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Home My WebLink AboutAudit Committee Agenda Packet -05/03/2016 City of Colleyville Page 1 City of Colleyville Audit Committee Agenda City Hall 100 Main Street Colleyville, Texas 76034 817.503.1000 www.colleyville.com Tuesday, May 3, 2016 5:15 p.m. City Manager’s Conference Room Third Floor – City Hall 1. CALL TO ORDER 2. APPROVAL OF MINUTES March 8, 2016 3. REGULAR AGENDA ITEMS 3a Presentation of the quarterly investment report for the quarter ended March 31, 2016 4. ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards Friday, April 29, 2016 by 5:00 p.m. Christine Loven Assistant City Secretary A quorum of the Colleyville City Council and/or any other Colleyville Board, Commission, or Committee may be in attendance at this meeting. Any matter on this agenda may, at the discretion of the governing body, be opened for public comment and discussion. If you plan to attend this public meeting and have a disability that requires special accommodations, please advise Executive Secretary at least 48 hours in advance at 817.503.1111, and reasonable accommodations will be made to assist you. City of Colleyville Page 1 City of Colleyville Audit Committee Minutes - Draft City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Tuesday, March 8, 2016 City Manager’s Conference Room Third Floor – City Hall Accounting Manager Karen Hines called the Audit Committee meeting to order on March 8, 2016, at 4:45 p.m. ROLL CALL: Committee members Nancy Coplen, Chuck Mogged, and Chris Putnam were present. City Manager Jennifer Fadden, Deputy City Manager Chris Fuller, Chief Financial Officer Brian Hogan, Accounting Manager Karen Hines, and City Secretary Amy Shelley were also present. 2. PRESENTATION AND DISCUSSION 2a. Discussion of the draft Fiscal Year 2015 (FY 15) Audit and SAS 114 Letter John Manning, Audit Partner, with Pattillo, Brown, & Hill presented this item and briefed the committee. Committee member Putnam asked Mr. Manning if having the auditors prepare the city’s financial statements is standard practice. Mr. Manning replied yes, as long as the city is capable of doing the financial statements themselves. Mr. Manning confirmed that the staff is competent and capable of preparing the financial statements, however, due to the time commitment to do so, the city contracts with Pattillo, Brown and Hill for that service. Committee member Putnam asked Mr. Manning if they are just formatting our own data. Mr. Manning replied yes. The staff provides a trial balance at year end that is audited and tested and then reformatted to provide the financial statements. Committee member Mogged asked Mr. Manning what investment returns are anticipated by TMRS. Mr. Manning replied it is not as bad as it used to be, but page 71 outlines that for the first one seven percent is anticipated. Committee member Mogged asked staff how much the draw down should be at this high funding. Chief Financial Officer Brian Hogan replied we are at 108 percent funded; however, over the last three years, the numbers have come down. Mr. Manning added Colleyville sends in less than any other city they work with. City of Colleyville Page 2 City Council Minutes - DRAFT March 8, 2016 Committee member Putnam asked Mr. Manning if we are basically catching up and this is a first time liability. Mr. Manning replied that since the City is fully funded, we report our position as a net pension asset on page 30. Instead of using the full rate, we could phase in the rate. He explained that most cities could not financially catch up and fully fund the liability in one year so they were given the option of using a phase-in rate to catch up. He stated that GASB 68 is why reporting the unfunded liability is now required. Committee member Mogged asked Mr. Manning how realistic the returns are. Mr. Manning explained the rate of expected returns on page 70. Committee member Mogged asked Mr. Manning if this is a blending of different things. Mr. Manning replied yes. Committee member Putnam stated it’s not seven percent. Committee member Mogged asked Mr. Manning if six percent is what we should be doing internally. Mr. Manning replied it is not an option. The rate is set at seven percent. Committee member Mogged asked staff about the true liabilities. Chief Financial Officer Brian Hogan replied the actuarial study is reevaluated each year, and it takes into consideration the number of employees we will have over the next few years that are eligible for retirement, the number of retirees receiving benefits, and the age and salaries of those contributing to the system, and that is used for the rate, and how they adjust those rates. City Manager Jennifer Fadden asked the Committee if they would like for TMRS to make a presentation about the current plan. Committee member Mogged agreed, and stated it could help to answer some other questions which off-set. Mr. Manning added the seven percent is not what we are going to get on the market. Committee member Putnam stated forfeited funds go against the liability. Committee member Putnam agreed it would be good to have TMRS provide a presentation. Committee member Coplen asked Mr. Manning if the actuaries are done statewide, or just for our people. Mr. Manning replied they are unique to the City, unlike the school district, which are done together. He added we do not just get that out of the portal, we also get the information from the census data, like what we report to TMRS. Committee member Mogged stated he would like to have the pages go across from each other so that headers line up. Accounting Manager Karen Hines stated the final will be one page. City of Colleyville Page 3 City Council Minutes - DRAFT March 8, 2016 Committee member Mogged stated the collectables and allowances for that, seemed a little higher compared to the past, is there a trend, such as getting less or losing more. Chief Financial Officer Brian Hogan replied they are about the same, and as the ad valorem taxes go up relative to the appraisal values, the receivable balances go up as well. Committee member Coplen asked staff if we use the same people as GCISD uses for collectables. Accounting Manager Karen Hines replied yes, the collection firm that both use is Perdue, Brandon, Fielder, Collins and Mott LLP. Committee member Mogged stated although it is a testament to the processes and people in the department, things may surface; however, nothing is seen with these updates. Chief Financial Officer Brian Hogan stated he did some testing with municipal courts, utility billing, and cash receipts, and found nothing abnormal, which was confirmed with the audit. Mr. Manning concurred, and added staff will put some cash reconciliation processes in place, such as a pooled cash account. Committee member Mogged expressed his appreciation to the percentage of completion. Committee member Putnam asked about the detail behind the budget transfers. Mr. Manning explained that those are outlined on page 63. City Manager Jennifer Fadden explained that at the end of the fiscal year, the City Council approved a budget amendment that transfers any excess General Fund revenue over expenditures to the Capital Projects Fund for future capital improvement projects. Accounting Manager Karen Hines stated the next Audit Committee meeting will take place on Tuesday, May 3, 2016 at 5:15, to discuss the quarterly investment report. 3. ADJOURNMENT The Audit Committee meeting adjourned at 5:26 p.m. APPROVED BY A VOTE OF AYES, NAYS, AND ABSTENTIONS ON THIS THE 3RD DAY OF MAY 2016. Minutes taken and prepared by: Amy Shelley, TRMC City Secretary City of Colleyville Page 1 City of Colleyville Audit Committee Agenda Briefing City Hall 100 Main Street Colleyville, Texas 76034 www.colleyville.com Agenda Number 3a Agenda Date 05/03/2016 Number Type Regular Agenda Items Department City Manager Title Presentation of the quarterly investment report for the quarter ended March 31, 2016 Strategy Map Connection F4- Adhere to the City’s financial and budgetary policies Explanation During the period of January 1, 2016 through March 31, 2016, the City of Colleyville had an average of $50,902,242 invested on a daily basis, which earned $70,093, with an average yield of 0.55%. The average yield on investments for this quarter is 0.16% higher than the prior quarter's average of 0.39%. As of March 31, 2016, the City had $52,697,798 invested in the LOGIC Investment Pool, CDARS Certificates of Deposit, and various debt instruments in the following percentages: Logic 46.57% FFCB Notes 15.43% FHLB Notes 20.70% FHLMC Notes 3.91% Treasury Note 2.54% CDARS CD's 8.90% FNMA Notes 1.95% These percentages are within the guidelines for portfolio diversification in the City's investment policy. The market value of the City's investments on March 31, 2016 was $22,827,559 as compared to a purchase price of $22,832,521 (this excludes LOGIC Investment Pool and CDARS Certificates of Deposit). The Colleyville Economic Development Corporation currently holds a Treasury Note ($500,000) with a market value of $499,571 and a purchase price of $499,750. Additionally, $1,000,747 was invested in the Corporation's name in the LOGIC Investment Pool. These funds earned interest of $1,937 for the quarter. Attachments 1.Quarterly investment report for the quarter ended March 31, 2016 QUARTERLY INVESTMENT REPORT FOR QUARTER ENDING MARCH 3 1, 2016 THIS REPORT IS IN COMPLIANCE WITH THE PUBLIC FUNDS INVESTMENT ACT AND ADOPTED INVESTMENT POLICY STRATEGY '~ OUTSTANDING INVESTMENTS AT MARCH 31, 2016 PURCHASE PAR MARKET VALUE MATURITY YIELD ON PRICE VALUE @3131/16 DATE INVESTMENT FFCB NOTE $1 ,004,070 $1,000,000 $1,000.531 519/2016 0 .375% FHLB NOTE $1, 198,200 $1 ,200.000 $1, 199,952 6/10/2016 0.450% FHLB NOTE $1,000,590 $1 ,000,000 $1 ,000,249 10/17/2016 0 .470% FFCB NOTE $1 ,015,700 $1 ,000,000 $1,007,900 11122/2016 0 .375% FHLB NOTE $1 ,201,546 $1,200,000 $1,200,564 11/23120 16 0560% FHLBNOTE $1,301 ,014 $1,300,000 $1,301,846 12/12/2016 0.660% TREASURY NOTE $1 ,301 .219 $1,300,000 $1,300,660 12/1512016 0562% FHLBNOTE $1,003,800 $1,000,000 $1,001,818 4/7/2017 0735% FHLBNOTE $750,000 $750,000 $751 ,588 6112/2017 0 .820% FFCB NOTE $1,001 ,230 $1,000,000 $1 ,000,657 611612017 0.735% FHLB NOTE $1,000.390 $1,000,000 $1,001,554 613012017 0 .710% FHLMC NOTE $1,004,385 $1 ,000.000 $1,002,188 7/28/2017 0 .600% FFCB NOTE $1,003,690 $1,000,000 $1 .001 ,358 812812017 0.580% FFCB NOTE $1,000,000 $1,000,000 $1 ,001 ,606 9/14/2017 0780% FFCB NOTE $897.680 $900,000 $898,023 10/13/20 17 0.785% FHLBNOTE $1 ,199.868 $1,200,000 $1, 197.846 10/26120 17 0630% FNMA NOTE $999.600 $1 ,000,000 $1,001 ,884 10/2612017 0885% FFCB NOTE $999,000 $1,000,000 $999,568 11/612017 0 .611% FHLB NOTE $750.750 $750,000 $754,274 121812017 1072% FHLB NOTE $1 ,200.000 $1 ,200,000 $1,202,483 1212912017 1010% FFCBNOTE $1 ,000,580 $1,000,000 $999,719 21 12/2018 0 771% FHLMC NOTE $999,030 $1,000,000 $1,001,494 317/2018 0 .925% TOTAL OUTSTANDING INVESTMENTS $22,832,521 $22,800,000 $22,827,559 CITY OF COLLEYVILLE BALANCES AT MARCH 31, 2016 INVESTMENT P URCHASES $22,800,000 CDAR'S CERTIFICATES O F DEPOSIT $4,556, 178 LOGIC INVESTMENT POOL $23,840,874 TOTAL CITY INVESTMENTS HELDAT MARCH 31, 2016 $51 .197.052 COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION (CEOC) BALANCES AT MARCH 3 1, 2016 INVESTMENT PURCHASES $500,000 LOGIC INVESTMENT POOL $1,000,7 47 TOTAL CEDC INVESTMENTS HELO AT MARCH 31 , 2016 $1,500,747 irOTAL INVESTM ENTS HELD BY CITY OF COLLEYVILLE IAND COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION AT MARCH 31 , 2016 $52,697,798 INTEREST EARNINGS ON C ITY OF C OLLEYVILLE INVESTMENTS FO R THE PERIO D OF J ANUARY 1 • MARCH 31 , 2016 PURCHASE PAR MATURITY YIELD ON INTEREST PRICE VALUE DATE INVESTME NT EARN ED FFCB NOTE $1 ,004 ,070 $1 ,000,000 5/9/2016 0375% $935 FHLB NOTE $1, 198,200 $1,200,000 6/10/2016 0 .450% $1,346 FHLB NOTE $1 ,000,590 $1 ,000,000 10/17/2016 0470% $1 ,172 FFCB NOTE $1,015,700 $1,000,000 11/22/2016 0 .375% $936 FHLB NOTE $1 .201 ,546 $1 .200,000 11/23/2016 0 560% $1 ,676 FHLB NOTE $1 ,301,014 $1 ,300,000 12/12/2016 0 .660% $2 ,140 TREASURY NOTE $1 ,301 ,219 $1 ,300,000 12/1512016 0 .562% $1 ,822 FHLB NOTE'' $1 ,000,000 $1 .000,000 3/23/2017 0.750% $1 ,705 FHLB NOTE $1 ,003 ,800 $1 ,000,000 417/2017 0 .735% $1 ,833 FHLB NOTE $750,000 $750,000 6/12/2017 0 .820% $1 ,533 FFCB NOTE $1 ,001,230 $1 ,000,000 6/16/2017 0 .735% $1 ,833 FHLB NOTE $1 ,000,390 $1 ,000,000 6/30/2017 0.710% $1 ,771 FHLMC NOTE $1 ,004 ,385 $1,000,000 7/28/2017 0.600% $1,496 FFCB NOTE $1 .003,690 $1 ,000,000 8128/2017 0 .580% $1 ,446 FFCB NOTE $1,000,000 $1,000,00 0 9/14 /2017 0 .780% $1,945 FFCB NOTE $897,660 $900,000 10/1312017 0785% $1 ,762 FH LB NOTE $1, 199,868 $1,200,000 10/26/2017 0 .630% $1 ,886 FNMA NOTE $999,800 $1 ,000,000 10126/201 7 0885% $2,207 FFCB NOTE $999,000 $1,000,000 11/612017 0 .811% $2,022 FHLB NOTE $750,750 $750,000 12/812017 1 072% $110 FHLB NOTE $1 ,200,000 $1 ,200,000 12129/2017 1.010% $3,022 FFCB NOTE $1 ,000,580 $1 ,000.000 2/12/2018 0 .771% $1 ,013 FHLMC NOTE $999,030 $1,000,000 317/2018 0.925% $2,104 TOTAL INTE REST EARNED ON CITY IN VESTMENTS H ELD JANUARY 1, 2016 THROUGH MARCH 3 1, 20 16 $37,715 " EARLY CA LL ON INVESTMENT RECAP OF MARKET VALUES ON CITY OF COLLEYVILLE INVESTMEN TS H ELO JANUARY 1 • MARCH 31, 2016 INVESTMENT PURCHASE MATURITY PURCHASE PAR MARKET LESS PLUS MARKET DATE DATE PRICE VALUE VALUE MATURITY PERIOD VALUE @ 12-31-15 PROCEEDS PURCHASES @3-31-16 FHLB NOTE 611212014 611012016 $1,198,200 $1 ,200,000 $1 ,199,980 NIA NIA $1 , 199,952 FHLB NOTE 10122120 14 1011712016 $1 ,000,590 $1 ,000,000 $1,000,491 NIA NI A $1,000,249 FFCB NOTE 1111412014 51912016 $1,004,070 $1,000 ,000 $1,002,328 NIA NIA $1 ,000,531 FHLB NOTE 1112412014 1112312016 $1,201,546 $1,200,000 $1.201 ,771 NIA NIA $1,200,564 FHLB NOTE 1211812014 1211212016 $1,301,014 $1,300,000 $1 ,302 ,313 NIA NIA $1,301 .846 FHLB NOTE .. 312312015 312312017 $1,000,000 $1 ,000,000 $1 ,002, 144 $1,000,000 NIA $0 TREASURY NOTE 611512015 12115120 16 $1 ,301 ,219 $1 ,300,000 $1 ,302,742 NIA NIA $1,300 ,660 FHLB NOTE 611912015 611212017 $750,000 $750,000 $751 ,738 NIA NIA $751,586 FHLB NOTE 612412015 41712017 $1 ,003,800 $1 ,000,000 $1,004,563 NIA NIA $1,001,818 FHLB NOTE 716120 15 613012017 $1 ,000,390 $1 ,000,000 $1,001,485 NIA NIA $1 ,001,554 FFCB NOTE 711512015 611612017 $1 ,001 ,230 $1 ,000,000 $1,001,879 NIA NIA $1,000,657 FFCB NOTE 911612015 911412017 $1 ,000,000 $1 ,000,000 $1,001,447 NIA NIA $1,001,606 FFCB NOTE 1011912015 812812017 $1 ,003,690 $1 ,000,000 $995,886 NIA NIA $1 ,001,358 FHLB NOTE 1011912015 1012612017 $1 ,199,868 $1 ,200,000 $1,189,264 NIA NIA $1 , 197,646 FHLMC NOTE 1012212015 712612017 $1 ,004,385 $1,000,000 $997,162 NIA NIA $1 ,002 ,188 FFCB NOTE 1 11412015 1112212016 $1 ,015,700 $1 ,000,000 $1,009,373 NIA NIA $1,007,900 FFCB NOTE 111412015 1011312017 $897,660 $900,000 $893,387 NIA NIA $898,023 FFCB NOTE 11 11212015 11 1612017 $999,000 $1,000,000 $993,135 NIA NIA $999.568 FNMA NOTE 1111312015 1012612017 $999,800 $1 ,000,000 $995,870 NIA NIA $1 ,001,884 FHLB NOTE 1212912015 1212912017 $1 ,200,000 $1,200,000 $1, 198,253 NIA NIA $1 ,202,483 FHLB NOTE 11512016 121812017 $750,750 $750,000 $0 NIA $750,750 $754,274 FFCB NOTE 211712016 211212018 $1 ,000,580 $1 ,000,000 $0 NIA $1 ,000,580 $999,719 FHLMC NOTE 312312016 317/2018 $999,030 $1,000,000 $0 NIA $999,030 $1 ,001 ,494 TOTALS $21,045,209 $1 ,000,000 $2,750 ,360 $22,827,559 ·• EARLY CALL ON INVESTMENT LISTING OF INVESTMENTS BY GENERAL LEDGER ACCOUNT NUMBER OUTSTANDING INVESTMENTS AT 3-31-16 INVESTMENT DATE ACQUIRED MATURITY DAT E 26 WEEK T-BILL A UCTIO N DISCOUNT/WEEK O F PURCHASE YIELD TO MATURITY CUSIP# ACCOUNT ALLOCATION OF INVESTMENT 001 -1172 GENERAL FUND O PERATING 002-1166 UTILITY DEBT SERVICE RESERVE 002-1172 UTILITY FUND OPERATING 002-1178 CUSTOMER DEPOSITS 002-1186 UTILITY LINE RENEWAL 002-1557 THE RESERVE LIFT STATIO N 003-1180 BEDFORD BRIDGE ESCROW 003-11 88 TOWN CENTER/HWY26 003-11 92 MCDONWELL WOODS EST ESCROW 003-1200 LONGWOOD-PARKING ESCROW 003-1204 BEDFORD LAKES/SOMERSET 003-1231 LAKEWOOD ESCROW 003-1236 E. GLADE C RANBROOK ESCROW 003-1247 GLADE/WAYSIDE ESCROW 003-1250 REATTA PLACE 003-1301 LAKEWOOD PH IV 003-1304 VILLAS DEL MAR 003-1307 STREET RECONSTRUCTION 003-1309 COVENANT CHRISTIAN 003-1319 REMINGTON PARK 003-1323 SHALIMAR 003-1325 PECAN GARDENS 003-1330 REMINGTON PARK 003-1340 CASTLETON MANOR 003-1357 CITGO/LO LOCKETT 003-1392 CLAIRM ONT-PH I 003-1404 TANGLEWOOD 003-1416 CLAIRMONT-PH II 003-1 429 WARWICK PARC 003-1434 ROCKRIMMON 003-1486 CHANEL'S COURT 003-1563 V ILLAS OF COLLEYVILLE 005-1172 VOLUNTARY PARK FUND 011-1172 LIBRARY DONATIONS FUND 012 -1172 PARK LAND DEDICATION FUND 017-1172 DRAINAGE FUN D OPERATING 024-1 172 CEDC O PERATING 026-1 172 TIF OPERATI NG 032-15 19 CAPITAL EQUIPMENT RESERVE 034-1172 COLLEYVILLE TOMORROW PER GENERAL LEDGER MARKET VALUE VALUE AT MATURITY IN TEREST RECEIVED TO MATURITY INVESTMENT- G/L TOTAL $5,016,713.06 $64 3,699. 78 $3,915,454.05 $443,236.29 $2,492,826.00 $62,103.77 $35,907.83 $36,326.67 $10,996.31 $13,380.01 $227 ,978.36 $26, 103.65 $117,794.09 $42,420.01 $98,462.36 $77,530.57 $60,324.37 $247,919.86 $140,343.10 $27,855.96 $69,691 .33 $32,389.09 $81,068.37 $81 ,309.57 $56,809.28 $104,974.96 $26,111 .30 $147,050.32 $89,131.60 $65,055.06 $4 7,895.39 $52 ,979.48 $849,801.56 $359.642.52 $2 , 114,816.1 4 $219,440.95 $499,750.00 $3,871,536.57 $450,000.00 $375,441 .76 $23,332,271.35 $23,327,129.75 $23,300,000.00 $303,858. 72 OUTSTANDING INVESTMENTS AT 3-31 -16 INVESTMENT FHLB NOTE FHLB NOT E FFCBNOTE FHLB NOTE FHLB NOT E DATE ACQUIRED 12-Jun-14 22 -0ct-14 14-Nov-14 24-Nov-14 18-Dec-14 MATURITY DATE 10-Jun-1 6 17-0ct-16 09-May-16 23-Nov-16 12-0ec-16 26 WEEK T-BILL A UCT ION DISCOUNT/WEEK OF PURCHASE 0.060% 0 .060% 0 .070% 0 .080% 0 .120% YIELD TO MATURITY 0.451% 0.470% 0 .375% 0 .560% 0 .660% CUS IP# 3130A2C61 3130A3CW2 3133ECWT7 3130A3J70 3130A3Q64 ACCOUNT ALLOCATION OF INVESTMENT 001 -1172 GENERAL FUN D OPERAT ING 0 .00 0.00 0.00 1,060.29 002-1166 UTILITY DEBT SERVICE RESERVE 002-1172 UTILITY FUND OPERATING 449,796.28 0.00 002-1178 CUSTOMER DEPOSITS 002-1186 UTILITY LINE RENEWAL 1,301,014.00 002-1557 THE RESERVE LIFT STATION 003-11 80 BEDFORD BRIDGE ESCROW 003-1188 TOWN CENTER/HWY26 003-1192 MCDONWELL WOODS EST ESCROW 003-1200 LONGWOOD-PARKING ESCROW 003-1204 BEDFORD LAKES/SOMERSET 003-1231 LAKEWOOD ESCROW 003-1236 E. GLADE CRANBROOK ESCROW 003-1247 GLADE/WAYSIDE ESCROW 003-1250 REATTA PLACE 003-1301 LAKEWOOD PH IV 003-1304 VILLAS DEL MAR 003-1307 STREET RECONSTRUCTION 204,070.00 003-1309 COVENANT CHRISTIAN 003-13 19 REMINGTON PARK 003-1323 SHALIMAR 003-1325 PECAN GARDENS 003-1330 REMINGTON PARK 003-1340 CASTLETON MANOR 003-1357 CITGO/LO LOCKETT 003-1392 CLAIRM ONT-PH I 003-1404 TANGLEWOOD 003-1418 CLAIRMONT -PH II 003-1429 WARWICK PARC 003-1434 ROCKRIMMON 003-1486 CHANEL'S COURT 003-1563 V ILLAS OF COLLEYVILLE 005-1172 VOLUNTARY PARK FUND 200,374.33 011 -1172 LIBRARY DONATIO NS FUND 359,642.52 012 -1172 PARK LANO DEDICATI ON FUND 115,983.26 100,187.16 017-11 72 DRAINAGE FUND OPERATING 024-1172 CEOC OPERATING 026-1172 TIF OPERATING 847,850.00 499,872.46 800,000.00 450,127.54 032-15 19 CAPITAL EQUIPMENT RESERVE 034-1172 COLLEYVILLE TOMORROW 350,350.00 25,091 .76 PER GENERAL LEDGER $1,198,200.00 $1,000,590.00 $1,004 ,070.00 $1 ,201 ,545.60 $1 ,301,0 14.00 MARKE T VALUE $1 , 199,952 .00 $1,000,249.00 $1,000,531 .00 $1,200,564.00 $1 ,30 1,846 .00 VALUE AT MATURITY $1,200,000.00 $1,000,000.00 $1,000,000.00 $1 ,200,000.00 $1 ,300,000.00 INT EREST RECEIVED TO MATURITY $10,809.17 $9,350.BO $5,570.05 $13,441 .03 $17,051 .37 OUTSTANDING INVESTMENTS AT 3-31 -16 INVESTMENT TREASURY FHLB NOT E FHLB NOTE FHLB NOTE FFCB NOTE TREASURY NOTE DATE ACQUIRED 15-Jun-15 19-Jun-15 24-Jun-15 06-Jul-15 15-Jul-15 31-Jul-15 MATURITY DATE 15-Dec-16 12-Jun-17 07-Apr-17 30-Jun-17 16-Jun-17 31-Jul-17 26 WEEK T-BILL AUCTION D ISCOUNT/WEEK O F PURCHASE 0 .110% 0 .050% 0.080% 0 .080% 0 .110% 0.140% YIE LD TO MATURITY 0 .562% 0 .820% 0 .735% 0 .7 10% 0 .735% 0.650% CUSIP# 91 2828A59 3130A5PC 7 3 13379XBO 3130A5HF9 3133EEX62 912828XPO ACCOUNT ALL OCATION OF INVEST MENT 001-1172 GEN ERAL FUND OPERATING 848 ,240.00 002-1166 UTILITY DEBT SERVICE RESERVE 002-1172 UTILITY FUND OPERATI NG 190,762.23 850,729.00 002-1178 C USTOM ER DEPOSITS 002-1186 UTILITY LINE RENEWAL 37,511 .00 1,003.800.00 150,501.00 002-1557 T HE RESERVE LIFT STATION 003-1180 BEDFORD BRIDGE ESCROW 35,907.83 003-1188 TOWN CENTER/HWY26 003-1192 MCDO NWELL WOODS EST ESCROW 003-1200 LONGWOOD-PARKING ESCROW 003-1204 BEDFORD LAKES/SOMERSET 003-1231 LAKEWOOD ESCROW 003-1236 E. GLADE CRANBROOK ESCROW 003-1247 GLADE/WAYSIDE ESCROW 003-1250 REATIAPLACE 003-1301 LAKEWOOD PH IV 003-1304 VILLAS DEL MAR 003-1307 STREET RECONSTRUCTION 003-1309 COVENANT CHRISTIA N 140,343.10 003-1319 R EMINGTON PARK 003-1323 SHALIMA R 003-1325 PECAN GARDENS 32,389.09 003-1330 REMINGTON PARK 8 1,068.37 003-1340 CASTLETON MANOR 003-1357 CITGO/LO LOCKETT 003-1392 CLAIRMO NT-PH I 003-1404 TAN GLEWOOD 003-14 18 CLAIRMONT-PH II 003-1429 WARWICK PARC 89,131.60 003-1434 ROCKRIMMON 65,055.06 003-14 86 CHAN EL'S COURT 003-1563 V ILLAS OF COLLEYVILLE 005-1172 VOLUN TARY PARK FUND 199,427.23 011-1172 LIBRARY DONATIONS FUN D 012-1172 PARK LAND DEDICATION FUND 461,448.71 227, 197.01 017-1172 DRAINAGE FUND OPERATING 69,440.95 024-1172 CEDC OPERATING 499,750.00 026-1172 T IF OPERATING 421 ,536.57 152 ,150.00 032-1519 CAPITAL EQUIPMENT RESERVE 034-1172 COLLEYVILLE TOMORROW PER GENERAL LEDGER $1 ,301,218.75 $750,000.00 $1 ,003,800.00 $1.000.390.00 $1,001 ,230.00 $499, 750 .00 MARKET VALUE $1 ,300,660.40 $751,585.50 $1,001 ,818.00 $1 ,001,554.00 $1,000,657.00 $499,570.50 VALUE AT MATURITY $1,300,000.00 $750,000.00 $1,000,000.00 $1 ,000,000.00 $1,000,000.00 $500,000.00 INTEREST RECEIVED TO MATURITY $10,991.92 $12,198.67 $13,155.46 $14, 105. 76 $14,14 1.86 $6,510.95 OUTSTANDING INVESTMENTS AT 3-31-16 INVESTMENT FFCB NOTE FHLB FFCB NOTE FHLMC FFCBNOTE DATE ACQUIRED 16-Sep-15 19--0ct-15 19-0ct-15 22-0ct -15 04-Nov-15 MATURITY DATE 14-Sep-17 26-0ct-17 28-Aug-17 28-Jul-17 22 -Nov-16 26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE 0 .240% 0 .120% 0.120% 0 .11 0% 0 .270% YIELD TO MATURITY 0 .780% 0 .630% 0.580% 0 .600% 0 .375% CUSIP# 3133EFCY1 3130A6LZ8 3133EFEU7 3134G6AC7 31331J2M4 ACCOUNT ALLOCATION OF INVESTMENT 001-11 72 GENERAL FUND OPERATING 1,000,000 00 0 .00 002-1166 UTILITY DEBT SERVICE RESERVE 002 -1172 UT ILITY FUND OPERATING 499,868.00 6 ,363.67 1.004,385.00 280,000.00 002 -1178 C USTOMER DEPOSITS 002-1186 UTILITY LINE REN EWAL 002 -1557 THE RESERVE LIFT STATION 62,103.77 003-1180 BEDFORD BRIDGE ESCROW 003-1188 TOWN CENTER/HWY26 36,326 .67 003-1192 MCDONWELL WOODS EST ESCROW 10,996.3 1 003-1200 LONGWOOD-PARKING ESCROW 13,380.0 1 003-1204 BEDFORD LAKES/SOMERSET 227,978.36 003-1231 LAKEWOOD ESCROW 26, 103.65 003-1236 E. GLADE CRANBROOK ESCROW 117,794.09 003-1247 GLADE/WAYSIDE ESCROW 42,420.01 003-1250 REATIAPLACE 98,462 .36 003-1301 LAKEWOOD PH IV 003-1304 VILLAS DEL MAR 60,324.37 003-1307 STREET RECONSTRUCTION 43,849 .86 003-1309 COVENANT CHRISTIAN 003-13 19 REMINGTON PARK 003-1323 SHALIMAR 69,691 .33 003-1325 PECAN GARDENS 003-1330 REMINGTON PARK 003-1340 CASTLETON MANOR 003-1357 C ITGO/LO LOCKETI 56,809.28 003-1392 CLAIRMONT-PH I 104,974.96 003-1404 TANGLEWOOD 26,111 .30 003-1418 CLAIRMONT-PH II 003-1429 WARWICK PARC 003-1434 ROCKRIMMON 003-1486 CHANEL'S COURT 003-1563 VILLAS OF COLLEYVILLE 005-1172 VOLUNTARY PARK FUND 200,000.00 0 11-1172 LIBRARY DONATIONS FUND 012-1172 PARK LAND DEDICATION FUND 300,000.00 0 17-1172 DRAINAGE FUND O PERATING 150,000.00 024-1172 CEDC O PE RATING 026-1172 TIF O PERATING 700,000.00 032-1519 CAPITAL EQUIPMENT RESERVE 85,700.00 034-1172 COLLEYVILLE TOMORROW PER GENERAL LEDGER $1 ,000,000.00 $1 ,199,868.00 $1 ,003,690.00 $1 ,004,385.00 $1 ,015,700.00 MARKET VALUE $1 ,001,606.00 $1 ,197,645.60 $1,001 ,358.00 $1 ,002, 188.00 $1 ,007,900.00 VALUE AT MATURITY $1 ,000,000.00 $1 ,200,000.00 $1,000,000.00 $1 ,000,000.00 $1 ,000,000.00 INTEREST REC EIVED TO MATURITY $15,578.55 $15,297.81 $10,791.19 $10,602.95 $3,948 .73 OUTSTANDING INVESTMENTS AT 3-31-16 INVESTMENT FFCB NOTE FFCBNOTE FNMA NOTE FHLB NOTE FHLB NOTE DATE ACQUIRED 04-Nov-15 12-Nov-15 13-Nov-15 29-Dec-15 05-Jan-16 MAT URITY DATE 13-0ct-17 06-Nov-17 26-0ct-17 29-Dec-17 08-Dec-17 26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE 0 .270% 0 .340% 0.300% 0 .490% 0 .100% YIELD TO MATURITY 0.785% 0.811% 0.885% 1.010% 1.072% CUS IP# 3133EFHY6 3133EFNE3 3135GOPQO 3130A6UK1 3130A3HF4 ACCOUNT ALLOCATION OF INVESTMENT 001 -1172 GENERAL FUND OPERATING 513,360.00 999.800.00 349,078.61 265,564.16 002-1166 UTILITY DEBT SERVICE RESERVE 643,699.78 002-1172 UTILITY FUND OPERATING 20,000.00 198.690 95 175, 106.74 239,752.18 002-1178 C USTOMER DEPOSITS 165,687.76 32, 114.87 245,433.66 002 -1186 UT ILITY LINE RENEWAL 002-1557 THE RESERVE LIFT STAT ION 003-1180 BEDFORD BRIDGE ESCROW 003-1188 TOWN CENTER/HWY26 003-1192 MCDONWELL WOODS EST ESCROW 003-1200 LONGWOOD-PARKING ESCROW 003-1204 BEDFORD LAKES/SOMERSET 003-1231 LAKEWOOD ESCROW 003-1236 E. GLADE CRANBROOK ESCROW 003-1247 GLADE/WAYSIDE ESCROW 003-1250 REATIAPLACE 003-1301 LAKEWOOD PH IV 77,530.57 003-1304 V ILLAS DEL MAR 003-1307 STREET RECONSTRUCTION 003-1309 COVENANT CHRISTIAN 003-1319 REMINGTON PARK 27,855.96 003-1323 SHALIMAR 003-1325 PECAN GARDENS 003-1330 REMINGTON PARK 003-1340 CASTLETON MANOR 81 ,309.57 003-1357 CI TGO/LO LOCKETI 003-1392 CLAIRMONT-PH I 003-1404 TANGLEWOOD 003-1418 CLAIRMONT-PH II 147,050.32 003-1429 WARWICK PARC 003-1434 ROCKRIMMON 003-1486 CHANEL'S COURT 47,895.39 003-1563 VILLAS OF COLLEYVILLE 52 ,979.48 005-1172 VOLUNTARY PARK FUND 011 -1172 LIBRARY DONATIO NS FUND 012-1172 PARK LAND DEDICATION FUND 200,00000 017-1172 DRAINAGE FUND OPERAT ING 024-1 172 CEDC OPERATING 026-1172 T IF OPERATING 032-1 5 19 CAPITAL EQUIPMENT RESERVE 364,300.00 034-1172 COLLEYVILLE TOMORROW PER GENERAL LEDGER $897,660.00 $999,000.00 $999,800.00 $1 ,200,000.00 $750, 750.00 MARK ET VALUE $898,022.70 $999,568.00 $1,001 ,884.00 $1 ,202.482.80 $754,274.25 VALUE AT MATURITY $900,000.00 $1 ,000,000.00 $1,000,000.00 $1 ,200,000.00 $750,000.00 IN TEREST RECEIVED TO MATURITY $13.726.27 $16, 107.24 $17,293.88 $24,273.21 $15.489.22 OUTSTANDING INVESTMENTS AT 3-31-16 INVESTMENT FFCB NOTE FHLB NOTE DATE ACQUIRED 17-Feb-16 23-Mar-16 MATURITY DATE 12-Fet>-18 07-Mar-18 26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE 0 .420% 0 .450% YIELD TO MATURITY 0.771 % 0.925% CUSIP# 3133EFZR1 3137EADP1 ACCOUNT ALLOCATION OF INVESTMENT 001-1172 GENERAL FUND OPERATING 1,000,580.00 39,030.00 002-1166 UT ILITY DEBT SERVICE RESERVE 002-1172 UTILITY FUND OPERATING 002-1178 CUSTOMER DEPOSITS 002-1186 UTILITY LINE RENEWAL 002-1557 THE RESERVE LIFT STATION 003-1180 BEDFORD BRIDGE ESCROW 003-1188 TOWN CENTER/HWY26 003-1192 MCDONWELL WOODS EST ESCROW 003-1200 LONGWOOD-PARKING ESCROW 003-1204 BEDFORD LAKES/SOMERSET 003-1231 LAKEWOOD ESCROW 003-1236 E. GLADE CRANBROOK ESCROW 003-1247 GLADE/WAYSIDE ESCROW 003-1250 REATIAPLACE 003-1301 LAKEWOOD PH IV 003-1304 VILLAS DEL MAR 003-1307 STREET RECONSTRUCTION 003-1309 COVENANT CHRISTIAN 003-1319 REMINGTON PARK 003-1323 SHALIMAR 003-1325 PECAN GARDENS 003-1330 REMINGTON PARK 003-1340 CASTLETON MANOR 003-1357 C ITGO/LO LOCKETI 003-1392 CLAIRMONT-PH I 003-1404 TANGLEWOOD 003-1418 CLAIRMONT-PH II 003-1429 WARWICK PARC 003-1434 ROCKRIMMON 003-1486 CHANEL'S COURT 003-1563 VILLAS OF COLLEYVILLE 005-1172 VOLUNTARY PARK FUND 250,000.00 011 -1172 LIBRARY DONATIONS FUND 012-1172 PARK LAND DEDICATIO N FUND 710,000.00 017-1172 DRAINAGE FUND OPERATING 024-11 72 CEDC OPERATING 026-1172 TIF OPERATI NG 032-1519 CAPITAL EQUIPMENT RESERVE 034-1172 COLLEYVILLE TOMORROW PER GENERAL LEDGER $1,000,580.00 $999,030.00 MARKET VALUE $999,719 .00 $1 ,001,494.00 VALUE AT MATURITY $1 ,000,000.00 $1 ,000,000.00 IN TEREST RECEIVED TO MATURITY $15,325.68 $18,096.97 CDARS CERTIFICATE OF DEPOSIT ALLOCATION II CDARS CERTIFICATES OF DEPOSIT II INTEREST EARNED FUND PURCHASE MATURITY INTEREST DURING ALLOCAT ION AMOUNT DATE DATE RATE QUARTER UTILITY FUND $508 ,338 .65 7/30/2015 7/27/2017 0.40% $501 .38 GENERAL FUND $505,871 .92 6/26/2014 6/23/2016 0.50% $623.68 GENERAL FUND $508 ,285.09 3/24/2016 3/23 /2017 0 .30% $375.99 GENERAL FUND $1 ,518 ,932 .34 9/24 /2015 9/22/2016 0.40 % $1,495.20 GENERAL FUND $504 ,998.83 9/25/2014 9/22 /2016 0 .50% $622.60 GENERAL FUND $504 ,752 .03 9/24/2015 9/21/2017 0.40% $497 .84 GENERAL FUND $504,998 .84 3/24/2016 3/22/2018 0.50% $622 .60 TOTAL $4 ,556 , 177.70 $4,739.29 LOGIC INVESTMENT POOL ALLOCATION AND GENERAL INFORMATION LOCAL GOVERNMENT INVESTMENT COOPERATIVE / "LOGIC" ACCOUNT ALLOCATION AT MARCH 31, 2016 ACCT# DESCRIPTION BALANCE GENERAL FUND 001 -1115 GENERAL OPERATING $1 ,11 5,174.45 UTILITY FUND 002-11 15 UTILITY OP NS $887,608 .76 002-1116 IMPACT FEES WATER $1 ,248,555.67 002·1119 UTILITY LINE RESTORATION $1 ,366,426 27 002-1 130 UTILI TY INTEREST & SINKING FU ND $534,524.49 002-1294 IMPACT FEES SEWER $366,216.36 CAPITAL PROJECTS FUND 003-1113 IMPACT FEES/SA I $21 ,244.80 003-1508 M ICRO-RESURFACING $305, 134.80 003-1509 STREET RESURFACING $13,787.80 DEBT SERVICE FUND 004·111 5 DEBT SERVICE OPERATING $830, 101 .93 DRAINAGE FUND 01 7-111 5 DRAINAGE OPERATING $698,796.56 017-1159 DRAINAGE INT & SINKING FUND $241 ,572.35 017-1380 2001 DRAINAGE BONDS $2,331 .60 TIFFUND 026-1115 TIF OPERATING $11 ,490,046.23 026-1383 2001 TIF BONDS $123,569 .87 CCCPDFUND 027-1115 CCCPD OPERATING $915,503.66 027-1147 99 POLICE/COURT BLDG FUND $80.99 SALES TAX INCENTIVE AGREEMENT FUND 031-1115 SALES TAX INCENTIVE AGREEMENT OPERATING $355,053.36 CAPITAL EQUIPMENT REPLACEMENT FUND 032-1115 CAPITAL EQUIPMENT REPLACEM ENT FUND $82,059.24 COLLEYVILLE TOMORROW FUND 034-1115 COLLEYVILLE TOMORROW FUND $1 ,647,990.69 PARKS TOMORROW FUND 035-1115 PARKS TOMORROW FUND $1 ,198,244.55 STRA TEG/C IN/TIA TIVES FUND 036-1115 STRATEGIC IN ITIATIVES FU ND $296,7 14.61 TOTAL LOGIC POOL BALANCE $23,740,739.04 Ne w s Pe r f o r m a n c e New Participants We would like to welcome the following entities who joined the LOGIC program in March: Aransas County Stafford MSD8 Conferences LOGIC Representatives will be attending the following conferences in April and May. We look forward to visiting with those of you attending these events: Government Finance Ofﬁ cers Association of Texas Spring Institute – April 17-19, Austin County Treasurers’ Education Seminar April 18-21, Austin County Auditors Institute - May 3-6, Austin LOGIC Newsletter March 2016 E c o n o m i c C o m m e n t a r y It was a volatile start to the year for global markets as equity prices plunged before rebounding to end the quarter in positive territory, oil prices plummeted to 12-year lows only to reverse course to end slightly above where it began, and global growth concerns continued to damped investors’ outlook. Credit spreads within the industrial sector faced renewed pressure, speciﬁ cally in the oil, gas, metals and mining sub-sectors, as the rating agencies took widespread action in the ﬁ rst two months of the year. The ensuing ﬂ ight to quality prompted the U.S. Dollar to strengthen and U.S. Treasury yields to rally across the board. The Federal Open Market Committee decided, as expected, not to raise rates during its March meeting. The tone of the meeting was dovish as the committee revised down its expectations for the fed funds rate with the median projection moving from four to two rate hikes this year, stating that “global economic and ﬁ nancial developments continue to pose risks.” At one point during the quarter, the markets were projecting no tightening’s this year. However, as U.S. economic data improved and recession fears subsided, at the end of the quarter markets placed a 55% probability of a tightening in December. Since the end of the 2015, downside risks to U.S. growth have increased due to a lack of stabilization within the manufacturing sector, a downdraft in global growth prospects, U.S dollar strength and market volatility resulting in tighter ﬁ nancial conditions. Consumer spending in the service sector and housing market should remain the primary source of growth in 2016, as labor markets continue to be strong and wages ﬁ nally accelerate. However, consumer spending will need to be coupled with business investment as the year progresses in order for the cyclical upswing to be more balanced and robust. The energy sector will likely remain weak; but its sequential impact on growth should diminish; and other industries should rebound once the inventory overhang ﬁ nishes running its course. In the near term, however, central banks across the globe continue to provide liquidity, and that liquidity will serve as tailwind for the bond markets. Central banks, in particular the Fed, have shown us that they are increasingly concerned about the negative feedback from ﬁ nancial markets and consumer conﬁ dence. The Fed has essentially changed its stance from proactive to reactive, indicating that it is willing to be behind the curve and accept the risk of higher inﬂ ation. As a result, the expected outlook for interest rate policy has been revised down to most likely one rate hike this year. This information is an excerpt from an economic report dated March 2016 provided to LOGIC by JPMorgan Asset Management, Inc., the investment manager of the LOGIC pool. *Definition of Weighted Average Maturity (1) & (2) (1) This weighted average maturity calculation uses the SEC Rule 2a-7 deﬁ nition for stated maturity for any ﬂ oating rate instrument held in the portfolio to determine the weighted average maturity for the pool. This Rule speciﬁ es that a variable rate instrument to be paid in 397 calendar days or less shall be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate. (2) This weighted average maturity calculation uses the ﬁ nal maturity of any ﬂ oating rate instruments held in the portfolio to calculate the weighted average maturity for the pool. Rates reﬂ ect historical information and are not an indication of future performance. As of March 31, 2016 Current Invested Balance $4,641,892,583.12 Weighted Average Maturity (1)* 32 Days Weighted Average Maturity (2)* 54 Days Net Asset Value 1.000171 Total Number of Participants 488 Management Fee on Invested Balance 0.0875% Interest Distributed $2,523,618.65 Management Fee Collected $362,315.38 % of Portfolio Invested Beyond 1 Year 1.29% Standard & Poor’s Current Rating AAAm March Averages: Average Invested Balance $4,888,774,054.32 Average Monthly Yield, on a simple basis 0.5206% Average Weighted Average Maturity (1)* 38 Days Average Weighted Average Maturity (2)* 59 Days Distribution of Participants by Type As of March 31, 2011 Portfolio by Maturity As of March 31, 2011 In f o r m a t i o n a t a G l a n c e Hi s t o r y Historical Program Information Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Mar 16 0.5206% $4,641,892,583.12 $4,642,690,932.90 1.000171 38 59 488 Feb 16 0.4823% 4,916,962,940.50 4,917,463,027.96 1.000101 43 64 486 Jan 16 0.3922% 4,658,046,995.69 4,658,236,771.04 1.000040 41 59 486 Dec 15 0.2331% 3,937,397,581.06 3,937,328,740.05 0.999960 37 48 486 Nov 15 0.1637% 3,408,876,009.37 3,408,877,369.21 1.000000 41 55 485 Oct 15 0.1635% 3,299,010,020.32 3,299,149,338.22 1.000037 45 60 483 Sep 15 0.1354% 3,298,434,843.78 3,298,608,218.16 1.000052 37 48 482 Aug 15 0.1354% 3,481,714,713.30 3,481,787,250.61 1.000020 41 43 482 Jul 15 0.1265% 3,695,302,543.37 3,695,464,092.30 1.000035 45 47 482 Jun 15 0.1249% 3,654,155,351.53 3,654,410,680.14 1.000069 50 52 479 May 15 0.1122% 3,946,893,410.17 3,947,118,664.62 1.000057 50 53 477 Apr 15 0.1130% 3,998,470,171.80 3,998,712,647.13 1.000060 53 56 477 As s e t s Book Value Market Value Uninvested Balance $ (178,352.28) $ (178,352.28) Accrual of Interest Income 493,532.53 493,532.53 Interest and Management Fees Payable (2,509,126.27) (2,509,126.27) Payable for Investment Purchased 0.00 0.00 Receivable for Investment Sold 0.00 0.00 Repurchase Agreements 242,777,999.95 242,777,999.95 Commercial Paper 4,271,245,701.75 4,272,139,143.97 Government Securities 130,062,827.44 129,967,735.00 Total $ 4,641,892,583.12 $ 4,642,690,932.90 Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by J.P. Morgan Chase & Co. and the assets are safekept in a separate custodial account at the Federal Reserve Bank in the name of LOGIC. The only source of payment to the Participants are the assets of LOGIC. There is no secondary source of payment for the pool such as insurance or guarantee. Should you require a copy of the portfolio, please contact LOGIC Participant Services. Portfolio Asset Summary as of March 31, 2016 Commercial Paper 91.97% Repurchase Agreements 5.23% 8 to 30 days 33.29% 1 to 7 days 24.77% 181+ days 0.00% 31 to 90 days 34.14%Utility District 9.84% Other 6.76% School District 38.93%Health Care 1.64% County 10.66% Higher Education 2.87% City 29.30% Distribution of Participants by Type As of March 31, 2016 Portfolio by Type of Investment As of March 31, 2016 Portfolio by Maturity As of March 31, 2016 91 to 180 days 7.80% Agencies 2.37% Treasuries 0.43% Mny Mkt Fund Daily Allocation LOGIC Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 3/1/2016 0.5048% 0.000013829 $4,932,484,486.47 1.000101 41 62 3/2/2016 0.5071% 0.000013894 $4,941,571,885.77 1.000100 41 62 3/3/2016 0.5057% 0.000013854 $4,939,881,893.02 1.000097 40 61 3/4/2016 0.5086% 0.000013933 $4,907,080,138.44 1.000072 39 59 3/5/2016 0.5086% 0.000013933 $4,907,080,138.44 1.000072 39 59 3/6/2016 0.5086% 0.000013933 $4,907,080,138.44 1.000072 39 59 3/7/2016 0.5100% 0.000013972 $4,887,443,116.63 1.000136 39 59 3/8/2016 0.5057% 0.000013856 $5,039,748,998.82 1.000137 39 59 3/9/2016 0.5132% 0.000014060 $5,029,891,523.57 1.000133 41 61 3/10/2016 0.5200% 0.000014247 $4,985,480,961.76 1.000135 42 62 3/11/2016 0.5267% 0.000014429 $4,944,355,580.35 1.000106 41 61 3/12/2016 0.5267% 0.000014429 $4,944,355,580.35 1.000106 41 61 3/13/2016 0.5267% 0.000014429 $4,944,355,580.35 1.000106 41 61 3/14/2016 0.5286% 0.000014481 $4,944,812,813.44 1.000135 42 62 3/15/2016 0.5333% 0.000014611 $4,873,941,473.24 1.000142 42 62 3/16/2016 0.5301% 0.000014523 $4,878,900,233.74 1.000143 41 61 3/17/2016 0.5333% 0.000014611 $4,849,332,157.05 1.000168 42 62 3/18/2016 0.5291% 0.000014497 $4,872,237,556.91 1.000142 39 59 3/19/2016 0.5291% 0.000014497 $4,872,237,556.91 1.000142 39 59 3/20/2016 0.5291% 0.000014497 $4,872,237,556.91 1.000142 39 59 3/21/2016 0.5250% 0.000014384 $4,877,504,352.31 1.000166 38 59 3/22/2016 0.5181% 0.000014194 $4,887,377,687.03 1.000166 37 59 3/23/2016 0.5243% 0.000014365 $4,869,824,443.71 1.000166 37 58 3/24/2016 0.5194% 0.000014230 $4,875,486,679.04 1.000129 34 55 3/25/2016 0.5194% 0.000014230 $4,875,486,679.04 1.000129 34 55 3/26/2016 0.5194% 0.000014230 $4,875,486,679.04 1.000129 34 55 3/27/2016 0.5194% 0.000014230 $4,875,486,679.04 1.000129 34 55 3/28/2016 0.5239% 0.000014353 $4,814,491,875.94 1.000169 33 55 3/29/2016 0.5238% 0.000014352 $4,824,247,915.62 1.000162 33 54 3/30/2016 0.5312% 0.000014554 $4,660,200,739.53 1.000167 33 55 3/31/2016 0.5301% 0.000014522 $4,641,892,583.12 1.000171 32 54 Average 0.5206% 0.000014263 $4,888,774,054.32 38 59 Da i l y R a t e s Daily Summary for March 2016 LOGIC versus 90-Day Treasury Bill This material is for information purposes only. This information does not represent an offer to buy or sell a security. The above rate information is obtained from sources that are believed to be reliable; however, its accuracy or completeness may be subject to change. The LOGIC management fee may be waived in full or in part at the discretion of the LOGIC co-administrators and the LOGIC rate for the period shown reﬂ ects waiver of fees. This table represents historical investment performance/return to the customer, net of fees, and is not an indication of future performance. An investment in the security is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the issuer seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the security. Information about these and other program details are in the fund’s Information Statement which should be read carefully before investing. The yield on the 90-Day Treasury Bill (“T-Bill Yield”) is shown for comparative purposes only. When comparing the investment returns of the LOGIC pool to the T-Bill Yield, you should know that the LOGIC pool consist of allocations of speciﬁ c diversiﬁ ed securities as detailed in the respective Information Statements. The T-Bill Yield is taken from Bloomberg Finance L.P. and represents the daily closing yield on the then current 90-day T-Bill. Da i l y R a t e s Da i l y S u m m a r y 0.02 0.08 0.14 0.20 0.26 0.32 0.38 0.44 0.50 0.56 90 Day T-BILL Rate LOGIC Rate Co n t a c t s For more information contact LOGIC Participant Services  1-800-895-6442  www.logic.org LO G I C B o a r d LOGIC Board Members Philip G. Roberson Arlington ISD Board President Fred L. Werner Municipal Finance Director Board Vice President Judd R. Sanderson North Texas Municipal Water District Board Treasurer / Investment Ofﬁ cer Sandra Newby Tarrant Regional Water District Board Member Greg Jordan City of Grapevine Board Member L O G I C P a r t i c i p a n t S e r v i c e s F i r s t S o u t h w e s t , A D i v i s i o n o f H i l l t o p S e c u r i t i e s 1 2 0 1 E l m S t r e e t , S u i t e 3 5 0 0 D a l l a s , T X 7 5 2 7 0