HomeMy WebLinkAboutAudit Committee-Minutes-8/3/2021City 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 3, 2021
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1.CALL TO ORDER
2. APPROVAL OF MINUTES
April 20, 2021
3.REGULAR AGENDA ITEMS
3a Discussion of the Fiscal Year September 30, 2021, audit which will
be conducted by the City's audit firm Weaver and Tidwell
3b Presentation of the third quarter FY21 investment report
4.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, July
30, 2021, 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, August 3, 2021
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 August 3,
2021 at 5:01 p.m.
ROLL CALL: Committee members present Bobby Lindamood, George Dodson, 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
April 20, 2021
Committee member Dodson motioned to approve the minutes, seconded by
Committee member Lindamood, and 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 introduced Jennifer Ripka, partner, Weaver and
Tidwell, the City’s auditing firm. Ms. Ripka introduced Meredith Churchill who has
joined Weaver and Tidwell and will be assisting with the City’s audit. Ms. Ripka
stated the firm has been in the office beginning the prep-work for the audit and
the schedule will be similar to years past. She noted the firm would conduct
detailed testing on the higher risk funds, such as water, sewer, payroll, and funds
holding higher federal dollars. Ms. Ripka asked the committee if there were any
concerns or questions, or anything they want the auditors to focus on. Committee
members stated the auditor has done a good job and there are no concerns at this
time.
3b Presentation of the third quarter FY21 investment report
Finance Director Kyle Lester reviewed the investment report, and provided a last
quarter and current quarter comparison of the investments and the current
interest yield this quarter, by instruments type.
Audit Committee Minutes August 3, 2021
City of Colleyville Page 2
Director Lester noted since the last investment report three CD’s matured, totaling
a little over $1.5 million in funds and the CD’s weighted an average maturity of
almost 2.5 years and an average return of 1.83%. He noted staff reinvested all of
those proceeds and more in four separate CD's, totaling $1,774,658. As of July,
the 13-week treasury is currently sitting at 5 basis points while government pools
are averaging less than 2 basis points. Staff will continue to look for opportunities
to maximize cash in our reserve funds by moving them away from pools. However,
with the City's cash-funded capital improvement program ongoing, the City is
expected to transition to higher liquidity, meaning lower balances in investments.
The Federal Reserve has indicated their intention to keep borrowing rates low
through 2022/2023 $2.75 million in the City’s investments matured since last
quarter. Because of cash flow needs 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.
4. ADJOURNMENT
The meeting was adjourned at 5:18 p.m.
MINUTES APPROVED THIS 7TH DAY OF DECEMBER 2021.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary