HomeMy WebLinkAboutAudit Committee-Agenda Packets-2/20/2024City of Colleyville Page 1
CITY OF COLLEYVILLE
AUDIT COMMITTEE AGENDA
100 Main Street, Colleyville, Texas, 76034
City Manager's Conference Room - Third Floor
TUESDAY, FEBRUARY 20, 2024 - 5:00 PM
1.CALL TO ORDER
2.APPROVAL OF MINUTES
November 21, 2023
3.REGULAR AGENDA ITEMS
3a Discussion of the draft FY23 Audit and SAS 114 Letter
4.REPORTS
Quarterly investment report
5.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, February 16,
2024 by 5:00 p.m.
Christine Loven, TRMC
City Secretary
A quorum of any Colleyville board, commission, or committee may be present at this
meeting. Any matter on this agenda may be opened for public comment and discussion at
the discretion of the governing body.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the City Secretary at least 48 hours in advance at
817.503.1130, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1
CITY OF COLLEYVILLE
AUDIT COMMITTEE AGENDA
100 Main Street, Colleyville, Texas, 76034
City Manager's Conference Room - Third Floor
TUESDAY, NOVEMBER 21, 2023 - 5:15 PM
1. CALL TO ORDER
City Secretary Christine Loven called the meeting to order at 5:16 p.m. and called
the roll.
PRESENT: Committee members Brandi Elder, Scotty Richardson, and Chuck
Kelley.
ALSO PRESENT: Mayor Lindamood, Accounting Manager Karen Hines, City
Manager Jerry Ducay, Assistant City Manager Mark Wood, and City Secretary
Christine Loven.
2. APPROVAL OF MINUTES
August 15, 2023
The August 15, 2023 minutes were unanimously approved.
3. REGULAR AGENDA ITEMS
3a Presentation of the fourth quarter FY23 investment report
Assistant City Manager Mark Wood reviewed the final quarter of FY23 investment
report. He reviewed the City’s cash position, yield curve, return summary and the
mark to market. Manager Wood noted the City is in good financial condition and it
is anticipated there will be higher returns in FY24, though the City always budgets
conservatively.
There was general discussion on bank promotions, purchasing, the stability of the
market, and the search for a finance director.
4. ADJOURNMENT
The meeting was adjourned at 5:31 p.m.
Minutes taken and prepared by:
Christine Loven, TRMC,
City Secretary
City of Colleyville Page 1
CITY OF COLLEYVILLE
AUDIT COMMITTEE BRIEFING
Agenda Number 3a Agenda Date 2/20/2024 Number
Type Regular Agenda Items
Department Finance
Title
Discussion of the draft FY23 Audit and SAS 114 Letter
Explanation
This item provides for an update from the City's audit firm, Weaver and Tidwell.
Attachments
1.Audit Presentation FY23
Audit
Insights
City of Colleyville
Year Ended September 30, 2023
Today’s Speaker
Jennifer Ripka, CPA
Partner, Assurance Services
Audit engagement partner.
14 years of public accounting experience.
Practice emphasis in auditing for cities, school
districts and nonprofit agencies
GFOA Special Review Committee Member
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
Audit Associates
Michelle Gilley
Audit Supervisor
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
5
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.
6
Audit Results:
FINANCIAL STATEMENTS
Internal control over financial reporting:
Any material weakness(es)identified?NO
Any significant deficiencies that are not
material weaknesses?NONE REPORTED
Any noted noncompliance material to
financial statements?NO
Type of Report Issued:UNMODIFIED
Audit Results:
FEDERAL AWARDS
Internal control over major programs:
Any material weakness(es)identified?NO
Any significant deficiencies that are not material
weaknesses?NONE REPORTED
Any audit findings required to be
reported under 2 CFR 200.516(a)?NO
Type of Report Issued, Compliance for Major Programs:UNMODIFIED
Type of Auditee:LOW RISK
Major Programs:Coronavirus Relief Fund (21.027)
8
Required Communications to
Those in Charge of Governance
Communication Results
Unusual transactions and the
adoption of new accounting
principles
The significant accounting policies used
by City are described in Note 1 to the
financial statements.
GASB Statement No. 96, Subscription-
Based Information Technology
Arrangements. was implemented by
the City during fiscal year 2023.
We noted no transactions entered into
by City during the year for which there
is a lack of authoritative guidance or
consensus.
9
10
Required Communications to
Those in Charge of Governance
Communication Results
Fraud and illegal acts No material errors, irregularities, or
illegal acts were noted.
Material weakness in internal
control
No material weaknesses noted.
Other information contained in
documents containing audited
financial statements
We performed limited procedures on
the required supplementary
information. We did not provide any
assurance on this information.
Management judgments and
accounting estimates
Management’s estimates of estimated
allowance for uncollectible accounts
receivable were evaluated and
determined to be reasonable in
relation to the financial statements as a
whole.
Required Communications to
Those in Charge of Governance
Communication Results
Difficulties encountered No difficulties or disagreements
arose during the course of our
audit.
Management representations We requested certain
representations from management
that were included in the
management representation letter.
Management consultations We are not aware of management
consulting with other accountants
for a second opinion.
Auditor independence No independence issues noted.
11
Financial
Highlights
12
Financial Highlights:
FUND BALANCES
The City’s governmental funds reported in FY 2023 a combined
ending fund balance of $57,120,567, an increase of $4,190,688.
0.00%
21.01%
62.33%
3.35%
13.31%
Nonspendable
Restricted
Committed
Assigned
Unassigned
Fund Balance Breakdown by
Category:
General Fund 8,514,962$
Debt Service Fund 443,066
Capital Projects Fund 30,638,469
Colleyville Economic Development Fund 7,537,100
Grant fund (246,527)
Colleyville Tomorrow Fund 520,438
Non-Major Governmental Fund 9,713,059
Total Governmental Funds 57,120,567$
Financial Highlights:
NET POSITION
The City’s proprietary funds reported in FY 2023 a combined ending
net position of $75,877,207, an increase of $3,409,679:
58.16%
41.84%
Net Investment in
Capital Assets
UnrestrictedNet Position Breakdown by
Category:
Water and Sewer Fund 69,381,483$
Drainage Utility Fund 6,495,724
Proprietary Funds 75,877,207$
Contact Us
Jennifer Ripka
Partner, Assurance Services
Direct: (972) 448.9268
Email: jennifer.ripka@weaver.com
Questions?
15
City of Colleyville Page 1
CITY OF COLLEYVILLE
AUDIT COMMITTEE BRIEFING
Agenda Number Agenda Date 2/20/2024 Number
Type Report
Department Finance
Title
Quarterly investment report
Explanation
Cash and Cash Equivalents (local government investment pools) totaled $54,781,534 at
the end of December 2023. Colleyville’s complete portfolio was valued at $72,676,333,
and was allocated as follows:
Instrument Current as of 12/31/2023
Last Quarteras of 9/30/2023
Cash $ 17,011,919 $ 10,899,783
LOGIC (CP Permissible) $ 2,723,540 $ 2,685,809
Other Governmental Pools $ 35,046,075 $ 32,917,765
CD’s $ 5,430,846 $ 5,928,846
CDARS $ -$ -
Agencies $ 12,463,953 $ 15,464,402
Total Cash & Investments $ 72,676,333 $ 67,896,607
Yield this quarter
5.55 %
5.33 %
3.57 %
0.00 %
4.62 %
5.15 %
Instrument
LOGIC (CP Permissible)
Other Governmental Pools
CD’s
CDARS
Agencies
Total Consolidated Yield
Benchmark Yield: 5.45%
Interest earnings for the quarter were $659,286 compared to $683,782 in the previous
quarter. This decrease was caused by staff pulling back some investments temporarily
until Ad Valorem collections began coming in. Staff will continue to examine cash-flow
needs and place our resources in instruments with an emphasis on keeping these funds
safe while earning as strong a yield as possible.
Attachments
1.Investment Report - Dec 2023
12/31/2023
City of Colleyville, TX
Quarterly Investment Report
Quarterly Investment Report City of Colleyville, TX 12/31/2023
Weighted
9/30/2023 12/31/2023 Change Maturity
Cash 10,899,783$ 17,011,919$ 6,112,136$ Liquid
Sweep Account -$ -$ -$ Liquid
LOGIC (CP Permiss.) 2,685,809$ 2,723,540$ 37,731$ Liquid
Other Gov't Pools 32,917,765$ 35,046,075$ 2,128,310$ Liquid
Subtotal 46,503,358$ 54,781,534$ 8,278,176$
CD's 5,928,846$ 5,430,846$ (498,000)$ 175 days
CDARS -$ -$ -$ 0 days
Agencies 15,464,402$ 12,463,953$ (3,000,449)$ 170 days
Subtotal 21,393,249$ 17,894,799$ (3,498,450)$ 172 days
Total Resources 67,896,607$ 72,676,333$ 4,779,726$
Investments on the move…
Criteria
Met?
Policy Max 9/30/2023 12/31/2023
U.S. Treasuries 100% 0% 0%
U.S. Agencies 75% 23% 17%
CD's 75% 9% 7%
Local Gov't Pools 75% 52% 52%
CDARs 75% 0% 0%
Tri-Pty Repurchase 75% 0% 0%
Cash/Sweep N/A 16% 23%
Cash/
Equivalents
Bonds/CDs/Ag
encies
Where is Colleyville's cash?
The first quarter of FY24 showed an increase in cash, mostly due to the collection of Ad Valorem
receipts that are due prior to the end of January. During this quarter, the city had 2 CD's that matured
totaling $498,000 with a weighted average maturity of 336 days and a consolidated return of 4.98%. In
addition, the city also had 2 agency notes mature totaling $3M with a consolidated return of 2.17% .
The increase in the Gov't Pools category comes from $1.7M in contributions made during the quarter.
Now that over 70% of the budgeted Ad Valorem receipts have come in, staff will be looking to reinvest
some of what has recently matured. With a total of $4.2 million maturing before the end of the next
quarter, the City will have ample opportunity to reach back out to the market. These moves will continue
to pull the City’s consolidated return closer to our benchmark.
Diversity Snapshot vs. Policy Requirements
0%0%10%SEC Registered, No-
Load Mutual Funds
2
Quarterly Investment Report City of Colleyville, TX 12/31/2023
Benchmark = 13-Week Treasury
The City's total consolidated return was 5.15% as of December 31, 2023, representing a continued
increase from a consolidated return of 4.88% last quarter. With the Federal Reserve’s high interbank
borrowing rate, this will be the seventh quarter our return lags behind the 13-week treasury rate, as pool
rates are still catching up and the City is allowing it’s older, lower interest-bearing investments to
mature. This tends to be a characteristic of a starkly rising rate market for portfolios that hold their
investments to maturity. As of the date of this report, it is not uncommon to see shorter-term securities
(1 - 3 years) pushing into the 530-560 basis point range and holding steady. As older and weaker
investments mature, staff will continue to take advantage of higher market rates. Funds dedicated to
capital improvement projects will need to remain readily available while excess operating cash can be
invested in shorter-term instruments with favorably returns. The City is expected to remain in a lower
cash position through the first quarter of fiscal year 2024, but that will reverse once property tax
receipts hit in December/January.
How do our returns compare?
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 coming out of a down-cycle in
terms of returns, until the last year 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.
5.45%5.15%
5.60%
5.35%
3.57%
4.62%
-0.30%
0.70%
1.70%
2.70%
3.70%
4.70%
5.70%
13-Wk T Consolidated Return Bank Pools CD's Agencies
Fourth Quarter, FY23
$-
$200,000
$400,000
$600,000
$800,000
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Historical Return
Return Rate Interest Earned
3
Quarterly Investment Report City of Colleyville, TX 12/31/2023
9/30/2023 12/31/2022
Thru Thru
12/31/2023 12/31/2023
How has our portfolio changed over time?
$659,286; 5.15%$625,319; 4.69%
Current Total Quarterly Average
Compared to the average quarterly return for the past 12 months, the most recent quarter is showing a
significant increase in the rate of return, led by recent maturities and reinvestments placed in the past
few months. As noted, fixed-income rates have climbed amidst the actions from the Federal Reserve and
appear to be sitting well above the 500-basis point range pretty consistently. 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.Staff will always monitor the
market and manage Colleyville's portfolio with emphasis on diversity and cash-flow needs.
What have we earned the past three months? For the past year?
As the graph above shows, the City's portfolio makeup has changed substantially over the years. For
one, 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. Certificates of Deposit were particularly attractive during the pandemic
years, with agencies also resurging within the last twelve months. While money stored in government
pools isn’t earning as high as our treasury benchmark as of late, it does have the benefit of a decent
return market while also being considered "liquid", as the City can withdraw its funds within 24 hours in
most cases. Regardless, all recent investments that have been placed recently have well outpaced our 13-
week treasury benchmark and mature within 1-2 years.
18%26%
39%
23%
60%47%
33%
52%
19%
12%7%
2%0%5%16%17%
2021 2022 2023 2024
PORTFOLIO COMPOSITION
Bank Pools CD's CDARS Agencies
4
Quarterly Investment Report City of Colleyville. TX 12/31/2023
What influences our rate of return?
Influence of Federal Funds Rate on Fixed Income Market
6.00
5.00
4.00
3.00
2.00
1.00
-13-Wk Coupon -Fed Funds Rate -Avg Pools
Per State law, Colleyville is only permitted to invest in certain fixed income secunt1es, 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 times since the beginning of the pandemic but inflation and recessionary
fears have prompted the Federal Reserve to drastically increase it, most recently by a quarter of a
percent to between 5% and 5.25%. With inflationary pressures continuing and a potential (mild)
recession coming later in 2023, further rate hikes are decreasing in probability, at least at their previous
levels. Regardless, it is possible for the interbank borrowing rate to reach a height not seen since mid-
2007. Staff will continue to monitor this metric as the year continues.
This investment report is in compliance with the Public Funds Investment Act as well as the City of
Colleyville's investment policy and procedures.
For any questions or comments on this report. please contact
Karen Hines
City of Colleyville. TX
Interim Finance Director 817-503-1015
khines@colleyville.com
Signed:
Jy�
5
Also included:
M aturiti es/Purchases
Investment Listing
Mark-to-Market
Quarterly Investment Report City of Colleyville, TX 12/31/2023
What has matured in the last 12 months?
Length
Brokered CD (FDIC #8120) 247,000$ 12/23/2022 2.00 0.20% 988$
Brokered CD (NCUA #619) 246,000$ 2/13/2023 1.98 0.15% 730$
Brokered CD (FDIC #58979) 246,000$ 2/21/2023 2.01 0.15% 740$
Brokered CD (FDIC #19008) 249,000$ 3/30/2023 2.00 0.20% 996$
Brokered CD (FDIC #57742) 249,000$ 3/30/2023 2.00 0.20% 996$
Brokered CD (FDIC #57873) 249,000$ 3/31/2023 2.00 0.15% 747$
Brokered CD (FDIC #628) 249,000$ 3/31/2023 1.00 1.00% 2,490$
Brokered CD (FDIC #14029) 250,000$ 5/15/2023 0.50 4.40% 5,485$
Brokered CD (FDIC #12858)248,000$ 6/29/2023 2.00 0.15%744$
Brokered CD (FDIC #68722) 250,000$ 6/29/2023 1.00 2.95% 7,375$
Brokered CD (FDIC #33539) 249,000$ 6/30/2023 2.00 0.25% 1,245$
Brokered CD (FDIC #66364) 250,000$ 7/13/2023 1.00 3.00% 7,500$
FHLB Note (3130ASHY8) 500,000$ 7/14/2023 1.00 3.25% 16,250$
FFCB Note (3133ENV98) 500,000$ 7/26/2023 0.72 4.67% 16,889$
Brokered CD (FDIC #33124) 250,000$ 7/28/2023 2.03 0.25% 1,271$
Brokered CD (FDIC #34395) 250,000$ 8/10/2023 0.50 4.70% 5,827$
Brokered CD (FDIC #33849) 250,000$ 8/10/2023 0.50 4.70% 5,827$
Brokered CD (FDIC #34404) 249,000$ 9/29/2023 2.01 0.30% 1,504$
FHLB Note (3130ATE37) 1,500,000$ 9/29/2023 1.00 4.15% 62,250$
Brokered CD (FDIC #61800) 248,000$ 10/19/2023 0.83 4.85% 10,018$
Brokered CD (NCUA #4584) 250,000$ 12/18/2023 1.01 5.10% 12,820$
FHLB Note (3130AQ3X9) 2,000,000$ 12/22/2023 2.00 0.75% 30,000$
FNMA Note (3135GADK4) 1,000,000$ 12/27/2023 1.00 5.00% 49,863$
Total Matured 9,979,000$ 2.49%242,554$
APPENDIX
Maturity
DatePurch Price
Yield to
Maturity Total ReturnInvestment
6
Quarterly Investment Report City of Colleyville, TX 12/31/2023
What have we purchased within the last 12 months?
Brokered CD (NCUA #4584) 250,000$ 12/16/2022 12/18/2023 5.10% 12,820$
Brokered CD (FDIC #61800) 248,000$ 12/19/2022 10/19/2023 4.85% 10,018$
Brokered CD (NCUA #1040) 250,000$ 12/22/2022 12/23/2024 5.20% 26,071$
FNMA Note (3135GADK4) 1,000,600$ 12/28/2022 12/27/2023 5.00% 49,893$
Brokered CD (NCUA #857) 250,000$ 2/8/2023 2/8/2024 5.00% 12,500$
Brokered CD (FDIC #34395) 250,000$ 2/10/2023 8/10/2023 4.70% 5,827$
Brokered CD (FDIC #33849) 250,000$ 2/10/2023 8/10/2023 4.70% 5,827$
FHLB Note (3130AURL0) 1,000,000$ 2/13/2023 2/13/2024 4.80% 48,000$
FHLB Note (3130AUZ23 1,000,000$ 3/1/2023 3/1/2024 5.25%52,644$
FHLB Note (3130AV3D2) 1,000,000$ 3/6/2023 9/6/2024 5.45% 82,123$
Brokered CD (FDIC #24045) 243,000$ 5/19/2023 11/19/2024 5.20% 19,041$
FHLMC Note (3134GYS52) 500,350$ 5/22/2023 5/16/2025 5.35% 53,171$
Brokered CD (FDIC #26610) 237,000$ 5/26/2023 5/24/2024 5.20% 12,290$
Brokered CD (FDIC #66399) 248,000$ 5/26/2023 7/26/2024 5.15% 14,941$
Brokered CD (FDIC #24923) 248,000$ 5/26/2023 11/26/2024 5.15% 19,245$
FHLB Note (3130AWAK6) 1,000,000$ 5/30/2023 5/28/2025 5.51% 110,049$
FHLB Note (3130AQ3X9) 1,499,400$ 8/10/2023 4/26/2024 5.34% 57,035$
FHLB Note (3130AVT44) 999,290$ 9/8/2023 5/22/2024 5.40% 37,995$
Simmons Bank CD 700,000$ 9/12/2023 9/12/2024 5.20% 36,500$
Brokered CD (FDIC #60801) 248,000$ 9/13/2023 9/13/2024 5.75% 14,299$
Brokered CD (FDIC #89841) 248,000$ 10/18/2023 10/18/2024 5.60% 13,926$
Total Purchased 11,669,640$ 5.23%694,214$
Weighted Average Maturity 413 days
APPENDIX
Yield to
MaturityInvestment Total ReturnPurch Price
Purchase
Date
Maturity
Date
7
Quarterly Investment Report City of Colleyville, TX 12/31/2023
Full Investment Listing
Brokered CD (FDIC/NCUA #857)250,000$ 2/8/2023 2/8/2024 5.000% 12,500$
Brokered CD (FDIC/NCUA #66399)248,000$ 5/26/2023 7/26/2024 5.100% 14,796$
Brokered CD (FDIC/NCUA #24045)243,000$ 5/19/2023 11/19/2024 5.10% 18,674$
Brokered CD (FDIC/NCUA #227)249,000$ 9/24/2021 3/29/2024 0.40% 2,502$
Brokered CD (FDIC/NCUA #60801)248,000$ 9/13/2023 9/13/2024 5.75% 14,299$
Brokered CD (FDIC/NCUA #26610)237,000$ 5/26/2023 5/24/2024 5.10% 12,054$
Brokered CD (FDIC/NCUA #32992)249,000$ 10/14/2022 10/14/2024 4.400% 21,942$
Simmons Jumbo CD 700,000$ 9/12/2023 9/12/2024 5.20% 36,500$
Frost Bank Jumbo CD 1,502,400$ 2/25/2022 2/25/2024 1.51% 45,372$
Brokered CD (FDIC/NCUA #27471)250,000$ 3/2/2022 3/4/2024 1.60%8,033$
Brokered CD (FDIC/NCUA #32574)250,000$ 3/9/2022 3/6/2024 1.50% 7,479$
Brokered CD (FDIC/NCUA #29546)249,000$ 10/21/2022 10/21/2024 4.40% 21,942$
Brokered CD (FDIC/NCUA #66399)248,000$ 5/26/2023 11/26/2024 5.20% 19,432$
Brokered CD (FDIC/NCUA #1040)250,000$ 12/22/2022 12/23/2024 5.20% 26,071$
FHLB Note (3130AURL0) 1,000,000$ 2/13/2023 2/13/2024 4.80% 48,000$
FHLB Note (3130AUZ23 1,000,000$ 3/1/2023 3/1/2024 5.25% 52,644$
FHLB Note (3130AV3D2) 1,000,000$ 3/6/2023 9/6/2024 5.45% 82,123$
FHLMC Note (3134GYS52) 500,350$ 5/22/2023 5/16/2025 5.35% 53,171$
FHLB Note (3130ATKC0) 1,000,000$ 10/3/2022 1/26/2024 4.63% 60,822$
FHLB Note (3130AVJN3) 1,499,400$ 8/10/2023 4/26/2024 5.34% 57,035$
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 (3130ARV65) 515,000$ 5/20/2022 5/17/2024 3.00% 30,815$
FHLB Note (3130AWAK6) 1,000,000$ 5/30/2023 5/28/2025 5.51% 110,049$
FHLB Note (3130AVT44) 999,290$ 9/8/2023 5/22/2024 5.40% 37,995$
FHLMC Note (3134GX7F5) 500,000$ 11/28/2022 5/23/2024 5.15% 38,237$
FHLB Note (3130ATK63) 1,000,000$ 10/3/2022 7/25/2024 4.88% 88,284$
Brokered CD (FDIC/89841) 248,000$ 10/18/2023 10/18/2024 0.56% 1,393$
Total 17,885,440$ 4.23%1,059,153$
Weighted Average Maturity 172 days
APPENDIX
Investment Purch Price
Maturity
Date
Yield to
Maturity Total Return
Purchase
Date
8
Quarterly Investment Report City of Colleyville, TX 12/31/2023
Mark-to-Market
9/30/2023 12/31/2023
Market Value Market Value
Brokered CD (FDIC/NCUA #857)250,000$ 249,603$ 249,838$ (163)$
Brokered CD (FDIC/NCUA #66399)248,000$ 247,038$ 247,038$ (962)$
Brokered CD (FDIC/NCUA #24045)243,000$ 241,700$ 241,700$ (1,300)$
Brokered CD (FDIC/NCUA #227)249,000$ 242,807$ 244,931$ (4,069)$
Brokered CD (FDIC/NCUA #60801)248,000$ 248,154$ 248,154$ 154$
Brokered CD (FDIC/NCUA #26610)237,000$ 236,325$ 236,325$ (675)$
Brokered CD (FDIC/NCUA #32992)249,000$ 245,768$ 245,768$ (3,232)$
Simmons Jumbo CD 700,000$ 700,000$ 700,000$ -$
Frost Bank Jumbo CD 1,502,400$ 1,500,000$ 1,500,000$ (2,400)$
Brokered CD (FDIC/NCUA #27471)250,000$ 245,213$ 245,213$ (4,787)$
Brokered CD (FDIC/NCUA #32574)250,000$ 245,736$ 244,981$ (5,019)$
Brokered CD (FDIC/NCUA #29546)249,000$ 245,698$ 245,698$ (3,302)$
Brokered CD (FDIC/NCUA #66399)248,000$ 246,527$ 246,527$ (1,473)$
Brokered CD (FDIC/NCUA #1040)250,000$ 248,600$ 248,600$ (1,400)$
FHLB Note (3130AURL0) 1,000,000$ 997,260$ 999,220$ (780)$
FHLB Note (3130AUZ23 1,000,000$ 998,750$ 999,770$ (230)$
FHLB Note (3130AV3D2) 1,000,000$ 996,260$ 998,740$ (1,260)$
FHLMC Note (3134GYS52) 500,350$ 495,970$ 498,725$ (1,625)$
FHLB Note (3130ATKC0) 1,000,000$ 997,200$ 999,510$ (490)$
FHLB Note (3130AVJN3) 1,499,400$ 1,499,130$ 1,499,730$ 330$
FHLB Note (3130ARLC3) 1,000,000$ 983,510$ 991,450$ (8,550)$
FHLB Note (3130ARP54) 450,000$ 442,620$ 446,171$ (3,830)$
FHLB Note (3131ARVT5) 1,000,000$ 984,070$ 991,480$ (8,520)$
FHLB Note (3130ARV65) 515,000$ 506,842$ 510,061$ (4,939)$
FHLB Note (3130AWAK6) 1,000,000$ 993,310$ 998,100$ (1,900)$
FHLB Note (3130AVT44) 999,290$ 997,302$ 999,458$ 168$
FHLMC Note (3134GX7F5) 500,000$ 498,140$ 499,155$ (845)$
FHLB Note (3130ATK63) 1,000,000$ 993,440$ 997,320$ (2,680)$
Brokered CD (FDIC/89841) 248,000$ N/A 248,990$ 990$
Total 17,885,440$ 17,526,972$ 17,822,650$ (62,790)$
APPENDIX
Unrealized
Gain/(Loss) since
PurchaseInvestmentInitial Value
9
Quarterly Investment Report City of Colleyville, TX 12/31/2023
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