HomeMy WebLinkAboutAudit Committee-Minutes-5/3/2016City 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
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
Accounting Manager Karen Hines called the Audit Committee meeting to order on
May 3, 2016, at 5:15 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. APPROVAL OF MINUTES
March 8, 2016
The minutes of the March 8, 2016 Audit Committee were approved as presented.
3. REGULAR AGENDA ITEMS
3a Presentation of the quarterly investment report for the quarter ended
March 31, 2016
Accounting Manager Karen Hines presented the quarterly investment report for the
quarter ended March 31 2016.
Committee member Mogged asked staff about investment maturity dates and if
we had changed the length of our investments. Manager Hines mentioned that the
average yield on investments for this quarter (0.55%) was 0.16% higher than the
prior quarter’s average of 0.39%. CFO Hogan stated that we are replacing
maturing investments with investments with slightly higher yields. However, since
it is unlikely that the Fed will raise rates in the near future, we are safe with a two
year investment maturity. Rates will not increase enough in that time frame to
outpace the yields we are earning on the overnight investment pools.
Manager Hines stated for this quarter we had one investment mature, and we
bought three investments, all with slightly higher rates.
Manager Hines stated the next meeting will be Tuesday, August 9, 2016 at 5:00
p.m. to discuss the FY16 audit, update the investment policy, and present the
June 30, 2016 quarterly investment report.
Audit Committee Minutes May 3, 2016
City of Colleyville Page 2
4. ADJOURNMENT
The Audit Committee meeting adjourned at 5:20 p.m.
APPROVED BY A VOTE OF 3 AYES, 0 NAYS, AND 0 ABSTENTIONS ON THIS THE
10TH DAY OF AUGUST 2016.
Minutes taken and prepared by:
Amy Shelley, TRMC
City Secretary