HomeMy WebLinkAboutAudit Committee-Minutes-12/7/2021City 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, December 7, 2021
5:00 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
2. APPROVAL OF MINUTES
August 3, 2021
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,
2021
3c Update from the City's auditors
4. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
December 3, 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, December 7, 2021 City Manager’s Conference Room
5:00 p.m. Third Floor – City Hall
1. CALL TO ORDER
City Secretary Christine Loven called the meeting to order at 5:00 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
August 3, 2021
The minutes were motioned for approval by Member Dodson, seconded by Member
Kelley 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 stated no changes
are recommended.
There was brief discussion regarding the commercial and paper notes.
Member Dodson made a motion to recommend to changes to the Investment
Policy, seconded by Member Lindamood and passed unanimously.
Audit Committee Minutes December 7, 2021
City of Colleyville Page 2
3b Quarterly Investment Report for the quarter ended September 30,
2021
Finance Director Kyle Lester reviewed the quarterly investment report and noted
rates are still very low. There was general discussion regarding the sweep
accounts, investments in CD’s, and pools and concern for the low interest rates.
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 March 2022.
4. ADJOURNMENT
The meeting was adjourned at 5:18 p.m.
MINUTES APPROVED THIS 2ND DAY OF MARCH 2022.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary