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Home My WebLink AboutAudit Committee-Agenda Packets-08/28/2018City 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, August 28, 2018 5:00 p.m. City Manager’s Conference Room Third Floor – City Hall 1.CALL TO ORDER 2.REPORTS Quarterly Investment Report for the quarter ended June 30, 2018 3.REGULAR AGENDA ITEMS 3a Meet with representatives(s) from the City's audit firm, Weaver and Tidwell, to discuss the Fiscal Year September 30, 2018 audit 4.ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards Wednesday, August 22, 2018, 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 City Council Agenda Briefing City Hall 100 Main Street Colleyville, Texas 76034 www.colleyville.com Agenda Number Agenda Date 08/28/2018 Number Type Presentation Department City Manager Title Quarterly Investment Report for the quarter ended June 30, 2018 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 March 31, 2018: Cash & Cash Equivalents (Local Government Investment Pools) were $67,748,552. The total funds held by the City equaled $85,354,654 and were allocated as follows: Logic $26,412,554 30% Government Issues 16,582,311 19% CDARS 3,065,355 3% CD'S 744,000 1% Cash 41,335,998 47% Investment Benchmark 1.84% Logic 2.02% Government Issues 1.48% CDARS 0.47% CD'S 2.53% Bank Earned Income Credit 1.79% Portfolio 1.68% Interest earnings for the quarter were $207,864 with an average yield of 1.68% versus $188,306 and 1.48% for the prior quarter. These percentages are within the guidelines of the City investment policy. Attachments 1.Quarterly Investment Report As of June 30, 2018-signed QUARTERLY INVESTMENT REPORT FOR QUARTER ENDING JUNE 30, 2018 THIS REPORT IS IN COMPLIANCE WITH THE PUBLIC FUNDS INVESTMENT ACT AND ADOPTED INVESTMENT POLICY STRATEGY Shereen Gendy Karen Hines Portfolio Investment Reportfor the Quarter Ending June 30, 2018CONSOLIDATED INVESTMENT REPORTCurrentLast QuarterAs ofAs ofCash and Investment Balances6/30/20183/31/2018Cash Balances41,335,998$ 34,220,412$ LOGIC Balances26,412,554$ 26,279,887$ Investment Portfolio Balances16,582,311$ 20,782,071$ CDARS3,065,355$ 3,576,284$ Certificates of Deposit Balances744,000$ 496,000$ Total Cash, Logic, & Other Investments88,140,217$ 85,354,654$ Investment Yields, Maturities, and InterestCurrentLast QuarterAs ofAs of6/30/20183/31/2018Bank Earned Income Credit1.79%1.45%13 Week Treasury Benchmark1.84%1.56%Logic Average Quarterly Yield2.02%1.61%Logic Quarter's Average Weighted Maturity29 29 Average Weighted Yield: Agency1.48%1.34%Average Weighted Maturity in Days: Agency406373Average Weighted Yield: CDARS0.47%0.52%Average Weighted Maturity in Days: CDARS166256Average Weighted Yield: CD'S2.53%2.53%Average Weighted Maturity in Days: CD'S644730Interest Earnings - Quarter207,864$ 188,306$ Bank Earnings Allowance26,062$ 20,917$ Interest Rate/Yield for the Quarter1.68%1.48% Portfolio Investment Reportfor the Quarter Ending June 30, 2018CONSOLIDATED INVESTMENT REPORTCash Balances47%LOGIC Balances30%Investment Portfolio Balances19%CDARS3%Certificates of Deposit Balances1%CASH & INVESTMENT BALANCES Portfolio Investment Reportfor the Quarter Ending June 30, 2018CONSOLIDATED INVESTMENT REPORT Distribution by Maturity Number1 to 90 days 1 999,300$ 6.03% 999,503.00$ 91 to 180 days 1 1,000,580$ 6.03% 997,102.00$ 181 to 365 days 3 2,999,812$ 18.09% 2,981,000.00$ Over 365 days 11 11,582,619$ 69.85% 11,497,313.20$ Total 16 16,582,311$ 100% 16,474,918$ Source: https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/Historic-Yield-Data-Visualization.aspxOutstanding Security PortfolioPurchase PricePercent (Value)Market ValueTreasury Yield Curve Portfolio Investment Reportfor the Quarter Ending June 30, 2018CONSOLIDATED INVESTMENT REPORT Distribution by Type of Investment NumberFederal Home Loan Bank (FHLB) 4 $5,197,645 31% $5,151,299Federal Farm Credit Bank (FFCB) 9 $8,989,796 54% $8,958,343Federal Home Loan Mortgage Corporation (FHLMC) 3 $2,394,870 14% $2,365,276Federal National Mortgage Association (FNMA) 0 $0 0% $0Total 16 16,582,311$ 100% 16,474,918$ Outstanding Security Portfolio Purchase PricePercent (Value)Market Value31%, Federal Home Loan Bank (FHLB)54%, Federal Farm Credit Bank (FFCB)14%, Federal Home Loan Mortgage Corporation (FHLMC)0%, Federal National Mortgage Association (FNMA)INVESTMENT SECURITY DISTRIBUTION BY TYPE ALL FUNDS CASH & INVESTMENT REPORTS CASH LOGIC TEXPOOL INVESTMENTS CDARS CD'S AS OF June 30, 2018 Ran 8.16.18 001 GENERAL FUND 7,866,972$ 538,407$ -$ 3,794,835$ 2,044,165$ 744,000$ 14,988,380$ 036 STRATEGIC INITIATIVE 38,582 497,998 - - - - 536,580 004 DEBT SERVICE FUND 734,772 34,828 - - - - 769,600 003 CAPITAL PROJECTS 13,232,879 261,509 - 2,289,216 508,787 - 16,292,391 012 PARK LAND DEDICATION 113,520 - - 1,325,973 - - 1,439,493 032 VEHICLE AND CAPITAL REPLACEMENT 842,400 84,196 - 514,300 - - 1,440,896 034 COLLEYVILLE TOMORROW 606,948 1,715,461 - 125,092 - - 2,447,500 035 PARKS TOMORROW 2,331 1,044,127 - - - - 1,046,458 005 VOLUNTARY PARK FUND 303,348 - - 750,000 - - 1,053,348 007 DONATIONS FUND 60,789 - - - - - 60,789 011 VOLUNTARY LIBRARY FUND 84,711 - - 359,643 - - 444,353 015 POLICE ASSET FORFEITURE 13,378 - - - - - 13,378 016 GRANTS (ADVANCE PAYMENTS)(20,262) - - - - - (20,262) 018 TREE PRESERVATION 316,668 - - - - - 316,668 019 LIBRARY DONATION 141,644 - - - - - 141,644 020 RECREATIONAL EVENT 19,341 - - - - - 19,341 023 LEOSE 2,164 - - - - - 2,164 027 CRIME DISTRICT 177,590 781,919 - - - - 959,509 028 KIDSVILLE MAINTENANCE 5,813 - - - - - 5,813 029 COURT TECHNOLOGY 7,196 - - - - - 7,196 030 COURT SECURITY 63,256 - - - - - 63,256 033 PUBLIC ART 7,904 - - - - - 7,904 037 JUVENILE CASE MANAGER 14,908 - - - - - 14,908 038 HOTEL / MOTEL FUND 257,143 - - - - - 257,143 002 UTILITY FUND 1,895,783$ 2,716,357$ -$ 2,698,792$ 512,403$ -$ 7,823,335$ 039 UTILITY CAPITAL PROJECTS FUND 7,297,586 2,976,954 - 62,117 - - 10,336,657 017 DRAINAGE FEE 599,495 1,511,412 - 400,000 - - 2,510,907 006 SESQUICENTINIAL FUND 20,868$ -$ -$ -$ -$ -$ 20,868$ 008 EMPLOYEE ACTIVITY 5,012 - - - - - 5,012 040 INSURANCE TRUST FUND (ADV PMNT)(42,105) - - - - - (42,105) 026 TIF FUND 4,836,434$ 13,222,517$ -$ 2,762,344$ -$ -$ 20,821,295$ 39,507,068$ 25,385,685$ -$ 15,082,311$ 3,065,355$ 744,000$ 83,784,418$ 024 CEDC 1,828,930$ 1,026,869$ -$ 1,500,000$ -$ -$ 4,355,799$ 41,335,998$ 26,412,554$ -$ 16,582,311$ 3,065,355$ 744,000$ 88,140,218$ Cash and cash equivalents are just one aspect of the City’s overall financial status, and it is necessary to look at the complete financial statements/CAFR for a comprehensive assessment. This is a management report prepared not in accordance with GASB ENTERPRISE FUNDS FIDUCIARY FUNDS COLLEYVILLE ECON DEV CORP GRAND TOTAL COLOR CODE DEBT SERVICE FUNDS CAPITAL PROJECT FUNDS SPECIAL REVENUE FUNDS CASH & INVESTMENT GOVERNMENTAL FUNDS CITY OF COLLEYVILLE ALL FUNDS CASH & INVESTMENT REPORT - TOTAL BY FUND ENTERPRISE FUNDS FIDUCIARY FUNDS COMPONENT UNIT Available Available for Approved Restricted AS OF June 30, 2018 Unrestricted Restricted Purpose Projects Unavailable Ran 8.16.18 001 GENERAL FUND 14,870,918 32,548 - 84,913 14,988,380 036 STRATEGIC INITIATIVE 536,580 - - - 536,580 004 DEBT SERVICE FUND - 769,600 - - 769,600 003 CAPITAL PROJECTS 6,430,312 6,815,625 2,895,832 150,623 16,292,391 012 PARK LAND DEDICATION - 1,439,493 - - 1,439,493 032 VEHICLE AND CAPITAL REPLACEMENT - 1,440,896 - - 1,440,896 034 COLLEYVILLE TOMORROW 2,447,500 - - - 2,447,500 035 PARKS TOMORROW 1,046,458 - - - 1,046,458 005 VOLUNTARY PARK FUND - 1,053,348 - - 1,053,348 007 DONATIONS FUND - 60,789 - - 60,789 011 VOLUNTARY LIBRARY FUND - 444,353 - - 444,353 015 POLICE ASSET FORFEITURE 13,378 13,378 016 GRANTS - (20,262) - - (20,262) 018 TREE PRESERVATION - 316,668 - - 316,668 019 LIBRARY DONATION - 141,644 - - 141,644 020 RECREATIONAL EVENT - 19,341 - - 19,341 023 LEOSE - 2,164 - - 2,164 027 CRIME DISTRICT - 959,509 - - 959,509 028 KIDSVILLE MAINTENANCE - 5,813 - - 5,813 029 COURT TECHNOLOGY - 7,196 - - 7,196 030 COURT SECURITY - 63,256 - - 63,256 033 PUBLIC ART - 7,904 - - 7,904 037 JUVENILE CASE MANAGER - 14,908 - - 14,908 038 HOTEL / MOTEL FUND - 257,143 - - 257,143 002 UTILITY FUND 7,350,652 - - 472,683 7,823,335 039 UTILITY CAPITAL PROJECTS FUND 4,404,426 4,079,736 1,790,378 62,117 10,336,657 017 DRAINAGE FEE 2,387,911 - - 122,996 2,510,907 006 SESQUICENTINIAL FUND - 20,868 - - 20,868 008 EMPLOYEE ACTIVITY - - - 5,012 5,012 040 INSURANCE TRUST FUND (42,105) (42,105) 026 TIF FUND 18,933,417 - 1,887,878 - 20,821,295 58,408,174 17,945,918 6,574,088 856,239 83,784,418 024 CEDC 4,355,799$ -$ -$ -$ 4,355,799$ 62,763,973 17,945,918 6,574,088 856,239 88,140,218 Cash and cash equivalents are just one aspect of the City’s overall financial status, and it is necessary to look at the complete financial statements/CAFR for a comprehensive assessment. This is a management report prepared not in accordance with GASB SPECIAL REVENUE FUNDS ENTERPRISE FUNDS FIDUCIARY FUNDS COMPONENT UNIT COLLEYVILLE ECON DEV CORP GRAND TOTAL COLOR CODE DEBT SERVICE FUNDS CAPITAL PROJECT FUNDS FIDUCIARY FUNDS CITY OF COLLEYVILLE ALL FUNDS CASH & INVESTMENT REPORT - RESTRICTIONS BY FUND CASH & INVESTMENTS GOVERNMENTAL FUNDS ENTERPRISE FUNDS REVENUE SOURCE PURPOSE/RESTRICTION001 GENERAL FUND M&O portion of tax rate, sales tax, charges for service, etc.General government purposes036 STRATEGIC INITIATIVES Transfers from the General Fund Programs/projects linked to the strategic plan; primarily used on eco. dev. incentives004 DEBT SERVICE Debt (I&S) portion of the tax rate Payments on debt issued003 CAPITAL PROJECTS Transfers from the General Fund, street impact fees, escrowsCapital projects; some funding sources have restricted uses012 PARK LAND DEDICATION Fees on new residential & commercial development Acquisition of land for new park sites or improvements/expansions of existing parks (no M&O)032 VEHICLE AND CAPITAL REPLACEMENT Transfers from the General Fund Committed to server, equipment, and vehicle replacements034 COLLEYVILLE TOMORROW Gas leases on City propertyCapital purchases/at Council discretion035 PARKS TOMORROW Gas leases on City park propertyParks capital projects005 VOLUNTARY PARK FUND Donations through utility bills New or existing park capital costs (no M&O)007 DONATIONS FUND Donations Only restricted if specified by donor011 VOLUNTARY LIBRARY FUND Donations through utility bills Library activities‐ primarily purchase of books and materials (no M&O)015 POLICE ASSET FORFEITURE Seizures Police operations as restricted by law016 TDPA GRANT (EECBG GRANT) U.S. Dept. of Energy Energy efficiency projects018 TREE PRESERVATION Tree mitigation fees Tree replanting on city‐owned property019 LIBRARY DONATION Donations Library needs or as specified by donor020 RECREATIONAL EVENT Event revenue (like sale of tables) Special events expenses023 LEOSE State of Texas Police training027 CRIME DISTRICT (CCCPD) 0.5 cent sales taxPublic safety and crime control activities028 KIDSVILLE MAINTENANCE Remaining donations Kidsville maintenance029 COURT TECHNOLOGY Municipal court technology fee Court technology repairs, replacements, and upgrades030 COURT SECURITY Municipal court building security fee Security‐related expenses for the court (Bailiff)033 PUBLIC ART 2008‐9 Transfers from General, Utility, Drainage, CEDC Funds Public Art037 JUVENILE CASE MANAGER Juvenile case manager fee Staff who handle juvenile defendants and their training038 HOTEL/MOTEL FUND Hotel/Motel taxAttract "heads in beds"; specific uses outlined in state law002 UTILITY OPERATING FUND Water and wastewater base rates and volumetric ratesUtility operations and payments to TRA039 UTILITY CAPITAL PROJECTS FUND Transfers from Utility Operating Fund, impact fees, CIP base rate Utility capital projects; water and wastewater impact fees have restricted uses017 DRAINAGE FEE FUND Monthly drainage fee Operations and capital projects related to drainage maintenance and improvement006 SESQUICENTINIAL FUND Currently, sale of the Colleyville History book Created for fund raising for festivities related to 150th anniversary of Texas’ independence from Mexico (1986)008 EMPLOYEE ACTIVITY Employee contributions Employee luncheons and other employee activities; governed by by‐laws040 INSURANCE TRUST FUND Payroll deductions and city's contributions Pass through trust fund used to account for employee insurance costs. Created cost savings for the city.026 TIF FUND Incremental A/V revenue in the TIF DistrictProjects in the Project Plan approved by all TIF partners024 CEDC 0.5 cent sales taxFor Library, Parks, and Colleyville Center; max. 10% on promotional expenses and special events025 CEDC ‐ CAPITAL Bond proceeds Bond projects: Library, City Park, McPherson Park, Colleyville Center capital projectsCOLOR CODEDEBT SERVICE FUNDSCAPITAL PROJECT FUNDSSPECIAL REVENUE FUNDSENTERPRISE FUNDSFIDUCIARY FUNDSCOLLEYVILLE ECON DEV CORPCITY FUNDS ‐ BACKGROUNDGOVERNMENTAL FUNDSENTERPRISE FUNDSFIDUCIARY FUNDSCOMPONENT UNIT LISTING OF INVESTMENTS BY TYPE FUND ALLOCATION AMOUNTPURCHASE DATEMATURITY DATEINTEREST RATEINTEREST EARNED DURING QUARTERUTILITY FUND $512,403 7/27/2017 7/25/2019 0.40% $511GENERAL FUND $1,534,117 9/21/2017 9/20/2018 0.60% $2,288GENERAL FUND $510,048 9/22/2016 9/20/2018 0.50% $636CAPITAL PROJECTS $508,787 9/21/2017 9/19/2019 0.58% $736PURCHASED DURING THIS QUARTERNA$0OUTSTANDING CDARS AT THE END OF THE QUARTER $3,065,355 $4,171MATURED DURING THIS QUARTERGENERAL FUND $510,929 6/23/2016 6/21/2018 0.40% $459CDARS MATURED DURING THE QUARTER$510,929 $459GRAND TOTAL 3,576,284 4,630 CDARS CERTIFICATES OF DEPOSIT FUND ALLOCATIONAMOUNTPURCHASEDATEMATURITY DATEINTEREST RATEINTEREST EARNED DURING QUARTERGENERAL FUND - CITIBANK2.50% $1,546GENERAL FUND - MORGAN STANLEY BANK2.55% $1,577GENERAL FUND - GOLDMAN SACHS BANK$248,000 3/29/2018 3/30/2020$248,000 3/29/2018 3/30/2020$248,000 4/11/2018 4/13/20202.55% $1,577PURCHASED DURING THIS QUARTERNA$0OUTSTANDING CD'S AT THE END OF THE QUARTER$744,000$4,699MATURED DURING THIS QUARTERNA$0CD'S MATURED DURING THE QUARTER- - GRAND TOTAL744,000 4,699 CD'S - CERTIFICATES OF DEPOSIT INTERESTCUSIP SECURITY PURCHASE MATURITY PURCHASE PAR MARKET LESS PLUS MARKET YIELD ON INTEREST TO MATURITYDATE DATE PRICE VALUE VALUE MATURITY PERIOD VALUE INVESTMENT3/31/2018 PROCEEDS PURCHASES 6/30/20183133EGML6 FFCB NOTE 7/18/2016 7/18/2018 $999,300 $1,000,000 $996,722 $999,503 0.785% $1,957 $15,7003133EFX69 FFCB NOTE 10/17/2016 10/5/2018 $1,000,580 $1,000,000 $995,209 $997,102 0.930% $2,319 $18,2943133EG5Q4 FFCB NOTE 2/1/2017 2/1/2019 $1,000,000 $1,000,000 $993,463 $994,737 1.300% $3,241 $26,0003133EHHN6 FFCB NOTE 5/3/2017 5/2/2019 $1,000,000 $1,000,000 $991,392 $992,031 1.350% $3,366 $26,9633130AAS41 FHLB NOTE 3/24/2017 2/8/2019 $999,812 $1,000,000 $992,693 $994,232 1.280% $3,191 $24,0573133EHP98 FFCB NOTE 11/6/2017 11/6/2019 $1,000,000 $1,000,000 $989,790 $988,254 1.600% $3,989 $32,0003137EAEH8 FHLMC NOTE 7/31/2017 8/15/2019 $500,000 $500,000 $494,179 $494,145 1.475% $1,839 $15,053313380FB8 FHLB NOTE 8/29/2017 9/13/2019 $1,000,000 $1,000,000 $987,714 $988,026 1.375% $3,428 $28,0653137EADM8 FHLMC NOTE 9/14/2017 10/2/2019 $998,788 $1,000,000 $907,619$907,435 1.250% $3,116 $25,6163137EADM8 FHLMC NOTE 10/13/2017 10/2/2019 $896,082 $900,000 $963,892 $963,696 1.475% $3,310 $26,1503130ACLS1 FHLB NOTE 10/26/2017 10/11/2019 $2,200,000 $2,200,000 $2,176,574 $2,175,149 1.550% $8,501 $66,7943133EHV75 FFCB NOTE 12/8/2017 11/21/2019 $749,711 $750,000 $743,510 $742,176 1.730% $3,235 $25,3463133EGJ30 FFCB NOTE 12/29/2017 11/18/2019 $1,238,775 $1,255,000 $1,232,312 $1,255,000 1.100% $3,442 $26,0593133EJCN7 FFCB NOTE 2/14/2018 2/14/2020 $1,000,000 $1,000,000 $995,119 $992,624 2.070% $5,161 $41,4003130ADN32 FHLB NOTE 3/7/2018 2/11/2020 $997,834 $1,000,000 $995,858 $993,892 2.240% $5,585 $43,327PURCHASED DURING THIS QUARTER3133EJHL6 FFCB NOTE4/9/20183/27/2020 $1,001,430 $1,000,000 $996,916 2.300% $5,167 $45,244OUTSTANDING SECURITIES AT THE END OF THE QUARTER16,582,311 16,605,000 15,456,047 - - 16,474,918 60,846 486,068 MATURED DURING THIS QUARTER3137EAEA3 FHLMC NOTE 4/12/20164/9/2018$999,850 $1,000,000 $999,806 $1,000,000 0.785% $194 $15,6353136G0V57 FNMA NOTE 5/9/20164/30/2018$1,003,700 $1,000,000 $999,464 $1,000,000 0.300% $247 $5,9263133EGAF2 FFCB NOTE 5/20/20165/16/2018$997,400 $1,000,000 $998,898 $1,000,000 0.630% $794 $12,5313130A8EJ8 FHLB NOTE 6/10/20166/5/2018$1,200,000 $1,200,000 $1,198,003 $1,200,000 0.811% $1,760 $19,331313379DT3 FHLB NOTE 7/5/20176/8/2018$1,000,240 $1,000,000 $999,014 $1,000,000 1.072% $2,027 $9,927SECURITIES MATURED DURING THE QUARTER 5,201,190 5,200,000 5,195,185 5,200,000 5,020 63,350 GRAND TOTAL 21,783,501 21,805,000 20,651,232 5,200,000 - 16,474,918 65,866 549,418 CITY OF COLLEYVILLE INVESTMENT SECURITIES HELD MARCH 31 - JUNE 30, 2018 CITY OF COLLEYVILLE GENERAL LEDGER SECURITIES ALLOCATION ACCOUNT ALLOCATION OF INVESTMENT INVESTMENT- G/L TOTAL 001-1172 GENERAL F UND OPERATING $3,794,835.42 002-1166 UTILITY DEBT SERVICE R ESERVE $0.00 002-1172 UTILITY F UND OPERATING $2,226,108.70 002-1178 CUSTOMER DEPOSITS $472,683.04 039-1186 UTILITY LINE RENEWAL $0.00 039-1557 THE R ESERVE LIFT STATION $62,116.76 003-1121 INV-PERIMETER FEES $1,965,370.14 003-1307 INV-ROAD RECONST RUCTION $323,845.40 003-1340 CASTLETON MANOR $0.00 005-1172 VOLUNTARY PARK FUND $750,000.00 011-1172 LIBRARY DONATIONS FUND $359,642.52 012-1172 PARK LAND DEDICATION FUND $1,325,973.26 017-1172 DRAINAGE F UND OPERATING $400,000.00 024-1172 CEDC OPERATING $1,500,000.00 026-1172 TIF OPERATING $2,762,344.19 032-1519 CAPITAL EQUIPMENT R ESERVE $514,300.00 034-1172 COLLEYVILLE TOMORROW $125,091.76 PER GENERAL LEDGER $16,582,311.19 INVESTMENTDATE ACQUIREDMATURITY DATE26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASEYIELD TO MATURITYCUSIP#ACCOUNT ALLOCATION OF INVESTMENT001-1172 GENERAL FUND OPERATING002-1166 UTILITY DEBT SERVICE RESERVE002-1172 UTILITY FUND OPERATING002-1178 CUSTOMER DEPOSITS039-1186 UTILITY LINE RENEWAL039-1557 THE RESERVE LIFT STATION003-1121 INV-PERIMETER FEES003-1307 INV-ROAD RECONSTRUCTION003-1340 CASTLETON MANOR005-1172 VOLUNTARY PARK FUND011-1172 LIBRARY DONATIONS FUND012-1172 PARK LAND DEDICATION FUND017-1172 DRAINAGE FUND OPERATING024-1172 CEDC OPERATING026-1172 TIF OPERATING032-1519 CAPITAL EQUIPMENT RESERVE034-1172 COLLEYVILLE TOMORROW PER GENERAL LEDGERFFCB NOTE FFCB NOTE FFCB NOTE FHLB NOTE FFCB NOTETREASURY NOTEFHLB NOTE FHLMC NOTE18-Jul-16 17-Oct-16 01-Feb-17 24-Mar-17 03-May-17 31-Jul-17 29-Aug-1714-Sep-1718-Jul-18 05-Oct-18 01-Feb-19 08-Feb-19 02-May-19 15-Aug-19 13-Sep-1902-Oct-190.430% 0.480% 0.640% 0.870% 0.980% 1.110% 1.130% 1.170%0.785% 0.930% 1.300% 1.280% 1.350% 1.475% 1.375% 1.250%3133EGML6 3133EFX69 3133EG5Q4 3130AAS41 3133EHHN63137EAEH8 313380FB8 3137EADM80.00 1,000,000.00 500,000.002,465.0162,116.76712,932.38 998,788.00222,485.85359,642.52115,973.26200,000.001,000,000.00 500,000.00549,300.00 499,872.46 499,811.73150,000.00100,000.00 25,091.76 999,300.00 1,000,580.00 1,000,000.00 999,811.73 1,000,000.00 500,000.00 1,000,000.00 998,788.00 INVESTMENTDATE ACQUIREDMATURITY DATE26 WEEK T-BILL AUCTION DISCOUNT/WEEK OF PURCHASEYIELD TO MATURITYCUSIP#ACCOUNT ALLOCATION OF INVESTMENT001-1172 GENERAL FUND OPERATING002-1166 UTILITY DEBT SERVICE RESERVE002-1172 UTILITY FUND OPERATING002-1178 CUSTOMER DEPOSITS039-1186 UTILITY LINE RENEWAL039-1557 THE RESERVE LIFT STATION003-1121 INV-PERIMETER FEES003-1307 INV-ROAD RECONSTRUCTION003-1340 CASTLETON MANOR005-1172 VOLUNTARY PARK FUND011-1172 LIBRARY DONATIONS FUND012-1172 PARK LAND DEDICATION FUND017-1172 DRAINAGE FUND OPERATING024-1172 CEDC OPERATING026-1172 TIF OPERATING032-1519 CAPITAL EQUIPMENT RESERVE034-1172 COLLEYVILLE TOMORROW PER GENERAL LEDGERFHLMC NOTE FHLB FFCB NOTE FFCB NOTE FFCB NOTE FFCB NOTE FHLB NOTE FFCB NOTE13-Oct-17 26-Oct-17 06-Nov-17 08-Dec-17 29-Dec-17 14-Feb-18 07-Mar-1809-Apr-1802-Oct-19 11-Oct-19 06-Nov-19 21-Nov-19 18-Nov-19 14-Feb-20 11-Feb-2027-Mar-201.250% 1.260% 1.280% 1.420% 1.500% 1.770% 1.830% 0.520%1.475% 1.550% 1.600% 1.730% 1.100% 2.070% 2.240% 2.300%3137EADM8 3130ACLS1 3133EHP98 3133EHV75 3133EGJ30 3133EJCN7 3130ADN323133EJHL60.00 255,571.93 1,000,000.00 37,833.62 1,001,429.870.0018,422.28 500,000.00 250,985.36 503,143.19 951,092.86194,005.33 246,567.66 32,110.05253,649.76101,359.550.00500,000.00250,000.00300,000.00 200,000.00 710,000.00200,000.00513,360.00 700,000.00364,300.00896,082.28 2,200,000.00 1,000,000.00 749,710.85 1,238,774.84 1,000,000.00 997,833.62 1,001,429.87 LOCAL GOVERNMENT INVESTMENT COOPERATIVE / "LOGIC" ACCOUNT ALLOCATION AT JUNE 2018 DESCRIPTION BALANCE GENERAL FUND LOGIC POOL- OPERATING CASH $538,407 UTILITY FUND LOGIC POOL- OPERATING CASH $2,716,357 UTILITY FUND - CAPITAL PROJECTS LOGIC POOL- WATER IMPACT FEES $2,295,650 LOGIC-RES CASH-UTILITY LINE RE $1,180 LOGIC - WW IMPACT FEES $680,124 CAPITAL PROJECTS FUND LOGIC POOL-ROADS SA I CASH $21,798 LOGIC-CAPITAL PROJ/STREET RESU $239,711 DEBT SERVICE FUND LOGIC POOL- OPERATING CASH $34,828 DRAINAGE FUND LOGIC POOL- OPERATING CASH $1,388,416 LOGIC- I&S FUND/DRAINAGE $122,996 LOGIC-2001 DRAINAGE BONDS $0 TIF FUND LOGIC POOL- OPERATING CASH $13,222,517 LOGIC-2001 TIF BONDS/CITY HALL $0 CCCPD FUND LOGIC POOL- OPERATING CASH $781,919 LOGIC - 99 CO BONDS $0 LOCAL GOVERNMENT INVESTMENT COOPERATIVE / "LOGIC" ACCOUNT ALLOCATION AT JUNE 2018 CAPITAL EQUIPMENT REPLACEMENT FUND LOGIC POOL- OPERATING CASH $84,196 COLLEYVILLE TOMORROW FUND LOGIC POOL- OPERATING CASH $1,715,461 PARKS TOMORROW FUND LOGIC POOL- OPERATING CASH $1,044,127 STRATEGIC INITIATIVES FUND LOGIC POOL- OPERATING CASH $497,998 Subtotal - LOGIC balances excluding CEDC $25,385,685 CEDC Logic Balance LOGIC POOL- OPERATING CASH $1,026,869 LOGIC - 97 BONDS $0 Total LOGIC Balance $26,412,554 INTEREST EARNED $132,669 NewsPerformance New Participants We would like to welcome the following entities who joined the LOGIC program in June: Sabine County Trinity County Wheeler County 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 2018 Economic Commentary After a typical seasonally slower first quarter, U.S. growth rebounded in the second quarter as Europe and Japan struggled to regain momentum. Markets reacted nervously to further escalation in the China-U.S. trade dispute, a recommitment by China to retaliate in kind to U.S. tariffs, a widening of the scope of tariffs by the U.S., and China’s comments that it will target U.S. ﬁ rms’ operations in China. Negotiations between Washington and Beijing were largely unsuccessful, culminating in the Trump administration threatening to impose tariffs on up to $450 billion of Chinese goods. However, so far, 25% tariffs on $34 billion of Chinese imports are set to go into effect in early July. Additionally, the steel/aluminum tariff exemptions granted in March to the European Union, Canada and Mexico were allowed to expire, prompting retaliation against a variety of U.S. goods. The Federal Reserve (Fed) raised rates by 25bps to 1.75%-2.00% at its June Federal Open Market Committee (FOMC) meeting, a move that was widely anticipated. However, the median interest rate forecast “dot plot” increased from a total of three to four hikes in 2018, a decision that was more hawkish than expected. In addition, starting in January 2019 there will be a press conference after every meeting. The description of the economy was upbeat and there was no longer a reference to inﬂ ation expectations being low in the statement. Unemployment rate projections were lowered further while growth and inﬂ ation for 2018 were revised up slightly. A deep dive into the data tells us the global economy is just ﬁ ne. The U.S. should likely post about 4% GDP growth in the second quarter and 3.5% over the balance of 2018, with the labor market likely to be especially tight. Our base case scenario remains above trend growth. Although the Fed has been raising rates for 2 ½ years, and will likely end the hiking cycle in 12 to 18 months with the fed funds rate at about 3%, the impact of U.S. tax reform and ﬁ scal stimulus has yet to be fully felt. While we expect 3.5% 10-year Treasury yields at the end of 2018, our quantitative models are still ﬂ ashing 4%. Low global real rates, U.S. stimulus and a stable global banking system don’t seem to be the ingredients of recession. Although the trade and tariff front and geopolitical risks remain in ﬂ ux, perhaps the biggest risk to the market will occur in the fourth quarter, when the Fed ﬁ nishes transforming quantitative easing (QE) to quantitative tightening (QT) and the aggregate central bank balance sheet shifts from net expansion to contraction. Then we will see if QE was more about asset price inﬂ ation than price inﬂ ation. This information is an excerpt from an economic report dated June 2018 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, 2018 Current Invested Balance $6,880,746,236.77 Weighted Average Maturity (1)* 30 Days Weighted Average Maturity (2)* 63 Days Net Asset Value 1.000058 Total Number of Participants 571 Management Fee on Invested Balance 0.0975% Interest Distributed $12,663,149.74 Management Fee Collected $560,439.82 % of Portfolio Invested Beyond 1 Year 0.00% Standard & Poor’s Current Rating AAAm June Averages: Average Invested Balance $6,986,546,746.13 Average Monthly Yield, on a simple basis 2.1078% Average Weighted Average Maturity (1)* 28 Days Average Weighted Average Maturity (2)* 64 Days Distribution of Participants by Type As of June31, 2011 Portfolio by Maturity As of June31, 2011 Information at a Glance HistoryHistorical Program Information Average Book Market Net Number of Month Rate Value Value Asset Value WAM (1)* WAM (2)* Participants Jun 18 2.1078% $6,880,746,236.77 $6,881,359,093.55 1.000058 28 64 571 May 18 2.0273% 6,972,924,126.20 6,973,895,573.35 1.000139 30 66 568 Apr 18 1.9293% 6,434,872,331.82 6,434,646,379.96 0.999964 28 66 565 Mar 18 1.7228% 6,902,175,938.22 6,900,336,026.44 0.999705 28 71 563 Feb 18 1.5898% 7,170,298,263.14 7,170,001,932.73 0.999958 29 78 563 Jan 18 1.5224% 7,365,857,458.60 7,365,850,519.17 0.999999 29 80 561 Dec 17 1.3784% 6,465,455,192.00 6,464,452,719.35 0.999820 29 76 559 Nov 17 1.2913% 6,037,285,391.70 6,037,616,463.25 1.000054 35 75 557 Oct 17 1.2845% 6,047,571,709.48 6,047,976,206.51 1.000066 42 75 556 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 Assets Book Value Market Value Uninvested Balance $ 208,178.95 $ 208,178.95 Accrual of Interest Income 2,530,203.32 2,530,203.32 Interest and Management Fees Payable (12,772,985.06) (12,772,985.06) Payable for Investment Purchased (49,706,791.67) (49,706,791.67) Receivable for Investment Sold 0.00 0.00 Repurchase Agreements 501,407,999.90 501,407,999.90 Commercial Paper 6,339,474,297.99 6,340,073,710.11 Government Securities 99,605,333.34 99,618,778.00 Total $ 6,880,746,236.77 $ 6,881,359,093.55 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, 2018 Repurchase Agreements 7.22% 8 to 30 days 39.46% 1 to 7 days 30.21%31 to 90 days 24.25% Utility District 15.59% Other 6.99% School District 36.08% Health Care 1.58% County 10.16% Higher Education 2.80% City 26.80% Distribution of Participants by Type As of June 30, 2018 Portfolio by Type of Investment As of June 30, 2018 Portfolio by Maturity As of June 30, 2018 91 to 180 days 6.08% Commercial Paper 91.34% Treasuries 1.44% Mny Mkt Fund Daily Allocation LOGIC Invested Market Value WAM WAM Date Equiv. [SEC Std.] Factor Balance Per Share Days (1)* Days (2)* 6/1/2018 2.0705% 0.000056727 $7,003,079,286.19 1.000075 30 65 6/2/2018 2.0705% 0.000056727 $7,003,079,286.19 1.000075 30 65 6/3/2018 2.0705% 0.000056727 $7,003,079,286.19 1.000075 30 65 6/4/2018 2.0679% 0.000056655 $7,039,486,276.81 1.000148 29 65 6/5/2018 2.0697% 0.000056704 $7,038,207,138.69 1.000150 28 64 6/6/2018 2.0652% 0.000056581 $7,008,464,635.64 1.000156 28 65 6/7/2018 2.0642% 0.000056553 $6,982,421,467.41 1.000154 28 65 6/8/2018 2.0654% 0.000056585 $7,024,765,504.98 1.000078 27 64 6/9/2018 2.0654% 0.000056585 $7,024,765,504.98 1.000078 27 64 6/10/2018 2.0654% 0.000056585 $7,024,765,504.98 1.000078 27 64 6/11/2018 2.0675% 0.000056645 $6,999,517,375.69 1.000131 28 64 6/12/2018 2.0708% 0.000056733 $7,005,448,024.01 1.000130 28 64 6/13/2018 2.0777% 0.000056924 $6,967,888,115.45 1.000128 27 64 6/14/2018 2.1142% 0.000057922 $7,011,042,811.55 1.000137 27 64 6/15/2018 2.1124% 0.000057874 $6,972,942,559.31 1.000056 26 63 6/16/2018 2.1124% 0.000057874 $6,972,942,559.31 1.000056 26 63 6/17/2018 2.1124% 0.000057874 $6,972,942,559.31 1.000056 26 63 6/18/2018 2.1179% 0.000058024 $6,979,419,062.16 1.000125 25 63 6/19/2018 2.1177% 0.000058019 $7,006,285,312.08 1.000115 26 63 6/20/2018 2.1191% 0.000058057 $7,031,374,089.98 1.000111 26 63 6/21/2018 2.1332% 0.000058444 $6,999,885,502.75 1.000117 29 66 6/22/2018 2.1443% 0.000058749 $6,973,223,162.33 1.000061 29 66 6/23/2018 2.1443% 0.000058749 $6,973,223,162.33 1.000061 29 66 6/24/2018 2.1443% 0.000058749 $6,973,223,162.33 1.000061 29 66 6/25/2018 2.1479% 0.000058846 $7,015,362,180.46 1.000135 29 64 6/26/2018 2.1501% 0.000058906 $6,987,835,554.87 1.000136 29 64 6/27/2018 2.1484% 0.000058861 $6,952,136,721.31 1.000131 28 63 6/28/2018 2.1582% 0.000059129 $6,888,104,103.16 1.000123 31 65 6/29/2018 2.1829% 0.000059806 $6,880,746,236.77 1.000058 30 63 6/30/2018 2.1829% 0.000059806 $6,880,746,236.77 1.000058 30 63 Average 2.1078% 0.000057747 $6,986,546,746.13 28 64 Daily RatesDaily Summary for June 2018 LOGIC versus 90-Day Treasury Bill This material is for information purposes only. This information does not represent an offer to buy or sell a security. The above rate information is obtained from sources that are believed to be reliable; however, its accuracy or completeness may be subject to change. The LOGIC management fee may be waived in full or in part at the discretion of the LOGIC co-administrators and the LOGIC rate for the period shown reﬂ ects waiver of fees. This table represents historical investment performance/return to the customer, net of fees, and is not an indication of future performance. An investment in the security is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the issuer seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the security. Information about these and other program details are in the fund’s Information Statement which should be read carefully before investing. The yield on the 90-Day Treasury Bill (“T-Bill Yield”) is shown for comparative purposes only. When comparing the investment returns of the LOGIC pool to the T-Bill Yield, you should know that the LOGIC pool consist of allocations of speciﬁ c diversiﬁ ed securities as detailed in the respective Information Statements. The T-Bill Yield is taken from Bloomberg Finance L.P. and represents the daily closing yield on the then current 90-day T-Bill. The LOGIC yield is calculated in accordance with regulations governing the registration of open-end management investment companies under the Investment Company Act of 1940 as promulgated from time to time by the federal Securities and Exchange Commission.Daily RatesDaily Summary0.00 0.15 0.30 0.45 0.60 0.75 0.90 1.05 1.20 1.35 1.50 1.65 1.80 1.95 2.10 2.25 90 Day T-BILL Rate LOGIC Rate ContactsFor more information contact LOGIC Participant Services  1-800-895-6442  www.logic.orgLOGIC BoardLOGIC Board Members Philip G. Roberson Arlington ISD Board President Fred L. Werner Municipal Finance Director Board Vice President Vacant North Texas Municipal Water District Board Member Sandra Newby Tarrant Regional Water District Board Member Greg Jordan City of Grapevine Board Member LOGIC Participant ServicesHilltop Securities Inc. 1201 Elm Street, Suite 3500Dallas, TX 75270 EYE ON THE ECONOMY Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | June 19, 2018 Page 1 of 4 Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | June 19, 2018 Page 2 of 4 Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | June 19, 2018 Page 3 of 4 Federal Reserve Bank of Dallas Dallas-Fort Worth Economic Indicators | June 19, 2018 Page 4 of 4 Federal Reserve Bank of Dallas Texas Economic Indicators | June 18, 2018 Page 1 of 4 Federal Reserve Bank of Dallas Texas Economic Indicators | June 18, 2018 Page 2 of 4 Federal Reserve Bank of Dallas Texas Economic Indicators | June 18, 2018 Page 3 of 4 Federal Reserve Bank of Dallas Texas Economic Indicators | June 18, 2018 Page 4 of 4 1 Federal Reserve Bank of Dallas U.S. Economic Update U.S. Economic Picture Unchanged in Second Quarter 2018 June 20, 2018 Economic data released since May point to continued growth in economic activity due to robust consumer spending, strong employment growth and diminishing labor market slack. Forecasted gross domestic product (GDP) growth for the rest of the year is strong. Infla- tion has picked up slightly, while inflation expectations have been little changed in the past three months. Moderate Real GDP Growth in First Quarter The second release of real (inflation-adjusted) GDP growth in first quarter 2018 stood at 2.2 percent, down from the initial release of 2.3 percent. Chart 1 shows contributions to real GDP growth across multiple years; 2018 growth so far has come mainly from fixed investment as opposed to consumption. However, real consumption spending has been strong thus far in the second quarter compared with the first, with real per- sonal consumption expenditures (PCE) growth reach- ing an annualized 4.3 percent in April. The latest Survey of Professional Forecasters (SPF) released on May 11 shows a modest upward revision to growth expectations for the remainder of the year (Chart 2). According to the report, forecasters expect real GDP growth to hit 3 percent for both second and third quarter 2018. This projection improves on the February forecast of 2.9 and 2.8 percent, respectively, for the second and third quarters. On an annual basis, 2018 growth is expected to continue at 2.8 percent, then gradually slow down to 2.7 percent in 2019 and 1.9 percent in 2020. Survey-based indicators for investment and consump- tion have overall either stayed the same or improved. The Institute for Supply Management’s nonmanufac- turing composite index rose from 56.8 in April to 58.6 in May, and the manufacturing composite index rose from 57.3 to 58.7. A reading above 50 indicates ex- pansion. These new readings remain near postreces- sion highs. Regional Fed manufacturing surveys, such as the Dallas Fed’s Texas Manufacturing Outlook Sur- vey and the New York Fed’s Empire State Manufactur- ing Survey, also point to robust growth in May. Consumer confidence remains high, as the Conference Board’s Consumer Confidence Index increased from 125.6 in April to 128 in May. Similarly, the University of Michigan’s Consumer Sentiment Index increased from 98.0 in May to 99.3 in June. Overall, these ele- vated indicators suggest sustained optimism about future growth. Labor Market Slack Declines Further, Wage Growth Struggles to Catch Up Nonfarm payrolls rose by 223,000 in May, making av- erage payroll gains 207,000 per month so far this year. In comparison, average payroll gains in 2017 stood at 182,000 per month. The unemployment rate dropped fur- ther to 3.8 percent in May, the lowest point since April 2000 (Chart 3). The last time the unemployment rate was below 2 Federal Reserve Bank of Dallas U.S. Economic Update 4 percent for a sustained period of time was 1966– 69. However, long-run demographic trends—in par- ticular changes in the age composition of the labor force—make a direct comparison to this time period inadvisable. The broader U-6 rate, which includes discouraged workers, other marginally attached workers and those working part time for economic reasons, dropped to 7.6 percent, the lowest point since May 2001. The latest SPF release forecasts headline un- employment (U-3) to decline even further to 3.7 percent in second quarter 2019. Different measures of wage growth have either moved sideways or gradually improved (Chart 4). On a year-over-year basis, growth in average hourly earnings ticked up to 2.7 percent in May from 2.6 percent in April, and the private wages and salaries component of the Employment Cost Index rose 0.1 percentage points to 2.9 percent in first quarter 2018. In contrast, wage growth measured by the Atlanta Fed Wage Growth Tracker ticked down to 3.2 percent in May, compared with 3.3 percent in April. Inflation Measures Continue Upward Trend Most inflation measures still remain below levels consistent with the Federal Reserve’s 2 percent long -run goal, but recent releases suggest that inflation is on an upward trajectory. Core Consumer Price Index (CPI) inflation, which excludes food and ener- gy, increased to 2.2 percent on a year-over-year basis in May (Chart 5). Likewise, the Cleveland Fed Median CPI measure increased to 2.7 percent in May, up from 2.6 percent in April. Year over year, core PCE inflation and the Dallas Fed’s Trimmed Mean PCE held steady in April at 1.8 percent and 1.7 percent, respectively. Long-run inflation expectations remain largely un- changed since the last Federal Open Market Com- mittee meeting in May. The SPF forecasts core PCE inflation to hit 2 percent by second quarter 2018 and rise to 2.1 percent in the third, compared with the previous estimate of 1.9 percent for both quar- ters. The SPF implied five-year/five-year-forward (expected average inflation over the five -year period that begins five years from now) CPI inflation rate stands at 2.4 percent, up from the previous forecast of 2.3 percent in February. In contrast, the market- based five-year/five-year-forward Treasury Inflation -Protected Securities breakeven inflation rate hov- ered around 2.2 percent as of June 11, little changed from May. —Daniel Chapman …………………………………………………………………………………… About the Author Chapman was previously a research assistant in the Research Department at the Federal Reserve Bank of Dallas. 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 08/28/2018 Number 3a Type Regular Agenda Items Department City Manager Title Meet with representatives(s) from the City's audit firm, Weaver and Tidwell. to discuss the Fiscal Year September 30, 2018 audit Strategic Plan 1.4 Communicate thoroughly and strategically 2.4 Demonstrate stewardship of public resources Explanation Jennifer Ripka, who is a audit partner with the City's audit firm Weaver and Tidwell, will meet with the Audit Committee to discuss the Fiscal Year September 30, 2018 audit. Attachments