HomeMy WebLinkAbout2nd_Qtr_Report_FY2022Quarterly Financial Report
A CARING COMMUNITY HONORING OUR PAST AND INNOVATING FOR THE FUTURE
FY2022 Quarterly Report
2nd Quarter
Quarterly Financial Report
FINANCIAL REPORT AND INVESTMENT REPORT
For the Quarter Ended March 31, 2022
Table of Contents
General Fund Narrative and Schedule ........................................................................................................ 1-7
Electric Fund Narrative and Schedule....................................................................................................... 8-11
Water Services Fund Narrative and Schedule ........................................................................................ 12-15
Convention & Visitors Bureau Narrative and Schedule .......................................................................... 16-17
Airport Fund Narrative and Schedule ..................................................................................................... 18-20
Stormwater Fund Narrative and Schedule ............................................................................................. 21-23
GTEC Fund Narrative and Schedule ........................................................................................................ 24-26
GEDCO Fund Narrative and Schedule ..................................................................................................... 27-29
VPID Fund Narrative and Schedule ......................................................................................................... 30-31
Council Discretionary Fund Schedule .......................................................................................................... 32
Joint Services Fund Schedule ....................................................................................................................... 33
Investments 2nd Quarter Jan – Mar 22 ................................................................................................... 34-36
Quarterly Investment Report - City ........................................................................................................ 37-52
Quarterly Investment Report - GEDCO ................................................................................................... 53-58
Quarterly Investment Report - GTEC ...................................................................................................... 59-64
Grant Applications ....................................................................................................................................... 65
Capital Improvement Projects ................................................................................................................ 66-69
Long-term Commitments and Other Unfunded Liabilities ..................................................................... 70-74
Quarterly Financial Report
EXECUTIVE SUMMARY FOR THE QUARTER ENDED MAR. 31, 2022
I.QUARTERLY FINANCIAL ANALYSIS
Each year, the City amends the budget for multi-year capital projects, as well as operational changes that were unknown
at the time the budget was adopted. The Second Quarter Report Approved Budget includes Capital Project Roll Forward
and Operational Amendments as well as a 3% salary increase approved by Council in January and March. Furthermore,
this report compares actuals to budget, and compares the performance of actuals in the same quarter in the previous year.
GENERAL FUND REVENUES
General Fund revenues total $52,550,476, or 57.01% of budget through the end of the quarter. Revenues are greater than last year’s
same quarter total by $3,776,556, or 7.74%. The City continues to see a strong performance in revenue, particularly in planning fees,
permitting, and sales tax. Staff continues to monitor these revenues as part of FY2022 projections and the development of the FY2023
budget.
General Fund
Quarterly Comparison: Q2 FY2022 Budget FY2021 FY2022
FY2022 Year-to-date: Budget
Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals:
Q2 FY2021
YTD Actuals:
Q2 FY2022 Variance % of Budget Variance % Variance
Revenue
40001:Property Taxes 17,100,000 16,370,795 15,852,333 (1,247,667) 92.70% (518,462) -3.17%
40002:Sales Taxes 25,033,760 7,431,798 9,247,453 (15,786,307) 36.94% 1,815,655 24.43%
40005:Franchise Taxes 6,266,830 2,783,150 3,239,426 (3,027,404) 51.69% 456,276 16.39%
40008:Other Taxes 420,000 87,386 413,084 (6,916) 98.35% 325,698 372.71%
41001:Fines 311,150 107,775 126,052 (185,098) 40.51% 18,277 16.96%
41002:Penalties 85,000 48,624 61,601 (23,399) 72.47% 12,977 26.69%
42001:Interest Income 80,000 51,087 39,979 (40,021) 49.97% (11,108) -21.74%
43001:Fees 8,321,834 3,294,925 4,419,777 (3,902,057) 53.11% 1,124,851 34.14%
43002:Garbage Charges 10,600,000 5,316,194 5,973,133 (4,626,867) 56.35% 656,939 12.36%
43003:Permits 5,149,750 2,562,111 3,037,593 (2,112,157) 58.99% 475,482 18.56%
43004:Administrative Charges 2,721,543 1,696,251 1,358,147 (1,363,397) 49.90% (338,104) -19.93%
43005:Rental Revenue 54,040 86,772 76,178 22,138 140.97% (10,594) -12.21%
45001:Misc Revenue 855,935 398,441 285,284 (570,651) 33.33% (113,157) -28.40%
45002:Insurance Proceeds - - 50,338 50,338 0.00% 50,338 0.00%
45003:Misc Reimbursements 15,000 -1,749 (13,251) 11.66% 1,749 0.00%
44001:Grant Revenue 185,000 397,789 195,120 10,120 105.47% (202,668) -50.95%
44501:Contribution Revenue - - 296 296 0.00% 296 0.00%
44502:Developer Contributions - 423,328 168,165 168,165 0.00% (255,163) -60.28%
44503:Interlocal Agreement Revenue 5,700,557 2,367,546 2,646,585 (3,053,972) 46.43% 279,040 11.79%
70001:Transfers In 410,407 995,302 410,407 -100.00% (584,895) -58.77%
70002:Transfers In - Payment in Lieu of
Taxes (PILOT) 8,871,270 4,354,647 4,947,777 (3,923,493) 55.77% 593,130 13.62%
Revenue Total 92,182,076 48,773,920 52,550,476 (39,631,600) 57.01% 3,776,556 7.74%
1
Quarterly Financial Report
Sales tax revenue accounts for $25,033,760 of General Fund
budgeted revenue. Through the quarter, the City has collected
36.94% of the budgeted sales tax amount, $9,247,453 year-
to-date. Sales tax data lags two months in arrears. Sales tax
continues to have a strong performance - the quarterly
returns for sales tax were 24.43% higher compared to the
same period last year. This is the thirteenth month in a row
with collections increases of +15%. The increase in sales tax
revenue is the result of continued growth in the City’s core
sales tax sectors of retail, food, and information, in
combination with new businesses coming online. In March,
staff amended the budget to account for an additional 4.5%
of sales tax revenue in FY2022, compared to the original 4.5%
increase over prior fiscal year projections. Building Materials
make up approximately 20% of total sales tax, and this sub-
industry is experiencing supply chain pressures. The continuance of COVID variants impact on consumer habits and other
economic indicators is also cause for caution. Staff continues to monitor sales tax closely because of the potential volatility.
During a March Council Workshop, Council directed staff to use one-time discretionary funds to increase the Economic
Stability Reserve to protect against volatility of sales tax revenue.
Property tax revenues are the second largest revenue segment in the General Fund and has a budget of $17,100,000.
Property tax revenue is typically received during the first two quarters of the fiscal year, with most of the taxes collected
in December and January. Through the quarter, property tax year-to-date collections total 92.70% of budget, or
$15,852,333. Year-to-date property tax revenues are -3.17% less than the same period last year. This is due to timing of
property tax adjustments between funds. Collections are expected to meet budget at the end of the year.
The City collects franchise fees for electric, natural gas, cable, and non-cellular telephone services. Through the quarter,
franchise fee revenues total $3,239,426 in FY2022, or 51.69% of budget. Franchise fee revenue is 16.39% higher than the
same quarter of FY2021, with increases among all franchise.
Payment in Lieu of Taxes (PILOT) revenue from City-owned utilities is budgeted at $8,871,270. Year-to-date, PILOT
revenues total $4,947,777, or 55.77% of budget. PILOT revenue is $593,130, or 13.62%, higher than the first quarter of
FY2021. While all utility funds PILOT is trending higher than budget, the major increase for the quarter is from Water and
Wastewater.
Planning and Development related revenue continues to be strong in FY2022. Planning and Development has a total
revenue budget of $7,524,000. Through the quarter, planning and development related revenues total $4,506,168 or
59.89% of budget. Permit fees are up 49.26%, or $487,497 compared to the same quarter in FY2021. Development related
permits continue to be strong with year-to-date revenues up 18.42%, or $471,149 compared to year-to-date from FY2021.
Staff continues to monitor the amount of residential and commercial building permits. Staff is proposing a mid-year
amendment to recognize additional permitting and planning revenue to support the addition of 3 new positions. This will
be reflected in the third quarter report. The previous graph shows the number of residential building permits issued by
quarter for the past 3 years.
K
2.0M
4.0M
6.0M
8.0M
10.0M
Q1 Q2
GENERAL FUND: SALES TAX
FY2020 FY2021 FY2022
2
Quarterly Financial Report
Sanitation revenue budget totals $10,600,000. Through the quarter, year-to-date revenues from sanitation is $5,973,133,
or 56.35% of budget. Sanitation rates increased as part of the FY2021 budget to support demand for service as well as to
support the debt service for a new transfer station. The variance between the same period last year is $656,939, or 12.36%.
Fire and EMS total budgeted revenue is $8,155,290. Through the quarter, Fire and EMS fee related revenue totals
$4,009,135, or 52% of budget. Additional Fire/EMS revenue is comprised of the Interlocal Agreement Emergency Services
District 8 contract for service, as well as public safety grants revenue.
Parks and Recreation fee revenue budget totals $2,476,234. Through the quarter, parks and recreation related fee
revenue totals $1,181,127, or 47.70% of budget. Parks and Recreation revenue is up 76.32% compared to FY2021. The
Parks and Recreation department has seen an increase in revenue compared to FY2021 as programming continues to
increase to pre-COVID levels.
-
200
400
600
800
1,000
Q1 Q2
Residential Building Permits
FY2020 FY2021 FY2022
3
Quarterly Financial Report
GENERAL FUND EXPENSES:
Annual expenses through the quarter total $43,885,678, or 45.87% of budget. This is an increase of 14.64% compared to
the same period last year. The increase is driven by increases in operational expense such as internal service allocations,
and timing of transfers. Additionally, increase in expense compared to the same period last year. Merit and market
adjustments for personnel expenses are also a factor in the increase spending compared to last year, as well as a 3% city-
wide base pay adjustment for salaries approved in March.
Personnel and Operations Summary:
Personnel costs through the quarter total $22,858,901, or 43.62% of personnel budget. Operational costs total
$19,345,972, or 47.48%. The table below includes all expenditures in the General Fund. Capital costs can fluctuate from
year-to-year based on projects, timing, and various other factors, primarily in the Streets cost center.
General Fund
Quarterly Comparison: Q2 FY2022 Budget FY2021 FY2022
FY2022 Year-to-date: Budget
Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals:
Q2 FY2021
YTD Actuals:
Q2 FY2022 Variance % Of Budget Variance % Variance
Expense
Personnel 52,407,286 21,027,544 22,859,901 29,548,385 43.62% (1,831,357) 8.71%
Operations 40,748,586 16,346,945 19,345,972 21,402,614 47.48% (2,999,027) 18.35%
Operating Capital 1,011,271 130,756 676,784 334,487 66.92% (546,028) 417.49%
CIP Expense - 17,780 - - 0.00% 17,780 -100.00%
Transfers 1,513,635 759,391 1,004,160 509,475 66.34% (244,769) 32.23%
Total Expense 95,680,779 38,282,416 43,885,818 51,794,960 45.87% (5,603,402) 14.64%
A complete list of cost center, and budget compared to actuals is attached as part of supplemental information to this
report.
Personnel and Operations Summary by Division:
DEVELOPMENT SERVICES DIVISION:
Through the quarter Planning has reported expenses totaling $971,853, or 27.64% of budget. Savings in the Planning
Department are driven by vacancies and timing of one-time expenses for rewrite of the United Development Code and
consulting to help with development driven growth. Staff is proposing a new position as part of the mid-year budget
amendment to help with the development related workload. This position will be funded through current year salary
savings and will be reflected in the third quarter report.
Inspections incurred personnel and operational expenses amounting to $767,562, or 42.88% of budget. Staff is proposing
two positions for Inspections as part of the mid-year amendment. In addition, staff is proposing to recognize permit and
planning revenue in order to fund the prorated salary, benefits, and operating costs.
Year-to-date personnel and operational expenditures for Community Services are as follows, Community Services main
cost center has a total of $180,392, or 44.64% of budget, through the quarter, Animal Services has reported $521,927,
which is 41.84% of their budget, Code Compliance has shown spending of $275,936, or 45.65% of budget.
Environmental Services incurred personnel and operational expenditures amounting to $4,470,419, or 46.05% of budget.
4
Quarterly Financial Report
Public Works personnel and operational expenditures for the quarter totals $865,707, which represents 43.45% of budget.
Year-to-date expenditures related to personnel and operations for Streets totals $1,673,643, 37.23% of budget.
FINANCE ADMINISTRATION DIVISION:
Municipal Court year-to-date expenses total $267,085, or 42.89% of budget. This spending includes $217,591 for
personnel costs and $49,494 for operational costs.
POLICE OPERATIONS DIVISION:
Police Operations saw personnel and operational expenditures through the quarter totals $8,165,488, or 47.35% of
budget. Police Administration expenditures through the quarter resulted in $1,285,507, or 45.49% of budget. Staff will
continue to monitor Police Department overtime through the development of the FY2023 budget.
FIRE AND EMS DIVISION:
Year-to-date personnel and operational expenditures through the quarter total $2,155,906, or 46.00% of budget for Fire
Support Services/Administration, $8,129,848, or 46.99% of budget for Fire Emergency Services, and $1,718,728, or
48.01% of budget for Fire EMS. Fire Emergency Services budget was budgeted with positions that typically are in the EMS
cost center. The Fire budget is viewed at a division level which includes the roll-up of all Fire associated cost centers. The
overall division is under budget in FY2022.
ADMINISTRATIVE SERVICES DIVISION:
Administrative Services saw operational and personnel costs totaling $1,119,432, or 46.61% of budget year-to-date.
City Secretary personnel and operational expenditures for the quarter totals $480,523, which represents 41.31% of
budget. Year-to-date personnel and operational expenditures for Communications totals $419,261, which represents
38.12% of budget. The CAPE department experienced vacancy savings, as well as low year-to-date spending on a one-time
project.
Non-Departmental includes a transfer out of $1,004,160, or 66.34% of anticipated transfer expense for the year.
General Government Contracts includes budgeted vacancy savings estimates for all General Fund departments. Real
vacancy savings is realized in each cost center. The budgeted vacancy factor against year-to-date actuals in the
administrative division cost center drives the percent of budget up. Staff will adjust and forecast the vacancy factor as part
of the FY2022 projections in the third quarter report.
LIBRARY, TOURISM, AND ARTS AND CULTURE DIVISION:
Arts and Culture recognized year to date expenses totaling $99,091, or 46.36% of budget. Library year-to-date expenses
total $1,503,754, or 45.20% of budget.
PARKS AND RECREATION DIVISION:
Year-to-date personnel and operations costs for Parks and Recreation within the following cost centers: Parks
Administrations, Parks, Garey Park, Tennis Center, Recreation, and Recreation Programs, comes to a total of $4,283,219,
or 42.83% of budget.
Parks year-to-date through the quarter totals $1,409,171, or 46.87% of budget. Recreation total expenses are $1,793,771,
which is 38.35% of budget. Garey Park year-to-date is $531,916, or 49.53% of budget.
5
Quarterly Financial Report
Personnel and Operations Summary by Division:
General Fund
Quarterly Comparison: Q1 FY2022 Budget Actuals
FY2022 Year-to-date:
Budget Vs. Actuals
FY2022 YTD Actuals:
Q1 FY2022 Variance % of Budget
Development Services
Personnel 8,104,546 3,273,596 4,830,950 40.39%
Operations 16,746,751 6,839,004 9,907,747 40.84%
Operating Capital 6,400 34,598 (28,198) 540.60%
Development Services Total Expense 24,857,697 10,147,198 14,710,498 40.82%
Finance Administration
Personnel 511,517 217,591 9,769 42.54%
Operations 111,216 49,494 (11,983) 44.50%
Finance Administration Total Expense 622,733 267,085 355,648 42.89%
Police Operations
Personnel 14,632,780 6,475,562 8,157,217 44.25%
Operations 4,781,214 2,513,334 2,267,880 52.57%
Operating Capital 655,793 462,098 193,695 70.44%
Police Operations Total Expense 20,069,787 9,450,955 10,729,003 46.80%
Fire and EMS
Personnel 19,876,437 8,999,683 10,876,754 45.28%
Operations 5,399,244 2,831,134 2,568,110 52.44%
Operating Capital 290,575 173,665 116,910 59.77%
Fire and EMS Total Expense 25,566,257 12,004,482 13,561,775 46.95%
Administrative Services, Arts and Culture
Personnel 1,987,641 1,068,408 919,234 53.75%
Operations 7,683,315 4,155,865 3,527,450 54.09%
Operating Capital 53,000 651 52,349 1.23%
Transfers 1,513,635 1,004,160 509,475 66.34%
Administrative Services Total Expense 11,237,591 6,229,084 5,008,507 55.43%
Library
Personnel 2,015,496 817,506 1,197,990 40.56%
Operations 1,311,666 683,480 628,186 52.11%
Operating Capital - 2,768 (2,768) 0.00%
Library 3,327,162 1,503,754 1,823,408 45.20%
Parks and Recreation
Personnel 5,278,869 2,006,555 3,272,314 38.01%
Operations 4,715,180 2,273,661 2,441,519 48.22%
Operating Capital 5,503 3,003 2,500 54.57%
CIP Expense - - - 0.00%
Parks and Recreation Total Expense 9,999,552 4,283,219 5,716,333 42.83%
Community Services Division
Personnel 1,656,206 648,034 1,008,171 39.13%
Operations 599,826 326,337 273,489 54.41%
Operating Capital - 3,884 (3,884) 0.00%
Expense-Parks and Recreation 2,256,032 978,255 1,277,777 43.36%
General Fund Total 95,680,779 43,885,818 51,794,961 45.87%
6
Quarterly Financial Report
Fund Schedule:
General Fund
Period: Mar-22 Budget Current Period Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals w/Encumbrances Variance % of Budget
Beginning Fund Balance 24,412,719 24,412,719 - 100.00%
Revenue
40001:Property Taxes 17,100,000 260,510 15,852,333 (1,247,667) 92.70%
40002:Sales Taxes 25,033,760 2,188,143 9,247,453 (15,786,307) 36.94%
40005:Franchise Taxes 6,266,830 333,330 3,239,426 (3,027,404) 51.69%
40008:Other Taxes 420,000 25,164 413,084 (6,916) 98.35%
41001:Fines 311,150 28,366 126,052 (185,098) 40.51%
41002:Penalties 85,000 12,513 61,601 (23,399) 72.47%
42001:Interest Income 80,000 13,596 39,979 (40,021) 49.97%
43001:Fees 8,321,834 940,367 4,419,777 (3,902,057) 53.11%
43002:Garbage Charges 10,600,000 1,099,856 5,973,133 (4,626,867) 56.35%
43003:Permits 5,274,750 609,617 3,037,593 (2,237,157) 57.59%
43004:Administrative Charges 2,721,543 226,358 1,358,147 (1,363,397) 49.90%
43005:Rental Revenue 54,040 6,533 76,178 22,138 140.97%
45001:Misc Revenue 855,935 222 285,284 (570,651) 33.33%
45002:Insurance Proceeds - - 50,338 50,338 0.00%
45003:Misc Reimbursements 15,000 784 1,749 (13,251) 11.66%
44001:Grant Revenue 185,000 89,479 195,120 10,120 105.47%
44501:Contribution Revenue - - 296 296 0.00%
44502:Developer Contributions - - 168,165 168,165 0.00%
44503:Interlocal Agreement Revenue 5,700,557 1,323,293 2,646,585 (3,053,972) 46.43%
70001:Transfers In 410,407 - 410,407 - 100.00%
70002:Transfers In - Payment in Lieu of Taxes (PILOT) 8,871,270 860,670 4,947,777 (3,923,493) 55.77%
Revenue Total 92,182,076 8,018,798 52,550,476 (39,631,600) 57.01%
Expense
City of Georgetown (Only) - - - - 0.00%
CC0001 Non-Departmental 1,513,635 - 1,004,160 509,475 66.34%
CC0107 Planning 3,516,730 128,128 971,853 2,544,877 27.64%
CC0202 Parks Administration 740,036 56,147 345,719 394,318 46.72%
CC0210 Library 3,327,162 245,082 1,503,754 1,823,408 45.20%
CC0211 Parks 2,992,912 219,973 1,409,171 1,583,740 47.08%
CC0212 Recreation 4,675,436 278,370 1,793,771 2,881,665 38.37%
CC0213 Tennis Center 517,995 33,398 202,641 315,354 39.12%
CC0214 Recreation Programs - - - - 0.00%
CC0215 Garey Park 1,073,173 89,104 531,916 541,256 49.56%
CC0218 Arts and Culture 213,742 14,912 99,091 114,652 46.36%
CC0316 Municipal Court 622,733 42,997 267,085 355,648 42.89%
CC0402 Fire Support Services/Administration 4,686,534 349,013 2,155,906 2,530,628 46.00%
CC0422 Fire Emergency Services 17,300,054 1,216,551 8,129,848 9,170,206 46.99%
CC0448 EMS 3,579,669 283,315 1,718,728 1,860,941 48.01%
CC0533 Environmental Services 9,707,764 883,875 4,470,419 5,237,345 46.05%
CC0536 Inspection Services 1,789,880 125,529 767,562 1,022,319 42.88%
CC0602 Administrative Services 2,401,887 163,469 1,119,432 1,282,455 46.61%
CC0605 Community Services 404,121 23,976 180,392 223,729 44.64%
CC0634 City Council Services 208,213 11,876 94,053 114,160 45.17%
CC0635 City Secretary Services 1,163,291 82,478 480,523 682,768 41.31%
CC0637 Economic Development - - - - 0.00%
CC0638 General Government Contracts 5,736,823 528,623 3,431,825 2,304,998 59.82%
CC0655 Communications/Public Engagement 1,099,839 66,089 419,261 680,578 38.12%
CC0702 Police Administration 2,826,082 212,669 1,285,507 1,540,574 45.49%
CC0742 Police Operations 17,243,705 1,225,497 8,165,488 9,078,217 47.35%
CC0744 Animal Services 1,247,464 87,469 521,927 725,537 41.84%
CC0745 Code Compliance 604,446 40,338 275,936 328,511 45.65%
CC0802 Public Works 1,992,475 88,383 865,707 1,126,768 43.45%
CC0845 Stormwater - - 500 (500) 0.00%
CC0846 Streets 4,494,977 228,866 1,673,643 2,821,334 37.23%
Expense Total 95,680,779 6,726,130 43,885,818 51,794,961 45.87%
Excess (Deficiency) of Total Revenue over Total Requirements (3,498,703) 1,292,668 8,664,658 12,163,361 -247.65%
Ending Fund Balance 20,914,016 33,077,377 12,163,361 158.16%
Reserves
AFR Adjustment - - - - 0.00%
Benefit Payout Reserve 340,000 - 340,000 - 100.00%
Contingency Reserve 15,904,392 - 15,904,392 - 100.00%
Economic Stability Reserve 3,850,569 - 3,850,569 - 100.00%
Reserves Total 20,094,961 - 20,094,961 - 100.00%
Available Fund Balance 819,055 - 12,982,416 12,163,361 1585.05%
7
Quarterly Financial Report
UTILITY FUNDS:
Electric Fund:
The City continues to employ several strategies to maintain the improved performance of the Electric Fund in relation to
past and current expenditures for purchased power contracts. These strategies include reviewing rates, selling Renewable
Energy Credits (RECs), and contracting professional services for energy portfolio management and risk oversight. The
extraordinary costs of Winter Storm Uri in February of 2021 resulted in the City debt-financing $48 million over 9.5 years.
Additionally, the City is using regulatory asset accounting to amortize the purchased power expenses from the storm on
an initial 20 year schedule. Both of these schedules will be reviewed for opportunities to advance more quickly, while
balancing the affordability of rates and the overall financial targets for the Electric Fund.
As part of the FY2022 budget development process, the utilities reviewed various initiatives to improve resiliency to
extreme weather, including those required by legislation. Both utilities are going through cost of service studies to ensure
that rates cover these resiliency efforts, the growth pressure and infrastructure demand on the system, and financial
targets for liquidity and debt coverage. Staff will bring recommendations to Council as part of the FY2023 budget process.
ELECTRIC REVENUE:
Operating revenue in the Electric Fund totals $46,491,427 through the quarter, or 49.43% of budget. Electric sales
revenue, the largest component of operating revenue, has brought in $36,357,690 through the quarter, totaling 42.50%
of Electric charges budget. Compared to last year, consumption was decreased in the first quarter, and increased in the
second quarter. Electric Sales revenue are typically higher in the summer months when consumption increases due to
hot weather. Developer contributions were conservatively budgeted at $2,500,000. Year-to-date collection totals
$5,567,528, or 222.70% of budget. Developer contributions drive the need for utility infrastructure. While there is an
increase in revenue, there are more new development project
expenses than anticipated. Due to global supply chain issues,
the cost of material for electric infrastructure projects
increased significantly. These cost increases also resulted in
increased capital expenses. Developer Contributions and
capital expenses amendments will be brought to Council in
May as part of the mid-year budget amendment. Line
extension fees are being increased to recover costs.
For FY2022, Renewable Energy Credit (REC) revenue has been
reclassified from non-operating revenue to operating
revenue. Within the Fee category, the REC revenue budget is
is $1,160,000. REC sales total $2,065,651, or 178.07% of
budget through the quarter. Pricing of RECs continued to be
favorable for the City in the through the quarter. Recognizing
additional REC sales revenue is part of a budget amendment approved by Council on March 8, 2022.
K
5.0M
10.0M
15.0M
20.0M
25.0M
Q1 Q2
ELECTRIC FUND: ELECTRIC SALES
CHARGES
FY2020 FY2021 FY2022
8
Quarterly Financial Report
Electric Services
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date: Budget
Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Variance
Operating Revenue
40002:Sales Taxes 5,000 2,389 3,140 (1,860) 62.81% 752 31.48%
41002:Penalties 600,000 415,395 415,663 (184,337) 69.28% 268 0.06%
42001:Interest Income 11,000 20,999 22,676 11,676 206.14% 1,676 7.98%
43001:Fees 1,851,000 525,563 2,354,874 503,874 127.22% 1,829,311 348.07%
43004:Administrative Charges 3,539,712 1,611,051 1,769,856 (1,769,856) 50.00% 158,805 9.86%
43601:Electric Sales Charges 85,541,593 36,867,522 36,357,690 (49,183,903) 42.50% (509,832) -1.38%
44502:Developer Contributions 2,500,000 3,266,695 5,567,528 3,067,528 222.70% 2,300,833 70.43%
70001:Transfers In - 1,379,308 - - 0.00% (1,379,308) -100.00%
Operating Revenue Total 94,048,305 44,088,922 46,491,427 (47,556,878) 49.43% 2,402,505 5.45%
Non-Operating Revenue
45001:Misc Revenue 35,000 76,471 94,392 59,392 269.69% 17,921 23.43%
45003:Misc Reimbursements - - 750 750 0.00% 750 0.00%
45004:Sale of Property 665,840 892,773 19,392 (646,448) 2.91% (873,381) -97.83%
46001:Bond Proceeds 11,961,500 - - (11,961,500) 0.00% - 0.00%
Non-Operating Revenue Total 12,662,340 969,245 114,534 (12,547,806) 0.90% (854,710) -88.18%
Revenue Total 106,710,645 45,058,167 46,605,962 (60,104,683) 43.68% 1,547,795 3.44%
The budget for non-operating revenue totals $12,662,340 in FY2022. The City will recognize bond proceeds as part of the
annual debt sale in the spring. Bond proceeds will be reflected in the third quarter report. The $665,840 Sale of Property
budget is for the third segment of the fiber asset transition from the Electric Fund to the Information Technology Fund.
This asset transfer is illustrated on the budget statements, but will show as actuals on the year-end accounting statements.
With 2021 year-end savings in the Information Technology Fund, the fourth and final multi-year segment was able to be
transferred in FY2022. This early completion of the project will alleviate budget pressures in the FY2023 Information
Technology cost allocation to other funds.
ELECTRIC EXPENSES:
Operating expenses in the Electric Fund total $45,813,053 through the quarter. Year-to-date purchase power expenses
total $31,106,521, while net congestion revenue rights (CRRs) credits total $759,868. This is due to congestion in the grid.
The net result is $2.2 million over budget for purchased power for the quarter (not including REC sales). January, February,
and March were over budget. The year-over-year variance in purchased power is due to the 2021 extreme energy costs
of Winter Storm Uri.
The City continued to use a hedging strategy for the winter to avoid price spikes in the market. Electric Engineering and
Transmission and Distribution (T&D) cost centers look inflated. This is because of capitalization of labor being budgeted in
capital expense while the actuals are booked to the operating budget. The labor will be capitalized to the appropriate
capital improvement project on the final year-end financial statements.
9
Quarterly Financial Report
Electric Services
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Variance
Operating Expense
CC0001 Non-Departmental 6,963,362 1,157,245 3,683,284 3,280,078 52.90% (2,526,040) 218.28%
CC0521 Operational Technology 1,141,532 174,329 316,589 824,943 27.73% (142,260) 81.60%
CC0522 Electric Administration 9,765,046 2,263,456 4,781,799 4,983,247 48.97% (2,518,343) 111.26%
CC0523 Electric Safety and Employee
Development 399,125 - 94,705 304,420 23.73% (94,705) 0.00%
CC0524 Metering Services 2,161,252 645,725 990,559 1,170,693 45.83% (344,834) 53.40%
CC0525 T&D Services 2,899,187 1,176,655 2,338,658 560,529 80.67% (1,162,003) 98.75%
CC0526 Systems Engineering - 136,428 - - 0.00% 136,428 -100.00%
CC0537 Electric Resource Management 55,493,445 69,743,303 32,206,046 23,287,399 58.04% 37,537,257 -53.82%
CC0555 Electric Systems Operations 1,861,469 392,305 761,578 1,099,891 40.91% (369,273) 94.13%
CC0557 Electrical Engineering 899,813 287,804 639,833 259,979 71.11% (352,029) 122.32%
Operating Expense Total 81,584,231 75,977,249 45,813,053 35,771,179 56.15% 30,164,196 -39.70%
Non-Operating Expense
CC0001 Non-Departmental 9,947,271 614,762 1,394,886 8,552,385 14.02% (780,124) 126.90%
CC0557 Electrical Engineering 17,256,230 1,960,029 8,652,908 8,873,322 49.37% (6,692,879) 341.47%
Non-Operating Expense Total 27,203,501 2,574,791 10,047,794 17,155,707 36.94% (7,473,003) (12,760,951)
Expense Total 108,787,732 78,552,040 55,860,847 52,926,885 51.35% 22,691,193 -28.89%
The Electric department reorganized several personnel and operating expenses between cost centers and created new
cost centers as part of the FY2022 budget. These changes result in some variances compared to the same quarter the prior
year.
Non-operating expenditures are budgeted at $27,473,501 in FY2022. Budgeted non-operating expenditures include
$17,526,230 for capital projects and $9,947,271 for debt service payments, both of which typically trend towards later
quarters. The Capital Project Roll Forward amendment included $6.6 million of active projects. These encumbrances
combined with increased New Development, shows an accelerated CIP spending in Electric Engineering compared to the
previous year. In order to keep up with new development CIP related projects, staff is proposing to amend the Electric
CIP budget as part of the mid-year budget amendment. This amendment will include an 80% offset in developer
contribution revenue as well as bond proceeds to fund the new development projects. As previously mentioned, a
significant portion of labor expenses for capital projects will be journaled at the end of the fiscal year, bringing operations
and capital expense in balance with their budgets.
The Electric Fund anticipates meeting all the fund’s below line reserve requirements in FY2022. Contingency requirements
include a 90-day operating contingency of $6,426,561, a non-operating reserve totaling $6,049,061, reserve for
transformer of $4,069,154, as well as a rate stabilization reserve in the amount of $18,600,000.
10
Quarterly Financial Report
Fund Schedule:
Electric Services
Period: Mar-22 Budget Current Period
FY2022 Year-to-date: Budget Vs.
Actuals
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 38,917,065 38,917,065 - 100.00%
Operating Revenue
40002:Sales Taxes 5,000 404 3,140 (1,860) 62.81%
41002:Penalties 600,000 59,170 415,663 (184,337) 69.28%
42001:Interest Income 11,000 6,888 22,676 11,676 206.14%
43001:Fees 1,851,000 133,317 2,354,874 503,874 127.22%
43004:Administrative Charges 3,539,712 884,928 1,769,856 (1,769,856) 50.00%
43601:Electric Sales Charges 85,541,593 6,250,869 36,357,690 (49,183,903) 42.50%
44502:Developer Contributions 2,500,000 1,028,553 5,567,528 3,067,528 222.70%
70001:Transfers In - - - - 0.00%
Total Operating Revenue 94,048,305 8,364,129 46,491,427 (47,556,878) 49.43%
Operating Expense
CC0001 Non-Departmental 6,963,362 465,503 3,683,284 3,280,078 52.90%
CC0521 Operational Technology 1,141,532 44,801 316,589 959,587 24.81%
CC0522 Electric Administration 9,765,046 707,075 4,781,799 5,043,746 48.67%
CC0523 Electric Safety and Employee Development 399,125 11,029 94,705 174,120 35.23%
CC0524 Metering Services 2,161,252 131,952 990,559 973,900 50.42%
CC0525 T&D Services 2,899,187 350,405 2,338,658 560,529 80.67%
CC0526 Systems Engineering - (5,233) - - 0.00%
CC0537 Electric Resource Management 55,493,445 5,381,975 32,206,046 23,287,399 58.04%
CC0555 Electric Systems Operations 1,861,469 109,222 761,578 1,164,942 39.53%
CC0557 Electrical Engineering 899,813 96,373 639,833 259,980 71.11%
Total Operating Expense 81,584,231 7,293,102 45,813,053 34,525,174 57.03%
Net Operations Total 12,464,074 678,375 (83,328,056) 5.44%
Non-Operating Revenue
45001:Misc Revenue 35,000 1,111 94,392 59,392 269.69%
45003:Misc Reimbursements - 750 750 750 0.00%
45004:Sale of Property 665,840 5,217 19,392 (646,448) 2.91%
46001:Bond Proceeds 11,961,500 - - (11,961,500) 0.00%
Total Non-Operating Revenue 12,662,340 7,079 114,534 (12,547,806) 0.90%
Non-Operating Expense
CC0001 Non-Departmental 9,947,271 - 1,394,886 8,552,385 14.02%
CC0557 Electrical Engineering 17,256,230 526,413 8,652,908 8,873,322 49.37%
Total Non-Operating Expense 27,203,501 526,413 10,047,794 17,155,707 36.94%
Excess (Deficiency) of Total Revenue over Total
Requirements (2,077,087) 551,692 (9,254,885) (7,177,798) 445.57%
Ending Fund Balance 36,839,978 29,662,180 (7,177,798) 80.52%
Reserves
Rate Stabilization 18,600,000 18,600,000 - 100.00%
Non-Operating Reserve 6,049,061 6,049,061 - 100.00%
Operating Contingency Reserve 6,426,561 6,426,561 - 100.00%
Transformer Reserve 4,069,154 4,069,154 - 100.00%
Reserves Total 35,144,776 35,144,776 - 100.00%
Available Fund Balance 1,695,202 (5,482,596) (7,177,798)) -323.42
11
Quarterly Financial Report
F
FY2021 Quarterly Report
FY2021 Quarterly Report
K
5.0M
10.0M
15.0M
FY2020 FY2021 FY2022 FY2020 FY2021 FY2022
Q1 Q2
WATER FUND: CHARGES FOR SERVICES
Irrigation Charges
Wastewater Charges
Water Charges
Water Fund:
WATER REVENUE:
Year-to-date Operating revenue totals $60,861,708, or 65.80% of budget. The largest revenue streams in the Water
Fund are charges for services for water, wastewater, and irrigation use. Through the quarter, Water Charges total
$17,275,778, which is 47.86% of budget. Year-to-date, Wastewater Charges are $8,235,444, or 56.80% of budget.
Irrigation Charges total $152,524 for the quarter, or 50.84% of budget. Increases in number of meters and customers as
well as rate increase effective January 1, 2021, have proven to significantly increase year-to-date revenues for the Water
Fund.
The budget for Impact Fees for the fiscal year is $31,890,000. Through the quarter, impact fee revenues total
$26,127,077, or 81.93% of budget. The increase in impact fees is attributed to growth as well as an increase in the
installation of meters that are larger in diameter such as meters used for multi-family housing. Impact fees are also
going to show cyclical increases. The City has approved many out of City MUDS. These MUDS are required to pay
impact fees at plat recordation in lieu of building permit. This means that when a MUD records a plat, we will see an
instantaneous increase in impact fees, however it will take time for the builders to begin consuming the meters
associated with those prepaid fees. Impact fees are used for funding capital infrastructure approved in the impact fee
plan. They may be used as a cash equivalent, or to repay debt service for the projects. Staff recently completed a
reconciliation of impact fees available to assist with the needed expansion of the South Lake Treatment Plant, along with
other large projects.
Water
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Variance
Operating Revenue
41002:Penalties 315,000 242,386 324,073 9,073 102.88% 81,750 33.71%
42001:Interest Income 390,000 280,361 170,508 (219,492) 43.72% (109,853) -39.18%
43001:Fees 8,829,240 4,747,148 8,373,570 (455,670) 94.84% 3,626,422 76.39%
43005:Rental Revenue 50,000 55,594 57,380 7,380 114.76% 1,786 3.21%
43602:Water Charges 36,100,000 16,574767 17,275,778 (18,824,222) 47.86% 701,011 4.23%
43603:Wastewater Charges 14,500,000 7,127,251 8,235,444 (6,264,556) 56.80% 1,108,193 15.55%
43604:Irrigation Charges 300,000 136,188 152,524 (147,476) 50.84% 16,354 11.99%
41602:Impact Fees 31,890,000 19,965,449 26,127,077 (5,762,923) 81.93% 6,161,628 30.86%
44502:Developer Contributions - - 30,354 30,354 0.00% 30,354 0.00%
70001:Transfers In 115,000 - 115,000 - 100.00% 115,000 0.00%
Operating Revenue Total 92,489,240 49,129,127 60,861,708 (31,627,532) 65.80% 11,732,581 23.88%
12
Quarterly Financial Report
F
FY2021 Quarterly Report
FY2021 Quarterly Report
K
250K
500K
750K
1.0M
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
WATER FUND: CONSUMPTION
(KGALS)
FY2020 FY2021 FY2022
Non-Operating Revenue
45001:Misc Revenue 1,462,000 43,363 195,798 (1,266,202) 13.39% 152,214 349.25%
45003:Misc Reimbursements - - 233 233 0.00% 233 0.00%
46001:Bond Proceeds 156,600,000 - - (156,600,000) 0.00% - 0.00%
Non-Operating Revenue Total 158,062,000 43,363 196,031 (157,865,969) 0.12% 152,488 349.79%
Revenue Total 250,551,240 49,172,710 61,057,739 (189,493,501) 24.37% 11,885,029 24.17%
Total Water Fund operating revenue is up 23.88%
compared to the same period last fiscal year due to growth
in sales and collections in impact fees. Through the quarter
water consumption is down 18% compared to the same
period of FY2021.
The budget for non-operating revenue totals $158,062,000
in FY2022. This total includes bond proceeds for capital
projects in the amount of $156,600,000. The majority of
this is for the Southlake Treatment Plant, one of the largest
capital projects the city has ever constructed. The midyear
budget amendment and third quarter report will reflect the
updated bond proceed revenue and capital construction
expense for the plant.
Staff and the consultant presented on the preliminary results of Phase II of a cost-of-service study on the February 22nd
council workshop. The study proposes changes to increase equity between customer classes, and proposes rate
increases to pay for the debt service and operating costs of new infrastructure. After Council feedback, changes will be
incorporated and adopted in the FY2023 budget.
WATER EXPENSES:
Operating expenditures in the Water Fund total $29,397,221 through the quarter, or 51.64% of budget. Overall,
personnel are tracking in line with budget. The Water Fund does have a few annual encumbrances that make the year-
to-date appear high in comparison to the quarter of the fiscal year. Water Services Administration is trending higher
than anticipated because of an annual amount encumbered in the quarter. The encumbrance is for a consultant for a
multi-phase project to determine if Aquifer Storage and Recovery (ASR) will be an effective and economic water
management strategy to meet the max day demands and long-term water supply needs of Georgetown. The increase
price of chemicals is driving the Water Plant Management budget slightly higher than anticipated for the quarter.
Wastewater Plant Management is also trending higher than anticipated for the quarter. This is also attributed to an
annual amount encumbered in the quarter. The encumbrance is related to chemical supplies, and wastewater
laboratory analysis services related to permit compliance, process control, and state required study. The Water fund has
requested an amendment just over $1.0M in operating supplies to cover the increase in operating costs.
13
Quarterly Financial Report
F
FY2021 Quarterly Report
FY2021 Quarterly Report
Water Services Financial Report
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals:
Q2 FY21
YTD Actuals:
Q2 FY22 Variance % of Budget Variance % Variance
Operating Expense
CC0001 Non-Departmental 5,069,426 2,096,476 3,104,839 1,964,587 61.25% (1,008,363) 48.10%
CC0526 Systems Engineering - 296,448 - - 0.00% 296,448 -100.00%
CC0527 Water Services
Administration 31,488,172 14,541,823 16,993,979 14,494,192 53.97% (2,452,156) 16.86%
CC0528 Water Distribution 4,270,234 1,839,075 1,567,848 2,702,386 36.72% 271,227 -14.75%
CC0529 Water Plant Management 4,612,123 2,380,685 2,546,057 2,066,067 55.20% (165,372) 6.95%
CC0530 Wastewater Operations 1,158,995 407,550 550,392 608,603 47.49% (142,842) 35.05%
CC0531 Wastewater Plant
Management 4,111,631 2,167,179 2,269,791 1,841,839 55.20% (102,612) 4.73%
CC0532 Irrigation Operations 295,000 77,896 93,924 201,076 31.84% (16,028) 20.58%
CC0535 Water Conservation 897,720 - 111,067 786,653 12.37% (111,067) 0.00%
CC0553 Water Operations 5,020,694 (3,341,362) 2,159,324 2,861,370 43.01% (5,500,686) -164.62%
Operating Expense Total 56,923,995 20,465,770 29,397,221 27,526,774 51.64% (8,931,451) 43.64%
Non-Operating Expense
CC0001 Non-Departmental 332,000 534,920 10,578 321,422 3.19% 524,342 -98.02%
CC0526 Systems Engineering 271,805,749 23,854,438 33,656,938 238,148,811 12.38% (9,802,500) 41.09%
CC0532 Irrigation Operations 308,000 9,606 7,482 300,518 2.43% 2,124 -22.11%
CC0530 Wastewater Operations 2,803,196 533,080 491,935 2,311,260 17.55% 41,145 -7.72%
CC0528 Water Distribution - 781,316 - - 0.00% 781,316 -100.00%
CC0553 Water Operations 15,387,121 20,733,031 1,914,266 13,472,855 12.44% 18,818,765 -90.77%
CC0524 Metering Services 2,250,000 - - 2,250,000 0.00% - 0.00%
Non-Operating Expense Total 292,886,065 46,446,391 36,081,199 256,804,866 12.32% 10,365,192 -22.32%
Expense 349,810,060 66,912,161 65,478,421 284,331,639 23.03% 1,433,740 -2.14%
Non-operating expense are budgeted at $292,886,065 in FY2022. Expenses total $36,081,199 through the quarter.
Non-operating expenses reflect the capital project rollforward amendment that was approved by Council in January.
Debt payments were made in February for interest. Principal payments will be reflected in the fourth quarter.
The Water Fund anticipates meeting all the funds below line reserve requirements by the end of FY2022. Contingency
requirements include a 90-day operating contingency of $10,723,871, a non-operating reserve of $10,000,000, and an
Impact Fee reserve of $3,190,000.
14
Quarterly Financial Report
F
FY2021 Quarterly Report
FY2021 Quarterly Report
Fund Schedule:
Water Services
Period: Mar-22 Budget Current Period Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 158,229,355 158,229,355 - 100.00%
Operating Revenue
41002:Penalties 315,000 51,197 324,073 9,073 102.88%
42001:Interest Income 390,000 53,681 170,508 (219,492) 43.72%
43001:Fees 8,829,240 1,105,409 8,373,570 (455,670) 94.84%
43005:Rental Revenue 50,000 1,825 57,380 7,380 114.76%
43602:Water Charges 36,100,000 3,352,777 17,275,778 (18,824,222) 47.86%
43603:Wastewater Charges 14,500,000 1,487,905 8,235,444 (6,264,556) 56.80%
43604:Irrigation Charges 300,000 11,359 152,524 (147,476) 50.84%
41602:Impact Fees 31,890,000 5,395,322 26,127,077 (5,762,923) 81.93%
44502:Developer Contributions - - 30,354 30,354 0.00%
70001:Transfers In 115,000 - 115,000 - 100.00%
Total Operating Revenue 92,489,240 11,459,475 60,861,708 (31,627,532) 65.80%
Operating Expenses
CC0001 Non-Departmental 5,069,426 368,140 3,104,839 1,964,587 61.25%
CC0526 Systems Engineering - - - - 0.00%
CC0527 Water Services Administration 31,488,172 2,971,960 16,993,979 14,494,193 53.97%
CC0528 Water Distribution 4,270,234 376,542 1,567,848 2,702,386 36.72%
CC0529 Water Plant Management 4,612,123 237,515 2,546,057 2,066,066 55.20%
CC0530 Wastewater Operations 1,158,995 94,933 550,392 608,603 47.49%
CC0531 Wastewater Plant Management 4,111,631 212,448 2,269,791 1,841,840 55.20%
CC0532 Irrigation Operations 295,000 6,819 93,924 201,076 31.84%
CC0535 Water Conservation 897,720 16,591 111,067 788,498 12.37%
CC0553 Water Operations 5,020,694 331,646 2,159,324 2,861,370 43.01%
Operating Expense Total 56,923,995 4,616,595 29,397,221 27,526,774 51.64%
Available Operating Fund Balance 195,794,600 31,464,487 (62,495,770)
Non-Operating Revenue
45001:Misc Revenue 1,462,000 24,089 195,798 (1,266,202) 13.39%
45003:Misc Reimbursements - 233 233 233 0.00%
46001:Bond Proceeds 156,062,000 - - (156,600,000) 0.00%
Non-Operating Revenue Total 158,062,000 24,322 196,031 (157,865,969) 0.12%
Non-Operating Expenses
CC0001 Non-Departmental 332,000 - 10,578 321,422 3.19%
CC0524 Metering Services 2,250,000 - - 2,250,000 0.00%
CC0526 Systems Engineering 271,805,749 1,816,464 33,656,938 238,148,811 12.38%
CC0528 Water Distribution - - - - 0.00%
CC0530 Wastewater Operations 2,803,196 - 491,935 2,311,260 17.55%
CC0532 Irrigation Operations 308,000 - 7,482 300,518 2.43%
CC0553 Water Operations 15,387,121 5,436 1,914,266 13,472,855 12.44%
Non-Operating Expense Total 292,886,065 1,821,900 36,081,199 256,804,866 12.32
Excess (Deficiency) of Total Revenue over Total
Requirements (96,258,820) (186,343,050) (4,420,682) 98,437,604 4.30%
Ending Fund Balance 58,970,535 153,808,673 98,437,604 277.78%
Reserves
Contingency Reserve 10,723,871 10,723,871 - 100.00%
Non-Operating Reserve 10,000,000 10,000,000 - 100.00%
Impact Fee Reserve 3,190,000 3,190,000 - 100.00%
Reserves Total 23,913,871 23,913,871 - 100.00%
Available Fund Balance 35,056,664 129,894,802 98,437,604 412.93%
15
Quarterly Financial Report
OTHER MAJOR FUNDS:
Tourism Fund: While the COVID-19 pandemic
significantly impacted the tourism sector, the City
continues to see improvement in revenues in the
fund. Year-to-date revenue in the fund totals
$757,326, or 64.95% of budget. Hotel Occupancy Tax
revenue in this fund year-to-date totals $621,222
through the quarter, or 61.75% of budget. Through
this quarter, Hotel Occupancy Tax revenue is
$289,887, or 187.49% over year-to-date actuals of the
previous fiscal year. Staff will continue to market
Georgetown and are pleased to see occupancy rates
recovering.
Tourism Fund
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % Variance Variance % Variance
Revenues
40008:Other Taxes 1,006,014 331,335 621,222 (384,792) 61.75% 289,887 187.49%
42001:Interest Income 5,000 3,420 1,705 (3,295) 34.09% (1,715) 49.85%
45001:Misc Revenue 105,000 7,355 87,399 (17,601) 83.24% 80,045 1188.33%
44505:Sponsorship 50,000 - 47,000 (3,000) 94.00% 47,000 0.00%
Total Revenues 1,166,014 342,109 757,326 (408,688) 64.95% 415,217 221.37%
TOURISM EXPENSES:
The Operating expense budget for the Tourism Fund totals $1,546,004, which includes a $52,407 transfer out to
the General Fund. Year-to-date operating expenses total $719,038, or 46.51% of budget. Expenses are trending
lower than anticipated because of the timing of Tourism fund sponsored events such as Red Poppy Festival which
occurs in April. As part of the mid-year budget amendment that goes to Council in May, staff intends to recognize
additional appropriation to cover transactions from Popptoberfest that crossed fiscal years.
Tourism Fund
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Variance
Expenses
CC0001 Non-Departmental 52,407 28,634 52,407 - 100.00% (23,773) 183.02%
CC0208 CVB 1,285,897 563,603 550,836 735,061 42.84% 12,768 97.73%
CC0254 Poppy Festival 207,700 550 115,795 91,905 55.75% (115,245) 21053.73%
Total Expenses 1,546,004 592,787 719,038 826,966 46.51% (126,251) 121.30%
Overall, Tourism Fund expenditures are within budget and the fund can cover the 90-day Contingency Reserve.
Ending fund balance is budgeted to be $935,567 in FY2022 with an operating contingency reserve of $337,842, and
a capital reserve of $597,724.
K
100K
200K
300K
400K
500K
Q1 Q2
HOTEL OCCUPANCY TAX
FY2020 FY2021 FY2022
16
Quarterly Financial Report
Fund Schedule:
Tourism
Period: Mar-22 Budget Current Period Actuals Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 1,315,557 1,315,557 - 100.00%
Revenue
40008:Other Taxes 1,006,014 148,786 621,222 (384,792) 61.75%
42001:Interest Income 5,000 534 1,705 (3,295) 34.09%
45001:Misc Revenue 105,000 38,197 87,399 (17,601) 83.24%
44505:Sponsorship 50,000 16,500 47,000 (3,000) 94.00%
Total Revenue 1,166,014 204,017 757,326 (408,688) 64.95%
Expense
Personnel 441,002 30,548 211,753 229,249 48.02%
Operations 1,052,596 52,707 454,879 597,717 43.21%
Transfers 52,407 - 52,407 - 100.00%
Total Expense 1,546,004 83,255 719,038 826,966 46.51%
Excess (Deficiency) of Total Revenue over Total
Requirements (379,990) 120,762 38,288 418,278 -10.08%
Ending Fund Balance 935,567 120,762 1,353,845 418,278 118.44%
Reserves
Capital Reserve 597,724 597,724 - 100.00%
Contingency Reserve 337,842 337,842 - 100.00%
Reserves Total 935,566 935,566 - 100.00%
Available Fund Balance 1 418,279 418,278 57298504%
17
Quarterly Financial Report
Airport Fund:
Airport operating revenue budget totals $3,979,785.
Airport Charges, the largest segment of revenue totals
$2,375,423 year to date. This includes revenue for fuel
sales, facility lease, and hangar rentals. Total operating
revenues through the quarter are $2,377,329, or
59.74% of budget. Revenues are trending higher than
anticipated due to increases in the price of fuel.
Non-operating revenue are bond proceeds for capital
projects. The Airport Fund has $500,000 budgeted for
funding to complete an airport maintenance facility
that began design in FY2021. Bond proceeds will be
recognized as part of the City’s annual debt sale in the
spring. Total non-operating revenue through the
quarter is $44,231. This includes $36,731 in grant
revenue for the Taxiway Lighting Project.
Airport Fund
Quarterly Comparison: Q2
FY22 Budget FY2021 FY2022
FY2022 Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals:
Q2 FY21
YTD Actuals:
Q2 FY22 Variance % of Budget Variance % Variance
Operating Revenue
40001:Property Taxes 57,000 57,018 - (57,000) 0.00% (57,018) -100.00%
42001:Interest Income 3,025 1,079 1,906 (1,119) 62.99% 827 76.61%
43606:Airport Charges 3,919,760 871,233 2,375,423 (1,544,337) 60.60% 1,504,191 172.65%
Operating Revenue Total 3,979,785 929,329 2,377,329 (1,602,456) 59.74% 1,448,000 155.81%
Non-Operating Revenue
45001:Misc Revenue 1,000 - 7,500 6,500 750.00% 7,500 0.00%
44001:Grant Revenue 108,000 - 36,731 (71,269) 34.01% 36,731 0.00%
46001:Bond Proceeds 500,000 - - (500,000) 0.00% - 0.00%
Non-Operating Revenue Total 609,000 - 44,231 (564,769) 7.26% 44,231 0.00%
Total Revenue 4,588,785 929,329 2,421,560 (2,167,225) 52.77% 1,492,231 160.57%
Operating expenses in the Airport fund include a budget of $4,379,887. Year-to-date operation expenses totals
$3,730,416. The majority of the operations budget is fuel for sales. Year-to-date operating capital is $106,491, or
163.83% over budget. The Airport purchased a John Deere Track Loader and is awaiting TXDOT approval for partial
reimbursement through the CARES Act.
The budget for non-operating expenses total $1,434,226. This includes a CIP expense of $1,250,000 for the
construction of a maintenance facility at the airport. Staff included additional funding as part of the rollforward
budget amendment as the costs of the facility have increased after the design and bid. The remaining amount of
non-operating expense is for the airport’s debt service payment. The debt payment will be made in the summer to
align with the City’s annual debt schedule.
K
200K
400K
600K
800K
1.0M
Q1 Q2
AIRPORT FUND -FUEL SALES
FY2020 FY2021 FY2022
18
Quarterly Financial Report
Airport Fund
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals:
Q2 FY21
YTD Actuals:
Q2 FY22 Variance % of Budget Variance % Variance
Operating Expense
Personnel 509,810 101,472 182,461 327,349 35.79% (80,989) 79.81%
Operations 3,805,077 3,116,736 3,441,464 363,613 90.44% (324,727) 10.42%
Operating Capital 65,000 255 106,491 (41,491) 163.83% (106,236) 41693.96%
Total Operating Expenses 4,379,887 3,218,463 3,730,416 649,471 85.17% (511,953) 15.91%
Non-Operating Expense
CIP Expense 1,250,000 - - 1,250,000 0.00% - 0.00%
Debt Service 184,226 26,899 39,017 145,209 21.18% (12,119) 45.05%
Non-Operating Expense Total 1,434,226 26,899 39,017 1,395,209 2.72% 12,119 45.05%
Expense Total 5,814,113 3,245,362 3,769,433 2,044,680 64.83% 524,071 16.15%
19
Quarterly Financial Report
Fund Schedule:
Airport Operations
Period: Mar-22 Budget Current Period Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 2,004,102 2,004,102 - 100.00%
Operating Revenues
40001:Property Taxes 57,000 - - (57,000) 0.00%
42001:Interest Income 3,025 626 1,906 (1,119) 62.99%
43606:Airport Charges 3,919,760 485,937 2,375,423 (1,544,337) 60.60%
Total Operating Revenues 3,979,785 486,563 2,377,329 (1,602,456) 59.74%
Operating Expenses
Personnel 509,810 25,225 182,461 327,349 35.79%
Operations 3,805,077 432,928 3,441,464 363,613 90.44%
Operating Capital 65,000 60,991 106,491 (41,491) 163.83%
Total Operating Expenses 4,379,887 519,144 3,730,416 649,471 85.17%
Non-Operating Revenues
45001:Misc Revenue 1,000 - 7,500 6,500 750.00%
44001:Grant Revenue 108,000 - 36,731 (71,269) 34.01%
46001:Bond Proceeds 500,000 - - (500,000) 0.00%
Total Non-Operating Revenues 609,000 - 44,231 (564,769) 7.26%
Non-Operating Expenses
CIP Expense 1,250,000 - - 1,250,000 0.00%
Debt Service 184,226 - 39,017 145,209 21.18%
Total Non-Operating Expenses 1,434,226 - 39,017 1,395,209 2.72%
Excess (Deficiency) of Total Revenue over
Total Requirements (1,225,328) (32,580) (1,347,873) (122,545) 110.00%
Ending Fund Balance 778,774 (32,580) 656,229 (122,545) 84.26%
Reserves
AFR Adjustment - - - - 0.00%
Contingency Reserve 342,905 - 342,905 - 100.00%
Reserves for Debt Service 186,458 - 186,458 - 100.00%
Reserves Total 529,363 529,363 - 100.00%
Available Fund Balance 249,411 - 126,866 (122,545) 50.87%
20
Quarterly Financial Report
Stormwater Fund:
Stormwater operating revenue budget totals $3,979,407.
Stormwater charges, the largest section of revenue, totals
$2,181,032 year-to-date. This primarily includes revenue for Non-
Residential and Residential Operations. Also included in
Stormwater charges is Pond Maintenance. Total operating
revenues through the quarter are $2,208,685, or 55.50% of budget.
Non-operating revenue are bond proceeds for capital projects. The
Stormwater Fund has $500,000 budgeted for funding to conduct
curb and gutter repair. Bond proceeds will be recognized as part of
the City’s annual debt sale in the spring.
Stormwater Services
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date: Budget Vs.
Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Variance
Operating Revenue
41002:Penalties 32,000 21,664 24,237 (7,763) 75.74% 2,572 11.87%
42001:Interest Income 6,800 6,412 3,415 (3,385) 50.23% (2,996) -46.73%
43605:Stormwater Charges 3,940,607 2,066,214 2,181,032 (1,759,575) 55.35% 114,818 5.56%
Operating Revenue Total 3,979,407 2,094,290 2,208,685 (1,770,722) 55.50% 114,395 5.46%
Non-Operating Revenue
46001:Bond Proceeds 500,000 - - (500,000) 0.00% - 0.00%
Non-Operating Revenue Total 500,000 - - (500,000) 0.00% - 0.00%
Total Revenue 4,479,407 2,094,290 2,208,685 (2,270,722) 49.31% 114,395 5.46%
Operating expenses in the Stormwater Fund include a budget of $3,952,554. Year-to-date operating expenses total
$1,680,780. Operating Capital has a budget of $500,000 for infrastructure improvements and various drainage and flood
mitigation maintenance. Year-to-date operating capital is $28,660, or 5.73% of budget.
The budget for non-operating expenses total $2,031,987. This includes a CIP expense of $1,540,847 for the construction
of curb and gutters as well as drainage improvements and Stormwater Infrastructure. Debt Service has a budget of
$491,140.
900K
1.0M
1.1M
1.2M
Q1 Q2
STORMWATER CHARGES
FY2020 FY2021 FY2022
21
Quarterly Financial Report
Stormwater Services
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date: Budget Vs.
Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Variance
Operating Expense
Personnel 746,759 259,856 284,432 462,327 38.09% (24,576) 9.46%
Operations 2,391,014 940,717 1,175,394 1,215,620 49.16% (234,677) 24.95%
Operating Capital 500,000 918 28,660 471,340 5.73% (27,742) 3021.10%
Transfers 314,780 167,050 192,294 122,486 61.09% (25,244) 15.11%
Total Operating Expenses 3,952,554 1,368,542 1,680,780 2,271,774 42.52% (312,239) 22.82%
Non-Operating Expense
CIP Expense 1,540,847 184,245 302,561 1,238,286 19.64% (118,317) 64.22%
Debt Service 491,140 84,904 76,367 414,773 15.55% 8,538 -10.06%
Non-Operating Expense Total 2,031,987 269,149 378,928 1,653,059 18.65% 109,779 40.79%
Expense Total 5,984,541 1,637,691 2,059,708 3,924,833 34.42% 422,017 25.77%
Overall, Stormwater expenditures are within budget and the fund can cover the 90-day Contingency Reserve. Ending fund
balance is budgeted to be $1,837,640 in FY2022 with an operating contingency reserve of $413,189 and a debt service
reserve of $486,959.
22
Quarterly Financial Report
Fund Schedule:
Stormwater Services
Period: Mar-22 Budget Current Period Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 3,342,774 3,342,774 - 100.00%
Operating Revenues
41002:Penalties 32,000 3,818 24,237 (7,763) 75.74%
42001:Interest Income 6,800 1,078 3,415 (3,385) 50.23%
43605:Stormwater Charges 3,940,607 382,289 2,181,032 (1,759,575) 55.35%
Total Operating Revenues 3,979,407 387,185 2,208,685 (1,770,722) 55.50%
Operating Expenses
Personnel 746,759 48,658 284,432 462,327 38.09%
Operations 2,391,014 194,759 1,175,394 1,215,620 49.16%
Operating Capital 500,000 28,003 28,660 471,340 5.73%
Transfers 314,780 27,028 192,294 122,486 61.09%
Total Operating Expenses 3,952,554 298,448 1,680,780 2,271,774 42.52%
Available Operating Funds 26,853 88,737 527,904 501,051 1965.88%
Non-Operating Revenues
46001:Bond Proceeds 500,000 - - (500,000) 0.00%
Total Non-Operating Revenues 500,000 - - (500,000) 0.00%
Non-Operating Expenses
CIP Expense 1,540,847 9,892 302,561 1,238,286 19.64%
Debt Service 491,140 - 76,367 414,773 15.55%
Total Non-Operating Expenses 2,031,987 9,892 378,928 1,653,059 18.65%
Excess (Deficiency) of Total Revenue over Total
Requirements (1,505,134) 78,846 148,976 1,654,110 -9.90%
Ending Fund Balance 1,837,640 78,846 3,491,750 1,654,110 190.01%
Reserves
Contingency Reserve 413,189 389,470 (23,719) 94.26%
Debt Service Reserve 486,959 480,662 (6,297) 98.71%
Reserves Total 900,148 870,132 (30,016) 96.67%
Available Fund Balance 937,492 2,621,618 1,684,126 279.64%
23
Quarterly Financial Report
GTEC REVENUE
Operating revenue is comprised of sales tax and allocated
interest. The budget for sales tax collections for GTEC is
$11,125,005. Year-to-date sales tax revenue totals $4,109,187,
or 36.94% of budget. Through this period, sales tax collections
are up $806,732, or 24.43% over year-to-date collections from
the prior fiscal year. The City continues to see and monitor the
strong performance in sales tax.
Non-Operating revenue has a budget of $3,700,000 and is made
up of bond proceeds. GTEC anticipates project funding for
Project Diana and Costco in FY2022. Bond proceeds will be
recognized in the spring as part of the City’s annual bond
issuance.
GTEC
Quarterly Comparison: Q2
FY22 Budget FY2021 FY2022
FY2022 Year-to-date:
Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Varaince
Operating Revenue
40002:Sales Taxes 11,125,005 3,302,454 4,109,187 (7,015,818) 36.94% 806,732 24.43%
42001:Interest Income 24,000 16,769 11,768 (12,232) 49.03% (5,001) -29.82%
Operating Revenue Total 11,149,005 3,319,223 4,120,954 (7,028,051) 36.96% 801,731 24.15%
Non-Operating Revenue
46001:Bond Proceeds 3,700,000 - - (3,700,000) 0.00% - 0.00%
Non-Operating Revenue Total 3,700,000 - - (3,700,000) 0.00% - 0.00%
Revenue Total 14,849,005 3,319,223 4,120,954 (10,728,051) 27.75% 801,731 24.15%
Operating expenses year-to-date total $646,533, or 18.58% of budget through the period. Operating expenses are
predominately made up of administrative expenses and transfers to other City funds. Administrative expenses include the
allocation for City staff to support the GTEC fund. Year-to-date administrative expenses total $123,708, or 50.00% of
budget. Through the quarter, GTEC transferred out $522,825 for their portion of debt that is paid out of the General Debt
Service fund.
Non-Operating expense budget totals $23,346,242. Year-to-date non-operating expenses total $11,041,682, or 47.30% of
budget through the period. Non-Operating expenses include funding for strategic partnerships, capital improvement
projects, and debt service payment. GTEC’s year-to-date debt service payment totals $98,125, or 10.39% of budget. The
debt service payment will be made in the summer and aligns all other debt service payments for the City. CIP expense
budget totals $19,901,742 in the current year. This amount includes the CIP Roll Forward amendment approved by Council
in January.
K
500K
1.0M
1.5M
2.0M
2.5M
3.0M
3.5M
Q1 Q2
SALES TAX REVENUE
FY2020 FY2021 FY2022
24
Quarterly Financial Report
GTEC
Quarterly Comparison: Q2 FY22 Budget Budget Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % of Budget Variance % Varaince
Operating Expense
Operations 247,716 219,771 123,708 124,008 49.94% 96,063 -43.71%
Operating Capital - 4,140 - - 0.00% 4,140 -100.00%
Transfers 3,232,111 420,122 522,825 2,709,286 16.18% (102,702) 24.45%
Operating Expense Total 3,479,827 644,034 646,533 2,833,294 18.58% (2,499) 100.39%
Non-Operating Expense
Operations 2,500,000 - - 2,500,000 0.00% - 0.00%
CIP Expense 19,901,742 1,694,198 10,943,557 8,958,185 54.99% (9,249,359) 545.94%
Debt Service 944,500 110,525 98,125 846,375 10.39% 12,400 -11.22%
Non-Operating Expense Total 23,346,242 1,804,723 11,041,682 12,304,560 47.30% (9,236,959) 511.82%
Expense 26,826,069 2,448,756 11,688,215 15,137,854 56.43% (9,239,459) 377.31%
Ending fund balance for FY2022 is budgeted to be $26,922,979. After accounting for the contingency reserve of
$2,617,664, and the debt service reserve of $3,918,959, this fund will have an available fund balance of $20,386,356.
25
Quarterly Financial Report
Fund Schedule:
GTEC
Period: Mar-22 Budget Current Period Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 38,900,043 38,900,043 - 100.00%
Operating Revenue
40002:Sales Taxes 11,125,005 972,379 4,109,187 (7,015,818) 36.94%
42001:Interest Income 24,000 4,504 11,768 (12,232) 49.03%
Operating Revenue Total 11,149,005 976,883 4,120,954 (7,028,051) 36.96%
Operating Expense
Operations 247,716 20,618 123,708 124,008 49.94%
Operating Capital - - - - 0.00%
Transfers 3,232,111 - 522,825 2,709,286 16.18%
Operating Expense Total 3,479,827 20,618 646,533 2,833,294 18.58%
Net Operations Total 7,669,178 956,265 3,474,422 (9,861,345) 45.30%
Non-Operating Revenue
46001:Bond Proceeds 3,700,000 - - (3,700,000) 0.00%
Non-Operating Revenue Total 3,700,000 - - (3,700,000) 0.00%
Non-Operating Expense
Operations 2,500,000 - - 2,500,000 0.00%
CIP Expense 19,901,742 1,169,422 10,943,557 8,958,185 54.99%
Debt Service 944,500 - 98,125 846,375 10.39%
Non-Operating Expense Total 23,346,242 1,169,422 11,041,682 12,304,560 47.30%
Excess (Deficiency) of Total Revenue over Total
Requirements (11,977,064) (8,517,855) (10,395,149) 1,581,914 86.79%
Ending Fund Balance 26,922,979 31,332,783 4,409,803 116.38%
Reserves
AFR Adjustment - - - 0.00%
Contingency Reserve 2,617,664 2,617,664 - 100.00%
Debt Service Reserve 3,918,959 3,918,959 - 100.00%
Reserves Total 6,536,623 6,536,623 - 100.00%
Available Fund Balance 20,386,356 24,796,160 4,409,803 121.63%
26
Quarterly Financial Report
GEDCO
Operating revenue has a total budget of $2,806,251 in FY2022 and
is comprised of sales tax and allocated interest. The budget for sales
tax collections for GEDCO is $2,781,251. Year-to-date sales tax
revenue totals $1,027,297, or 36.94% of budget. Through this
period, sales tax collections are up $201,683, or 24.43% over year-
to-date collections from the prior fiscal year. There is a two-month
lag in sales tax collections/reporting. The City continues to see and
monitor the strong performance in sales tax.
Non-Operating revenue, which typically includes bond proceeds, is
not part of the FY2022 budget. Currently, staff does not anticipate
the need to issue debt in this fiscal year.
GEDCO
Quarterly Comparison: Q2 FY22 Budget FY2021 FY2022
FY2022 Year-to-date: Budget
Vs. Actuals Quarterly Comparison
FY2022 YTD Actuals:
Q2 FY21
YTD Actuals:
Q2 FY22 Variance % Variance Variance % Variance
Operating Revenue
40002:Sales Taxes 2,781,251 825,614 1,027,297 (1,753,954) 36.94% 201,683 24.43%
42001:Interest Income 25,000 21,010 4,481 (20,519) 17.92% (16,530) -78.67%
Operating Revenue Total 2,806,251 846,624 1,031,778 (1,774,473) 36.77% 185,154 21.87%
Non-Operating Revenue
Revenue Total 2,806,251 846,624 1,031,778 (1,774,473) 36.77% 185,154 21.87%
Operating expenses have a total budget of $884,873 for FY2022. Year-to-date operational expenses incurred total
$304,968, or 34.46% of budget. Operating expenses include administrative expenses, marketing costs, contractual
services, subscriptions, and operating transfers to other City funds. Administrative expenses include the allocation for City
staff to support the GEDCO fund. Year-to-date administrative expense total $173,802, or 50.00% of budget. The GEDCO
fund has dedicated funding to market the City for potential economic development.
Year-to-date marketing efforts total $20,111, or 13.41% of budget. Contractual services include $130,000 budgeted for
consulting in FY2022. GEDCO will transfer out $202,769 in FY2022. The transfer out is to the Water fund to repay GEDCO’s
portion of loan from the Water fund.
K
200K
400K
600K
800K
1.0M
Q1 Q2
SALES TAX REVENUE
FY2020 FY2021 FY2022
27
Quarterly Financial Report
Non-Operating expense budget totals $1,168,048. Year-to-date non-operating expenses total $2,840,000, or 243.14% of
budget through the period. Non-Operating expenses include funding for strategic partnerships and GEDCO’s debt service
payment. GEDCO has a budget of $976,000 for economic development agreements in FY2022. Year-to-date expenses for
economic development agreements total $2,840,000 for Titan North Park and Champion Site Prep. Staff anticipates
paying approximately $5.9M in economic development agreements during the fiscal year. Staff will include GEDCO as
part of the year-end budget amendment to increase appropriation for the upcoming economic development agreements.
Additionally, non-operating expense is where GEDCO’s budgets for the funds debt service payment. The debt service
payment includes principal reduction of $74,511, and an interest expense of $17,537. The debt service payment will be
reflected in the Q3 report as it aligns with the City’s annual debt payment.
GEDCO
Quarterly Comparison: Q2
FY22 Budget FY2021
FY2022
FY2022 Year-to-date: Budget Vs.
Actuals Quarterly Comparison
FY2022 YTD Actuals: Q2
FY21
YTD Actuals: Q2
FY22 Variance % Variance Variance % Variance
Operating Expense
Operations 682,104 227,997 266,084 416,020 39.01% (38,087) -16.70%
Transfers 202,769 1,040,084 38,884 163,885 19.18% (1,001,200) -96.26%
Operating Expense Total 884,873 1,268,082 304,968 579,905 34.46% 963,113 75.95%
Non-Operating Expense
Operations 1,076,000 400,000 2,840,000 (1,764,000) 263.94% (2,440,000) -610.00%
Debt Service 92,048 - - 92,048 0.00% - 0.00%
Operating Expense Total 1,168,048 400,000 2,840,000 (1,671,952) 243.14% 2,440,000 610.00%
Expense Total 2,052,921 1,668,082 3,144,968 (1,092,047) 153.19% (1,476,887) 189%
Ending fund balance for FY2022 is anticipated to be $1,746,055. After accounting for the contingency reserve of $665,371,
and the debt service reserve of $204,019, this fund is budgeted to have an available fund balance of $876,665.
0
100,000
200,000
300,000
400,000
51001:Administrative
Expense
51003:Marketing &
Promotional
51004:Contractual Services 51006:Subscriptions 51010:Legal Services 80001:Transfers Out
OPERATING EXPENSE BY LEDGER
YTD Actuals W /Encumbrances FY2022 Budget
28
Quarterly Financial Report
Fund Schedule:
GEDCO
Period: Mar-22 Budget Current Period Year-to-date FY2022 Year-to-date: Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals
W/Encumbrances Variance % of Budget
Beginning Fund Balance 992,725 992,725 - 100.00%
Operating Revenue
40002:Sales Taxes 2,781,251 243,095 1,027,297 (1,753,954) 36.94%
42001:Interest Income 25,000 840 4,481 (20,519) 17.92%
Operating Revenue Total 2,806,251 243,934 1,031,778 (1,774,473) 36.77%
Operating Expense
Operations 682,104 31,728 266,084 416,020 39.01%
Transfers 202,769 - 38,884 163,885 19.18%
Operating Expense Total 884,873 31,728 304,968 579,905 34.46%
Net Operations Total 1,921,378 212,207 726,809 1,194,569 37.83%
Non-Operating Revenue
Non-Operating Expense
Operations 1,076,000 500,000 2,840,000 1,764,000 263.94%
Debt Service 92,048 - - (92,048) 0.00%
Non-Operating Expense Total 1,168,048 500,000 2,840,000 1,671,952 243.14%
Excess (Deficiency) of Total Revenue
over Total Requirements 753,330 (287,793) (2,113,191) (2,866,521) -280.51%
Ending Fund Balance 1,746,055 1,719,534 (26,521) 98.48%
Reserves
AFR Adjustment - - - - 0.00%
Contingency Reserve 665,371 - 665,371 - 100.00%
Debt Service Reserve 204,019 - 204,019 - 100.00%
Reserves Total 869,390 - 869,390 - 100.00%
Available Fund Balance 876,665 - 850,144 (26,521) 96.97%
29
Quarterly Financial Report
VILLAGE PID MONTHLY REPORT AS OF MARCH 31, 2022
Revenues are comprised of property tax and allocated
interest. The City receives the bulk of property tax revenues
in January and February. The City anticipates receiving
$522,274 in property tax revenue this year, as well as $1,000
in allocated interest.
Year-to-date, property tax revenue totals $499,536, or
95.65% of budget. Property tax revenue year-to-date is up -
12.27%, or $54,604 compared to this time last year. There
are multiple factors such as payment collections, collection
rates, and protested values that can affect property tax
revenue.
Expenses include administrative charges, capital, contractual services, insurance, maintenance, and marketing.
Year-to-date operational expenses with encumbrances total $277,871 or 29.70% of budget. The Parks Department
has contracted for Parks Capital Improvements which total $46,500 year to date.
Ending Fund Balance
For FY2022, it is budgeted that the Village PID will have an ending fund balance of $290,143. After accounting for
the contingency reserve of $113,053, this fund will have an available fund balance of $177,090.
K
250K
500K
Q1 Q2
PROPERTY TAX REVENUES
FY2021 FY2022
30
Quarterly Financial Report
Fund Schedule:
COG - Village PID Financial Report
Period: Mar-22 Budget Current Period Budget Vs. Actuals
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 702,519 702,519 - 100.00%
Revenue
40001:Property Taxes 522,274 4,442 499,536 (22,738) 95.65%
42001:Interest Income 1,000 43 187 (813) 18.68%
Revenue Total 523,274 4,485 499,723 (23,551) 95.50%
Expense
53004:Insurance Expense 1,030 - - 1,030 0.00%
51001:Administrative Expense 37,651 3,138 18,826 18,825 50.00%
51002:Publishing & Printing 2,163 - - 2,163 0.00%
51004:Contractual Services 20,600 1,250 20,000 600 97.09%
51005:Professional Services - - - - 0.00%
51007:Contracts & Leases 178,705 10,894 137,506 41,199 76.95%
51008:Utilities 57,680 3,565 31,775 25,905 55.09%
52509:Maintenance Expense 97,596 - 3,476 94,120 3.56%
60004:Capital Outlay - Equipment 19,789 - 19,789 - 100.00%
60009:Capital Outlay - Improvements 520,436 - 46,500 473,936 8.93%
Expense Total 935,650 18,846 277,871 657,779 29.70%
Excess (Deficiency) of Total Revenue
over Total Requirements (412,376) (14,361) 221,852 (634,228) -53.80%
Ending Fund Balance 290,143 (14,361) 924,371 634,228 318.59%
Reserves
Contingency Reserve 113,053 - 113,053 - 100.00%
Debt Service Reserve - - - - 0.00%
Reserves Total 113,053 113,053 - 100.00%
Available Fund Balance 177,090 - 811,318 634,228 458.14%
31
Quarterly Financial Report
Council Discretionary
Period: Mar-22 Budget Current Period
FY2022 Mar-22 YTD Actuals Variance % of Budget
Beginning Fund Balance 2,317,139 2,317,139 - 100.00%
Revenue
42001:Interest Income 150 0 0 (150) 0.08%
70001:Transfers In 2,670,950 - - (2,670,950) 0.00%
Total Revenue 2,671,100 0 0 (2,671,100) 0.00%
Expense
Transfers - - - - 0.00%
Total Expense - - - - 0.00%
Excess (Deficiency) of Total Revenue over Total
Requirements 2,671,100 0 0 (2,671,100) 0.00%
Ending Fund Balance 4,988,239 0 2,317,139 (2,671,100) 46.45%
Reserves
AFR Adjustment - - - -
Contingency Reserve - - - -
Debt Service Reserve - - - -
Reserves Total - - - -
Available Fund Balance 4,988,239 2,317,139 (2,671,100) 46.45%
Year-to-Date Actuals Budget Vs. Actuals
32
Quarterly Financial Report
Joint Services
Period: Mar-22 Budget Current Period
FY2022 Mar-22 YTD Actuals
w/Encumbrances Variance % of Budget
Beginning Fund Balance 2,418,339 2,418,339 - 100.00%
Revenue
41002:Penalties - 2,574 16,877 16,877 0.00%
42001:Interest Income 6,250 898 2,290 (3,960) 36.65%
43001:Fees 11,600 3,750 14,010 2,410 120.78%
43004:Administrative Charges 20,945,621 1,797,981 10,787,887 (10,157,734) 51.50%
43005:Rental Revenue - - 100 100 0.00%
45001:Misc Revenue - - 300 300 0.00%
45002:Insurance Proceeds 100,000 16,543 95,709 (4,291) 95.71%
45003:Misc Reimbursements 120,000 12,510 23,603 (96,398) 19.67%
44502:Developer Contributions - - 0 0 0.00%
70001:Transfers In 1,597,491 - - (1,597,491) 0.00%
Revenue Total 22,780,962 1,834,257 10,940,776 (11,840,186) 48.03%
Expense
CC0001 Non-Departmental 1,079,500 163,332 935,830 143,670 86.69%
CC0302 Finance Administration 1,258,221 112,762 670,144 588,077 53.26%
CC0315 Accounting 1,610,064 123,730 692,663 917,401 43.02%
CC0316 Municipal Court - - - - 0.00%
CC0317 Purchasing 1,083,516 80,534 508,008 575,508 46.89%
CC0321 Utility Customer Service 1,083,714 314,702 1,184,749 (101,035) 109.32%
CC0322 Utility Customer Billing 1,314,893 179,377 695,218 619,675 52.87%
CC0324 Customer Admin & Data Analytics 4,808,701 36,539 1,672,034 3,136,667 34.77%
CC0503 Organizational and Operational Excellence 384,444 24,131 146,624 237,820 38.14%
CC0526 Systems Engineering 3,214,334 212,651 1,524,107 1,690,227 47.42%
CC0534 Conservation - 1,350 49,745 (49,745) 0.00%
CC0637 Economic Development 662,086 46,803 283,525 378,561 42.82%
CC0639 Human Resources 1,756,172 129,356 778,768 977,404 44.34%
CC0640 Citywide Human Resources 1,455,243 73,685 900,937 554,305 61.91%
CC0654 Legal 1,464,064 159,050 540,598 923,465 36.92%
CC0658 Real Estate Services 257,869 3,812 3,812 254,057 1.48%
Expense Total 21,432,821 1,661,813 10,586,762 10,846,059 49.40%
Excess (Deficiency) of Total Revenue over Total
Requirements 1,348,141 172,444 354,014 (994,127) 26.26%
Ending Fund Balance 3,766,480 2,772,353 (994,127) 73.61%
Reserves
Contingency Reserve 2,435,966 2,435,966 - 100.00%
Reserves Total 2,435,966 2,435,966 - 100.00%
Available Fund Balance 1,330,515 336,387 (994,128) 25.28%
Year-to-Date Actuals Budget Vs. Actuals
33
Quarterly Financial Report
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 second quarter of
fiscal year 20 22 includes the m aturing , reinvesting , and new investments of
financial institution deposits (CDs). Interest rates continue to be low for
money market accounts, Treasury bills, and CD’s, but began to increase this
quarter after the FOMC met. Th e City is w orking to establish a safekeeping
account with Wells Fargo within the next quarter, so that we can begin
in vesting in securities again. Securities are trending higher than cd’s
currently for longer term investments. We continue to experience a decline
in the number of banks responding to our investm ent offerings.
The FOMC met on March 15th and 16th and announced the much-anticipated
increase in the Fed Funds Rate of 25 basis-points. They additionally reported
that they will announce a reduction in their balance sheet (i.e. sell securities
from their portfolio) at an upcoming meeting. Their overall assessment of the
economy was that it has continued to improve, but that inflation has risen
enough to warrant raising short-term interest rates. Th e City will continue
soliciting for the best rates to improve both diversity and yield, while keeping
in mind safety and liquidity.
The Investment Repo rts are for the quarter ending March 31, 2022. Valley
View Consulting, L.L.C., has prepared the attached investm ent reports. A
component of o ur investm e nt advisory services contract includes Valley View
preparing t he quarterly investment reports on behalf of th e City. A summary
of the investment balances as of March 31, 2022, compared to the prior
quarter, is shown below for the Cit y, as w ell as Georgetow n Transportation
Enhancem ent Corporation (GTEC) and Georgetow n Economic Development
Corporation (GEDCO ). Included in the City p ortfolio are debt service,
consolidated funds, and bond proceed s. Th e breakdown of the City’s
p ortfo lio is consolidated at 72%, debt service at 5%, and bond proceeds/grants
at 23%.
Th e City p ortfolio increased during this quarter, due to property tax payment
revenue. Th e GTEC and GEDCO portfolios decreased due to debt service
intere st payments in February, large capital project payments, and e conomic
development agreement payments. The average yield increased on all
portfolios due to increased rates in our pools and newly p urchased cd’s.
34
Quarterly Financial Report
CITY Book Va lu e GTEC GEDCO
12 /31/21 3/31/22 12 /31/21 3/31/22 12 /31/21 3/31/22
Total cash
and
investments
$4 13 ,5 0 7 ,19 7 $445,453,842 $41,274,830 $35,315,924 $10 ,6 2 4 ,975 $8,740,959
Quarter
End
Averag e
Yie ld
.13% .37% .04 % .15 % .08 % .19 %
Th e Cit y’s stra tegy contin ues to be matching m aturities with cash flow needs, while
focusing on the investment policy’s long -range goals. The City’s investment strategy
is to “ladder” or stagger m aturities, thus minimizing erratic in terest rate fluctuation s.
Th e City is continuing to manage the yie ld on bond proceeds for arbitrage purposes.
The City’s investment portfolio generally includes bank deposits, local government
investment pool balan c es, money market accounts, and financial institution deposits
(CD ’s ). All of these invest m ents m eet the safety requirements of th e PFIA. Local
Government Investment Pools must m aintain a rating of AAAm , Secu rities (Treasury
Bills) must have direct or im plied backing of the Federal Government and Financial
Institution Deposit s (CDs and m oney m arket accounts) must be collateralized w ith
FDIC insurance or obligations with an implied backing from the Federal
Governm ent. The collateral on all City investments a re m onitored m onthly to ensure
the financial institutions c arry m inim um collateral of 100% with a letter of credit or
10 2 % with pledged securities for all of the City’s investments. All securities he ld by
fin ancial institutions as collateral on behalf of the City have been reviewed and met
PFIA-minimum rating criteria.
Th e City is currently transitioning the depository bank contract from Chase to Wells
Fargo. Staff will work with Wells Fargo to find an average daily balance that is b est to
35
Quarterly Financial Report
receive the hig h est yield on the account. These balances earn credit against the fees
charg ed by the bank. Th e City will continue to verify d epository yield versus
in vestment yield to achieve the best outcome.
III. CAPITAL IMPROVEMENT P ROJECTS
A fina n cial sum m ary of capital improvement projects is attached to this rep ort. Th is
report provides a Life -to-Date picture of all active projects since many capital
projects take m ultiple fiscal ye ars to construct to completion. With our growing
capital in frastructure im plem entation portfolio due to demand for transportation
and water services, City staff have formed two working groups with the goal of
im proving work capacity and efficiencies, and ultim ately custom er service, related to
capital projects. One group is focused on increm entally improving capital project
reporting internally and externally citywide – including financial inform ation as well
as scheduling , geographic location, and other inform ation. Th e s econd group is
focused on the re-o rganization of development-related capital im provem ents
delivered by Systems Engineering. Both groups will continue working through
FY2022.
36
Quarterly Financial Report
CITY
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
March 31, 2022
Prepared by
Valley View Consulting, L.L.C.
________________________________________________________________________
Leigh Wallace Nathan Parras
Finance Director Assistant Finance Director
________________________________________________________________________
Karrie Pursley Elaine Wilson
Treasurer Assistant Finance Director
The investment portfolio of the City of Georgetown is in compliance with the Public Funds Investment Act and
the Investment Policy and Strategies.
Disclaimer: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
Quarterly Financial Report
Summary
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
Demand Accounts 21,185,795$ 21,185,795 22,627,370$ 22,627,370$ 0.23%
NOW/MMA 23,057,882 23,057,882 11,053,426 11,053,426 0.45%
Pools 205,062,610 205,062,610 176,478,474 176,478,474 0.12%
CDs/Securities 164,200,910 164,200,910 235,294,573 235,294,573 0.57%Totals 413,507,197$ 413,507,197$ 445,453,842$ 445,453,842$ 0.37%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 0.37%Total Portfolio 0.25%
Rolling Three Month Treasury 0.31%Rolling Three Month Treasury 0.18%
Rolling Six Month Treasury 0.36%Rolling Six Month Treasury 0.22%
TexPool 0.15%TexPool 0.10%
Bank Fees Offset
12,530$
Interest earnings provided in separate report.24,617$
December 31, 2021
(1) Quarter End Average Yield - 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, pool, and money market balances.
(2) Fiscal Year-to-Date 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.
Quarterly Bank Fees Offset
Year-to-date Bank Fees Offset
March 31, 2022
City of Georgetown Valley View Consulting, L.L.C.
38
Quarterly Financial ReportEconomic Overview3/31/2022 The Federal Open Market Committee (FOMC) raised the Fed Funds target range to 0.25% to 0.50% (Effective Fed Funds are trading +/-0.30%). The FOMC ended monthly security purchases and may begin reducing their balance sheet. The market projection 4 to 6 more increases this calendar year. Final Fourth Quarter GDP recorded +6.9%. March Non-Farm Payroll missed estimates adding 431k net new jobs. Decreasing the Three Month Average NFP to 562k. Crude oil declined to +/-$100 per barrel. The Stock Markets have recovered from the "correction" and slowly regained some lost ground. Some domestic economic indicators, including housing, softened. Inflation remained well over the FOMC 2% target (Core PCE +/-5.4%). The FOMC Fed Funds target projections pushed the yield curve to a Three Year Maturity peak.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,0003,2503,5003,7504,0004,2504,5004,7505,0005,250S&P 5000.000.501.001.502.002.503.003.50US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesMarch 31, 2021December 31, 2021March 31, 20220.000.501.001.502.002.503.003.504.004.505.005.506.00US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.39
Quarterly Financial Report
City - Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
JPMorgan Chase Cash (3)0.23%04/01/22 03/31/22 22,627,370$ 22,627,370$ 1.00 22,627,370$ 1 0.23%
JPMorgan Chase MMA 0.03%04/01/22 03/31/22 434,178 434,178 1.00 434,178 1 0.03%
Veritex Community Bank MMA 0.27%04/01/22 03/31/22 3,216,296 3,216,296 1.00 3,216,296 1 0.27%
NexBank MMA 0.55%04/01/22 03/31/22 7,402,952 7,402,952 1.00 7,402,952 1 0.55%
TexPool AAAm 0.15%04/01/22 03/31/22 60,684,122 60,684,122 1.00 60,684,122 1 0.15%
TexSTAR AAAm 0.11%04/01/22 03/31/22 115,794,352 115,794,352 1.00 115,794,352 1 0.11%
Prosperity Bank CD 0.35%04/21/22 10/21/20 2,512,394 2,512,394 100.00 2,512,394 21 0.35%
Independent Bank CD 0.30%04/22/22 04/22/21 4,221,377 4,221,377 100.00 4,221,377 22 0.30%
Independent Bank CD 0.35%05/09/22 02/08/21 4,014,018 4,014,018 100.00 4,014,018 39 0.35%
Prosperity Bank CD 0.35%05/17/22 11/17/20 2,009,319 2,009,319 100.00 2,009,319 47 0.35%
Prosperity Bank CD 0.20%06/13/22 06/11/21 5,007,484 5,007,484 100.00 5,007,484 74 0.20%
East West Bank CD 0.18%06/20/22 12/20/21 2,501,258 2,501,258 100.00 2,501,258 81 0.18%
East West Bank CD 0.18%06/20/22 12/20/21 3,001,509 3,001,509 100.00 3,001,509 81 0.18%
East West Bank CD 0.18%06/20/22 12/20/21 2,501,258 2,501,258 100.00 2,501,258 81 0.18%
Prosperity Bank CD 0.20%07/01/22 07/01/21 4,029,448 4,029,448 100.00 4,029,448 92 0.20%
Prosperity Bank CD 0.20%07/25/22 04/23/21 5,009,158 5,009,158 100.00 5,009,158 116 0.20%
Prosperity Bank CD 0.20%08/01/22 05/25/21 5,008,335 5,008,335 100.00 5,008,335 123 0.20%
East West Bank CD 0.45%08/01/22 02/01/22 2,002,920 2,002,920 100.00 2,002,920 123 0.45%
East West Bank CD 0.53%08/10/22 02/10/22 3,002,179 3,002,179 100.00 3,002,179 132 0.53%
East West Bank CD 0.17%08/15/22 11/15/21 4,002,553 4,002,553 100.00 4,002,553 137 0.17%
Prosperity Bank CD 0.35%08/22/22 11/20/20 2,511,649 2,511,649 100.00 2,511,649 144 0.35%
Prosperity Bank CD 0.20%09/12/22 06/11/21 5,007,484 5,007,484 100.00 5,007,484 165 0.20%
East West Bank CD 0.26%09/20/22 12/20/21 2,001,454 2,001,454 100.00 2,001,454 173 0.26%
Independent Bank CD 0.30%10/18/22 10/18/21 2,558,726 2,558,726 100.00 2,558,726 201 0.30%
Prosperity Bank CD 0.20%10/24/22 04/23/21 5,009,158 5,009,158 100.00 5,009,158 207 0.20%
East West Bank CD 0.21%11/15/22 11/15/21 10,007,885 10,007,885 100.00 10,007,885 229 0.21%
Prosperity Bank CD 0.40%11/17/22 11/17/20 2,010,654 2,010,654 100.00 2,010,654 231 0.40%
Prosperity Bank CD 0.15%11/23/22 08/23/21 2,001,743 2,001,743 100.00 2,001,743 237 0.15%
Prosperity Bank CD 0.15%12/21/22 09/21/21 5,003,720 5,003,720 100.00 5,003,720 265 0.15%
East West Bank CD 1.06%12/26/22 03/25/22 12,002,440 12,002,440 100.00 12,002,440 270 1.07%
R Bank CD 0.60%12/31/22 06/30/21 1,004,514 1,004,514 100.00 1,004,514 275 0.60%
East West Bank CD 0.42%01/09/23 01/07/22 5,015,327 5,015,327 100.00 5,015,327 284 0.42%
East West Bank CD 0.51%01/20/23 01/20/22 10,009,925 10,009,925 100.00 10,009,925 295 0.51%
East West Bank CD 0.83%02/08/23 02/08/22 8,009,465 8,009,465 100.00 8,009,465 314 0.83%
Bank OZK CD 0.18%02/23/23 08/23/21 4,204,417 4,204,417 100.00 4,204,417 329 0.18%
East West Bank CD 1.19%02/27/23 02/25/22 20,022,835 20,022,835 100.00 20,022,835 333 1.20%
March 31, 2022
City of Georgetown Valley View Consulting, L.L.C.
40
Quarterly Financial Report
City - Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
March 31, 2022
Veritex Community Bank CD 0.18%03/09/23 09/09/21 4,003,572 4,003,572 100.00 4,003,572 343 0.18%
East West Bank CD 1.15%03/14/23 03/14/22 15,008,509 15,008,509 100.00 15,008,509 348 1.16%
East West Bank CD 1.29%03/27/23 03/25/22 25,006,186 25,006,186 100.00 25,006,186 361 1.30%
Prosperity Bank CD 0.20%04/24/23 04/23/21 5,009,158 5,009,158 100.00 5,009,158 389 0.20%
Prosperity Bank CD 0.20%05/01/23 05/25/21 5,008,335 5,008,335 100.00 5,008,335 396 0.20%
Bank OZK CD 0.20%06/12/23 06/11/21 5,018,797 5,018,797 100.00 5,018,797 438 0.20%
R Bank CD 0.73%06/30/23 06/30/21 1,005,475 1,005,475 100.00 1,005,475 456 0.73%
Bank OZK CD 0.21%08/14/23 11/12/21 5,003,469 5,003,469 100.00 5,003,469 501 0.21%
Veritex Community Bank CD 0.25%09/25/23 09/24/21 10,012,404 10,012,404 100.00 10,012,404 543 0.25%
Bank OZK CD 0.20%10/09/23 10/08/21 5,004,159 5,004,159 100.00 5,004,159 557 0.20%
Bank OZK CD 0.30%11/13/23 11/12/21 10,009,900 10,009,900 100.00 10,009,900 592 0.30%
TOTALS 445,453,842$ 445,453,842$ 445,453,842$ 156 0.37%
(1)(2)
(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.
City of Georgetown Valley View Consulting, L.L.C.
41
Quarterly Financial Report
0–6 Months81%
6–12 Months15%
12–18 Months4%
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 $225,000,000 $250,000,000 $275,000,000 $300,000,000 $325,000,000 $350,000,000 $375,000,000 $400,000,000 $425,000,000 $450,000,000
03/31/21 06/30/21 09/30/21 12/31/21
Portfolio Balances
Money Market
Local Depository
TexSTAR
TexPool
Certificate of Deposit
166174166
102
69
90
7375
109104
123
156163
97108
87
51
67
4941
91
73
6154
99
71
124
95100
8070676358
818274
104113123
0
50
100
150
200
# of DaysWeighted Average to Maturity JPMorgan Chase5%Prosperity Bank12%
Veritex Community Bank 4%
Bank OZK7%
NexBank2%
TexPool14%TexSTAR26%
IndependentBank2%
East West Bank28%
R Bank0%
Portfolio Holdings by Issuer
City of Georgetown Valley View Consulting, L.L.C.42
Quarterly Financial Report
City - Book & Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
12/31/21 Increases Decreases Book Value
03/31/22
Market Value
12/31/21
Change in
Market Value
Market Value
03/31/22
JPMorgan Chase Cash 0.23%04/01/22 21,185,795$ 1,441,575$ –$ 22,627,370$ 21,185,795$ 1,441,575$ 22,627,370$
JPMorgan Chase MMA 0.03%04/01/22 434,146 32 – 434,178 434,146 32 434,178
Veritex Community Bank M 0.27%04/01/22 3,215,361 935 – 3,216,296 3,215,361 935 3,216,296
NexBank MMA 0.55%04/01/22 7,395,351 7,601 – 7,402,952 7,395,351 7,601 7,402,952
Texas Capital Bank MMA 0.20%04/01/22 12,013,024 – (12,013,024) – 12,013,024 (12,013,024) –
TexPool 0.15%04/01/22 95,641,577 – (34,957,455) 60,684,122 95,641,577 (34,957,455) 60,684,122
TexSTAR 0.11%04/01/22 109,421,033 6,373,318 – 115,794,352 109,421,033 6,373,318 115,794,352
East West Bank CD 0.21%01/07/22 5,010,309 – (5,010,309) – 5,010,309 (5,010,309) –
Prosperity Bank CD 0.30%01/21/22 4,014,022 – (4,014,022) – 4,014,022 (4,014,022) –
East West Bank CD 0.10%02/01/22 2,001,294 – (2,001,294) – 2,001,294 (2,001,294) –
Independent Bank CD 0.40%02/05/22 3,008,963 – (3,008,963) – 3,008,963 (3,008,963) –
Independent Bank CD 0.40%02/08/22 5,014,919 – (5,014,919) – 5,014,919 (5,014,919) –
Prosperity Bank CD 0.15%02/10/22 3,003,738 – (3,003,738) – 3,003,738 (3,003,738) –
R Bank CD 0.63%02/25/22 2,009,446 – (2,009,446) – 2,009,446 (2,009,446) –
Prosperity Bank CD 0.15%03/21/22 5,001,870 – (5,001,870) – 5,001,870 (5,001,870) –
Prosperity Bank CD 0.35%04/21/22 2,510,227 2,167 – 2,512,394 2,510,227 2,167 2,512,394
Independent Bank CD 0.30%04/22/22 4,218,187 3,190 – 4,221,377 4,218,187 3,190 4,221,377
Independent Bank CD 0.35%05/09/22 4,010,480 3,538 – 4,014,018 4,010,480 3,538 4,014,018
Prosperity Bank CD 0.35%05/17/22 2,007,586 1,733 – 2,009,319 2,007,586 1,733 2,009,319
Prosperity Bank CD 0.20%06/13/22 5,005,016 2,469 – 5,007,484 5,005,016 2,469 5,007,484
East West Bank CD 0.18%06/20/22 2,500,148 1,110 – 2,501,258 2,500,148 1,110 2,501,258
East West Bank CD 0.18%06/20/22 3,000,178 1,332 – 3,001,509 3,000,178 1,332 3,001,509
East West Bank CD 0.18%06/20/22 2,500,148 1,110 – 2,501,258 2,500,148 1,110 2,501,258
Prosperity Bank CD 0.20%07/01/22 4,027,396 2,053 – 4,029,448 4,027,396 2,053 4,029,448
Prosperity Bank CD 0.20%07/25/22 5,006,689 2,469 – 5,009,158 5,006,689 2,469 5,009,158
Prosperity Bank CD 0.20%08/01/22 5,005,866 2,469 – 5,008,335 5,005,866 2,469 5,008,335
East West Bank CD 0.45%08/01/22 – 2,002,920 – 2,002,920 – 2,002,920 2,002,920
East West Bank CD 0.53%08/10/22 – 3,002,179 – 3,002,179 – 3,002,179 3,002,179
East West Bank CD 0.17%08/15/22 4,000,876 1,677 – 4,002,553 4,000,876 1,677 4,002,553
Prosperity Bank CD 0.35%08/22/22 2,509,483 2,166 – 2,511,649 2,509,483 2,166 2,511,649
Prosperity Bank CD 0.20%09/12/22 5,005,016 2,469 – 5,007,484 5,005,016 2,469 5,007,484
East West Bank CD 0.26%09/20/22 2,000,171 1,283 – 2,001,454 2,000,171 1,283 2,001,454
Independent Bank CD 0.30%10/18/22 2,556,793 1,933 – 2,558,726 2,556,793 1,933 2,558,726
Prosperity Bank CD 0.20%10/24/22 5,006,689 2,469 – 5,009,158 5,006,689 2,469 5,009,158
East West Bank CD 0.21%11/15/22 10,002,704 5,181 – 10,007,885 10,002,704 5,181 10,007,885
Prosperity Bank CD 0.40%11/17/22 2,008,672 1,982 – 2,010,654 2,008,672 1,982 2,010,654
Prosperity Bank CD 0.15%11/23/22 2,001,003 740 – 2,001,743 2,001,003 740 2,001,743
Prosperity Bank CD 0.15%12/21/22 5,001,870 1,850 – 5,003,720 5,001,870 1,850 5,003,720
East West Bank CD 1.07%12/26/22 – 12,002,440 – 12,002,440 – 12,002,440 12,002,440
City of Georgetown Valley View Consulting, L.L.C.
43
Quarterly Financial Report
City - Book & Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
12/31/21 Increases Decreases Book Value
03/31/22
Market Value
12/31/21
Change in
Market Value
Market Value
03/31/22
R Bank CD 0.60%12/31/22 1,003,029 1,485 – 1,004,514 1,003,029 1,485 1,004,514
East West Bank CD 0.42%01/09/23 – 5,015,327 – 5,015,327 – 5,015,327 5,015,327
East West Bank CD 0.51%01/20/23 – 10,009,925 – 10,009,925 – 10,009,925 10,009,925
East West Bank CD 0.83%02/08/23 – 8,009,465 – 8,009,465 – 8,009,465 8,009,465
Bank OZK CD 0.18%02/23/23 4,202,542 1,876 – 4,204,417 4,202,542 1,876 4,204,417
East West Bank CD 1.20%02/27/23 – 20,022,835 – 20,022,835 – 20,022,835 20,022,835
Veritex Community Bank C 0.18%03/09/23 4,001,795 1,776 – 4,003,572 4,001,795 1,776 4,003,572
East West Bank CD 1.16%03/14/23 – 15,008,509 – 15,008,509 – 15,008,509 15,008,509
East West Bank CD 1.30%03/27/23 – 25,006,186 – 25,006,186 – 25,006,186 25,006,186
Prosperity Bank CD 0.20%04/24/23 5,006,689 2,469 – 5,009,158 5,006,689 2,469 5,009,158
Prosperity Bank CD 0.20%05/01/23 5,005,866 2,469 – 5,008,335 5,005,866 2,469 5,008,335
Bank OZK CD 0.20%06/12/23 5,016,310 2,487 – 5,018,797 5,016,310 2,487 5,018,797
R Bank CD 0.73%06/30/23 1,003,667 1,808 – 1,005,475 1,003,667 1,808 1,005,475
Bank OZK CD 0.21%08/14/23 5,000,867 2,602 – 5,003,469 5,000,867 2,602 5,003,469
Veritex Community Bank C 0.25%09/25/23 10,006,234 6,169 – 10,012,404 10,006,234 6,169 10,012,404
Bank OZK CD 0.20%10/09/23 5,001,680 2,479 – 5,004,159 5,001,680 2,479 5,004,159
Bank OZK CD 0.30%11/13/23 10,002,474 7,426 – 10,009,900 10,002,474 7,426 10,009,900
TOTAL / AVERAGE 0.37%413,507,197$ 107,981,684$ (76,035,039)$ 445,453,842$ 413,507,197$ 31,946,645$ 445,453,842$
City of Georgetown Valley View Consulting, L.L.C.
44
Quarterly Financial Report
City - Allocation
Investment Total Consolidated 2014 Revenue
Water WW Debt Service
2015 CO-
Parks/Streets/
Vehicles
2015 CO-
Stormwater
2015 GO-
Roads
2015 Revenue
Water WW
2016 CO-
Streets/
Facilities/
Equip
2016 GO-
Roads
JPMorgan Chase Cash 22,627,370$ 22,627,370$ –$ –$ –$ –$ –$ –$ –$ –$
JPMorgan Chase MMA 434,178 434,178 – – – – – – – –
Veritex Community Bank MMA 3,216,296 3,216,296 – – – – – – – –
NexBank MMA 7,402,952 7,402,952 – – – – – – – –
TexPool 60,684,122 60,684,122 – – – – – – – –
TexSTAR 115,794,352 20,117,827 464,960 22,257,135 137,333 6,667 1,530,963 1,532,128 - 1,416,343
Prosperity Bank CD 04/21/22 2,512,394 2,512,394 – – – – – – – –
Independent Bank CD 04/22/22 4,221,377 4,221,377 – – – – – – – –
Independent Bank CD 05/09/22 4,014,018 4,014,018 – – – – – – – –
Prosperity Bank CD 05/17/22 2,009,319 2,009,319 – – – – – – – –
Prosperity Bank CD 06/13/22 5,007,484 5,007,484 – – – – – – – –
East West Bank CD 06/20/22 2,501,258 – – – – – – – – – East West Bank CD 06/20/22 3,001,509 – – – – – – – – –
East West Bank CD 06/20/22 2,501,258 – – – – – – – – –
Prosperity Bank CD 07/01/22 4,029,448 4,029,448 – – – – – – – –
Prosperity Bank CD 07/25/22 5,009,158 5,009,158 – – – – – – – –
Prosperity Bank CD 08/01/22 5,008,335 5,008,335 – – – – – – – –
East West Bank CD 08/01/22 2,002,920 – – – – – – – – –
East West Bank CD 08/10/22 3,002,179 – – – – – – – – –
East West Bank CD 08/15/22 4,002,553 – – – – – – – – –
Prosperity Bank CD 08/22/22 2,511,649 2,511,649 – – – – – – – –
Prosperity Bank CD 09/12/22 5,007,484 5,007,484 – – – – – – – –
East West Bank CD 09/20/22 2,001,454 – – – – – – – – –
Independent Bank CD 10/18/22 2,558,726 2,558,726 – – – – – – – –
Prosperity Bank CD 10/24/22 5,009,158 5,009,158 – – – – – – – –
East West Bank CD 11/15/22 10,007,885 – – – – – – – – –
Prosperity Bank CD 11/17/22 2,010,654 2,010,654 – – – – – – – –
Prosperity Bank CD 11/23/22 2,001,743 2,001,743 – – – – – – – –
Prosperity Bank CD 12/21/22 5,003,720 5,003,720 – – – – – – – –
East West Bank CD 12/26/22 12,002,440 12,002,440 – – – – – – – –
R Bank CD 12/31/22 1,004,514 1,004,514 – – – – – – – –
East West Bank CD 01/09/23 5,015,327 5,015,327 – – – – – – – –
East West Bank CD 01/20/23 10,009,925 10,009,925 – – – – – – – –
East West Bank CD 02/08/23 8,009,465 8,009,465 – – – – – – – –
Bank OZK CD 02/23/23 4,204,417 4,204,417 – – – – – – – –
East West Bank CD 02/27/23 20,022,835 20,022,835 – – – – – – – –
Veritex Community Bank CD 03/09/23 4,003,572 4,003,572 – – – – – – – –
East West Bank CD 03/14/23 15,008,509 15,008,509 – – – – – – – –
East West Bank CD 03/27/23 25,006,186 25,006,186 – – – – – – – –
Prosperity Bank CD 04/24/23 5,009,158 5,009,158 – – – – – – – –
Prosperity Bank CD 05/01/23 5,008,335 5,008,335 – – – – – – – –
Bank OZK CD 06/12/23 5,018,797 5,018,797 – – – – – – – –
R Bank CD 06/30/23 1,005,475 1,005,475 – – – – – – – –
Bank OZK CD 08/14/23 5,003,469 5,003,469 – – – – – – – –
Veritex Community Bank CD 09/25/23 10,012,404 10,012,404 – – – – – – – –
Bank OZK CD 10/09/23 5,004,159 5,004,159 – – – – – – – –
Bank OZK CD 11/13/23 10,009,900 10,009,900 – – – – – – – –
Totals 445,453,842$ 320,756,302$ 464,960$ 22,257,135$ 137,333$ 6,667$ 1,530,963$ 1,532,128$ –$ 1,416,343$
Book & Market Value
March 31, 2022
City of Georgetown Valley View Consulting, L.L.C.
45
Quarterly Financial Report
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Community Bank MMA
NexBank MMA
TexPool
TexSTAR
Prosperity Bank CD 04/21/22
Independent Bank CD 04/22/22
Independent Bank CD 05/09/22
Prosperity Bank CD 05/17/22
Prosperity Bank CD 06/13/22
East West Bank CD 06/20/22
East West Bank CD 06/20/22
East West Bank CD 06/20/22
Prosperity Bank CD 07/01/22
Prosperity Bank CD 07/25/22
Prosperity Bank CD 08/01/22
East West Bank CD 08/01/22
East West Bank CD 08/10/22
East West Bank CD 08/15/22
Prosperity Bank CD 08/22/22
Prosperity Bank CD 09/12/22
East West Bank CD 09/20/22
Independent Bank CD 10/18/22
Prosperity Bank CD 10/24/22
East West Bank CD 11/15/22
Prosperity Bank CD 11/17/22
Prosperity Bank CD 11/23/22
Prosperity Bank CD 12/21/22
East West Bank CD 12/26/22
R Bank CD 12/31/22
East West Bank CD 01/09/23
East West Bank CD 01/20/23
East West Bank CD 02/08/23
Bank OZK CD 02/23/23
East West Bank CD 02/27/23
Veritex Community Bank CD 03/09/23
East West Bank CD 03/14/23
East West Bank CD 03/27/23
Prosperity Bank CD 04/24/23
Prosperity Bank CD 05/01/23
Bank OZK CD 06/12/23
R Bank CD 06/30/23
Bank OZK CD 08/14/23
Veritex Community Bank CD 09/25/23
Bank OZK CD 10/09/23
Bank OZK CD 11/13/23
Totals
Book & Market Value
March 31, 2022
(Continued)
Garey Park
Donation
2017 CO
Facilities/ Public
Safety/
Equipment
2017 Revenue
Electric
2017 Revenue
Water WW
2018 CO-
Airport
2018 CO-
Streets/
Facilities/
Equip
2018 GO-
Parks
2018 GO-
Roads
2019 CO-
Streets/
Facilities/
Equip
2019 CO-
Stormwater
–$ –$ –$ –$ –$ –$ –$ –$ –$ –$
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
86,755 4,345 97,402 8,172,513 56,711 389,666 284,585 1,826,844 3,682,705 –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – 2,501,258 –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – 3,002,179 – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
– – – – – – – – – –
86,755$ 4,345$ 97,402$ 11,174,692$ 56,711$ 389,666$ 284,585$ 1,826,844$ 6,183,963$ -$
City of Georgetown Valley View Consulting, L.L.C.
46
Quarterly Financial Report
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Community Bank MMA
NexBank MMA
TexPool
TexSTAR
Prosperity Bank CD 04/21/22
Independent Bank CD 04/22/22
Independent Bank CD 05/09/22
Prosperity Bank CD 05/17/22
Prosperity Bank CD 06/13/22
East West Bank CD 06/20/22
East West Bank CD 06/20/22
East West Bank CD 06/20/22
Prosperity Bank CD 07/01/22
Prosperity Bank CD 07/25/22
Prosperity Bank CD 08/01/22
East West Bank CD 08/01/22
East West Bank CD 08/10/22
East West Bank CD 08/15/22
Prosperity Bank CD 08/22/22
Prosperity Bank CD 09/12/22
East West Bank CD 09/20/22
Independent Bank CD 10/18/22
Prosperity Bank CD 10/24/22
East West Bank CD 11/15/22
Prosperity Bank CD 11/17/22
Prosperity Bank CD 11/23/22
Prosperity Bank CD 12/21/22
East West Bank CD 12/26/22
R Bank CD 12/31/22
East West Bank CD 01/09/23
East West Bank CD 01/20/23
East West Bank CD 02/08/23
Bank OZK CD 02/23/23
East West Bank CD 02/27/23
Veritex Community Bank CD 03/09/23
East West Bank CD 03/14/23
East West Bank CD 03/27/23
Prosperity Bank CD 04/24/23
Prosperity Bank CD 05/01/23
Bank OZK CD 06/12/23
R Bank CD 06/30/23
Bank OZK CD 08/14/23
Veritex Community Bank CD 09/25/23
Bank OZK CD 10/09/23
Bank OZK CD 11/13/23
Totals
Book & Market Value
March 31, 2022
(Continued)
2019 GO-
Roads
2020 CO-
Facilities/
Equip/Parks
2020 CO-
Stormwater
2020 GO-
Roads
2020
Revenue-
Water/WW
Electric-LCRA
Transformers
City - 2021 CO
Airport
City - 2021 CO
Fac/Equip/Par
ks
City - 2021
GO Parks
City - 2021
GO Roads
City - 2021A
CO Electric
–$ –$ –$ –$ –$ –$ –$ –$ –$ –$ –$
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
2,752,717 844,405 359,409 5,241,238 595,592 4,088,401 700,120 3,220,386 1,000,171 5,500,304 1,475,837
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – 3,001,509 – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – 2,002,920 – – – – – – –
– – – – – – – – – – –
– – – – – – – 4,002,553 – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
– – – – – – – – – – –
2,752,717$ 844,405$ 359,409$ 7,244,157$ 595,592$ 4,088,401$ 700,120$ 10,224,449$ 1,000,171$ 5,500,304$ 1,475,837$
City of Georgetown Valley View Consulting, L.L.C.
47
Quarterly Financial Report
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Community Bank MMA
NexBank MMA
TexPool
TexSTAR
Prosperity Bank CD 04/21/22
Independent Bank CD 04/22/22
Independent Bank CD 05/09/22
Prosperity Bank CD 05/17/22
Prosperity Bank CD 06/13/22
East West Bank CD 06/20/22
East West Bank CD 06/20/22
East West Bank CD 06/20/22
Prosperity Bank CD 07/01/22
Prosperity Bank CD 07/25/22
Prosperity Bank CD 08/01/22
East West Bank CD 08/01/22
East West Bank CD 08/10/22
East West Bank CD 08/15/22
Prosperity Bank CD 08/22/22
Prosperity Bank CD 09/12/22
East West Bank CD 09/20/22
Independent Bank CD 10/18/22
Prosperity Bank CD 10/24/22
East West Bank CD 11/15/22
Prosperity Bank CD 11/17/22
Prosperity Bank CD 11/23/22
Prosperity Bank CD 12/21/22
East West Bank CD 12/26/22
R Bank CD 12/31/22
East West Bank CD 01/09/23
East West Bank CD 01/20/23
East West Bank CD 02/08/23
Bank OZK CD 02/23/23
East West Bank CD 02/27/23
Veritex Community Bank CD 03/09/23
East West Bank CD 03/14/23
East West Bank CD 03/27/23
Prosperity Bank CD 04/24/23
Prosperity Bank CD 05/01/23
Bank OZK CD 06/12/23
R Bank CD 06/30/23
Bank OZK CD 08/14/23
Veritex Community Bank CD 09/25/23
Bank OZK CD 10/09/23
Bank OZK CD 11/13/23
Totals
Book & Market Value
March 31, 2022
(Continued)
City - 2021A
CO
Water/WW
City - 2021A
GO Roads
City -
American
Rescue Plan
–$ –$ –$
– – –
– – –
– – –
– – –
10,172,370 13,922,893 3,855,626
– – –
– – –
– – –
– – –
– – –
– – –
– – –
2,501,258 – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– 2,001,454 –
– – –
– – –
– 10,007,885 –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
12,673,628$ 25,932,232$ 3,855,626$
City of Georgetown Valley View Consulting, L.L.C.
48
Quarterly Financial ReportCity - AllocationInvestment TotalConsolidated2014 Revenue Water WWDebt Service2015 CO-Parks/Streets/ Vehicles2015 CO-Stormwater 2015 GO-Roads2015 Revenue Water WW2016 GO- Roads2016 Revenue Water/WWJPMorgan Chase Cash 21,185,795$ 21,185,795$ –$ –$ –$ –$ –$ –$ –$ –$ JPMorgan Chase MMA 434,146 434,146 – – – – – – – – Veritex Community Bank MMA 3,215,361 3,215,361 – – – – – – – – NexBank MMA 7,395,351 7,395,351 – – – – – – – – Texas Capital Bank MMA 12,013,024 12,013,024 – – – – – – – – TexPool 95,641,577 95,641,577 – – – – – – – – TexSTAR 109,421,033 26,975,128 491,317 4,759,615 137,318 19,523 2,043,651 1,531,963 1,416,191 204,500 East West Bank CD 01/07/225,010,309 5,010,309 – – – – – – – – Prosperity Bank CD01/21/224,014,022 4,014,022 – – – – – – – – East West Bank CD2/1/20222,001,294 – – – – – – – – – Independent Bank CD 02/05/223,008,963 3,008,963 – – – – – – – – Independent Bank CD 02/08/225,014,919 4,011,935 – – – – – – – – Prosperity Bank CD02/10/223,003,738 – – – – – – – – – R Bank CD02/25/222,009,446 – – – – – – – – – Prosperity Bank CD03/21/225,001,870 5,001,870 – – – – – – – – Prosperity Bank CD04/21/222,510,227 2,510,227 – – – – – – – – Independent Bank CD 04/22/224,218,187 4,218,187 – – – – – – – – Independent Bank CD 05/09/224,010,480 4,010,480 – – – – – – – – Prosperity Bank CD05/17/222,007,586 2,007,586 – – – – – – – – Prosperity Bank CD06/13/225,005,016 5,005,016 – – – – – – – – East West Bank CD06/20/222,500,148 – – – – – – – – – East West Bank CD06/20/223,000,178 – – – – – – – – – East West Bank CD06/20/222,500,148 – – – – – – – – – Prosperity Bank CD07/01/224,027,396 4,027,396 – – – – – – – – Prosperity Bank CD07/25/225,006,689 5,006,689 – – – – – – – – Prosperity Bank CD08/01/225,005,866 5,005,866 – – – – – – – – East West Bank CD08/15/224,000,876 – – – – – – – – – Prosperity Bank CD08/22/222,509,483 2,509,483 – – – – – – – – Prosperity Bank CD09/12/225,005,016 5,005,016 – – – – – – – – East West Bank CD09/20/222,000,171 – – – – – – – – – Independent Bank CD 10/18/222,556,793 2,556,793 – – – – – – – – Prosperity Bank CD10/24/225,006,689 5,006,689 – – – – – – – – East West Bank CD11/15/2210,002,704 – – – – – – – – – Prosperity Bank CD11/17/222,008,672 2,008,672 – – – – – – – – Prosperity Bank CD11/23/222,001,003 2,001,003 – – – – – – – – Prosperity Bank CD12/21/225,001,870 5,001,870 – – – – – – – – R Bank CD12/31/221,003,029 1,003,029 – – – – – – – – Bank OZK CD02/23/234,202,542 4,202,542 – – – – – – – – Veritex Community Bank CD 03/09/234,001,795 4,001,795 – – – – – – – – Prosperity Bank CD04/24/235,006,689 5,006,689 – – – – – – – – Prosperity Bank CD05/01/235,005,866 5,005,866 – – – – – – – – Bank OZK CD06/12/235,016,310 5,016,310 – – – – – – – – R Bank CD06/30/231,003,667 1,003,667 – – – – – – – – Bank OZK CD08/14/235,000,867 5,000,867 – – – – – – – – Veritex Community Bank CD 09/25/2310,006,234 10,006,234 – – – – – – – – Bank OZK CD10/09/235,001,680 5,001,680 – – – – – – – – Bank OZK CD11/13/2310,002,474 10,002,474 – – – – – – – – Totals413,507,197$ 299,039,607$ 491,317$ 4,759,615$ 137,318$ 19,523$ 2,043,651$ 1,531,963$ 1,416,191$ 204,500$ December 31, 2021Book & Market ValueCity of GeorgetownValley View Consulting, L.L.C.49
Quarterly Financial ReportCity - AllocationJPMorgan Chase CashJPMorgan Chase MMAVeritex Community Bank MMANexBank MMATexas Capital Bank MMATexPoolTexSTAREast West Bank CD 01/07/22Prosperity Bank CD 01/21/22East West Bank CD 2/1/2022Independent Bank CD 02/05/22Independent Bank CD 02/08/22Prosperity Bank CD 02/10/22R Bank CD 02/25/22Prosperity Bank CD 03/21/22Prosperity Bank CD 04/21/22Independent Bank CD 04/22/22Independent Bank CD 05/09/22Prosperity Bank CD 05/17/22Prosperity Bank CD 06/13/22East West Bank CD 06/20/22East West Bank CD 06/20/22East West Bank CD 06/20/22Prosperity Bank CD 07/01/22Prosperity Bank CD 07/25/22Prosperity Bank CD 08/01/22East West Bank CD 08/15/22Prosperity Bank CD 08/22/22Prosperity Bank CD 09/12/22East West Bank CD 09/20/22Independent Bank CD 10/18/22Prosperity Bank CD 10/24/22East West Bank CD 11/15/22Prosperity Bank CD 11/17/22Prosperity Bank CD 11/23/22Prosperity Bank CD 12/21/22R Bank CD 12/31/22Bank OZK CD 02/23/23Veritex Community Bank CD 03/09/23Prosperity Bank CD 04/24/23Prosperity Bank CD 05/01/23Bank OZK CD 06/12/23R Bank CD 06/30/23Bank OZK CD 08/14/23Veritex Community Bank CD 09/25/23Bank OZK CD 10/09/23Bank OZK CD 11/13/23TotalsDecember 31, 2021Book & Market Value(Continued)Garey Park Donation2017 CO Facilities/ Public Safety/ Equipment2017 Revenue Electric2017 Revenue Water WW2018 CO-Airport2018 CO- Streets/ Facilities/ Equip2018 GO- Parks2018 GO- Roads2019 CO- Streets/ Facilities/ Equip2019 GO-Roads–$ –$ –$ –$ –$ –$ –$ –$ –$ –$ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 246,585 4,344 97,392 7,767,004 56,705 576,862 343,147 1,914,917 3,982,049 754,612 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,002,984 – – – – – – – – – 3,003,738 – – – – – – – – – – – – – – – 2,009,446 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,500,148 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 246,585$ 4,344$ 97,392$ 11,773,726$ 56,705$ 576,862$ 343,147$ 1,914,917$ 6,482,197$ 2,764,059$ City of GeorgetownValley View Consulting, L.L.C.50
Quarterly Financial ReportCity - AllocationJPMorgan Chase CashJPMorgan Chase MMAVeritex Community Bank MMANexBank MMATexas Capital Bank MMATexPoolTexSTAREast West Bank CD 01/07/22Prosperity Bank CD 01/21/22East West Bank CD 2/1/2022Independent Bank CD 02/05/22Independent Bank CD 02/08/22Prosperity Bank CD 02/10/22R Bank CD 02/25/22Prosperity Bank CD 03/21/22Prosperity Bank CD 04/21/22Independent Bank CD 04/22/22Independent Bank CD 05/09/22Prosperity Bank CD 05/17/22Prosperity Bank CD 06/13/22East West Bank CD 06/20/22East West Bank CD 06/20/22East West Bank CD 06/20/22Prosperity Bank CD 07/01/22Prosperity Bank CD 07/25/22Prosperity Bank CD 08/01/22East West Bank CD 08/15/22Prosperity Bank CD 08/22/22Prosperity Bank CD 09/12/22East West Bank CD 09/20/22Independent Bank CD 10/18/22Prosperity Bank CD 10/24/22East West Bank CD 11/15/22Prosperity Bank CD 11/17/22Prosperity Bank CD 11/23/22Prosperity Bank CD 12/21/22R Bank CD 12/31/22Bank OZK CD 02/23/23Veritex Community Bank CD 03/09/23Prosperity Bank CD 04/24/23Prosperity Bank CD 05/01/23Bank OZK CD 06/12/23R Bank CD 06/30/23Bank OZK CD 08/14/23Veritex Community Bank CD 09/25/23Bank OZK CD 10/09/23Bank OZK CD 11/13/23TotalsDecember 31, 2021Book & Market Value(Continued)2020 CO-Facilities/Equip/Parks2020 CO-Stormwater2020 GO-Roads2020 Revenue-Water/WWElectric-LCRA TransformersCity - 2021 CO AirportCity - 2021 CO Fac/Equip/ParksCity - 2021 GO ParksCity - 2021 GO RoadsCity - 2021A CO ElectricCity - 2021A CO Water/WW–$ –$ –$ –$ –$ –$ –$ –$ –$ –$ –$ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,154,776 390,295 5,391,534 673,034 4,156,584 700,045 5,371,681 1,000,064 5,721,126 2,873,965 10,789,818 – – – – – – – – – – – – – – – – – – – – – – – – 2,001,294 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 3,000,178 – – – – – – – – – – – – – – 2,500,148 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 4,000,876 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,154,776$ 390,295$ 7,392,828$ 673,034$ 4,156,584$ 700,045$ 12,372,735$ 1,000,064$ 5,721,126$ 2,873,965$ 13,289,966$ City of GeorgetownValley View Consulting, L.L.C.51
Quarterly Financial ReportCity - AllocationJPMorgan Chase CashJPMorgan Chase MMAVeritex Community Bank MMANexBank MMATexas Capital Bank MMATexPoolTexSTAREast West Bank CD 01/07/22Prosperity Bank CD 01/21/22East West Bank CD 2/1/2022Independent Bank CD 02/05/22Independent Bank CD 02/08/22Prosperity Bank CD 02/10/22R Bank CD 02/25/22Prosperity Bank CD 03/21/22Prosperity Bank CD 04/21/22Independent Bank CD 04/22/22Independent Bank CD 05/09/22Prosperity Bank CD 05/17/22Prosperity Bank CD 06/13/22East West Bank CD 06/20/22East West Bank CD 06/20/22East West Bank CD 06/20/22Prosperity Bank CD 07/01/22Prosperity Bank CD 07/25/22Prosperity Bank CD 08/01/22East West Bank CD 08/15/22Prosperity Bank CD 08/22/22Prosperity Bank CD 09/12/22East West Bank CD 09/20/22Independent Bank CD 10/18/22Prosperity Bank CD 10/24/22East West Bank CD 11/15/22Prosperity Bank CD 11/17/22Prosperity Bank CD 11/23/22Prosperity Bank CD 12/21/22R Bank CD 12/31/22Bank OZK CD 02/23/23Veritex Community Bank CD 03/09/23Prosperity Bank CD 04/24/23Prosperity Bank CD 05/01/23Bank OZK CD 06/12/23R Bank CD 06/30/23Bank OZK CD 08/14/23Veritex Community Bank CD 09/25/23Bank OZK CD 10/09/23Bank OZK CD 11/13/23TotalsDecember 31, 2021Book & Market Value(Continued)City - 2021A GO RoadsCity - American Rescue Plan–$ –$ – – – – – – – – – – 13,948,075 3,927,211 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,000,171 – – – – – 10,002,704 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 25,950,950$ 3,927,211$ City of GeorgetownValley View Consulting, L.L.C.52
Quarterly Financial Report
________________________________________________________________________
Leigh Wallace Nathan Parras
Finance Director Assistant Finance Director
________________________________________________________________________
Karrie Pursley Elaine Wilson
Treasurer Assistant Finance Director
Georgetown Economic Development Corporation (GEDCO)
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
March 31, 2022
Prepared by
Valley 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.
Disclaimer: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.
53
Quarterly Financial Report
Summary
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
MMA 2,132,009$ 2,132,009$ 2,132,629$ 2,132,629$ 0.27%
Pools 6,489,373 6,489,373 4,603,525 4,603,525 0.12%
Certificates of Deposit 2,003,592 2,003,592 2,004,804 2,004,804 0.24%
10,624,975$ 10,624,975$ 8,740,959$ 8,740,959$ 0.19%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 0.19%Total Portfolio 0.13%
Rolling Three Month Treasury 0.31%Rolling Three Month Treasury 0.18%
Rolling Six Month Treasury 0.36%Rolling Six Month Treasury 0.22%
TexPool 0.15%TexPool 0.10%
Interest income provided in separate report.
December 31, 2021
(1) Quarter End Average Yield - 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, pool, and money market balances.
(2) Fiscal Year-to-Date 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.
March 31, 2022
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.
54
Quarterly Financial ReportEconomic Overview3/31/2022The Federal Open Market Committee (FOMC) raised the Fed Funds target range to 0.25% to 0.50% (Effective Fed Funds are trading +/-0.30%). The FOMC ended monthly security purchases and may begin reducing their balance sheet. The market projection 4 to 6 more increases this calendar year. Final Fourth Quarter GDP recorded +6.9%. March Non-Farm Payroll missed estimates adding 431k net new jobs. Decreasing the Three Month Average NFP to 562k. Crude oil declined to +/-$100 per barrel. The Stock Markets have recovered from the "correction" and slowly regained some lost ground. Some domestic economic indicators, including housing, softened. Inflation remained well over the FOMC 2% target (Core PCE +/-5.4%). The FOMC Fed Funds target projections pushed the yield curve to a Three Year Maturity peak.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,0003,2503,5003,7504,0004,2504,5004,7505,0005,250S&P 5000.000.501.001.502.002.503.003.50US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesMarch 31, 2021December 31, 2021March 31, 20220.000.501.001.502.002.503.003.504.004.505.005.506.00US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.55
Quarterly Financial Report
Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
Veritex Bank MMA 0.27%04/01/22 03/31/22 2,132,629$ 2,132,629$ 1.00 2,132,629$ 1 0.27%
TexasDAILY AAAm 0.14%04/01/22 03/31/22 2,126,329 2,126,329 1.00 2,126,329 1 0.14%
TexSTAR AAAm 0.11%04/01/22 03/31/22 2,477,196 2,477,196 1.00 2,477,196 1 0.11%
Veritex Bank CD 0.24%8/5/2022 02/08/21 2,004,804 2,004,804 100.00 2,004,804 127 0.24%
8,740,959$ 8,740,959$ 8,740,959$ 30 0.19%
(1)(2)
March 31, 2022
(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.
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.
56
Quarterly Financial Report
MMA 24%
Pools 53%
Certificates of
Deposit 23%
GEDCO PORTFOLIO COMPOSITION
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
06/30/21 9/30/2021 12/31/2021 3/31/2022
GEDCO PORTFOLIO BALANCES
CD
TexasDAILY
TexSTAR
Money Market
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.
57
Quarterly Financial Report
Book & Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
12/31/21 Increases Decreases Book Value
03/31/22
Market Value
12/31/21
Change in
Market Value
Market Value
03/31/22
Veritex Bank MMA 0.27%04/01/22 2,132,009$ 620$ –$ 2,132,629$ 2,132,009$ 620$ 2,132,629$
TexasDAILY 0.14%04/01/22 2,126,023 306 – 2,126,329 2,126,023 306 2,126,329
TexSTAR 0.11%04/01/22 4,363,350 – (1,886,154) 2,477,196 4,363,350 (1,886,154) 2,477,196
Veritex Bank CD 0.24%8/5/2022 2,003,592 1,212 – 2,004,804 2,003,592 1,212 2,004,804
TOTAL / AVERAGE 0.19%10,624,975$ 2,138$ (1,886,154)$ 8,740,959$ 10,624,975$ (1,884,016)$ 8,740,959$
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.
58
Quarterly Financial Report
Georgetown Transportation Enhancement Corporation (GTEC)
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
March 31, 2022
Prepared by
Valley View Consulting, L.L.C.
________________________________________________________________________
Leigh Wallace Nathan Parras
Finance Director Assistant Finance Director
________________________________________________________________________
Karrie Pursley Elaine Wilson
Treasurer
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.
Disclaimer: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.
59
Quarterly Financial Report
Summary
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
Pools/MMAs 38,261,243$ 38,261,243$ 32,301,223$ 32,301,223$ 0.15%
CDs/Securities 3,013,586 3,013,586 3,014,701 3,014,701 0.15%Totals 41,274,830$ 41,274,830$ 35,315,924$ 35,315,924$ 0.15%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 0.15%Total Portfolio 0.10%
Rolling Three Month Treasury 0.31%Rolling Three Month Treasury 0.18%
Rolling Six Month Treasury 0.36%Rolling Six Month Treasury 0.22%
TexPool 0.15%TexPool 0.10%
Interest data provided in separate report.
December 31, 2021
(1) Quarter End Average Yield - 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, pool, and money market balances.
(2) Fiscal Year-to-Date 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.
March 31, 2022
Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.
60
Quarterly Financial ReportEconomic Overview3/31/2022The Federal Open Market Committee (FOMC) raised the Fed Funds target range to 0.25% to 0.50% (Effective Fed Funds are trading +/-0.30%). The FOMC ended monthly security purchases and may begin reducing their balance sheet. The market projection 4 to 6 more increases this calendar year. Final Fourth Quarter GDP recorded +6.9%. March Non-Farm Payroll missed estimates adding 431k net new jobs. Decreasing the Three Month Average NFP to 562k. Crude oil declined to +/-$100 per barrel. The Stock Markets have recovered from the "correction" and slowly regained some lost ground. Some domestic economic indicators, including housing, softened. Inflation remained well over the FOMC 2% target (Core PCE +/-5.4%). The FOMC Fed Funds target projections pushed the yield curve to a Three Year Maturity peak.02505007501,0001,2501,5001,7502,0002,2502,5002,7503,0003,2503,5003,7504,0004,2504,5004,7505,0005,250S&P 5000.000.501.001.502.002.503.003.50US Treasury Historical Yields - Since Nov 2015Six Month T-BillTwo Year T-NoteTen Year T-Note0.000.501.001.502.002.503.00Treasury Yield CurvesMarch 31, 2021December 31, 2021March 31, 20220.000.501.001.502.002.503.003.504.004.505.005.506.00US Treasury Historical Yields - Since 2006Six Month T-BillTwo Year T-NoteTen Year T-NoteValley View Consulting, L.L.C.61
Quarterly Financial Report
Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
TexPool AAAm 0.15%04/01/22 03/31/22 19,470,940$ 19,470,940$ 1.00 19,470,940$ 1 0.15%
TexSTAR AAAm 0.11%04/01/22 03/31/22 10,139,296 10,139,296 1.00 10,139,296 1 0.11%
Veritex Bank MMA 0.27%04/01/22 03/31/22 2,690,987 2,690,987 1.00 2,690,987 1 0.27%
Prosperity Bank CD 0.15%08/23/22 08/23/21 3,014,701 3,014,701 100.00 3,014,701 145 0.15%
TOTALS 35,315,924$ 35,315,924$ 35,315,924$ 13 0.15%
(1)(2)
March 31, 2022
(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.
Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.
62
Quarterly Financial Report
Pools/MMAs 91%
CDs/Securities 9%
GTEC PORTFOLIO COMPOSITION
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
6/30/2021 9/30/2021 12/31/2021 3/31/2022
GTEC PORTFOLIO BALANCES
CD
TexPool
TexSTAR
Money Market
Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.
63
Quarterly Financial Report
Book & Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
12/31/21 Increases Decreases Book Value
03/31/22
Market Value
12/31/21
Change in
Market Value
Market Value
03/31/22
TexPool 0.15%04/01/22 20,864,554$ –$ (1,393,614)$ 19,470,940$ 20,864,554$ (1,393,614)$ 19,470,940$
TexSTAR 0.11%04/01/22 14,706,484 – (4,567,188) 10,139,296 14,706,484 (4,567,188) 10,139,296
Veritex Bank MMA 0.27%04/01/22 2,690,205 782 – 2,690,987 2,690,205 782 2,690,987
Prosperity Bank CD 0.15%08/23/22 3,013,586 1,115 – 3,014,701 3,013,586 1,115 3,014,701
TOTAL / AVERAGE 0.15%41,274,830$ 1,897$ (5,960,803)$ 35,315,924$ 41,274,830$ (5,958,906)$ 35,315,924$
Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.
64
Quarterly Financial Report
Department Federal Grantor Pass-Through Agency Identifying Number COG Name/Purpose YTD Expenditures YTD Revenue Recognized
Airport N/A Texas Department of Transportation-Aviation M2214GEOR RAMP Grant - Routine Airport Maintenance Program - -
Emergency Management US Dept. of the Treasury American Rescue Plan Act
SLFRF Funding
72,000.00 72,000.00
Fire US Department of Homeland Security Federal Emergency
Management Agency
EMW-2017-FH-00496 SAFER 487,552.14 104,863.77
Library Texas Commission on the Arts Downtown Cultural District Grant 7,350.00 104,500.00
Planning US Department of Housing & Urban Development Williamson County CDBG 21st St Infrastructure 14,521.50 14,521.50
Planning US Department of Housing & Urban Development Williamson County CDBG Home Repair 71,138.01 71,138.01
Police US. Department of Justice N/A TX2460200 Equitable Sharing Agreement - -
Public Works Dept. of Transportation /Federal Highway
Administration
Texas Department of
Transportation
CSJ-0914-05-187 Highway Planning &
Construction (Austin Ave
Bridge)
- -
Division Grantor COG Name/Purpose Status
Emergency Management FEMA TDEM DR-4586 Winter Storm Uri Recovery
Reviewed By: Elaine Wilson
CITY OF GEORGETOWN
Grant/Federal Funding Report
as of March 31, 2022
Active
Applications Pending Award
Under FEMA Review
65
Quarterly Financial Report
Project Budget Total Spend Remaining Budget % Remaining
Airport - Self Managed
PRJ000197 Hangar Mainenance 240,000 - 240,000 100%
PRJ000198 Pavement Maintenance 60,000 - 60,000 100%
PRJ000199 Wildlife Management 150,000 18,000 132,000 88%
Airport - Self Managed Total 450,000 18,000 432,000 96%
CDBG
PRJ000003 17th Street 193,000 175,137 17,863 9%
PRJ000248 21st W/WW offsite CDBG 97,000 48,405 48,595 50%
CDBG Total 290,000 223,542 66,458 23%
Electric
PRJ000022 Consultant Engineering 271,352 101,964 169,389 62%
PRJ000026 Db Wood_Sh29 Intersection 240,000 170,413 69,587 29%
PRJ000036 Electrical System Improvement 100,000 21,105 78,895 79%
PRJ000062 New Development Projects 11,620,341 6,284,354 5,335,987 46%
PRJ000073 Power Quality Improvements 50,000 - 50,000 100%
PRJ000147 Sectionalization Improvements 1,100,000 - 1,100,000 100%
PRJ000175 I-35 Mobility Project TxDot 200,000 280,160 (80,160) -40%
PRJ000189 Ronald Reagan - Glasscock Feeder Extension along Hwy 195 -Phase I 560,000 269,870 290,130 52%
PRJ000192 Ronald Reagan - Glasscock Feeder extension along Hwy 195 - Phase II 591,250 288,906 302,344 51%
PRJ000195 Downtown Overhead Rehab 2,400,000 39,610 2,360,390 98%
PRJ000221 Titan-Aviation Dr to IH35 Infrastructure Addition 1,500,000 989,507 510,493 34%
PRJ000222 Electric Design Software Replacement 80,000 - 80,000 100%
PRJ000225 Chapel Hill, WS-11139 (GEO-45-C.3)437,577 454,634 (17,057) -4%
PRJ000226 Wolf Ranch West - Section 1AG & 1BG 479,052 399,335 79,717 17%
PRJ000227 Ascend Westinghouse Apartments 444,598 315,402 129,195 29%
PRJ000229 Sun City NH 76 WS-11188 (GEO-18.2-N.51)274,030 205,450 68,580 25%
PRJ000230 Sun City NH 78 296,400 118,796 177,604 60%
PRJ000231 Georgetown Titan Development 1 & 2 140,428 113,923 26,505 19%
PRJ000232 Texas Outdoor Power Building 1 91,414 64,415 26,999 30%
PRJ000234 Summit at Westinghouse Self-Storage 49,685 36,904 12,781 26%
PRJ000236 Medcore (Georgetown) Senior Living 226,972 226,236 736 0%
PRJ000238 The Oscar at Georgetown 366,351 219,148 147,202 40%
PRJ000239 Wolf Ranch West - Section 3 - Phase 2 418,339 293,679 124,660 30%
PRJ000242 Allora North Georgetown 557,422 180,488 376,933 68%
PRJ000243 Fairfield Inn - WS11346 131,340 42,641 88,699 68%
PRJ000245 Morgan Mays Street Apartments 452,508 215,189 237,319 52%
PRJ000246 Vida Apartments 198,248 112,643 85,606 43%
PRJ000247 Georgetown (Longhorn) Travel Center Rev 193,845 - 193,845 100%
PRJ000250 Georgetown Infiniti 135,633 48,044 87,588 65%
PRJ000270 System Improvements - Power Quality 750,000 42,650 707,350 94%
PRJ000271 System Improvements - Capacity Upgrades 9,275,375 143,073 9,132,303 98%
PRJ000272 Wolf Lakes 566,109 492,161 73,948 13%
PRJ000273 The Grove II Townhomes 108,924 35,490 73,434 67%
PRJ000282 ANB Systems - Interconnection Service Portal 80,000 23,046 56,954 71%
PRJ000283 Partners Software and Implementation 120,000 68,500 51,500 43%
PRJ000284 Woodgate Development 195,933 134,574 61,359 31%
PRJ000285 Titan NorthPark 35 - Building 3 121,752 72,211 49,541 41%
PRJ000286 Wolf Ranch West - Section 2G 489,900 309,405 180,495 37%
PRJ000287 Gateway 35 - Building 1 266,676 196,587 70,089 26%
PRJ000288 Round Rock 2 Apartments 472,173 386,487 85,686 18%
PRJ000289 Wolf Lakes Offsite Utility 307,445 233,154 74,291 24%
PRJ000290 Windmill Hill Blue Ridge Drive Extension 257,827 180,290 77,536 30%
PRJ000291 Chick-Fil-A Expansion at WR SC 72,396 61,448 10,949 15%
PRJ000292 Aviation Drive Extension - Lift Station 48,390 34,856 13,534 28%
PRJ000296 Sun City NH10 - Phase B 120,119 121,331 (1,212) -1%
PRJ000299 Wolf Lakes Apartments - Hines Tract 446,777 172,996 273,781 61%
PRJ000300 Wolf Lakes Bella Lago Underground Extension 314,510 298,983 15,527 5%
PRJ000301 Titan NorthPark 35 - Building 5 166,073 18,738 147,334 89%
PRJ000302 Somerset Hills - Phase A-B 970,256 783,213 187,043 19%
PRJ000303 Westinghouse Retail Center at Windmill Hill 69,152 39,262 29,890 43%
PRJ000305 Medical Towers at Georgetown - 67,653 (67,653) 0%
PRJ000306 Toolman Business Park 168,802 94,183 74,619 44%
PRJ000307 Sonrisa MOB, WS-11306, MPN-21-19 68,043 73,012 (4,969) -7%
PRJ000308 Sun City Neighborhood 77 306,196 189,979 116,216 38%
PRJ000309 Sun City NH 80 166,562 53,260 113,302 68%
PRJ000312 Dutch Bros. Coffee at 1309 W. University 38,354 21,964 16,390 43%
PRJ000313 Rivery Crossing (WS# 11264)156,254 9,823 146,431 94%
PRJ000314 Hewlett Volkswagen 2022 Remodel (MPN# 21-106)43,767 24,022 19,745 45%
PRJ000316 Wolf Lakes HEB (MPN# 21-95)120,668 10,588 110,080 91%
Capital Project Life to Date Report FY2022 Q2
66
Quarterly Financial Report
Project Budget Total Spend Remaining Budget % Remaining
PRJ000317 Blue Springs Business Park (MPN# 21-108)474,203 42,817 431,386 91%
PRJ000318 Costco 270,223 - 270,223 100%
PRJ000319 Georgetown Logistics (MPN# 21-87)453,870 39,781 414,090 91%
PRJ000320 Amazon Sortation Facility - 17,830 (17,830) 0%
PRJ000321 Wolf Lakes - Bella June Extension 201,850 15,559 186,292 92%
PRJ000329 Sun City NH 79 (MPN# 22-14)149,174 50,429 98,745 66%
PRJ000330 2021 Airport Road Upgrade 484,281 - 484,281 100%
PRJ000331 Quail Valley (Phase 1) URD Voltage Conversion 240,344 - 240,344 100%
Electric Total 42,169,163 16,052,169 26,116,993 62%
Environmental Services
PRJ000116 Transfer Station 11,000,000 961,311 10,038,689 91%
Environmental Services Total 11,000,000 961,311 10,038,689 91%
Finance
PRJ000038 ERP Project 6,231,654 6,016,986 214,668 3%
Finance Total 6,231,654 6,016,986 214,668 3%
Fire
PRJ000134 SCBA Replacement 1,170,000 840,934 329,066 28%
PRJ000135 Cardiac Monitors 483,517 483,517 - 0%
Fire Total 1,653,517 1,324,451 329,066 20%
Fleet
PRJ000124 Radio Replacement 938,278 213,798 724,480 77%
PRJ000279 Electric Bond Funded Vehicles - FY22 1,061,500 958,977 102,523 10%
PRJ000280 Fire Bond Funded Vehicles - FY22 2,005,440 1,896,440 109,000 5%
PRJ000281 Police Bond Funded Vehicles - FY22 1,277,000 1,204,710 72,290 6%
Fleet Total 5,282,218 4,273,926 1,008,292 19%
GTEC Department
PRJ000046 FM 971/ Fontana (Nw Bridge)1,209,000 1,206,390 2,610 0%
PRJ000053 IH 35/ Hwy 29 Intersection Imp 1,800,000 120,066 1,679,934 93%
PRJ000060 Rabbit Hill Road 4,100,000 420,360 3,679,640 90%
PRJ000083 Rivery Tia Improvements 1,179,000 1,094,839 84,161 7%
PRJ000145 Sh29 Signal And Roadway Improvements 1,595,000 393,067 1,201,933 75%
PRJ000181 Aviation Drive 10,300,000 10,088,053 211,947 2%
PRJ000182 Capella 1,500,000 - 1,500,000 100%
PRJ000183 Costco 2,000,000 - 2,000,000 100%
PRJ000203 FM1460 Widening 300,984 - 300,984 100%
PRJ000206 NB Front Rd (2338 To Lakeway)216,000 221,766 (5,766) -3%
PRJ000265 Project Diana (Witteria Way - Gateway 35)1,700,000 1,700,000 - 0%
GTEC Department Total 25,899,984 15,244,541 10,655,443 41%
Management Services
PRJ000029 Downtown Parking Garage 291,483 151,910 139,573 48%
PRJ000037 EOC Siren System 15,525 (8,564) 24,089 155%
PRJ000042 Fire Station 6 5,500,000 5,327,442 172,558 3%
PRJ000043 Fire Station 7 7,198,744 6,471,806 726,938 10%
PRJ000067 Parking Improvements 68,510 - 68,510 100%
PRJ000131 Fuel Station 1,100,000 92,388 1,007,613 92%
PRJ000136 GMC Remodel Phase I 560,000 607,232 (47,232) -8%
PRJ000178 Public Safety Operation and Training Center Phase II 4,500,000 124,039 4,375,961 97%
PRJ000179 Recreation Center Teen/Senior Renovation 247,979 - 247,979 100%
PRJ000180 Recreation Center Natatorium HVAC Replacement 700,000 667,546 32,454 5%
PRJ000184 Airport Maintenance Facility 1,250,000 - 1,250,000 100%
PRJ000191 Georgetown City Center - Festival/Public Space 5,400,000 78,488 5,321,512 99%
PRJ000223 City Center Signage 125,000 - 125,000 100%
PRJ000252 Fire Logistics Building 1,500,000 - 1,500,000 100%
Management Services Total 28,457,242 13,512,287 14,944,954 53%
Parks
PRJ000048 Garey Park 15,346,730 15,273,154 73,577 0%
PRJ000089 San Gabriel Park Improvement 13,025,000 7,384,382 5,640,618 43%
PRJ000125 Parks Master Plan 229,998 229,998 - 0%
PRJ000126 Regional Trail Development 1,302,684 1,302,684 - 0%
PRJ000129 Ada Transition Plan 1,075,982 787,052 288,930 27%
PRJ000190 Heritage Gardens 275,860 266,043 9,816 4%
PRJ000240 South Main Plaza 272,450 62,750 209,700 77%
PRJ000244 Grace Heritage Plaza 90,000 90,000 - 0%
PRJ000249 GVPID Landscape Improvements - 61,500 (61,500) 0%
PRJ000253 Southeast Community Park 14,500,000 - 14,500,000 100%
PRJ000278 Regional Trail Improvements 200,000 - 200,000 100%
Capital Project Life to Date Report FY2022 Q2
67
Quarterly Financial Report
Project Budget Total Spend Remaining Budget % Remaining
PRJ000293 San Gabriel Park - Phase 3 663,870 651,169 12,701 2%
PRJ000322 Crystal Knoll Park 250,000 40,700 209,300 84%
PRJ000323 Madison Oaks Park - 14,500 (14,500) 0%
PRJ000324 Vista Vera Park 250,000 40,700 209,300 84%
PRJ000326 Westhaven Park I and II - 47,700 (47,700) 0%
PRJ000327 La Conterra Park 250,000 40,700 209,300 84%
PRJ000328 Waypoint Park 200,000 14,500 185,500 93%
Parks Total 47,932,573 26,307,531 21,625,042 45%
Police
PRJ000133 Body Cameras 800,000 800,000 0 0%
Police Total 800,000 800,000 0 0%
Public Works - Self Managed Department
PRJ000204 Historic District Street Signs - - - 0%
Public Works - Self Managed Department Total - - - 0%
Public Works Department
PRJ000013 Austin Avenue Bridge 2,855,398 1,773,738 1,081,660 38%
PRJ000045 FM 971 - (26,684) 26,684 0%
PRJ000063 Northwest Blvd Bridge 3,509,094 421,578 3,087,516 88%
PRJ000100 Southeast Inner Loop - - - 0%
PRJ000137 Intersection Improvements (Lakeway @ Williams Drive)1,711,728 1,711,728 - 0%
PRJ000138 Downtown Sidewalks 2,579,978 1,616,723 963,255 37%
PRJ000139 Westinghouse - Scenic Lake Traffic Signal 600,000 343,447 256,553 43%
PRJ000140 Austin Ave Bridges 10,184,000 - 10,184,000 100%
PRJ000141 Southwestern Blvd 4,200,000 876,460 3,323,540 79%
PRJ000143 Leander Rd(Norwood-Swbypass)6,750,000 994,025 5,755,975 85%
PRJ000172 2020 Street Maintenance High Performance Seal: Bid Package No.1 372,200 349,542 22,658 6%
PRJ000173 2020 Street Maintenance High Performance Seal: Bid Package No. 2 463,195 337,719 125,476 27%
PRJ000174 2020 street maintenance HIPR 1,935,589 1,191,547 744,042 38%
PRJ000188 DB Wood (SH 29 to Oak Ridge)18,000,000 1,703,636 16,296,364 91%
PRJ000201 Austin Ave. (Sh29-Fm2243)466,000 466,000 - 0%
PRJ000202 FM 971 5,821,392 5,821,392 0 0%
PRJ000207 Northwest Blvd Bridge 12,418,528 11,319,255 1,099,273 9%
PRJ000208 Old Town Northeast 906,159 906,159 - 0%
PRJ000209 Southeast Inner Loop 10,521,000 8,898,018 1,622,982 15%
PRJ000210 2021 HIPR Street Maintenance 2,300,000 2,294,978 5,022 0%
PRJ000211 2021 High Performance Pavement Seal Project #1 750,000 712,642 37,358 5%
PRJ000212 2021 High Performance Pavement Seal Project #2 515,698 492,265 23,433 5%
PRJ000214 Intersection Improvements (Traffic Signals)1,650,000 1,365,168 284,832 17%
PRJ000215 2021 Intersection Safety Enhancements (RRFB)475,166 96,450 378,716 80%
PRJ000216 FY21 Downtown Sidewalk Improvements 1,000,000 130,000 870,000 87%
PRJ000237 Northeast Inner Loop (Stadium to FM971) Emergency Repairs 700,000 681,858 18,142 3%
PRJ000254 Shell Road 12,503,000 - 12,503,000 100%
PRJ000255 Rockride Lane 5,776,000 - 5,776,000 100%
PRJ000256 Westinghouse Road 8,200,000 2,050,000 6,150,000 75%
PRJ000257 Sam Houston Ave Ext/SE1/Wilco Corridor 4,000,000 960 3,999,040 100%
PRJ000258 DB Wood (Oak Ridge to Williams Dr)18,895,000 - 18,895,000 100%
PRJ000267 Allocations - Intersections/Bike Lanes/Sidewalks - MB21 10,450,000 - 10,450,000 100%
PRJ000277 Intersection Improvements - FY22 1,200,000 - 1,200,000 100%
PRJ000294 2022 HIPR 2,750,000 308,700 2,441,300 89%
PRJ000295 2022 High Performance Pavement Seal 1,209,302 209,300 1,000,002 83%
PRJ000297 Southeast Inner Loop - MB21 32,061,000 - 32,061,000 100%
PRJ000304 Memorial Drive 3,100,000 - 3,100,000 100%
PRJ000310 Southwest Bypass (Wolf Ranch Parkway to SH29)2,000,000 - 2,000,000 100%
Public Works Department Total 192,829,426 47,046,603 145,782,823 76%
Right of Way
PRJ000007 Access Rtw To Government Srv 220,000 - 220,000 100%
PRJ000200 Access Rtw To Government Srv 220,000 220,000 - 0%
Right of Way Total 440,000 220,000 220,000 50%
Stormwater
PRJ000004 18th and Hutto Drainage 164,793 11,469 153,324 93%
PRJ000024 2020 Curb & Gutter 1,055,000 766,902 288,098 27%
PRJ000104 Stormwater Infrastructure 347,000 168,506 178,495 51%
PRJ000149 Drainage Improvement/Flood Mitigation Projects 300,000 - 300,000 100%
PRJ000213 2021 Curb & Gutter Project 500,000 64,300 435,700 87%
PRJ000274 2022 Curb & Gutter 500,000 65,250 434,750 87%
Stormwater Total 2,866,793 1,076,427 1,790,367 62%
Water
Capital Project Life to Date Report FY2022 Q2
68
Quarterly Financial Report
Project Budget Total Spend Remaining Budget % Remaining
PRJ000014 Berry Creek Inter.49,949,000 2,404,587 47,544,413 95%
PRJ000017 Cedar Breaks Est 3,385,000 - 3,385,000 100%
PRJ000023 Cr 255 (Wd14-2)1,817,359 319,081 1,498,278 82%
PRJ000025 Db Wood/ Pastor 24 Dedicated 440,726 440,726 - 0%
PRJ000034 Earz 2,326,000 364,015 1,961,985 84%
PRJ000057 Lift Station Upgrade 423,593 156,093 267,500 63%
PRJ000059 LWTP Raw Water Intake Rehab 6,750,000 5,666,956 1,083,044 16%
PRJ000066 Park Lift Station & Force Main 3,574,341 2,217,317 1,357,024 38%
PRJ000075 Pumps & Storage 9,289 9,289 - 0%
PRJ000085 Ronald Reagan/Daniels Mountain 140,989 140,989 - 0%
PRJ000096 Shell Road Water Line 6,890,000 1,111,260 5,778,740 84%
PRJ000101 Southlake Wtp 100,000,000 15,087,619 84,912,381 85%
PRJ000110 Sw Bypass Waterline 1,106,000 - 1,106,000 100%
PRJ000119 Water Mains 1,536,750 501,352 1,035,398 67%
PRJ000123 WW Interceptors - - - 0%
PRJ000150 Carriage Oaks Transmission 600,000 430,800 169,200 28%
PRJ000152 Hoover Pump Station 6,850,000 855,221 5,994,779 88%
PRJ000154 Stonewall Ranch Pump Station Improvements 3,100,000 300,825 2,799,175 90%
PRJ000155 Southside Water Treatment Plant 6,426,706 981,550 5,445,156 85%
PRJ000156 Gatlin/Teravista Improvements 450,000 - 450,000 100%
PRJ000157 Leander Interconnect 340,245 340,245 - 0%
PRJ000158 West loop (H-1A)447,385 447,385 - 0%
PRJ000160 Round Rock Supply Pump Station And Elevated Storage Tank 10,500,000 1,427,473 9,072,527 86%
PRJ000161 Miscellaneous Line Upgrades 1,372,000 638,430 733,570 53%
PRJ000162 South West Bypass Water (H24-1)2,906,000 2,496,358 409,642 14%
PRJ000163 Tank Rehabilitation 3,274,536 393,416 2,881,120 88%
PRJ000164 Council Chamber Water 423,000 15,960 407,040 96%
PRJ000165 San Gabriel WWTP Rehabilitation 3,257,307 1,622,000 1,635,307 50%
PRJ000167 San Gabriel Inter SGI -2 4,500,000 912,755 3,587,245 80%
PRJ000168 WWTP Upgrade 950,000 209,000 741,000 78%
PRJ000177 Northlake WTP Phase IV Expansion 15,000,000 14,764,498 235,502 2%
PRJ000185 Cimarron Hills Wastewater Treatment Plant Expansion 5,300,000 799,325 4,500,675 85%
PRJ000218 EARZ Wastewater Rehabilitation Area 2 - 2019 2,768,469 2,460,360 308,109 11%
PRJ000219 Southside GST Foundation Improvements 535,678 535,678 - 0%
PRJ000228 Southside GST Roof Rehab 791,500 645,000 146,500 19%
PRJ000241 2020 - 2021 EARZ - Area 3 1,500,000 516,820 983,180 66%
PRJ000259 Pecan Branch WWTP Expansion 37,000,000 - 37,000,000 100%
PRJ000260 CR 262 Waterline 2,500,000 187,200 2,312,800 93%
PRJ000261 Dove Springs WWTP Rehabilitation 3,200,000 516,900 2,683,101 84%
PRJ000262 Wolf Ranch Expansion and Force Main 5,900,000 - 5,900,000 100%
PRJ000263 Water - Wastewater Master Plan 725,000 710,835 14,165 2%
PRJ000264 Interceptor Lift Station Removal & Gravity Main 8,500,000 - 8,500,000 100%
PRJ000266 SCADA Upgrades 1,500,000 - 1,500,000 100%
PRJ000268 System Resiliency 3,525,000 1,023,320 2,501,680 71%
PRJ000275 FY2022 EARZ -Area 4 2,000,000 - 2,000,000 100%
Water Total 314,491,873 61,650,636 252,841,237 80%
Water Operations
PRJ000220 AMI Equipment Upgrades 2,250,000 - 2,250,000 100%
Water Operations Total 2,250,000 - 2,250,000 100%
Grand Total 683,044,442 194,728,410 488,316,031 71%
Capital Project Life to Date Report FY2022 Q2
69
Quarterly Financial ReportUnfunded Liability & CommitmentsFinancial Impact/NotesStatus Updates ‐ 12/31/21Status Updates ‐ 03/31/22Cemetery Special Revenue Fund Perpetual ReserveCurrently 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 transfer $75,000 annually for future costs associated with maintaining the property. The General Fundhas made this transfer in since FY 2016. While the perpetual reserve has grown slowly, it is not on pace to sustain the Cemetery Fund long‐term. The fund is estimated to need a $5 million balance to be self‐sustaining on interest earnings and cemetery revenue.No Change. Fiscal policies not in compliance will be discussed with Council at the March 8 workshop on the First Quarter Report.No change. Council gave no direction on cemetery fund during March 8 workshop.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 eachfund. The UAAL is provided by TMRS and lags one year.As of 9/30/2020, the net pension liability is $18.7 million and is 88.97% funded. The City's FY2021 year‐end unfunded liability was estimated at $21.5M. This increase in liability is due to a change in the actuarial assumptions. The plan is 89.2% funded, which is an excellent funding ratio. The funded ratio has steadily increased from the low 80's over the past 5 years.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 self insurance fund, which then processes their health insurance claims. OPEB liability as of 9/30/21 is $4.9 million.No change. This report is conducted bi‐annually.Compensated AbsenceFuture 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 City keeps a reserve in the General Fund to help offset large payouts for long‐term employees. The reserve is used as needed, and annually replenished or increased based on known risk.Compensated absences as of 9/30/21 are $8.4 million. No change. This calculation is performed once annually.CITY OF GEORGETOWNLong-term Commitments, Reservations, and Other Unfunded Liabilities03/31/202270
Quarterly Financial ReportUnfunded Liability & CommitmentsFinancial Impact/NotesStatus Updates ‐ 12/31/21Status Updates ‐ 03/31/22Electric Fund Rate Stabilization ReserveIntended to mitigate potential rate impacts due to increasedpurchased power costs or other external factors. The RSR is maintained within the Electric Fund. Final ending fund balance in FY2021 is $39.8M. After accounting for capital roll forward and cost of living adjustment amendments in FY2022, ending fund balance is projected to be $36.6M. This fully funds all reserves and leaves a remaining available balance of $1.4M.All reserves are fully funded currently, as well as projected to be fully funded in the 5‐year financial model used in the cost of service study. Recommend removing this item from the unfunded liabilities list.Airport MaintenanceFund on‐going maintenance of the Airport grounds, runwaysand taxi ways. Terminal and Tower included in Facilities ISF. An Airport Master Plan was developed to address long term capital maintenance project prioritization. No changeNo changeAmericans with Disabilities Act (ADA) Compliance NeedsAs 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.No ChangeNo change71
Quarterly Financial ReportUnfunded Liability & CommitmentsFinancial Impact/NotesStatus Updates ‐ 12/31/21Status Updates ‐ 03/31/22Sidewalk Maintenance & MasterplanCurrently, 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. Rock Sidewalk/FY 20 Downtown ADA Sidewalk Improvements. Project is in construction. Contractor wrapped up most work along Rock Street and the intersections of Austin and 7th/8th streets. Contractor is currently working on 7th street between Main and Church Streets. FY21 and FY22 Downtown ADA Sidewalk improvements will be a continuation of Downtown ADA improvements and closing gaps. Design/survey work has begun. Internal meetings to take place to ensure coordination with departments on work that may need to take place with the construction.Old Town NE Sidewalk ‐ Contractor has completed 95% of the project. All sidewalk and pedestrian ramps are in place. TDLR inspection and walk‐through to be completed in Mid‐May. Contractor to address any punch list items.Park Equipment Maintenance & ReplacementOver 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.No ChangeNo changeRadio Equipment ReplacementCommunication system consisting of 500 on‐body and in‐vehicle radios for Police, Fire, parks and utilities. Replacement radios are compatible with newer technology. The replacement takes place over 5 years due to cost and is funded with certificate of obligation debt. The replacement count for FY2022 will be finalized and sent to GGAF for approval in April.Approximately $570,000 is needed to finish this project in FY2023. This will be included in the proposed budget. 72
Quarterly Financial ReportUnfunded Liability & CommitmentsFinancial Impact/NotesStatus Updates ‐ 12/31/21Status Updates ‐ 03/31/22Street MaintenanceThe 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.No changeFiber Asset AllocationNetwork fiber infrastructure is installed across the City. Traditionally, the Electric Fund has installed and maintained the network. In reviewing all costs for the Electric Fund, the City has begun moving the fiber asset to the IT Fund. Staff must develop a multi‐year strategy to complete the asset transfer and allocate costs for maintenance.The IT Department is planning to include the fourth and final installment of the asset transfer as costs to be allocated to other departments in the FY2023 budget.Once the FY2021 audit was completed, the IT Fund was confirmed to have enough one‐time savings in fund balance to cover the final installment of the asset. Accounting department completed this transfer on the balance sheet in FY2022. The IT Allocation will be reducedto reflect this update in the FY2023 budget. Recommend removing this unfunded liability from the list.IT Capital Replacement ReserveThe purpose of this reserve is to fund the maintenance and replacement of computer network and other technology systems. A reserve will be established within the ISF for replacement of major systems and will be funded over time through excess revenues within the Fund. The targeted amount is the average (1/5th) of the next five years on the replacement schedule. No Change. Fiscal policies not in compliance will be discussed with Council at the March 8 workshop on the First Quarter Report.Council fully funded this reserve during the FY2022 mid‐year budget amendment with one‐time savings from FY2021. Recommend removing this unfunded liability from the list.73
Quarterly Financial ReportUnfunded Liability & CommitmentsFinancial Impact/NotesStatus Updates ‐ 12/31/21Status Updates ‐ 03/31/22Facilities Maintenance ReserveThe City has established an on‐going maintenance program, which includes major repairs, equipment, as well as contracts for maintaining City facilities. The City has anticipated a useful life of such equipment and established ameans of charging those costs to the various departments inorder to recognize the City’s continuing costs of maintaining its facilities. Determination for facility repairs is based on useful life of the various elements of each facility. A proportional cost for each element is expensed within the budget for capital replacement. The targeted replacement reserve amount is the average (1/5th) of the next five years on the replacement schedule. No Change. Fiscal policies not in compliance will be discussed with Council at the March 8 workshop on the First Quarter Report. The Facilities Department plans to increase cost allocation rates in FY2023 budget in order to build this reserve. Eric Johnson ‐ Through the budget process council approved 10% to begin the increase in the Facilities Reserve Fund. Council fully funded this reserve during the FY2022 mid‐year budget amendment with one‐time savings from FY2021. Recommend removing this unfunded liability from the list.Joint Services Fund 90 Day Operational Contingency ReserveA minimum ninety (90) days of operating expenses will be reserved for unexpected delays in revenue or emergency expenses. No Change. Fiscal policies not in compliance will be discussed with Council at the March 8 workshop on the First Quarter Report.Council fully funded this reserve during the FY2022 mid‐year budget amendment with one‐time savings from FY2021. Recommend removing this unfunded liability from the list.74