HomeMy WebLinkAboutAudit Committee-Minutes-6/18/2024
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, JUNE 18, 2024 - 3:30 PM
1. CALL TO ORDER
2. APPROVAL OF MINUTES
2a February 20, 2024
3. REGULAR AGENDA ITEMS
3a Approval of the City of Colleyville Investment Policy annual review
and recommended changes
3b Presentation of the second quarter FY24 investment report
4. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, June 14, 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 MINUTES
100 Main Street, Colleyville, Texas, 76034
City Manager's Conference Room - Third Floor
TUESDAY, JUNE 18, 2024 - 3:30 PM
1. CALL TO ORDER
City Secretary Christine Loven called the meeting to order at 3:00 p.m. and called
the roll.
PRESENT: Committee members Brandi Elder and Scotty Richardson.
ALSO PRESENT: Councilmembers Mark Alphonso, Ben Graves, and Kimberly Holt
Gunderson, Finance Director Matt Poston, Accounting Manager Karen Hines, City
Manager Jerry Ducay, Assistant City Manager Mark Wood, and City Secretary
Christine Loven.
2. APPROVAL OF MINUTES
February 20, 2024
The February 20, 2024 minutes were approved.
3. REGULAR AGENDA ITEMS
3a Approval of the City of Colleyville Investment Policy annual review and
recommended changes
Finance Director Matt Poston stated the Investment Policy is in accordance with
Chapter 2256 of the Texas Government Code – Public Funds Investment Act. The
policy objectives are to preserve capital, maintain sufficient liquidity to meet cash
flow needs, and optimize earnings within constraints of capital preservation and
liquidity.
Director Poston stated the current investment policy was adequate, but the
proposed updated policy provides for modernization and refinement, and is a
policy which must be approved annually by the City Council. While highlighting the
proposed changes, Director Poston reviewed the authorized investments, roles and
responsibility of the designated investment officers, and the monitoring and
reporting requirements.
There was discussion of the City’s investments, current rates and trends, and
liquidity.
City of Colleyville Page 2
Audit Committee Minutes June 18, 2024
3b Presentation of the second quarter FY24 investment report
Finance Director Matt Poston provided an overview of the report, reiterated the
investment strategies and objectives, and explained the portfolio performance and
investment distribution.
There was general discussion regarding CD renewal and rate structures.
4. ADJOURNMENT
The meeting adjourned at 4:02 p.m.
PASSED ON THIS THE 20TH DAY OF AUGUST 2024.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary