HomeMy WebLinkAboutAudit Committee-Agenda Packets-9/6/2022City 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, September 6, 2022
4:30 p.m.
City Manager’s Conference Room
Third Floor – City Hall
1. CALL TO ORDER
2. APPROVAL OF MINUTES
June 7, 2022
3. REGULAR AGENDA ITEMS
3a Discussion of the Fiscal Year September 30, 2022, audit which will
be conducted by the City's audit firm Weaver and Tidwell
3b Presentation of the third quarter FY22 investment report
4. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
September 2, 2022, 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, June 7, 2022
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 Meeting to order at
5:00 p.m.
Present: Committee Members: Bobby Lindamood, George Dodson, and Chuck
Kelley.
Also Present: Finance Director Kyle Lester, Accounting Manager Karen Hines,
City Manager Jerry Ducay, Assistant City Manager Adrienne Lothery, and City
Secretary Christine Loven.
2. APPROVAL OF MINUTES
March 2, 2022
The March 2, 2022, Audit Committee minutes were approved as presented.
3. REPORTS
Quarterly Investment Report for the quarter ended March 31, 2022
Finance Director Kyle Lester presented the quarterly investment report. He
reviewed the City’s investments and cash portfolio, and noted interest earnings for
the quarter were $22,060 compared to $17,073 in the previous quarter. This is
reflective of a more optimistic market, anticipated Federal Reserve action, and a
few maturities coming due in the last quarter.
Director Lester gave an overview of the City’s cash position, noting the pools are
lagging behind the treasury, and jumbo CDs are still not advancing. There was
general discussion of the liquidity of funds and interfund borrowing.
Mayor Lindamood announced he will be leaving the committee and Committee
Brandi Elder will be appointed for a two year term.
4. ADJOURNMENT
The meeting was adjourned at 5:11 p.m.
Audit Committee Minutes June 7, 2022
City of Colleyville Page 2
PASSED BY A VOTE OF AYES, NAYS, AND ABSTENTIONS, THIS 6TH DAY OF
SEPTEMBER 2022.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary
City of Colleyville Page 1
City of Colleyville
Audit Committee
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3a Agenda Date 9/6/2022 Number
Type Regular Agenda Items
Department Finance
Title
Discussion of the Fiscal Year September 30, 2022, audit which will be conducted
by the City's audit firm Weaver and Tidwell
Explanation
This item provides for the discussion of the Fiscal Year September 30, 2022, audit
which will be conducted by the City's audit firm Weaver and Tidwell.
Attachments
1. City of Colleyville Presentation 090622
Audit
Insights
City of Colleyville
Year Ended September 30, 2022
Today’s Speaker
Jennifer Ripka, CPA | Partner, Assurance Services
Audit engagement partner.
15 years of public accounting experience.
Practice emphasis in auditing cities, school districts and special
purpose governments.
Serves as a member of several different organizations including the
Government Finance Officers Association (GFOA ); GFOA Special
Review Committee, Texas Society of Public Accountants,
Governmental Accounting and Single Audit Conference Planning
Committee, and the Texas Society of Public Accountants, Government
Standards Committee.
THERE WHEN YOU NEED US.
Remember: Weaver is your auditor all year; we are
always available to answer routine questions.
2
3
The Colleyville Team
Meredith Churchill, CPA
Audit Senior Manager
Audit Associates
Michelle Gilley
Audit Supervisors
Jennifer Ripka, CPA
Engagement Partner
Sara Dempsey, CPA
Technical Review Partner
Brittany George,
CISA, QSA
IT Controls
Elisa Gilbertson,
CPA
Data Analytics
AUDIT PROCESS AND
REQUIRED
COMMUNICATIONS
4
Audit Process
Audit Standards — Performed the audit in accordance with
Generally Accepted Auditing Standards (GAAS) and Generally
Accepted Government Auditing Standards (GAGAS ).
Single Audit — Performed the single audit of federal awards in
accordance with the Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform
Guidance)
Compliance — Performed tests of the City’s compliance with
certain provisions of laws, regulations, contracts and grant
agreements.
5
Audit Process
Substantiv
e
Testing
Planni
n
g
and Intern
al
Contr
ols
Opi
n
i
o
n
Step
1
Step 2
Ste
p
3
6
Audit Process
Ø Risk-based approach focused on specific risks:
§Capital projects, purchasing, and bid procedure compliance
§Payables, accruals, and expenditures
§Utility Revenues
§Federal and state revenues and expenditures, and related compliance requirements
Ø Walkthroughs of significant transaction cycles
§Payroll
§Cash Receipts
§Budget/Financial Close Process
§Cash Disbursements
7
Audit Process
Ø Testing internal controls over financial reporting and compliance
•Cash disbursements
•Payroll disbursements
•TMRS Census Data Testing
•Contract bidding / construction in progress
8
9
Responsibilities under U.S. GAAS,
GAGAS, and Uniform Guidance
•As communicated in our engagement letter for the year ended September 30, 2022:
–Our audits follow GAAS and provide reasonable rather than absolute assurance that
the financial statements are free of material misstatement.
–We will obtain an understanding of internal control over significant transaction
cycles and perform testing to determine if controls are operating as designed.
–We will perform tests of the City’s compliance with certain laws, regulations,
contracts, and grants.
•Noncompliance could have a direct and material effect on the determination of
financial statement amounts.
•Providing an opinion on compliance with these laws, regulations, contracts,
and grants will not be an objective of the audit.
–Financial statements are the responsibility of the City.
10
Responsibilities under U.S. GAAS,
GAGAS, and Uniform Guidance
•Specifically related to the Single Audit in accordance with Uniform Guidance as
communicated in our engagement letter for the year ended September 30, 2022:
–We will consider internal control over compliance related to compliance
requirements for each major program
–We will test compliance for each direct and material compliance requirement for
each major program
–Although our audit will provide a reasonable basis for our opinion, it does not
provide a legal determination of the City’s compliance with those requirements
New Pronouncements
11
New Pronouncements
2021
►GASB 99 – Omnibus 2022
(multiple effective dates)
►GASB 100 – Accounting
Changes and Errors
2022
►GASB 87 – Leases
►GASB 89 – Accounting for
Interest Cost Incurred before
the End of a Construction
Period
►GASB 92 – Omnibus 2020
(multiple effective dates)
►GASB 97 – CCUC and Section
457 Plan
►GASB 98- The Annual
Comprehensive Financial
Report
►Implementation Guide 2019-3
– Leases
►Implementation Guide 2020-1
– Update 2020
2023
►GASB 91 – Conduit Debt
Obligations
►GASB 94 – Public Private
Partnerships
►GASB 96 – Subscription Based
IT Arrangements
12
2024
13
Discussion
•Points of Concern?
•Additional Areas of Risk?
•Additional Services Requested?
Contact Us
Jennifer Ripka
Partner, Assurance Services
Direct: (972) 448.9268
Email: jennifer.ripka@weaver.com
14
City of Colleyville Page 1
City of Colleyville
Audit Committee
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 3b Agenda Date 9/6/2022 Number
Type Regular Agenda Items
Department Finance
Title
Presentation of the third quarter FY22 investment report
Explanation
Cash and Cash Equivalents (local government investment pools) totaled
$48,814,480. Colleyville’s complete portfolio was valued at $67,546,388, and was
allocated as follows:
Instrument Current as of
06/30/2022
Last Quarter as of
03/31/2022
Cash $ 8,436,323 $ 11,170,734
LOGIC (CP Permissible) $ 2,502,593 $ 2,497,586
Other Governmental Pools $ 37,875,564 $ 39,315,245
CD’s $ 10,266,721 $ 10,756,803
CDARS $ - $ -
Agencies $ 8,465,187 $ 5,500,250
Total Cash and Investments $ 67,546,388 $ 69,240,618
Instrument Yield this quarter
LOGIC (CP Permissible) 0.80 %
Other Governmental Pools 0.6245 %
CD’s 0.52 %
CDARS 0.00 %
Agencies 1.24 %
Total Consolidated Yield 0.70 %
Benchmark Yield: 1.09%
Audit Committee Agenda Briefing 3b
City of Colleyville Page 2
Interest earnings for the quarter were $96,248 compared to $22,060 in the
previous quarter. This is reflective of a more optimistic market, anticipated
Federal Reserve action, and a few maturities coming due in the last quarter. Staff
will continue to examine cash-flow needs and place our resources in instruments
with an emphasis on keeping these funds safe while earning as strong a yield as
possible.
Attachments
1. June 2022
2. Investment Report - Jun 2022
Quarterly Investment Report
3rd Q, FY2022
September 6, 2022
As required by the Public Funds Investment Act, §2256.023
Cash Position Overview
12%
60%
15%
13%
Cash/Sweep Pools CD/CDARS Agencies
Return Summary
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
6/30/2021:
0.15%
6/30/2022:
0.70%
Rate of Return
13-Wk T Consolidated
Return
Pools CD's Agencies
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.09%
0.70%0.64%
0.52%
1.24%
THIRD QUARTER, FY22
Return Summary
6/1/20209/1/202012/1/20203/1/20216/1/20219/1/202112/1/20213/1/20226/1/20220.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
$ -
$ 20,000
$ 40,000
$ 60,000
$ 80,000
$ 100,000
$ 120,000
Historical Return
Return Rate Interest Earned 7/30/20147/30/20157/30/20167/30/20177/30/20187/30/20197/30/20207/30/2021 -
0.50
1.00
1.50
2.00
2.50
3.00
Influence of Federal Funds Rate on Fixed
Income Market
13-Wk Coupon Fed Funds Rate Avg Pools
Mark-to-Market
Public Funds Investment Act Requirement
Mark-to-Market: A snapshot of what our investments would sell at compared to
what we purchased them for.
•Purpose is to show our overall portfolio value
•We hold our investments until maturity (“buy and hold” strategy)
•Gains and losses shown in this analysis are unrealized
•Higher fixed income yields in market than most of our portfolio makes them difficult to sell as
secondary securities
Value at Purchase 03/31 Value Total Gain (loss) on
Purchase Price
$ 18,731,970 $ 18,524,651 ($ 201,226)
Questions/Comments
6/30/2022
City of Colleyville, TX
Quarterly Investment Report
Quarterly Investment Report City of Colleyville, TX 06/30/2022
Weighted
3/31/2022 6/30/2022 Change Maturity
Cash 11,170,734$ 8,436,323$ (2,734,411)$ Liquid
Sweep Account -$ -$ -$ Liquid
LOGIC (CP Permiss.)2,497,586$ 2,502,593$ 5,007$ Liquid
Other Gov't Pools 39,315,245$ 37,875,564$ (1,439,681)$ Liquid
Subtotal 52,983,565$ 48,814,480$ (4,169,086)$
CD's 10,756,803$ 10,266,721$ (490,082)$ 261 days
CDARS -$ -$ -$ 0 days
Agencies 5,500,250$ 8,465,187$ 2,964,938$ 417 days
Subtotal 16,257,052$ 18,731,908$ 2,474,855$ 331 days
Total Resources 69,240,618$ 67,546,388$ (1,694,230)$
Investments on the move…
Criteria
Met?
Policy Max 3/31/2022 6/30/2022
U.S. Treasuries 100%0%0%
U.S. Agencies 75%8%13%
CD's 75%16%15%
Local Gov't Pools 75%60%60%
CDARs 75%0%0%
Tri-Pty Repurchase 75%0%0%
Cash/Sweep N/A 16%12%
Where is Colleyville's cash?
Diversity Snapshot vs. Policy Requirements
0%0%10%SEC Registered, No-
Load Mutual Funds
The third quarter of FY22 showed a moderate cash reduction from March, with the majority of the City's
revenues having been received in the second quarter. This period has also seen a continued a transition
in the market,as the Federal Reserve's moves to increase the interbank borrowing rate galvanizing
market interest. The City's benchmark target of the 13-week treasury bill rose rapidly at that time,
ascending almost 50 basis points, and it has continued its ascention. Unfortunately, our investment pools
continue to lag significantly behind, lowering Colleyville's overall consolidated return. However, yields
on agency debt and certificates of deposit have risen exponentially, and staff has been able to capitalize
on those higher yields by reinvesting cash when available. After approximately $750,000 in CD's
matured this quarter, staff purchased almost $3 million in Federal agency notes with a total consolidated
return of 2.83%.
Cash/
Equivalents
Bonds/CDs/Ag
encies
2
Quarterly Investment Report City of Colleyville, TX 06/30/2022
Benchmark =13-Week Treasury
Before the recent downturn Colleyville's investment returns had been climbing steadily since 2016,
primary due to to more active investment practices.Although we are in a down-cycle in terms of
returns,until recently we've still been able to stay ahead of our 13-week treasury benchmark.We will
continue to see the City's returns increase in subsequent reports.Most importantly,Colleyville's funds
are safe.Our highest value is placed on maintaining a low risk in order to ensure the safety and liquidity
of the funds entrusted to us.
How do our returns compare?
The City's total consolidated return was 0.70%as of June 30,2022.As noted on the previous page,this
is the first time our total return lags behind our benchmark of the 13-week treasury note.This is due to
the rapid increase in yield on treasuries paired with a slower market increase in returns on governmental
pools.Since January,the Federal Reserve Bank has committed to increasing its interbank borrowing
rate to counter inflationary pressures,which in turn has increased fixed income yields.As of the date of
this report,it is not uncommon to see shorter-term securities (1.5 -3 years)pushing 400 basis points.
However,Colleyville is currently at a lower point in its annual cash cycle,meaning the City needs to
maintain its liquidity for ongoing operations and capital costs.Staff will continue to evaluate the
possibility of further investments in the coming months.
1.09%
0.70%0.64%
0.52%
1.24%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
13-Wk T Consolidated
Return
Pools CD's Agencies
Third Quarter, FY22
$-
$50,000
$100,000
$150,000
6/1/2020 9/1/2020 12/1/2020 3/1/2021 6/1/2021 9/1/2021 12/1/2021 3/1/2022 6/1/2022
0.00%
0.20%
0.40%
0.60%
0.80%
Historical Return
Return Rate Interest Earned
3
Quarterly Investment Report City of Colleyville, TX 06/30/2022
3/31/2022 6/30/2021
Thru Thru
6/30/2022 6/30/2022
As the graph above shows,the City's portfolio makeup has remained fairly static over the years.
However,our change in depository banks led staff to shy away from the sweep account instrument that
had been heavily used with Wells Fargo.As a result,cash has been moved from our bank and into other
instruments more frequently.Money stored in government pools tended to earn a decent return
compared to market while also being considered "liquid",as the City can withdraw its funds within 24
hours in most cases.However,as pool rates have plummeted,returns on certificates of deposit and even
some agency debt has looked attractive.With the market's recent shift back toward agency debt,we
should see a more diverse portfolio in the future.
What have we earned the past three months? For the past year?
$96,248; 0.70%$37,831; 0.30%
Current Total Quarterly Average
Compared to the average quarterly return for the past 12 months,the most recent quarter is showing a
slight increase in the rate of return.As noted,fixed-income rates have begun to climb amidst the actions
from the Federal Reserve.As noted previously,staff has been able to capitalize on these higher yields,
although the City's liquidity needs to remain relatively high at this time.Federal agency debt has been
particularly attractive as of late.As always,we will need to balance investments with our robust 5-year
capital improvement plan,which necessitates higher liquidity than in previous years.Staff will always
monitor the market and manage Colleyville's portfolio with emphasis on diversity and cash-flow needs.
How has our portfolio changed over time?
22%24%16%12%
61%58%
61%60%
17%15%
3%
2%2%14%5%5%13%
2020 2021 2022 2023
PORTFOLIO COMPOSITION
Bank Pools CD's CDARS Agencies
4
Quarterly Investment Report City of Colleyville, TX 06/30/2022
For any questions or comments on this report, please contact Also included:
Kyle Lester, CGFO Maturities/Purchases
City of Colleyville, TX Investment Listing
Finance Director 817-503-1014 Mark-to-Market
klester@colleyville.com
Signed:
This investment report is in compliance with the Public Funds Investment Act as well as the City of
Colleyville's investment policy and procedures.
What influences our rate of return?
Per State law, Colleyville is only permitted to invest in certain fixed income securities, whos
performance ties closely with the Federal Funds rate.As the chart above shows, the rates of our 13-
week treasury benchmark as well as our pools tend to move in lock-step with the Federal Reserve's rate
actions. This rate was cut five timessince the beginning of the pandemic but inflation and recessionary
fears have prompted the Federal Reserve to drastically increase it to between 2.25% and 2.5%. With
three Federal Resreve Board Meetings slated for this year, further rate hikes are likely, although they
aren't anticipated to be in the same magnitude as we saw in early 2022. Regardless,it is possible for the
interbank borrowing rate to reach a height not seen since 2008.
-
0.50
1.00
1.50
2.00
2.50
3.00
Influence of Federal Funds Rate on Fixed Income Market
13-Wk Coupon Fed Funds Rate Avg Pools
5
Quarterly Investment Report City of Colleyville, TX 06/30/2022
What has matured in the last 12 months?
Length
Brokered CD (FDIC #58665)249,000$ 9/7/2021 1.53 1.55%5,890$
CDARS (Worthington Bank)1,604,198$ 9/9/2021 1.00 0.50%8,021$
Brokered CD (NCUA #68712)249,000$ 9/20/2021 1.53 1.00%3,813$
Brokered CD (FDIC #57803)247,000$ 1/31/2022 1.97 1.70%8,271$
Brokered CD (FDIC #27389)249,000$ 2/22/2022 2.03 1.70%8,605$
Brokered CD (FDIC #23623)250,000$ 2/24/2022 1.50 0.20%752$
Frost Bank CD 1,500,000$ 2/25/2022 1.00 0.16%2,400$
Brokered CD (FDIC #57565)249,000$ 3/11/2022 2.01 1.00%5,014$
Brokered CD (FDIC #34742)249,000$ 3/21/2022 2.06 1.40%7,182$
Brokered CD (FDIC #33555)248,000$ 3/21/2022 2.04 1.00%5,062$
Brokered CD (FDIC #19581)250,000$ 3/21/2022 2.04 0.90%4,592$
Brokered CD (FDIC #35546)249,000$ 3/28/2022 2.08 1.55%8,026$
Brokered CD (FDIC #35546)249,000$ 3/28/2022 2.08 1.55%8,026$
Brokered CD (FDIC #58978)248,000$ 3/28/2022 2.06 1.05%5,365$
Brokered CD (FDIC #32992)244,201$ 4/4/2022 1.51 0.19%686$
Brokered CD (FDIC #26876)249,000$ 4/7/2022 1.00 0.10%248$
Total Matured 6,583,399$ 0.72%81,954$
APPENDIX
Maturity
DatePar Amount
Yield to
Maturity Total ReturnInvestment
6
Quarterly Investment Report City of Colleyville, TX 06/30/2022
What have we purchased within the last 12 months?
Brokered CD (#12858)248,000$ 6/29/2021 6/29/2023 0.15%744$
Brokered CD (#33539)249,000$ 6/30/2021 6/30/2023 0.25%1,245$
Brokered CD (FDIC #33124)250,000$ 7/28/2021 7/28/2023 0.25%1,250$
Spirit of Texas Jumbo CD 1,509,779$ 9/9/2021 9/9/2022 0.40%6,039$
Brokered CD (FDIC #34404)249,000$ 9/29/2021 9/29/2023 0.30%1,494$
Brokered CD (NCUA #227)249,000$ 9/29/2021 3/29/2024 0.40%2,489$
FHLB Note (3130AQ3X9)2,000,250$ 12/22/2021 12/22/2023 0.75%30,004$
Frost Bank CD 1,502,400$ 2/25/2022 2/25/2024 1.510%45,372$
Brokered CD (FDIC #27471)250,000$ 3/2/2022 3/4/2024 1.600%8,033$
Brokered CD (FDIC #32574)250,000$ 3/9/2022 3/6/2024 1.500%7,479$
Brokered CD (FDIC #628)249,000$ 3/31/2022 3/31/2023 1.00%2,490$
FHLB Note (3130ARLC3)1,000,000$ 4/25/2022 4/25/2024 2.63%52,572$
FHLB Note (3130ARP54)450,000$ 4/29/2022 4/29/2024 2.70%24,333$
FHLB Note (3131ARVT5)1,000,000$ 5/17/2022 5/17/2024 3.00%60,082$
FHLB Note (3130AR65)515,000$ 5/20/2022 5/17/2024 3.00%30,815$
Total Purchased 9,971,429$ 1.42%274,442$
Weighted Average Maturity 670 days
Yield to
MaturityInvestment Total ReturnPar Amount
Purchase
Date
Maturity
Date
APPENDIX
7
Quarterly Investment Report City of Colleyville, TX 06/30/2022
Full Investment Listing
Brokered CD (NCUA #60269)249,000$ 249,000$ 8/10/2020 0.30%1,510$
Brokered CD (FDIC #33686)249,000$ 249,000$ 8/26/2020 0.20%996$
Brokered CD (FDIC #17739)240,204$ 240,204$ 8/28/2020 0.200%962$
FFCB Note (3133EMCU4)2,000,000$ 2,000,000$ 10/13/2020 0.190%7,600$
Brokered CD (FDIC #148)245,000$ 245,000$ 10/14/2020 0.150%735$
Brokered CD (NCUA #17587)247,000$ 247,000$ 10/29/2020 0.25%1,233$
Brokered CD (FDIC #16022)247,000$ 247,000$ 11/9/2020 0.20%988$
Brokered CD (FDIC #34953)249,000$ 249,000$ 11/16/2020 0.20%996$
Brokered CD (FDIC #845)249,187$ 249,187$ 11/20/2020 0.20%797$
Brokered CD (FDIC #35141)249,000$ 249,000$ 11/20/2020 0.20%997$
FFCB Note (3133EMHE5)1,500,000$ 1,500,000$ 12/11/2020 0.170%5,023$
Brokered CD (FDIC #33954)256,586$ 256,586$ 12/22/2020 0.20%927$
Brokered CD (FDIC #4297)256,481$ 256,481$ 12/22/2020 0.20%926$
Brokered CD (FDIC #8120)247,000$ 247,000$ 12/23/2020 0.20%988$
Brokered CD (FDIC #58979)246,000$ 246,000$ 2/19/2021 0.150%740$
Brokered CD (NCUA #619)246,000$ 246,000$ 2/21/2021 0.150%730$
Brokered CD (FDIC #19008)249,000$ 249,000$ 3/30/2021 0.200%996$
Brokered CD (FDIC #57742)249,000$ 249,000$ 3/30/2021 0.200%996$
Brokered CD (FDIC #57873)249,000$ 249,000$ 3/31/2021 0.150%747$
Spirit of Texas Bank (LOC 17001779 $1.875m, exp 5/15/2021)1,032,562$ 1,032,562$ 4/29/2021 0.30%4,651$
Brokered CD (#12858)248,000$ 248,000$ 6/29/2021 0.15%744$
Brokered CD (#33539)249,000$ 249,000$ 6/30/2021 0.25%1,245$
Brokered CD (FDIC #33124)250,000$ 250,000$ 7/28/2021 0.25%1,250$
Spirit of Texas Jumbo CD 1,514,302$ 1,514,302$ 9/9/2021 0.40%6,057$
Brokered CD (NCUA #227)249,000$ 249,000$ 9/29/2021 0.40%2,489$
Brokered CD (FDIC #34404)249,000$ 249,000$ 9/29/2021 0.30%1,494$
FHLB Note (3130AQ3X9)2,000,187$ 2,000,187$ 12/22/2021 0.75%30,003$
Frost Bank Jumbo CD 1,502,400$ 1,502,400$ 2/25/2022 1.510%45,372$
Brokered CD (FDIC #27471)250,000$ 250,000$ 3/2/2022 1.60%8,033$
Brokered CD (FDIC #32574)250,000$ 250,000$ 3/9/2022 1.50%7,479$
Brokered CD (FDIC #628)249,000$ 249,000$ 3/31/2022 1.00%2,490$
FHLB Note (3130ARLC3)1,000,000$ 1,000,000$ 4/25/2022 2.63%52,572$
FHLB Note (3130ARP54)450,000$ 450,000$ 4/29/2022 2.70%24,333$
FHLB Note (3131ARVT5)1,000,000$ 1,000,000$ 5/17/2022 3.00%60,082$
FHLB Note (3130AR65)515,000$ 515,000$ 5/20/2022 3.00%30,815$
Total 18,731,908$ 0.61%307,998$
Weighted Average Maturity 330 days
Yield to
Maturity Total Return
Purchase
DatePurchaseInvestmentPar Amount
APPENDIX
8
Quarterly Investment Report City of Colleyville, TX 06/30/2022
Mark-to-Market
3/31/2022 6/30/2022
Market Value Market Value
Brokered CD (FDIC #27471)250,000$ 247,807$ 243,653$ (6,347)$
Brokered CD (FDIC #32574)250,000$ 247,299$ 243,193$ (6,807)$
Brokered CD (NCUA #227)249,000$ 240,629$ 237,212$ (11,788)$
Brokered CD (FDIC #33124)250,000$ 245,676$ 243,024$ (6,976)$
Spirit of Texas Bank CDs (2)2,546,864$ 2,543,745$ 2,546,864$ -$
Brokered CD (NCUA #60269)249,000$ 248,639$ 248,514$ (486)$
Brokered CD (FDIC #33686)249,000$ 248,527$ 248,395$ (605)$
FHLB Note (3130AQ3X9)2,000,250$ 1,955,905$ 1,940,498$ (59,752)$
Brokered CD (FDIC #34404)249,000$ 243,771$ 240,815$ (8,185)$
Brokered CD (FDIC #16022)247,000$ 245,948$ 245,439$ (1,561)$
Brokered CD (FDIC #8120)247,000$ 245,656$ 244,787$ (2,213)$
Brokered CD (FDIC #33954)256,586$ 248,934$ 247,351$ (9,235)$
Brokered CD (FDIC #4297)256,481$ 248,934$ 247,351$ (9,130)$
Brokered CD (FDIC #34953)249,000$ 247,894$ 247,354$ (1,646)$
Brokered CD (NCUA #17587)247,000$ 246,089$ 245,674$ (1,326)$
Brokered CD (FDIC #845)249,187$ 248,851$ 247,250$ (1,937)$
Brokered CD (FDIC #35141)249,000$ 247,865$ 247,250$ (1,750)$
FFCB Note (3133EMHE5)1,500,000$ 1,488,285$ 1,486,035$ (13,965)$
FFCB Note (3133EMCU4)2,000,000$ 1,989,200$ 1,988,880$ (11,120)$
Brokered CD (FDIC #17739)240,204$ 239,477$ 239,371$ (833)$
Brokered CD (FDIC #148)245,000$ 244,045$ 243,780$ (1,220)$
Brokered CD (FDIC #58979)246,000$ 243,798$ 242,642$ (3,358)$
Brokered CD (NCUA #619)246,000$ 243,914$ 242,807$ (3,193)$
Frost Bank Jumbo CD 1,502,400$ 1,502,400$ 1,502,400$ -$
Brokered CD (FDIC #19008)249,000$ 246,273$ 244,872$ (4,128)$
Brokered CD (FDIC #57742)249,000$ 246,288$ 244,896$ (4,104)$
Brokered CD (FDIC #57873)249,000$ 246,156$ 244,767$ (4,233)$
Brokered CD (#33539)249,000$ 245,131$ 242,588$ (6,412)$
Brokered CD (#12858)248,000$ 243,858$ 241,383$ (6,617)$
Brokered CD (FDIC #628)249,000$ N/A 246,346$ (2,654)$
FHLB Note (3130ARLC3)1,000,000$ N/A 993,100$ (6,900)$
FHLB Note (3130ARP54)450,000$ N/A 447,255$ (2,745)$
FHLB Note (3131ARVT5)1,000,000$ N/A 995,560$
FHLB Note (3130AR65)515,000$ N/A 513,347$
Total 18,731,970$ 15,380,994$ 18,524,651$ (201,226)$
Unrealized
Gain/(Loss) since
PurchaseInvestmentInitial Value
APPENDIX
9
Quarterly Investment Report City of Colleyville, TX 06/30/2022
247,000$ 256,586
247,000$ 256,481$
249000 249,187$
MBS
240000 244,201$
240000 240,204$
MBS
MBS
Note about mark-to-market:This analysis takes a snapshot look at each of the securities Colleyville
holds and values them based on what the market would pay for them today.An unrealized gain in
market value would indicate the security's value has gone up since the last mark-to-market,and an
unrealized loss would indicate the value has gone down.However,the City of Colleyville's strategy
is to buy securities and hold them to maturity to receive the agreed-upon interest payments (known
as "buy and hold").Therefore,any change in market value will not be realized by the City.The
primary purpose of this analysis,as required by the Public Funds Investment Act,is to demonstrate
the current market value of the City's portfolio should we need to liquidate it in the case of an
emergency.This scenario is extremely unlikely,given the prudence Colleyville's leaders have
shown in their financial decisions.It is important to remember this when looking at our quarterly
mark-to-market analysis.
Predictably,the fixed income market's recent turn upward would lead most of the City's securities,
purchased at lower yields,to be uncompetitive and therefore not particularly marketable as
secondary securities.This means the City would likely realize a loss in the event any security needs
to be liquidated. However, as stated above, this is not a likely scenario.
APPENDIX
10