HomeMy WebLinkAboutAudit Committee-Minutes-07/21/2020City 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, July 21, 2020
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
February 4, 2020
3.REGULAR AGENDA ITEMS
3a Discuss the Fiscal Year September 30, 2020, audit which will be
conducted by the City's audit firm Weaver and Tidwell
3b Presentation of the Quarterly Investment Report for the quarter ended
June 30, 2020
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, July
17, 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, July 21, 2020
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
City Secretary Christine Loven called the Audit Committee to order on July 21,
2020 at 5:02 p.m.
ROLL CALL: Committee members present George Dodson, Kathy Wheat, Susan
Mathisen
ABSENT: Committee member Bobby Lindamood
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
February 4, 2020
Committee member Dodson motioned to approve the minutes, Committee
member Mathisen seconded, the minutes were unanimously approved.
3. REGULAR AGENDA ITEMS
3a Discuss the Fiscal Year September 30, 2020, audit which will be
conducted by the City’s audit firm Weaver and Tidwell
Finance Director Kyle Lester stated the City’s audit firm Weaver and Tidwell, will
be in the office next month beginning the prep-work for the audit. He noted this is
the second year for Weaver and Tidwell and asked the committee if there were
any concerns or questions, or anything they want the auditors to focus on.
Committee members Dodson and Wheat stated the auditor has done a good job
and there are no concerns at this time.
3b Presentation of the Quarterly Investment Report for the quarter ended
June 30, 2020
Finance Director Kyle Lester reviewed the investment report, noting $2.75 million
in the City’s investments matured since last quarter. Because of cash flow needs
Audit Committee Minutes July 21, 2020
City of Colleyville Page 2
while changing banks, these could not be reinvested at this time. He reviewed the
pools, accounts, rates, and balances for each. Director Lester also stated 13 week
averages indicate the basis points are dropping, but the City remains ahead of the
benchmark and will continue to be strategy driven.
There was discussion of the City’s callable debt and possible strategies to pay off
the CEDC debt to save interest.
4. ADJOURNMENT
The meeting was adjourned at 5:18 p.m.
MINUTES APPROVED THIS 1ST DAY OF DECEMBER 2020.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary