HomeMy WebLinkAboutAudit Committee-Agenda Packets-11/21/2017City 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, November 21, 2017
4:30 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
September 5, 2017
3.REGULAR AGENDA ITEMS
3a Meet with representatives from the City's audit firm Pattillo, Brown &
Hill, L.L.P. to discuss the progress of the year end audit for the Fiscal
Year ended September 30, 2017
3b Quarterly Investment Report for the quarter ended September 30,
2017
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
November 17, 2017, by 5:00 p.m.
Christine Loven, TRMC
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
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
Chief Financial Officer Shereen Gendy called the Audit Committee to order on
September 5, 2017, at 5:00 p.m.
ROLL CALL: Committee members Tammy Nakamura, Bobby Lindamood and
Susan Mathisen were present.
Absent: Committee member Nancy Coplen
City Manager Jerry Ducay, Chief Financial Officer Shereen Gendy, Strategic
Services Manager Adrienne Lothery, Accounting Manager Karen Hines, and City
Secretary Amy Shelley were also present.
2. APPROVAL OF MINUTES
May 16, 2017
Committee member Mathisen provided an amendment to the meeting minutes on
page 2 to remove a redundant paragraph.
Committee member Nakamura made a motion to approve the May 16,
2017, amended meeting minutes. Committee member Mathisen seconded.
All approved by acclamation.
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
John Manning, Pattillo, Brown and Hill, L.L.P., Manager for the Government Audit
Division, the City’s audit firm, discussed the upcoming September 30, 2017 audit
and answered questions of the committee.
Committee member Nakamura asked Mr. Manning if the initial audit process is the
avenue in which persons can speak out when something wrong may be happening.
Mr. Manning replied yes, but there is nothing to report at this time.
Committee member Mathisen asked Mr. Manning if the persons/departments are
selected randomly. Mr. Manning replied yes, but there are certain departments
which are done each time, such as utility billing and building permits. Most
Audit Committee Agenda September 5, 2017
City of Colleyville Page 2
departments have certain controls already in place. Committee member Mathisen
added there have been some positive changes recently made to improve current
processes and procedures.
Committee member Mathisen asked Mr. Manning about their estimated fees for
this year compared to last year. Mr. Manning replied there will not be more than a
three percent increase, as there are no huge costs to pass along to Colleyville
given the organizational knowledge that he and his team acquired auditing the city
for years.
3b Presentation of the Quarterly Investment Report for the quarter ended
June 30, 2017
Chief Financial Officer Shereen Gendy presented this item and provided an
overview to the committee.
Committee member Mathisen pointed out, in the summary report, the Colleyville
Tomorrow Funds were in the past split out between capital projects funds and
special revenue funds, but those funds are now consolidated into capital projects.
Committee member Mathisen stated the utility fund balance, specifically at the
enterprise, is $8.2 million, and that a portion of that is the operating. The capital
projects has about $7.25 million. City Manager Jerry Ducay added there is now a
new report which shows both to include cash balances.
Committee member Mathisen asked staff about the tree preservation fund
increase. City Manager Jerry Ducay replied that is the deposit from TexRail for the
tree mitigation.
Committee member Mathisen asked staff why the trash recycling is showing a
negative balance. Accounting Manager Karen Hines replied there is a year-end
entry made which moves money from the Drainage Fund to cover the annual
clean sweep event. Strategic Services Manager Adrienne Lothery added this fund
will go away when the new trash service, CWD, takes over.
Committee member Mathisen asked staff about what is included in the police
asset forfeiture fund. Manager Lothery replied anything seized by the police
department is placed in the asset forfeiture account and is used by the police
department to purchase items.
3c Annual review of the City of Colleyville Investment Policy
Chief Financial Officer Shereen Gendy briefed the committee on the Investment
Policy. Members agreed there was no need for changes at this time.
Audit Committee Agenda September 5, 2017
City of Colleyville Page 3
4. ADJOURNMENT
The Audit Committee adjourned at 5:34 p.m.
APPROVED BY A VOTE OF _ AYES, _ NAYS, AND _ ABSTENTIONS ON THIS THE
____DAY OF ____ 2018.
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 11/21/2017 Number
Type Regular Agenda Items
Department Finance
Title
Meet with representatives from the City's audit firm Pattillo, Brown & Hill, L.L.P. to
discuss the progress of the year end audit for the Fiscal Year ended September 30,
2017
Strategic Plan
F1- Protect and preserve the City’s top financial ratings
F4- Adhere to the City’s financial and budgetary policies
Explanation
John Manning, partner with Pattillo, Brown & Hill, L.L.P., will meet with the Audit
Committee to discuss the progress of the year end audit for the Fiscal Year ended
September 30, 2017.
Attachments
City of Colleyville Page 1
City of Colleyville
City Council
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3b Agenda Date 11/21/2017 Number
Type Presentation
Department City Manager
Title
Quarterly Investment Report for the quarter ended September 30, 2017
Strategic Plan
1.4 Communicate thoroughly and strategically
1.3 Assure convenient access to public information
2.4 Demonstrate stewardship of public resources
Explanation
Investment Summary for period ending September 30, 2017:
Cash & Cash Equivalents (Logic) were $51,968,972. Investments other than CD's
totaled $20,706,349 and the CD's totaled $4,591,089. Total funds held by the
City equaled $77,266,410 and were allocated as follows:
Logic 36%
Government Issues 27%
Certificates of Deposit 6%
Cash 31%
Investment Benchmark 1.04%
Logic 1.26%
Agencies 0.95%
CD's 0.50%
Portfolio 1.09%
Interest earnings for the quarter were $147,235 with an average yield of 1.09% versus
$121,658 and 0.96% for the prior quarter. These percentages are within the guidelines
of the City investment policy.
Attachments
1.Investment report
QUARTERLY INVESTMENT REPORT
FOR QUARTER ENDING SEPTEMBER 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
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 SEPTEMBER 2017
ACCT #DESCRIPTION BALANCE
GENERAL FUND
001-1115 GENERAL OPERATING $216,179.05
UTILITY FUND
002-1115 UTILITY OPNS $2,366,252.34
002-1130 UTILITY INTEREST & SINKING FUND $361,422.28
UTILITY FUND - CAPITAL PROJECTS
039-1116 IMPACT FEES WATER $2,267,461.25
039-1119 UTILITY LINE RESTORATION $1,165.65
039-1294 IMPACT FEES SEWER $671,772.81
CAPITAL PROJECTS FUND
003-1113 IMPACT FEES/SA I $21,530.25
003-1509 STREET RESURFACING $1,196,557.45
DEBT SERVICE FUND
004-1115 DEBT SERVICE OPERATING $34,400.50
DRAINAGE FUND
017-1115 DRAINAGE OPERATING $1,371,367.39
017-1159 DRAINAGE INT & SINKING FUND $121,485.71
017-1380 2001 DRAINAGE BONDS $2,362.92
TIF FUND
026-1115 TIF OPERATING $14,098,187.30
026-1383 2001 TIF BONDS $114,156.43
CCCPD FUND
027-1115 CCCPD OPERATING $876,661.78
027-1147 99 POLICE/COURT BLDG FUND $82.11
LOCAL GOVERNMENT INVESTMENT COOPERATIVE / "LOGIC"
ACCOUNT ALLOCATION AT SEPTEMBER 2017
CAPITAL EQUIPMENT REPLACEMENT FUND
032-1115 CAPITAL EQUIPMENT REPLACEMENT FUND $83,161.76
COLLEYVILLE TOMORROW FUND
034-1115 COLLEYVILLE TOMORROW FUND $1,694,396.65
PARKS TOMORROW FUND
035-1115 PARKS TOMORROW FUND $1,031,305.94
STRATEGIC INITIATIVES FUND
036-1115 STRATEGIC INITIATIVES FUND $541,883.16
Subtotal - LOGIC balances excluding CEDC $27,071,792.73
CEDC Logic Balance 1,014,286.09
Total LOGIC Balance 28,086,078.82
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OUTSTANDING INVESTMENTS BY FUND AT 9-30-17
INVESTMENT
DATE ACQUIRED
MATURITY DATE
26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE
YIELD TO MATURITY
CUSIP#
ACCOUNT ALLOCATION OF INVESTMENT
TOTAL
INVESTMENT-
Purchase Value
001-1172 GENERAL FUND OPERATING $5,753,618.43
002-1166 UTILITY DEBT SERVICE RESERVE $0.00
002-1172 UTILITY FUND OPERATING $2,150,043.29
002-1178 CUSTOMER DEPOSITS $470,460.00
039-1186 UTILITY LINE RENEWAL $0.00
039-1557 THE RESERVE LIFT STATION $62,116.76
003-1121 INV-PERIMETER FEES $1,964,157.23
003-1307 INV-ROAD RECONST RUCTION $527,264.06
003-1340 CASTLETON MANOR $81,309.57
005-1172 VOLUNTARY PARK FUND $250,000.00
011-1172 LIBRARY DONATIONS FUND $359,642.52
012-1172 PARK LAND DEDICATION FUND $1,025,973.26
017-1172 DRAINAGE FUND OPERATING $200,000.00
024-1172 CEDC OPERATING $1,500,000.00
026-1172 TIF OPERATING $5,412,030.85
032-1519 CAPITAL EQUIPMENT RESERVE $514,300.00
034-1172 COLLEYVILLE TOMORROW $475,441.76
PER GENERAL LEDGER $20,746,357.73
MARKET VALUE $20,706,349.40
VALUE AT MATURITY $20,750,000.00
INTEREST RECEIVED TO MATURITY $394,589.28
OUTSTANDING INVESTMENTS BY FUND AT 9-30-17
INVESTMENT
DATE ACQUIRED
MATURITY DATE
26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE
YIELD TO MATURITY
CUSIP#
ACCOUNT ALLOCATION OF INVESTMENT
001-1172 GENERAL FUND OPERATING
002-1166 UTILITY DEBT SERVICE RESERVE
002-1172 UTILITY FUND OPERATING
002-1178 CUSTOMER DEPOSITS
039-1186 UTILITY LINE RENEWAL
039-1557 THE RESERVE LIFT STATION
003-1121 INV-PERIMETER FEES
003-1307 INV-ROAD RECONST RUCTION
003-1340 CASTLETON MANOR
005-1172 VOLUNTARY PARK FUND
011-1172 LIBRARY DONATIONS FUND
012-1172 PARK LAND DEDICATION FUND
017-1172 DRAINAGE FUND OPERATING
024-1172 CEDC OPERATING
026-1172 TIF OPERATING
032-1519 CAPITAL EQUIPMENT RESERVE
034-1172 COLLEYVILLE TOMORROW
PER GENERAL LEDGER
MARKET VALUE
VALUE AT MATURITY
INTEREST RECEIVED TO MATURITY
FFCB NOTE FHLB FNMA NOTE FFCB NOTE
04-Nov-15 19-Oct-15 13-Nov-15 12-Nov-15
13-Oct-17 26-Oct-17 26-Oct-17 06-Nov-17
0.270%0.120%0.300%0.340%
0.785%0.630%0.885%0.811%
3133EFHY6 3130A6LZ8 3135G0PQ0 3133EFNE3
0.00 0.00 999,800.00
20,000.00 499,868.00 171,301.08
193,077.63
252,436.85
100874.87
81,309.57
200,000.00
513,360.00 700,000.00
364,300.00
$897,660.00 $1,199,868.00 $999,800.00 $999,000.00
$899,843.40 $1,199,679.60 $999,887.00 $999,571.00
$900,000.00 $1,200,000.00 $1,000,000.00 $1,000,000.00
$13,726.27 $15,297.81 $17,293.88 $16,107.24
OUTSTANDING INVESTMENTS BY FUND AT 9-30-17
INVESTMENT
DATE ACQUIRED
MATURITY DATE
26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE
YIELD TO MATURITY
CUSIP#
ACCOUNT ALLOCATION OF INVESTMENT
001-1172 GENERAL FUND OPERATING
002-1166 UTILITY DEBT SERVICE RESERVE
002-1172 UTILITY FUND OPERATING
002-1178 CUSTOMER DEPOSITS
039-1186 UTILITY LINE RENEWAL
039-1557 THE RESERVE LIFT STATION
003-1121 INV-PERIMETER FEES
003-1307 INV-ROAD RECONST RUCTION
003-1340 CASTLETON MANOR
005-1172 VOLUNTARY PARK FUND
011-1172 LIBRARY DONATIONS FUND
012-1172 PARK LAND DEDICATION FUND
017-1172 DRAINAGE FUND OPERATING
024-1172 CEDC OPERATING
026-1172 TIF OPERATING
032-1519 CAPITAL EQUIPMENT RESERVE
034-1172 COLLEYVILLE TOMORROW
PER GENERAL LEDGER
MARKET VALUE
VALUE AT MATURITY
INTEREST RECEIVED TO MATURITY
FHLB NOTE FHLB NOTE FFCB NOTE FHLB NOTE
05-Jan-16 29-Dec-15 17-Feb-16 23-Mar-16
08-Dec-17 29-Dec-17 12-Feb-18 07-Mar-18
0.100%0.490%0.420%0.450%
1.072%1.010%0.771%0.925%
3130A3HF4 3130A6UK1 3133EFZR1 3137EADP1
0.00 216,958.43 1,000,580.00 39,030.00
0.00
505,316.34 951,092.86
245,433.66 31,948.71
250,000.00
710,000.00
$750,750.00 $1,200,000.00 $1,000,580.00 $999,030.00
$750,076.50 $1,199,697.60 $998,977.00 $998,578.00
$750,000.00 $1,200,000.00 $1,000,000.00 $1,000,000.00
$15,489.22 $24,273.21 $15,325.68 $18,096.97
OUTSTANDING INVESTMENTS BY FUND AT 9-30-17
INVESTMENT
DATE ACQUIRED
MATURITY DATE
26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE
YIELD TO MATURITY
CUSIP#
ACCOUNT ALLOCATION OF INVESTMENT
001-1172 GENERAL FUND OPERATING
002-1166 UTILITY DEBT SERVICE RESERVE
002-1172 UTILITY FUND OPERATING
002-1178 CUSTOMER DEPOSITS
039-1186 UTILITY LINE RENEWAL
039-1557 THE RESERVE LIFT STATION
003-1121 INV-PERIMETER FEES
003-1307 INV-ROAD RECONST RUCTION
003-1340 CASTLETON MANOR
005-1172 VOLUNTARY PARK FUND
011-1172 LIBRARY DONATIONS FUND
012-1172 PARK LAND DEDICATION FUND
017-1172 DRAINAGE FUND OPERATING
024-1172 CEDC OPERATING
026-1172 TIF OPERATING
032-1519 CAPITAL EQUIPMENT RESERVE
034-1172 COLLEYVILLE TOMORROW
PER GENERAL LEDGER
MARKET VALUE
VALUE AT MATURITY
INTEREST RECEIVED TO MATURITY
FHLMC NOTE FNMA NOTE FFCB NOTE FHLB NOTE
12-Apr-16 09-May-16 20-May-16 10-Jun-16
09-Apr-18 30-Apr-18 16-May-18 05-Jun-18
0.520%0.370%0.450%0.410%
0.758%0.811%0.882%0.850%
3137EAEA3 3136G0V57 3133EGAF2 3130A8EJ8
999,850.00 0.00 997,400.00
203903.34
799,796.66 849,650.00
350,350.00
$999,850.00 $1,003,700.00 $997,400.00 $1,200,000.00
$997,243.00 $998,448.00 $997,520.00 $1,196,080.80
$1,000,000.00 $1,000,000.00 $1,000,000.00 $1,200,000.00
$15,089.51 $16,015.09 $17,546.43 $20,260.23
OUTSTANDING INVESTMENTS BY FUND AT 9-30-17
INVESTMENT
DATE ACQUIRED
MATURITY DATE
26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE
YIELD TO MATURITY
CUSIP#
ACCOUNT ALLOCATION OF INVESTMENT
001-1172 GENERAL FUND OPERATING
002-1166 UTILITY DEBT SERVICE RESERVE
002-1172 UTILITY FUND OPERATING
002-1178 CUSTOMER DEPOSITS
039-1186 UTILITY LINE RENEWAL
039-1557 THE RESERVE LIFT STATION
003-1121 INV-PERIMETER FEES
003-1307 INV-ROAD RECONST RUCTION
003-1340 CASTLETON MANOR
005-1172 VOLUNTARY PARK FUND
011-1172 LIBRARY DONATIONS FUND
012-1172 PARK LAND DEDICATION FUND
017-1172 DRAINAGE FUND OPERATING
024-1172 CEDC OPERATING
026-1172 TIF OPERATING
032-1519 CAPITAL EQUIPMENT RESERVE
034-1172 COLLEYVILLE TOMORROW
PER GENERAL LEDGER
MARKET VALUE
VALUE AT MATURITY
INTEREST RECEIVED TO MATURITY
FHLB NOTE FFCB NOTE FFCB NOTE FFCB NOTE
05-Jul-17 18-Jul-16 17-Oct-16 01-Feb-17
08-Jun-18 18-Jul-18 05-Oct-18 01-Feb-19
1.130%0.430%0.480%0.640%
1.224%0.785%0.930%1.300%
313379DT3 3133EGML6 3133EFX69 3133EG5Q4
0.00 0.00 1,000,000.00
359,642.52
115,973.26
200,000.00
1,000,240.00 549,300.00 499,872.46
150,000.00
100,000.00 25,091.76
$1,000,240.00 $999,300.00 $1,000,580.00 $1,000,000.00
$999,745.00 $995,725.00 $996,048.00 $997,081.00
$1,000,000.00 $1,000,000.00 $1,000,000.00 $1,000,000.00
$11,334.51 $15,706.88 $18,296.88 $26,000.00
OUTSTANDING INVESTMENTS BY FUND AT 9-30-17
INVESTMENT
DATE ACQUIRED
MATURITY DATE
26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE
YIELD TO MATURITY
CUSIP#
ACCOUNT ALLOCATION OF INVESTMENT
001-1172 GENERAL FUND OPERATING
002-1166 UTILITY DEBT SERVICE RESERVE
002-1172 UTILITY FUND OPERATING
002-1178 CUSTOMER DEPOSITS
039-1186 UTILITY LINE RENEWAL
039-1557 THE RESERVE LIFT STATION
003-1121 INV-PERIMETER FEES
003-1307 INV-ROAD RECONST RUCTION
003-1340 CASTLETON MANOR
005-1172 VOLUNTARY PARK FUND
011-1172 LIBRARY DONATIONS FUND
012-1172 PARK LAND DEDICATION FUND
017-1172 DRAINAGE FUND OPERATING
024-1172 CEDC OPERATING
026-1172 TIF OPERATING
032-1519 CAPITAL EQUIPMENT RESERVE
034-1172 COLLEYVILLE TOMORROW
PER GENERAL LEDGER
MARKET VALUE
VALUE AT MATURITY
INTEREST RECEIVED TO MATURITY
FHLB NOTE FFCB NOTE REASURY NOT FHLB NOTE
24-Mar-17 03-May-17 31-Jul-17 29-Aug-17
08-Feb-19 02-May-19 15-Aug-19 13-Sep-19
0.870%0.980%1.110%1.130%
1.280%1.350%1.375%1.375%
3130AAS41 3133EHHN6 3137EAEH8 313380FB8
500,000.00
2,465.01
62,116.76
712,932.38
222485.85
1,000,000.00 500,000.00
499,811.73
$999,811.73 $1,000,000.00 $500,000.00 $1,000,000.00
$996,275.00 $996,128.00 $498,498.50 $996,975.00
$1,000,000.00 $1,000,000.00 $500,000.00 $1,000,000.00
$24,056.99 $26,962.89 $14,029.82 $28,063.35
OUTSTANDING INVESTMENTS BY FUND AT 9-30-17
INVESTMENT
DATE ACQUIRED
MATURITY DATE
26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASE
YIELD TO MATURITY
CUSIP#
ACCOUNT ALLOCATION OF INVESTMENT
001-1172 GENERAL FUND OPERATING
002-1166 UTILITY DEBT SERVICE RESERVE
002-1172 UTILITY FUND OPERATING
002-1178 CUSTOMER DEPOSITS
039-1186 UTILITY LINE RENEWAL
039-1557 THE RESERVE LIFT STATION
003-1121 INV-PERIMETER FEES
003-1307 INV-ROAD RECONST RUCTION
003-1340 CASTLETON MANOR
005-1172 VOLUNTARY PARK FUND
011-1172 LIBRARY DONATIONS FUND
012-1172 PARK LAND DEDICATION FUND
017-1172 DRAINAGE FUND OPERATING
024-1172 CEDC OPERATING
026-1172 TIF OPERATING
032-1519 CAPITAL EQUIPMENT RESERVE
034-1172 COLLEYVILLE TOMORROW
PER GENERAL LEDGER
MARKET VALUE
VALUE AT MATURITY
INTEREST RECEIVED TO MATURITY
FHLMC NOTE
14-Sep-17
02-Oct-19
1.170%
1.250%
3137EADM8
998,788.00
$998,788.00
$994,272.00
$1,000,000.00
$25,616.44
LOGIC NEWSLETTER
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New Participants
We would like to welcome the following entities who joined
the LOGIC program in September:
Town of Annetta
Kelly Lane WCID No. 1
Kelly Lane WCID No. 2
Holiday Reminder
In observance of Columbus Day, LOGIC will be closed
on Monday, October 9, 2017. All ACH transactions initi-
ated on Friday, October 6th, will settle on Tuesday
October 10th. Please plan accordingly for your liquidity
needs.
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
September 2017
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The third quarter was dominated by a multitude of
factors: geopolitical tensions fl ared between the
U.S. and North Korea; political concerns in Europe
increased as the results of the German elections
showed a Merkel win, but her conservative alliance
lost ground; the announcement of a potential tax
reform plan in Washington; and multiple natural
disasters globally. The global economy grew at
its fastest pace since the recovery, with over 80%
of countries reporting higher year-over-year GDP
growth. In the U.S., 2nd quarter GDP growth was
revised upward and infl ation surprised to the upside
in September after fi ve consecutive down months,
leading market participants to increase expectations
of an additional rate hike this year. Over the
quarter, the White House and Congress focused
their efforts on Healthcare and averting the debt
ceiling, which they extended to be re-addressed
again in December. The next agenda item is tax
reform, which the Republicans would like to pass
by year-end.
The Federal Reserve (Fed) kept rates unchanged
at 1.00%-1.25% at its September Federal Open
Market Committee (FOMC) meeting. Consistent
with market expectations, the Fed also announced
that balance sheet normalization would begin on
October 1st. The committee will stop reinvesting the
proceeds from Treasury and mortgage securities
at a maximum run-off rate of $10 billion per month
initially, accelerating at three-month intervals to $50
billion per month. The committee lowered its outlook
on core infl ation but prepared the market for one
more rate hike this year, and forecast three rates
hikes in 2018. The unemployment rate estimates
continued to be revised down for the next few
years and the median long-run Fed Funds rate was
lowered from 3% to 2.75%. We expect the Fed to
raise rates in December, supported by both higher
growth and higher infl ation.
We still think synchronous global growth, tepid
global infl ation and very slow policy normalization
are the dominant market themes. Global growth
is arguably even stronger than three months ago,
and is the strongest since the recovery. Cyclical
infl ation, which has been stubbornly stuck at low
levels, may be poised to move higher. In the U.S.,
a weaker dollar should be a tailwind to infl ation, as
should the strong labor market.
This information is an excerpt from an economic report dated September
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 September 30, 2017
Current Invested Balance $5,995,123,374.79
Weighted Average Maturity (1)* 43 Days
Weighted Average Maturity (2)* 78 Days
Net Asset Value 1.000070
Total Number of Participants 551
Management Fee on Invested Balance 0.0975%
Interest Distributed $6,772,707.23
Management Fee Collected $478,922.48
% of Portfolio Invested Beyond 1 Year 0.00%
Standard & Poor’s Current Rating AAAm
September Averages:
Average Invested Balance $5,970,112,839.99
Average Monthly Yield, on a simple basis 1.2827%
Average Weighted Average Maturity (1)* 40 Days
Average Weighted Average Maturity (2)* 77 Days
Distribution of
Participants by Type
As of September 30, 2011
Portfolio by
Maturity
As of September 30, 2011
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Historical Program Information
Average Book Market Net Number of
Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants
Sep 17 1.2827% $5,995,123,374.79 $5,995,667,106.47 1.000070 40 77 551
Aug 17 1.2660% 5,912,248,825.24 5,912,933,387.09 1.000115 32 70 548
Jul 17 1.2408% 6,097,733,914.84 6,098,596,876.56 1.000141 29 71 543
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
As
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Book Value Market Value
Uninvested Balance $ 202,259.24 $ 202,259.24
Accrual of Interest Income 1,661,378.18 1,661,378.18
Interest and Management Fees Payable (6,886,823.51) (6,886,823.51)
Payable for Investment Purchased 0.00 0.00
Receivable for Investment Sold 0.00 0.00
Repurchase Agreements 150,491,999.98 150,491,999.98
Commercial Paper 5,849,654,560.90 5,850,198,292.58
Government Securities 0.00 0.00
Total $ 5,995,123,374.79 $ 5,995,667,106.47
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 September 30, 2017
Repurchase
Agreements
2.51%
8 to 30 days
25.15%
1 to 7 days
39.84%
181+ days
1.69%
31 to 90 days
11.84%Utility District
14.70%
Other
7.26%
School District
36.49%
Health Care
1.63%
County
9.62%
Higher
Education
2.90%
City
27.40%
Distribution of
Participants by Type
As of September 30, 2017
Portfolio by
Type of Investment
As of September 30, 2017
Portfolio by
Maturity
As of September 30, 2017
91 to 180 days
21.48%
Commercial Paper
97.49%
Mny Mkt Fund Daily Allocation LOGIC Invested Market Value WAM WAM
Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)*
9/1/2017 1.2859% 0.000035229 $5,886,904,073.79 1.000055 35 77
9/2/2017 1.2859% 0.000035229 $5,886,904,073.79 1.000055 35 77
9/3/2017 1.2859% 0.000035229 $5,886,904,073.79 1.000055 35 77
9/4/2017 1.2859% 0.000035229 $5,886,904,073.79 1.000055 35 77
9/5/2017 1.2852% 0.000035211 $5,889,786,575.68 1.000120 37 78
9/6/2017 1.2854% 0.000035216 $5,897,837,022.64 1.000121 37 77
9/7/2017 1.2889% 0.000035312 $5,883,257,874.53 1.000125 39 78
9/8/2017 1.2847% 0.000035198 $5,898,833,747.97 1.000088 38 76
9/9/2017 1.2847% 0.000035198 $5,898,833,747.97 1.000088 38 76
9/10/2017 1.2847% 0.000035198 $5,898,833,747.97 1.000088 38 76
9/11/2017 1.2801% 0.000035072 $5,996,361,333.90 1.000125 37 74
9/12/2017 1.2787% 0.000035033 $5,998,325,210.06 1.000124 41 78
9/13/2017 1.2779% 0.000035012 $6,017,045,019.47 1.000125 40 77
9/14/2017 1.2761% 0.000034963 $6,080,080,972.93 1.000123 41 77
9/15/2017 1.2810% 0.000035096 $5,937,243,516.45 1.000088 39 76
9/16/2017 1.2810% 0.000035096 $5,937,243,516.45 1.000088 39 76
9/17/2017 1.2810% 0.000035096 $5,937,243,516.45 1.000088 39 76
9/18/2017 1.2799% 0.000035066 $5,963,320,821.28 1.000125 40 78
9/19/2017 1.2839% 0.000035174 $5,973,584,806.78 1.000124 41 81
9/20/2017 1.2858% 0.000035227 $5,962,782,532.41 1.000124 42 82
9/21/2017 1.2881% 0.000035291 $5,976,101,214.61 1.000120 41 78
9/22/2017 1.2844% 0.000035189 $5,947,798,570.18 1.000050 42 79
9/23/2017 1.2844% 0.000035189 $5,947,798,570.18 1.000050 42 79
9/24/2017 1.2844% 0.000035189 $5,947,798,570.18 1.000050 42 79
9/25/2017 1.2666% 0.000034702 $6,252,620,911.44 1.000109 39 75
9/26/2017 1.2724% 0.000034859 $6,244,032,738.55 1.000106 42 76
9/27/2017 1.2861% 0.000035235 $6,050,525,059.63 1.000112 43 78
9/28/2017 1.2930% 0.000035424 $6,028,232,557.33 1.000111 43 80
9/29/2017 1.2793% 0.000035050 $5,995,123,374.79 1.000070 43 78
9/30/2017 1.2793% 0.000035050 $5,995,123,374.79 1.000070 43 78
Average 1.2827% 0.000035142 $5,970,112,839.99 40 77
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Daily Summary for September 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 September 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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1.19
1.34
1.49
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
Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | September 19, 2017 Page 1 of 4
Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | September 19, 2017 Page 2 of 4
Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | September 19, 2017 Page 3 of 4
Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | September 19, 2017 Page 4 of 4
1
Federal Reserve Bank of Dallas Regional Economic Update
Hurricane Harvey caused widespread damage and broad
disruption to the Southeast Texas economy. Preliminary
estimates indicate that Harvey will be one of the costliest
U.S. hurricanes, ahead of Sandy and behind Katrina.
However, the storm’s negative impact on employment
and business activity is expected to be transitory and
should not derail the state’s positive economic momen-
tum. The Federal Reserve Bank of Dallas’ forecast for
2017 job growth is unchanged at 2.6 percent (December
to December).
Before Harvey’s initial landfall, Aug. 25, state job gains
were solid and unemployment was at its lowest level in a
decade. After Harvey, initial unemployment claims
soared, and the Dallas Fed’s analysis suggests that em-
ployment will decline in September before likely re-
bounding to trend growth in subsequent months.
Employment Gains Strengthen in August
The impact of Hurricane Harvey was not reflected in the
August employment figures because payroll data are
typically collected around the 12th day of the month.
Texas payroll employment expanded an annualized 2.0
percent in August, up from 1.1 percent in July. Job gains
were relatively broad based, with the fastest growth
seen in oil and gas extraction and mining support activi-
ties, construction, and leisure and hospitality. The pic-
ture across the major metros was mixed, with Houston
employment flat and Fort Worth down 2.1 percent in
August. Employment in both metros is up year to date.
Through August, the state has grown at a strong 2.6
percent annual rate.
First-Quarter Job Growth Revised Upward
The Texas Workforce Commission releases a more com-
prehensive employment series, the Quarterly Census of
Employment and Wages (QCEW), which is used to
benchmark the monthly Current Employment Statistics
data series. With the release of first quarter 2017 QCEW
data, Texas nonfarm employment was revised upward
by 0.5 percentage points in the first quarter, from 2.69
percent to 3.19. Revisions to employment growth were
substantial in February and March (Chart 1).
Initial Jobless Claims Surge with Impact of
Hurricane
Texas initial unemployment claims climbed to 65,524 in
the week ended Sept. 2, nearly five times the level seen
in the previous week (Chart 2). Claims have since come
Hurricane Harvey Unlikely to Throw Texas Off Course
September 29, 2017
5.9
0.3
2.0
6.0
0.8
2.9
2.0
2.7
3.6
1.1
2.0
0
1
2
3
4
5
6
7
Jan. '17 Feb. '17 March '17 April '17 May '17 June '17 July '17 Aug. '17
Pre-benchmark
Post-benchmark
Percent change,month/month*
*Seasonally adjusted, annualized rate.
NOTES: Data are through August 2017. Early benchmarking is through first quarter 2017.
SOURCES: Bureau of Labor Statistics; Texas Workforce Commission; seasonal and other adjustments by the Federal Reserve Bank of Dallas.
Chart 1
Benchmark Revision Reveals Stronger First-Quarter Job Gains for Texas
0
10
20
30
40
50
60
70
0
50
100
150
200
250
300
350
2000 2002 2004 2006 2008 2010 2012 2014 2016
NOTE: Initial claims data are through Sept. 16, 2017, and continuing claims data are through Sept. 9, 2017.
SOURCE:U.S. Department of Labor.
Thousands,seasonally adjusted
65.5
Allison
Initial claims
Chart 2
Initial Claims Spike Following Hurricane Harvey
Katrina Ike Harvey
Continuing claims
Thousands, seasonally adjusted
32.3
200.8
1.0
1.5
2.0
2.5
3.0
3.5
4.0
'75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17
Tropical Storm
Claudette
Houston Memorial Day
flood
1994 Texas floods
Millions of jobs, seasonally adjusted
NOTES: Gray bars represent Texas recessions. Gulf Coast employment refers to the Houston, Beaumont, Corpus Christi and Victoria metros.
SOURCES:Bureau of Labor Statistics; National Oceanic and Atmospheric Administration; adjustments by the Federal Reserve Bank of Dallas.
Hurricane
Alicia Tropical Storm Allison
Hurricane Ike
Houston Tax
Day flood
Hurricane Harvey
Chart 3
Past Severe Weather Impacts on Texas Gulf Coast Job Growth Short-Lived
2
Federal Reserve Bank of Dallas Regional Economic Update
down to around 32,000 in the week ended Sept. 16 but
are still elevated relative to the 2017 pre-Harvey aver-
age of 13,900. Following Hurricane Ike in September
2008, Texas initial jobless claims rose 142 percent and
remained elevated for at least five weeks. Given that
the disruption caused by Harvey is of a larger magni-
tude, initial claims will likely remain elevated for a simi-
lar or slightly longer period. Prior to Harvey, state initial
jobless claims were below their 2000–06 averages.
Harvey’s Employment Impact Expected to Be
Short Lived
Historically, the impact of extreme weather events on
Texas Gulf Coast payroll employment has been transito-
ry as employment resumes its normal growth path fol-
lowing a temporary decline (Chart 3). Many of the
weather events highlighted in Chart 3 were not as se-
vere as Harvey but still point to the resiliency of the
area’s economy.
A Dallas Fed analysis of the effect of Hurricane Harvey
on employment suggests that jobs will fall sharply in
September, by 54,200 to 73,700 on the Gulf Coast and
37,800 to 60,400 statewide.1 Employment will likely
rebound to trend growth along the Gulf Coast by year-
end and in Texas in October.
Texas Business Outlook Survey Reflects
Continued Expansion
Texas factory activity increased in September, and re-
tail and service sector activity continued to reflect ex-
pansion, according to business executives responding to
the Dallas Fed’s Texas Business Outlook Surveys
(TBOS). Factory production and service revenue contin-
ued growing in September, exceeding last year’s aver-
ages (Chart 4). Retail sales climbed markedly in Sep-
tember as well.
Hurricane Harvey had a negative effect on the revenue
and/or production of 41 percent of firms responding to
the TBOS special questions that focused on its impact.
Over the next six months, 33 percent of all special
question respondents expect a decrease in their reve-
nue and/or production as a result of the storm. These
firms identified loss of customer base, personnel disrup-
tions and transportation and/or supply chain disruptions
as the most significant impediments to getting back to
business as usual.
Harvey’s Economic Losses Daunting
Despite the transitory impact of Harvey on employment
and business activity, the damage to property and in-
frastructure is severe. Moreover, insured losses are ex-
pected to be a smaller share of the total compared with
other major U.S. hurricanes because a larger-than-
usual proportion of the property damage was from
flooding. Harvey’s damage costs are estimated at $85
billion and up, putting the storm’s losses ahead of most
major U.S. hurricanes (Chart 5).
20.9
15.3
16.2
-50
-40
-30
-20
-10
0
10
20
30
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Production (TMOS)
Revenue (TSSOS)
Sales (TROS)
Index*
*Three-month moving average, seasonally adjusted.
NOTES: Data are through September 2017. Dashed lines are 2016 averages.
SOURCES:Federal Reserve Bank of Dallas' Texas Manufacturing Outlook Survey (TMOS), Texas Service Sector Outlook Survey (TSSOS) and Texas Retail
Outlook Survey (TROS).
Chart 4
TBOS Points to Strong Recovery in Manufacturing, Stable Growth in Services
160.0
70.2
47.8
34.8 27.1 24.3 23.7 21.1 18.2
0
20
40
60
80
100
120
140
160
180
200
Katrina
(Aug. '05)
Harvey
(Aug. '17)
Sandy
(Oct. '12)
Irma
(Sept. '17)
Andrew
(Aug. '92)
Ike
(Sept. '08)
Ivan
(Sept. '04)
Wilma
(Oct. '05)
Rita
(Sept. '05)
Charley
(Aug. '04)
Hugo
(Sept. '89)
Cost, billions of real 2017 dollars
Chart 5
Harvey Projected to Be Among Costliest U.S. Hurricanes
NOTE: Costs include loss of personal and commercial property, public and private infrastructure, vehicles, livestock, and time-element losses (e.g., time costs for
businesses, and hotel costs for loss of living quarters).
SOURCES: National Oceanic and Atmospheric Administration; National Centers for Environmental Information; Moody's Analytics; Enki Research.
Estimates for Harvey
range from $85 to $108
Estimates for Irma
range from $58 to $83
50
100
150
200
250
300
350
2012 2013 2014 2015 2016 2017
Chart 6
Texas Home Sales Dip in August
Index, January 2012 = 100*
$400,000-$749,000
$250,000-
$399,000
$750,000+
Total
Under $249,000
*Three-month moving average, seasonally adjusted.
NOTE: Last data point is August 2017.
SOURCES: Texas A&M Real Estate Center; Multiple Listing Service; seasonal and other adjustments by Federal Reserve Bank of Dallas.
-300
-200
-100
0
100
200
300
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Net number of companies*
*The net number is the difference between firms moving in and those moving out of the metro area each year.
SOURCE: National Establishment Time Series Database.
KatrinaAllison
Houston
New Orleans
Ike
Chart 7
Many Firms Leave New Orleans After Katrina; Houston Less Affected by Allison, Ike
3
Federal Reserve Bank of Dallas Regional Economic Update
Labor Shortages May Worsen as Texas Gulf Coast
Repairs, Rebuilds
Labor markets tightened further in August, with the
state unemployment rate falling to 4.2 percent—its low-
est level since July 2007. Labor markets in Austin and
Dallas were even tighter, with unemployment below 4
percent.
With a limited labor pool from which to choose, compa-
nies are reporting worker shortages and difficulty hiring.
Shortages are particularly acute in construction, where
wages have rapidly increased since 2012. Labor demand
will rise as post-hurricane repair and restoration work
gets underway, further squeezing the Texas construc-
tion market and pushing up labor and material costs.
When asked about the impact of Hurricane Harvey on
the labor market, 27 percent of firms responding to the
TBOS special questions survey expected their ability to
find and hire workers to become more difficult over the
next six months.
Home Sales Dip, May Decline Further Post-Harvey
Overall, statewide home sales have plateaued at elevat-
ed levels and dipped in August (Chart 6). Sales of entry-
level homes (priced under $250,000) have been mostly
flat to down throughout the current expansion as home
prices have rapidly increased. Sales of homes priced
between $250,000 and $749,000, which had been ex-
panding at a solid pace and accounted for 35 percent of
the overall market in 2016, have softened in recent
months as well. Sales of homes priced above $750,000
have increased 3.9 percent year to date. Home sales will
likely slow further in the near term in Houston and other
affected areas due to the widespread storm damage to
homes but will gradually return to normal as recovery
begins.
Longer-Run Economic Impact Likely Limited
Research suggests that the longer -term impact of the
hurricane is expected to be limited.2 Houston will re-
bound because of its importance as the energy capital of
the U.S. and as a center for business and trade. Other
parts of the coast will gradually recover as well, alt-
hough some small-business owners may find it difficult
to reopen.
One indicator of Houston’s resilience is the sustained in-
migration of firms following previous severe weather
events (Chart 7). New Orleans was in economic decline
before Katrina made landfall in 2005, with more firms
moving out of the metro area relative to those coming
in. Katrina accelerated the out-migration from New Orle-
ans. In contrast, Houston’s economy was adding new
firms on net prior to Allison and Ike and continued at-
tracting employers after the storms’ immediate impacts
passed.
—Laila Assanie and Stephanie Gullo
Notes
1. For the Gulf Coast, growth is expected to rebound by
an annualized 15.7 to 21.1 percent in October and
rise 8.7 to 11.2 percent in November. A slight rise of
3.6 to 4.3 percent is anticipated in December. For
Texas, growth will likely rebound by an annualized
11.8 to 15.0 percent in October while staying close
to what had been forecast absent the hurricane for
November and December.
2. “The Economic Growth Impact of Hurricanes: Evi-
dence from U.S. Coastal Counties,” by Eric Strobl,
The Review of Economics and Statistics , vol. 93, no.
02, 2011, pp. 575–89; and “Local Economic Impacts
of Natural Disasters,” by Yu Xiao, Journal of Regional
Science, vol. 51, no. 4, 2011, pp. 804–20.
………………………………………………………………………………………...
About the Authors
Assanie is a senior business economist and Gullo is a
research analyst in the Research Department at the Fed-
eral Reserve Bank of Dallas.
1 Federal Reserve Bank of Dallas National Economic Update
National Economy on Solid Footing Before Arrival of Hurricanes Harvey
and Irma
September 25, 2017
Hurricanes Harvey and Irma, if taken together, would
rank among the costliest weather -related disasters in
U.S. history based on the estimated value of destroyed
or damaged property and infrastructure. Moreover, the
back-to-back storms in late August and early September
have introduced substantial uncertainty into the econo-
my’s near-term outlook.
Previous natural disasters suggest that despite interrup-
tion of economic activity in the immediate term and
hardship for those living in affected areas, the impact on
the national economy—an impact that includes subse-
quent boosts to activity from rebuilding—tends to be
modest.
Whether past experience will be a good guide to the re-
cent hurricanes will depend, among other factors, on the
strength of the economy before the storms. To that end,
this report examines the health of the national economy
just before the hurricanes and the storms’ likely impact
on the outlook.
GDP Growth Revised Higher
Real (inflation-adjusted) gross domestic product (GDP)
grew at a 3.0 percent annual rate during the second
quarter, a 0.4 percent upward revision of the first esti-
mate. The increase followed weak first-quarter growth of
1.2 percent. The latest result reflected a pickup in real
personal consumption spending growth and a smaller
drag from inventory investment.
The Institute for Supply Management (ISM) manufactur-
ing index increased to 58.8 in August from 56.3 in July.
The ISM nonmanufacturing index also rose in August, to
55.3 from 53.9 in July (Chart 1). Readings above 50
indicate general expansion; those below 50 indicate
general contraction. The manufacturing index is at its
highest level since 2011. The nonmanufacturing index,
though below recent highs, suggests moderate growth in
services.
Hiring Slows, Unemployment Near Prerecession
Low
Nonfarm payrolls increased by 156,000 in August, below
the consensus forecast and less than the downwardly
revised July number of 189,000. Payroll gains have av-
eraged roughly 176,000 per month in 2017, a slower
pace than during the three prior years (Chart 2). While
hiring has slowed, it remains above the range estimated
to be consistent with stable unemployment.
The labor force participation rate of 62.9 percent and
broad U-6 unemployment rate of 8.6 percent were un-
changed in August (the U-6 rate includes discouraged
workers, other marginally attached workers and those work-
ing part time for economic reasons). The headline, or U -3,
unemployment rate ticked up 0.1 percent in August to 4.4
percent. The U-3 rate matched its prerecession low, in May
2007, while the U-6 rate remained about 0.7 percentage
points above its prerecession low. U-3 unemployment re-
mains below the Congressional Budget Office’s estimate of
its natural rate, roughly 4.7 percent.
Inflation Remains Low
Measures of core consumer price inflation trended lower in
June, July and August and remain below levels consistent
with the Federal Reserve’s long-run goal of 2 percent (Chart
3). Measured on a 12 -month basis, the price index for per-
sonal consumption expenditures (PCE) excluding food and
energy ticked down 0.1 percent in July to 1.4 percent. The
Federal Reserve Bank of Dallas’ Trimmed Mean PCE inflation
rate edged down 0.1 percent in July to 1.6 percent. The
Consumer Price Index (CPI) excluding food and energy—for
35
40
45
50
55
60
65
2012 2013 2014 2015 2016 2017
Chart 1
August ISM Indexes Point to Solid Growth
ISM nonmanufacturing
ISM manufacturing
Aug. '17
58.8
55.3
Index*
*Values above 50 indicate expansion.
SOURCE: Institute for Supply Management (ISM).
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017
Chart 2
Payroll Growth Continues Slowing in 2017
Annual averages
192
260 226
187
176
Aug. '17
156
Thousands of jobs,seasonally adjusted
SOURCES: Bureau of Labor Statistics;authors' calculations.
Range
needed for
stable
unemp. rate
2
Federal Reserve Bank of Dallas National Economic Update
which there is an additional month of data—was un-
changed at 1.7 percent in June, July and August.
Inflation has slowed noticeably since early 2017. Monthly
rates were soft across a range of core measures from
March through July. August’s one-month core CPI rate of
an annualized 3 percent may represent a break with this
trend.
A few items’ price movement contributed to the March -to
-July deceleration—for example, cellular telephone ser-
vices, which fell 7 percent in March in the PCE, and hotel
and motel services, which fell a combined 7 percent over
June and July.
Chart 4 breaks down inflation in PCE excluding food and
energy into its broad components; the bars show each
component’s contribution to core PCE inflation for the 12
months through February 2017 (blue) and for March -July
(red). With two exceptions, the broad components of
core PCE contributed less from March to July than during
the prior 12 months. Despite the recent low readings,
professional forecasters still anticipate inflation to be an-
chored around the Fed’s long-run goal of 2 percent, sug-
gesting price strength in coming quarters.
Hurricanes’ Impact on the Outlook
Natural disasters such as Hurricanes Harvey and Irma
destroy physical capital and disrupt economic activity.
They also displace some amount of production, consump-
tion and investment that would have otherwise occurred.
Some of these foregone activities are simply postponed,
while others are permanently lost. The disruption effect
by itself would lead to an immediate dip and subsequent
partial recovery in the level of economic activity. Indeed,
industrial production slipped in August.
In subsequent months and quarters, the rebuilding of lost
capital plus the realization of some amount of postponed
consumption and investment tend to raise the level of
economic activity above what otherwise would have been
the case. Rebuilding is typically a very gradual process,
spread out over many quarters.
In terms of GDP, these patterns lead to an expectation of
slower growth in the third quarter relative to the pre -
disaster outlook, followed by slightly more rapid growth
over the next several quarters. A similar pattern is ex-
pected in the labor market, with slower job gains for a
couple of months, followed by slightly greater increases
later in the year and into 2018. Indeed, initial claims for
unemployment insurance jumped by 62,000 in the week
following Harvey; further increases over the next few
weeks seem likely.
Given Hurricane Harvey’s impact on the nation’s oil refin-
ing capacity, a temporary jump in headline inflation from
higher gasoline prices is likely. Some inflation may al-
ready have been present in August’s CPI data, but the
bulk will likely show up in data for September. Whether
the hurricanes will affect core measures of inflation is
less clear, though prices for vehicles, shelter and energy -
intensive services such as airlines represent potential
channels for transitory core inflation pressures.
—Jim Dolmas and Laton Russell
…………………………………………………………………………………………….
About the Authors
Dolmas is a senior research economist and advisor and
Russell is a research assistant in the Research Depart-
ment at the Federal Reserve Bank of Dallas.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Chart 3
12-month Core Inflation Rates Trending Lower
Core CPI
Trimmed Mean PCE
Core PCE
Percent*
*Year over year, seasonally adjusted.
NOTES: Shaded area indicates recession. Dashed line indicates 2 percent personal consumption expenditures (PCE) inflation target.
SOURCES: Bureau of Economic Analysis; Bureau of Labor Statistics; Federal Reserve Bank of Dallas.
Aug. '17
Jul. '17
1.69
1.41
1.64
-0.4 -0.2 0 0.2 0.4 0.6 0.8
Nonprofit institutions serving households
Other services
Financial svcs & insurance
Food svcs & accommodations
Recreation services
Transportation services
Health care services
Housing ex energy
Other nondurables
Clothing & footwear
Other durable goods
Recreational goods & vehicles
Furnishings & durable household equip.
Motor vehicles & parts
Chart 4
Inflation Deceleration is Broad Based
12 months to Feb. 2017
March through July 2017
Percent change, annualized*
*Contributions to core personal consumption expenditures inflation.
SOURCES: Bureau of Economic Analysis; authors' calculations.
S
e
r
v
i
c
e
s
G
o
o
d
s
1
Federal Reserve Bank of Dallas International Economic Update
Recent data on global gross domestic product (GDP)
growth point to a modest and broad-based increase in
real economic activity. In the Federal Reserve Bank of
Dallas’ Database of Global Economic Indicators (DGEI),
world GDP growth (excluding the U.S.) was 3.5 percent
in the second quarter on a year-over-year basis, up from
3.1 percent in the first quarter.1
Global GDP Growth Broad Based
Second quarter 2017 saw positive economic expansion
among almost all trade partners. Real GDP grew faster
in both advanced economies (excluding the U.S.) and
emerging economies, continuing a trend seen since the
beginning of 2016 (Chart 1). Canada posted the strong-
est growth among advanced economies, expanding 4.5
percent on an annualized quarter-over-quarter basis.
This solid performance can be attributed to a rebound in
commodity prices, benefiting Canada’s resource sector.
The DGEI euro area grew 2.8 percent, with all nine
countries showing increased economic activity. Japan’s
GDP picked up in the second quarter from 1.2 percent to
2.5 percent. This marks Japan’s longest growth run in
over a decade. The U.K. was the weakest performer at
1.2 percent, an increase from first quarter’s 0.85 per-
cent growth.
The strongest performer among the emerging economies
in the second quarter was China, with a 6.7 percent an-
nualized quarter-over-quarter increase. This is slightly
less than its first-quarter growth of 7.3 percent. Mexico’s
GDP grew 2.3 percent, showing signs of stabilization.
Growth in India slowed from 7.2 percent in the first
quarter to 4.2 percent in the second as weakness in
manufacturing and mining weighed on activity. Brazil
continued to recover from the deepest recession in its
Global Outlook Improves
September 28, 2017 history with a 1 percent growth rate. Russia, also emerg-
ing from a recession, grew 4.0 percent, up from the pre-
vious two quarters. South African GDP expanded 2.5 per-
cent, its first increase since third quarter 2016.
Central Banks Respond to Growth
The Bank of Canada was the only advanced-economy
central bank to tighten policy rates since the last week of
July, raising the overnight target rate 25 basis points to 1
percent at its Sept. 6 meeting (Table 1). The bank cited
stronger-than-expected Canadian growth as a reason for
the increase and synchronous global economic expansion,
leading to higher industrial commodity prices. This hike
follows the Bank of Canada’s July increase of 25 basis
points, the bank’s first increase in seven years. The Bank
of England maintained its 0.25 percent rate at its Sept. 13
meeting but implied that it will likely raise rates in coming
months.
The Central Bank of Brazil reduced the SELIC overnight
rate by 1 percentage point in August, followed by an addi-
tional 1 percentage-point cut at the September meeting.
The central bank cited stabilization of the domestic econo-
my, a favorable global outlook and widespread disinflation
as reasons for the cut. The Reserve Bank of India voted
to reduce its repo rate by 25 basis points to 6.0 percent,
noting that inflation had fallen to a historic low. The Bank
of Russia cut its one-week repo rate by 50 basis points to
8.5 percent at its Sept. 15 meeting.
Policy rates in the U.K., Japan and Europe are still up
against their effective lower bound. Shadow policy rates,
which are estimates of effective policy rates not bounded
by zero, further declined in recent months.2 Shadow rates
are at or near historic lows due to long-term asset pur-
chases by central banks.
2
Federal Reserve Bank of Dallas International Economic Update
The European Central Bank (ECB), Bank of Japan (BOJ)
and Bank of England (BoE) all continued their asset pur-
chase programs, as Chart 2 illustrates. The ECB pur-
chased public- and private-sector securities at a rate of
€60 billion per month. BOJ continued to purchase gov-
ernment bonds, bringing the Japanese government’s 10-
year yield to near zero percent as of Sept. 26. BOJ’s bal-
ance sheet is approximately 90 percent of Japan’s annu-
al nominal GDP.
The Bank of England voted in August 2016 to expand
the government bond purchase program by £60 billion,
bringing the cap to £435 billion. At the Sept. 13 meet-
ing, the bank decided to maintain this level. As of Sept.
20, the BoE holds £434 billion worth of gilts, bonds is-
sued by the U.K. government. The BoE stopped purchas-
ing corporate bonds in April 2017 but unanimously voted
to continue holding the £10 billion stock of corporate
bonds in September.
Global Currencies Appreciate Against the Dollar
The DGEI aggregated real exchange rate for the dollar
indicates continued appreciation of other currencies
against the dollar. The aggregate real exchange rate in
advanced countries has grown 6.2 percent and increased
9.2 percent in emerging economies since the start of
2017 (Chart 3). As of Sept. 26, the Canadian dollar, eu-
ro and pound all have appreciated against the U.S. dollar
since July 27.
—Daniel Crowley
………………………………………………………………………………………….
About the Author
Crowley is a research assistant at the Globalization and
Monetary Policy Institute at the Federal Reserve Bank of
Dallas.
Notes
1. Calculations are based on a representative sample of 40
countries aggregated using U.S. trade weights.
2. For details on methodology, see “Measuring the Macroeco-
nomic Impact of Monetary Policy at the Zero Lower Bound,” by
Jing Cynthia Wu and Fan Dora Xia, Journal of Money, Credit and
Banking, vol. 48, no. 2–3, 2016, pp. 253–91. Estimates for the
U.K. and euro area are updated by Wu at the Chicago Booth
School of Business, and estimates for Japan are updated by Leo
Krippner at the Reserve Bank of New Zealand.
Table 1: Policy Rates
Latest
(percent)
Percentage-
point change
since July FOMC meeting
(July 27,
2017)
Percentage-
point change since last year
(Sept. 6,
2016)
U.S. 1.125 0.00 0.75
World (ex. U.S.) – – –
Advanced (ex. U.S.) – – –
Canada 1.00 0.25 0.50
Euro area 0.00 0.00 0.00
Japan -0.10 0.00 0.00
United Kingdom 0.25 0.00 0.00
Emerging – – –
China 4.35 0.00 0.00
Mexico 7.00 0.00 2.75
India 6.00 -0.25 -0.50
Brazil 8.25 -2.00 -6.00
Russia 8.50 -0.50 -2.00
South Africa 6.75 0.00 -0.25
NOTES: The last data are from Sept. 26, 2017. Country data are
arranged in descending order of trade weight. The advanced-
country policy rates are: U.S. fed funds rate, Canada target rate,
European Central Bank main refinancing operation rate, Japan
complementary deposit facility rate, U.K. official bank rate. The
emerging country policy rates are: China one-year lending rate,
Mexico target rate, India repo rate, Brazil overnight SELIC target
rate, Russia one-week repo auctions loan rate, South Africa aver-
age repo rate.
SOURCES: Haver Analytics; national sources.
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.