HomeMy WebLinkAboutAudit Committee-Minutes-12/04/2018City 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, December 4, 2018
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
June 5, 2018
August 28, 2018
3.REGULAR AGENDA ITEMS
3a Quarterly Investment Report for the quarter ended September 30,
2018
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
November 30, 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
Audit Committee
Agenda
City Hall
100 Main Street
Colleyville, Texas 76034
817.503.1000
www.colleyville.com
Tuesday, December 4, 2018
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
June 5, 2018
August 28, 2018
3.REGULAR AGENDA ITEMS
3a Quarterly Investment Report for the quarter ended September 30,
2018
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
November 30, 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
Audit Committee
MINUTES
City Hall
100 Main Street
Colleyville, Texas 76034
817.503.1000
www.colleyville.com
Tuesday, December 4, 2018
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
December 4, 2018, at 5:00 p.m.
ROLL CALL: Committee members present George Dodson, Kathy Wheat, Bobby
Lindamood, and Susan Mathisen
Also Present: Chief Financial Officer Shereen Gendy, City Manager Jerry Ducay,
Assistant City Manager Mark Wood and City Secretary Christine Loven
2. APPROVAL OF MINUTES
June 5, 2018
August 28, 2018
Committee member Dodson made a motion to approve the Audit Committee
minutes of June 5 and August 28, 2018, and Committee member Lindamood
seconded the motion. All approved by acclamation.
3. REGULAR AGENDA ITEMS
3a Quarterly Investment Report for the quarter ended September 30, 2018
CFO Gendy stated the City has restructured the investment portfolio with an
expansion to government only pools. She noted the benefits of government pools
include a better interest rate, liquidity, daily compounded interest and safer
investments.
There was general discussion regarding sweep accounts, commercial CD’s offering
higher interest gains than CEDARS (commercial offering 2.5% versus CEDARS at
.5%), and jumbo accounts.
CFO Gendy noted in this quarter one of the CEDARS matured and they were able
to negotiate a higher one year rate and the City is in compliance with the Act.
CFO Gendy stated after the audit, they will begin looking at a Banking RFP
for 2020, however, it is a big project and will require some time.
The committee thanked CFO Gendy and her team for the work they have
accomplished.
Audit Committee Minutes December 4, 2018
City of Colleyville Page 2
4. ADJOURNMENT
The meeting was adjourned at 5:15 p.m.
PASSED BY A VOTE OF 4 AYES, 0 NAYS, AND 0 ABSTENTIONS, THIS 5TH DAY OF
MARCH, 2019.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary