HomeMy WebLinkAboutAgenda_GGAF_01.06.2021Notice of Meeting for the
General Gov ernment and F inance Adv isory B oard
of the City of Georgetown
January 6, 2021 at 4:30 P M
at Virtual
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r educ e the c hance of C O V I D-19 tr ansmission, all C ity of Ge orge town
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Page 1 of 120
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Regular Session
(T his R egular S es s ion may, at any time, be rec es s ed to c onvene an Exec utive S es s ion for any purpose
authorized by the O pen Meetings Act, Texas G overnment C ode 551.)
A Disc ussion on how this virtual c onference will be c onducted, to inc lude options for public c omments and
how the public may addres s the C ommis s ion –Tommy G onzalez, G G AF C hair
B C ons ideration and pos s ible actio n to ap p ro ve the minutes fro m the Dec ember 2, 2020 G eneral
G overnment and F inanc e Advisory Board Meeting - S haron P arker, Board Liais on
C C ons ideration and p o s s ib le ac tio n to recommend ap p ro val o f an annual d ed icated s upport c o ntract for
fac ility acc es s control and video s urveillanc e to be provid ed b y C o nvergint Technologies o f Aus tin, T X
for the annual amount o f $92,040.00 p er I AW S ourcewell C o ntract No : 031517-C T L -- Eric Johnson,
F ac ilities Director
D C ons ideration and possible ac tio n to approve c o ntract No. 21-0030-C C with I P S Advis o rs (HUB
International) in the amount of $74,500.00, fo r s trategic benefit planning and design, administration,
c omplianc e to o ls and legis latio n info rmation, provid er s elec tion, data analys is , and meeting with C ity and
providers - Tadd P hillips, Human Resources & Organizational D evelopment D irector
E Disc ussion and possible action to recommend selec tion of Valley View C ons ulting, LLC for Investment
Advis ory S ervic es - Leigh Wallace, F inanc e Direc tor
Adjournment
Ce rtificate of Posting
I, R obyn Densmore, C ity S ecretary for the C ity of G eorgetown, Texas, do hereby c ertify that this Notic e of
Meeting was posted at C ity Hall, 808 Martin Luther King Jr. S treet, G eorgetown, T X 78626, a plac e readily
acc es s ible to the general public as required by law, on the _____ day of _________________, 2021, at
__________, and remained s o posted for at leas t 72 c ontinuous hours prec eding the s cheduled time of said
meeting.
__________________________________
R obyn Dens more, C ity S ec retary
Page 2 of 120
City of Georgetown, Texas
Government and Finance Advisory Board
January 6, 2021
S UB J E C T:
C onsideration and possible ac tion to ap p ro ve the minutes from the Dec ember 2, 2020 G eneral
G overnment and F inance Advis ory Board Meeting - S haron P arker, Board Liaison
IT E M S UMMARY:
F IN AN C IAL IMPAC T:
.
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
Draft GGAF Minutes 12.2.2020 Backup Material
Page 3 of 120
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Minutes
General Government and Finance Advisory Board
City of Georgetown, Texas
Wednesday, December 2, 2020 at 4:30 PM
Virtual Meeting
The General Government and Finance Advisory Board met on Wednesday, December 2, 2020, at 4:30 PM via
Zoom virtual meeting.
Board Members Present: City Staff Present:
Tommy Gonzalez, Chair David Morgan, City Manager
Kevin Pitts, Vice-Chair Laurie Brewer, Assistant City Manager
Stu McLennan, Secretary Leigh Wallace, Finance Director
Robert Witt Elaine Wilson, Assistant Finance Director
Eric Corp Chris Bryce, IT Director
Greg Berglund, Assistant IT Director
James Davis, IT Manager
Jess Henderson, IT Manager
Leticia Zavala, Customer Care Director
Cindy Pospisil, Customer Care Manager
John Sullivan, Fire Chief
Clay Shell, Assistant Fire Chief
Stan Hohman, Fleet Services Manager
Mayra Cantu, Management Analyst
Danella Elliott, Board Liaison
Sharon Parker, Board Liaison
Others present:
Gary Thomas, Gartner
Craig Rintoul, Gartner
Julio Zambrano, Gartner
Regular Agenda:
Tommy Gonzalez Called the meeting to order at 4:33 p.m.
A. Discussion on how this virtual conference will be conducted, to include options for public comments
and how the public may address the Commission – Tommy Gonzalez, GGAF Chair
Tommy Gonzalez, Chair explained how the virtual conference would be conducted. No one signed up for
public comment.
Page 4 of 120
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Minutes
General Government and Finance Advisory Board
City of Georgetown, Texas
Wednesday, December 2, 2020 at 4:30 PM
Virtual Meeting
B. Consideration and possible action to approve the minutes from the October 28, 2020, General
Government and Finance Advisory Board Meeting – Sharon Parker, Board Liaison.
Motion by Eric Corp, second by Kevin Pitts to approve the minutes from the October 28, 2020 GGAF
Meeting with the following amendments: Stu would like to amend paragraph B – he was the one who
asked about the badge access, 20/21 water rates, software, remote access and stillhouse Hollow reservoir.
Paragraph E – Stu clarified the question about Silsbee Ford, stating that it was regarding the Ford
interceptors. Approved 5-0
C. Consideration and possible action to recommend the City Council the purchase of two Peirce Fire
Engines from Siddons-Martin Emergency Group through the Buy-Board Contract #571-18 for a cost of
to exceed $1,760,000.00 – John Sullivan, Fire chief
Fire Chief Clay Shell gave an overview of the two engines to be purchased, replacing the 2010 and 2011
Engine.
Discussion: Tommy– what would happen to the old engines? Chief Shell – Our first option is to sell them
when the new ones come in or we will see if there is any reason to keep one as a reserve, but our first
option is to sell. Tommy – when is that decision made and if they are sold where do the funds go ? Leigh
- The City’s fiscal and budgetary policy requires any individual surplus item valued at greater than $50,000
goes to Council for approval prior to the sale. Sometimes large surplus fire apparatus meets this criteria,
depending on age and condition. Proceeds from the sale of any surplus vehicles, fire or otherwise, are
deposited into the Fleet Fund. The proceeds stay in the Fleet Fund and go toward fleet vehicle and
equipment related costs rather than falling to the bottom line of other funds such as the General Fund.
When there are minor overages on Fleet vehicle purchases or repairs, the Fleet fund absorbs these costs.
Additionally, the Fleet Fund absorbed the multi-year funding strategy for the replacement of many held
back vehicles across the City. In other words, there were old vehicles held back for use, but were not on
the replacement schedule. Fleet uses monies from expense savings or extra revenues such as the surplus
sales to fund getting the held back vehicles on the replacement list. Finally, the Fleet fund is contributing
cash to support the renovated fuel site as part of the Solid Waste Transfer Station capital improvement
project, therefore offsetting tax supported debt. These practices benefit all departments, including Fire
Department. Chief Shell – we will decide at the end of this budget year if there is a need to keep one
engine as a reserve or to sell both. Stu – I looked at the options list, will any other onboard equipment be
required for these engines? Chief Shell – there will be some firehoses and a few things, but a lot of the
existing equipment will be transferred over. Stu - Which stations are going to receive the new engines?
Chief Shell – still to be determined when they get here but we are looking at station 1 and station 2.
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Minutes
General Government and Finance Advisory Board
City of Georgetown, Texas
Wednesday, December 2, 2020 at 4:30 PM
Virtual Meeting
Motion to recommend to the City Council the purchase of two Fire Engines by Stu McLennan, second by
Eric Corp. Approved 5-0.
D. Presentation and update of an assessment conducted by Gartner to evaluate business processes and
gaps in the Customer Information System (CIS), and Advanced Metering Infrastructure (AMI) and Meter
Data Management (MDM) systems. – Mayra Cantu, Management Analyst
Gary Thomas, Craig Rintoul, and Julio Zambrano with Gartner presented their study of our CIS, AMI, and
MDM systems.
Discussion: Tommy recapped the general information gained from the presentation: The Umax system
that we initially got into was not meant for our city and our needs, now we have to take a step back and
try to find a system that fits our city and make investments that lead us into the future. Craig – yes that
is correct. David – We currently have an implementation plan that we are working on that we want to
review with this group. We do have an analysis plan on UMAX, and we also are working on a true utility
vision plan. We want to improve our process of how water meters are installed. Stu – Would it be
appropriate or is it planned to give GGAF something that defines the geographical boundaries of, meter
types and ensity in, and growth projections for the Western District – David – Basically, the Western
District is Chisholm trail. When we merged with Chisholm trail (because of some financial difficulties with
Chisholm Trail as well as some growth limitations) we had to answer what issues were going to be caused
by Georgetown if the merger didn’t occur. As we move forward the question is: Are we trying
(Georgetown) to be the water provider for a good portion of Bell County and cities like Leander and Liberty
Hill? As we have been talking through this, it is not our core function. We are getting requests and will
continue to get requests for our water district territory to change. In fact, Council has approved two areas
to reduce our CCN so part of this discussion we had in terms of infrastructure investments in different
parts of the Western District is also very tied to a policy discussion about what areas are we making
investments in, and that we are operating under the same system and decide on a plan to get other
customers to transition to the other entities because they are all going to want to serve their own
residents.
No action is needed.
E. Discussion and possible recommendation to approve issuance of a Purchase Order for utility bill printing
and mailing services through 2/21/2022 to Dataprose LLC pursuant to a piggyback clause in an
agreement with the City of Plano at an annual cost of $315,840.00 – Cindy Pospisil, Customer Care
Manager
Cindy Pospisil presented the annual review for utility bill printing and mailing services.
Page 6 of 120
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Minutes
General Government and Finance Advisory Board
City of Georgetown, Texas
Wednesday, December 2, 2020 at 4:30 PM
Virtual Meeting
Page 7 of 120
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Minutes
General Government and Finance Advisory Board
City of Georgetown, Texas
Wednesday, December 2, 2020 at 4:30 PM
Virtual Meeting
Discussion: Stu - how many customers use paperless billing? Cindy – 27%. Stu - Is there a reason why the
city can’t use that as the default? Cindy – I am not aware of a reason, it would be a decision that
management would need to make. The option is on our form when you sign up, most new accounts do
choose this but a lot of the older accounts have not changed. Kevin - How many customers use the stub
that comes in the mail to come in and make their payment? Cindy – about 1/3 pay their bill online, coming
into the office is about 10%. David said that we need to look at a campaign to get more people to move
over to electronic. Letica - There is also work being done with the communications department to try to
push that very thing. We need to review fees; we haven’t reviewed fees in general (whether that’s a credit
card or convenience fees), so maybe there is an ala-cart that we can require like banks are doing. For
instance, if you want to receive a paper statement then there would be some sort of monetary fee. Eric –
I agree with Stu that maybe the first step of the default is going to be electronic payments
Motion to approve issuance of a Purchase Order for utility bill printing and mailing services by Kevin Pitts,
second by Eric Corp. Approved 5-0.
Kevin Pitts – left meeting at 5:37 pm.
F. Consideration and possible approval to purchase Zerto Orchestration Software through Sirius Computer
Solutions for a total of $84,247.00. – James Davis, IT Manager – Operations
James Davis presented the purchase of Zerto Orchestration software. The Zerto software will provide the
following capabilities for the City:
1. Provide continuous data protection and backup to multiple locations.
2. Orchestration that enables full automation of recovery and migration processes for 75 servers.
3. Reduce the Recovery Time and Recovery Point Objectives for the protected systems.
4. The ability to fully test failover capabilities without disrupting production systems.
5. The capability to migrate on-premise systems to cloud platforms
Discussion: Tommy –Is this replacing existing software, or new software? This is new to us. We currently
use a DR software that this will build on top of.
Motion to approve purchase Zerto Orchestration Software through Sirius Computer Solutions by Stu
McLennan, second by Eric Corp. Approved 4-0 (Kevin Pitts had left the meeting)
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Minutes
General Government and Finance Advisory Board
City of Georgetown, Texas
Wednesday, December 2, 2020 at 4:30 PM
Virtual Meeting
G. Consideration and possible approval to purchase replacement laptops and tables, associated docks and
port replicators, and in-vehicle modems for emergency service vehicles, as well as new ruggedized
laptops and computer equipment for two new Police Officers from Ingram Technologies LLC for an
amount of $118,046.27 – Jess Henderson, Public Safety IT Manager
Jess Henderson presented an overview of the various equipment replacements. This year we are replacing
18 computers with associated warranties, 20 vehicle docking stations, and 16 Cradle Point in-vehicle
modems, at a cost of $107,294.89. Additionally, we are purchasing 2 new fully ruggedized laptops and
docking stations for two new Police Officers approved in the 2020/2021 budget, at a cost of $10,751.38.
Discussion: no questions
Motion to approve the purchase of replacement laptops and tables, associated docks and port replicators,
and in-vehicle modems for emergency service vehicles, as well as new ruggedized laptops and computer
equipment by Eric Corp, second by Stu McLennan. Approved 4-0 (Kevin Pitts had left the meeting)
Motion to adjourn meeting by Tommy Gonzalez, second by Stu McLennan.
Meeting adjourned at 5:44 pm.
Page 9 of 120
City of Georgetown, Texas
Government and Finance Advisory Board
January 6, 2021
S UB J E C T:
C onsideration and pos s ible ac tion to rec o mmend approval o f an annual d ed icated s upport contrac t for
facility acc es s control and vid eo s urveillanc e to be p ro vided by C o nvergint Tec hno lo gies of Austin, T X
for the annual amount of $92,040.00 p er I AW S o urc ewell C o ntrac t No : 031517-C T L -- Eric Johnson,
F acilities Direc tor
IT E M S UMMARY:
facility s ecurity service, preventative maintenanc e, and installation work.
F or the pas t five years, staff has seen advantages to the C ity inc luding fas ter res ponse times and inc reas ed
s ervic e levels , as this s upport c ontract provides an intimate awareness of eac h of the s ecurity items ,
locations, and proc es s es . In addition to the inc reas ed service level, we have s een cost savings to the C ity
of over $70,000.00 with using this dedic ated s upport c ontract.
T his provides overall management of these existing sys tems:
Lenel O nG uard S ystem (building ac cess control)
S ystem P rogramming
C ompletion of outs tanding service work orders
Interfac e with Lenel (With current S US P in plac e)
Issues regular s ystem status updates
As s is ts with coordination efforts of s ervic e outside of regularly sc heduled
days
P reventative Maintenanc e on Lenel Acc es s C ontrol S ystem
Work with loc al staff to design and enhanc e sec urity s ystem
S ystem start-up and c hec k out
O verall c ommis s ion of the s ystem
As s is t with coordination of as -built doc umentation
Avigilon Video Management S ys tem (video management software)
S ystem P rogramming
R egular review of c amera status within the S oftware
R evis ion and upgrade assistanc e on the latest vers ion of Avigilon S oftware
Will verify s erver configuration with the C ity’s I T department
As s is t with camera and client configuration as needed for remote us e
· P reventative Maintenance Ins pections/S ervic es
C amera ins pections to inc lude alignment and c leaning
Acc es s C ontrol field hardware s ervic e
Ins pection of Acc es s C ontrol Door hardware (electric s trikes , readers , and
acc es s ories )
As s is t with s ervic e c alls that are created by the cus tomer, C onvergint
C oordinator, or Tec h
P rovide s ummary of weekly activity to the C ity F acilities S uperintendent
Page 10 of 120
Maintain availability for project review with the C ity and C onvergint to
ensure ins tall s tandards
As s is t with identification and planning of quarterly s ervic e work
P rovide direct ins tallation work as requested and approved by the C ity
Maintain c ustomer purchas ed service replacement parts as approved
S taff is rec ommending C onvergint Tec hnologies provide the C ity with this dedic ated s upport in the amount
of $90,020.00
F IN AN C IAL IMPAC T:
T his annual amo unt was approved in the F Y21 b udget p ro cess in the F acilities I S F S ecurity S ys tem
acc ount.
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
Quote Backup Material
Page 11 of 120
10535 Boyer Blvd., Austin,Texas 78758
Phone (512) 428-8496 Mobile (512) 689-1990
richard.wright@convergint.com
UNITED STATES • CANADA • ASIA PACIFIC • EUROPE
Prepared For:
City of Georgetown PT Embedded Technician
2021
December 21, 2020 City of Georgetown
Quotation: RW00308550P Parks and Rec Adm Georgetown, Texas 78626
RFP or WO Number: Attention: Trish Long
Reference: City of Georgetown PT Embedded
Technician 2021
Scope of Work
The pricing below is based on Sourcewell Contract No: 031517-CTL
This Embedded Technician pricing is based on dates of 01/01/2021 to 12/31/2021 and is provided based on business
days every Monday, Tuesday, and every other Wednesday, with work hours 8 - 5 pm and does not include after-hours,
weekends or holidays.
This proposal would provide a half-time Technician for the length of 12 month unless otherwise arranged in writing.
The billing for this can be billed in advance on a quarterly basis, or in total.
This position will provide all service assistance for Lenel OnGuard for access control: including door hardware, panel
hardware and lock coordination. Avigilon and Cameras will be serviced to include all repairs and some installs as
needed. Please note this price is for labor only and does not include parts.
Qty
Reg Qty
OT Description List Price
Sourcewell
Price
w/Discount
Extended Price
0.00 0.00 Project Manager
1,040.00 0.00 Specialist - Programming $145.00 $88.50 $92,040.00
0.00 0.00 Specialist - Testing
0.00 0.00 Installation - Foreman
0.00 0.00 Installation - Installer
0.00 0.00 Professional Services Group
0.00 0.00 Engineering
0.00 0.00 Drafting/CAD
Other Admin Costs & Contract Fees $
Subcontractors $0.00
Travel & Per Diem $0.00
Line Qty Part Description Extended Price
1 Labor Was Quoted IAW Sourcewell Contract No: 031517-CTL
Labor and Other Costs Total $ 92,040.00
Equipment Total $ 0.00
Freight $ 0.00
Warranty if Applicable $0.00
Tax if Applicable $ 0.00
Signature Total Project Price $ 92,040.00
Please Return to richard.wright@convergint.com
Page 12 of 120
Convergint Technologies’ Install Terms & Conditions Version 1.08 November 2015
Convergint Technologies’ Install Terms & Conditions Version 1.08 November 2015
This proposal is per term on Sourcewell Contract No: 031517-CTL
Page 13 of 120
City of Georgetown, Texas
Government and Finance Advisory Board
January 6, 2021
S UB J E C T:
C onsideration and p o s s ib le actio n to ap p ro ve c o ntract No . 21-0030-C C with I P S Ad vis ors (HUB
International) in the amount of $74,500.00, for s trategic benefit planning and d es ign, administration,
compliance to o ls and legis lation info rmation, p ro vider s electio n, data analysis, and meeting with C ity and
providers - Tadd P hillips, H uman R esources & O rganizational Development Director
IT E M S UMMARY:
A to tal o f 6 p ro p o s als were rec eived in respons e to the C ity’s competitively advertis ed R eq uest for
P ropos als (R F P ) fo r Benefits Management C o nsulting S ervices for the up c oming 2021 c alendar coverage
year.
P ropos als were evaluated extensively by Human R es ourc es and the Emp lo yee Benefits C ommittee,
focus ing o n services offered as well as the financial impac t. F inalis ts were invited to make a pres entation,
and the C ity entered negotiations with the final candidate. A s ummary of the overall sc ores is attached.
Based o n the overall offering, financial imp act on the C ity and the impact on employee, s taff rec ommends
award as follows :
Program Recommended P artner
Benefits Management C onsulting S ervic es I P S Advisors (HUB International)
T he C ity antic ip ates o ffering c o mp etitive b enefits to employees while minimalizing the financ ial impac t to
both employees and the C ity. C ontract and rate guarantee for the term of three years with guarantees based
upon a s election of c riteria determined by the C ity.
F IN AN C IAL IMPAC T:
T he R F P will res ult in an increas e of $ 23,874.97 fo r the remaining F isc al Year 2021. T his is within self-
insuranc e fund budget.
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
Pres entation Backup Material
RFP Committee Scoring Sheet Backup Material
Page 14 of 120
Benefit Management
Consultant Services
RFP
GGAF
January 2021
Page 15 of 120
Presentation Outline
•Intent
•Scope of Services
–Criteria
•Bidders
•Process
•Recommendation
Page 16 of 120
Intent
•Competitive Process
•Current contract ends January 31st, 2021
Page 17 of 120
Scope of Services
Strategic Benefit
Planning
Benefit Design
Administration
Funding
Provider Selection
Communication
Compliance Tools and
Legislative Information
Technology
Meetings with City &
Providers
Data Analysis
Page 18 of 120
Criteria
Criteria Points
Offeror Background 10
Experience & Qualifications 30
Methodology & Technical Approach 30
Cost Proposal 15
Standard Form of Agreement 5
Oral Interviews (finalists only)10
Page 19 of 120
Bidders
•Gallagher
•Higginbotham & Associates
•Holmes, Murphy & Associates
•IBT Consulting
•IPS Advisors (HUB International)
•Lockton Companies
Page 20 of 120
Process
•RFP Committee
–Tadd Phillips, Human Resources
–Bert Witcher, Police Services, Benefits Committee
Member
–Laura Maloy, Human Resources
–Holly Moyer, Human Resources
Page 21 of 120
Process Cont.
•Initial Analysis
–Narrowed from 6 to 2 top bidders
•IPS Advisors (HUB International)
•Holmes Murphy & Associates
Page 22 of 120
Process Cont.
•Virtual Interviews with top 2
–Presentation & Question/Answer
–RFP Committee
–Reference Checks
Page 23 of 120
Recommendation
•Staff recommends GGAF approval to award
the benefits management consultant
services to IPS Advisors (HUB
International) for an annual fee of $74,500.
Page 24 of 120
Questions?
Page 25 of 120
Product Vendor Ranking
Gallagher Benefit Services 3
Higginbotham & Assoc 5
Holmes, Murphy & Assoc 1
IBT Consulting 6
IPS Advisors (HUB International)2
Lockton Companies 3
Oral Interview
Product Vendor Ranking
Holmes, Murphy & Assoc 2
IPS Advisors (HUB International)1
Final Score
Product Vendor Ranking
Holmes, Murphy & Assoc 2
IPS Advisors (HUB International)1
Benefits
Management
Services
Benefits
Management
Services
Benefits
Management
Services
Page 26 of 120
City of Georgetown, Texas
Government and Finance Advisory Board
January 6, 2021
S UB J E C T:
Dis cus s ion and pos s ible ac tion to rec ommend s election of Valley View C onsulting, LLC for Inves tment
Advisory S ervices - Leigh Wallac e, F inance Director
IT E M S UMMARY:
Background:
T he C ity contrac ts for outside expertis e to assist with some inves tment portfolio management. T he current
contrac t for limited investment advis ory s ervic es with Valley View C onsulting, L.L.P. expires F eb 28,
2021.
R F P P rocess:
T he R F P was prepared using bes t practices as outlined by the G overnment F inance O ffic ers As s ociation
and was focus ed on best qualifications and bes t matc h for the C ity’s needs . Internal policies require an
informal propos al proc es s for this annual dollar amount of services; however, the terms allow renewals that
meet the threshold for C ouncil approval. T he R F P was is s ued O c tober 5, 2020, with 6 proposals received.
T he staff review committee cons is ted of the three authorized investment offic ers for the C ity and one s taff
member – Leigh Wallace, F inanc e Direc tor; Elaine Wilson, Assistant F inanc e Direc tor, Karrie P urs ley,
Treas urer, and Dana C ard, Ac countant. T he criteria is outlined in the attac hed s ummary. T he proposals
were reviewed and sc ored independently by staff, then reviewed c ollectively for the best value and s ervic e
matc h. We als o interviewed the top two firms , and conduc ted referenc e c hec ks.
Recommendations:
Based on the respons es and staff evaluations, Valley View C onsulting, LLC , was selec ted as the top firm.
S taff met with R ichard Long, S us an Anders on, and Emily Upshaw on December 9, 2020 to dis cus s
s ervic es and options. T he annual c os t is $40,000, inc luding all required services for investments and for
depos itory bank evaluations . T he recommendation is for a two-year term. T he R F P also allows for 3
additional one year terms , at the C ity’s dis cretion.
S usan Anderson from Valley View C ons ulting, LLC is pres ent at the meeting for ques tions .
F IN AN C IAL IMPAC T:
F unds for this service are included in the F inance Adminis tration department budget under the Investment
Advisory S ervices s pend category.
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Page 27 of 120
Description Type
Proposal Evaluation Summary Backup Material
Proposed Agreement with Valley View Cons ulting, LLC Backup Material
Request for Propos al Backup Material
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Investment Advisory Services
2020-2021 RFP – Summary for GGAF
Staff recommends the City continue its relationship with Valley View Consulting, Inc. This firm has
consistently provided high quality and responsive services. A summary of the proposals, criteria and
considerations are included in this memorandum.
Criteria and Services Requested
The proposals were evaluated on a combination of qualifications, experience, approach and cost.
These services are fairly standard across Texas cities and staff research indicated that pricing was
competitive among most possible proposers; therefore, best value was the focus of the RFP, not
lowest price.
The evaluation criteria from the RFP are shown below:
The City’s RFP requested standard investment advisory services including, but not limited to, (1)
assisting in the proper investment and management of city cash resources including soliciting and
executing security and related transactions, (2) advising on compliance and policy needs, (3)
assessing market conditions and cash flows needs, and (4) tracking and reporting of the portfolio to
meet the Public Funds Investment Act requirements and management needs.
In addition, the City also requested the services outlined below. These services were determined to
be critical needs to properly support the City’s treasury management functions.
o Preparation of RFP, review and selection of new depository banking services. The
City’s current depository agreement will expire April 30, 2022 with no renewal options.
o Ongoing review and assistance in implementing best practices in managing its
banking, cash management, and cash handling programs.
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o Evaluation and selection of separate contract for securities clearing and safekeeping,
if needed.
Proposers and Evaluation
The City received proposals from six firms. Staff’s independent ranking is shown below. Valley
View’s experienced staff, approach to reporting, size of team, and affordable cost result in the
recommendation for award.
Cost of Services
The recommended proposer will cost the City $40,000 per year. This is higher than the previous
contract amount and within budget. The previous contract had no increases for a term of six years;
therefore, an increase was anticipated and budgeted in FY2021.
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Investment
Advisory Services
RFP 202035
City of Georgetown
Page 31 of 120
PFIA Requirements
Public Funds Investment Act, Texas Government Code Chapter 2256
Requires written investment policy that meets requirements
Investment policy
Must be approved by Council
Must be reviewed annually by Council
Investment strategies & objectives must be outlined
Investment officers must be designated
Mandates training for investment officers
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PFIA Requirements
Specifies the type of securities allowed
No derivatives
City policy can be and is more restrictive
Safekeeping and Custody
Authorized brokers/dealers
Competitive bid process
Collateral minimum 102%
Regular reporting of investments
Minimum information items required
Compliance audit as part of annual financial audit
Focus on management controls and adherence to approved investment policy
Quarterly investment report reviewed
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Investment Strategy
City of Georgetown
REVIEW CASH FLOW
NEEDS
MAINTAIN PROJECT
SCHEDULE FOR BOND
PROCEEDS
INVEST ON A LADDERED
APPROACH
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Investment Advisory Services
Assist staff with setting and implementing strategy
Review of investment policies
Review of cash flows and collateral
Recommend broker/dealers, financial institutions, and
investment products
Pools, Money Markets
Certificates of Deposit
Agencies and Securities
Safekeeping
Conduct competitive bids for investment products
Conduct and assist with evaluating depository bank
contract
Reporting to staff, Council and public compliant with PFIA
City of Georgetown
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Procurement Process
RFP was released on October 5, 2020
Close of RFP on October 27, 2020
Received 6 proposals
Committee reviewed & scored all proposals
All scores were combined and top 2 firms were
interviewed
Additional presentation and questions answered by the
final 2 firms in December
References were contacted
Final selection was made by the Committee
City of Georgetown
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Recommendation for Award
Recommend continued relationship with Valley View
Highly experienced staff in investments and depository
banking
Access to software system and reporting
Size of firm staff for continuity and succession planning
Approach to investments matches with Georgetown
investment team size
Affordable price with no escalations during initial term
and renewals; $40K annually flat fee
City of Georgetown
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•1. RFP will be presented
on the January 26, 2020
Council.
Next Steps:
Page 38 of 120
Investment
Advisory Services
Questions/Comments
Page 39 of 120
Investment Advisory
Services
RFP No. 202035
Due: October 27, 2020
2:00PM (CST)
REQUEST FOR PROPOSAL
CITY OF GEORGETOWN
300-1 Industrial Ave PO Box 409
Georgetown, TX 78626 Georgetown, TX 78627
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TABLE OF CONTENTS
INTRODUCTION ............................................................................................................................................ 3
DEFINITIONS .............................................................................................................................................. 3
NOTICE to OFFERORS ................................................................................................................................... 4
GENERAL TERMS and CONDITIONS ............................................................................................................. 6
BACKGROUND and CURRENT CIRCUMSTANCES ....................................................................................... 11
SCOPE of WORK .......................................................................................................................................... 12
EVALUATION and SELECTION PROCESS ..................................................................................................... 13
SUBMISSION REQUIREMENTS ................................................................................................................... 15
CERTIFICATION and ACKNOWLEDGMENT ................................................................................................. 20
INVESTMENT POLICY ............................................................................................................ ATTACHMENT A
QUARTERLY FINANCIAL AND INVESTMENT REPORT .......................................................... ATTACHMENT B
STANDARD FORM of AGREEMENT …………………………………………………………………………………………….EXHIBIT A
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INTRODUCTION
The City of Georgetown seeks to enter into an agreement with a qualified Individual, Firm or
Corporation (Offeror) with substantial and relevant experience and expertise to provide Investment
Advisory Services who are registered with the Securities and Exchange Commission and the Texas State
Securities Board to provide nondiscretionary portfolio management services for the City’s $272 million
investment portfolio.
The Successful Offeror must meet all requirements of this RFP, maintain proper licensing, and comply
with all federal, state, and local laws and mandates relative to the services specified in this RFP.
DEFINITIONS
The following definitions shall be used to identify terms throughout this Request for Proposal:
A. AGREEMENT
A mutually binding legal document obligating the Firm to furnish the services specified within this
solicitation and obligating the City to pay for the services as agreed upon.
B. CITY
The City of Georgetown, located in Williamson County, Texas.
C. CITY COUNCIL
The elected officials of the City of Georgetown, Texas, given the authority to exercise such powers
and jurisdiction of all City business as conferred by the City Charter and State Constitution and Laws.
D. CONSULTANT
Person or business enterprise providing goods or services to the City as fulfillment of obligations
arising from an agreement pursuant to this Request for Proposals. The successful Offeror of this
Request for Proposals.
E. E-BID SYSTEM
The City’s electronic bidding system. This is a web-based system that provides all solicitation
documents electronically to potential Offerors and allows interested Offerors to submit Proposals in
response to Solicitation documents. The term “e-bid” and/or “electronic bid” means the Bidders’
electronic Proposal submitted to the City by way of the E-bid system. The terms “electronic bid” or
“e-bid” are used inter-changeably to describe the above invitation for proposal process to submit an
authorized Proposal to the City in response to this Request for Proposal.
F. OFFEROR
The Individual, Firm or Corporation (Offeror) that considers themselves qualified to provide the
services specified herein and are interested in making an offer to provide the services to the City.
G. PIGGYBACK CONTRACT
A contract or agreement that has been competitively solicited in accordance with State of Texas
statutes, rules, policies and procedures and has been extended for the use of state and local agencies
that have entered (or will) into an Interlocal Agreement with the City.
H. PROPOSAL/RESPONSE/OFFER
A complete, properly signed response to this solicitation.
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I. PURCHASE ORDER
A purchase order records the financial obligation of the City to pay for goods or services properly
received; therefore, a purchase order is also required for all contracts with an expenditure of funds
entered into by the City Manager or City Council.
J. REQUEST FOR PROPOSAL (RFP)
This Solicitation document issued by the City containing terms, conditions and specifications for the
services to be procured.
NOTICE TO OFFERORS
A. NOTICE
All Proposals are due on or before 2:00PM (CST) on October 27, 2020. Solicitations are posted and
available to download from the City of Georgetown’s On-Line Bidding System at
https://gtowntx.ionwave.net/CurrentSourcingEvents.aspx.
Offerors may receive notice of Proposals from the City of Georgetown from a variety of channels.
Approved methods of dissemination include: City of Georgetown website or the City of Georgetown
Purchasing Office. The receipt of solicitations through any other means may result in the receipt of
incomplete specifications or addenda which could ultimately render your Proposal non-compliant.
City of Georgetown accepts no responsibility for the receipt or notification of solicitations through
any other source.
B. RECEIPT OF PROPOSALS
1. Electronic Proposals. Sealed electronic Proposals shall be submitted through the City’s web site
at: https://gtowntx.ionwave.net/Login.aspx. All interested Offerors are required to register as a
“supplier” on the City’s E-bid System at the above web address and clicking on “Supplier
Registration”. Registration provides automatic access to the solicitation and its documents
(specifications, attachments, exhibits), and for any changes to the solicitation including change(s)
to the submission time and date.
Electronic Proposals shall be uploaded in the E-bid system and submitted electronically through
this system to the City of Georgetown, Purchasing Manager, 300-1 Industrial Ave., Georgetown,
TX 78626.
Electronic Proposals must be received prior to the time and date specified in the City’s E-bid
System. The mere fact that the Proposal was dispatched will not be considered; the Offeror must
ensure that the Proposal was properly uploaded in the System. The time Proposals are received
shall be determined by the electronic clock in the City’s E-bid System.
2. Hard Copy Proposals. City prefers electronic submissions, however, Sealed Proposals submitted
to the City by hard copy (non-electronic) will also be accepted on or before the time and date
designated above and at addresses listed below.
Sealed Proposal submissions shall be clearly marked with the RFP number and Title and
addressed to the City of Georgetown – Purchasing Department. Proposals shall be delivered
using one of the following:
Hand-deliver to: Mail to: Ship to (FedEx, UPS, DHL, etc.):
300-1 Industrial Ave. PO Box 409 300-1 Industrial Ave.
Georgetown, TX 78626 Georgetown, TX 78627 Georgetown, TX 78626
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Proposal(s) must be received by the City’s Purchasing Department prior to the time and date
specified. The mere fact that the proposal was dispatched will not be considered; the Offeror must
ensure that the proposal is actually delivered. The time Proposals are received shall be
determined by the time clock stamp in the City’s Purchasing Department.
All properly submitted “Sealed” (non-electronic) Proposals will be opened and acknowledged at
300-1 Industrial Ave, Georgetown, Texas 78627.
C. QUESTIONS and INQUIRIES
Questions and inquiries about this Solicitation shall be submitted in writing to the following individual:
Erica Weitman
Buyer
Email: Erica.Weitman@georgetown.org
The deadline for written questions is October 12, 2020 at @ 2:00PM (CST). This deadline has been
established in order to provide adequate time for City staff to prepare responses to questions from
Offerors to the best of their ability in advance of the Pre-Proposal Conference meeting.
Offerors shall not attempt to contact City Council members, City staff or Management directly during
the pre-proposal or post-proposal period. The City intends to respond to all appropriate questions or
concerns; however, the City reserves the right to decline to respond to any question or concern. All
material modifications, clarifications or interpretations will be incorporated into an addendum which
will be publicly posted. All addenda issued prior to the due date and time for responses are
incorporated into the RFP and must be acknowledged in the Proposal response. Only written
information provided shall be binding. Oral or other interpretations shall not be binding and are held
without legal effect.
D. ANTICIPATED SCHEDULE OF IMPORTANT DATES
The City will generally comply with the following schedule for the selection process, subject to changes
necessary to ensure fairness and to accommodate unanticipated events:
Release RFP October 5, 2020
Deadline for Questions and Inquiries 2 PM (CST) October 12, 2020
Proposals Closing Date and Time 2 PM (CST) October 27, 2020
City’s Review of Proposals November 2020
Date for Finalist Interviews or Presentations 2 PM (CST) December 7-11, 2020
GGAF Meeting December 2020
Earliest Award by City January 2021
E. FINALIST INTERVIEWS and/or PRESENTATIONS
Offerors reasonably subject to being selected based on the criteria set forth in this RFP may be given
an opportunity to make a presentation and/or interview with the Selection Committee. Finalists
selected for interviews and/or presentations must be available during regular business h ours the
week of December 7, 2020. Interviews will be conducted through Microsoft Teams. If selected, a
meeting request will be provided. Following any presentation and/or interviews, proposals will be
ranked in order of preference and contract negotiations will begin with the top ranked Offeror. Should
negotiations with the highest ranked Offeror fail to yield a contract, or if the Offeror is unable to
execute the City’s contract, negotiations will be formally ended and then commence with the second
highest ranked Offeror, etc. However, the City, may, in its sole discretion, negotiate and award a
contract without presentations or interviews, based solely on information supplied in the Proposals.
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GENERAL TERMS and CONDITIONS
A. ADDENDA
If it becomes necessary to revise any part of this proposal, prior to the due date and time, a written
addendum will be provided to all known interested Offerors. The City is not bound by any oral
representations, clarifications, or changes made in the written specification by the City’s employees,
unless such clarification of change is provided to Offerors in written addendum form from the City.
Addenda will be transmitted to all that are known to have received a copy of the request for proposal
and specifications. However, it shall be the sole responsibility of the Offeror to verify issuance of any
addenda and to check all avenues of document availability prior to the opening date and time. Offeror
shall provide written acknowledgment of all addenda.
B. BUSINESS PRACTICES
Minority business enterprises and/or historically underutilized businesses will be afforded full
opportunity to submit proposals in response to this invitation and will not be discriminated against
on the grounds of race, color, creed, sex, or national origin in consideration for an award.
C. CERTIFICATION
This Request for Proposal includes a certification page. Offeror must:
1. Furnish complete name, mailing address, telephone number and email of the individual duly
authorized to execute contractual documents on behalf of the Offeror.
2. Furnish name of individual(s), along with respective telephone numbers and email addresses, who
will be responsible for answering all questions.
3. Certify that they have not conspired with any other potential Offerors in any manner to attempt
collusion, conspiracy or otherwise obtain an advantage against the City.
4. Certify that they are duly qualified, capable and otherwise bondable business entity not in
receivership or contemplating same, and has not filed bankruptcy.
D. COLLUSION
Advanced disclosures of any information to any particular Offeror which gives that particular Offeror
any advantage over any other interested Offeror in advance of the opening of Proposals, whether in
response to advertising or an informal request for proposals, made or permitted by a member of the
governing body or an employee or representative thereof, will cause to void all responses to that
particular solicitation or request.
E. COMMUNICATION
To insure the proper and fair evaluation of this Proposal, the City prohibits ex parte communication
(e.g., unsolicited) initiated by the Offeror to the City Official or Employee evaluating or considering
the Responses prior to the time an award has been made. Communication between Offerors and the
City will be initiated by the appropriate City Official or Employee in order to obtain information or
clarification needed to develop a proper and accurate evaluation of the Proposal(s). Ex parte
communication may be grounds for disqualifying the offending Offeror from consideration or award,
or any future Solicitation.
Unless otherwise specified, all requests for clarification or questions regarding a Solicitation must be
directed as provided herein.
F. DISCLOSURE
All proposals will be kept confidential during the negotiation process. Except for trade secrets and
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confidential information which Offerors identify as proprietary, all proposals will be open for public
inspection after the contract award.
G. DISCLOSURE OF CONFLICT OF INTEREST
Chapter 176 of the Texas Local Government Code requires that any vendor or person considering
doing business with a local government entity disclose the vendor or person's affiliation or business
relationship that might cause a conflict of interest with a local government entity. The Conflict of
Interest Questionnaire form is available from the Texas Ethics Commission at www.ethics.state.tx.us.
Any completed Conflict of Interest Questionnaires shall be submitted to the City. Any attempt to
intentionally or unintentionally conceal or obfuscate a conflict of interest may automatically result
in the disqualification of the vendor's offer.
H. DISCLOSURE OF INTERESTED PARTIES
Contracting hereunder may require compliance with §2252.908 Texas Government
Code/Disclosure of Interested Parties for contracts that (1) require an action or vote by the City
Council before the contract may be signed; or (2) has a value of at least $1 million. The law
provides that a governmental entity may not enter into certain contracts with a business entity unless
the business entity submits a disclosure of interested parties to the governmental entity at the time
the business entity submits the signed contract to the governmental entity or state agency.
The process as implemented by the Texas Ethics Commission (“TEC”) is as follows:
a. The disclosure of interested parties must be performed using the Te xas Et h ics Com mission ’s
electronic filing application listing each interested party of which the business entity is aware
on Form 1295, obtaining a certification of filing number for this form from the TEC, and printing
a copy of it to submit to the City.
b. The copy of Form 1295 submitted to the City must contain the unique certification number
from the TEC. The form must be filed with the City pursuant to Section 2252.908 Texas
Government Code, “at the time the business entity submits the signed contract” to the City.
c. The City, in turn, will acknowledge a copy of the disclosure form to the TEC not later than the
30th day after the date the City receives the disclosure of interested parties from the business
entity.
I. EFFECTIVE DATE and TERM
The Agreement shall be effective upon the latter of the following: the Offeror’s signature on the
Proposal and approval by the City Council, or their designee and issuance of an agreement and shall
continue in effect until all obligations are performed in accordance with the terms and conditions
herein.
J. EXCEPTIONS
Any deviations from terms, conditions or specifications contained herein must be clearly
indicated in the Proposal. Any deviations or exceptions are subject to review by the City and
may deem the Proposal disqualified or non-responsive. If no exceptions are stated, it will be
understood that all general terms and conditions and specific requirements will be complied with,
without exception.
K. INTERLOCAL AGREEMENT
Other governmental entities may be extended the opportunity to purchase from Solicitations
awarded by the City, with the consent and agreement of the successful Firm(s) and the City. Such
consent and agreement shall be conclusively inferred from lack of exception to this clause in Firm’s
Response. However, all parties indicate their understanding and all parties hereby expressly agree
that the City is not an agent of, partner to or representative of those outside agencies or entities and
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that the City is not obligated or liable for any action or debts that arise out of such independently
negotiated piggyback procurements.
L. MANAGEMENT
Should there be a change in management after the due date and time, but before a contract is
awarded, Proposers must notify the City immediately. This may result in further evaluation. Should a
change in management occur after the contract is awarded, the contract shall be canceled unless a
mutual agreement is reached with the new owner or manager to continue the contract. Any resulting
contract is nontransferable by either party.
M. PERSONAL INTEREST
No officer, employee, independent consultant or elected official of the City who is involved in the
development, evaluation or decision-making process of this Solicitation shall have a financial
interest, direct or indirect, in the resulting Agreement. Any willful violation of this Paragraph shall
constitute impropriety in office, and any officer or employee guilty thereof shall be subject to
disciplinary action up to and including dismissal. In the event a member of the governing body or an
appointed board or commission of the City belongs to a cooperative association, the City may
purchase services from the association only if no member of the governing body, board or
commission will receive pecuniary benefit from the purchase, other than as reflected as in increase
in dividends distributed generally to members of the association. Any violation of this provision with
the knowledge, expressed or implied, by the Vendor shall render the Agreement voidable by the City.
Nevertheless, the City may obtain the services under
N. PRICE WARRANTY
The Offeror warrants that the prices proposed are fair and reasonable and not higher than those for
similar projects of the same size and scope offered to other local governments in the United States.
O. PRIORITY of DOCUMENTS
In the event there are inconsistencies between the RFP terms and conditions, scope of work or
Agreement terms and conditions contained herein, the latter will take precedence.
P. PROHIBITED OFFERORS
The City of Georgetown prohibits conducting business with Offerors under the following conditions:
a. Offerors who have failed to comply with their state contracts and have been debarred from doing
business with the State of Texas.
b. By signing and submitting this Proposal, Offeror certifies that either (1) Offeror a sole
proprietorship or company with fewer than ten (10) employees, or (2) does not currently boycott
Israel and will not boycott Israel during the term of the agreement. Further, Offeror certifies Offeror
is not engaged in business with Iran, Sudan, or a foreign terrorist organization.
Q. PROPOSALS BECOME PROPERTY OF THE CITY
Submissions received in response to this Request for Proposals become the sole property of the City.
R. PROTEST PROCEDURES
1. Offerors are advised that protests of specifications, terms, conditions or any other aspect of this
solicitation, must be made prior to the proposal due date. Protest of specifications and
solicitation terms and conditions made after the due date and time will not be considered by
the Buyer.
2. Protest of award must be made immediately, and in no event later than five (5) days after the
aggrieved party knows, or should have known, the facts giving rise thereto. All protests must
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include the following information:
• The name, address and telephone number of the protestor
• The signature of the protestor or protestor’s representative
• The solicitation or contract number
• A detailed statement of the legal and/or factual ground of the protest
• The form of relief/result requested
Protests shall be mailed or emailed to the Purchasing Department, P.O. Box 409, Georgetown,
TX 78627, Attention: Purchasing Manager, Leah.Neal@georgetown.org. Award will be made in the
best interest of the City.
S. PUBLIC INFORMATION
All Responses are subject to release as public information unless the Response or specific parts of the
Response can be shown to be exempt from the Texas Public Information Act. Offerors are advised to
consult with their legal counsel regarding disclosure issues and take the appropriate precautions to
safeguard trade secrets or any other proprietary information. The City assumes no obligation or
responsibility for asserting legal arguments on behalf of potential Offerors.
If an Offeror believes that a Response or parts of a Response are confidential, then the Offeror shall
so specify. The Offeror shall stamp in bold red letters the term "CONFIDENTIAL" on that part of the
Response, which the Offeror believes to be confidential. Vague and general claims as to confidentiality
shall not be accepted. All Responses and parts of Responses that are not marked as confidential will
be automatically considered public information.
T. REIMBURSEMENTS
There is no expressed or implied obligation for the City of Georgetown to reimburse responding firms
for any expenses incurred in preparing proposals in response to this Request for Proposal and the City
will not reimburse responding firms for these expenses, nor will the City pay any subsequent costs
associated with the provision of additional information or presentation, or to procure a contract for
these goods or services.
U. REPRESENTATIONS and RESPONSIBILITIES
By submitting a proposal in response to this RFP, Offeror represents that it has carefully read and
understands all elements of this RFP; has familiarized itself with all federal, state, and local laws,
ordinances, and rules and regulations that in any manner may affect the cost, progress, or
performance of the work; and has full knowledge of the scope, nature, quality and quantity of services
to be performed.
By submitting a proposal in response to this RFP, the Offeror represents that it has not relied
exclusively upon any technical details in place or under consideration for implementation by the City,
but has supplemented this information through due diligence research and that the Offeror
sufficiently understands the issues relative to the indicated requirements.
The failure or omission of Offeror to receive or examine any form, instrument, addendum, or other
documents or to acquaint itself with existing conditions or other details shall in no way relieve any
Offeror from any obligations with respect to its proposal or to the contract.
V. RESERVATIONS
The City reserves the right to request clarification or additional information specific to any response
after all Responses have been received and the solicitation due date has passed. Additionally, the
City reserves the right to accept or reject all or part of any Response, waive any formalities or technical
inconsistencies, delete any portion of the Scope of Work, or terminate the Solicitation when deemed
to be in City’s best interest.
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W. STANDARD FORM of AGREEMENT
The City’s Standard form of Agreement is attached as Exhibit A. The successful Firm will be required
to execute this Agreement. All Offerors shall be required to thoroughly read and understand the
terms, condition and provisions in this Agreement. All required Certificates of Insurance and
endorsements will be required before award recommendation is taken to City Council. Any exceptions
taken to the City’s Standard Form of Agreement must be indicated in your Response. Failure to note
any exceptions will be acknowledgement that you accept the terms and condition without
modifications.
X. WITHDRAWAL by CITY
The City makes no guarantees or representations that any award will be made and reserves the right
to cancel this solicitation for any reason, including:
• Reject any and all proposals received as a result of this RFP.
• Waive or decline to waive any informality and any irregularities in any proposal or
responses received.
• Negotiate changes in the Scope of Work or services to be provided.
• Withhold the award of contract(s).
• Select Offeror(s) it deems to be most qualified to fulfill the needs of the City. Offeror(s)
with the lowest priced proposal(s) will not necessarily be selected, since a number of
criteria other than price are important in the determination of the most acceptable
proposal(s).
• Terminate the RFP process.
Y. WITHDRAWAL by OFFEROR
Offerors may request withdrawal of a sealed Proposal prior to the scheduled opening time, provided
the request for withdrawal is submitted to the City in writing.
Z. VENUE
Any contract awarded as a result of this RFP shall be governed by and construed in accordance with
the laws of the State of Texas, and is fully performable in Georgetown, Texas, and venue for any action
related to this contract will be Williamson County, Texas.
SPECIAL TERMS and CONDITIONS
A. TERM OF AGREEMENT
i. Original Term:
The term of the agreement shall become effective from date listed in the contract approved by
the City of Georgetown, and shall continue in effect with firm fixed fees, prices for two (2) years.
ii. Renewal Term:
Upon completion of the original term of the Agreement and upon mutual agreement of both
parties, the original Agreement may be renewed for up to three (3) additional one (1) year terms
[five (5) years total]. The renewal will be under the same terms and conditions as the original
Agreement. In the event a new Agreement cannot be executed at the anniversary date of the
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original term or any renewal term, the Agreement may be renewed month-to-month until a new
Agreement is executed
BACKGROUND and CURRENT CIRCUMSTANCES
A. CITY of GEORGETOWN
Georgetown is a Home Rule Charter City and operates under a Council - Manager form of government. A
mayor, elected at large, and seven council members, elected from single member districts, serve
staggered, three-year terms. Georgetown is located on Interstate 35, the major corridor between Dallas
and San Antonio, at the intersection of State Highway 130. Georgetown was founded in 1848 with a strong
agricultural base, in the heart of Williamson County, 26 miles north of Austin. Today, Georgetown has an
estimated population of 70,441 within the city limits, with an estimated population of 102,274 within the
extra-territorial jurisdiction (ETJ) and serves as the county seat of Williamson County. Georgetown is
currently the seventh fastest growing city in the nation for cities with 50,000 or more residents.
Georgetown’s economic development initiatives to expand jobs and tax base have been with a careful
focus of maintaining and expanding its status as a signature destination. The award-winning historic
downtown square, along with its extensive, award-winning parks and river trail systems along the North
and South San Gabriel Rivers and Lake Georgetown have been leveraged to make the City one of the most
attractive places to live and work.
Georgetown is home to Southwestern University, which continues to receive national recognition. The
University has been named to Kiplinger’s list of the 100 best values in liberal arts colleges and has been
noted as one of ‘America’s Best Value Colleges’ by the Princeton Review. With more than 1,500 students,
the University provides substantial economic and cultural contributions to Georgetown.
B. CURRENT CIRCUMSTANCES
The investment of City’s funds is governed by Texas Government Code, Chapter 2256 – “Public Funds
Investment Act”, the City’s Charter and its Investment Policy. The City’s primary investment objectives in
order of importance are the preservation of principal, maintenance of sufficient liquidity, preservation of
the public trust and a reasonable and competitive return.
The City seeks advisors who demonstrate extensive experience, especially with fixed income securities, to
provide certain services related to the investment of City funds, including the execution of securities
purchases/sales for the City’s operating and bond funds, investment advice, investment reporting, and
review of the City’s Investment Policy and procedures.
Day to day management responsibility for the investment program is delegated by the City Council to the
Finance Director, two Assistant Finance Directors, and the Treasurer, as investment officer(s) for the City.
The advisor will receive instructions regarding securities purchases/sales from one or more of these
authorized staff.
The majority of City funds are pooled for investment purposes and managed according to the City’s
approved Investment Policy (Attachment A). Also attached is the most recent quarterly financial and
investment report (Attachment B).
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The City has an internal investment committee composed of 4-5 staff members that meets monthly to
review banking, treasury and investment items, as well as investment performance and strategy. The
advisor is expected to attend these meetings on a quarterly basis.
The City also presents an annual report and investment policy review and update to its General
Government and Finance Advisory Board. The advisor is expected to assist with and attend this meeting,
generally held in early December each year.
SCOPE OF WORK
The City desires to acquire nondiscretionary portfolio management services for the City’s investment
portfolio, currently valued at $272 million. The desired services must be provided by an investment
advisor registered with the Securities and Exchange Commission and the Texas State Securities Board, and
must demonstrate extensive experience, especially with fixed income securities, to provide services
related to the investment of the City’s funds.
A. REQUIRED SERVICES
1. ANTICIPATED APPROACH
City expects this procurement to deliver a complete solution for the requirements contained in
this RFP. Investment of the City’s funds is governed by the Texas Government Code, Chapter
2256, “Public Funds Investment Act” as well as the City’s Charter and its adopted Investment
Policy. The City’s primary investment objectives, in order of importance, are the preservation of
principal, maintenance of sufficient liquidity, preservation of public trust and a reasonable and
competitive return.
2. INCLUDED CORE ELEMENTS
The procurement of the services under this RFP must meet all requirements of this RFP and must
include:
Bidding of Certificate of Deposits, execution of securities purchases/sales for the City’s operating
and bond funds, investment advice, investment reporting, review of the City’s Investment Policy
and its procedures, and lead the Request for Application process for depository service and
conduct the evaluation for Council.
3. ABILITY TO COMBINE VENDORS/PRODUCTS
The City will consider combinations of vendors/products to achieve the entire list of requirements
stated in this RFP. As a result, it is possible for a vendor to propose portions of the solution and
specify compatible products/partners for the remaining parts of the solution. If this approach is
taken, the City will evaluate the number, strength and relationship of the vendors/products
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proposed to determine if that approach provides the best value and easiest ongoing operation
for the City.
• Specific services, although not all-inclusive, are to be performed as follows:
• Assist the City with maturity analysis
• Provide credit analysis of investment instruments in portfolio
• Provide monthly/quarterly annual reporting on all government entity funds
• Meetings with the City’s staff, which consists of: Finance Committee at least twice a year to
review the investment program and portfolio performance
• Evaluate market risk and develop strategies that minimize the impact on the portfolio
• Provide assurance of portfolio compliance with applicable policies and laws and the City’s
Investment Policy
• Establish an appropriate performance benchmark
• Indicate full understanding of Investment Policy
• Ensure portfolio structure matches the City’s objectives
• Adhere to City of Georgetown Investment Policy objectives
• Obtain Broker/Dealer Certifications
• In conjunction with the City’s Purchasing and Finance departments, prepare the depository
banking Request For Application, act as liaison between the bidders and City staff, set up
interviews with bidders, review, evaluate and provide analysis on bids and bidders, and advise
City on selection. The City’s current depository agreement will expire April 30, 2022 with no
renewal options.
EVALUATION and SELECTION PROCESS
The City has attempted to provide a comprehensive statement of requirements through this RFP for the
work contemplated. Written proposals must present Offeror's qualifications and understanding of the
work to be performed. Offerors are asked to address each evaluation criteria and to be specific in
presenting their qualifications. Proposals must be as thorough and detailed as possible so that the City
may properly evaluate capabilities to provide the requested services.
Selection may be made of one or more Offerors deemed to be fully qualified and best suited among those
submitting proposals. Price shall be considered, but shall not be the sole determining factor. Should the
City determine in writing and in its sole discretion that only one Offeror is fully qualified or that one Offeror
is clearly more highly qualified than the others under consideration, a contract may be negotiated and
awarded to that Offeror. The executed Agreement will incorporate all the requirements, terms and
conditions of the solicitation and the Offeror's proposal as negotiated.
By submission of a proposal, Offeror acknowledges acceptance of the evaluation process, the evaluation
criteria, scope of work, approach and methodology, and all other terms and conditions set forth in this
RFP. Further, Firms acknowledge that subjective judgements must be made by the City during this
process.
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The evaluation process may include, but is not limited to the following steps. Steps may be omitted or
reordered depending on the proposal evaluation requirements. For example, Best and Final Offers may
be required prior to Interviews and/or Presentations.
A. CLARITY AND QUALITY OF PROPOSAL Pass/Fail
Firms must provide comprehensive responses to every section within this RFP in the described format.
It is not the intent of the City to constrain Firms with regard to content, but to assure that the specific
requirements set forth in this RFP are addressed in a uniform manner amenable to review and
evaluation. Failure to do so may result in your Proposal being disqualified from further review and
consideration.
B. PROPOSAL EVALUATIONS
The City has established specific, weighted criteria for selection. This section presents the evaluation
criteria, description, and relative weight assigned to each (100 points maximum). The City will
evaluate each Offeror’s responses to the requirements contained in this RFP.
Firm Background 15 points
Project Experience and Qualifications 25 points
Methodology and Technical Approach 30 points
Comments/Change Requests to Exhibit A 10 points
C. COST EVALUATION
Price shall be considered, but shall not be the sole determining factor.
Cost Proposal 20 points
D. REFERENCE CHECKS
The City reserves the right to check any reference(s), regardless of the source of the reference
information. Information may be requested and evaluated from references. The City reserves the
right to use a third party to conduct reference checks. Only top scoring Offerors may receive reference
checks and negative references may eliminate Offerors from further consideration.
E. INITIAL EVALUATION and RANKING
Following the Technical and Cost proposal evaluation, the City will compile the final scores. If the
Evaluation Committee determines that clarifying information is not required, the evaluation process
is complete. The award recommendation will be made to the Offeror which, in the City’s opinion, has
submitted the Proposal most beneficial to the City for award.
F. INVITATIONS FOR ORAL INTERVIEWS
The Evaluation Committee may conclude after completion of the Technical and Cost Proposal
evaluation(s) that oral interviews/presentations and/or demonstration are required in order to
determine the most qualified Offeror. The selection of firms to make presentations will be based on
the initial Evaluation and Ranking. All Offerors may not necessarily be extended an invitation for oral
interviews. The City reserves the right to select Firms to interview that are most susceptible of being
selected for an award of a contract.
G. ORAL INTERVIEWS, PRESENTATIONS or DEMONSTRATIONS
Selected Firms will be given an opportunity for oral interviews, presentations and/or demonstrations.
The presentation process will allow Offerors to demonstrate their proposal offering, explaining and/or
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clarifying any unusual or significant elements related to their Proposals. At this stage, Offerors shall
not be allowed to alter or amend their proposals. The Evaluation Committee will score each
presenting Offeror:
Oral Interviews 10 points
H. FINAL EVALUATION and RANKING after ORAL INTERVIEWS
The Evaluation Committee will make its recommendation for award based on the Offeror with the
highest point total. Total score being determined using the following formula:
(original technical score + original cost score) + (oral interview score) = final total score.
I. BEST and FINAL OFFER
The Evaluation Committee may determine that Best and Final Offers are required. If Best and Final
Offers are requested and submitted by Offerors, they will be evaluated using the stated criteria and
scored by the Evaluation Committee. (Offerors are highly encouraged to provide its best offer in the
original Proposal. Offerors should not expect that the City will request a Best and Final Offer).
J. FINAL SCORING and RANKING after BEST and FINAL OFFERS
The Evaluation Committee will make its recommendation for award based on the Offeror with the
highest point total. Total score being determined using the following formula:
(original technical score + oral interview score) + (best and final offer cost score) = final total score
SUBMISSION REQUIREMENTS
The City will not accept oral proposals, or proposals received by telephone or FAX machine. Proposals
must be prepared simply and economically, providing a straightforward, concise description of Offeror’s
ability to meet all requirements and specifications of this RFP. Emphasis should be focused on
completeness, clarity of content and responsiveness to all requirements and specifications of this RFP.
Refer to https://gtowntx.ionwave.net/Login.aspx for further information on how to submit proposals
electronically.
The proposal may be submitted in hard copy. Offeror shall submit 1 original and 4 copies of the entire
proposal, plus 1 digital copy (on CD, DVD or thumb drive).
The City of Georgetown requires comprehensive responses to every section within this RFP. To facilitate
the review of the responses, Offerors shall follow the described format. The intent of the proposal format
is to expedite review and evaluation. It is not the intent to constrain Offerors with regard to content, but
to assure that the specific requirements set forth is this RFP are addressed in a uniform manner amenable
to review.
The Proposer may also provide supplemental marketing or technical materials, to be packaged separately
from the Proposal. No materials provided by the Proposer will be returned at any time during or following
this procurement.
The following list of criteria will be used to evaluate all submitted proposals. The order in which the
selection criteria are listed is not necessarily indicative of their relative importance:
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TAB A FIRM BACKGROUND
1. Briefly introduce your Firm including the number of years in business
2. Provide a summary of the administration, organization and staffing of your Firm, including
multiple offices, if applicable
3. Include the same for any associate firm or sub-consultant
4. Identify the Management contact (representative authorized to negotiate and sign an
agreement for your firm) and Project Manager (person responsible for day-to-day
management of the project.
TAB B PROJECT EXPERIENCE and QUALIFICATIONS
1. Describe at least three (3) projects that are complementary in nature to this project.
2. Describe the experience of the Firm in the last thirty-six (36) months in performing services
of similar scope and size.
3. Identify the Project Manager and each individual who will work as part of this engagement.
Include resumes for each person to be assigned. Include any professional designations and
affiliations, certifications and licenses, etc.
4. Provide an organizational chart indicating positions and name of the core management team
that will undertake this engagement.
5. Date founded and details of ownership as well as any subsidiaries and affiliates relevant to
the City;
6. Description of the experience of the firm in serving as an investment advisor for municipalities
and other public entities in Texas;
7. The types of accounts primarily sought;
8. Any SEC or regulatory censure or litigation involving institutional business Proposer conducts
with governmental investors currently or over the past three years;
9. Description of any accounts which have discontinued services from the firm, including the
reason for the termination; and
10. Copies of ADV Parts I and II, as on file with the SEC, and proof of registration with the Texas
State Securities Board.
11. Size of staff committed to public sector clients and the credentials of key staff members;
12. List of investment professionals proposed to directly provide services to the City, including
their relationship with firm, number of years with the firm, their responsibilities, their
investment business experience and experience in public sector investment management;
13. Descriptions of investigations for improper, fraudulent or unfair activities related to the sales
of securities involving personnel above, if any; and
14. Details of methods to inform investment professionals of developments relevant to
governmental investment managers.
15. Describe your firm’s training and education efforts to keep portfolio managers informed of
developments relevant to government investment managers.
16. Describe the firms’ sources of revenue, categorized by retail and institutional accounts.
17. Provide the number and types of accounts, total asset value, and composition of portfolios
currently being managed by your firm.
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TAB C METHODOLOGY and TECHNICAL APPROACH
1. Provide a narrative description of the Firms’ plan to accomplish the work and services to be
provided to the City.
2. Clearly acknowledge your understanding of the scope of work, including a detailed approach
to completing this project in a phase by phase fashion, including the time frame expected to
complete each phase and staff assignments for each phase of the project.
3. Provide suggestions and ideas for completing this project in an efficient, effective and
innovative manner.
4. Clearly identify materials and knowledge resources that the Firm will need from the City to
complete this project.
5. Identify progress reports that will be made available during the process and key decision
points.
6. Clearly distinguish the Firms’ duties and responsibilities and those of the City. Absence of this
distinction shall mean the Firm is assuming full responsibility for all tasks.
7. Process to ensure the City’s objectives of safety, liquidity and yield;
8. Experience in developing investment policies and portfolio strategies for governmental
operating funds;
9. Types of investment research utilized and the methods for making investment decisions
including maturity and selection. Describe your credit review process;
10. Primary strategies for adding value to portfolios;
11. Suggested performance benchmarks for the City’s portfolio; and
12. Daily procedures for portfolio review and client contact, including backup processes when
staff is out of the office.
13. What role does interest-rate forecasting play in your portfolio management strategy?
14. Ongoing review and assistance in implementing best practices in managing its banking, cash
management and cash handling programs.
15. Evaluation and selection of separate contract for securities clearing and safekeeping, if
needed.
16. Others as might be suggested by the proposer.
TAB D COST PROPOSAL
1. Provide a detailed cost proposal broken down by task or phase. The City may elect to
complete any combination of tasks or phases. Indicate any cost savings available by
completing one or more or any combination of tasks or phases. Provide the complete fee
schedule for providing investment advisory services to the City of Georgetown on a non-
discretionary basis. Indicate if the fees are based on percentage of assets, cost per transaction
or some other method and the frequency of billing. The fees are not to be netted out of
investment earnings but rather billed separately for purposes of full disclosure.
2. What additional expenses not covered through the fee structure will be expected in order to
implement your investment advisory services?
3. Travel and other reimbursable fees must be estimated, approved by the City up front, and
submitted separately from professional fees.
4. The actual contract amount will be negotiated after the Firm has been selected and the scope
of work finalized.
5. Does the firm act as a broker or a primary dealer in securities or receive any other form of
additional compensation (including soft dollars) for the client transactions aside from the
direct fee paid by clients.
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TAB E ASSETS UNDER MANAGEMENT
Summarize your institutional investment assets under management by category as shown below
for your latest reporting period:
Governmental Non-Governmental
Operational/Bonding Funds $ $
Pension Funds $ $
Foundations $ $
Equity Funds $ $
Total $ $
a. Summarize your assets under management (institutional only) over the past five years and
average assets per client.
b. Provide relevant performance statistics on a comparable portfolio and compare with industry
averages or benchmarks for the last one, three, five, ten-year periods and/or since inception.
Note whether these performance statistics are reported based on GIPS (Global Investment
Performance Standards) formerly known as AIMR (Association for Investment Management
and Research).
c. List comparable or most representative governmental clients. Identify the nature of the funds
and provide a contact name and number for each.
d. How many accounts have you gained in the last 12 months? How many accounts have been
lost in the last 12 months and why?
TAB F DESCRIPTIONS AND SAMPLE REPORTS
1. Describe the investment accounting and reporting system used by your firm.
2. Describe the frequency and format of reports that you would provide to the City of
Georgetown. Attach a sample.
3. What performance benchmarks would you suggest for this portfolio? Provide
recommendations regarding performance benchmarks for a portfolio similar to that of the
City of Georgetown. What experience has the firm had in developing benchmarks for public
operating portfolios?
TAB G ADDITIONAL SERVICES
Provide description of services and approach for assisting the City with the following optional
services. If these services are not included in the proposed price above, additional compensation
must be clearly noted.
1. Briefly describe any additional features, attributes, or conditions which the City should consider
in selecting your firm. Describe any other services your firm can provide.
2. Provide a copy of your firm’s most recent ADV Part II as on file with the SEC.
3. Describe your firm’s business continuity plan, how often it is updated, and what assistance
would be available to the government.
TAB H REFERENCES
1. A minimum of three (3) references should be included (preferably other City, town or local
governments in Texas that the Offeror has provided services to).
2. References must include agency name, contact name and contact email.
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TAB I COMMENTS/CHANGE REQUESTS to EXHIBIT A
1. A copy of the City's Standard Form of Agreement (SFA) is attached as Exhibit A to this RFP.
Please provide any comments or change requests to the Agreement with the proposal submittal.
Failure to submit requested changes will affirm that the Firm willing to execute the Agreement
without modification.
TAB J CERTIFICATION and ACKNOWLEDGEMENT PAGE
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CERTIFICATION and ACKNOWLEDGMENT
The undersigned affirms that they are duly authorized to submit this Proposal, that this Proposal has not
been prepared in collusion with any other Offeror, and that the contents of this Proposal have not been
communicated to any other Offeror prior to the official opening. Further, Offeror certifies that it: i) does
not boycott Israel; ii) will not boycott Israel during the term of the Agreement; and iii) is not engaged in
business with Iran, Sudan, or a foreign terrorist organization.
Signed By: Title:
Typed Name: Company Name:
Phone No.: Fax No.:
Email:
Bid Address:
P.O. Box or Street City State Zip
Order Address:
P.O. Box or Street City State Zip
Remit Address:
P.O. Box or Street City State Zip
Federal Tax ID No.:
DUNS No.:
Date:
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City of Georgetown Investment Policy Page 1
CITY OF GEORGETOWN, TEXAS
INVESTMENT POLICY
As amended December 10, 2019
SECTION 1: SCOPE & OBJECTIVES
1.1 SCOPE
This Investment Policy applies to all financial assets of the City of Georgetown, Texas, which
includes the City of Georgetown Economic Development Corporation and the Georgetown
Transportation Enhancement Corporation, held in all funds.
1.2 STATEMENT OF CASH MANAGEMENT PHILOSOPHY
The City will maintain a comprehensive cash management program to include the effective
collection of all accounts receivable, the prompt deposit of receipts to the City's bank accounts,
the payment of obligations to comply with State law and in accord with vendor invoices, and the
prudent investment of idle funds in accord with this Policy.
1.3 OBJECTIVES
The City's investment program will be conducted to comply with Texas Government Code Chapter
2256 (the Public Funds Investment Act) and accomplish the following objectives, listed in priority
order:
1. Safety. The City will give priority to the preservation and safety of the principal
invested. Investments will be made in a manner that will mitigate credit risk and
interest rate risk.
2. Liquidity. The City will maintain the availability of sufficient cash to pay obligations
of the City when they are due.
3. Public Trust. Investment Officers shall seek to act responsibly as custodians of
the public trust. Investment Officers shall avoid transactions that might impair
public confidence in the City’s ability to govern effectively.
4. Yield. The City will invest idle cash in a manner that will maximize earnings to the
greatest extent possible, consistent with State and local laws and the objectives of
safety and liquidity listed above.
It is also the objective of the City to diversify its investments to eliminate the risk of loss resulting
from over concentration of assets in a specific maturity, a specific issuer or a specific class of
investments, when appropriate. It is the intent of the City to hold investments to maturity.
SECTION 2: STANDARD OF CARE
2.1 PRUDENCE
Investments will be made with judgment and care, under prevailing circumstances, that a person
of prudence, discretion, and intelligence would exercise in the management of the person’s own
affairs, not for speculation, but for investment, considering the probable safety of capital and the
probable income to be derived. The City Council recognizes that in maintaining a diversified
portfolio, occasional measured losses due to market volatility are inevitable and must be
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City of Georgetown Investment Policy Page 2
considered within the context of the overall portfolio's investment return, provided that adequate
diversification has been implemented.
In determining whether an Investment Officer has exercised prudence with respect to an
investment decision, the determination shall be made taking into consideration:
A. The investment of all funds, or funds under the City’s control, over which the Officer had
responsibility rather than a consideration as to the prudence of a single investment.
B. Whether the investment decision was consistent with the written Investment Policy of the
City.
The Investment Officer, acting in accordance with written procedures and exercising due
diligence, shall not be held personally responsible for a specific investment's adverse credit risk
or market price changes, provided that these deviations are reported immediately to the City
Manager and/or the City Council and that appropriate action is taken to control adverse
developments.
2.2 ETHICS & CONFLICT OF INTEREST
Investment Officers and employees involved in the investment process will refrain from personal
business activity that could conflict with the proper execution of the investment program, or which
could impair their ability to make impartial investment decisions. Investment Officers and
employees will comply with all disclosure and reporting requirements of Section 2256.005 (i) of
the Texas Government Code.
2.3 DELEGATION OF AUTHORITY
The Finance Director, Treasurer, and Controller are the City's Investment Officers. The Finance
Director is responsible for overall management of the City's investment program and may direct
the other Investment Officers in his/her duties. Accordingly, the Investment Officers are
responsible for day-to-day administration of the investment program and for the duties listed
below:
1. Maintain current information as to available cash balances in City accounts, and
as to the amount of idle cash available for investment;
2. Make investments and maintain written procedures for the operation and internal
control of the investment program consistent with this Policy;
3. Ensure that all investments are adequately secured; and
4. Attend training relating to investment responsibilities under this Policy as required
by Section 2256.008 of the Texas Government Code. Ten (10) hours of
investment training must be completed within twelve (12) months of attaining the
position of Investment Officer, and thereafter, eight (8) hours of training must be
completed within a two-year period that begins on the first day of the City’s fiscal
year and consists of the two consecutive fiscal years after that date. To ensure
quality and capability of investment management, all Investment Officers shall
receive training from an independent source that addresses investment controls,
security risks, strategy risks, market risks, diversification of investment portfolios,
and compliance with the Public Funds Investment Act. The Training sponsored by
any of the following organizations is approved:
Texas Municipal League
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City of Georgetown Investment Policy Page 3
Government Finance Officers Association of Texas (GFOAT)
Government Finance Officers Association of the United States and Canada
Government Treasurers’ Organization of Texas (GTOT)
University of North Texas
Texas Tech University Center for Professional Development
Unless authorized by law, no person may deposit, withdraw, transfer or manage in any other
manner the funds of the City.
SECTION 3: INVESTMENT STRATEGIES
3.1 OPERATING FUNDS
Operating Funds are defined as cash and investments used for day-to-day operations that do not
fall into one of the other categories. Operating Funds will be invested in a manner suitable to
provide adequate liquidity for the anticipated operating needs of the City. Investments of
Operating Funds shall be limited to a weighted average maturity no greater than one year and
any one investment may not exceed 36 months without authorization by the City Manager. All
investment instruments must meet credit and safety criteria as required by the Public Funds
Investment Act and this Policy. All investments shall be of high quality with no perceived default
risk. Operating Funds will remain sufficiently liquid to enable the City to meet operating
requirements that may be reasonably anticipated. If utilized, securities with active and efficient
secondary markets are necessary in the event of unanticipated cash requirements. Operating
Funds’ maturities will be staggered based on the City’s anticipated operating needs, and the
investments may include financial institution deposits, U.S. treasuries and agencies, state and
municipal debt instruments, investment pools, and money market mutual funds. Investment of
Operating Funds will be structured to attain the optimal yield given the liquidity and safety
requirements.
3.2 CONTINGENCY RESERVES (or operating reserves)
Contingency Reserves are the minimum fund balance/working capital requirements as defined
by City Council in the Annual Operating Plan. Contingency Reserves’ balances may be used to
cover any cash operating shortfalls due to the timing of bond issues, revenue receipts, etc. The
funds will be invested in a manner suitable to cover operating shortfalls that may be reasonably
anticipated. All investment instruments must meet credit and safety criteria as required by the
Public Funds Investment Act and this Policy. All investments shall be of high quality with no
perceived default risk. Investments of these funds may exceed 24 months with prior approval of
the City Manager if short term cash flow needs are not evident. Any one investment may not
exceed 36 months in maturity length. The weighted average maturity for these funds may not
exceed 24 months. Contingency Reserves investments will remain sufficiently liquid to meet City
needs in the event of an operating shortfall, and if utilized, securities with active and efficient
secondary markets will provide marketability necessary should the need arise to liquidate the
investment prior to maturity. Contingency Reserves’ maturities will be diverse to cover possible
operating shortfalls, and the investments may include financial institution deposits, U.S. treasuries
and agencies, state and municipal debt instruments, investment pools, and money market mutual
funds. Investment of Contingency Reserves will be structured to attain the optimal yield given the
liquidity and safety requirements.
3.3 DEBT
3.3.1 Reserves. Debt Reserves are defined as bond reserve funds required to be set
aside in accordance with bond covenants. The City’s bond covenants do not require the
City to maintain any reserve funds. Therefore, the City’s investments are not adversely
affected by any reserve requirement conditions.
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City of Georgetown Investment Policy Page 4
3.3.2 Interest & Sinking (or debt service funds). Interest and Sinking funds are defined
as those funds accumulated to meet periodic payments required by bond and note
maturity schedules. The investment maturities are limited by pertinent debt service
requirements and tax laws limiting accumulation and earnings for such funds, and
investments should be made in a manner suitable to comply with applicable requirements
and payment schedules. The investments must meet credit and safety criteria as required
by the Public Funds Investment Act and this Policy. All investments shall be of high quality
with no perceived default risk. The funds shall be invested to ensure adequate funding
for each consecutive debt service payment but shall not exceed the debt service schedule.
Involuntary liquidation of investments is highly unlikely due to the nature of these funds.
Interest and Sinking fund maturities will be diversified by matching them to the debt service
payments of the City, and the investments may include financial institution deposits, U.S.
treasuries and agencies, state and municipal debt instruments, investment pools, and
money market mutual funds. Investment of Interest and Sinking funds will be structured to
attain the optimal yield given the liquidity and safety requirements.
3.4 BOND PROCEEDS (capital improvement funds)
Bond proceed funds are defined as those funds received from the sales of City bonds or notes
and not otherwise set aside for debt service or reserve purposes. These funds typically include
money to fund infrastructure, construction, or other large projects. The investment maturities are
limited by pertinent project draw requirements, applicable bond covenants, and tax laws
governing earnings for such funds, but may not have a single security greater than 36 months,
unless a flexible repurchase agreement is used in accordance with Section 4.1.5 of this Policy.
Investments must meet credit and safety criteria as required by the Public Funds Investment Act
and this Policy and should be made in a manner suitable to meet project requirements. All
investments shall be of high quality with no perceived default risk. The funds shall be invested to
match projected cash flow requirements with sufficient liquidity to meet unanticipated project
outlays, and maturities shall not exceed the expected project completion dates. Bond proceed
maturities will be diverse to provide necessary liquidity based on project needs, and investments
may include financial institution deposits, flexible repurchase agreements, U.S. treasuries and
agencies, state and municipal debt instruments, investment pools, and money market mutual
funds. Investment of Bond Proceeds will be structured to attain the optimal yield given the liquidity
and safety requirements.
SECTION 4: AUTHORIZED INVESTMENTS
4.1 AUTHORIZED INVESTMENTS
City funds may be invested in the following authorized investments:
4.1.1 Financial Institution Deposits. Certificates of Deposit and other evidences of
deposit at a financial institution that, a) has its main office or a branch office in Texas and
is guaranteed or insured by the Federal Deposit Insurance Corporation or its successor,
b) is secured by obligations or in any other manner and amount provided by law for
deposits of the City, or c) is executed through a depository institution or approved broker
that has its main office or a branch office in Texas that meets the requirements of the
Public Funds Investment Act. All financial institution deposits in excess of the FDIC
insured amount must be collateralized as described by Section 5.5
COLLATERALIZATION.
4.1.2 U.S. Treasuries and Agencies. Obligations of the United States of America, its
agencies and instrumentalities, including other obligations, the principal and interest of
which are unconditionally guaranteed or insured by, or backed by the full faith and credit
of the United States or its agencies and instrumentalities, including obligations that are
fully guaranteed or insured by the Federal Deposit Insurance Corporation or by the explicit
Page 63 of 120
City of Georgetown Investment Policy Page 5
full faith and credit of the United States. Such obligations include letters of credit of the
United States or its agencies and instrumentalities, including the Federal Home Loan
Banks.
4.1.3 Investment Pools. Investment pools that meet all requirements of the Public Funds
Investment Act, including the following criteria:
a. An investment pool must provide an offering circular or other similar
disclosure instruments and provide monthly and transaction reporting as
required by Section 2256.016 of the Texas Government Code.
b. Investment in a new pool will require the approval of the City Council.
c. A public funds investment pool created to function as a money market
mutual fund must (1) mark its portfolio to market daily, (2) include in its
investment objectives the maintenance of a stable net asset value of $1.00
for each share and (3) be continuously rated no lower than AAAm or at an
equivalent rating by at least one nationally recognized rating service.
4.1.4. Money Market Mutual Funds. No-load government money market mutual funds
if the fund:
a. Is compliant with the Public Funds Investment Act;
b. Is regulated by the Securities and Exchange Commission;
c. Marks its portfolio to market daily;
d. Includes in its investment objectives the maintenance of a stable net asset
value of $1.0000 for each share;
d. Is continuously rated no lower than AAA or at an equivalent rating by at
least one nationally recognized rating service.
4.1.5. Repurchase Agreements. Fully collateralized repurchase agreements that:
a. Have a defined termination date;
b. Are secured by cash or obligations as allowed by the Public Funds
Investment Act and this Policy;
c. Require independent third-party safekeeping of all securities prior to the
release of any funds;
d. Are placed through a primary dealer or financial institution doing business
in Texas; and
e. Do not create a reverse repurchase agreement by the City.
Construction, capital improvement and bond proceed funds may utilize a flexible
repurchase agreement, or similar agreement, that allows expenditure-related
withdrawal of funds, without penalty, with an average life and termination date
limitation based on the anticipated draw schedule. Any repurchase agreement
shall require the execution of a mutually acceptable Repurchase Agreement.
4.1.6. Municipal Issuers. Obligations of:
a. The State of Texas or its agencies and instrumentalities; and
b. Counties, cities, and other political subdivisions of the State of Texas rated
as to investment quality by a nationally recognized investment rating firm
not less than A or its equivalent.
Investments purchased prior to this Policy’s revision, that do not meet the revised
requirements of this Policy, are not required to be liquidated. The City shall monitor each
investment’s status to determine whether it is in the best interest of the City to hold or
liquidate the investment.
Page 64 of 120
City of Georgetown Investment Policy Page 6
4.2 CREDIT RATING REVIEW AND EFFECT OF LOSS OF REQUIRED RATING
Not less than quarterly, the Investment Officers will obtain from a reliable source the current credit
rating for each held investment that has a Public Funds Investment Act-required minimum rating.
Any Authorized Investment that requires a minimum rating and does not qualify at any time during
the period, is considered to not have the minimum rating. The City shall take all prudent measures
that are consistent with this Policy to liquidate an investment that does not have the minimum
rating.
4.3 COMPLIANCE WITH STATE LAW
All authorized investments outlined above must meet the requirements of the Public Funds
Investment Act. No investment may be made in any instrument except as provided above.
4.4 CASH ON HAND
Cash resources required for the immediate needs of the City, and not otherwise available for
longer term investment, will be placed in account(s) at the City's Depository/Depositories, in local
government investment pools and/or money market mutual funds. Such account(s) will earn
interest at the highest rate(s) provided in the respective depository contract(s).
SECTION 5: SAFEKEEPING AND CUSTODY
5.1 AUTHORIZED BROKER/DEALERS and INVESTMENT POLICY CERTIFICATION
Authorized investment securities may be purchased only through brokers/dealers who are
licensed and in good standing with the Texas Department of Securities, the Securities Exchange
Commission, the Financial Industry Regulatory Authority, or other applicable self-regulatory
organization. The City Council will, at least annually, review, revise, and adopt a list of
broker/dealers who are authorized to engage in investment transactions with the City. The list is
approved and included in Attachment “A” of this Policy.
Before engaging in investment transactions with an Investment Pool or discretionary investment
management firm, the Investment Officers will have received from said pool/firm a signed
Certification Form. This form will attest that the individual responsible for the City’s account with
that pool/firm has received and reviewed the City’s Investment Policy and that the pool/firm has
implemented reasonable procedures and controls to preclude transactions conducted between
the City and the pool/firm that are not authorized by the City’s Investment Policy, except to the
extent that this authorization is dependent on an analysis of the makeup of the City’s entire
portfolio, requires an interpretation of subjective investment standards, or relates to investment
transactions of the City that are not made through accounts or other contractual arrangements
over which the pool/firm has accepted discretionary investment authority. The letter must be
signed by a Qualified Representative as defined by the Public Funds Investment Act.
“Qualified Representative” means a person who holds a position with a business organization
who is authorized to act on behalf of the business organization and who is one of the following:
(1) for an investment pool, the person authorized by the elected official or board with authority to
administer the activities of the investment pool to sign the written instrument on behalf of the
investment pool, or
Page 65 of 120
City of Georgetown Investment Policy Page 7
(2) for a discretionary investment management firm registered under the Investment Advisers Act
of 1940 or, if not subject of registration under the Act, registered with the State Securities Board,
a person who is an officer or principal of the investment management firm.
5.2 AUTHORIZED FINANCIAL INSTITUTIONS
Financial institution deposits and other evidences of deposit may be purchased at qualified City
Depositories and other financial institutions. Qualifications will be determined by the Investment
Officers. The City must have a written agreement with the Depository and other financial
institutions, and that depository and other financial institutions must meet all State Laws for
deposit of public funds. The City's main operating Depository/Depositories will be selected as
provided by law and the City’s purchasing procedure.
5.3 INTERNAL CONTROLS
The Finance Director will establish and maintain procedures for the execution of the investment
program and these procedures will address internal controls to mitigate risks of intentional or
inadvertent mismanagement or misappropriation of funds.
All investment transactions will be documented by the Investment Officers. The Investment
Officers, or through the City’s Investment Advisor, may make investments orally, but will follow
promptly with a written confirmation to the financial institution or broker/ dealer, with a copy of
such confirmation retained in the City's files.
All trades, purchases, and sales, excluding cash equivalent transactions, will be completed
through a competitive process. Where appropriate, at least three (3) quotations will be solicited
for each such investment made.
Market value of the portfolio and each investment will be monitored at least quarterly through
industry standard publications/sources for market data such as, but not limited to, The Wall Street
Journal or Bloomberg.
5.4 SAFEKEEPING
All securities purchased by the City under this Policy must be designated as assets of the City,
must be settled on a delivery-versus-payment (DVP) basis, and must be protected through the
use of a third-party custody/safekeeping agent. The City will enter into a formal agreement with
an institution of such size and expertise as is necessary to provide the services needed to protect
and secure the investment assets of the City.
5.5 COLLATERALIZATION
To the extent not insured by federal agencies that secure deposits, City funds (including financial
institution deposits and CDs) must be collateralized in compliance with the Texas Public Funds
Collateral Act and pertinent federal banking regulations. With the exception of deposits secured
with irrevocable letters of credit at 100% of deposit plus accrued interest, the aggregate market
value of pledged securities shall be equal to at least one hundred two percent (102%) of the
deposit plus accrued interest less an amount insured by the Federal Deposit Insurance
Corporation. Should the depository fail to adequately maintain the required collateral level, the
City may increase the minimum to 110%. The City reserves the right, in its sole discretion, to
accept or reject any form of insurance or collateral pledged towards its deposits. Institutions
serving as a depository will be required to sign a Depository/Collateral Agreement with the City.
The collateralized deposit portion of the Agreement shall define the City’s rights to the collateral
in case of default, bankruptcy, or closing and shall establish a perfected security interest in
compliance with Federal and State regulations, including:
Page 66 of 120
City of Georgetown Investment Policy Page 8
• The agreement must be in writing;
• The agreement must be executed by the Depository and the City contemporaneously with
the acquisition of the asset;
• The agreement must be approved by the Board of Directors or designated committee of
the Depository and a copy of the meeting minutes must be delivered to the City; and
• The agreement must be part of the Depository’s “official record” continuously since its
execution.
Securities pledged as collateral must be retained by an independent, third party custodian and
marked as pledged to the City. The City will be provided the original safekeeping receipt from the
custodian on each pledged security. With the exception of the Federal Reserve Bank, the City,
financial institution, and the custodian will operate in accordance with an acceptable custodial
agreement. The City's Investment Officers must approve in writing the release of collateral prior
to its removal from the safekeeping account in accordance with the terms of the depository and/or
custodial agreement.
The financial institution(s) with which the City invests and/or maintains deposits will require the
custodian to provide monthly a listing of the collateral pledged to the City marked to current market
prices. The listing will include total pledged securities itemized by name, CUSIP, type and
description of the security; safekeeping receipt number; par value; current market value; maturity
date; and Moody's or Standard & Poor's rating, if available.
SECTION 6: REPORTING
6.1 QUARTERLY REPORTING
The Investment Officers shall prepare, sign and submit to the City Council a quarterly report on
investment transactions for all funds covered by this Policy. The report will be prepared in
compliance with the Public Funds Investment Act. The report will cover the investment position
of the City at the end of each fiscal quarter. The contents will include at a minimum:
1. Beginning and ending market value and accrued interest of the portfolio;
2. Beginning and ending market value and book value, maturity date, type of funds,
interest coupon, and yield for each separate security; and
3. A statement as to the compliance with this Policy and State law.
6.2 ANNUAL REPORTING
Within 90 days following the end of the fiscal year, the Investment Officers will present to the City
Council or the General Government and Finance Advisory Board a comprehensive annual report
on the investment program and investment activity. In addition to the information required for
quarterly reporting, the annual report will include a review of the activities and return for the twelve
months, suggest Policy revisions and improvements that might enhance the investment program,
and include an investment plan for the ensuing fiscal year. The annual report may be a
component of the quarterly report.
6.3 PERFORMANCE STANDARDS
To evaluate portfolio performance of funds subject to this Policy, the City establishes “weighted
average yield to maturity” as the standard portfolio performance measurement. The portfolio’s
performance will be compared against appropriately competitive and reasonable benchmarks,
including money market mutual funds or investment pools of similar make-up and maturities.
6.4 COMPLIANCE
Page 67 of 120
City of Georgetown Investment Policy Page 9
The quarterly reports shall be formally reviewed and a compliance audit of management controls
and adherence to this Policy as it relates to the City’s investments and investing activity will be
performed on an annual basis in conjunction with the City’s annual financial audit. The results
shall be reported to the City Council.
SECTION 7: POLICY REVIEW AND AMENDMENTS
This Investment Policy will be reviewed by the City Council on at least an annual basis as required
by the Public Funds Investment Act. The City Council shall adopt a written instrument by rule,
order, ordinance, or resolution stating that it has reviewed the investment policy and investment
strategies and the written instrument so adopted shall record any changes made to either the
investment policy or investment strategy.
Page 68 of 120
City of Georgetown Investment Policy Page 10
CITY OF GEORGETOWN INVESTMENT POLICY
Attachment “A”
Approved Broker/Dealer List
FHN Financial
Duncan Williams
Hilltop Securities
Multi-Bank Securities
Raymond James
Rice Financial
Wells Fargo Securities
These broker/dealers meet the City’s Investment Policy requirements.
Page 69 of 120
CITY
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
June 30, 2020
Prepared by
Valley View Consulting, L.L.C.
The investment portfolio of the City of Georgetown is in compliance with the Public Funds Investment Act and the
Investment Policy and Strategies.
________________________________________________________________________
Elaine Wilson Leigh Wallace
Controller Finance Director
___________________________________
Karrie Pursley
Treasurer
Disclaimer: These reports were compiled using information provided by the City. No procedures were performed to test the
accuracy or completeness of this information. The market values included in these reports were obtained by Valley View Consulting,
L.L.C. from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not
necessarily reflective of current liquidation values. Yield calculations are not determined using standard performance formulas, are
not representative of total return yields and do not account for investment advisor fees.
Page 70 of 120
Summary
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
Demand Accounts 10,852,258$ 10,852,258 9,511,536$ 9,511,536$ 0.22%
NOW/MMA 21,716,013 21,716,013 21,787,639 21,787,639 1.33%
Pools 104,846,720 104,846,720 135,563,839 135,563,839 0.20%
CDs/Securities 83,294,855 83,323,230 83,129,298 83,138,997 1.53%
Totals 220,709,845$ 220,738,220$ 249,992,313$ 250,002,012$ 0.74%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 0.74%Total Portfolio 1.35%
Rolling Three Month Treasury 0.14%Rolling Three Month Treasury 0.97%
Rolling Six Month Treasury 0.67%Rolling Six Month Treasury 1.28%
TexPool 0.22%TexPool 0.95%
Bank Fees Offset
4,696$
Interest income provided in separate report.25,337$
March 31, 2020
(1) Quarter End Average Yield - based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not
considered. The yield for the reporting month is used for bank, pool, and money market balances.
(2) Fiscal Year-to-Date Average Yield - calculated using quarter end report yields and adjusted book values and does not reflect a total return
analysis or account for advisory fees.
Quarterly Bank Fees Offset
Year-to-date Bank Fees Offset
June 30, 2020
Valley View Consulting, L.L.C.
1Page 71 of 120
Economic Overview 6/30/2020
The Federal Open Market Committee (FOMC) maintained the Fed Funds target range at 0.00% to 0.25% (Effective Fed Funds are trading +/-0.08%). Worldwide and domestic economic activity
popped-up as isolation protocols eased. However, continued positive COVID test growth may impact additional activity. The Yield Curve remains stabilized at current levels. The FOMC has signaled
reduced rates for an extended period. Crude oil increased to $40+ per barrel. Unemployment claims continued to rise, but June Non Farm Payroll surged to 4.8 million. The Stock Market wobbled
but stabilized. Full recovery timeline still very uncertain.
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
3,250
3,500
3,750
S&P 500
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50 US Treasury Historical Yields - Since Nov 2015
Six Month T-Bill Two Year T-Note Ten Year T-Note
0.00
0.50
1.00
1.50
2.00
2.50
3.00 Treasury Yield Curves
June 30, 2019 March 31, 2020 June 30, 2020
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00 US Treasury Historical Yields - Since 2006
Six Month T-Bill Two Year T-Note Ten Year T-Note
Valley View Consulting, L.L.C.2Page 72 of 120
City - Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
JPMorgan Chase Cash (3)0.22%07/01/20 06/30/20 9,511,536$ 9,511,536$ 1.00 9,511,536$ 1 0.22%
JPMorgan Chase MMA 0.05%07/01/20 06/30/20 433,929 433,929 1.00 433,929 1 0.05%
Veritex Bank MMA 0.30%07/01/20 06/30/20 3,208,928 3,208,928 1.00 3,208,928 1 0.30%
NexBank MMA 0.50%07/01/20 06/30/20 7,346,749 7,346,749 1.00 7,346,749 1 0.50%
Origin Bank MMA (4)2.25%07/01/20 06/30/20 10,798,033 10,798,033 1.00 10,798,033 1 2.25%
TexPool AAAm 0.22%07/01/20 06/30/20 45,475,841 45,475,841 1.00 45,475,841 1 0.22%
TexSTAR AAAm 0.20%07/01/20 06/30/20 90,087,998 90,087,998 1.00 90,087,998 1 0.20%
East West Bank CD 2.48%07/15/20 04/15/19 5,152,781 5,152,781 100.00 5,152,781 15 2.51%
East West Bank CD 1.72%08/04/20 02/04/20 6,546,565 6,546,565 100.00 6,546,565 35 1.73%
R Bank CD 2.10%08/16/20 08/16/19 2,031,778 2,031,778 100.00 2,031,778 47 2.12%
R Bank CD 1.17%08/16/20 02/26/20 1,013,818 1,013,818 100.00 1,013,818 47 1.17%
Prosperity Bank CD 2.66%08/21/20 02/22/19 6,215,859 6,215,859 100.00 6,215,859 52 2.69%
T-Bill Aaa/AA+0.00%10/08/20 10/17/19 2,500,000 2,489,236 99.96 2,498,935 100 1.60%
Independent Bank CD 1.85%10/18/20 10/18/19 2,523,205 2,523,205 100.00 2,523,205 110 1.86%
East West Bank CD 0.55%11/09/20 05/08/20 3,002,442 3,002,442 100.00 3,002,442 132 0.55%
Independent Bank CD 2.56%11/10/20 05/10/19 1,025,893 1,025,893 100.00 1,025,893 133 2.58%
R Bank CD 1.76%11/19/20 02/19/20 2,510,767 2,510,767 100.00 2,510,767 142 1.78%
Southside Bank CD 1.72%11/19/20 11/19/19 3,244,620 3,244,620 100.00 3,244,620 142 1.73%
East West Bank CD 1.71%12/09/20 12/09/19 4,038,601 4,038,601 100.00 4,038,601 162 1.72%
East West Bank CD 1.71%01/08/21 01/08/20 3,024,696 3,024,696 100.00 3,024,696 192 1.72%
Independent Bank CD 1.70%02/05/21 02/05/20 3,112,959 3,112,959 100.00 3,112,959 220 1.71%
Independent Bank CD 0.60%02/08/21 05/08/20 11,000,000 11,000,000 100.00 11,000,000 223 0.60%
R Bank CD 1.81%02/19/21 02/19/20 4,017,891 4,017,891 100.00 4,017,891 234 1.83%
Bank OZK CD 1.72%02/26/21 02/27/20 6,034,021 6,034,021 100.00 6,034,021 241 1.73%
Independent Bank CD 1.80%04/22/21 10/22/19 4,137,022 4,137,022 100.00 4,137,022 296 1.81%
Bank OZK CD 0.70%05/10/21 05/08/20 12,007,144 12,007,144 100.00 12,007,144 314 0.70%
250,003,077$ 249,992,313$ 250,002,012$ 58 0.74%
(1)(2)
June 30, 2020
(2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not
considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.
(1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.
(4) Origin Bank MMA - Interest rate fixed until August 2020.
(3) Earnings Credit - The City's depository accounts provide an earnings credit on balances which is used to offset bank fees.
Valley View Consulting, L.L.C.3Page 73 of 120
0–6 Months
83%
6–12 Months
17%
12–18 Months
0%
Current Quarter Maturities
$0
$25,000,000
$50,000,000
$75,000,000
$100,000,000
$125,000,000
$150,000,000
$175,000,000
$200,000,000
$225,000,000
$250,000,000
$275,000,000
09/30/20 12/31/19 03/31/20 06/30/20
Portfolio Balances
Money Market
Local Depository
TexSTAR
TexPool
Certificate of Deposit
US Treasury
166174166
102
69
90
73 75
109104
123
156163
97
108
87
51
67
49 41
91
73
61 54
99
71
124
95100
80
70 67 63 58
0
50
100
150
200
#
o
f
D
a
y
s
Weighted Average to Maturity
JPMorgan
Chase
4%
Southside
Bank
1%
Prosperity Bank
3%Veritex Bank
1%
Bank OZK
7%
NexBank
3%
TexPool
18%TexSTAR
36%
Independent
Bank
9%
Origin Bank
4%
East West Bank
9%
R Bank
4%
BBVA Bank
0%
T-Bill
1%
Portfolio Holdings by Issuer
Valley View Consulting, L.L.C.4Page 74 of 120
City - Book Value Comparison
Coupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/
Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value
JPMorgan Chase Cash 0.22%07/01/20 10,852,258$ 10,852,258$ –$ (1,340,722)$ 9,511,536$ 9,511,536$
JPMorgan Chase MMA 0.05%07/01/20 433,875 433,875 54 433,929 433,929
Veritex Bank MMA 0.30%07/01/20 3,205,333 3,205,333 3,595 3,208,928 3,208,928
NexBank MMA 0.50%07/01/20 7,337,623 7,337,623 9,126 7,346,749 7,346,749
Origin Bank MMA (4)2.25%07/01/20 10,739,181 10,739,181 58,852 10,798,033 10,798,033
TexPool 0.22%07/01/20 38,781,634 38,781,634 6,694,207 45,475,841 45,475,841
TexSTAR 0.20%07/01/20 66,065,086 66,065,086 24,022,913 90,087,998 90,087,998
East West Bank CD 2.62%04/01/20 5,252,290 5,252,290 (5,252,290)– –
T-Bill 0.00%04/16/20 2,500,000 2,498,236 (2,498,236)– –
Southside Bank CD 1.82%04/17/20 2,514,336 2,514,336 (2,514,336)– –
LegacyTexas Bank CD 2.91%05/06/20 4,157,776 4,157,776 (4,157,776)– –
T-Bill 0.00%05/07/20 4,900,000 4,892,333 (4,892,333)– –
Southside Bank CD 2.47%05/11/20 3,056,381 3,056,381 (3,056,381)– –
BBVA Bank CD 2.51%06/20/20 4,076,022 4,076,022 (4,076,022)– –
East West Bank CD 2.48%07/15/20 5,121,021 5,121,021 31,760 5,152,781 5,152,781
East West Bank CD 1.72%08/04/20 6,518,552 6,518,552 28,012 6,546,565 6,546,565
R Bank CD 2.10%08/16/20 2,021,284 2,021,284 10,493 2,031,778 2,031,778
R Bank CD 1.17%08/16/20 1,010,897 1,010,897 2,921 1,013,818 1,013,818
Prosperity Bank CD 2.66%08/21/20 6,174,483 6,174,483 41,377 6,215,859 6,215,859
T-Bill 0.00%10/08/20 2,500,000 2,479,441 9,795 2,500,000 2,489,236
Independent Bank CD 1.85%10/18/20 2,511,652 2,511,652 11,553 2,523,205 2,523,205
East West Bank CD 0.55%11/09/20 – – 3,002,442 3,002,442 3,002,442
Independent Bank CD 2.56%11/10/20 1,019,475 1,019,475 6,418 1,025,893 1,025,893
R Bank CD 1.76%11/19/20 2,500,000 2,500,000 10,767 2,510,767 2,510,767
Southside Bank CD 1.72%11/19/20 3,230,917 3,230,917 13,703 3,244,620 3,244,620
East West Bank CD 1.71%12/09/20 4,021,420 4,021,420 17,181 4,038,601 4,038,601
East West Bank CD 1.71%01/08/21 3,011,829 3,011,829 12,867 3,024,696 3,024,696
Independent Bank CD 1.70%02/05/21 3,100,000 3,100,000 12,959 3,112,959 3,112,959
Independent Bank CD 0.60%02/08/21 – – 11,000,000 11,000,000 11,000,000
R Bank CD 1.81%02/19/21 4,000,000 4,000,000 17,891 4,017,891 4,017,891
Bank OZK CD 1.72%02/26/21 6,007,921 6,007,921 26,099 6,034,021 6,034,021
Independent Bank CD 1.80%04/22/21 4,118,590 4,118,590 18,432 4,137,022 4,137,022
Bank OZK CD 0.70%05/10/21 – – 12,007,144 12,007,144 12,007,144
TOTAL 220,739,836$ 220,709,845$ 57,070,561$ (27,788,094)$ 250,003,077$ 249,992,313$
March 31, 2020 June 30, 2020
Valley View Consulting, L.L.C.5Page 75 of 120
City - Market Value Comparison
Maturity Face Amount/Market Qtr to Qtr Face Amount/Market
Description Date Par Value Price Market Value Change Par Value Price Market Value
JPMorgan Chase Cash 07/01/20 10,852,258$ 1.00 10,852,258$ (1,340,722)$ 9,511,536$ 1.00 9,511,536$
JPMorgan Chase MMA 07/01/20 433,875 1.00 433,875 54 433,929 1.00 433,929
Veritex Bank MMA 07/01/20 3,205,333 1.00 3,205,333 3,595 3,208,928 1.00 3,208,928
NexBank MMA 07/01/20 7,337,623 1.00 7,337,623 9,126 7,346,749 1.00 7,346,749
Origin Bank MMA (4)07/01/20 10,739,181 1.00 10,739,181 58,852 10,798,033 1.00 10,798,033
TexPool 07/01/20 38,781,634 1.00 38,781,634 6,694,207 45,475,841 1.00 45,475,841
TexSTAR 07/01/20 66,065,086 1.00 66,065,086 24,022,913 90,087,998 1.00 90,087,998
East West Bank CD 04/01/20 5,252,290 100.00 5,252,290 (5,252,290)– –
T-Bill 04/16/20 2,500,000 100.00 2,499,923 (2,499,923)– –
Southside Bank CD 04/17/20 2,514,336 100.00 2,514,336 (2,514,336)– –
LegacyTexas Bank CD 05/06/20 4,157,776 100.00 4,157,776 (4,157,776)– –
T-Bill 05/07/20 4,900,000 99.99 4,899,686 (4,899,686)– –
Southside Bank CD 05/11/20 3,056,381 100.00 3,056,381 (3,056,381)– –
BBVA Bank CD 06/20/20 4,076,022 100.00 4,076,022 (4,076,022)– –
East West Bank CD 07/15/20 5,121,021 100.00 5,121,021 31,760 5,152,781 100.00 5,152,781
East West Bank CD 08/04/20 6,518,552 100.00 6,518,552 28,012 6,546,565 100.00 6,546,565
R Bank CD 08/16/20 2,021,284 100.00 2,021,284 10,493 2,031,778 100.00 2,031,778
R Bank CD 08/16/20 1,010,897 100.00 1,010,897 2,921 1,013,818 100.00 1,013,818
Prosperity Bank CD 08/21/20 6,174,483 100.00 6,174,483 41,377 6,215,859 100.00 6,215,859
T-Bill 10/08/20 2,500,000 99.95 2,498,775 160 2,500,000 99.96 2,498,935
Independent Bank CD 10/18/20 2,511,652 100.00 2,511,652 11,553 2,523,205 100.00 2,523,205
East West Bank CD 11/09/20 – – 3,002,442 3,002,442 100.00 3,002,442
Independent Bank CD 11/10/20 1,019,475 100.00 1,019,475 6,418 1,025,893 100.00 1,025,893
R Bank CD 11/19/20 2,500,000 100.00 2,500,000 10,767 2,510,767 100.00 2,510,767
Southside Bank CD 11/19/20 3,230,917 100.00 3,230,917 13,703 3,244,620 100.00 3,244,620
East West Bank CD 12/09/20 4,021,420 100.00 4,021,420 17,181 4,038,601 100.00 4,038,601
East West Bank CD 01/08/21 3,011,829 100.00 3,011,829 12,867 3,024,696 100.00 3,024,696
Independent Bank CD 02/05/21 3,100,000 100.00 3,100,000 12,959 3,112,959 100.00 3,112,959
Independent Bank CD 02/08/21 – – 11,000,000 11,000,000 100.00 11,000,000
R Bank CD 02/19/21 4,000,000 100.00 4,000,000 17,891 4,017,891 100.00 4,017,891
Bank OZK CD 02/26/21 6,007,921 100.00 6,007,921 26,099 6,034,021 100.00 6,034,021
Independent Bank CD 04/22/21 4,118,590 100.00 4,118,590 18,432 4,137,022 100.00 4,137,022
Bank OZK CD 05/10/21 – – 12,007,144 12,007,144 100.00 12,007,144
TOTAL 220,739,836$ 220,738,220$ 29,263,791$ 250,003,077$ 250,002,012$
March 31, 2020 June 30, 2020
Valley View Consulting, L.L.C.6Page 76 of 120
City - Allocation
Investment
Total Consolidated 2014 Revenue
Water WW Debt Service
2015 CO-
Parks/Streets/
Vehicles
2015 CO-
Stormwater
JPMorgan Chase Cash 9,511,536$ 9,511,536$ –$ –$ –$ –$
JPMorgan Chase MMA 433,929 433,929 – – – –
Veritex Bank MMA 3,208,928 3,208,928 – – – –
NexBank MMA 7,346,749 7,346,749 – – – –
Origin Bank MMA 10,798,033 4,080,098 – – – –
TexPool 45,475,841 45,475,841 – – – –
TexSTAR 90,087,998 10,057,422 583,850 16,567,129 137,205 311,153
East West Bank CD 07/15/20 5,152,781 5,152,781 – – – –
East West Bank CD 08/04/20 6,546,565 – – – – –
R Bank CD 08/16/20 2,031,778 – – – – –
R Bank CD 08/16/20 1,013,818 – – – – –
Prosperity Bank CD 08/21/20 6,215,859 6,215,859 – – – –
T-Bill 10/08/20 2,489,236 2,489,236 – – – –
Independent Bank CD 10/18/20 2,523,205 2,523,205 – – – –
East West Bank CD 11/09/20 3,002,442 3,002,442 – – – –
Independent Bank CD 11/10/20 1,025,893 1,025,893 – – – –
R Bank CD 11/19/20 2,510,767 2,510,767 – – – –
Southside Bank CD 11/19/20 3,244,620 3,244,620 – – – –
East West Bank CD 12/09/20 4,038,601 4,038,601 – – – –
East West Bank CD 01/08/21 3,024,696 3,024,696 – – – –
Independent Bank CD 02/05/21 3,112,959 3,112,959 – – – –
Independent Bank CD 02/08/21 11,000,000 8,000,000 – – – –
R Bank CD 02/19/21 4,017,891 4,017,891 – – – –
Bank OZK CD 02/26/21 6,034,021 6,034,021 – – – –
Independent Bank CD 04/22/21 4,137,022 4,137,022 – – – –
Bank OZK CD 05/10/21 12,007,144 10,005,954 – – – –
Totals 249,992,313$ 148,650,451$ 583,850$ 16,567,129$ 137,205$ 311,153$
Book Value
June 30, 2020
Valley View Consulting, L.L.C.7Page 77 of 120
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
Book Value
June 30, 2020
(Continued)
2015 GO-
Roads
2015 Revenue
Water WW
2016 CO-
Streets/
Facilities/
Equip
2016 GO-
Roads
2016 Revenue
Water/WW
Garey Park
Donation
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,506,968 1,530,698 68,555 1,450,521 1,503,286 382,436
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,506,968$ 1,530,698$ 68,555$ 1,450,521$ 1,503,286$ 382,436$
Valley View Consulting, L.L.C.8Page 78 of 120
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
Book Value
June 30, 2020
(Continued)
2017 CO
Facilities/ Public
Safety/
Equipment
2017 GO-
Sidewalks
2017 Revenue
Electric
2017 Revenue
Water WW
2018 CO-
Airport
2018 CO-
Streets/
Facilities/
Equip
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – 1,005,754 – –
– – – – – –
182,203 380,642 97,311 5,922,590 56,657 924,743
– – – – – –
– – – – – –
– – – 2,031,778 – –
– – – 1,013,818 – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – 3,000,000 – –
– – – – – –
– – – – – –
– – – – – –
– – – 2,001,191 – –
182,203$ 380,642$ 97,311$ 14,975,130$ 56,657$ 924,743$
Valley View Consulting, L.L.C.9Page 79 of 120
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
Book Value
June 30, 2020
(Continued)
2018 GO-
Parks
2018 GO-
Roads
2019 CO-
Streets/
Facilities/
Equip
2019 CO-
Stormwater
2019 GO-
Roads
2020 CO-
Facilities/
Equip/Parks
2020 CO-
Stormwater
–$ –$ –$ –$ –$ –$ –$
– – – – – – –
– – – – – – –
– – – – – – –
– – 4,743,154 – 969,028 – –
– – – – – – –
560,262 11,613,036 2,607,390 439,319 2,472,153 5,767,255 650,141
– – – – – – –
– 2,014,063 3,514,104 – 1,018,398 – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
560,262$ 13,627,099$ 10,864,648$ 439,319$ 4,459,579$ 5,767,255$ 650,141$
Valley View Consulting, L.L.C.10Page 80 of 120
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
Book Value
June 30, 2020
(Continued)
2020 GO-
Roads
2020
Revenue-
Electric
2020
Revenue-
Water/WW
–$ –$ –$
– – –
– – –
– – –
– – –
– – –
9,001,959 5,011,090 9,302,024
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
9,001,959$ 5,011,090$ 9,302,024$
Valley View Consulting, L.L.C.11Page 81 of 120
City - Allocation
June 30, 2020
Market Value Investment
Total Consolidated 2014 Revenue
Water WW Debt Service
2015 CO-
Parks/Streets/
Vehicles
2015 CO-
Stormwater
JPMorgan Chase Cash 9,511,536$ 9,511,536$ –$ –$ –$ –$
JPMorgan Chase MMA 433,929 433,929 – – – –
Veritex Bank MMA 3,208,928 3,208,928 – – – –
NexBank MMA 7,346,749 7,346,749 – – – –
Origin Bank MMA 10,798,033 4,080,098 – – – –
TexPool 45,475,841 45,475,841 – – – –
TexSTAR 90,087,998 10,057,422 583,850 16,567,129 137,205 311,153
East West Bank CD 07/15/20 5,152,781 5,152,781 – – – –
East West Bank CD 08/04/20 6,546,565 – – – – –
R Bank CD 08/16/20 2,031,778 – – – – –
R Bank CD 08/16/20 1,013,818 – – – – –
Prosperity Bank CD 08/21/20 6,215,859 6,215,859 – – – –
T-Bill 10/08/20 2,498,935 2,498,935 – – – –
Independent Bank CD 10/18/20 2,523,205 2,523,205 – – – –
East West Bank CD 11/09/20 6,002,442 3,002,442 – – – –
Independent Bank CD 11/10/20 1,025,893 1,025,893 – – – –
R Bank CD 11/19/20 2,510,767 2,510,767 – – – –
Southside Bank CD 11/19/20 3,244,620 3,244,620 – – – –
East West Bank CD 12/09/20 4,038,601 4,038,601 – – – –
East West Bank CD 01/08/21 3,024,696 3,024,696 – – – –
Independent Bank CD 02/05/21 3,112,959 3,112,959 – – – –
Independent Bank CD 02/08/21 8,000,000 8,000,000 – – – –
R Bank CD 02/19/21 4,017,891 4,017,891 – – – –
Bank OZK CD 02/26/21 6,034,021 6,034,021 – – – –
Independent Bank CD 04/22/21 4,137,022 4,137,022 – – – –
Bank OZK CD 05/10/21 12,007,144 10,005,954 – – – –
Totals 250,002,012$ 148,660,149$ 583,850$ 16,567,129$ 137,205$ 311,153$
Valley View Consulting, L.L.C.12Page 82 of 120
City - Allocation
June 30, 2020
Market Value
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
(Continued)
2015 GO-
Roads
2015 Revenue
Water WW
2016 CO-
Streets/
Facilities/
Equip
2016 GO-
Roads
2016 Revenue
Water/WW
Garey Park
Donation
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,506,968 1,530,698 68,555 1,450,521 1,503,286 382,436
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,506,968$ 1,530,698$ 68,555$ 1,450,521$ 1,503,286$ 382,436$
Valley View Consulting, L.L.C.13Page 83 of 120
City - Allocation
June 30, 2020
Market Value
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
(Continued)
2017 CO
Facilities/ Public
Safety/
Equipment
2017 GO-
Sidewalks
2017 Revenue
Electric
2017 Revenue
Water WW
2018 CO-
Airport
2018 CO-
Streets/
Facilities/
Equip
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – 1,005,754 – –
– – – – – –
182,203 380,642 97,311 5,922,590 56,657 924,743
– – – – – –
– – – – – –
– – – 2,031,778 – –
– – – 1,013,818 – –
– – – – – –
– – – – – –
– – – – – –
– – – 3,000,000 – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – 2,001,191 – –
182,203$ 380,642$ 97,311$ 14,975,130$ 56,657$ 924,743$
Valley View Consulting, L.L.C.14Page 84 of 120
City - Allocation
June 30, 2020
Market Value
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
(Continued)
2018 GO-
Parks
2018 GO-
Roads
2019 CO-
Streets/
Facilities/
Equip
2019 CO-
Stormwater
2019 GO-
Roads
2020 CO-
Facilities/
Equip/Parks
2020 CO-
Stormwater
–$ –$ –$ –$ –$ –$ –$
– – – – – – –
– – – – – – –
– – – – – – –
– – 4,743,154 – 969,028 – –
– – – – – – –
560,262 11,613,036 2,607,390 439,319 2,472,153 5,767,255 650,141
– – – – – – –
– 2,014,063 3,514,104 – 1,018,398 – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
– – – – – – –
560,262$ 13,627,099$ 10,864,648$ 439,319$ 4,459,579$ 5,767,255$ 650,141$
Valley View Consulting, L.L.C.15Page 85 of 120
City - Allocation
June 30, 2020
Market Value
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
Prosperity Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
East West Bank CD 11/09/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
Independent Bank CD 02/08/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Bank OZK CD 05/10/21
Totals
(Continued)
2020 GO-
Roads
2020
Revenue-
Electric
2020
Revenue-
Water/WW
–$ –$ –$
– – –
– – –
– – –
– – –
– – –
9,001,959 5,011,090 9,302,024
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
– – –
9,001,959$ 5,011,090$ 9,302,024$
Valley View Consulting, L.L.C.16Page 86 of 120
City - Allocation
Investment
Total Consolidated 2014 Revenue
Water WW Debt Service
2015 CO-
Parks/Streets/
Vehicles
2015 CO-
Stormwater
JPMorgan Chase Cash 10,852,258$ 10,852,258$ –$ –$ –$ –$
JPMorgan Chase MMA 433,875 433,875 – – – –
Veritex Bank MMA 3,205,333 3,205,333 – – – –
NexBank MMA 7,337,623 7,337,623 – – – –
Origin Bank MMA 10,739,181 4,057,314 – – – –
TexPool 38,781,634 38,781,634 – – – –
TexSTAR 66,065,086 16,194,709 583,421 16,064,232 137,104 310,924
East West Bank CD 04/01/20 5,252,290 5,252,290 – – – –
T-Bill 04/16/20 2,498,236 2,498,236 – – – –
Southside Bank CD 04/17/20 2,514,336 2,514,336 – – – –
Prosperity Bank CD 05/06/20 4,157,776 4,157,776 – – – –
T-Bill 05/07/20 4,892,333 – – – – –
Southside Bank CD 05/11/20 3,056,381 3,056,381 – – – –
BBVA Bank CD 06/20/20 4,076,022 4,076,022 – – – –
East West Bank CD 07/15/20 5,121,021 5,121,021 – – – –
East West Bank CD 08/04/20 6,518,552 6,518,552 – – – –
R Bank CD 08/16/20 2,021,284 – – – – –
R Bank CD 08/16/20 1,010,897 – – – – –
LegacyTexas Bank CD 08/21/20 6,174,483 6,174,483 – – – –
T-Bill 10/08/20 2,479,441 2,479,441 – – – –
Independent Bank CD 10/18/20 2,511,652 2,511,652 – – – –
Independent Bank CD 11/10/20 1,019,475 1,019,475 – – – –
R Bank CD 11/19/20 2,500,000 2,500,000 – – – –
Southside Bank CD 11/19/20 3,230,917 3,230,917 – – – –
East West Bank CD 12/09/20 4,021,420 4,021,420 – – – –
East West Bank CD 01/08/21 3,011,829 3,011,829 – – – –
Independent Bank CD 02/05/21 3,100,000 3,100,000 – – – –
R Bank CD 02/19/21 4,000,000 4,000,000 – – – –
Bank OZK CD 02/26/21 6,007,921 6,007,921 – – – –
Independent Bank CD 04/22/21 4,118,590 4,118,590 – – – –
Totals 220,709,845$ 156,233,087$ 583,421$ 16,064,232$ 137,104$ 310,924$
March 31, 2020
Book Value
Valley View Consulting, L.L.C.17Page 87 of 120
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 04/01/20
T-Bill 04/16/20
Southside Bank CD 04/17/20
Prosperity Bank CD 05/06/20
T-Bill 05/07/20
Southside Bank CD 05/11/20
BBVA Bank CD 06/20/20
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
LegacyTexas Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Totals
March 31, 2020
Book Value
(Continued)
2015 GO-
Roads
2015 Revenue
Water WW
2016 CO-
Streets/
Facilities/
Equip
2016 GO-
Roads
2016 Revenue
Water/WW
Garey Park
Donation
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,505,126 1,529,574 68,505 1,449,455 1,502,181 382,155
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,505,126$ 1,529,574$ 68,505$ 1,449,455$ 1,502,181$ 382,155$
Valley View Consulting, L.L.C.18Page 88 of 120
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 04/01/20
T-Bill 04/16/20
Southside Bank CD 04/17/20
Prosperity Bank CD 05/06/20
T-Bill 05/07/20
Southside Bank CD 05/11/20
BBVA Bank CD 06/20/20
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
LegacyTexas Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Totals
March 31, 2020
Book Value
(Continued)
2017 CO
Facilities/ Public
Safety/
Equipment
2017 GO-
Sidewalks
2017 Revenue
Electric
2017 Revenue
Water WW
2018 CO-
Airport
2018 CO-
Streets/
Facilities/
Equip
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – 1,001,628 – –
– – – – – –
182,069 380,362 97,239 6,018,195 56,616 924,064
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – 4,892,333 – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – 2,021,284 – –
– – – 1,010,897 – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
182,069$ 380,362$ 97,239$ 14,944,336$ 56,616$ 924,064$
Valley View Consulting, L.L.C.19Page 89 of 120
City - Allocation
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 04/01/20
T-Bill 04/16/20
Southside Bank CD 04/17/20
Prosperity Bank CD 05/06/20
T-Bill 05/07/20
Southside Bank CD 05/11/20
BBVA Bank CD 06/20/20
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
LegacyTexas Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Totals
March 31, 2020
Book Value
(Continued)
2018 GO-
Parks
2018 GO-
Roads
2019 CO-
Streets/
Facilities/
Equip
2019 CO-
Stormwater
2019 GO-
Roads
–$ –$ –$ –$ –$
– – – – –
– – – – –
– – – – –
– – 4,716,627 – 963,612
– – – – –
559,850 11,604,502 2,605,474 438,996 2,470,336
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
559,850$ 11,604,502$ 7,322,102$ 438,996$ 3,433,948$
Valley View Consulting, L.L.C.20Page 90 of 120
City - Allocation
March 31, 2020
Market Value Investment
Total Consolidated 2014 Revenue
Water WW Debt Service
2015 CO-
Parks/Streets/
Vehicles
2015 CO-
Stormwater
JPMorgan Chase Cash 10,852,258$ 10,852,258$ –$ –$ –$ –$
JPMorgan Chase MMA 433,875 433,875 – – – –
Veritex Bank MMA 3,205,333 3,205,333 – – – –
NexBank MMA 7,337,623 7,337,623 – – – –
Origin Bank MMA 10,739,181 4,057,314 – – – –
TexPool 38,781,634 38,781,634 – – – –
TexSTAR 66,065,086 16,194,709 583,421 16,064,232 137,104 310,924
East West Bank CD 04/01/20 5,252,290 5,252,290 – – – –
T-Bill 04/16/20 2,499,923 2,499,923 – – – –
Southside Bank CD 04/17/20 2,514,336 2,514,336 – – – –
Prosperity Bank CD 05/06/20 4,157,776 4,157,776 – – – –
T-Bill 05/07/20 4,899,686 – – – – –
Southside Bank CD 05/11/20 3,056,381 3,056,381 – – – –
BBVA Bank CD 06/20/20 4,076,022 4,076,022 – – – –
East West Bank CD 07/15/20 5,121,021 5,121,021 – – – –
East West Bank CD 08/04/20 6,518,552 6,518,552 – – – –
R Bank CD 08/16/20 2,021,284 – – – – –
R Bank CD 08/16/20 1,010,897 – – – – –
LegacyTexas Bank CD 08/21/20 6,174,483 6,174,483 – – – –
T-Bill 10/08/20 2,498,775 2,498,775 – – – –
Independent Bank CD 10/18/20 2,511,652 2,511,652 – – – –
Independent Bank CD 11/10/20 1,019,475 1,019,475 – – – –
R Bank CD 11/19/20 2,500,000 2,500,000 – – – –
Southside Bank CD 11/19/20 3,230,917 3,230,917 – – – –
East West Bank CD 12/09/20 4,021,420 4,021,420 – – – –
East West Bank CD 01/08/21 3,011,829 3,011,829 – – – –
Independent Bank CD 02/05/21 3,100,000 3,100,000 – – – –
R Bank CD 02/19/21 4,000,000 4,000,000 – – – –
Bank OZK CD 02/26/21 6,007,921 6,007,921 – – – –
Independent Bank CD 04/22/21 4,118,590 4,118,590 – – – –
Totals 220,738,220$ 156,254,108$ 583,421$ 16,064,232$ 137,104$ 310,924$
Valley View Consulting, L.L.C.21Page 91 of 120
City - Allocation
March 31, 2020
Market Value
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 04/01/20
T-Bill 04/16/20
Southside Bank CD 04/17/20
Prosperity Bank CD 05/06/20
T-Bill 05/07/20
Southside Bank CD 05/11/20
BBVA Bank CD 06/20/20
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
LegacyTexas Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Totals
(Continued)
2015 GO-
Roads
2015 Revenue
Water WW
2016 CO-
Streets/
Facilities/
Equip
2016 GO-
Roads
2016 Revenue
Water/WW
Garey Park
Donation
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,505,126 1,529,574 68,505 1,449,455 1,502,181 382,155
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
2,505,126$ 1,529,574$ 68,505$ 1,449,455$ 1,502,181$ 382,155$
Valley View Consulting, L.L.C.22Page 92 of 120
City - Allocation
March 31, 2020
Market Value
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 04/01/20
T-Bill 04/16/20
Southside Bank CD 04/17/20
Prosperity Bank CD 05/06/20
T-Bill 05/07/20
Southside Bank CD 05/11/20
BBVA Bank CD 06/20/20
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
LegacyTexas Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Totals
(Continued)
2017 CO
Facilities/ Public
Safety/
Equipment
2017 GO-
Sidewalks
2017 Revenue
Electric
2017 Revenue
Water WW
2018 CO-
Airport
2018 CO-
Streets/
Facilities/
Equip
–$ –$ –$ –$ –$ –$
– – – – – –
– – – – – –
– – – – – –
– – – 1,001,628 – –
– – – – – –
182,069 380,362 97,239 6,018,195 56,616 924,064
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – 4,899,686 – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – 2,021,284 – –
– – – 1,010,897 – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
– – – – – –
182,069$ 380,362$ 97,239$ 14,951,690$ 56,616$ 924,064$
Valley View Consulting, L.L.C.23Page 93 of 120
City - Allocation
March 31, 2020
Market Value
JPMorgan Chase Cash
JPMorgan Chase MMA
Veritex Bank MMA
NexBank MMA
Origin Bank MMA
TexPool
TexSTAR
East West Bank CD 04/01/20
T-Bill 04/16/20
Southside Bank CD 04/17/20
Prosperity Bank CD 05/06/20
T-Bill 05/07/20
Southside Bank CD 05/11/20
BBVA Bank CD 06/20/20
East West Bank CD 07/15/20
East West Bank CD 08/04/20
R Bank CD 08/16/20
R Bank CD 08/16/20
LegacyTexas Bank CD 08/21/20
T-Bill 10/08/20
Independent Bank CD 10/18/20
Independent Bank CD 11/10/20
R Bank CD 11/19/20
Southside Bank CD 11/19/20
East West Bank CD 12/09/20
East West Bank CD 01/08/21
Independent Bank CD 02/05/21
R Bank CD 02/19/21
Bank OZK CD 02/26/21
Independent Bank CD 04/22/21
Totals
(Continued)
2018 GO-
Parks
2018 GO-
Roads
2019 CO-
Streets/
Facilities/
Equip
2019 CO-
Stormwater
2019 GO-
Roads
–$ –$ –$ –$ –$
– – – – –
– – – – –
– – – – –
– – 4,716,627 – 963,612
– – – – –
559,850 11,604,502 2,605,474 438,996 2,470,336
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
– – – – –
559,850$ 11,604,502$ 7,322,102$ 438,996$ 3,433,948$
Valley View Consulting, L.L.C.24Page 94 of 120
Georgetown Transportation Enhancement Corporation (GTEC)
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
June 30, 2020
Prepared by
Valley View Consulting, L.L.C.
The investment portfolio of the Georgetown Transportation Enhancement Corporation (GTEC) is in compliance with the Texas
Public Funds Investment Act and the Investment Policy and Strategies.
________________________________________
Leigh Wallace
Finance Director
________________________________
Elaine Wilson
Controller
___________________________________
Karrie Pursley
Treasurer
Disclaimer: These reports were compiled using information provided by the City. No procedures were performed to test the accuracy
or completeness of this information. The market values included in these reports were obtained by Valley View Consulting, L.L.C.
from sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily
reflective of current liquidation values. Yield calculations are not determined using standard performance formulas, are not
representative of total return yields and do not account for investment advisor fees.
Page 95 of 120
Summary
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
Pools/MMAs 19,994,093$ 19,994,093$ 26,000,055$ 26,000,055$ 0.37%
CDs/Securities 3,208,607 3,208,607 3,222,395 3,222,395 1.73%
Totals 23,202,700$ 23,202,700$ 29,222,450$ 29,222,450$ 0.52%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 0.52%Total Portfolio 1.24%
Rolling Three Month Treasury 0.14%Rolling Three Month Treasury 0.97%
Rolling Six Month Treasury 0.67%Rolling Six Month Treasury 1.28%
TexPool 0.22%TexPool 0.96%
Interest data provided in separate report.
March 31, 2020
(1)Quarter End Average Yield - based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not
considered. The yield for the reporting month is used for bank, pool, and money market balances.
(2)Fiscal Year-to-Date Average Yield - calculated using quarter end report yields and adjusted book values and does not reflect a total
return analysis or account for advisory fees.
June 30, 2020
Valley View Consulting, L.L.C.
1Page 96 of 120
Economic Overview 6/30/2020
The Federal Open Market Committee (FOMC) maintained the Fed Funds target range at 0.00% to 0.25% (Effective Fed Funds are trading +/-0.08%). Worldwide and domestic economic activity
popped-up as isolation protocols eased. However, continued positive COVID test growth may impact additional activity. The Yield Curve remains stabilized at current levels. The FOMC has signaled
reduced rates for an extended period. Crude oil increased to $40+ per barrel. Unemployment claims continued to rise, but June Non Farm Payroll surged to 4.8 million. The Stock Market wobbled
but stabilized. Full recovery timeline still very uncertain.
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
3,250
3,500
3,750
S&P 500
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50 US Treasury Historical Yields - Since Nov 2015
Six Month T-Bill Two Year T-Note Ten Year T-Note
0.00
0.50
1.00
1.50
2.00
2.50
3.00 Treasury Yield Curves
June 30, 2019 March 31, 2020 June 30, 2020
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00 US Treasury Historical Yields - Since 2006
Six Month T-Bill Two Year T-Note Ten Year T-Note
Valley View Consulting, L.L.C.2Page 97 of 120
Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
TexPool AAAm 0.22%07/01/20 06/30/20 7,942,833$ 7,942,833$ 1.00 7,942,833$ 1 0.22%
TexSTAR AAAm 0.20%07/01/20 06/30/20 13,332,342 13,332,342 1.00 13,332,342 1 0.20%
Origin Bank MMA (3)2.25%07/01/20 06/30/20 2,040,058 2,040,058 1.00 2,040,058 1 2.25%
Veritex Bank MMA 0.30%07/01/20 06/30/20 2,684,822 2,684,822 1.00 2,684,822 1 0.30%
East West Bank CD 1.72%08/04/20 02/04/20 3,222,395 3,222,395 100.00 3,222,395 35 1.73%
29,222,450$ 29,222,450$ 29,222,450$ 5 0.52%
(1)(2)
June 30, 2020
(1)Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.
(2)Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not
considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.
(3)Origin Bank MMA - Interest rate fixed until August 2020.
Valley View Consulting, L.L.C.3Page 98 of 120
Pools/MMAs
89%
CDs/Securities
11%
GTEC PORTFOLIO COMPOSITION
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
9/30/2019 12/31/2019 3/31/2020 6/30/2020
GTEC PORTFOLIO BALANCES
CD
TexPool
TexSTAR
Money Market
Valley View Consulting, L.L.C.
4Page 99 of 120
Book Value Comparison
Coupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/
Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value
TexPool 0.22%07/01/20 6,658,162$ 6,658,162$ 1,284,671$ –$ 7,942,833$ 7,942,833$
TexSTAR 0.20%07/01/20 8,625,460 8,625,460 4,706,882 13,332,342 13,332,342
Origin Bank MMA (3)2.25%07/01/20 2,028,657 2,028,657 11,401 2,040,058 2,040,058
Veritex Bank MMA 0.30%07/01/20 2,681,814 2,681,814 3,008 2,684,822 2,684,822
East West Bank CD 1.72%08/04/20 3,208,607 3,208,607 13,788 3,222,395 3,222,395
TOTAL 23,202,700$ 23,202,700$ 6,019,751$ –$ 29,222,450$ 29,222,450$
Market Value Comparison
Coupon/Maturity Face Amount/Qtr to Qtr Face Amount/
Description Discount Date Par Value Market Value Change Par Value Market Value
TexPool 0.22%07/01/20 6,658,162$ 6,658,162$ 1,284,671$ 7,942,833$ 7,942,833$
TexSTAR 0.20%07/01/20 8,625,460 8,625,460 4,706,882 13,332,342 13,332,342
Origin Bank MMA (3)2.25%07/01/20 2,028,657 2,028,657 11,401 2,040,058 2,040,058
Veritex Bank MMA 0.30%07/01/20 2,681,814 2,681,814 3,008 2,684,822 2,684,822
East West Bank CD 1.72%08/04/20 3,208,607 3,208,607 13,788 3,222,395 3,222,395
TOTAL 23,202,700$ 23,202,700$ 6,019,751$ 29,222,450$ 29,222,450$
March 31, 2020 June 30, 2020
March 31, 2020 June 30, 2020
Valley View Consulting, L.L.C.5Page 100 of 120
Georgetown Economic Development Corporation (GEDCO)
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
June 30, 2020
Prepared by
Valley View Consulting, L.L.C.
The investment portfolio of the Georgetown Economic Development Corporation (GEDCO) is in compliance with the
Texas Public Funds Investment Act and the Investment Policy and Strategies.
_____________________________________
Leigh Wallace
Finance Director
___________________________________
Elaine Wilson
Controller
___________________________________
Karrie Pursley
Treasurer
Disclaimer: These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or
completeness of this information. The market values included in these reports were obtained by Valley View Consulting, L.L.C. from
sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective
of current liquidation values. Yield calculations are not determined using standard performance formulas, are not representative of total
return yields and do not account for investment advisor fees.
Page 101 of 120
Summary
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
MMA 2,125,358$ 2,125,358$ 2,127,743$ 2,127,743$ 0.30%
Pools 4,886,433 4,886,433 5,210,899 5,210,899 0.21%
Certificates of Deposit 2,000,000 2,000,000 2,008,361 2,008,361 1.70%
9,011,792$ 9,011,792$ 9,347,002$ 9,347,002$ 0.55%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 0.55%Total Portfolio 1.15%
Rolling Three Month Treasury 0.14%Rolling Three Month Treasury 0.97%
Rolling Six Month Treasury 0.67%Rolling Six Month Treasury 1.28%
TexPool 0.22%TexPool 0.95%
Interest income provided in separate report.
March 31, 2020
(1) Quarter End Average Yield - based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not
considered. The yield for the reporting month is used for bank, pool, and money market balances.
(2) Fiscal Year-to-Date Average Yield - calculated using quarter end report yields and adjusted book values and does not reflect a total return
analysis or account for advisory fees.
June 30, 2020
Valley View Consulting, L.L.C.
1Page 102 of 120
Economic Overview 6/30/2020
The Federal Open Market Committee (FOMC) maintained the Fed Funds target range at 0.00% to 0.25% (Effective Fed Funds are trading +/-0.08%). Worldwide and domestic economic activity
popped-up as isolation protocols eased. However, continued positive COVID test growth may impact additional activity. The Yield Curve remains stabilized at current levels. The FOMC has signaled
reduced rates for an extended period. Crude oil increased to $40+ per barrel. Unemployment claims continued to rise, but June Non Farm Payroll surged to 4.8 million. The Stock Market wobbled
but stabilized. Full recovery timeline still very uncertain.
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
3,250
3,500
3,750
S&P 500
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50 US Treasury Historical Yields - Since Nov 2015
Six Month T-Bill Two Year T-Note Ten Year T-Note
0.00
0.50
1.00
1.50
2.00
2.50
3.00 Treasury Yield Curves
June 30, 2019 March 31, 2020 June 30, 2020
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00 US Treasury Historical Yields - Since 2006
Six Month T-Bill Two Year T-Note Ten Year T-Note
Valley View Consulting, L.L.C.2Page 103 of 120
Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
Veritex Bank MMA 0.30%07/01/20 06/30/20 2,127,743$ 2,127,743$ 1.00 2,127,743$ 1 0.30%
TexasDAILY AAAm 0.24%07/01/20 06/30/20 2,123,848 2,123,848 1.00 2,123,848 1 0.24%
TexSTAR AAAm 0.20%07/01/20 06/30/20 3,087,051 3,087,051 1.00 3,087,051 1 0.20%
Independent Bank 1.70%02/05/21 02/05/20 2,008,361 2,008,361 100.00 2,008,361 220 1.70%
9,347,002$ 9,347,002$ 9,347,002$ 48 0.55%
(1)(2)
June 30, 2020
(1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.
(2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees
are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.
Valley View Consulting, L.L.C.3Page 104 of 120
MMA
23%
Pools
56%
Certificates of
Deposit
21%
GEDCO PORTFOLIO COMPOSITION
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
$10,000,000
09/30/19 12/31/19 03/31/20 06/30/20
GEDCO PORTFOLIO BALANCES
CD
TexasDAILY
TexSTAR
Money Market
Valley View Consulting, L.L.C.
4Page 105 of 120
Book & Market Value Comparison
Coupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/
Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value
Veritex Bank MMA 0.30%07/01/20 2,125,358$ 2,125,358$ 2,385$ –$ 2,127,743$ 2,127,743$
TexasDAILY 0.24%07/01/20 2,121,273 2,121,273 2,574 2,123,848 2,123,848
TexSTAR 0.20%07/01/20 2,765,160 2,765,160 321,891 3,087,051 3,087,051
Independent Bank 1.70%02/05/21 2,000,000 2,000,000 8,361 2,008,361 2,008,361
TOTAL 9,011,792$ 9,011,792$ 335,211$ –$ 9,347,002$ 9,347,002$
March 31, 2020 June 30, 2020
Valley View Consulting, L.L.C.5Page 106 of 120
Consulting Agreement
Contract No. ##-####-CC
EXHIBIT A
STANDARD FORM OF AGREEMENT
CONSULTATION AGREEMENT WITH THE CITY OF GEORGETOWN
This Consultation Agreement (the “Agreement”) is entered into and made effective on the
______ day of ___________, _________ by and between _____________ (“Consultant”) and the
City of Georgetown, Texas (“City”).
1. Scope of Services. Consultant agrees to provide such services as further described in Exhibit
A, which is attached and incorporated herein. Any request by the Consultant for an increase
in the Scope of Services and an increase in the amount listed in paragraph four of this
Agreement shall be made and approved by the City prior to the Consultant providing such
services, or the right to payment for such additional services shall be waived. If there is a
dispute between the Consultant and the City respecting any service provided or to be provided
hereunder by the Consultant, including a dispute as to whether such service is additional to the
Scope of Services included in this Agreement, the Consultant agrees to continue providing on
a timely basis all services to be provided by the Consultant hereunder, including any service
as to which there is a dispute.
2. Supplement Provisions. Supplemental provisions applicable to this Agreement are included
in Exhibit B and incorporated herein by reference.
3. City Terms Prevail. In the event there is a conflict between a term in Exhibit A or Exhibit
B and a term in this agreement, the terms of this agreement shall prevail.
4. Total Compensation. The total compensation paid by the City to the Consultant, including
expenses, under this agreement shall not exceed $________________. Payment schedule will
be made in accordance with Exhibit C, which is attached and incorporated herein.
5. Term. The term of this Agreement shall be in effect until the services have been completed
by Consultant, but in no event shall the term extend beyond ___________________.
6. Amendments. Any changes to the terms of this agreement will not be effective unless in
writing and signed by both parties.
7. Insurance. Consultant shall procure and maintain at its sole cost and expense for the duration
of this Agreement insurance against claims for injuries to persons or damages to property that
may arise from or in connection with the performance of the work hereunder by the Consultant,
its agents, representatives, volunteers, employees or subcontractors. The polices, limits and
endorsements required are set forth in Exhibit D. Consultants insurance certificate satisfying
the City insurance requirements is attached as Exhibit E.
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Consulting Agreement
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8. INDEMNITY. THE CONSULTANT SHALL DEFEND, INDEMNIFY AND HOLD
HARMLESS THE CITY, ITS OFFICERS, AGENTS, SERVANTS AND EMPLOYEES
FROM AND AGAINST ANY AND ALL SUITS, ACTIONS, LEGAL PROCEEDINGS,
CAUSES OF ACTION, CLAIMS, DEMANDS, DAMAGES, JUDGMENTS, LOSSES,
LIENS, COSTS, EXPENSES, ATTORNEYS’ FEES AND ANY AND ALL OTHER
COSTS, FEES AND/OR CLAIMS OF ANY KIND OR DESCRIPTION ARISING OUT
OF, IN CONNECTION WITH OR RESULTING FROM THE AGREEMENT OR
SERVICES PROVIDED UNDER THE AGREEMENT OR FROM ITS NEGLIGENCE
OR WILLFUL ACT WHETHER SUCH ACT BE BY TH E CONSULTANT OR ITS
DESIGNEE. THE CITY, AS A GOVERNMENTAL ENTITY IN THE STATE OF
TEXAS, SHALL NOT INDEMNIFY THE CONSULTANT.
9. Release by Consultant. The Consultant releases, relinquishes and discharges the City, its
elected officials, officers, directors, agents, employees, representatives and volunteers from all
claims, demands, and causes of action of every kind and character, including the cost of
defense, for any injury to or death of any person (whether employees of either party or other
third parties) and any loss or damage to any property that is caused by or alleged to be caused
by, arising out of, or in connection with the work it performed under this Agreement. This
release shall apply regardless of whether the claims, demands and/or causes of action are
covered in whole or in part by insurance.
10. Dispute Resolution. If either the Consultant or the City has a claim or dispute, the parties
shall first attempt to resolve the matter through this dispute resolution process. The disputing
party shall notify the other party in writing as soon as practicable after discovering the claim,
dispute or breach. The notice shall state the nature of the d ispute and list the party’s specific
reasons for such dispute. Within ten (10) business days of receipt of the notice, both parties
shall make a good faith effort, in person or through generally accepted means, to resolve any
claim, dispute, breach or other matter in question that may arise out of, or in connection with,
this Agreement. If the parties fail to resolve the dispute within sixty (60) days of the date of
receipt of the notice of the dispute, then the parties may submit the matter to non -binding
mediation upon written consent of authorized representatives of both parties. If the parties
cannot resolve the dispute through mediation, then either party shall have the right to exercise
any and all remedies available under law regarding the dispute.
11. Ownership of Documents. The City shall retain ownership of all associated work products
and documentation obtained from or created by the Consultant pursuant to this Agreement.
Consultant shall deliver all documents or other work product to the City upon request,
including original versions if so specified in the request.
12. Payment Terms. All payments will be processed in accordance with Texas Prompt Payment
Act, Texas Government Code, Subtitle F, Chapter 2251. The City will pay Consultant within
thirty days after of receipt of a correct invoice for services. The Consultant may charge a late
fee (fee shall not be greater than that permitted under the Texas Prompt Payment Act) for
Page 108 of 120
Consulting Agreement
Contract No. ##-####-CC
payments not made in accordance with this prompt payment policy; however, the policy does
not apply to payments made by the City in the event: (a) there is a bona fide dispute between
the City and Consultant concerning the goods, supplies, materials, equipment delivered, or the
services performed, that causes the payment to be late; (b) the terms of a federal agreement,
grant, regulation or statute prevents the City from making a timely payment with Federal funds;
(c) there is a bona fide dispute between the Consultant and a subcontractor and its suppliers
concerning goods, supplies, material or equipment delivered, or the services performed, which
caused the payment to be late; or (d) the invoice is not mailed to the City in accordance with
Agreement.
13. Termination for Convenience. The City shall have the right to terminate this Agreement, in
whole or in part, without cause any time upon thirty (30) calendar days’ prior written notice.
Upon receipt of a notice of termination, the Consultant shall promptly cease all further work
pursuant to the Agreement, with such exceptions, if any, specified in the notice of termination.
The City shall pay the Consultant, to the extent of funds appropriated or otherwise legally
available for such purposes, for all services performed and obligations incurred prior to the
date of termination.
14. Termination for Cause. In addition to the termination rights described above, either party
may terminate this Agreement effective upon written notice to the other if the other breaches
any of the terms and conditions of this Agreement and fails to cure that breach within thirty
(30) days after receiving written notice of the breach. In the event of an incurable breach, the
non-breaching party may terminate this Agreement effective immediately upon written notice
to the breaching party. In addition to all other remedies available under law and in equity, the
City may remove the Consultant from the City’s Vendor list in the event that this Agreement
is terminated for cause and any offer submitted by the Consultant may be disqualified for up
to three (3) years.
15. Non-Appropriation. This Agreement is a commitment of City’s current revenues only. It is
understand and agreed that the City shall have the right to terminate this Agreement at the end
of any City fiscal year if the governing body of the city does not appropriate funds sufficient
to purchase the services. The City may terminate for non-appropriation by giving the
Consultant a written notice of termination at the end of its then current fiscal year.
16. Notices. Any notice or communication permitted or required by this Agreement shall be
deemed effective when personally delivered or deposited, postage prepaid, in the first class
mail of the United States properly, or sent via electronic means, addressed to the appropriate
party at the address set forth below:
Notice to the Consultant:
______________________
______________________
______________________
______________________
______________________
Page 109 of 120
Consulting Agreement
Contract No. ##-####-CC
Notice to the City:
City of Georgetown
ATTN: City Manager
P.O. Box 409
Georgetown, Texas 78627
________________@georgetown.org
With a copy to:
City of Georgetown
ATTN: City Attorney
P.O. Box 409
Georgetown, Texas 78627
________________@georgetown.org
17. Independent Contractor. The Agreement shall not be construed as creating an
employer/employee relationship, a partnership or joint venture. The Consultant’s services
shall be those of an independent contractor. The Consultant agrees and understands that the
Agreement does not grant any rights or privileges established for employees of the City.
Consultant shall not be within protection or coverage of the City’s Worker Compensation
insurance, Health Insurance, Liability Insurance or any other insurance that the City, from time
to time, may have in force.
18. Force Majeure. The City and the Consultant will exert all efforts to perform the tasks set
forth herein within the proposed schedules. However, neither the City nor the Consultant shall
be held responsible for inability to perform under this Agreement if such inability is a direct
result of a force substantially beyond its control, including but not limited to the following:
strikes, riots, civil disturbances, fire, insurrection, war, embargoes, failures of carriers, acts of
God, or the public enemy.
19. No Waiver. The waiver by either party of a breach or violation of any provision of this
Agreement shall not operate as or be construed to be a waiver of any subsequent breach hereof.
20. Nondiscrimination. The Consultant, with regard to the work performed by it after award and
prior to completion of this Agreement, shall not discriminate on the basis of race, color, sex,
or national origin in the selection and retention of Sub-consultants, including procurements of
materials and leases of equipment. The Consultant shall not participate either directly or
indirectly in the discrimination prohibited by any federal, state or local law.
21. Right to Audit. The Consultant agrees that the representatives of the City shall have access
to, and the rights to audit, examine, or reproduce, any and all Consultant records related to the
performance under this Agreement. The Consultant shall retain all such records for a period of
four (4) years after final payment on this Agreement or until all audit and litigation matters
that the City has brought to the attention of the Consultant are resolved, whichever is longer.
Page 110 of 120
Consulting Agreement
Contract No. ##-####-CC
22. Advertising and Publicity. Consultant shall not advertise or otherwise publicize, without the
City’s prior written consent, the fact that the City has entered into the Agreement, except to
the extent required by applicable law.
23. Confidential Information. Each party agrees not to use, disclose, sell, license, publish,
reproduce or otherwise make available the Confidential Information of the other party except
and only to the extent necessary to perform under this Agreement or as required by the Texas
Public Information Act or other applicable law. Confidential Information shall be designated
and marked as such at the time of disclosure. Each party agrees to secure and protect the other
party’s Confidential Information in a manner consistent with the maintenance of the other
party’s confidential and proprietary rights in the information and to take appropriate action by
instruction or agreement with its employees, consultants, or other agents who are permitted
access to the other party’s Confidential Information to satisfy its obligations under this Section.
The provisions of this paragraph shall survive the term of the Agreement.
24. Contractor Certification regarding Boycotting Israel. Pursuant to Chapter 2270, Texas
Government Code, Contractor certifies Contractor (1) does not currently boycott Israel; and (2)
will not boycott Israel during the Term of this Agreement. Contractor acknowledges this
Agreement may be terminated and payment withheld if this certification is inaccurate.
25. Contractor Certification regarding Business with Certain Countries and Organizations.
Pursuant to Subchapter F, Chapter 2252, Texas Government Code], Contractor certifies
Contractor is not engaged in business with Iran, Sudan, or a foreign terrorist organization.
Contractor acknowledges this Agreement may be terminated and payment withheld if this
certification is inaccurate.
26. Severability. This Agreement is severable and if any one or more parts of it are found to be
invalid, such invalidity shall not affect the remainder of this Agreement if it can be given effect
without the invalid parts.
27. Governing Law and Venue. This Agreement shall be governed by the laws of the State of
Texas. Venue shall be located in Williamson County, Texas.
28. Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties
hereto and any subsequent successors and assigns; provided however, that no right or interest
in the Agreement shall be assigned and no obligation shall be delegated by the Consultant
without the prior written consent of the City. Any attempted assignment or delegation by the
Consultant shall be void unless made in conformity with this Paragraph.
29. Third Party Beneficiaries. Nothing contained in this Agreement shall create a contractual
relationship with or a cause of action in favor of a third party against either the City or the
Consultant.
30. Entire Agreement. This Agreement, with all exhibits, includes the entire agreement of the
City and the Consultant and supersedes all prior and contemporaneous agreements between
the parties, whether oral or written, relating to the subject of this agreement.
Page 111 of 120
Consulting Agreement
Contract No. ##-####-CC
Page 112 of 120
Consulting Agreement
Contract No. ##-####-CC
THE CITY OF GEORGETOWN {NAME OF CONSULTING FIRM}
______________________________ ________________________________
________________, _____________ Name, Title
Date Signed: ___________________ Date Signed:_______________
Approved as to form:
_____________________________
_______________, Asst. City Attorney
Page 113 of 120
Consulting Agreement
Contract No. ##-####-CC
Exhibit A
Scope of Services
Page 114 of 120
Consulting Agreement
Contract No. ##-####-CC
Exhibit B
Supplemental Provisions
Page 115 of 120
Consulting Agreement
Contract No. ##-####-CC
Exhibit C
Payment Terms
[SELECT ONE OF FOLLOWING OPTIONS]:
Compensation is based on actual hours of work/time devoted to providing the
described services. The Consultant will be paid at a rate of $ per hour,
or at the rates per service or employee shown below. The City will reimburse the Consultant
for actual, non-salary expenses at the rates set forth below. Unless amended by a duly
authorized written change order, the total payment for all invoices on this job, including both
salary and non-salary expenses, shall not exceed the amount set forth in paragraph 1.03 of
this Agreement ($ ).
The Consultant must submit monthly invoices to the City, accompanied by an
explanation of charges, professional fees, services, and expenses. The City will pay such
invoices according to its normal payment procedures.
Expenses shall be reimbursed as follows:
[INSERT SPECIFIC PROVISION FOR EXPENSES]
-OR-
Payment is a fixed fee in the amount listed in Section 4 of this Agreement. This
amount shall be payable by the City pursuant to the schedule listed below and upon
completion of the services and written acceptance by the City.
Schedule of Payment for each phase:
[INSERT PAYMENT SCHEDULE HERE]
Page 116 of 120
Consulting Agreement
Contract No. ##-####-CC
Exhibit D
Insurance Requirements
I. The Consultant agrees to maintain the types and amounts of insurance required in this
Agreement throughout the term of the Agreement. The following insurance policies shall be
required:
A. Commercial General Liability
B. Business Automobile Liability
C. Workers' Compensation
D. Professional Liability
II. For each of these policies, the Consultant’s insurance coverage shall be primary with
respect to the City, its officials, agents, employees and volunteers. Any insurance or self-
insurance carried or obtained by the City, its officials, agents, employees or volunteers, shall
be considered in excess of the Consultant’s insurance and shall not contribute to it. No term
or provision of the indemnification provided by the Consultant to the City pursuant to this
Agreement shall be construed or interpreted as limiting or otherwise affecting the terms of
the insurance coverage. All Certificates of Insurance and endorsements shall be furnished to
the City’s Representative at the time of execution of this Agreement, attached hereto as
Exhibit D, and approved by the City before work commences.
III. General Requirements Applicable to All Policies.
A. Only licensed insurance carriers authorized to do business in the State of
Texas shall be accepted.
B. Deductibles shall be listed on the certificate of insurance and are acceptable
only on an “occurrence” basis.
C. “Claims made” policies are not accepted, except for Professional Liability
insurance.
D. Coverage shall not be suspended, voided, canceled, or reduced in coverage or
in limits except after thirty (30) calendar days prior written notice has been
given to the City of Georgetown.
E. The Certificates of Insurance shall be prepared and executed by the insurance
company or its authorized agent. Each certificate shall contain the following
provisions and warranties:
1. The insurance company is licensed and authorized to do business in
the State of Texas
2. The insurance policy is underwritten on forms provided by the Texas
State Board of Insurance or ISO
3. All endorsements and coverages are included according to the
requirements of this Agreement
4. The form of notice of cancellation, termination, or change in coverage
provisions is specified in this attachment
Page 117 of 120
Consulting Agreement
Contract No. ##-####-CC
F. The City of Georgetown, its officials, agents, employees, and volunteers are
to be listed as Additional Insureds on the Commercial General Liability and
Business Automobile Liability Policies. The coverages shall contain no
special limitations on the scope of protection afforded the City, its officials,
employees, and volunteers.
V. Commercial General Liability requirements:
A. Coverage shall be written by a carrier rated “A: VIII” or better in accordance
with the current A. M. Best Key Rating Guide.
B. Minimum Combined Single Limit of $1,000,000 per occurrence per project
for bodily injury and property damage with a $2,000,000 annual aggregate
limit.
C. Coverage shall be at least as broad as Insurance Service's Office Number CG
00 01.
D. No coverage shall be excluded from the standard policy without notification
of individual exclusions being attached for review and acceptance.
E. The coverage shall not exclude: premises/operations; independent contracts;
products/completed operations; contractual liability (insuring the indemnity
provided herein); and where exposures exist, Explosion, Collapse and
Underground coverage.
F. The City shall be listed as Additional Insured, and the policy shall be endorsed
to waive rights of subrogation, to be primary and non-contributory with regard
to any self-insurance or insurance policy held by the City.
VI. Business Automobile Liability requirements:
A. Coverage shall be written by a carrier rated “A:VIII” or better in accordance
with the current Best Key Rating Guide.
B. Minimum Combined Single Limit of $1,000,000 per occurrence for bodily
injury and property damage.
C. The Business Auto Policy must show Symbol 1 in the Covered Autos portion
of the liability section in Item 2 of the declarations page.
D. The coverage shall include owned, leased or rented autos, non-owned autos,
any autos and hired autos.
VII. Workers’ Compensation Insurance requirements:
A. Pursuant to the requirements set forth in Title 28, Section 110.110 of the Texas
Administrative Code, all employees of the Consultant, the Consultant, all
employees of any and all subconsultants, and all other persons providing
services on the Project must be covered by a workers compensation insurance
policy, either directly through their employer’s policy (the Consultant’s, or
subonsultant’s policy) or through an executed coverage agreement on an
approved DWC form. Accordingly, if a subconsultant does not have his or
Page 118 of 120
Consulting Agreement
Contract No. ##-####-CC
her own policy and a coverage agreement is used, Consultants and
subconsultants must use that portion of the form whereby the hiring
Consultant agrees to provide coverage to the employees of the subconsultant.
The portion of the form that would otherwise allow them not to provide
coverage for the employees of an independent Consultant may not be used.
B. The workers compensation insurance shall include the following terms:
1. Employer’s Liability limits of $1,000,000 for each accident is
required.
2. “Texas Waiver of Our Right to Recover From Others Endorsement,
WC 42 03 04” shall be included in this policy.
3. Texas must appear in Item 3A of the Worker’s Compensation
coverage or Item 3C must contain the following: All States except
those listed in Item 3A and the States of NV, ND, OH, WA, WV, and
WY.
VIII. Professional Liability requirements:
A. Coverage shall be written by a carrier rated “A:VIII” or better in accordance
with the current A. M. Best Key Rating Guide.
B. Minimum of $1,000,000 per occurrence and $2,000,000 aggregate, with a
maximum deductible of $100,000.00. Financial statements shall be furnished
to the City upon request.
C. For “claims made” policies, the availability of a 24-month extended reporting
period is necessary. The retroactive date shall be shown on the certificate of
liability insurance.
Page 119 of 120
Consulting Agreement
Contract No. ##-####-CC
Exhibit E
Certificate of Insurance
Page 120 of 120