HomeMy WebLinkAboutAudit Committee-Minutes-11/19/2019City 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 19, 2019
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
August 20, 2019
3.REGULAR AGENDA ITEMS
3a Quarterly Investment Report for the quarter ended September 30,
2019
3b Investment Policy Update
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
November 15, 2019, 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, November 19, 2019
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
City Secretary called the Christine Loven called the meeting to order on November
19, 2019 at 5:00 p.m. and advised the committee they could not take action on
the minutes, as there was not a quorum present. She advised the Committee is
advisory in nature and the presentations can be covered.
ROLL CALL: Committee members present George Dodson, Kathy Wheat
Absent: Susan Mathisen, Bobby Lindamood
Also Present: Accounting Manager Karen Hines, Assistant City Manager Mark
Wood, and City Secretary Christine Loven
2. APPROVAL OF MINUTES
August 20, 2019
No action taken.
3. REGULAR AGENDA ITEMS
3a Quarterly Investment Report for the quarter ended September 30,
2019
Finance Director Kyle Lester introduced Kirsten Deraberry, principal with Weaver
and Tidwell, the City’s auditing firm who updated the Committee on the Audit
process, noting the staff is easy to work with and the field work in running ahead
of schedule.
Director Lester stated this review allows him the opportunity to explain how much
cash we have and where it is located. He noted there was a decrease of
approximately $2.2 million, over last quarter, which is expected due to this report
being the end of the year report. He noted the City has been very liquid with the
largest share of the investments being in Sweeps and Pools.
Audit Committee Minutes November 19, 2019
City of Colleyville Page 2
There was general discussion regarding the Market to Market accounts, future
investment strategy considerations, and
3b Investment Policy Update
Director Lester reviewed the recommended edits to the investment policy, stating
He was hoping to streamline the policy and had consulted with Valley View.
Keep funds safe
Liquidity
Yield
Addresses: delegation of authority
The meeting was adjourned at 5:30 p.m.
PASSED BY A VOTE OF AYES, NAYS, AND ABSTENTIONS, THIS ___ DAY OF
_____.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary
Audit Committee Minutes November 19, 2019
City of Colleyville Page 3