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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, September 5, 2017
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
2. APPROVAL OF MINUTES
May 16, 2017
3. PRESENTATION AND DISCUSSION
3a Meet with representatives(s) from the City's audit firm, Pattillo, Brown
& Hill, L.L.P. to discuss the Fiscal Year September 30, 2017 audit
3b Presentation of the Quarterly Investment Report for the quarter
ended June 30, 2017
3c Annual review of the City of Colleyville Investment Policy
4. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
September 1, 2017, by 5:00 p.m.
Christine Loven, TRMC
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, May 16, 2017
3:30 p.m.
City Manager’s Conference Room
Third Floor – City Hall
Interim Chief Financial Officer Winston Duke called the Audit Committee to order
on May 2, 2017, at 4:00 p.m.
ROLL CALL: Committee members Tammy Nakamura, Bobby Lindamood, and
Susan Mathisen were present.
Absent: Committee member Nancy Coplen
City Manager Jennifer Fadden, Interim Assistant City Manager and Executive
Director of Economic Development and Communications Mark Wood, Interim Chief
Financial Officer Winston Duke, Accounting Manager Karen Hines, and City
Secretary Amy Shelley were also present.
2. APPROVAL OF MINUTES
January 17, 2017
Committee member Nakamura made a motion to approve the January 17,
2017, meeting minutes. Committee member Lindamood seconded. All
approved by acclamation.
3.PRESENTATION AND DISCUSSION
3a Review of the General and Utility Fund Balance policy
Interim Chief Financial Officer Winston Duke provided a review of the General and
Utility Fund Balance policy.
Committee member Mathisen asked staff for clarification if the City is currently on
track with the policy where it recommends maintaining a higher than the minimum
level relative to the 90 day reserve. Interim Chief Financial Officer Winston Duke
replied the GFOA provides recommended practices of having two months as the
minimum for larger cities and this also depends on the city’s size and
circumstance. First Southwest, Colleyville’s financial advisor, recommends 25
percent as the standard, whereas the GFOA’s minimum recommendation is two
months instead of three. Committee member Mathisen added Colleyville is
maintaining a reserve higher than what is recommended. Interim Chief Financial
Officer Winston Duke concurred and added based upon First Southwest’s
recommendation.
City of Colleyville Page 2
Audit Committee Minutes - Draft May 16, 2017
Committee member Mathisen asked staff to clarify what the 25 percent standard
recommendation is based upon. Interim Chief Financial Officer Winston Duke
replied 25 percent of budgeted expenditures.
Committee member Nakamura asked staff if the percentage is based upon a city’s
size. Interim Chief Financial Officer Winston Duke replied yes, the city’s size,
income level, and circumstances surrounding the city. For example, if you live on
the coast, the advisors may require more in reserves in the case of an emergency.
Committee member Mathisen asked staff if Colleyville is at 25 percent. Interim
Chief Financial Officer Winston Duke replied yes. City Manager Jennifer Fadden
added we are above the policy recommendation.
Committee member Mathisen asked staff about the minimum unassigned fund
balance on page 3 of 4, should we also include the Utility Fund, since it is another
major fund. Interim Chief Financial Officer Winston Duke replied we could strike
that phrase “in the General Fund” because it says both the General and Utility
Funds.
Committee member Mathisen asked staff if there were similar policies in the other
funds, besides General and Utility. Interim Chief Financial Officer Winston Duke
replied these are the ones that are required. Committee member Mathisen
suggested deleting the General Fund from this policy.
Committee member Mathisen asked staff if the Assistant City Manager should
remain in the policy, as listed on page 3 of 4. Accounting Manager Karen Hines
stated the Chief Financial Officer could be added instead. City Manager Jennifer
Fadden stated staff can update the references in the policy.
Committee member Lindamood made a motion to approve the General
Fund and Utility Fund Balance Policy. Committee member Nakamura
seconded. All approved by acclamation.
3b Presentation of the Quarterly Investment Report for the quarter ended
March 31, 2017
Interim Chief Financial Officer Winston Duke presented the Quarterly Investment
Report for the quarter ended March 31, 2017.
Committee member Mathisen asked staff if they have information on how this
report compares to March 2016. Interim Chief Financial Officer Winston Duke
replied no.
Committee member Mathisen asked staff if a shift in the percentages from Federal
Farm Credit (FFCB) and Federal Home Loan (FHLMC) should be recommended.
Interim Chief Financial Officer Winston Duke replied no, but if there is ever an
City of Colleyville Page 3
Audit Committee Minutes - Draft May 16, 2017
issue, the investment advisor can be contacted. It is not crucial for them to be
equally balanced.
4.ADJOURNMENT
There being no further business before the Audit Committee, the meeting
adjourned at 4:00 p.m.
APPROVED BY A VOTE OF AYES, NAYS, AND ABSTENTIONS ON THIS THE
5TH DAY OF SEPTEMBER 2017.
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 09/05/2017 Number 3a
Type Regular Agenda Items
Department City Manager
Title
Meet with representatives(s) from the City's audit firm, Pattillo, Brown & Hill,
L.L.P. to discuss the Fiscal Year September 30, 2017 audit
Strategic Plan
1.4 Communicate thoroughly and strategically
2.4 Demonstrate stewardship of public resources
Explanation
John Manning, who is a manager with the City's audit firm Pattillo, Brown & Hill,
L.L.P., will meet with the Audit Committee to discuss the Fiscal Year September
30, 2017 audit.
Attachments
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 3b Agenda Date 09/05/2017 Number
Type Presentation
Department City Manager
Title
Presentation of the Quarterly Investment Report for the quarter ended June 30,
2017
Strategic Plan
1.4 Communicate thoroughly and strategically
2.4 Demonstrate stewardship of public resources
Explanation
Investment Summary for period ending June 30, 2017:
Cash & Cash Equivalents (Logic) were $56,600,286. Investments other than CD's
totaled $20,755,155 and the CD's totaled $4,573,864. Total funds held by the City
of Colleyville equaled $81,929,305 and were allocated as follows:
Logic 34%
Government Issues 25%
Certificates of Deposit 6%
Cash 35%
Investment Benchmark 0.894%
Logic 1.09%
Agencies 0.86%
CD's 0.48%
Portfolio 0.96%
Interest earnings for the quarter were $121,658 with an average yield of 0.96%
versus $111,994 and 0.89% for the prior quarter. These percentages were within
the guidelines of the City investment policy.
Attachments
1.Quarterly Investment Report
QUARTERLY INVESTMENT REPORT
FOR QUARTER ENDING JUNE 30, 2017
DETAILED INVESTMENT HOLDINGS
THIS REPORT IS IN COMPLIANCE WITH THE PUBLIC FUNDS INVESTMENT ACT
AND ADOPTED INVESTMENT POLICY STRATEGY
SHEREEN GENDY
Karen Hines
City of Colleyville, Texas
Quarterly Investment Report
June 30, 2017
Report Highlights
The Investment Report is designed to provide the audit committee members, City
Council, and all other readers of the report, a snapshot of the financial holdings and
liquidity position of the City of Colleyville. The investment report is in compliance with
the Public Funds Investment Act and the City’s adopted Investment Policy.
The list of Outstanding Investments, Interest Earnings on Investments, Investments by
Fund, the CDARS Certificate of Deposit Allocation, and Logic Investment Pool
Allocation by Fund provide an overall snapshot of the City’s portfolio.
CASH & INVESTMENT SUMMARY BY FUND
This report is an overview of the positions held within each fund.
The LOGIC, INVESTMENT, and CDARS holdings are detailed in the
supplemental reports which are included.
CONSOLIDATED INVESTMENT HOLDINGS MEASUREMENT DATA
This report shows the City’s current holdings with measurement data (yield and
maturity) for each investment type. It includes the 13 week Treasury coupon rate
equivalent which is our benchmark. This benchmark is provided by the
Treasury.gov website.
TREASURY & AGENCY INVESTMENTS BY MATURITY
This report shows our treasury and agency holdings by maturity. The graphical
presentation shows the maturity dates with investment yield for each holding.
TREASURY & AGENCY INVESTMENTS BY TYPE
This report shows our treasury and agency holdings by investment type. The
graphical presentation shows the distribution by instrument for investments held.
COLLEYVILLE ECONOMIC DEVELOPMENT COPORATION SUMMARY
This is the same as the consolidated report but only for the CEDC holdings.
The LOGIC (Local Government Investment Corporation) quarterly newsletter and the
Dallas Federal Reserve’s DFW Economic Indicators report are also included.
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LOCAL GOVERNMENT INVESTMENT COOPERATIVE / "LOGIC"
ACCOUNT ALLOCATION AT JUNE 2017
ACCT # DESCRIPTION BALANCE
GENERAL FUND
001-1115 GENERAL OPERATING $215,492.34
UTILITY FUND
002-1115 UTILITY OPNS $3,557,472.70
002-1130 UTILITY INTEREST & SINKING FUND $360,274.22
UTILITY FUND - CAPITAL PROJECTS
039-1116 IMPACT FEES WATER $1,261,311.30
039-1119 UTILITY LINE RESTORATION $1,161.95
039-1294 IMPACT FEES SEWER $369,954.71
CAPITAL PROJECTS FUND
003-1113 IMPACT FEES/SA I $21,461.86
003-1495 2007 GO FIRE STATION BONDS $101,167.28
003-1508 MICRO-RESURFACING $174,690.79
003-1509 STREET RESURFACING $19,118.43
DEBT SERVICE FUND
004-1115 DEBT SERVICE OPERATING $838,443.83
DRAINAGE FUND
017-1115 DRAINAGE OPERATING $962,437.55
017-1159 DRAINAGE INT & SINKING FUND $121,099.81
017-1380 2001 DRAINAGE BONDS $2,355.41
TIF FUND
026-1115 TIF OPERATING $14,752,667.31
026-1383 2001 TIF BONDS $113,793.82
CCCPD FUND
027-1115 CCCPD OPERATING $873,877.05
027-1147 99 POLICE/COURT BLDG FUND $81.84
LOCAL GOVERNMENT INVESTMENT COOPERATIVE / "LOGIC"
ACCOUNT ALLOCATION AT JUNE 2017
SALES TAX INCENTIVE AGREEMENT FUND
031-1115 SALES TAX INCENTIVE AGREEMENT OPERATING $358,680.70
CAPITAL EQUIPMENT REPLACEMENT FUND
032-1115 CAPITAL EQUIPMENT REPLACEMENT FUND $82,897.59
COLLEYVILLE TOMORROW FUND
034-1115 COLLEYVILLE TOMORROW FUND $1,689,014.37
PARKS TOMORROW FUND
035-1115 PARKS TOMORROW FUND $1,028,029.98
STRATEGIC INITIATIVES FUND
036-1115 STRATEGIC INITIATIVES FUND $181,481.16
Subtotal - LOGIC balances excluding CEDC $27,086,966.02
CEDC Logic Balance 1,011,064.21
Total LOGIC Balance 28,098,030.23
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LOGIC NEWSLETTER
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 June:
Fort Bend County MUD No. 122
City of Oyster Creek
Prosper Economic Development Corp
Texas State University System
Audit Confi rmations
Please provide our address to your auditors for any
audit confi rmations they may send to LOGIC
regarding your account.
LOGIC Participant Services
1201 Elm Street, Suite 3500
Dallas, Texas 75270
LOGIC Newsletter
June 2017
E
c
o
n
o
m
i
c
C
o
m
m
e
n
t
a
r
y
U.S. data released so far for Q2 has painted a
muddled picture. Growth has accelerated while
inflation has gone the other direction despite
expectations that these two variables should be
linked. The market consensus continues to be that
economic growth will bounce back in the second
quarter. When the Federal Reserve (Fed) looked
at the overall picture, they took comfort in strong
growth and healthy labor markets while viewing the
infl ation miss as transitory. As a result, the Federal
Open Market Committee (FOMC) proceeded to
raise rates by 25 bps to 1.00 - 1.25% at their June
meeting for a fourth time in the cycle and announce
more formal details on their strategy to reduce the
size of the balance sheet. While this was consistent
with market expectations, the announcement that
balance sheet normalization would begin “later this
year” was more hawkish than investors anticipated.
While the median long-run Fed Funds rate was
unchanged at 3%, the unemployment rate estimate
was revised down for the next few years, refl ecting
recent improvements. On the other hand, the softer-
than-expected infl ation data in recent months led
the committee to bring down their infl ation forecast
for this year. As part of the plan outlined for balance
sheet reduction, caps will be put in place to limit
the amount by which the balance can shrink in
any given month. The balance sheet would be
reduced at an initial rate of $10 billion per month,
accelerating at three-month intervals to $50 billion
per month for a total balance sheet reduction of
$600 billion.
In light of disappointing hard data, reduced
expectations for fiscal stimulus in 2017 and
continued quantitative easing overseas, have
muted our expectations for higher rates in the
near term. We do expect, however, that growth in
the U.S. will rebound later in the year, supporting
another rate hike and the Fed’s desire to begin
tapering, and allowing yields on the U.S. 10-year
Treasury to rise to between 2.50% and 3.00% by
year-end. We believe the next 12 to 18 months
will be a challenging investment environment. As
the central banks reverse their policies and their
aggregate balance sheet goes from expansion to
contraction, the impact is likely to be volatile asset
prices. Further, central banks will be “normalizing”
their balance sheets at a time when growth and
infl ationary pressures should still be muted. Add to
that, there may or may not be policy stimulus coming
out of Washington and there may or may not be a
hard Brexit. We’ll be ready to expect the unexpected
and will use our research-driven process to fi nd
value where we can.
This information is an excerpt from an economic report dated June 2017
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 June 30, 2017
Current Invested Balance $5,904,028,106.60
Weighted Average Maturity (1)* 24 Days
Weighted Average Maturity (2)* 71 Days
Net Asset Value 1.000122
Total Number of Participants 539
Management Fee on Invested Balance 0.0975%
Interest Distributed $6,224,948.18
Management Fee Collected $493,859.68
% of Portfolio Invested Beyond 1 Year 0.00%
Standard & Poor’s Current Rating AAAm
June Averages:
Average Invested Balance $6,156,315,769.91
Average Monthly Yield, on a simple basis 1.1333%
Average Weighted Average Maturity (1)* 25 Days
Average Weighted Average Maturity (2)* 75 Days
Distribution of
Participants by Type
As of June 30, 2011
Portfolio by
Maturity
As of June 30, 2011
In
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Historical Program Information
Average Book Market Net Number of
Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants
Jun 17 1.1333% $5,904,028,106.60 $5,904,946,555.34 1.000122 25 75 539
May 17 1.0761% 6,257,671,308.91 6,259,334,715.43 1.000265 27 71 535
Apr 17 1.0739% 6,573,201,990.89 6,574,453,965.11 1.000190 32 69 528
Mar 17 1.0089% 6,727,258,315.21 6,728,526,958.13 1.000151 35 74 522
Feb 17 0.9716% 6,899,050,894.78 6,900,939,892.08 1.000273 38 75 515
Jan 17 0.9642% 6,257,691,371.71 6,259,008,532.09 1.000210 33 68 509
Dec 16 0.8790% 5,345,321,204.93 5,347,040,518.20 1.000291 31 72 506
Nov 16 0.8364% 4,677,615,888.80 4,679,361,690.19 1.000373 35 73 504
Oct 16 0.8112% 4,286,771,305.76 4,288,329,393.30 1.000363 40 70 502
Sep 16 0.7248% 4,409,871,179.36 4,410,883,048.03 1.000194 45 62 500
Aug 16 0.6218% 4,173,346,305.76 4,174,143,206.62 1.000190 39 57 500
Jul 16 0.5740% 4,222,463,139.86 4,222,665,438.59 1.000047 38 51 497
As
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Book Value Market Value
Uninvested Balance $ 33,481.91 $ 33,481.91
Accrual of Interest Income 1,856,212.45 1,856,212.45
Interest and Management Fees Payable (6,277,522.16) (6,277,522.16)
Payable for Investment Purchased 0.00 0.00
Receivable for Investment Sold 0.00 0.00
Repurchase Agreements 180,854,999.97 180,854,999.97
Commercial Paper 5,687,561,571.19 5,688,468,943.17
Government Securities 39,999,363.24 40,010,440.00
Total $ 5,904,028,106.60 $ 5,904,946,555.34
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 June 30, 2017
Commercial Paper
96.26%
Repurchase
Agreements
3.06%
8 to 30 days
34.65%
1 to 7 days
42.53%
181+ days
0.38%
31 to 90 days
17.65%Utility District
13.54%
Other
7.43%
School District
36.92%
Health Care
1.67%
County
9.83%
Higher
Education
2.97%
City
27.64%
Distribution of
Participants by Type
As of June 30, 2017
Portfolio by
Type of Investment
As of June 30, 2017
Portfolio by
Maturity
As of June 30, 2017
91 to 180 days
4.79%
Agencies
0.68%
Mny Mkt Fund Daily Allocation LOGIC Invested Market Value WAM WAM
Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)*
6/1/2017 1.0825% 0.000029657 $6,265,213,349.60 1.000258 23 69
6/2/2017 1.0844% 0.000029709 $6,251,352,736.55 1.000231 24 73
6/3/2017 1.0844% 0.000029709 $6,251,352,736.55 1.000231 24 73
6/4/2017 1.0844% 0.000029709 $6,251,352,736.55 1.000231 24 73
6/5/2017 1.0696% 0.000029305 $6,256,485,316.97 1.000249 25 76
6/6/2017 1.0750% 0.000029452 $6,243,890,090.80 1.000250 25 76
6/7/2017 1.0868% 0.000029775 $6,231,270,860.62 1.000262 28 80
6/8/2017 1.0983% 0.000030090 $6,207,245,636.68 1.000282 29 81
6/9/2017 1.0938% 0.000029966 $6,226,477,469.99 1.000224 27 79
6/10/2017 1.0938% 0.000029966 $6,226,477,469.99 1.000224 27 79
6/11/2017 1.0938% 0.000029966 $6,226,477,469.99 1.000224 27 79
6/12/2017 1.0922% 0.000029923 $6,226,328,855.01 1.000259 26 78
6/13/2017 1.0903% 0.000029870 $6,261,226,920.78 1.000243 26 76
6/14/2017 1.0954% 0.000030012 $6,267,284,237.15 1.000240 26 76
6/15/2017 1.1432% 0.000031321 $6,162,924,854.19 1.000223 27 79
6/16/2017 1.1460% 0.000031396 $6,153,908,007.97 1.000146 26 77
6/17/2017 1.1460% 0.000031396 $6,153,908,007.97 1.000146 26 77
6/18/2017 1.1460% 0.000031396 $6,153,908,007.97 1.000146 26 77
6/19/2017 1.1517% 0.000031554 $6,151,042,734.47 1.000182 25 76
6/20/2017 1.1583% 0.000031734 $6,139,140,469.86 1.000163 25 75
6/21/2017 1.1617% 0.000031828 $6,166,565,892.74 1.000162 24 74
6/22/2017 1.1928% 0.000032679 $6,149,365,721.81 1.000159 23 74
6/23/2017 1.1694% 0.000032039 $6,036,681,476.13 1.000129 22 72
6/24/2017 1.1694% 0.000032039 $6,036,681,476.13 1.000129 22 72
6/25/2017 1.1694% 0.000032039 $6,036,681,476.13 1.000129 22 72
6/26/2017 1.2027% 0.000032951 $6,057,820,481.84 1.000172 22 71
6/27/2017 1.2000% 0.000032876 $6,068,092,945.90 1.000156 23 72
6/28/2017 1.2058% 0.000033035 $6,013,957,447.83 1.000159 24 73
6/29/2017 1.2074% 0.000033079 $5,912,330,102.28 1.000157 23 73
6/30/2017 1.2057% 0.000033032 $5,904,028,106.60 1.000122 24 71
Average 1.1333% 0.000031050 $6,156,315,769.90 25 75
Da
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Daily Summary for June 2017
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 June be subject to change. The LOGIC management fee 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.
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0.19
0.29
0.39
0.49
0.59
0.69
0.79
0.89
0.99
1.09
1.19
1.29
90 Day T-BILL Rate LOGIC Rate
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For more information contact LOGIC Participant Services 1-800-895-6442 www.logic.org
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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
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ECONOMIC UPDATES
The Dallas–Fort Worth economy expanded in May, with payroll employment rising and growth in the Dallas and
Fort Worth business-cycle indexes accelerating during the month. The unemployment rate dipped in Dallas and
held steady in Fort Worth. Home prices climbed in the first quarter, while housing demand remained healthy and inventories tight.
Summary
� DFW jobs grew at a 4.9 percent annualized rate
in May, outpacing the state’s 2.4 percent increase.
Payrolls in Dallas expanded 5.8 percent during the
month, and Fort Worth saw 2.5 percent growth.
�Year-to-date job growth in the metroplex has
moderated to an annualized 2.3 percent, com-
pared with last year’s 3.3 percent pace, and is
slower than the state’s 2.5 percent increase. Among
the major Texas metros, Houston leads in year-
to-date job growth at 2.8 percent, followed by Fort
Worth at 2.7 percent and Dallas at 2.2 percent.
� Service-providing industries continued to add
jobs in the first five months of the year, while
employment in goods-producing industries such
as construction and mining contracted. Employ-
ment in leisure and hospitality has seen the fastest
growth year to date at an annualized 5.7 percent,
followed by education and health services at a
strong 5.1 percent. Payrolls in professional and
business services continued to grow at a rapid clip
of 4.6 percent, in part due to business relocations
and expansions.
� The labor market remained tight. The unem-
ployment rate fell in Dallas from 4.3 percent in
April to 3.9 percent in May and held steady in Fort
Worth at 4.5 percent. The Texas jobless rate dipped
to 4.8 percent, while the U.S. rate edged down from
4.4 percent to 4.3 percent. The spread between
Dallas and Fort Worth’s unemployment rates,
which averaged around 0.1 percentage points from
2011 to 2014, has been gradually widening since
2015. This is likely due to stronger job gains in Dal-
las relative to Fort Worth in 2015 and 2016.
FEDERAL RESERVE BANK OF DALLAS • JUNE 20, 2017
Month/month percent change, annualized
Employment
SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by the Dallas Fed.
Employment Growth
DFW Economic Indicators DALLASFED
-6
-4
-2
0
2
4
6
8
10
12
2014 2015 2016 2017
Dallas–Fort Worth
Texas
Employment Growth by Sector
NOTES: Data show seasonally adjusted, annualized percentage growth by sector for December 2016–May 2017. Numbers in
parentheses are shares of total Dallas–Fort Worth nonfarm employment and may not sum to 100 due to rounding.
SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by the Dallas Fed.
-4.0
4.6
-3.8
0.5
2.9
5.7
1.4
5.1
4.6
0.3
2.4
2.3
Information (2.3%)
Other services (3.5%)
Construction & mining (5.7%)
Manufacturing (7.4%)
Financial activities (8.1%)
Leisure & hospitality (10.6%)
Government (12.0%)
Education & health services (12.4%)
Professional & business services (16.6%)
Trade, transportation & utilities (21.4%)
Private (88.0%)
Total
Percent
SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal adjustments by the Dallas Fed.
Unemployment Rate
3
4
5
6
7
8
9
10
11
2009 2010 2011 2012 2013 2014 2015 2016 2017
Texas Fort Worth U.S.Dallas
NOTE: Data may not match previously published numbers due to revisions.
Questions can be addressed to Laila Assanie at laila.assanie@dal.frb.org.
More Dallas Fed economic updates: www.dallasfed.org/research/update/
Index, January 2011 = 100*
Housing
Home Sales
�The DFW housing market remains solid, with home
price gains outpacing those in the state and U.S. Prices
rose 2.6 percent in Fort Worth and 1.8 percent in Dal-
las in first quarter 2017, faster than the 1.4 percent in-
crease registered in both Texas and the U.S., according
to the Federal Housing Finance Agency purchase-only
house price index.
�On a year-over-year basis in the first quarter, prices
were up 11.7 percent in Fort Worth and 9.2 percent in
Dallas—both higher than in Texas (7.2 percent) and
the nation (6.0 percent). The price increases were
also greater than in San Antonio, Austin and Houston,
which were up 8.4, 6.3 and 5.2 percent, respectively.
(See the Southwest Economy article “Texas Housing
Market Soars, Pricing Out Many.”)
�DFW existing-home sales rose in April, and six-
month moving averages show continued increases in
the metroplex as well as the state. In April, sales rose
3.3 percent in Fort Worth, 2.6 percent in Dallas and 1.9
percent in Texas. New-home sales also remain healthy
in the metroplex, according to Dallas Fed Beige Book
contacts, with sales of lower-priced homes seeing the
strongest growth. Solid job growth is driving demand
in the metroplex. DFW home inventories remain low
at just over two months of supply and are the tightest
among the major Texas metros.
80
100
120
140
160
180
200
2011 2012 2013 2014 2015 2016 2017
Fort Worth Dallas Texas
Index, first quarter 1991 = 100*
*Quarterly, seasonally adjusted.
SOURCE: Federal Housing Finance Agency.
100
120
140
160
180
200
220
240
260
280
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Texas Dallas Fort Worth U.S.
Home Prices
Index, January 2009 = 100*
*Monthly, seasonally adjusted.
SOURCE: Dallas Fed.
�Growth in the Dallas and Fort Worth business-
cycle indexes accelerated in May, likely buoyed
by healthy job growth. The Dallas index climbed
6.5 percent (annualized) during the month, faster
than the previous month’s 1.3 percent pace. Fort
Worth’s index rose 4.4 percent, outpacing April’s
1.2 percent rate. Year over year, the indexes are
up 5.2 percent in Dallas and 3.5 percent in Fort
Worth. Growth in the Dallas business-cycle index
has outperformed growth in the Fort Worth index
since 2013.
Business-Cycle Indexes
90
100
110
120
130
140
150
2009 2010 2011 2012 2013 2014 2015 2016 2017
Dallas
Fort Worth
*Six-month moving average, seasonally adjusted.
SOURCES: Multiple Listing Service; Real Estate Center at Texas A&M; seasonal adjustments by the Dallas Fed.
1
Federal Reserve Bank of Dallas Regional Economic Update
The Texas economy is growing at a moderate pace. Em-ployment continued to expand in May and the Texas Busi-
ness Outlook Survey (TBOS) indexes point to a pickup in
the manufacturing and services sectors, but slightly slower growth in retail from April to May. The latest Dallas Fed
Texas Employment Forecast for 2017 ticked up slightly
from 2.4 to 2.6 percent. Downside risks are sharply declin-
ing oil prices, continued strength in the dollar and uncer-
tainty regarding both U.S. trade and tax policy.
Employment Growth Picks Up in May
Texas added jobs at a 2.4 percent annualized rate in May,
faster than the 2.1 percent increase in April. Texas employ-
ment has grown at an annualized 2.5 percent pace year to
date, outpacing the nation’s 1.3 percent increase.
The manufacturing and energy sectors saw continued job
gains in May, as oil prices stabilized and the effect of the
strong dollar on exports abated somewhat. The energy sec-
tor continues to make significant employment gains since
fourth quarter 2016, after losing 1 in 3 jobs from its previ-
ous peak in fourth quarter 2014. Construction employment
expanded 6.5 percent in May, following a 10.4 percent de-
cline in April. Goods-producing sectors have added jobs at
a 6.5 percent rate year to date, outpacing the 1.9 percent
growth in private services. Most service sectors have added
jobs year to date, though information services has con-
tracted.
Boosted by the recent stability in oil prices, Houston em-
ployment expanded for a fifth consecutive month in May,
registering the fastest year-to-date growth among the ma-
jor metros. Payrolls in Dallas–Fort Worth recovered from
April’s 3.7 percent decline with 4.9 percent growth in May,
and the metro has expanded 2.3 percent year to date. Of
the major metros, only Austin reduced employment in May,
though it still has registered 1.8 percent growth year to
date (Chart 1).
Labor Market Remains Tight
The state unemployment rate dropped from 5.0 percent to
4.8 percent in May, which exceeds the 4.3 percent May rate
for the nation. This drop was driven by a decrease in the
labor force that exceeded a slight decline in household em-
ployment. It is worth noting that, although the Texas un-
employment rate is higher than the nation, the incidence of
discouraged workers, the marginally attached and the un-
deremployed have been more muted and remain mostly at
or below their national rates (Table 1).
TBOS Indexes Suggest Strong Growth in
Manufacturing
The three-month moving averages of the TBOS headline
indexes suggest a strong recovery in manufacturing in re-
cent months, with some slowing in service sector growth
(Chart 2). Alternative indexes constructed using Texas
Manufacturing Outlook Survey responses show positive
Texas Economy Strengthens
June 21, 2017
Table 1
Broader Measures of Labor Market
April six-month
moving average
Prerecession
(2000–06) average
Texas U.S. Texas U.S.
U-3 (headline unemploy-
ment rate)
5.1 4.6 5.7 5.2
Discouraged workers 0.2 0.3 0.2 0.3
Marginally attached 0.6 0.7 0.6 0.7
Part time for economic
reasons
3.2 3.5 3.1 2.8
U-6 (broader unemploy-
ment rate)
9.2 9.1 9.7 9.0
NOTES: See www.bls.gov/lau/stalt.htm for definitions of special unemploy-
ment rates. U-6 (broader unemployment rate) equals U-3 (headline unem-
ployment rate) plus discouraged workers, marginally attached, and part time
for economic reasons, although U-6 may differ from the total due to round-
ing. The prerecession period excludes 2001.
SOURCES: Bureau of Labor Statistics; Current Population Survey; authors'
calculations.
2
Federal Reserve Bank of Dallas Regional Economic Update
growth in both energy- and exports-related manufacturing
in Texas (Chart 3). Slower growth in energy- and exports-
related production relative to overall manufacturing output
reflects that the energy and export sectors are still recover-
ing from the oil bust and the impact of the strong dollar,
respectively.
Residential Construction Recedes While Home Prices
Appreciate
Most indicators of residential construction receded in April
after posting gains in March. Housing starts, single-family
permits, multifamily permits and real residential contract
values fell in their most recent April readings. In contrast
with the weak April numbers for residential construction,
nonresidential construction contract values and nonbuilding
construction contract values increased.
Existing-home sales edged up in April from March and have
increased 6.0 percent year over year in April—a faster pace
than the year-over-year rate of 4.9 percent in March. Inven-
tory of existing homes in Texas held steady at 3.7 months
in April, and the supply of homes remains tight in most met-
ros.
With strong demand and inadequate supply, almost all
house price measures suggest that house price appreciation
continues. The Case-Shiller home price index for Dallas was
up 8.6 percent year over year in March 2017. The index
grew at a healthy 6.6 percent annual rate from February to
March. The quarterly Federal Housing Finance Agency
(FHFA) house price index for Texas also increased 5.7 per-
cent (annualized) in first quarter 2017, following 6.1 percent
growth in fourth quarter 2016.
Auto Delinquencies Rise Driven by Subprime Loans
Delinquency rates on auto loans have been trending up in
both Texas and the U.S. (Chart 4). Underlying this trend is
an increase in auto loans to subprime borrowers (Chart 5).
From first quarter 2014 to first quarter 2017, the balance
of subprime loans increased 41.0 percent, while that of
other auto loans increased 31.6 percent. Additionally, the
percent of subprime loans that are seriously delinquent
has increased over the same period from 12.9 percent to
15.0 percent, while the percent of other loans that are
seriously delinquent has decreased from 0.6 percent to
0.4 percent.
These trends corroborate anecdotal reports that loose
credit standards and an increase in the incidence of sub-
prime auto loans are likely behind the recent rise in auto
delinquency rates. Contacts reported in the May Beige
Book that auto lenders have tightened credit amid the
increase in delinquencies. With rising interest rates, ana-
lysts expect both auto and credit card delinquencies to
increase further in 2017.
Texas Leading Index Indicates Continued Growth
The Texas Leading Index rose 0.61 percent in April, and
the three-month change in the index from February to
April was 1.70 percent, indicating continued growth going
forward (Chart 6). The U.S. leading index contributed pos-
itively to the three-month change.
—Stephanie Gullo and Anil Kumar
…………………………………………………………………………………….
About the Authors
Gullo is a research assistant and Kumar is an economic
policy advisor and senior economist in the Research De-
partment at the Federal Reserve Bank of Dallas.
…………………………………………………………………………………….
8/1/17
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p
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CITY OF COLLEYVILLE
INVESTMENT REPORT TERMINOLOGY
CITY OF COLLEYVILLE
INVESTMENT REPORT TERMINOLOGY
RATES/MEASUREMENT DATA
BANK EARNED INCOME CREDIT
This is the interest rate our depository bank (Wells Fargo) will pay us on
our deposits to offset bank service charges. We will never “earn” more
than the bank fees are in a month.
AVERAGE QUARTERLY YIELD
This is the average interest rate earned for each of the three months on our
LOGIC (overnight investment pool).
AVERAGE WEIGHTED YIELD
The weighted average yield is the return on each investment that is
“weighted” based on the value of the investment in relation to total value of
investments held.
AVERAGE WEIGHTED MATURITY
The weighted average maturity is the number of days to maturity for each
investment that is “weighted” based on the value of the investment in
relation to total value of investments held.
13 WEEK TREASURY BENCHMARK
Treasury and Agency notes are backed 100% by the U.S Government.
These are the most secure investment types and there is virtually no risk
involved with loss of principal.
The securities have a 1 or 2 year maturity term. The Treasury.gov website
gives a coupon equivalent for these securities for 13 weeks (1/4 or quarter
of a fiscal year).
INVESTMENT PRICES
PURCHASE PRICE (BASIS)
This is what the City paid for the investment.
PAR VALUE
This represents what the investment will be worth at maturity date.
INVESTMENT TYPES
CDARS
Certificate of Deposit Account Registry Service
This is the most convenient way to access FDIC insurance on multi-million
dollar CD deposits and to earn CD level rates. For Colleyville, the money is
invested locally with Worthington Bank.
AGENCY SECURITIES
“Agency” is a term used to describe two types of bonds: (1) issued or
guaranteed by the U.S. Federal Government or (2) issued by government
sponsored enterprises. They are the highest quality debt instrument after
Treasury securities.
The market believes these securities have an implicit backing of the U.S.
Government.
FEDERAL HOME LOAN BANK
FEDERAL FARM CREDIT BANK
FEDERAL HOME LOAN MORTGAGE CORPORATION
FEDERAL NATIONAL MORTGAGE ASSOCIATION
The City does NOT invest in any non-agency mortgage backed securities.
Non-agency mortgage backed securities were the instruments involved in
the housing crisis that occurred in 2001-2007.
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 3c Agenda Date 09/05/2017 Number
Type Presentation and Discussion
Department City Manager
Title
Annual review of the City of Colleyville Investment Policy
Strategic Plan
B4- Cultivate a culture of transparency and consistent communication
Explanation
A section in the Public Funds Investment Act requires that the governing body of a
public entity review the investment strategy annually. The City's investment
strategy is contained in the section of the attached City of Colleyville Investment
Policy entitled "Investment Strategy", and is presented for the Committee's
review. No changes to the policy are proposed at this time.
Attachments
1.City of Colleyville Investment Policy