENDING BALANCE 5,125,000.00 5,125,000.00
Electric Fund
Preliminary Actuals to Year-End Projection: Sep FY2018
7
APRROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
% YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 74,958,152 74,958,152 74,958,152 - 0.00%
Operating Revenue
Capital Recovery Fee 6,672,500 1,608,530 17,875,414 12,416,521 5,458,893 43.96%
Interest 192,385 141,163 1,329,526 794,596 534,930 67.32%
Irrigation Utility Revenue 225,000 83,989 367,206 214,891 152,315 70.88%
Other Revenue 2,176,250 411,064 6,693,908 3,851,044 2,842,864 73.82%
Raw Water Revenue 178,500 31,935 139,468 141,089 (1,621) -1.15%
Transfer In, Debt 116,613 116,613 116,613 116,613 - 0.00%
Wastewater Utility Revenue 10,850,000 973,093 10,761,484 11,007,305 (245,821) -2.23%
Water Utility Revenue 27,748,195 3,472,682 29,553,572 28,756,997 796,575 2.77%
Operating Revenue Total 48,159,443 6,839,069 66,837,191 57,299,056 9,538,134 16.65%
Operating Expenditures
Irrigation 204,300 40,452 173,014 205,000 31,986 15.60%
Transfer Out, Fleet/Joint Service 62,000 - 62,000 62,000 - 0.00%
Transfer Out, General 425,000 218,750 425,000 425,000 - 0.00%
Transfer Out, ROI 2,686,505 276,503 2,711,029 2,993,788 282,759 9.44%
Transfer Out, Utilities 540,981 - 540,981 540,981 - 0.00%
Wastewater Distribution 613,000 465,047 1,017,634 592,810 (424,824) -71.66%
Wastewater Plant Management 2,437,025 244,435 2,349,674 2,412,396 62,722 2.60%
Water Administration 18,602,018 1,774,374 18,685,656 18,313,695 (371,961) -2.03%
Water Distribution 2,273,300 236,478 2,094,643 2,194,442 99,799 4.55%
Water Operations 3,769,545 301,917 3,884,906 3,682,263 (202,643) -5.50%
Water Plant Management 2,548,726 276,079 2,372,061 2,319,630 (52,431) -2.26%
Operating Expenditures Total 34,162,400 3,834,035 34,316,598 33,742,005 (574,593) -1.70%
TOTAL NET OPERATIONS 13,997,043 3,005,035 32,520,593 23,557,051 8,963,541 38.05%
Non-Operating Revenue
Bond Proceeds - - - - - 0.00%
Non-Operating Revenue Total - - - - - 0.00%
Non-Operating Expenditures
CIP 65,090,414 2,607,807 11,822,061 65,500,836 53,678,775 81.95%
Debt Service 5,344,535 - 6,496,981 5,344,535 (1,152,446) -21.56%
Non-Operating Expenditures Total 70,434,949 2,607,807 18,319,042 70,845,371 52,526,329 74.14%
TOTAL NET NON-OPERATIONS (70,434,949) (2,607,807) (18,319,042) (70,845,371) 52,526,329 74.14%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS (56,437,906) 397,228 14,201,551 (47,288,320) 61,489,870 130.03%
ENDING FUND BALANCE 18,520,246 89,159,703 27,669,832 61,489,870 222.23%
RESERVED ENDING BALANCE 6,000,000 6,000,000
Water Fund
Preliminary Actuals to Year-End Projection: Sep FY2018
8
APRROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
%YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 711,548 711,548 711,548 - -
Revenue
Gedco Admin/Contract Fee 221,328 18,444 221,328 221,328 - 0.00%
Gtec Admin/Contract Fee 166,882 13,907 166,884 166,882 2 0.00%
Interest 10,000 2,457 21,913 15,000 6,913 46.09%
Other 26,774 (38,440) 314,409 257,469 56,940 22.12%
Service Fees - Airport 131,785 10,982 131,784 131,785 (1) 0.00%
Service Fees - Conservation 100,350 8,363 100,356 100,356 - 0.00%
Service Fees - Electric 4,233,598 352,800 4,233,600 4,233,598 2 0.00%
Service Fees - General 3,345,567 278,797 3,345,564 3,345,567 (3) 0.00%
Service Fees - Stormwater 938,969 78,247 938,964 938,969 (5) 0.00%
Service Fees - Water 7,248,183 604,015 7,248,180 7,248,183 (3) 0.00%
Transfer In 5,000 - - - - 0.00%
Transfers In 75,000 - 75,000 75,000 - 0.00%
VPID Admin/Contract Fee 8,966 747 8,964 8,966 (2) -0.02%
Revenue Total 16,632,402 1,330,319 16,806,946 16,743,103 63,843 0.38%
Expense
Accounting 947,423 76,464 928,146 944,432 16,286 1.72%
City Wide Hr 415,400 36,554 252,875 283,765 30,890 10.89%
Conservation 982,774 101,803 644,131 718,059 73,928 10.30%
Customer Care 4,054,593 383,012 4,009,096 4,015,638 6,542 0.16%
Economic Development 596,092 60,675 574,367 576,201 1,834 0.32%
Engineering 2,143,112 203,925 1,863,545 1,926,432 62,887 3.26%
Engineering Support 1,069,289 137,711 938,541 1,002,015 63,474 6.33%
Finance Administration 1,115,967 119,753 1,088,296 1,116,361 28,065 2.51%
Gus Administration 1,469,912 157,538 1,420,843 1,457,786 36,943 2.53%
Human Resources 949,739 83,764 905,705 905,323 (382) -0.04%
In-House Legal 1,033,277 94,068 1,035,694 1,007,640 (28,054) -2.78%
Insurance & Legal 780,000 33,820 699,933 775,000 75,067 9.69%
Joint Svcs Con 569,000 37,087 808,504 985,825 177,321 17.99%
Purchasing 740,589 76,407 654,874 734,602 79,728 10.85%
Transfer Out 67,800 - 67,800 67,800 - 0.00%
Expense Total 16,934,967 1,602,581 15,892,350 16,516,879 624,529 3.78%
EXCESS (DEFICIENCY) OF TOTAL REVENUE
OVER TOTAL REQUIREMENTS (302,565) (272,262) 914,596 226,224 688,372 304%
AVAILABLE FUND BALANCE 408,983 1,626,144 937,772 688,372 73%
Joint Services Fund
Preliminary Actuals to Year-end Projection: Sep FY2018
9
APRROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
%YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 285,808 285,808 285,808 - 0.00%
Revenue
Interest 2,000 1,728 15,527 9,000 6,527 72.52%
Transfer In, General Fund 1,188,580 - 1,188,580 1,188,580 - 0.00%
Revenue Total 1,190,580 1,728 1,204,107 1,197,580 6,527 0.55%
Expense
Transfer Out, GCP 100,000 - 100,000 100,000 - 0.00%
Transfer Out, General Fund 75,000 - 75,000 75,000 - 0.00%
Transfer Out, Joint Services 75,000 - 75,000 75,000 - 0.00%
Expense Total 250,000 - 250,000 250,000 - 0.00%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS 940,580 1,728 954,107 947,580 6,527 0.69%
ENDING FUND BALANCE 1,226,388 1,239,915 1,233,388 6,527 0.53%
Preliminary Actuals to Year-End Projection: Sep FY2018
Council Discretionary Fund
10
APRROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
%YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 690,201 839,544 839,544 - 0%
Revenue
Hotel/Motel Occupancy Tax Revenues 1,200,000 75,732 1,207,512 1,325,000 (117,488) -8.87%
Interest 1,500 1,706 12,920 7,000 5,920 84.57%
Other 12,000 3,573 20,431 18,515 1,916 10.35%
Poppy Festival 109,400 21 129,507 135,451 (5,944) -4.39%
Revenue Total 1,322,900 81,032 1,370,370 1,485,966 (115,596) -7.78%
Expense
Operations 551,381 55,117 469,338 549,739 80,401 14.63%
Personnel 361,237 28,552 354,092 357,176 3,084 0.86%
Poppy Festival 136,200 87 126,031 136,200 10,169 7.47%
Transfer to Facilities 49,565 4,130 49,560 49,565 5 0.01%
Transfer to Fleet 5,090 424 5,088 5,090 2 0.04%
Transfer to General Fund 10,200 - 10,200 10,200 - 0.00%
Transfer to Information Technology 24,806 2,067 24,804 24,806 2 0.01%
Expense Total 1,138,479 90,377 1,039,113 1,132,776 93,663 8.27%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS 184,421 (9,345) 331,257 353,190 (21,933) -6.21%
ENDING FUND BALANCE 874,622 1,170,801 1,192,734 (21,933) -1.84%
Convention & Visitors Bureau Fund
Preliminary Actuals to Year-End Projection: Sep FY2018
11
APRROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE (501,205) (656,180) (656,180) - -
Revenue
TASPP Revenue 128,000 137,867 137,867 128,000 9,867 7.71%
EMS Revenue 2,617,762 193,800 2,447,532 2,486,307 (38,775) -1.56%
Franchise Fees 20,000 - 4,000 20,000 (16,000) -80.00%
Transfer In 44,870 3,739 44,868 44,870 (2) 0.00%
Revenue Total 2,810,632 335,406 2,634,267 2,679,177 (44,910) -1.68%
Expense
Personnel 1,788,522 (206,208) 1,788,522 1,788,522 - 0.00%
O&M 636,212 38,016 617,759 590,395 (27,364) -4.63%
Expense Total 2,424,734 (168,192) 2,406,281 2,378,917 (27,364) -1.15%
EXCESS (DEFICIENCY) OF TOTAL REVENUE
OVER TOTAL REQUIREMENTS 385,898 503,598 227,986 300,260 (72,274) -0.53%
AVAILABLE FUND BALANCE (115,307) (428,194) (355,920) (72,274) 20.31%
Preliminary Actuals to Year-End Projection: Sep FY2018
Paramedic Fund
12
APPROVED
BUDGET CURRENT PERIOD
YEAR YO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
% YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 809,939 809,939 809,939 - 0.00%
Operating Revenue
Fuel and Terminal Sales 2,794,919 185,594 2,553,536 2,596,789 (43,253) -1.67%
Interest and Other 65,600 2,395 45,973 83,454 (37,480) -44.91%
Leases and Rentals 882,484 70,636 833,519 846,901 (13,382) -1.58%
Operating Revenue Total 3,743,003 258,626 3,433,029 3,527,144 (94,115) -2.67%
Operating Expenditures
Debt Service 125,850 - 124,298 124,256 (42) -0.03%
Operations-Fuel 2,296,250 73,927 2,200,637 2,110,929 (89,708) -4.25%
Operations-Non Fuel 667,504 34,512 619,014 630,509 11,495 1.82%
Personnel 375,920 23,366 351,641 369,597 17,955 4.86%
Transfers Out 53,500 - 53,500 53,500 - 0.00%
Operating Expenditures Total 3,519,024 131,805 3,349,090 3,288,791 (60,299) -1.83%
TOTAL NET OPERATIONS 223,979 126,821 83,939 238,353 (154,414) -64.78%
Non-Operating Revenue
Bond Proceeds 150,000 - 145,000 150,000 (5,000) -3.33%
Other Revenue 45,701 - 45,701 0.00%
Grants 35,000 7,857 640,367 42,578 597,789 1403.99%
Non-Operating Revenue Total 185,000 7,857 831,068 192,578 638,490 331.55%
Non-Operating Expenditures
Airport Master Plan - - 38,025 144 (37,881) -26306.14%
Airport Ramp 15,000 4,223 5,644 15,000 9,356 62.37%
Edge Lighting 150,000 - - 150,000 150,000 100.00%
Hangar Upgrades 33,000 3,945 23,641 31,289 7,649 24.44%
Pavement Upgrades 40,000 - 20,260 40,000 19,741 49.35%
Runway Rehab 516,500 - - - - 0.00%
Wildfire Management 25,500 2,250 15,150 25,500 10,350 40.59%
Other Expense - - 559,286 257 (559,030) -217521.40%
Non-Operating Expenditure Total 780,000 10,418 662,005 262,189 (399,815) -152.49%
TOTAL NET NON-OPERATIONS (595,000) (2,561) 169,063 (69,611) 238,675 342.87%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL
REQUIREMENTS (371,021) 124,260 253,001 168,742 84,260 49.93%
ENDING FUND BALANCE 438,918 1,062,941 978,681 84,260 8.61%
RESERVED ENDING BALANCE 213,158 213,158
Airport Operations Fund
Preliminary Actuals to Year-End Projection: Sep FY2018
13
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
% YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 18,241,681 18,241,681 18,241,681 - 0.00%
Operating Revenue
Sales Tax 6,575,000 1,725,700 6,813,700 6,775,000 38,700 0.57%
PID Assessments 553,201 500,000 553,201 553,201 - 0.00%
Interest 127,000 22,414 306,483 284,069 22,414 7.89%
Operating Revenue Total 7,255,201 2,248,114 7,673,384 7,612,270 61,114 0.80%
Operating Expenditure
Administrative Support 364,814 30,276 363,312 364,114 802 0.22%
Operating Expenditure Total 364,814 30,276 363,312 364,114 802 0.22%
TOTAL NET OPERATIONS 6,890,387 2,217,838 7,310,072 7,248,156 61,916 0.85%
Non-Operating Revenue
Other Grant Revenue - - 11,222 11,222 - -
Non-Operating Revenue Total - - 11,222 11,222 - -
Non-Operating Expenditure
Pecan Center Dr to Airport Rd (FY15)5,390,290 873,046 2,945,254 2,945,254 - 0.00%
Rivery TIA Improvements 1,016,790 162,085 657,294 1,016,790 359,496 35.36%
FM 971 / Fontana 66,431 53,969 3,329 66,431 63,102 94.99%
Rivery-Extension Williams Dr to NW Blvd (FY16)767,678 20,196 37,043 767,678 730,635 95.17%
IH 35 / HWY29 Intersection 650,000 22,006 43,347 650,000 606,653 93.33%
SW Bypass 2243 to IH35 333,962 - 205,765 205,818 53 0.03%
FM1460 Widening 501,260 1,727 477 100,000 99,523 99.52%
Wolf Ranch Pkwy Extension 283,350 - - - - 0.00%
Mays St 3,252,729 3,600 254,724 1,000,000 745,276 74.53%
Tamiro Improvements 410,000 - - - - 0.00%
SE Inner Loop Widening (Rock Ride ROW)900,000 - - 900,000 900,000 100.00%
Debt Service 3,330,135 - 3,337,462 3,337,462 - 0.00%
Non-Operating Expenditure Total 18,546,375 1,136,629 7,484,694 10,989,433 3,504,739 31.89%
TOTAL NET NON-OPERATIONS (18,546,375) (1,136,629) (7,473,471) (10,978,210) 3,504,739 31.92%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS (11,655,988) 1,081,209 (163,399) (3,730,054) 3,566,655 95.62%
ENDING FUND BALANCE 6,585,693 18,078,282 14,511,627 3,566,655 24.58%
RESERVED ENDING BALANCE 3,293,750 3,293,750
Georgetown Transportation Enhancement Corporation Fund
Preliminary Actuals to Year-End Projection September 2018
14
APPROVED
BUDGET
CURRENT
PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
% YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 5,902,863 6,051,152 6,051,152 148,289 2.45%
OPERATING REVENUES
Interest 25,400 11,543 103,233 103,200 33 0.03%
Lease Revenue (Grape Creek)24,000 - 40,000 40,000 - 0.00%
Miscellaneous Revenue 61,100 - 60,991 61,000 (9) -0.01%
Sales Tax 1,643,750 431,425 1,703,425 1,693,750 9,675 0.57%
Sale of Property 128,090 128,090 128,090 (0) 0.00%
OPERATING REVENUES Total 1,754,250 571,058 2,035,739 2,026,040 9,699 0.48%
OPERATING EXPENDITURES
Debt Service 212,569 - 212,688 212,569 (119) -0.06%
Interest Expense 26,128 26,128 26,128 26,128 - 0.00%
Joint Services Allocation 221,328 18,444 221,328 221,328 - 0.00%
Miscellaneous Expense 11,108 - 10,991 11,040 49 0.44%
Principal Reduction 90,485 90,485 90,485 90,485 - 0.00%
Promotional & Marketing Program 81,000 7,625 76,942 81,000 4,058 5.01%
Special Services 57,500 10,000 55,647 57,500 1,853 3.22%
Supplies 300 - - - - 0.00%
Travel & Training 1,500 - - 500 500 100.00%
OPERATING EXPENDITURES Total 701,918 152,682 694,209 700,550 6,341 0.91%
TOTAL NET OPERATIONS 1,052,332 418,376 1,341,530 1,325,490 16,040 1.21%
NON-OPERATING EXPENDITURES
Catalyst 36,000 - 18,839 18,839 - 0.00%
DisperSol 60,000 - 40,000 40,000 - 0.00%
Economic Development Projects -Undetermined 6,308,518 - - 150,000 150,000 100.00%
Texas Life Sciences 139,740 - 139,740 139,740 - 0.00%
NON-OPERATING EXPENDITURES Total 6,544,258 - 198,579 348,579 150,000 43.03%
TOTAL NET NON-OPERATIONS (6,544,258) - (198,579) (348,579) (150,000) 43.03%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS (5,491,926) 418,376 1,142,951 976,911 (133,960) -13.71%
ENDING FUND BALANCE 410,938 7,194,103 7,028,063 (133,959) -1.91%
RESERVED ENDING BALANCE 410,938 423,438
Georgetown Economic Development Corporation Fund
Preliminary Actuals to Year-End Projection: Sep FY2018
CITYQUARTERLY INVESTMENT REPORTFor the Quarter EndedSeptember 30, 2018 Prepared byValley View Conulting, 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 Director___________________________________ Karrie PursleyTreasurerDisclaimer: 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
FYE Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueAve. YieldBook ValueMarket ValueDemand Accounts0.38% 13,874,086$ 13,874,086$ 0.34% 12,430,730$ 12,430,730$ NOW/MMA1.43% 45,875,729 45,875,729 2.33% 10,191,154 10,191,154 Pools1.04% 61,661,393 61,661,393 2.00% 48,966,731 48,966,731 CDs/Securities1.25% 36,808,988 36,808,988 2.28% 108,457,058 108,455,269 Totals158,220,196$ 158,220,196$ 180,045,674$180,043,885$ Fourth Quarter-End Yield1.14%2.07%Average Quarter-End Yields (1):2017 Fiscal Year2018 Fiscal YearGeorgetown-City0.88%1.70%Rolling Three Month Treasury 0.75%1.69%Rolling Six Month Treasury 0.78%1.73%TexPool0.74%1.62%Fiscal YTD Interest Earnings1,173,255$ 2,825,430$ (1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value.September 30, 2017Annual Comparison of Portfolio PerformanceSeptember 30, 2018Valley View Consulting, L.L.C.17
SummaryQuarter End Results by Investment Category:Asset TypeBook ValueMarket ValueBook ValueMarket ValueAve. YieldDemand Accounts12,781,524$ 12,781,524 12,430,730$ 12,430,730$ 0.34%NOW/MMA33,133,252 33,133,252 10,191,154 10,191,154 2.33%Pools90,496,141 90,496,141 48,966,731 48,966,731 2.00%CDs/Securities66,694,591 66,694,591 108,457,058 108,455,269 2.28%Totals 203,105,508$ 203,105,508$ 180,045,674$ 180,043,885$ Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 2.07%Total Portfolio 1.70%Rolling Three Mo. Treas. Yield 2.08%Rolling Three Mo. Treas. Yield 1.69%Rolling Six Mo. Treas. Yield 2.15%Rolling Six Mo. Treas. Yield 1.73%Quarterly TexPool Yield 1.62% Bank Fees Offset 14,327$ Interest income provided in separate report. 54,061$ June 30, 2018(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 OffsetSeptember 30, 2018Valley View Consulting, L.L.C.18
Economic Overview9/30/2018The Federal Open Market Committee (FOMC) increased the Fed Funds target range to 2.00% - 2.25% (Effective Fed Funds are trading +/-2.18%). Additional range increases are still projected for Dec 2018 and 2019. Gradual FRB portfolio reduction continues by limiting reinvestment of maturing holdings. Second Quarter grew 4.2% (final estimate). Employment/ Unemployment continues to strong levels. WTI Crude oil increased above +/-$70. The Stock Markets reached new highs. Consumer Confidence is strong. Personal Income is improving. The flattening yield curve may or may not impact long range FOMC actions.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,0003,250S&P 5000.000.501.001.502.002.503.003.50US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.003.50Treasury Yield CurvesSeptember 30, 2017June 30, 2018September 30, 20180.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.19
City - Investment HoldingsCoupon/ Maturity Settlement Face Amount/ Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day) YieldJPMorgan Chase Cash (3)0.34% 10/01/18 09/30/18 12,430,730$ 12,430,730$ 1.00 12,430,730$ 1 0.34%Green Bank MMA2.11% 10/01/18 09/30/18 3,099,266 3,099,266 1.00 3,099,266 1 2.11%NexBank MMA2.43% 10/01/18 09/30/18 7,091,889 7,091,889 1.00 7,091,889 1 2.43%TexPoolAAAm 2.00% 10/01/18 09/30/18 6,057,311 6,057,311 1.00 6,057,311 1 2.00%TexSTARAAAm 2.00% 10/01/18 09/30/18 42,909,420 42,909,420 1.00 42,909,420 1 2.00% Southside Bank CD1.60% 11/06/18 11/06/17 4,048,060 4,048,060 100.00 4,048,060 37 1.60%Southside Bank CD1.60% 11/19/18 11/17/17 3,116,384 3,116,384 100.00 3,116,384 50 1.60%Lubbock National Bank CD1.50% 01/03/19 01/03/17 3,075,855 3,075,855 100.00 3,075,855 95 1.50%Green Bank CD2.07% 02/01/19 02/21/18 7,072,039 7,072,039 100.00 7,072,039 124 2.07%Southside Bank CD2.32% 02/04/19 08/02/18 3,700,000 3,700,000 100.00 3,700,000 127 2.32%East West Bank CD2.48% 02/06/19 08/06/18 7,930,115 7,930,115 100.00 7,930,115 129 2.48%T-BillAaa/AA+0.00% 02/07/19 08/09/18 9,000,000 8,929,150 99.19 8,927,361 130 2.24%Wallis State Bank CD2.07% 02/15/19 02/16/18 6,061,748 6,061,748 100.00 6,061,748 138 2.07%R Bank CD1.50% 02/21/19 02/21/17 6,135,231 6,135,231 100.00 6,135,231 144 1.50%Independent Bank CD1.60% 03/01/19 05/09/17 1,530,291 1,530,291 100.00 1,530,291 152 1.60%LegacyTexas Bank CD2.25% 03/09/19 03/09/18 5,117,832 5,117,832 100.00 5,117,832 160 2.25%East West Bank CD2.10% 04/01/19 02/26/18 5,062,814 5,062,814 100.00 5,062,814 183 2.10%Lubbock National Bank CD2.32% 04/13/19 04/13/18 5,048,814 5,048,814 100.00 5,048,814 195 2.32%BTH Bank CD2.52% 06/01/19 06/11/18 3,522,278 3,522,278 100.00 3,522,278 244 2.52%East West Bank CD2.15% 06/03/19 02/26/18 3,038,592 3,038,592 100.00 3,038,592 246 2.15%East West Bank CD2.20% 08/01/19 02/26/18 3,039,495 3,039,495 100.00 3,039,495 305 2.20%BTH Bank CD2.58% 08/03/19 08/03/18 3,006,574 3,006,574 100.00 3,006,574 307 2.58%Independent Bank CD2.75% 08/03/19 08/03/18 18,000,000 18,000,000 100.00 18,000,000 307 2.75%East West Bank CD2.70% 08/13/19 08/13/18 6,021,787 6,021,787 100.00 6,021,787 317 2.70%Independent Bank CD2.88% 02/03/2008/03/18 5,000,000 5,000,000 100.00 5,000,000 491 2.88%180,116,524$ 180,045,674$ 180,043,885$123 2.07%(1) (2)September 30, 2018(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.20
0–6 Months71%6–12 Months26%12–18 Months3%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 $200,000,000 $225,000,00012/31/17 03/31/18 06/30/18 09/30/18Portfolio BalancesMoney MarketLocal DepositoryTexSTARTexPoolCertificate of DepositUS Treasury16617416610269907375109104123156163971088751674941917361549970.5123050100150200# of DaysWeighted Average to MaturityJPMorgan Chase7%Southside Bank 6%LegacyTexas Bank3%Green Bank 6%NexBank4%TexPool3%TexSTAR24%IndependentBank14%Wallis State Bank3%East West Bank14%Rbank3%Lubbock National Bank4%T-Bill5%BTH Bank 4%Portfolio Holdings by IssuerValley View Consulting, L.L.C.21
City - Book Value ComparisonCoupon/ Maturity Face Amount/Purchases/ Sales/Adjust/ Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueJPMorgan Chase Cash0.34% 10/01/18 12,781,524$ 12,781,524$ –$ (350,794)$ 12,430,730$ 12,430,730$ Green Bank MMA2.11% 10/01/18 3,082,851 3,082,851 16,415 3,099,266 3,099,266 NexBank MMA2.43% 10/01/18 30,050,401 30,050,401 (22,958,512) 7,091,889 7,091,889 TexPool2.00% 10/01/18 10,844,851 10,844,851 (4,787,539) 6,057,311 6,057,311 TexSTAR2.00% 10/01/18 79,651,290 79,651,290 (36,741,870) 42,909,420 42,909,420 Southside Bank CD 1.25%08/01/185,062,794 5,062,794 (5,062,794)– – East West Bank CD1.97%08/13/186,040,615 6,040,615 (6,040,615)– – Southside Bank CD1.60%11/06/184,031,800 4,031,800 16,260 4,048,060 4,048,060 Southside Bank CD1.60%11/19/183,103,867 3,103,867 12,518 3,116,384 3,116,384 Lubbock National Bank CD 1.50%01/03/193,064,255 3,064,255 11,600 3,075,855 3,075,855 Green Bank CD2.07%02/01/197,035,332 7,035,332 36,707 7,072,039 7,072,039 Southside Bank CD2.32%02/04/19– – 3,700,000 3,700,000 3,700,000 East West Bank CD2.48%02/06/19– – 7,930,115 7,930,115 7,930,115 T-Bill0.00%02/07/19– – 8,929,150 9,000,000 8,929,150 Wallis State Bank CD 2.07%02/15/196,030,284 6,030,284 31,463 6,061,748 6,061,748 R Bank CD1.50%02/21/196,112,233 6,112,233 22,998 6,135,231 6,135,231 Independent Bank CD 1.60%03/01/191,524,144 1,524,144 6,147 1,530,291 1,530,291 LegacyTexas Bank CD 2.25%03/09/195,088,917 5,088,917 28,915 5,117,832 5,117,832 East West Bank CD2.10%04/01/195,036,087 5,036,087 26,727 5,062,814 5,062,814 Lubbock National Bank CD 2.32%04/13/195,019,405 5,019,405 29,409 5,048,814 5,048,814 BTH Bank CD2.52%06/01/193,500,000 3,500,000 22,278 3,522,278 3,522,278 East West Bank CD2.15%06/03/193,022,170 3,022,170 16,422 3,038,592 3,038,592 East West Bank CD2.20%08/01/193,022,687 3,022,687 16,807 3,039,495 3,039,495 BTH Bank CD2.58%08/03/19– – 3,006,574 3,006,574 3,006,574 Independent Bank CD 2.75%08/03/19– – 18,000,000 18,000,000 18,000,000 East West Bank CD2.70%08/13/19– – 6,021,787 6,021,787 6,021,787 Independent Bank CD 2.88%02/03/20– – 5,000,000 5,000,000 5,000,000 TOTAL203,105,508$ 203,105,508$ 52,882,290$ (75,942,125)$ 180,116,524$ 180,045,674$ June 30, 2018September 30, 2018Valley View Consulting, L.L.C.22
City - Market Value Comparison Coupon/ Maturity Face Amount/ Qtr to Qtr Face Amount/Description Discount Date Par Value Market Value Change Par Value Market ValueJPMorgan Chase Cash0.34% 10/01/18 12,781,524$ 12,781,524$ (350,794)$ 12,430,730$ 12,430,730$ Green Bank MMA2.11% 10/01/18 3,082,851 3,082,851 16,415 3,099,266 3,099,266 NexBank MMA2.43% 10/01/18 30,050,401 30,050,401 (22,958,512) 7,091,889 7,091,889 TexPool 2.00% 10/01/18 10,844,851 10,844,851 (4,787,539) 6,057,311 6,057,311 TexSTAR 2.00% 10/01/18 79,651,290 79,651,290 (36,741,870) 42,909,420 42,909,420 Southside Bank CD 1.25% 08/01/18 5,062,794 5,062,794 (5,062,794) – – East West Bank CD 1.97% 08/13/18 6,040,615 6,040,615 (6,040,615) – – Southside Bank CD 1.60% 11/06/18 4,031,800 4,031,800 16,260 4,048,060 4,048,060 Southside Bank CD 1.60% 11/19/18 3,103,867 3,103,867 12,518 3,116,384 3,116,384 Lubbock National Bank CD 1.50% 01/03/19 3,064,255 3,064,255 11,600 3,075,855 3,075,855 Green Bank CD 2.07% 02/01/19 7,035,332 7,035,332 36,707 7,072,039 7,072,039 Southside Bank CD 2.32% 02/04/19 – – 3,700,000 3,700,000 3,700,000 East West Bank CD 2.48% 02/06/19 – – 7,930,115 7,930,115 7,930,115 T-Bill 0.00% 02/07/19 – – 8,927,361 9,000,000 8,927,361 Wallis State Bank CD 2.07% 02/15/19 6,030,284 6,030,284 31,463 6,061,748 6,061,748 R Bank CD 1.50% 02/21/19 6,112,233 6,112,233 22,998 6,135,231 6,135,231 Independent Bank CD 1.60% 03/01/19 1,524,144 1,524,144 6,147 1,530,291 1,530,291 LegacyTexas Bank CD 2.25% 03/09/19 5,088,917 5,088,917 28,915 5,117,832 5,117,832 East West Bank CD 2.10% 04/01/19 5,036,087 5,036,087 26,727 5,062,814 5,062,814 Lubbock National Bank CD2.32% 04/13/19 5,019,405 5,019,405 29,409 5,048,814 5,048,814 BTH Bank CD2.52% 06/01/19 3,500,000 3,500,000 22,278 3,522,278 3,522,278 East West Bank CD2.15% 06/03/19 3,022,170 3,022,170 16,422 3,038,592 3,038,592 East West Bank CD2.20% 08/01/19 3,022,687 3,022,687 16,807 3,039,495 3,039,495 BTH Bank CD2.58% 08/03/19– – 3,006,574 3,006,574 3,006,574 Independent Bank CD 2.75% 08/03/19– – 18,000,000 18,000,000 18,000,000 East West Bank CD2.70% 08/13/19– – 6,021,787 6,021,787 6,021,787 Independent Bank CD 2.88% 02/03/20– – 5,000,000 5,000,000 5,000,000 TOTAL203,105,508$ 203,105,508$ (23,061,623)$ 180,116,524$ 180,043,885$ September 30, 2018June 30, 2018Valley View Consulting, L.L.C.23
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 Revenue Electric2014 Revenue Water WWDebt ServiceUtility Debt ServiceJPMorgan Chase Cash12,430,730$ 12,430,730$ –$ –$ –$ –$ –$ –$ Green Bank MMA3,099,266 3,099,266 NexBank MMA7,091,889 7,091,889 TexPool6,057,311 6,057,311 TexSTAR42,909,420 13,056,649 173,200 69,487 74,447 3,418,947 3,142,075 Southside Bank CD11/06/18 4,048,060 4,048,060 Southside Bank CD11/19/18 3,116,384 3,116,384 Lubbock National Bank CD 01/03/19 3,075,855 3,075,855 Green Bank CD02/01/19 7,072,039 Southside Bank CD02/04/19 3,700,000 East West Bank CD02/06/19 7,930,115 T-Bill02/07/19 8,929,150 Wallis State Bank CD02/15/19 6,061,748 6,061,748 R Bank CD02/21/19 6,135,231 6,135,231 Independent Bank CD03/01/19 1,530,291 1,530,291 LegacyTexas Bank CD 03/09/19 5,117,832 5,117,832 East West Bank CD04/01/19 5,062,814 5,062,814 Lubbock National Bank CD 04/13/19 5,048,814 5,048,814 BTH Bank CD06/01/19 3,522,278 3,522,278 East West Bank CD06/03/19 3,038,592 3,038,592 East West Bank CD08/01/19 3,039,495 3,039,495 BTH Bank CD08/03/19 3,006,574 Independent Bank CD08/03/19 18,000,000 East West Bank CD08/13/19 6,021,787 6,021,787 Independent Bank CD02/03/20 5,000,000 Totals180,045,674$ 96,555,025$ 173,200$ 69,487$ 74,447$ 3,418,947$ 3,142,075$ –$ Book ValueSeptember 30, 2018Valley View Consulting, L.L.C.24
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Southside Bank CD02/04/19East West Bank CD02/06/19T-Bill02/07/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19BTH Bank CD08/03/19Independent Bank CD08/03/19East West Bank CD08/13/19Independent Bank CD02/03/20TotalsBook ValueSeptember 30, 2018(Continued)2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Water2015 GO-Roads2015A GO-Parks2015 Revenue Water WW2016 CO- Rivery TIRZ–$ –$ –$ –$ –$ –$ –$ –$ 187,698 721,203 14,099 1,233,250 1,248,025 4,232 1,000,000 3,000,000 500,000 –$ 187,698$ 721,203$ 14,099$ 4,233,250$ –$ 2,748,025$ 4,232$ Valley View Consulting, L.L.C.25
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Southside Bank CD02/04/19East West Bank CD02/06/19T-Bill02/07/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19BTH Bank CD08/03/19Independent Bank CD08/03/19East West Bank CD08/13/19Independent Bank CD02/03/20TotalsBook ValueSeptember 30, 2018(Continued)2016 CO- Streets/ Facilities/ Equip2016 GO- Roads2016 Revenue Water/WWGarey Park Donation2017 CO Facilities/ Public Safety/ Equipment2017 GO- Parks2017 GO- Sidewalks2017 Revenue Electric–$ –$ –$ –$ –$ –$ –$ –$ 178,188 828,145 1,246,928 566,337 1,311,037 663,702 1,411,546 917,417 700,000 200,762 992,029 4,000,000 178,188$ 1,528,145$ 6,238,956$ 566,337$ 1,311,037$ 663,702$ 1,612,308$ 917,417$ Valley View Consulting, L.L.C.26
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Southside Bank CD02/04/19East West Bank CD02/06/19T-Bill02/07/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19BTH Bank CD08/03/19Independent Bank CD08/03/19East West Bank CD08/13/19Independent Bank CD02/03/20TotalsBook ValueSeptember 30, 2018(Continued)2017 Revenue Water WW2018 CO-Airport2018 CO- Streets/ Facilities/ Equip2018 GO- Parks2018 GO- Roads2018 Revenue Electric–$ –$ –$ –$ –$ –$ 1,878,475 151,062 1,546,017 818,432 5,515,093 2,533,728 7,072,039 3,000,000 1,706,481 6,022,872 5,953,064 1,984,057 3,006,574 3,300,000 1,000,000 8,700,000 1,000,000 500,000 17,910,152$ 151,062$ 8,846,017$ 4,024,913$ 20,237,966$ 4,517,786$ Valley View Consulting, L.L.C.27
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 Revenue Electric2014 Revenue Water WWDebt ServiceUtility DebtServiceJPMorgan Chase Cash12,430,730$ 12,430,730$ –$ –$ –$ –$ –$ Green Bank MMA3,099,266 3,099,266 NexBank MMA7,091,889 7,091,889 TexPool6,057,311 6,057,311 TexSTAR42,909,420 13,056,649 173,200 69,487 74,446.76 3,418,947 3,142,075 Southside Bank CD434104,048,060 4,048,060 Southside Bank CD11/19/18 3,116,384 3,116,384 Lubbock National Bank CD 01/03/19 3,075,855 3,075,855 Green Bank CD02/01/19 7,072,039 Southside Bank CD02/04/19 3,700,000 East West Bank CD02/06/19 7,930,115 T-Bill02/07/19 8,927,361 Wallis State Bank CD02/15/19 6,061,748 6,061,747.60 R Bank CD02/21/19 6,135,231 6,135,231 Independent Bank CD03/01/19 1,530,291 1,530,291 LegacyTexas Bank CD 03/09/19 5,117,832 5,117,832 East West Bank CD04/01/19 5,062,814 5,062,814 Lubbock National Bank CD 04/13/19 5,048,814 5,048,814 BTH Bank CD06/01/19 3,522,278 3,522,278 East West Bank CD06/03/19 3,038,592 3,038,592 East West Bank CD08/01/19 3,039,495 3,039,495 BTH Bank CD08/03/19 3,006,574 Independent Bank CD08/03/19 18,000,000 East West Bank CD08/13/19 6,021,787 6,021,787 Independent Bank CD02/03/20 5,000,000 Totals180,043,885$ 96,555,025$ 173,200$ 69,487$ 74,446.76 3,418,947$ 3,142,075$ -$ Market ValueSeptember 30, 2018Valley View Consulting, L.L.C.28
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD43410Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Southside Bank CD02/04/19East West Bank CD02/06/19T-Bill02/07/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19BTH Bank CD08/03/19Independent Bank CD08/03/19East West Bank CD08/13/19Independent Bank CD02/03/20TotalsMarket ValueSeptember 30, 2018(Continued)2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Water2015 GO-Roads2015A GO-Parks2015 Revenue Water WW2016 CO- Rivery TIRZ–$ –$ –$ –$ –$ –$ –$ –$ 187,698 721,203 14,099 1,233,250 1,248,025 4,232 1,000,000 3,000,000 500,000 -$ 187,698$ 721,203$ 14,099$ 4,233,250$ -$2,748,025$ 4,232$ Valley View Consulting, L.L.C.29
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD43410Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Southside Bank CD02/04/19East West Bank CD02/06/19T-Bill02/07/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19BTH Bank CD08/03/19Independent Bank CD08/03/19East West Bank CD08/13/19Independent Bank CD02/03/20TotalsMarket ValueSeptember 30, 2018(Continued)2016 CO- Streets/ Facilities/ Equip2016 GO- Roads2016 Revenue Water/WWGarey Park Donation2017 CO Facilities/ Public Safety/ Equipment2017 GO- Parks2017 GO- Sidewalks2017 Revenue Electric–$ –$ –$ –$ –$ –$ –$ –$ 178,188 828,145 1,246,928 566,337 1311037.25 663702.28 1411545.98 917416.75700,000 200,761.91 991,830 4,000,000 178,188$ 1,528,145$ 6,238,757$ 566,337$ 1311037.25 663702.28 1612307.89 917416.75Valley View Consulting, L.L.C.30
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD43410Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Southside Bank CD02/04/19East West Bank CD02/06/19T-Bill02/07/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19BTH Bank CD08/03/19Independent Bank CD08/03/19East West Bank CD08/13/19Independent Bank CD02/03/20TotalsMarket ValueSeptember 30, 2018(Continued)2017 Revenue Water WW2018 CO-Airport2018 CO- Streets/ Facilities/ Equip2018 GO- Parks2018 GO- Roads2018 Revenue Electric–$ –$ –$ –$ –$ –$ 1,878,475 151,062 1,546,017 818,432 5,515,093 2,533,728 7,072,038.86 3,000,000 1,706,481 6,022,872 5,951,872 1,983,660 3,006,574 3,300,000 1,000,000 8,700,000 1,000,000 500,000 17,908,959$ 151,062$ 8,846,017$ 4,024,913$ 20,237,966$ 4,517,388$ Valley View Consulting, L.L.C.31
City - AllocationInvestment Total Consolidated2013 GO- Parks/Public Safety2014 CO- Downtown Parks2014 Revenue Electric2014 Revenue Water WWDebt ServiceUtility DebtServiceJPMorgan Chase Cash12,781,524$ 12,781,524$ –$ –$ –$ –$ –$ –$ Green Bank MMA3,082,851 3,082,851 NexBank MMA30,050,401 7,045,667 TexPool10,844,851 10,844,851 TexSTAR79,651,290 3,167,096 200,498 69,148 593,415 3,522,652 13,643,977 68,982 Southside Bank CD08/01/18 5,062,794 5,062,794 East West Bank CD08/13/18 6,040,615 6,040,615 Southside Bank CD11/06/18 4,031,800 4,031,800 Southside Bank CD11/19/18 3,103,867 3,103,867 Lubbock National Bank CD 01/03/19 3,064,255 3,064,255 Green Bank CD02/01/19 7,035,332 Wallis State Bank CD02/15/19 6,030,284 6,030,284 R Bank CD02/21/19 6,112,233 6,112,233 Independent Bank CD03/01/19 1,524,144 1,524,144 LegacyTexas Bank CD 03/09/19 5,088,917 5,088,917 East West Bank CD04/01/19 5,036,087 5,036,087 Lubbock National Bank CD 04/13/19 5,019,405 5,019,405 BTH Bank CD06/01/19 3,500,000 3,500,000 East West Bank CD06/03/19 3,022,170 3,022,170 East West Bank CD08/01/19 3,022,687 3,022,687 Totals203,105,508$ 96,581,248$ 200,498$ 69,148$ 593,415$ 3,522,652$ 13,643,977$ 68,982$ June 30, 2018Book and Market ValueValley View Consulting, L.L.C.32
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD08/01/18East West Bank CD08/13/18Southside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19TotalsJune 30, 2018Book and Market Value(Continued)2015 CO-Airport2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 CO-Water2015 GO-Roads2015A GO-Parks2015 Revenue Water WW2016 CO- Rivery TIRZ–$ –$ –$ –$ –$ –$ –$ –$ 30,192 186,784 1,247,826 14,031 4,222,694 21,389 2,874,156 4,211 30,192$ 186,784$ 1,247,826$ 14,031$ 4,222,694$ 21,389$ 2,874,156$ 4,211$ Valley View Consulting, L.L.C.33
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD08/01/18East West Bank CD08/13/18Southside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19TotalsJune 30, 2018Book and Market Value(Continued)2016 CO- Streets/ Facilities/ Equip2016 GO- Roads2016 Revenue Water/WWGarey Park Donation2017 CO Facilities/ Public Safety/ Equipment2017 GO- Parks2017 GO- Sidewalks2017 Revenue Electric–$ –$ –$ –$ –$ –$ –$ –$ 2,234,070 2,048,949 4,079,035 772,675 1,604,160 1,268,062 190,170 83,190 4,171,222 2,926,840 396,613 50,108 58,646 50,256 190,170$ 2,317,260$ 6,220,171$ 2,926,840$ 4,475,647$ 822,783$ 1,662,806$ 1,318,317$ Valley View Consulting, L.L.C.34
City - AllocationJPMorgan Chase CashGreen Bank MMANexBank MMATexPoolTexSTARSouthside Bank CD08/01/18East West Bank CD08/13/18Southside Bank CD11/06/18Southside Bank CD11/19/18Lubbock National Bank CD 01/03/19Green Bank CD02/01/19Wallis State Bank CD02/15/19R Bank CD02/21/19Independent Bank CD03/01/19LegacyTexas Bank CD 03/09/19East West Bank CD04/01/19Lubbock National Bank CD 04/13/19BTH Bank CD06/01/19East West Bank CD06/03/19East West Bank CD08/01/19TotalsJune 30, 2018Book and Market Value(Continued)2017 Revenue Water WW2018 CO-Airport2018 CO- Streets/ Facilities/ Equip2018 GO- Parks2018 GO- Roads2018 Revenue Electric–$ –$ –$ –$ –$ –$ 10,997,784 1,020,033 150,326 10,855,264 4,008,705 20,421,014 5,401,853 7,035,332 19,053,150$ 150,326$ 10,855,264$ 4,008,705$ 20,421,014$ 5,401,853$ Valley View Consulting, L.L.C.35
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-Bill36
Georgetown Transportation Enhancement Corporation (GTEC)QUARTERLY INVESTMENT REPORTFor the Quarter EndedSeptember 30, 2018Prepared 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.____________________Leigh Wallace Elaine WilsonControllerFinance Director Karrie PursleyTreasurerDisclaimer: 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
FYE Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueAve. YieldBook ValueMarket ValuePools/MMAs1.22% 14,966,954$ 14,966,954$ 2.02% 13,392,125$ 13,392,125$ Certificates of Deposit1.59% 3,075,647 3,075,647 1.87% 5,124,940 5,124,940 Totals18,042,602$ 18,042,602$ 18,517,065$ 18,517,065$ Fourth Quarter-End Yield1.28%1.98%Average Quarter-End Yields (1):2017 Fiscal Year2018 Fiscal YearGTEC0.96%1.72%Rolling Three Month Treasury 0.75%1.69%Rolling Six Month Treasury 0.78%1.73%TexPool0.74%1.62%(1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value.Annual Comparison of Portfolio PerformanceSeptember 30, 2017September 30, 2018Valley View Consulting, L.L.C.38
SummaryQuarter End Results by Investment Category:Asset TypeBook ValueMarket ValueBook ValueMarket ValueAve. YieldPools/MMAs17,495,079$ 17,495,079$ 13,392,125$ 13,392,125$ 2.02%CDs/Securities3,112,442 3,112,442 5,124,940 5,124,940 1.87%Totals 20,607,520$ 20,607,520$ 18,517,065$ 18,517,065$ Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 1.98%Total Portfolio 1.72%Rolling Three Mo. Treas. Yield 2.08%Rolling Three Mo. Treas. Yield 1.69%Rolling Six Mo. Treas. Yield 2.15%Rolling Six Mo. Treas. Yield 1.73%Quarterly TexPool Yield 1.62%Interest data provided in separate report.June 30, 2018(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.September 30, 2018Valley View Consulting, L.L.C.39
Economic Overview9/30/2018 The Federal Open Market Committee (FOMC) increased the Fed Funds target range to 2.00% - 2.25% (Effective Fed Funds are trading +/-2.18%). Additional range increases are still projected for Dec 2018 and 2019. Gradual FRB portfolio reduction continues by limiting reinvestment of maturing holdings. Second Quarter grew 4.2% (final estimate). Employment/ Unemployment continues to strong levels. WTI Crude oil increased above +/-$70. The Stock Markets reached new highs. Consumer Confidence is strong. Personal Income is improving. The flattening yield curve may or may not impact long range FOMC actions.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,0003,250S&P 5000.000.501.001.502.002.503.003.50US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.003.50Treasury Yield CurvesSeptember 30, 2017June 30, 2018September 30, 20180.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.40
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldTexPool AAAm 2.00% 10/01/18 09/30/18 4,957,437$ 4,957,437$ 1.00 4,957,437$ 1 2.00%TexSTARAAAm 2.00% 10/01/18 09/30/18 5,841,626 5,841,626 1.00 5,841,626 1 2.00%Green Bank MMA2.11% 10/01/18 09/30/18 2,593,062 2,593,062 1.00 2,593,062 1 2.11%Southside Bank CD2.32% 02/04/19 08/02/18 2,000,000 2,000,000 100.00 2,000,000 127 2.32%R Bank CD1.59% 09/22/19 08/22/17 3,124,940 3,124,940 100.00 3,124,940 357 1.59%18,517,065$ 18,517,065$ 18,517,065$ 75 1.98%(1) (2)September 30, 2018(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.41
Pools/MMAs 72%CDs/Securities 28%GTEC PORTFOLIO COMPOSITION $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,00012/31/2017 3/31/2018 6/30/2018 9/30/18GTEC PORTFOLIO BALANCES CD TexPool TexSTAR Money MarketValley View Consulting, L.L.C.42
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueTexPool 2.00% 10/01/18 6,360,394$ 6,360,394$ –$ (1,402,957)$ 4,957,437$ 4,957,437$ TexSTAR2.00% 10/01/18 3,651,993 3,651,993 2,189,633 5,841,626 5,841,626 NexBank MMA2.00% 10/01/18 4,903,364 4,903,364 (4,903,364)– – Green Bank MMA2.11% 10/01/18 2,579,327 2,579,327 13,735 2,593,062 2,593,062 Southside Bank CD2.32% 02/04/19– – 2,000,000 2,000,000 2,000,000 R Bank CD1.59% 09/22/19 3,112,442 3,112,442 12,498 3,124,940 3,124,940 TOTAL20,607,520$ 20,607,520$ 4,215,866$ (6,306,321)$ 18,517,065$ 18,517,065$ Market Value Comparison Coupon/Maturity Face Amount/Qtr to QtrFace Amount/DescriptionDiscount Date Par Value Market ValueChange Par Value Market ValueTexPool 2.00% 10/01/18 6,360,394$ 6,360,394$ (1,402,957)$ 4,957,437$ 4,957,437$ TexSTAR2.00% 10/01/18 3,651,993 3,651,993 2,189,633 5,841,626 5,841,626 NexBank MMA2.00% 10/01/18 4,903,364 4,903,364 (4,903,364)- - Green Bank MMA2.11% 10/01/18 2,579,327 2,579,327 13,735 2,593,062 2,593,062 Southside Bank CD2.32% 02/04/19– – 2,000,000 2,000,000 2,000,000 R Bank CD1.59% 09/22/19 3,112,442 3,112,442 12,498 3,124,940 3,124,940 TOTAL20,607,520$ 20,607,520$ (2,090,455)$ 18,517,065$ 18,517,065$ June 30, 2018September 30, 2018June 30, 2018September 30, 2018Valley View Consulting, L.L.C.43
Georgetown Economic Development Corporation (GEDCO)QUARTERLY INVESTMENT REPORTFor the Quarter EndedSeptember 30, 2018Prepared 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 Director___________________________________ Karrie PursleyTreasurerDisclaimer: 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.44
Annual Comparison of Portfolio PerformanceFYE Results by Investment Category:Asset TypeAve. YieldBook ValueMarket ValueAve. YieldBook ValueMarket ValueDemand Accounts1.21% 2,020,468$ 2,020,468$ 2.11% 2,055,009$ 2,055,009$ Pools1.03% 4,060,879 4,060,879 2.01% 4,887,543 4,887,543 Totals6,081,347$ 6,081,347$ 6,942,552$ 6,942,552$ Fourth Quarter-End Yield1.09%2.04%Average Quarter-End Yields (1):2017 Fiscal Year2018 Fiscal YearGEDCO0.84%1.67%Rolling Three Month Treasury 0.75%1.69%Rolling Six Month Treasury 0.78%1.73%TexPool0.74%1.62%(1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value.September 30, 2017 September 30, 2018Valley View Consulting, L.L.C.45
SummaryQuarter End Results by Investment Category:Asset TypeBook ValueMarket ValueBook ValueMarket ValueAve. YieldMMA2,035,359$ 2,035,359$ 2,055,009$ 2,055,009$ 2.11%Pools4,304,284 4,304,284 4,887,543 4,887,543 2.01%6,339,643$ 6,339,643$ 6,942,552$ 6,942,552$ Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 2.04%Total Portfolio 1.67%Rolling Three Mo. Treas. Yield 2.08%Rolling Three Mo. Treas. Yield 1.69%Rolling Six Mo. Treas. Yield 2.15%Rolling Six Mo. Treas. Yield 1.73%Quarterly TexPool Yield 1.62%Interest income provided in separate report.June 30, 2018(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.September 30, 2018Valley View Consulting, L.L.C.46
Economic Overview9/30/2018 The Federal Open Market Committee (FOMC) increased the Fed Funds target range to 2.00% - 2.25% (Effective Fed Funds are trading +/-2.18%). Additional range increases are still projected for Dec 2018 and 2019. Gradual FRB portfolio reduction continues by limiting reinvestment of maturing holdings. Second Quarter grew 4.2% (final estimate). Employment/ Unemployment continues to strong levels. WTI Crude oil increased above +/-$70. The Stock Markets reached new highs. Consumer Confidence is strong. Personal Income is improving. The flattening yield curve may or may not impact long range FOMC actions.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,0003,250S&P 5000.000.501.001.502.002.503.003.50US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.003.50Treasury Yield CurvesSeptember 30, 2017June 30, 2018September 30, 20180.000.501.001.502.002.503.003.504.004.505.005.50US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.47
Investment HoldingsCoupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par ValueValue PriceValue (Day)YieldGreen Bank MMA2.11% 10/01/18 09/30/18 2,055,009$ 2,055,009$ 1.00 2,055,009$ 1 2.11%TexasDAILYAAAm 2.03% 10/01/18 09/30/18 2,055,816 2,055,816 1.00 2,055,816 1 2.03%TexSTARAAAm 2.00% 10/01/18 09/30/18 2,831,728 2,831,728 1.00 2,831,728 1 2.00%6,942,552$ 6,942,552$ 6,942,552$ 1 2.04%(1) (2)September 30, 2018(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.48
MMA 30%Pools 70%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 $8,000,00012/31/17 03/31/18 06/30/18 09/30/18GEDCO PORTFOLIO BALANCES TexasDAILY TexSTAR Money MarketValley View Consulting, L.L.C.49
Book Value ComparisonCoupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/DescriptionDiscount Date Par Value Book ValueAdjustments Call/Maturity Par Value Book ValueGreen Bank MMA2.11% 10/01/18 2,044,122$ 2,044,122$ 10,887$ –$ 2,055,009$ 2,055,009$ TexasDAILY2.03% 10/01/18 2,045,519 2,045,519 10,297 2,055,816 2,055,816 TexSTAR2.00% 10/01/18 2,561,480 2,561,480 270,248 2,831,728 2,831,728 TOTAL6,651,120$ 6,651,120$ 291,432$ –$ 6,942,552$ 6,942,552$ Market Value ComparisonQtr to Qtr ChangeGreen Bank MMA 2.11% 10/01/18 2,044,122$ 2,044,122$ 10,887$ 2,055,009$ 2,055,009$ TexasDAILY 2.03% 10/01/182,045,519 2,045,519 10,297 2,055,816 2,055,816 TexSTAR 2.00% 10/01/182,561,480 2,561,480 270,248 2,831,728 2,831,728 TOTAL 6,651,120$ 6,651,120$ 291,432$ 6,942,552$ 6,942,552$ June 30, 2018 September 30, 2018June 30, 2018 September 30, 2018Valley View Consulting, L.L.C.50
Department Federal Grantor Pass-Through Agency Identifying Number COG Name/Purpose YTD Expenditures YTD Revenue Recognized
Airport Federal Aviation
Administration
Texas Department of
Transportation-Aviation
1514GRGTN Construct Parallel Taxiway and
Fuel Farm
621,143.96 559,029.56
Airport N/A Texas Department of
Transportation-Aviation
M1814GEOR RAMP Grant - Routine Airport
Maintenance Program
87,156.88 43,578.44
Airport Federal Aviation
Administration
Texas Department of
Transportation-Aviation
16MPGRGTN Airport Master Plan Update 50,628.00 45,565.20
Airport Federal Aviation
Administration
Texas Department of
Transportation-Aviation
1814GRGTN Runway 18/36 Rehabilitation 516,500.00 -
Airport Federal Aviation
Administration
Texas Department of
Transportation-Aviation
17WAGEORG Wildlife Hazard Assessment - -
Fire Federal Emergency
Management Agency
Texas Division Emergency
Management - Public Safety
LPDM-PJ-06-TX-2008-011 Prehazard Mitigation - Sirens 15,166.71 11,375.03
Fire US Department of Homeland
Security
Texas Division Emergency
Management - Public Safety
18TX-EMPG-1421 EMPG Salaries (Berg, Shell
and Gilliam)
151,727.58 29,024.39
Fire US Department of Homeland
Security
Federal Emergency
Management Agency
EMW-2017-FH-00496 SAFER - -
Fire N/A Texas Department Emergency
Management - Public Safety
TIFMAS - Llano Fire 31,142.28 31,142.28
Fire N/A Texas Department Emergency
Management - Public Safety
TIFMAS - Mallard Fire 25,496.67 25,496.67
Fire N/A Texas Department Emergency
Management - Public Safety
TIFMAS - Fort Davis 7,615.65 7,615.65
Gus - Electric N/A Bloomberg Philanthropies 2017 Mayors Challenge 30,830.60 100,000.00
Library Institute of Museum & Library
Services
Texas State Library & Archives
Commission
LS-00-18-0044-18 TSL Resource Coordinator -
3rd year (Patrick Lloyd)
5,454.72 5,454.72
Library Institute of Museum & Library
Services
Texas State Library & Archives
Commission
LS-00-17-0044-17 TSL Resource Coordinator -
2nd year (Patrick Lloyd)
64,061.76 62,494.75
Planning US Department of Housing &
Urban Development
Williamson County 322P Georgetown CDBG 6th & Scenic Sidewalk 130,664.00 114,919.90
Police Bureau of Justice Assistance N/A KXPIIIA Bullet Proof Vests - Supply
Police with new vests
11,098.48 5,549.24
Public Works Dept. of Transportation
/Federal Highway
Texas Department of
Transportation
CSJ-0914-05-187 Highway Planning &
Construction (Austin Ave
594,891.14 -
Division Grantor Status
Fire Texas Department of Public
Safety - TDEM
Urban Search and Rescue
(US&R)
Council Approved MOU April
10th.
Gus - Electric Department of Energy (DOE)Battery Storage Project Under DOE Review
Parks Texas Parks and Wildlife
Department (TPWD)
Recreation Trails Environmental Review
Process
Planning Williamson County (CDBG)Sidewalks and Ramps along
17th St
Council Approved Feb 27th.
App submitted Apr 4th.
Funding approved Jun 26th.
Reviewed By:
Date: 10/29/18
CITY OF GEORGETOWN
Grant/Federal Funding Report
as of September 30 2018
COG Name/Purpose
Active
Applications Pending Award
51
Row Labels FY2018 Budget Year to Date (W/Encum) Remaining Balance
AIRPORT OPERATIONS
600-9-0636-52-144 TAXIWAY EDGE LIGHTING 150,000 - 150,000
AIRPORT OPERATIONS Total 150,000 - 150,000
CDBG GRANTS
215-9-0880-90-001 SCENIC DR SIDEWALKS 140,902 123,891 17,012 CDBG GRANTS Total 140,902 123,891 17,012
DOWNTOWN TIRZ293-9-0602-90-002 DOWNTOWN PARKING - 70,298 (70,298) DOWNTOWN TIRZ Total - 70,298 (70,298)
ELECTRIC SERVICES
610-9-0580-90-047 AUSTIN AVE SIDEWALKS 100,000 - 100,000
610-9-0580-90-139 17TH STREET REHAB 50,000 - 50,000
610-9-0580-90-140 7TH ST REHAB 200,000 925 199,075
610-9-0580-90-141 DOWNTOWN OH REHAB 700,000 - 700,000
610-9-0580-90-142 DOWNTOWN WEST 950,000 821,539 128,461
610-9-0580-90-143 SHELL ROAD FEEDERS 370,000 8,152 361,848
610-9-0580-90-144 SIDEWALK POLE RELOCATION 50,000 49 49,951
610-9-0580-90-146 SOUTHWEST BYPASS FEEDER 800,000 10,802 789,198
610-9-0580-90-147 WEST 10TH STREET REHAB 98,000 - 98,000
610-9-0580-90-148 WEST 11TH STREET REHAB 200,000 366 199,634
610-9-0580-90-255 DOWNTOWN URD CONVERSION 200,000 - 200,000
610-9-0580-90-256 GEO. EAST T2 VOLTAGE CHANG 50,000 26,243 23,757
610-9-0580-90-257 KATHI LN URD CONVERSION 180,000 180,794 (794)
610-9-0580-90-260 DB WOOD_SH29 INTERSECTION 150,000 4,555 145,445
610-9-0580-90-261 FM 971 RELOCATION 200,000 - 200,000
610-9-0580-90-262 INNER LOOP WIDENING 200,000 - 200,000
610-9-0580-90-263 LEANDER RD_IH35 INTERSECTI 10,000 - 10,000
610-9-0580-90-264 NORTHWEST BLVD WIDENING 100,000 25,962 74,038
610-9-0580-90-265 RABBIT HILL ROAD WIDENING 500,000 2,453 497,547 610-9-0580-90-266 RIVERY EXTENSION 200,000 77,731 122,269 610-9-0580-90-267 UNIVERSITY_MAYS WIDENING 154,000 - 154,000 610-9-0580-90-268 WILLIAMS DR_IH35 INTERSECT 10,000 - 10,000 610-9-0580-90-300 ELECTRICAL SYSTEM IMPROVEM - 3,739 (3,739)
610-9-0580-90-310 POWER QUALITY IMPROVEMENTS 80,000 63,142 16,858
610-9-0580-90-320 SECTIONALIZATION IMPROVEME 200,000 - 200,000
610-9-0580-90-331 POLE INSPECTIONS 100,000 - 100,000
610-9-0580-90-410 NEW DEVELOPMENT PROJECTS 3,000,000 2,067,411 932,589
610-9-0580-90-430 STREET LIGHTING 88,000 7,455 80,545
610-9-0580-90-500 CONSULTANT ENGINEERING 150,000 177,036 (27,036)
610-9-0580-90-701 FIBER OPTIC 245,000 115,063 129,937
610-9-0580-90-702 FIBER TO SIGNAL LIGHTS 50,000 4,663 45,337
610-9-0580-91-105 CIS SYSTEM 308,565 308,565 -
610-9-0585-90-021 COMMUNICATIONS EQUIPMENT 186,922 434 186,488
ELECTRIC SERVICES Total 9,880,487 3,907,079 5,973,408
GATEWAY TIRZ
295-9-0602-90-001 CAPITAL IMPROVEMENTS 140,000 - 140,000
GATEWAY TIRZ Total 140,000 - 140,000
GENERAL CAPITAL PROJECTS
120-9-0280-90-022 RIVER TRAIL EXPANSION - 26,473 (26,473)
120-9-0280-90-039 RADIO REPLACEMENT, PARKS 64,333 (64,333) 128,666
120-9-0280-90-045 SAN GABRIEL PARK IMPROVEME 3,795,205 2,960,917 834,288
120-9-0280-90-046 GAREY PARK 912,359 881,870 30,489 120-9-0280-90-047 SIDEWALKS 716,514 37,738 678,777 120-9-0280-90-051 LIBRARY CANOPY 155,000 - 155,000 120-9-0280-90-053 GRACE HERITAGE REHAB - 24,891 (24,891) 120-9-0280-90-054 HISTORIC DISTRICT STREET S - 1,800 (1,800)
120-9-0280-90-059 ADA FACILITIES 326,345 38,705 287,640
120-9-0280-90-060 ADA PARKS 173,137 10,372 162,765
120-9-0280-90-061 ELECTRIC PROJECTS 89,920 - 89,920
120-9-0280-90-065 AQUATIC STUDY - - -
120-9-0280-90-066 KATY CROSSING TRAIL 700,000 700,000 -
120-9-0380-90-054 DTOWN MASTER PLAN - 51 (51)
52
Capital Improvement Projects
Row Labels FY2018 Budget Year to Date (W/Encum) Remaining Balance
120-9-0380-90-080 DOWNTOWN PARKING GARAGE - 6,979 (6,979)
120-9-0380-90-156 PUBLIC SAFETY FACILITY 88,343 69,012 19,331
120-9-0380-90-159 FIRE STATION 7 2,300,000 2,078,400 221,601
120-9-0380-90-160 EOC SIREN SYSTEM 21,798 15,167 6,631
120-9-0380-90-163 FIRE STATION 6 ESD 300,000 275 299,725
120-9-0380-90-166 DATA CENTER- PSOTC 100,676 - 100,676
120-9-0380-90-168 TRANSFER STATION/LANDFILL 11,337 - 11,337
120-9-0380-90-169 ERP PROJECT 4,950,000 33,616 4,916,384 120-9-0380-90-170 ANIMAL SVCS_LAND AND FACIL 100,000 21,266 78,734 120-9-0381-91-022 RADIO REPLACEMENT 500,000 - 500,000 120-9-0480-90-003 RADIO REPLACEMENTS, FIRE - (209,183) 209,183
120-9-0680-90-008 MUNICIPAL COURT/CVB REDESI 175,000 - 175,000
120-9-0680-90-009 FORMER PD RENOVATION - - -
120-9-0680-90-012 DOWNTOWN WEST 13,446,797 12,964,966 481,831
120-9-0680-90-013 DOWNTOWN WEST SIGNAGE 125,000 - 125,000
120-9-0680-90-014 DOWNTOWN PARKING EXPANSION 250,000 - 250,000
120-9-0780-90-039 RADIO REPLACEMENT, POLICE - (214,462) 214,462
120-9-0880-90-054 AUSTIN AVENUE BRIDGE 88,132 - 88,132
120-9-0880-90-086 SW BYPASS LEANDER TO I35 - - -
120-9-0880-90-087 FM 971 3,900,000 - 3,900,000
120-9-0880-90-088 FM 1460 2,529,985 - 2,529,985
120-9-0880-90-091 SW BYPASS/WOLF RANCH PKWY 2,324,866 602,986 1,721,880
120-9-0880-90-092 SOUTHEAST INNER LOOP - 4,109 (4,109)
120-9-0880-90-093 ACCESS RTW TO GOVERNMENT S - 35,265 (35,265)
120-9-0880-90-104 SIGNAL AT SHELL/VERDE VIST 240,006 237,161 2,845
120-9-0880-90-105 NORTHWEST BLVD BRIDGE 10,500,000 152,200 10,347,800
120-9-0880-90-106 LEANDER RD_RIVER RIDGE_SW 1,550,000 - 1,550,000
120-9-0880-90-107 ROCK ST-6TH TO 9TH ST 23,000 - 23,000
120-9-0880-90-108 RIVERY EXTENSION 4,500,000 4,540,188 (40,188)
120-9-0880-90-109 SE INNER LOOP ROCKRIDE IMP 675,000 560,000 115,000
120-9-0880-90-110 ESTRELLA CROSSING - 3,750 (3,750)
120-9-0880-91-001 10TH ST (MAIN-ROCK)94,000 - 94,000
120-9-0880-91-002 11TH ST. (MAIN-ROCK)151,000 - 151,000 120-9-0880-91-003 8TH ST. (CHURCH-MYRTLE)11,922 - 11,922 120-9-0880-91-004 8TH ST. (MLK-ROCK)11,922 - 11,922 120-9-0880-91-005 AUSTIN AVE. (9TH-UNIVERSIT 178,000 - 178,000
120-9-0880-91-006 AUSTIN AVE. (SH29-FM2243)300,000 122 299,878
120-9-0880-91-007 CHURCH ST. (8TH-9TH)11,922 - 11,922
120-9-0880-91-008 OLD TOWN NORTHEAST 756,037 8,138 747,899
120-9-0880-91-009 PH 1 SIGNAL & CURB RAMP IM 309,103 266 308,837
120-9-0880-91-010 DTOWN SIDEWALK PROJECTS - 51,229 (51,229)
GENERAL CAPITAL PROJECTS Total 57,456,659 25,579,931 31,876,728
GTEC
400-9-0980-90-022 SH 29 TO RM2243 SW BYPASS - 354 (354)
400-9-0980-90-024 SW BYPASS-2243 TO IH35 333,962 205,411 128,551
400-9-0980-90-036 ECO DEVO PROJECTS 1,643,750 - 1,643,750
400-9-0980-90-043 SE INNER LOOP WIDENING 900,000 - 900,000
400-9-0980-90-044 FM 971/ FONTANA (NW BRIDGE 66,431 3,329 63,102
400-9-0980-90-047 WOLF RANCH PKWY EXTENSION 283,350 - 283,350
400-9-0980-90-049 NB FRONT RD (2338 TO LAKEW - - -
400-9-0980-90-059 IH 35/ HWY 29 INTERSECTION 650,000 43,347 606,653
400-9-0980-90-060 MAYS STREET/ RABBIT HILL R 3,252,729 254,724 2,998,005
400-9-0980-90-061 FM1460 WIDENING 501,260 477 500,783
400-9-0980-90-062 RIVERY EXT (WILLIAMS DR-N 767,678 37,043 730,635
400-9-0980-90-063 PECAN CENTER DR./ AIRPORT 5,390,290 2,945,254 2,445,036
400-9-0980-90-064 RIVERY TIA IMPROVEMENTS 1,016,790 633,908 382,882
400-9-0980-90-065 TAMIRO IMPROVEMENTS 410,000 - 410,000 GTEC Total 15,216,240 4,123,847 11,092,393
PARKLAND DEDICATION
229-9-0280-90-014 FOUNDER'S PARK - 21,209 (21,209)
PARKLAND DEDICATION Total - 21,209 (21,209)
STORMWATER CAPITAL IMPROVEMENT
640-9-0880-90-005 CURB & GUTTER 962,150 434,646 527,504
640-9-0880-90-069 STORMWATER INFRASTRUCTURE 224,000 227,940 (3,940)
53
Row Labels FY2018 Budget Year to Date (W/Encum) Remaining Balance
640-9-0880-90-076 REGIONAL FLOOD STUDY - 52,085 (52,085)
640-9-0880-90-078 18TH AND HUTTO DRAINAGE 77,977 - 77,977
640-9-0880-90-079 2ND AND ROCK POND 13,876 1,080 12,796
640-9-0880-90-080 SERENADA CULVERT IMPROVEME 176,000 119,610 56,390
640-9-0880-90-081 VILLAGE PID INLET 75,000 - 75,000
640-9-0880-90-082 18TH_HUTTO DRAINAGE STUDY 50,000 - 50,000 STORMWATER CAPITAL IMPROVEMENT Total 1,579,003 835,361 743,642
STREET TAX SRF203-9-0880-90-071 STREET MAINTENANCE 5,376,356 3,101,583 2,274,773 203-9-0880-90-072 PAVEMENT SEALING - - -
203-9-0880-90-075 ASPHALT RECYCLING - 48 (48)
STREET TAX SRF Total 5,376,356 3,101,631 2,274,725
TCF GRANTS
804-9-0602-90-001 ADMINISTRATION - 1,498 (1,498)
804-9-0602-90-005 TCF LOAN PAYMENTS - 21,121 (21,121)
TCF GRANTS Total - 22,619 (22,619)
WATER SERVICES
660-9-0580-90-049 SOUTHLAKE WTP 950,260 - 950,260
660-9-0580-90-071 TANK REHAB PROJECTS 399,958 466,727 (66,769)
660-9-0580-90-072 CEDAR BREAKS EST 9,333 9,333 (0)
660-9-0580-90-076 DB WOOD/ PASTOR 24 DEDICAT 2,490,667 305,000 2,185,667
660-9-0580-90-097 SUN CITY ELEVATED STORAGE 3,224,047 3,225,793 (1,746)
660-9-0580-90-125 SHELL ROAD WATER LINE 6,039,578 5,928 6,033,651
660-9-0580-90-146 LWTP- DEWATERING FACILITY - 89,823 (89,823)
660-9-0580-90-155 WATER- STREET REHAB 330,000 - 330,000
660-9-0580-90-156 WESTSIDE FACILITY - - -
660-9-0580-90-158 RABBIT HILL EST - 0 (0)
660-9-0580-90-166 LEANDER INTERCONNECT 225,000 - 225,000
660-9-0580-90-167 WEST LOOP (H-1A)2,119,000 - 2,119,000 660-9-0580-90-168 LWTP RAW WATER INTAKE REHA 790,411 792,092 (1,681) 660-9-0580-90-170 CR 255 (WD14-2)2,980,000 804,041 2,175,959 660-9-0580-90-171 DOMEL PS IMPROVEMENTS 1,805,692 392,022 1,413,670 660-9-0580-90-172 PUMPS & STORAGE - 356,877 (356,877)
660-9-0580-90-175 BRAUN EST 4,750,000 399,269 4,350,731
660-9-0580-90-176 MISC. LINE UPGRADES 250,000 - 250,000
660-9-0580-90-177 PARK WTP CLEARWELL 170,000 - 170,000
660-9-0580-90-178 S. LAKE WTP 2018 1,000,000 - 1,000,000
660-9-0580-90-179 SW BYPASS WATER H24-1 500,000 - 500,000
660-9-0580-90-180 TANK REHABILITATION 480,000 - 480,000
660-9-0580-90-200 WATER MAINS 3,842,303 1,633,978 2,208,325
660-9-0580-91-105 CIS SYSTEM 5,178 (202,486) 207,664
660-9-0581-90-037 EDWARDS AQUIFER TESTING - 149,000 (149,000)
660-9-0581-90-051 PECAN BRANCH PH 2 - 58,663 (58,663)
660-9-0581-90-153 STONEHEDGE LS & FM - - -
660-9-0581-90-154 WESTINGHOUSE LS & FM 1,207,067 29,739 1,177,328
660-9-0581-90-160 BERRY CREEK INTER. (BC- 4-8,328,900 8,607 8,320,293
660-9-0581-90-162 BERRY CREEK INTER. (BCI-3)12,000,000 1,650,085 10,349,915
660-9-0581-90-163 SAN GABRIEL BELT PRESS 2,207,000 306,068 1,900,932
660-9-0581-90-164 PARK LIFT STATION & FORCE 3,585,740 - 3,585,740
660-9-0581-90-165 BERRY CREEK INTER BCI-3 1,000,000 4,199 995,801
660-9-0581-90-166 EARZ 1,000,000 1,038,858 (38,858)
660-9-0581-90-167 SAN GABRIEL INTER SGI-2 2,500,000 - 2,500,000
660-9-0581-90-200 WW INTERCEPTORS - 34,977 (34,977)
660-9-0581-90-220 LIFT STATION UPGRADE 900,280 - 900,280 WATER SERVICES Total 65,090,414 11,558,593 53,531,821
Grand Total 155,030,061 49,344,458 105,685,603
54
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 6/30/18 Status Updates - 9/30/18
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, 2017, and 2018.
The columbarium construction bid of $121,432 was approved by City
Council on February 27th. The niche units had a substantially long
lead time for fabrication but are complete. The notice to proceed
for construction of the columbarium is scheduled for the week of
7/23. Construction is expected to take 60 days. The $75,000
perpetual reserve transfer from the General Fund is included in the
FY2019 Proposed Budget.
The columbarium construction bid of $121,432 was approved by City
Council on February 27th. The notice to proceed for construction of
the columbarium was completed in late July. Construction is
currently underway and is expected to be completed in December.
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.
No change, updated once annually in December. The 2017 unfunded
valuation was $22 million. The funded ratio is 84.3%, which is
considered healthy.
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.
GASB requires updates every other year. Until the review is
conducted again in 2018, the estimate is $1,148,194, an increase of
$175,618 over the prior year.
The 2018 biannual review of years 2017 and 2016 was completed by
contracted auditors GRS. The Governmental Accounting Standards
Board (GASB) issued a new statement number 75 (GASB 75) that
required all entities to update the OPEB calculation. The main
change in the methodology is reducing the discount rate in the
calculation. The prior discount rate was 4%, the new discount rate is
3.31%. This has the effect of increasing the liability. Georgetown’s
new OPEB liability is $2,182,012, or 5.4% of covered payroll. This
change in liability is recorded as a prior period adjustment on the
balance sheet.
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 midyear budget amendment has appropriated the full $222,000
reserve to the General Fund for 4 Police department retirements.
The Benefit Payout Reserve is funded at $252,000 in the FY2019
Proposed Budget.
This is calculated during the year-end audit.
Electric Fund 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 2018 cost of service rate study recommends a minimum cash
balance of $17 million for various purposes. Staff presented new
reserve policies for the Electric Fund to GGAF and Council in June.
The FY 2019 Propsoed Budget includes funding for the 90 day
operational reserve, and partial funding for the non-operating
reserve for debt and capital. The remaining amount will be funded
as the cost of service rate is implemented. The Rate Stabilization
Reserve, up to 10% of Purchased Power costs, will be built over the
next few years.
Purchased Power costs exceeded budget in FY2018, the third year in
a row. The expense is a result of the City selling excess generation
into a depressed wholesale market. Additionally, the utility
experienced changes in the congestion market due to revised ERCOT
rules and the switch from a gas contract to a solar contract. A year-
end budget amendment will be necessary to authorize the expense.
The additional expense will cause a delay in building fund balance
for the non-operational reserve.
CITY OF GEORGETOWN
Long-term Commitments, Reservations, and Other Unfunded Liabilities
September 30, 2018
55
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 6/30/18 Status Updates - 9/30/18
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 Airport Fund has a positive ending balance and is able to fund
capital projects going forward as well as support a contingency
reserve. The parallel taxiway and fuel storage facility are complete.
The current Airport Master Plan effort has produced a draft Final
Plan moving forward for consideration by the City. The Wildlife
Hazard Assessment has begun and should be completed late 2018.
The Airport is working with TxDOT Aviation to begin the design and
eventual construction of a rehabilitation of the airport main runway.
Staff recommends removing this item from the unfunded liabilities
list.
The Airport Fund started FY 2019 with a positive ending balance.
The Airport Master Plan was completed and adopted. The Wildlife
Hazard Assessment is in progress and expected to be complete late
2018. The Texas Transportation Commission approved
rehabilitation of Runway 18-36 pavement, including grooving the
new pavement, overlay of additional shoulder pavement, and
installation of lighting infrastructure in preparation for future
lighting projects.
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.
The City is continuing the work on the CIP ADA projects.
The City completed an ADA self-assessment for all public
facilities in 2015. This resulted in Capital Improvement Plans
for City Facilities, Parks and Sidewalks. FY 2018 CIP projects
included $185,564 in Public Facilities and $153,504 in Parks.
Scheduled sidewalk improvements totaled over $2.18 million,
which is completing design with implementation in FY 2019.
The City is continuing the work to include ADA access in all
new CIP projects.
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.
Scenic CDBG sidewalk is complete. All punch list and TDLR items are
complete. The only remaining item is vegetation in a few areas of
the project. Old Town NE is in process. All 7 easements are being
finalized. An additional area for the sidewalk has been added to the
scope of work along 7th from Maple to Smith Creek Rd. WPAP has
been submitted to TCEQ for approval.
Old Town NE Sidewalk – WPAP approval has been received from
TCEQ. Design is 95% completed. One owner has signed the
easement, two other owners are ready to sign easement and it is
being scheduled. Four easements remain and are being worked on.
Austin Ave Sidewalks (Leander to Hwy 29) – Currently advertised.
Bid opening is set for 10-30-18.
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.
Renovations to Meadow’s Park are nearing completion and the
Williams Drive Pool filters have been installed. Village Pool and the
outdoor Recreation Center Pool will be re-plastered after the 2018
pool season.
All FY2018 projects have been completed including Meadow’s Park,
Williams Drive Pool filters and pool plaster at Village Pool and the
outdoor Recreation Center Pool. FY2019 projects include
renovations to Kelley Park, Recreation Center outdoor pool water
feature repairs, and filter replacements at Village Pool and the
indoor Recreation Center Pool.
56
Unfunded Liability &
Commitments Financial Impact/Notes Status Updates - 6/30/18 Status Updates - 9/30/18
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 June 30, 2018 EMS revenue collections are $1.84 million, which
is slightly under budget for FY2018. Year-end revenue is projected
to come in at $2.48 million, budget is $2.61 million. The shortfall in
revenue is primarily driven by vacancies that have kept EMS from
being able to activate the peak unit in FY2019. Staff continues to
monitor operational expenses monthly. EMS revenue is projected
to be $2.56 million in FY2019. The fund continues to improve it's
position as collection rate and demands for service grow. Since Fire
and EMS are an integrated system, staff is recommending to move
the EMS fund into the General Fund in FY2019. The General Fund
will be able to cover the 90-day contingency requirement currently
not being covered in EMS.
By the end of FY2018, the City had received 94% of budgeted
revenues. As part of a December budget amendment to bring on a
peak unit staffing, it was anticipated the department would be able
to run more transports and thus increase the revenue. However,
due to hiring issues, the peak unit was not able to run causing the
transport revenues to come in slightly under budget. The City
received nearly 10,000 more than budgeted in TASPP, Medicare
reimburse revenue. During the budget process in the summer, staff
projected EMS transport revenues to total $2.67 M. Actual transport
revenues total $2.64 M, a variance of 1%.
Radio Equipment Replacement
Communication system consisting of 500 on-body and in-
vehicle radios for Police, Fire, parks and utilities.
Replacement radios are compatible with newer technology.
Year three of the four-year radio replacement program is funded in
FY 2019 Proposed Budget.
Due to turnover in the Emergency Management Coordinator
position, the 2018 radio purchase will roll forward to 2019 in the
December budget ammendment. The Fire Department is working to
order the 2018 and 2019 phase of the radio replacement program.
Street Maintenance
The City funds street maintenance in the General Fund,
supplemented by a 1/8th Street Sales Tax special revenue
fund. In 2017 and 2018, the Council and GTAB reviewed
various methods for enhanced street maintenance and
costs. Direction from Council is to use high performance
surface seals and pavement wearing courses and begin
programmatically addressing the street network's deferred
maintenance backlog, creating a need for approximately $2
million more per year for street maintenance.
Street Maintenance budget totals $4.3M in the FY2019 Proposed
Budget. This is a similar funding level to recent years. Other major
items in the General Fund budget did not allow for a significant
increase. Staff continue to explore funding sources.
Street Maintenance is currently coordinating with Systems
Engineering and evaluating the 2018 Pavement Condition Survey
results to prioritize local roads for bidding of FY 2019 Pavement
Maintenance Treatments.
57