HomeMy WebLinkAboutAudit Committee-Minutes-12/01/2020City 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 1, 2020
4:30 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
July 21, 2020
3.REGULAR AGENDA ITEMS
3a Approval of the annual review and updates to the City of
Colleyville Investment Policy
3b Quarterly Investment Report for the quarter ended September 30,
2020
3c Update from the City's auditors
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Wednesday,
November 25, 2020, 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 1, 2020 City Manager’s Conference Room
4:30 p.m. Third Floor – City Hall
1. CALL TO ORDER
City Secretary Christine Loven called the meeting to order at 4:30 p.m.
ROLL CALL: Committee members present George Dodson, Bobby Lindamood and
Chuck Kelley.
Also Present: Finance Director Kyle Lester, Accounting Manager Karen Hines, City
Manager Jerry Ducay, Assistant City Manager Mark Wood, and City Secretary
Christine Loven
2. APPROVAL OF MINUTES
July 21, 2020
The minutes were motioned for approval by Member Dodson, seconde d by Member
Lindamood and passed unanimously.
3. REGULAR AGENDA ITEMS
3a Approval of the annual review and updates to the City of
Colleyville Investment Policy
Finance Director Kyle Lester stated the Public Funds Investment Act requires the
City, as the governing body of a public entity, review the investment strategy
and adopt a written instrument by resolution stating it has reviewed the
investment policy and investment strategies. Director Lester noted during his
review of the Investment Policy, he discovered one change, which was
overlooked for deletion in the previous policy, which is the SEC, registered, no
load money market mutual funds listed under the Diversification of Portfolio by
Instrument. He explained the Local Government Investment Pools fall under the
category of a "money market mutual fund". Because they are specifically
mentioned in the diversification section, it is not necessary to include money
market mutual funds as a category.
The members agreed with the recommendation and then discussed
recommending reducing the maximum percentage of repurchase agreements to
15%. Director Lester stated the 15% is reasonable and will advise City Council
of the recommendation.
Audit Committee Minutes December 1, 2020
City of Colleyville Page 2
3b Quarterly Investment Report for the quarter ended September 30,
2020
Finance Director Kyle Lester reviewed the quarterly investment report and noted
rates are still falling due to the pandemic, but the City is stilling doing well.
There was general discussion regarding the sweep accounts, investments in
CD’s, and pools.
There was a recommendation the City review if there would be a substantial
saving interest is the CEDC bond was called. Director Lester said he would
investigate the strategy.
3c Update from the City's auditors
Kristen Derryberry, Senior Manager, Weaver and Tidwell, the City’s auditors,
provided an update on the audit. Ms. Derryberry thanked Finance Director Kyle
Lester and Account Manager Karen Hines, and the Finance Department staff for
consistently working with them efficiently and effectively.
Ms. Derryberry stated the draft preliminary audit would be presented to the
Audit Committee in February 2021.
4. ADJOURNMENT
The meeting was adjourned at 4:59 p.m.
MINUTES APPROVED THIS 2ND DAY OF FEBRUARY 2021.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary