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Home My WebLink AboutAgenda_GTEU_09.15.2022Notice of Meeting for the Georgetown Electric Utility B oard of the City of Georgetown September 15, 2022 at 4:30 P M at Williamson Room at Georgetown Municipal Complex, 300-1 I ndustrial Av e, Georgetown T X 78626 T he C ity of G eorgetown is committed to compliance with the Americans with Disabilities Act (ADA). If you require as s is tance in partic ipating at a public meeting due to a disability, as defined under the ADA, reas onable as s is tance, adaptations , or ac commodations will be provided upon request. P leas e c ontact the C ity S ec retary's O ffic e, at leas t three (3) days prior to the sc heduled meeting date, at (512) 930-3652 or C ity Hall at 808 Martin Luther King Jr. S treet, G eorgetown, T X 78626 for additional information; T T Y users route through R elay Texas at 711. The Ge orge town E lec tric Utility Advisor y B oar d is now mee ting in pe rson. A quor um of the B oard will be in attendance at the Williamson R oom at Ge orge town M unic ipal Complex, 300-1 Industr ial Ave, Geor getown T X 78626. It is possible that one or more boar d membe rs may atte nd via vide o Confe re nc e using the Zoom clie nt. 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 C all to O rder- R obert C as e; Board C hairman B Introduc tion of Visitors - R obert C ase; Board C hairman C P ublic Wis hing to Address the Board- R obert C ase; Board C hairman D R eview and Approval of Minutes from 08/18/2022 Meeting- Noah F ry; Board Liaison E G eneral Manager's Monthly R eport- Daniel Bethapudi; G eneral Manager of Electric Utility E xecutiv e Session In c omplianc e with the O pen Meetings Ac t, C hapter 551, G overnment C ode, Vernon's Texas C odes, Annotated, the items listed below will be dis cus s ed in c los ed session and are s ubjec t to action in the regular s es s ion. F S ec . 551.086 C ompetitive Matters P urchased P ower R eview S ec . 551.089 Deliberation R egarding S ec urity Devic es or S ecurity Audits C yber S ecurity U pdate Adjournment Ce rtificate of Posting Page 1 of 132 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 _________________, 2022, 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 132 City of Georgetown, Texas Electric Utility Board September 15, 2022 S UB J E C T: R eview and Approval of Minutes from 08/18/2022 Meeting- Noah F ry; Board Liais on IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Noah F ry- Board Liais on AT TAC H ME N T S: Description Type 08.18.22 Minutes Backup Material Page 3 of 132 Minutes of the Meeting for the Georgetown Electric Utility Board Thursday, August 18th at 4:00 PM at the Williamson Room at Georgetown Municipal Complex, 300-1 Industrial Ave. Georgetown, TX 78626 Board Members Present: Robert Case – Chairman, Rick Woodruff – Vice-Chairman, Sam Jones – Secretary, Ben Butler, Mike Triggs Board Members Absent: None Staff Present: David Morgan, Daniel Bethapudi, Leigh Wallace, Elaine Wilson, Mark Palmer, Daniel McReynolds, Mike Westbrook, Cindy Pospisil, Jennifer Flor, Richard Pajestka, Jose Espinoza Torres, Kress Carson, and Noah Fry Public Attendees: None Regular Session (This Regular Session may, at any time, be recessed to convene an Executive Session for any purpose authorized by the Open Meetings Act, Texas Government Code 551.) A. Call to Order - Meeting called to order at 4:00 pm by Case - Roll Call of Board Members – All Present B. Introduction of Visitors - None Present C. Public Wishing to Address the Board - None D. Review and Approval of Minutes from 7/21/2022 Meeting MOTION by Triggs to approve 7/21/22 Minutes, second by Butler. Approved 5-0 E. General Manager’s Monthly Report – Daniel Bethapudi, General Manager of Electric Utility - Cindy Pospisil presented the monthly Customer Service and Billing updates regarding Electric Services. Pospisil reviewed Customer Statistics, Billing Statistics, Electric Revenue, Aged Receivables, and newest Collection Agency Report. Page 4 of 132 o Butler asks if the Utility captures data regarding how much energy is put back into the Grid via Net Metering. Bethapudi responds that we can have the data available for the next Board Meeting. - Mike Westbrook presented the Electric Operations Report. Westbrook reviewed latest Operations Performance Metrics and the Top Five Outages & Events. - Mike Westbrook, on behalf of Danny Potter, presented the Electric Safety and Training Report. Westbrook reviewed the current status of the Apprentice program as well as Training and Safety statistics. Legislative Session F. Consideration and possible recommendation to renew the Annual Electric System Underground Construction and Maintenance Contract for labor services to Pedro S.S. Services, Inc. in the not to exceed amount of $2,000,000.00 – Mike Westbrook, Electric Operations Manager - Westbrook presented the item. MOTION to approve by Jones, second by Butler Approved 5-0. G. Consideration and possible recommendation to renew the annual Tree Trimming and Vegetation Management Contract with Townsend Tree Service LLC. in the estimated amount not to exceed of $300,000.00 – Mike Westbrook, Electric Operations Manager - Westbrook presented the item. - MOTION to approve by Jones, second by Woodruff Approved 5-0 Bethapudi provided update on the Inflation Reduction Act and how it affects Georgetown Electric Utility. McReynolds provided update on how the Utility is managing the challenge of Electric Vehicles (EVs) and the charging demand effects. Board moved into Executive Session at 4:46 PM Executive Session (In compliance with the Open Meetings Act, Chapter 551, Government Code, Vernon's Texas Codes, Annotated, the items listed below were discussed in closed session and are subject to action in the regular session.) Page 5 of 132 H. Section 551.086 Competitive Matters - Purchased Power Review Section 551.089 Deliberation Regarding Security Devices or Security Audits - Cyber Security Update Adjournment MOTION to adjourn by Woodruff, second Butler Approved 5-0 Electric Utility Board Meeting Adjourned at 5:05 PM. Page 6 of 132 City of Georgetown, Texas Electric Utility Board September 15, 2022 S UB J E C T: G eneral Manager's Monthly R eport- Daniel Bethapudi; G eneral Manager of Elec tric Utility IT E M S UMMARY: Includes : C ustomer S ervice and Billing R eport; Leticia Zavala- C ustomer S ervice Director Electric O perations R eport; Mike Westbrook- Electric O perations Manager Electric S afety and Employee Development R eport; Daniel P otter- Elec tric S afety and Employee Development Manager F inance and Budgeting R eport; Leigh Wallace- F inance Director F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Daniel Bethapudi-G eneral Manager of Electric Utility AT TAC H ME N T S: Description Type 09.15.22 Electric Board Pres entation Pres entation COG FY23 Q3 Financial Report Backup Material Page 7 of 132 Georgetown Electric Utility Advisory Board 09/15/2022 Page 8 of 132 22 AGENDA I. Regular Session: A. Call to Order B. Roll Call C. Introduction of Visitors D. Public Wishing to Address the Board E. Review and Approval of Minutes* F. General Manager’s Monthly Report I. Customer Service and Billing Report II. Operations Report III. Safety and Employee Development Report IV. Finance and Budgeting Report II. Executive Session: I. Purchased Power Update J. Cyber Security Update *Indicates Legislative Action Page 9 of 132 Customer Service and Billing – Electric Services Customer Service and Billing – Electric Services Review of Minutes 08/18/2022 Page 10 of 132 General Manager’s Monthly Report 09/15/2022 Page 11 of 132 Customer Service and Billing – Electric Services Customer Service and Billing – Electric Services Customer Service and Billing – Electric Services Leticia Zavala Customer Care Director Page 12 of 132 66 • Excess Solar kWh Received from Customers August Board Meeting – Follow up Service Period Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Excess Customers kWh Received 237,534 229,670 181,215 189,703 147,216 324,870 218,277 337,694 253,732 215,812 173,893 Excess Customers kWh Received –(With Cap) 209,433 184,955 159,299 165,352 122,476 236,717 139,012 279,468 232,986 203,553 167,994 Page 13 of 132 77 Customer Statistics Available Electric Meters:Jul-2022 Aug-2022 Residential 27,725 27,817 General - Small 2,594 2,608 General - Large 351 355 Industrial 25 27 Industrial - Large 1 1 School Services 26 26 Municipal 243 244 Municipal - Pumping 59 59 Total Services Count 31,024 31,137 Available Security Lights Jul-2022 Aug-2022 Residential 94 94 Non-Residential 127 127 Municipal 4,222 4,222 Total Services Count 4,443 4,443 Net Metering REC Meters*598 603 *Main Meters Included in Counts above • All Available Services* *Active & Inactive service delivery points Page 14 of 132 88 • Breakdown by Active Electric Customers (unique) : • Electric Billing Collection: • Advanced Metering Infrastructure (AMI): 99.7% – Usage data automatically transmitted to billing office • Automated Meter Reading (AMR): .3% – Usage data is collected via a drive by system • # of Customer Estimations: 178 • Account did not get a “good” READ; or • Account did not get “ANY” READ (work order put in for metering to investigate) Customer Statistics Jul-2022 Aug-2022 Residential 27,100 27,226 Builder 867 847 Commercial & Industrial 2,424 2,433 Municipal/Schools 299 299 Total Electric Customers:30,690 30,805 Page 15 of 132 99 Billed Meters/Services* *Meters billed during the month Customer Statistics Billed Electric Meters:Jul-2022 Aug-2022 Residential 27,188 27,459 General - Small 2,201 2,353 General - Large 330 340 Industrial 21 26 Industrial - Large 1 1 School Services 25 184 Municipal 164 55 Municipal - Pumping 49 26 Total Services Count 29,979 30,444 Billed Security Lights Jul-2022 Aug-2022 Residential 86 94 Non-Residential 133 127 Municipal 4,222 4,222 Total Services Count 4,441 4,443 Billed Net Meters*584 590 *Also included in above meter counts Page 16 of 132 1010 Customer Billing Statistics Average Monthly Electric Bill FY21 -August FY22 -August All Customers $257.26 $358.11 Average YTD Electric Bill FY2021 FY2022 All Customers $220.21 $239.27 Residential Customer - FY2021 FY2022 Cost per 1000 kWh $134.35 $134.35 (including PCA + Base) Average kWh 839 971 Electric Bill (based on Average kWh) $112.72 $130.45 Page 17 of 132 1111 Electric Revenue – FY 2022 Page 18 of 132 1212 Aged Receivables Report Electric AR – Combined Aging Breakdown Electric AR – Active & Inactive Accounts – As of 8/31/22 Electric Jul-22 Aug-22 Variance Active Accounts $115,574.75 $140,769.58 $25,194.83 Inactive Accounts $474,228.24 $230,944.36 ($243,283.88) Total $589,802.99 $371,713.94 ($218,089.05) Electric Jul-22 Aug-22 Variance 31 – 60 Days $117,630.98 $148,144.10 $30,513.12 61 – 90 Days $39,744.92 $62,042.61 $22,297.69 91 – 120 Days $28,178.62 $30,832.05 $2,653.43 120 – 365 Days $206,238.69 $76,511.75 ($129,726.94) > 365 Days $198,009.78 $54,183.43 ($143,826.35) Total $589,802.99 $371,713.94 ($218,089.05) Customer Count 2363 1696 (667) *Includes FY2022 Bad Debt write-off Page 19 of 132 1313 Collection Agency Review Page 20 of 132 Electric Operations Report Mike Westbrook Electric Operations Manager Page 21 of 132 15 Performance Metrics Aug-22 July August Good Caution Alert Training 100% 100% >90% 90%-80% <80% Safety 100% 100% >90% 90%-80% <80% SO OTC 97% 98% >90% 90%-80% <80% PM WO OTC 99% 99% >90% 90%-80% <80% CM WO OTC 100% 100% >90% 90%-80% <80% Electric Reliability (SAIFI) 0.618 0.734 <1 1-2 >2 Electric Outage Duration (CAIDI) 56.742 61.803 <116 116-200 >200 Page 22 of 132 16 Top Five Outages & Events Date Start Time Duration (min) Customers Affected Customer Minutes Cause Area 8/3/2022 2:15pm 50 231 11,550 Primary Fuse Blown East-70 8/18/2022 3:43pm 119 120 14,280 One Phase Down/Lightning Georgetown - 20 8/19/2022 2:35pm 72 676 48,672 Blown Insulator/Lightning South Georgetown 8/19/2022 2:38pm 43 2009 86,387 Power Supply/Lightning South Georgetown 8/30/2022 5:06pm 124 1984 246,016 Failed Arrestor/Lightning Rivery Date Start of Event End of Event # of Outages Average Duration Cause Area N/A Page 23 of 132 Electric Safety and Training Report Danny Potter Electric Safety and Employee Development Manager Page 24 of 132 18 August Incident Rate 0 Days Without an OSHA Recordable Incident 196 Total Documented Safety Inspections 142 Documented Good Catches 7 Safety Meetings • Personal Fall Arrest Safety • Importance of a Drug-Free Workplace • Capacitor Bank Hazards • Flash Flood Awareness Electric Safety and Employee Development 2022/2023 Annual TEC Employee Development Regulator Recloser Capacitor School 30-Hour OSHA School Supervisor Foreman Training School Troubleshooting School 2 2 4 2 100% 100%100% 100% Page 25 of 132 Finance and Budgeting Report Leigh Wallace Finance Director Page 26 of 132 20 ELECTRIC FUND QUARTERLY FINANCIAL REPORT Page 27 of 132 2121 QUARTERLY FINANCIAL REPORT ELECTRIC FUND •Revenue Budget Sources •The FY2022 revenue budget for the Electric Fund is $124 million •69% of budgeted revenues is from charges for service •Electric Sales revenue •Bond Proceeds are 16% of budgeted revenues •Developer Contributions budgeted at 10% of total revenue 21 Page 28 of 132 2222 QUARTERLY FINANCIAL REPORT ELECTRIC FUND Electric Services Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Revenue 40002:Sales Taxes 5,000 600,000 11,000 1,851,000 3,539,712 85,541,593 12,000,000 - 3,966 596,358 27,265 710,413 2,416,577 56,509,322 5,964,069 1,379,308 4,841 564,204 92,929 2,872,175 2,654,784 58,854,753 9,887,553 - (159) (35,796) 81,929 1,021,175 (884,928) (26,686,840) (2,112,447) - 96.83% 94.03% 844.81% 155.17% 75.00% 68.80% 82.40% 0.00% 875 (32,154) 65,664 2,161,763 238,207 2,345,430 3,923,483 (1,379,308) 22.06% -5.39% 240.84% 304.30% 9.86% 4.15% 65.79% -100.00% 41002:Penalties 42001:Interest Income 43001:Fees 43004:Administrative Charges 43601:Electric Sales Charges 44502:Developer Contributions 70001:Transfers In Operating Revenue Total 103,548,305 67,607,279 74,931,240 (28,617,065) 72.36% 7,323,961 10.83% Non-Operating Revenue 45001:Misc Revenue 35,000 - 665,840 - 19,461,500 - 260,081 - 1,038,936 - 54,065,000 652,424 163,401 5,475 52,331 339,612 17,995,000 1,644,584 128,401 5,475 (613,509) 339,612 (1,466,500) 1,644,584 466.86% 0.00% 7.86% 0.00% 92.46% 0.00% (96,680) 5,475 (986,605) 339,612 (36,070,000) 992,159 -37.17% 0.00% -94.96% 0.00% -66.72% 152.07% 45003:Misc Reimbursements 45004:Sale of Property 44001:Grant Revenue 46001:Bond Proceeds 46002:Bond Premium Non-Operating RevenueTotal 20,162,340 56,016,441 20,200,402 38,062 100.19% (35,816,039) -63.94% Revenue Total 123,710,645 123,623,720 95,131,642 (28,579,003) 76.90% (28,492,079) -23.05% 22 Page 29 of 132 2323 QUARTERLY FINANCIAL REPORT ELECTRIC FUND Electric Services Quarterly Comparison: Q3FY22 Budget FY2022 FY2022Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % Variance Projections FY2022 Variance Fav/(Unfav)% ofProjections OperatingRevenues 40002:Sales Taxes 41002:Penalties 42001:Interest Income 43001:Fees 43003:Permits 43004:Administrative Charges 43601:Electric Sales Charges 44502:Developer Contributions 70001:Transfers In 5,000 600,000 11,000 1,851,000 - 3,539,712 85,541,593 12,000,000 - 4,841 564,204 92,929 2,872,175 - 2,654,784 58,854,753 9,887,553 - (159) (35,796) 81,929 1,021,175 - (884,928) (26,686,840) (2,112,447) - 96.83% 94.03% 844.81% 155.17% 0.00% 75.00% 68.80% 82.40% 0.00% 5,000 700,000 66,000 3,389,000 55,000 3,539,712 86,946,485 12,000,000 - (159) (135,796) 26,929 (516,825) (55,000) (884,928) (28,091,732) (2,112,447) - 96.83% 80.60% 140.80% 84.75% 0.00% 75.00% 67.69% 82.40% 0.00% Non-OperatingRevenues 45001:Misc Revenue 35,000 163,401 128,401 466.86% 200,000 (36,599) 81.70% 45003:Misc Reimbursements - 5,475 5,475 0.00% 750 4,725 729.96% 45004:Sale of Property 665,840 52,331 (613,509) 7.86% 52,330 1 100.00% 44001:Grant Revenue - 339,612 339,612 0.00% 352,313 (12,701) 96.39% 46001:Bond Proceeds 19,461,500 17,995,000 (1,466,500) 92.46% 17,995,000 - 100.00% 46002:Bond Premium - 1,644,584 1,644,584 0.00% 1,644,538 46 100.00% Revenue Total 123,710,645 95,131,642 (28,579,003) 76.90% 126,946,128 (31,814,486) 74.94% 23 Operating RevenueTotal 103,548,305 74,931,240 (28,617,065) 72.36% 106,701,197 (31,769,957) 70.23% Non-Operating RevenueTotal 20,162,340 20,200,402 38,062 100.19% 20,244,931 (44,529) 99.78% Page 30 of 132 2424 QUARTERLY FINANCIAL REPORT ELECTRIC FUND •Electric Sales Revenue •Represents 83% of budgeted Electric Fund operating revenue •$58.9 million, or 69% of electric sales revenue budget received through the quarter •Electric sales revenue is up 4% compared to the same period of FY2021 ELECTRIC SALESCHARGES 4.15% 58,854,753 25.0M 20.0M 15.0M 10.0M 5.0M K Q1 FY2021 FY2022 Q3Q2 24 Page 31 of 132 2525 QUARTERLY FINANCIAL REPORT ELECTRIC FUND •Expense Budget •The FY2022 expense budget for the Electric Fund is $115 million •48% of budgeted expenses is from purchase power related expenses •Electrical Engineering is 22% of budget •CIP Expense •Non-departmental totals 15% of budget •PILOT (Q4 capped per adoptedbudget) •Debt Service •Transfers 25 Page 32 of 132 2626 QUARTERLY FINANCIAL REPORT ELECTRIC FUND Non-Operating Expense CC0001 Non-Departmental 10,097,271 875,370 1,566,100 8,531,171 15.51% (690,730) 78.91% CC0526 Systems Engineering - 2,550 - - 0.00% 2,550 -100.00% CC0557 Electrical Engineering 25,026,230 4,546,269 10,813,036 14,213,194 43.21% (6,266,767) 137.84% Quarterly Comparison: Q3FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals QuarterlyComparison FY2022 YTD Actuals:Q3 FY21 YTD Actuals:Q3 FY22 Variance % of Budget Variance % Variance 26 Electric Services Operating Expense CC0001 Non-Departmental 6,963,362 4,511,501 5,401,388 1,561,974 77.57% (889,887) 19.72% CC0521 OperationalTechnology 1,276,176 515,431 716,847 559,329 56.17% (201,416) 39.08% CC0522 Electric Administration 9,825,545 6,585,076 7,035,063 2,790,482 71.60% (449,987) 6.83% CC0523 Electric Safety and Employee Development 268,825 - 214,479 54,346 79.78% (214,479) 0.00% CC0524 Metering Services 1,964,459 1,521,811 1,213,826 750,633 61.79% 307,985 -20.24% CC0525 T&D Services 1,975,555 3,101,351 3,143,614 (1,168,058) 159.13% (42,262) 1.36% CC0526 Systems Engineering - 65,095 - - 0.00% 65,095 -100.00% CC0537 Electric Resource Management 55,493,445 96,290,644 43,913,914 11,579,530 79.13% 52,376,729 -54.39% CC0555 Electric Systems Operations 1,926,520 1,201,821 1,219,164 707,356 63.28% (17,343) 1.44% CC0557 Electrical Engineering 644,339 762,545 1,368,008 (723,670) 212.31% (605,463) 79.40% Operating ExpenseTotal 80,338,226 114,555,276 64,226,303 16,111,923 79.94% 50,328,973 -43.93% Non-Operating ExpenseTotal 35,123,501 5,424,189 12,379,136 22,744,365 35.24% (6,954,947) 128.22% ExpenseTotal 115,461,727 119,979,465 76,605,440 38,856,288 66.35% 43,374,025 -36.15% Page 33 of 132 2727 QUARTERLY FINANCIAL REPORT ELECTRIC FUND Quarterly Comparison: Q3FY22 Budget FY2022 FY2022 Year-to-date: BudgetVs. Actuals Year-End: Projections Vs.Actuals FY2022 YTD Actuals:Q3 FY22 Variance % ofBudget Projections2022 Variance Fav/(Unfav)% ofProjections Operating Expense CC0001Non-Departmental CC0521 OperationalTechnology CC0522 ElectricAdministration CC0523 Electric Safety and EmployeeDevelopment CC0524 Metering Services CC0525 T&D Services CC0526 SystemsEngineering CC0537 Electric ResourceManagement CC0555 Electric Systems Operations CC0557 ElectricalEngineering 6,963,362 1,276,176 9,825,545 268,825 1,964,459 1,975,555 - 55,493,445 1,926,520 644,339 5,401,388 716,847 7,035,063 214,479 1,213,826 3,143,614 - 43,913,914 1,219,164 1,368,008 1,561,974 559,329 2,790,482 54,346 750,633 (1,168,058) - 11,579,530 707,356 (723,670) 77.57% 56.17% 71.60% 79.78% 61.79% 159.13% 0.00% 79.13% 63.28% 212.31% 6,963,362 1,151,964 9,857,150 368,935 1,379,377 2,180,115 - 58,493,456 1,841,136 1,107,635 1,561,974 435,117 2,822,086 154,455 165,551 (963,498) - 14,579,542 621,972 (260,374) 77.57% 62.23% 71.37% 58.13% 88.00% 144.19% 0.00% 75.07% 66.22% 123.51% Non-OperatingExpense CC0001Non-Departmental 10,097,271 1,566,100 8,531,171 15.51% 10,097,271 8,531,171 15.51% CC0526 SystemsEngineering - - - 0.00% - - 0.00% CC0557 ElectricalEngineering 25,026,230 10,813,036 14,213,194 43.21% 25,026,230 14,213,194 43.21% Electric Services 27 Operating ExpenseTotal 80,338,226 64,226,303 16,111,923 79.94% 83,343,129 19,116,826 77.06% Non-Operating ExpenseTotal 35,123,501 12,379,136 22,744,365 35.24% 35,123,501 22,744,364 35.24% Expense Total 115,461,727 76,605,440 38,856,288 66.35% 118,466,630 41,861,190 64.66% Page 34 of 132 2828 QUARTERLY FINANCIAL REPORT ELECTRIC FUND •Purchased Power •66% of Electric Fund operating expenses •$29.5 million, or 26% of purchase power expense budget through the quarter •Net Purchase power is down 66% compared to the same period of FY2021 -66% 29,054,633 NET PURCHASEDPOWER 20.0M 10.0M K 30.0M 40.0M 50.0M 60.0M 70.0M Q1 Q2 Q3 FY2021 FY2022 28 Page 35 of 132 QUARTERLY FINANCIAL REPORT ELECTRIC FUND •Q3: FY2022 •Net Purchase Power Budget: $56,126,987 •Purchased Power: $44,690,833 •REC Sales: ($2,471,755) •CRR Credits: ($1,150,597) •Net Purchased Power: $41,068,481 •% of Net Purchase Power Budget: 73% •Q3: FY2021 •Net Purchase Power Budget: $60,270,000 •Purchased Power: $47,948,087 •REC Sales: $(886,041) •CRR Credits: $92,631 •Net Purchased Power: $47,154,677 •% of Net Purchase Power Budget: 78% Page 36 of 132 3030 QUARTERLY FINANCIAL REPORT ELECTRIC FUND 30 •CC0525 T&D Services and CC05557 Electrical Engineering •Capitalization of labor to CIP (Year-end entry) •Personnel expenses look inflated and capital expenses deflated. The year-end entry shows on the balances sheet and is not reflected in budget schedules •Fund revenue and expenses are tracking as anticipated by staff at this time Page 37 of 132 Executive Session: In compliance with the Open Meetings Act, Chapter 551, Government Code, Vernon's Texas Codes, Annotated, the item listed below will be discussed in closed session and is subject to action in the regular session. Sec. 551.086 Competitive Matters • Purchased Power Review Sec. 551.089 Deliberation Regarding Security Devices or Security Audits • Cyber Security Update Page 38 of 132 A CARING COMMUNITY HONORING OUR PAST AND INNOVATING FOR THE FUTURE FY2022 Quarterly Report 3rd Quarter Page 39 of 132 FINANCIAL REPORT AND INVESTMENT REPORT For the Quarter Ended June 30, 2022 Table of Contents General Fund Narrative ................................................................................................................................. 1-8 General Fund Schedule .................................................................................................................................... 9 General Fund by Cost Center .................................................................................................................... 10-13 Electric Fund Narrative .............................................................................................................................. 14-18 Electric Fund Schedule ................................................................................................................................... 19 Water Services Fund Narrative ................................................................................................................. 20-24 Water Services Fund Schedule ....................................................................................................................... 25 Convention & Visitors Bureau Narrative ................................................................................................... 26-27 Convention & Visitors Bureau Fund Schedule ............................................................................................... 28 Airport Fund Narrative .............................................................................................................................. 29-31 Airport Fund Schedule .................................................................................................................................... 32 Georgetown Transportation Enhancement Corporation Fund Narrative ................................................ 33-35 Georgetown Transportation Enhancement Corporation Fund Schedule ..................................................... 36 Georgetown Economic Development Corporation Fund Narrative ......................................................... 36-39 Georgetown Economic Development Corporation Fund Schedule .............................................................. 40 Council Discretionary Fund Schedule ............................................................................................................. 41 Joint Services Fund Schedule ......................................................................................................................... 42 Stormwater Services Narrative ................................................................................................................. 43-45 Stormwater Services Fund Schedule .............................................................................................................. 46 Page 40 of 132 Village PID Services Narrative ......................................................................................................................... 47 Village PID Services Fund Schedule ................................................................................................................ 48 Investment Report ..................................................................................................................................... 49-51 Quarterly Investment Report - City ........................................................................................................... 52-67 Quarterly Investment Report - GEDCO ..................................................................................................... 68-73 Quarterly Investment Report - GTEC ........................................................................................................ 74-79 Grant Applications .......................................................................................................................................... 80 Capital Improvement Projects ................................................................................................................... 81-86 Long-term Commitments and Other Unfunded Liabilities ....................................................................... 87-90 Page 41 of 132 EXECUTIVE SUMMARY FOR THE QUARTER ENDED JUNE 30, 2022 I. QUARTERLY FINANCIAL ANALYSIS Each year, the City amends the budget for multi-year capital projects, as well as operational changes that were unknown at the time the budget was adopted. The Third Quarter Report Approved Budget includes Capital Project Roll Forward and Operational Amendments as well as a 3% salary increase approved by Council in January and March and the mid-year amendment approved in May. Furthermore, this report compares actuals to budget, the performance of current actuals to actuals of the same quarter in the previous year, and actuals to projections. GENERAL FUND REVENUES: General Fund revenues total $75,858,663, or 82.02% of budget through the end of the quarter. Revenues are greater than last year’s same quarter total by $8,368,884, or 12.40%. The City continues to see a strong performance in revenue, particularly in planning fees, permitting, and sales tax. Staff continues to monitor these revenues as part of FY2022 projections and the development of the FY2023 budget. General Fund Quarterly Comparison: Q3 FY2022 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY2021 YTD Actuals: Q3 FY2022 Variance % of Budget Variance % Variance Revenue 40001:Property Taxes 17,100,000 16,323,813 15,858,125 (1,241,875) 92.74% (465,688) -2.85% 40002:Sales Taxes 25,033,760 13,162,725 16,131,808 (8,901,952) 64.44% 2,969,083 22.56% 40005:Franchise Taxes 6,266,830 4,139,137 4,904,633 (1,362,197) 78.26% 765,496 18.49% 40008:Other Taxes 420,000 150,932 500,649 80,649 119.20% 349,717 231.71% 41001:Fines 311,150 188,560 200,065 (111,085) 64.30% 11,505 6.10% 41002:Penalties 85,000 74,664 89,166 4,166 104.90% 14,502 19.42% 42001:Interest Income 80,000 67,253 114,997 34,997 143.75% 47,744 70.99% 43001:Fees 8,446,834 5,349,312 7,068,448 (1,378,386) 83.68% 1,719,136 32.14% 43002:Garbage Charges 10,600,000 8,050,765 9,101,883 (1,498,117) 85.87% 1,051,118 13.06% 43003:Permits 5,274,750 3,927,014 4,405,092 (869,658) 83.51% 478,078 12.17% 43004:Administrative Charges 2,725,367 2,544,376 2,042,573 (682,794) 74.95% (501,802) -19.72% 43005:Rental Revenue 54,040 148,231 93,879 39,839 173.72% (54,352) -36.67% 45001:Misc Revenue 855,935 712,462 307,224 (548,711) 35.89% (405,238) -56.88% 45002:Insurance Proceeds 50,338 - 50,338 - 100.00% 50,338 0.00% 45003:Misc Reimbursements 15,000 9,954 2,714 (12,287) 18.09% (7,240) -72.74% 45004:Sale of Property - - 3,321 3,321 0.00% 3,321 0.00% 44001:Grant Revenue 185,000 498,073 370,988 185,988 200.53% (127,085) -25.52% 44501:Contribution Revenue - - 296 296 0.00% 296 0.00% 44502:Developer Contributions - 423,328 1,929,130 1,929,130 0.00% 1,505,803 355.71% 44503:Interlocal Agreement Revenue 5,700,557 3,896,283 4,335,934 (1,364,623) 76.06% 439,650 11.28% 44504:Donations - 6,184 36 36 0.00% (6,148) -99.41% 70001:Transfers In 410,407 995,302 410,407 - 100.00% (584,895) -58.77% 70002:Transfers In - Payment in Lieu of Taxes (PILOT) 8,871,270 6,821,411 7,936,956 (934,314) 89.47% 1,115,545 16.35% Revenue Total 92,486,238 67,489,779 75,858,663 (16,627,575) 82.02% 8,368,884 12.40% 1Page 42 of 132 Sales tax revenue accounts for $25,033,760 of General Fund budgeted revenue. Through the quarter, the City has collected 64.44% of the budgeted sales tax amount 16,131,808 year-to- date. Sales tax data lags two months in arrears. Sales tax continues to have a strong performance - the quarterly returns for sales tax were 22.56% higher compared to the same period last year. This is the sixteenth month in a row with collections increases of +8%. The increase in sales tax revenue is the result of continued growth in the City’s core sales tax sectors of retail, food, and information, in combination with new businesses coming online. In March, staff amended the budget to account for an additional 4.5% of sales tax revenue in FY2022, compared to the original 4.5% increase over prior fiscal year projections. Sales tax is projected to end the year 19% over 2021. Building Materials make up approximately 20% of total sales tax, and this sub-industry is experiencing supply chain pressures. The impact of inflation on consumer spending is also cause for caution. Staff continues to monitor sales tax closely because of the potential volatility. During a March Council Workshop, Council directed staff to use one-time discretionary funds to increase the Economic Stability Reserve to protect against volatility of sales tax revenue. Property tax revenues are the second largest revenue segment in the General Fund and has a budget of $17,100,000. Property tax revenue is typically received during the first two quarters of the fiscal year, with most of the taxes collected in December and January. Through the quarter, property tax year-to-date collections total 92.74% of budget, or $15,858,125. Year-to-date property tax revenues are -2.85% less than the same period last year. This is due to timing of property tax adjustments between funds. Collections are expected to meet budget at the end of the year. The City collects franchise fees for electric, natural gas, cable, and non-cellular telephone services. Through the quarter, franchise fee revenues total $4,904,633 in FY2022, or 78.26% of budget. Franchise fee revenue is 18.49% higher than the same quarter of FY2021. While most franchise fees saw increases from the same quarter of FY2021, the major increases are from electric, water, garbage and gas franchise fees. Payment in Lieu of Taxes (PILOT) revenue from City-owned utilities is budgeted at $8,871,270. Year-to-date, PILOT revenues total $7,936,956, or 89.47% of budget. PILOT revenue is $1,115,545, or 16.35%, higher than the same quarter of FY2021. While all utility funds PILOT is trending higher than budget, the major increase for the quarter is from Water and Wastewater. Planning and Development related revenue continues to be strong in FY2022 due to growth and adopted increases in fee amounts. Planning and Development has a total revenue budget of $7,524,000. Through the quarter, planning and development related revenues total $6,612,327 or 87.88% of budget. Permit fees are up 31.44%, or $530,128 compared to the same quarter in FY2021. Development related permits continue to be strong with year-to-date revenues up 12.08%, or $473,656 compared to year-to-date from FY2021. Staff continues to monitor the amount of residential and commercial building permits. Staff proposed a mid-year amendment to recognize K 2.0M 4.0M 6.0M 8.0M 10.0M Q1 Q2 Q3 GENERAL FUND: SALES TAX FY2020 FY2021 FY2022 2Page 43 of 132 additional permitting and planning revenue to support the addition of 3 new positions. This is reflected in the third quarter report. Planning and permitting fees were proposed to be increased in the FY2023 budget, currently being adopted by the Council. The following graph shows the number of residential building permits issued by quarter for the past 3 years. Sanitation revenue budget totals $10,600,000. Through the quarter, year-to-date revenues from sanitation is $9,101,883, or 85.87% of budget. Sanitation rates increased as part of the FY2022 budget to support demand for service as well as to support the debt service for a new transfer station. The variance between the same period last year is $1,051,118, or 13.06%. Fire and EMS total budgeted revenue is $8,155,290. Through the quarter, Fire and EMS fee related revenue totals $6,375,702, or 78% of budget. Additional Fire/EMS revenue is comprised of the Interlocal Agreement Emergency Services District 8 contract for service, as well as public safety grants revenue. Various EMS transport fees, and fire and life safety development fees, are proposed to increase in the FY2023 budget. Parks and Recreation fee revenue budget totals $2,476,234. Through the quarter, parks and recreation related fee revenue totals $2,104,780, or 85.00% of budget. Parks and Recreation revenue is up 55.66% compared to FY2021. The Parks and Recreation department has seen an increase in revenue compared to FY2021 as programming continues to increase to pre-COVID levels. A cost of service study was completed and a new model adopted by Council this summer along with the FY2023 proposed budget. - 200 400 600 800 1,000 Q1 Q2 Q3 Residential Building Permits FY2020 FY2021 FY2022 3Page 44 of 132 FY2022 REVENUE PROJECTIONS: General Fund Quarterly Comparison: Q3 FY2022 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY2022 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Revenue 40001:Property Taxes 17,100,000 15,858,125 (1,241,875) 92.74% 17,131,000 (1,272,875) 92.57% 40002:Sales Taxes 25,033,760 16,131,808 (8,901,952) 64.44% 28,474,194 (12,342,386) 56.65% 40005:Franchise Taxes 6,266,830 4,904,633 (1,362,197) 78.26% 6,731,346 (1,826,713) 72.86% 40008:Other Taxes 420,000 500,649 80,649 119.20% 563,765 (63,116) 88.80% 41001:Fines 311,150 200,065 (111,085) 64.30% 276,250 (76,185) 72.42% 41002:Penalties 85,000 89,166 4,166 104.90% 109,165 (19,999) 81.68% 42001:Interest Income 80,000 114,997 34,997 143.75% 100,000 14,997 115.00% 43001:Fees 8,446,834 7,068,448 (1,378,386) 83.68% 8,340,896 (1,272,448) 84.74% 43002:Garbage Charges 10,600,000 9,101,883 (1,498,117) 85.87% 11,519,176 (2,417,293) 79.02% 43003:Permits 5,274,750 4,405,092 (869,658) 83.51% 5,365,500 (960,408) 82.10% 43004:Administrative Charges 2,725,367 2,042,573 (682,794) 74.95% 2,725,367 (682,794) 74.95% 43005:Rental Revenue 54,040 93,879 39,839 173.72% 103,147 (9,268) 91.02% 45001:Misc Revenue 855,935 307,224 (548,711) 35.89% 825,220 (517,995) 37.23% 45002:Insurance Proceeds 50,338 50,338 - 100.00% 50,338 - 100.00% 45003:Misc Reimbursements 15,000 2,714 (12,287) 18.09% 3,000 (287) 90.45% 45004:Sale of Property - 3,321 3,321 0.00% 3,321 0 100.01% 44001:Grant Revenue 185,000 370,988 185,988 200.53% 389,840 (18,852) 95.16% 44501:Contribution Revenue - 296 296 0.00% 297 (1) 99.73% 44502:Developer Contributions - 1,929,130 1,929,130 0.00% 1,929,130 0 100.00% 44503:Interlocal Agreement Revenue 5,700,557 4,335,934 (1,364,623) 76.06% 5,700,557 (1,364,623) 76.06% 44504:Donations - 36 36 0.00% - 36 0.00% 70001:Transfers In 410,407 410,407 - 100.00% 410,407 - 100.00% 70002:Transfers In - Payment in Lieu of Taxes (PILOT) 8,871,270 7,936,956 (934,314) 89.47% 9,278,397 (1,341,441) 85.54% Revenue Total 92,486,238 75,858,663 (16,627,575) 82.02% 100,030,313 (24,171,650) 75.84% Staff will continue to monitor FY2022 revenue projections as the end of the fiscal year approaches. Total revenues are predicted to end at $100,030,313. Through the quarter, actuals are 75.84% of total projections. GENERAL FUND EXPENSES: Annual expenses through the quarter total $66,282,710, or 64.92% of budget. This is an increase of 13.37% compared to the same period last year. The increase is driven by increases in operational expense such as internal service allocations, and timing of transfers. Additionally, general increases in expenses compared to the same period last year are due to inflation. Merit and market adjustments for personnel expenses are also a factor in the increase spending compared to last year, as well as a 3% city-wide base pay adjustment for salaries approved in March. Personnel and Operations Summary: Personnel costs through the quarter total $36,196,970, or 68.98% of personnel budget. Operational costs total $28,338,425, or 68.03%. The table below includes all expenditures in the General Fund. Capital costs can fluctuate from year-to-year based on projects, timing, and various other factors, primarily in the Streets cost center. 4Page 45 of 132 General Fund Quarterly Comparison: Q3 FY2022 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY2021 YTD Actuals: Q3 FY2022 Variance % Of Budget Variance % Variance Expense Personnel 52,472,361 32,918,253 36,196,970 16,275,391 68.98% (3,278,718) 9.96% Operations 41,656,377 24,611,961 28,338,425 13,317,952 68.03% (3,726,464) 15.14% Operating Capital 1,039,116 158,572 743,154 295,961 71.52% (584,582) 368.65% CIP Expense - 17,780 - - 0.00% 17,780 -100.00% Transfers 6,931,076 759,391 1,004,160 5,926,916 14.49% (244,769) 32.23% Total Expense 102,098,930 58,465,957 66,282,710 35,816,219 64.92% (7,816,753) 13.37% A complete list of cost center, and budget compared to actuals is attached as part of supplemental information to this report. Personnel and Operations Summary by Division: DEVELOPMENT SERVICES DIVISION: Through the quarter Planning has reported expenses totaling $1,470,059, or 46.04% of budget. Savings in the Planning Department are driven by vacancies and timing of one-time expenses for rewrite of the United Development Code and consulting to help with development driven growth. Staff proposed a new position as part of the mid-year budget amendment to help with the development related workload. This position will be funded through current year salary savings and is reflected in the third quarter report. Inspections incurred personnel and operational expenses amounting to $1,196,229, or 59.35% of budget. Staff proposed two positions for Inspections as part of the mid-year amendment. In addition, staff proposed to recognize permit and planning revenue in order to fund the prorated salary, benefits, and operating costs. Year-to-date personnel and operational expenditures for Community Services are as follows, Emergency Management main cost center has a total of $238,506, or 72.54% of budget, through the quarter, Animal Services has reported $770,184, which is 61.52% of their budget, Code Compliance has shown spending of $401,885, or 66.25% of budget. Environmental Services incurred personnel and operational expenditures amounting to $7,050,599, or 72.63% of budget. Public Works personnel and operational expenditures for the quarter totals $1,134,533, which represents 47.64% of budget. Year-to-date expenditures related to personnel and operations for Streets totals $2,558,421, 60.32% of budget. The Public Works and Streets budgets include several large one-time studies that have not been started as of the third quarter. FINANCE ADMINISTRATION DIVISION: Municipal Court year-to-date expenses total $411,334, or 65.82% of budget. This spending includes $335,150 for personnel costs and $76,183 for operational costs. 5Page 46 of 132 POLICE OPERATIONS DIVISION: Police Operations saw personnel and operational expenditures through the quarter totals $12,293,770, or 71.29% of budget. Police Administration expenditures through the quarter resulted in $1,957,695, or 66.67% of budget. Staff will continue to monitor Police Department overtime through the development of the FY2023 budget. FIRE AND EMS DIVISION: Year-to-date personnel and operational expenditures through the quarter total $3,342,496, or 71.32% of budget for Fire Support Services/Administration, $12,434,494, or 71.66% of budget for Fire Emergency Services, and $2,557,543, or 70.86% of budget for Fire EMS. Fire Emergency Services budget was budgeted with positions that typically are in the EMS cost center. The Fire budget is viewed at a division level which includes the roll-up of all Fire associated cost centers. The overall division is under budget in FY2022. ADMINISTRATIVE SERVICES DIVISION: Administrative Services saw operational and personnel costs totaling $1,656,587, or 68.71% of budget year-to-date. City Secretary personnel and operational expenditures for the quarter totals $755,655, which represents 61.07% of budget. Year-to-date personnel and operational expenditures for Communications totals $626,663, which represents 56.98% of budget. The CAPE department experienced vacancy savings, as well as low year-to-date spending on a one-time project. Non-Departmental includes a transfer out of $1,004,225, or 14.49% of anticipated transfer expense for the year. General Government Contracts includes budgeted vacancy savings estimates for all General Fund departments. Real vacancy savings is realized in each cost center. The budgeted vacancy factor against year-to-date actuals in the administrative division cost center drives the percent of budget up. FY2022 projections in the third quarter report include adjustments and vacancy factor. LIBRARY, TOURISM, AND ARTS AND CULTURE DIVISION: Arts and Culture recognized year to date expenses totaling $149,891, or 70.13% of budget. Library year-to-date expenses total $2,321,032, or 69.73% of budget. PARKS AND RECREATION DIVISION: Year-to-date personnel and operations costs for Parks and Recreation within the following cost centers: Parks Administrations, Parks, Garey Park, Tennis Center, Recreation, and Recreation Programs, comes to a total of $6,576,691, or 65.67% of budget. Parks year-to-date through the quarter totals $2,087,733, or 69.45% of budget. Recreation total expenses are $2,893,356, which is 61.87% of budget. Garey Park year-to-date is $751,590, or 69.98% of budget. Personnel expenses in recreation are heavily seasonal, and a significant portion of part- time and temporary salaries are used in the fourth quarter. 6Page 47 of 132 Personnel and Operations Summary by Division: General Fund Quarterly Comparison: : Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections 2022 Variance Fav/(Unfav) % of Projection Development Services Personnel 8,084,642 5,134,153 2,950,489 63.51% 7,756,994 2,622,841 66.19% Operations 16,728,533 10,266,644 6,461,889 61.37% 16,584,434 6,317,789 61.91% Operating Capital 13,400 46,282 (32,882) 345.39% 39,015 (7,267) 118.63% Development Services Total Expense 24,826,575 15,447,079 9,379,496 62.22% 24,380,442 8,933,363 63.36% Finance Administration Personnel 513,744 335,150 178,593 65.24% 476,937 141,787 70.27% Operations 111,216 76,183 35,033 68.50% 104,266 28,083 73.07% Finance Administration Total Expense 624,960 411,334 213,626 65.82% 581,203 169,869 70.77% Police Operations Personnel 14,632,780 10,204,954 4,427,826 69.74% 14,616,888 4,411,934 69.82% Operations 4,891,425 3,579,952 1,311,473 73.19% 4,691,322 1,111,370 76.31% Operating Capital 655,793 466,558 189,235 71.14% 526,634 60,076 88.59% Police Operations Total Expense 20,179,998 14,251,464 5,928,533 70.62% 19,834,844 5,583,380 71.85% Fire and EMS Personnel 19,876,437 14,138,587 5,737,851 71.13% 19,804,548 5,665,961 71.39% Operations 5,481,548 3,984,630 1,496,918 72.69% 5,150,386 1,165,756 77.37% Operating Capital 290,575 211,316 79,259 72.72% 273,887 62,571 77.15% Fire and EMS Total Expense 25,648,561 18,334,533 7,314,028 71.48% 25,228,821 6,894,289 72.67% Administrative Services, Arts and Culture Personnel 2,070,393 1,783,799 286,594 86.16% 2,774,480 990,681 64.29% Operations 8,420,796 6,144,455 2,276,341 72.97% 9,476,500 3,332,045 64.84% Operating Capital 53,000 8,163 44,837 15.40% 8,700 537 93.82% Transfers 6,931,076 1,004,160 5,926,916 14.49% 6,931,076 5,926,916 14.49% Administrative Services Total Expense 17,475,265 8,940,577 8,534,688 51.16% 19,190,755 10,250,178 46.59% Library Personnel 2,015,496 1,311,278 704,218 65.06% 1,883,043 571,764 69.64% Operations 1,292,066 1,006,986 285,080 77.94% 1,319,158 312,172 76.34% Operating Capital 20,845 2,768 18,077 13.28% 2,800 32 98.85% Library Total Expense 3,328,407 2,321,032 1,007,375 69.73% 3,205,001 883,969 72.42% Parks and Recreation Personnel 5,278,869 3,289,049 1,989,820 62.31% 5,092,904 1,803,855 64.58% Operations 4,730,792 3,279,574 1,451,218 69.32% 4,563,186 1,283,612 71.87% Operating Capital 5,503 8,068 (2,565) 146.60% 8,153 85 98.95% CIP Expense - - - 0.00% - - 0.00% Parks and Recreation Total Expense 10,015,164 6,576,691 3,438,473 65.67% 9,664,244 3,087,553 68.05% Community Services Division Personnel 1,583,715 980,694 603,021 61.92% 1,420,837 440,144 69.02% Operations 603,703 426,806 176,897 70.70% 569,481 142,675 74.95% Operating Capital - 3,076 (3,076) 0.00% 3,100 24 99.22% Community Services Total Expense 2,187,418 1,410,575 776,842 64.49% 1,993,418 582,843 70.76% General Fund Total 102,098,930 66,282,710 35,816,219 64.92% 102,085,311 35,802,601 64.93% 7Page 48 of 132 FY2022 EXPENSE PROJECTIONS: General Fund Quarterly Comparison: Q3 FY2022 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY2022 Variance % Of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Expense Personnel 52,472,361 36,196,970 16,275,391 68.98% 52,405,794 16,208,823 69.07% Operations 41,656,377 28,338,425 13,317,952 68.03% 41,889,252 13,550,827 67.65% Operating Capital 1,039,116 743,154 295,961 71.52% 859,189 116,035 86.49% CIP Expense - - - 0.00% - - 0.00% Transfers 6,931,076 1,004,160 5,926,916 14.49% 6,931,076 5,926,916 14.49% Total Expense 102,098,930 66,282,710 35,816,219 64.92% 102,085,311 35,802,601 64.93% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $102,085,311. Through the quarter, actuals expenses are 64.93% of projections. Overall, General Fund expenditures are within budget and the fund can cover the 90-day Contingency Reserve, Economic Stability Reserve and the Benefit Payout Reserve. 8Page 49 of 132 Fund Schedule: General Fund Period: Jun-22 Budget Current Period FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 29,811,442 29,811,442 - 100.00% 29,811,442 - 100.00% Revenue 40001:Property Taxes 17,100,000 71,836 15,858,125 (1,241,875) 92.74% 17,131,000 (1,272,875) 92.57% 40002:Sales Taxes 25,033,760 2,336,612 16,131,808 (8,901,952) 64.44% 28,474,194 (12,342,386) 56.65% 40005:Franchise Taxes 6,266,830 473,994 4,904,633 (1,362,197) 78.26% 6,731,346 (1,826,713) 72.86% 40008:Other Taxes 420,000 30,884 500,649 80,649 119.20% 563,765 (63,116) 88.80% 41001:Fines 311,150 25,838 200,065 (111,085) 64.30% 276,250 (76,185) 72.42% 41002:Penalties 85,000 9,526 89,166 4,166 104.90% 109,165 (19,999) 81.68% 42001:Interest Income 80,000 29,902 114,997 34,997 143.75% 100,000 14,997 115.00% 43001:Fees 8,446,834 986,775 7,068,448 (1,378,386) 83.68% 8,340,896 (1,272,448) 84.74% 43002:Garbage Charges 10,600,000 1,035,737 9,101,883 (1,498,117) 85.87% 11,519,176 (2,417,293) 79.02% 43003:Permits 5,274,750 668,130 4,405,092 (869,658) 83.51% 5,365,500 (960,408) 82.10% 43004:Administrative Charges 2,725,367 230,947 2,042,573 (682,794) 74.95% 2,725,367 (682,794) 74.95% 43005:Rental Revenue 54,040 (413) 93,879 39,839 173.72% 103,147 (9,268) 91.02% 45001:Misc Revenue 855,935 9,952 307,224 (548,711) 35.89% 825,220 (517,995) 37.23% 45002:Insurance Proceeds 50,338 - 50,338 - 100.00% 50,338 - 100.00% 45003:Misc Reimbursements 15,000 - 2,714 (12,287) 18.09% 3,000 (287) 90.45% 45004:Sale of Property - - 3,321 3,321 0.00% 3,321 0 100.01% 44001:Grant Revenue 185,000 111,148 370,988 185,988 200.53% 389,840 (18,852) 95.16% 44501:Contribution Revenue - - 296 296 0.00% 297 (1) 99.73% 44502:Developer Contributions - - 1,929,130 1,929,130 0.00% 1,929,130 0 100.00% 44503:Interlocal Agreement Revenue 5,700,557 1,323,293 4,335,934 (1,364,623) 76.06% 5,700,557 (1,364,623) 76.06% 44504:Donations - - 36 36 0.00% - 36 0.00% 70001:Transfers In 410,407 - 410,407 - 100.00% 410,407 - 100.00% 70002:Transfers In - Payment in Lieu of Taxes (PILOT) 8,871,270 1,148,411 7,936,956 (934,314) 89.47% 9,278,397 (1,341,441) 85.54% Revenue Total 92,486,238 8,492,570 75,858,663 (16,627,575) 82.02% 100,030,313 (24,171,650) 75.84% Expense City of Georgetown (Only) - - - - 0.00% - - 0.00% CC0001 Non-Departmental 6,931,076 65 1,004,225 5,926,851 14.49% 6,931,076 (5,926,851) 14.49% CC0107 Planning 3,192,796 154,432 1,470,059 1,722,737 46.04% 2,998,449 (1,528,389) 49.03% CC0202 Parks Administration 740,036 57,133 525,026 215,010 70.95% 735,155 (210,128) 71.42% CC0210 Library 3,328,407 250,632 2,321,032 1,007,375 69.73% 3,205,001 (883,969) 72.42% CC0211 Parks 3,006,299 229,171 2,087,733 918,565 69.45% 2,913,085 (825,352) 71.67% CC0212 Recreation 4,676,882 499,306 2,893,356 1,783,526 61.87% 4,463,422 (1,570,066) 64.82% CC0213 Tennis Center 517,995 39,500 318,985 199,010 61.58% 490,433 (171,448) 65.04% CC0214 Recreation Programs - - - - 0.00% - - 0.00% CC0215 Garey Park 1,073,952 79,887 751,590 322,362 69.98% 1,062,148 (310,558) 70.76% CC0218 Arts and Culture 213,742 14,746 149,891 63,851 70.13% 227,062 (77,171) 66.01% CC0316 Municipal Court 624,960 42,537 411,334 213,626 65.82% 581,203 (169,869) 70.77% CC0402 Fire Support Services/Administration 4,686,534 371,387 3,342,496 1,344,038 71.32% 4,358,924 (1,016,428) 76.68% CC0422 Fire Emergency Services 17,352,616 1,240,594 12,434,494 4,918,122 71.66% 17,367,083 (4,932,589) 71.60% CC0448 EMS 3,609,411 283,935 2,557,543 1,051,868 70.86% 3,502,814 (945,271) 73.01% CC0533 Environmental Services 9,707,794 813,618 7,050,599 2,657,195 72.63% 9,763,437 (2,712,838) 72.21% CC0536 Inspection Services 2,015,592 137,974 1,196,229 819,363 59.35% 1,987,176 (790,947) 60.20% CC0602 Administrative Services 2,410,981 172,791 1,656,587 754,394 68.71% 2,305,675 (649,087) 71.85% CC0605 Community Services 328,805 15,423 238,506 90,299 72.54% 305,810 (67,304) 77.99% CC0634 City Council Services 208,213 14,812 142,630 65,582 68.50% 203,707 (61,076) 70.02% CC0635 City Secretary Services 1,237,430 82,326 755,655 481,775 61.07% 1,188,931 (433,276) 63.56% CC0637 Economic Development - - - - 0.00% - - 0.00% CC0638 General Government Contracts 6,473,823 405,618 5,231,587 1,242,236 80.81% 8,334,305 (3,102,718) 62.77% CC0639 Human Resources - - - - 0.00% 0 (0) 0.00% CC0655 Communications/Public Engagement 1,099,839 66,527 626,663 473,176 56.98% 1,071,673 (445,011) 58.48% CC0702 Police Administration 2,936,293 269,393 1,957,695 978,598 66.67% 2,605,749 (648,054) 75.13% CC0742 Police Operations 17,243,705 1,239,930 12,293,770 4,949,935 71.29% 17,229,095 (4,935,326) 71.35% CC0744 Animal Services 1,252,023 80,256 770,184 481,839 61.52% 1,092,087 (321,902) 70.52% CC0745 Code Compliance 606,589 39,012 401,885 204,704 66.25% 595,521 (193,636) 67.48% CC0802 Public Works 2,381,603 87,308 1,134,533 1,247,070 47.64% 2,240,961 (1,106,427) 50.63% CC0846 Streets 4,241,533 250,930 2,558,421 1,683,112 60.32% 4,325,329 (1,766,908) 59.15% Expense Total 102,098,930 6,939,244 66,282,710 35,816,219 64.92% 102,085,311 35,802,601 64.93% Excess (Deficiency) of Total Revenue over Total Requirements (9,612,692) 1,553,326 9,575,953 19,188,644 -99.62% (2,054,999) 11,630,951 -465.98% Ending Fund Balance 20,198,750 39,387,395 19,188,644 195.00% 27,756,443 11,630,951 141.90% Reserves AFR Adjustment - - - - 0.00% - - 0.00% Benefit Payout Reserve 340,000 - 340,000 - 100.00% 340,000 - 100.00% Contingency Reserve 15,917,686 - 15,904,392 (13,294) 99.92% 15,904,392 - 100.00% Economic Stability Reserve 3,850,569 - 3,850,569 - 100.00% 3,850,569 - 100.00% Reserves Total 20,108,255 - 20,094,961 (13,294) 99.93% 20,094,961 - 100.00% Available Fund Balance 90,495 - 19,292,434 19,201,938 21318.69% 7,661,482 11,630,951 251.81% 9Page 50 of 132 Expense by Cost Center: General Fund Quarterly Comparison: Q3 FY22 Budget FY2022 Year-to- date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Projections 2022 Variance Fav/(Unfav) % of Projection Planning Personnel 1,753,308 958,703 952,935 800,372 54.35% 1,566,836 613,900 60.82% Operations 1,426,089 460,043 509,404 916,685 35.72% 1,431,613 922,210 35.58% Operating Capital 13,400 1,052 7,720 5,680 57.62% - (7,720) 0.00% Planning Total Expense 3,192,796 1,419,798 1,470,059 1,722,737 46.04% 2,998,449 1,528,389 49.03% Library Personnel 2,015,496 1,236,657 1,311,278 (74,621) 65.06% 1,883,043 571,764 69.64% Operations 1,292,066 788,341 1,006,986 (218,645) 77.94% 1,319,158 312,172 76.34% Operating Capital 20,845 7,960 2,768 5,192 13.28% 2,800 32 98.85% Library Total Expense 3,328,407 2,032,958 2,321,032 (288,074) 69.73% 3,205,001 883,969 72.42% Parks Administration Personnel 310,135 205,398 221,968 88,167 71.57% 313,233 91,264 70.86% Operations 429,901 262,887 429,901 0.00% 421,922 421,922 0.00% Parks Administration Total Expense 740,036 468,285 525,026 215,010 70.95% 735,155 210,128 71.42% Parks Personnel 1,685,759 1,038,579 1,131,542 554,217 67.12% 1,643,172 511,630 68.86% Operations 1,315,036 913,797 949,842 365,195 72.23% 1,263,560 313,719 75.17% Operating Capital 5,503 - 6,350 (847) 115.38% 6,353 3 99.95% CIP Expense - 17,780 - - 0.00% - - 0.00% Parks Total Expense 3,006,299 1,970,156 2,087,733 918,565 69.45% 2,913,085 825,352 71.67% Recreation Personnel 2,506,315 1,170,809 1,410,828 1,095,487 56.29% 2,365,167 954,339 59.65% Operations 2,170,567 843,741 1,482,528 688,039 68.30% 2,098,255 615,727 70.66% Recreation Total Expense 4,676,882 2,014,550 2,893,356 1,783,526 61.87% 4,463,422 1,570,066 64.82% Tennis Center Personnel 269,109 158,646 166,418 102,690 61.84% 258,383 91,965 64.41% Operations 248,886 120,623 152,566 96,319 61.30% 232,050 79,484 65.75% Tennis Center Total Expense 517,995 279,269 318,985 199,010 61.58% 490,433 171,448 65.04% Recreation Programs Personnel - 277,922 - - 0.00% - - 0.00% Operations - 325,359 - - 0.00% - - 0.00% Recreation Programs Total Expense - 603,281 - - 0.00% - - 0.00% Garey Park Personnel 507,551 327,523 358,292 149,259 70.59% 512,950 154,658 69.85% Operations 566,401 347,649 391,580 174,821 69.13% 547,399 155,819 71.53% Operating Capital - (89) 1,718 (1,718) 0.00% 1,800 82 95.44% 10Page 51 of 132 Garey Park Total Expense 1,073,952 675,082 751,590 322,362 69.98% 1,062,148 310,558 70.76% Arts and Culture Operations 139,922 40,250 89,461 50,461 63.94% 139,922 50,461 63.94% Personnel 73,820 - 60,430 13,390 81.86% 87,140 26,710 69.35% Arts and Culture Total Expense 213,742 40,250 149,891 63,851 70.13% 227,062 77,171 66.01% Municipal Court Personnel 513,744 347,942 335,150 178,593 65.24% 476,937 141,787 70.27% Operations 111,216 57,645 76,183 35,033 68.50% 104,266 28,083 73.07% Municipal Court Total Expense 624,960 405,587 411,334 213,626 65.82% 581,203 169,869 70.77% Fire Support Services/Administration Personnel 2,912,121 1,696,517 1,949,741 962,380 66.95% 2,547,106 597,365 76.55% Operations 1,736,616 1,094,674 1,374,119 362,497 79.13% 1,787,918 413,799 76.86% Operating Capital 37,797 15,820 18,635 19,162 49.30% 23,900 5,265 77.97% Fire Administration Total Expense 4,686,534 2,807,011 3,342,496 1,344,038 71.32% 4,358,924 1,016,428 76.68% Fire Emergency Services Personnel 14,376,818 9,441,884 10,387,557 3,989,261 72.25% 14,745,064 4,357,507 70.45% Operations 2,880,995 1,606,602 1,977,500 903,495 68.64% 2,529,032 551,532 78.19% Operating Capital 94,802 47,824 69,437 25,366 73.24% 92,987 23,550 74.67% Fire Emergency Services Total Expense 17,352,616 11,096,310 12,434,494 4,918,122 71.66% 17,367,083 4,932,589 71.60% EMS Personnel 2,587,499 1,494,318 1,801,288 786,211 69.62% 2,512,378 711,090 71.70% Operations 863,936 593,626 633,011 230,925 73.27% 833,436 200,425 75.95% Operating Capital 157,976 44,630 123,244 34,732 78.01% 157,000 33,756 78.50% EMS Total Expense 3,609,411 2,132,573 2,557,543 1,051,868 70.86% 3,502,814 945,271 73.01% Inspection Services Personnel 1,650,876 915,051 1,072,440 578,435 64.96% 1,636,584 564,143 65.53% Operations 364,717 107,521 123,789 240,928 33.94% 350,592 226,803 35.31% Inspection Services Total Expense 2,015,592 1,022,572 1,196,229 819,363 59.35% 1,987,176 790,947 60.20% Administrative Services Personnel 1,774,187 995,068 1,168,874 605,313 65.88% 1,687,476 518,602 69.27% Operations 628,794 334,271 479,551 149,243 76.27% 609,499 129,948 78.68% Operating Capital 8,000 - 8,163 (163) 102.03% 8,700 537 93.82% Administrative Services Total Expense 2,410,981 1,329,339 1,656,587 754,394 68.71% 2,305,675 649,087 71.85% Community Services Personnel 207,145 200,514 153,477 53,668 74.09% 191,006 37,530 80.35% Operations 121,660 99,055 85,029 36,631 69.89% 114,804 29,775 74.06% Community Services Total Expense 328,805 299,569 238,506 90,299 72.54% 305,810 67,304 77.99% City Secretary Personnel 699,133 384,362 441,045 258,087 63.08% 653,129 212,084 67.53% 11Page 52 of 132 Operations 538,297 363,760 314,610 223,687 58.45% 535,802 221,192 58.72% City Secretary Total Expense 1,237,430 748,123 755,655 481,775 61.07% 1,188,931 433,276 63.56% Communications/ Public Engagement Personnel 686,756 383,091 458,091 228,665 66.70% 657,657 199,566 69.65% Operations 413,082 155,948 168,572 244,510 40.81% 414,016 245,444 40.72% Communications Total Expense 1,099,839 539,039 626,663 473,176 56.98% 1,071,673 445,011 58.48% Police Administration Personnel 700,230 467,343 413,478 286,752 59.05% 525,918 112,439 78.62% Operations 2,236,062 1,333,435 1,544,216 691,846 69.06% 2,079,831 535,615 74.25% Police Administration Total Expense 2,936,293 1,800,778 1,957,695 978,598 66.67% 2,605,749 648,054 75.13% Police Operations Personnel 13,932,549 9,132,053 9,791,476 4,141,074 70.28% 14,090,970 4,299,495 69.49% Operations 2,655,363 1,781,685 2,035,736 619,627 76.67% 2,611,491 575,755 77.95% Operating Capital 655,793 16,007 466,558 189,235 71.14% 526,634 60,076 88.59% Police Operations Total Expense 17,243,705 10,929,745 12,293,770 4,949,935 71.29% 17,229,095 4,935,326 71.35% Animal Services Personnel 881,033 463,895 500,266 380,767 56.78% 748,322 248,056 66.85% Operations 370,990 217,879 269,918 101,072 72.76% 343,764 73,846 78.52% Animal Services Total Expense 1,252,023 681,774 770,184 481,839 61.52% 1,092,087 321,902 70.52% Code Compliance Personnel 495,536 283,814 326,951 168,585 65.98% 481,509 154,558 67.90% Operations 111,053 75,901 71,858 39,195 64.71% 110,912 39,054 64.79% Operating Capital - - 3,076 (3,076) 0.00% 3,100 24 99.22% Code Compliance Total Expense 606,589 359,716 401,885 204,704 66.25% 595,521 193,636 67.48% Public Works Personnel 766,317 312,313 545,378 220,939 71.17% 817,129 271,751 66.74% Operations 1,615,286 1,025,967 584,384 1,030,903 36.18% 1,418,632 834,248 41.19% Operating Capital - 4,337 4,772 (4,772) 0.00% 5,200 428 91.76% Public Works Total Expense 2,381,603 1,342,617 1,134,533 1,247,070 47.64% 2,240,961 1,106,427 50.63% Streets Personnel 1,643,671 897,626 1,124,614 519,056 68.42% 1,657,951 533,336 67.83% Operations 2,597,862 1,288,612 1,403,092 1,194,771 54.01% 2,636,663 1,233,571 53.21% Operating Capital - 21,033 30,715 (30,715) 0.00% 30,715 0 100.00% Streets Total Expense 4,241,533 2,207,271 2,558,421 1,683,112 60.32% 4,325,329 1,766,908 59.15% Environmental Services Operations 9,707,794 6,175,364 7,050,599 2,657,195 72.63% 9,763,437 2,712,838 72.21% Environmental Services Total Expense 9,707,794 6,175,364 7,050,599 2,657,195 72.63% 9,763,437 2,712,838 72.21% Non-Departmental Operations - 8,154 65 (65) 0.00% - (65) 0.00% Transfers 6,931,076 759,391 1,004,160 5,926,916 14.49% 6,931,076 5,926,916 14.49% 12Page 53 of 132 Non-Departmental Total Expense 6,931,076 767,545 1,004,225 5,926,851 14.49% 6,931,076 5,926,851 14.49% General Government Contracts Operations 7,071,283 4,159,360 5,231,587 1,839,696 73.98% 8,148,777 2,917,190 64.20% Personnel (642,460) - - (642,460) 0.00% 185,528 185,528 0.00% Operating Capital 45,000 - - 45,000 0.00% - - 0.00% General Government Contracts Total Expense 6,473,823 4,159,360 5,231,587 1,242,236 80.81% 8,334,305 3,102,718 62.77% City Council Services Operations 42,500 29,813 29,181 13,319 68.66% 42,500 13,319 68.66% Personnel 165,713 115,502 113,449 52,264 68.46% 161,207 47,757 70.38% City Council Services Total Expense 208,213 145,315 142,630 65,582 68.50% 203,707 61,076 70.02% General Fund Total Expense 102,098,930 58,465,957 66,282,710 35,816,219 64.92% 102,085,311 35,802,601 64.93% 13Page 54 of 132 UTILITY FUNDS: Electric Fund: The City continues to employ several strategies to maintain the improved performance of the Electric Fund in relation to past and current expenditures for purchased power contracts. These strategies include reviewing rates, selling Renewable Energy Credits (RECs), and contracting professional services for energy portfolio management and risk oversight. The extraordinary costs of Winter Storm Uri in February of 2021 resulted in the City debt-financing $48 million over 9.5 years. Additionally, the City is using regulatory asset accounting to amortize the purchased power expenses from the storm on an initial 20-year schedule. Both schedules will be reviewed for opportunities to advance more quickly, while balancing the affordability of rates and the overall financial targets for the Electric Fund. As part of the FY2022 budget development process, the utilities reviewed various initiatives to improve resiliency to extreme weather, including those required by legislation. Both utilities are going through cost of service studies to ensure that rates cover these resiliency efforts, the growth pressure and infrastructure demand on the system, and financial targets for liquidity and debt coverage. Council is in the process of adopting the FY2023 budget, which includes water and wastewater rate increases. ELECTRIC REVENUE: Operating revenue in the Electric Fund totals $74,931,240 through the quarter, or 72.36% of budget. Electric sales revenue, the largest component of operating revenue, has brought in $58,854,753 through the quarter, totaling 68.80% of Electric charges budget. Compared to last year, consumption was decreased in the first quarter, and increased in the second and third quarter. Electric Sales revenue are typically higher in the summer months when consumption increases due to hot weather. June was very hot and dry. Through June, Electric sales charges were 4.15% higher than the same period last year. Developer contributions were conservatively budgeted at $12,000,000. Year-to-date collection totals $9,887,553, or 82.40% of budget. Developer contributions drive the need for utility infrastructure. While there is an increase in revenue, there are more new development project expenses than anticipated. Due to global supply chain issues, the cost of material for electric infrastructure projects increased significantly. These cost increases also resulted in increased capital expenses. Developer Contributions and capital expenses amendments were brought to Council in May as part of the mid-year budget amendment. Line extension fees were increased to recover costs. For FY2022, Renewable Energy Credit (REC) revenue has been reclassified from non-operating revenue to operating revenue. Within the Fee category, the REC revenue budget is $1,160,000. REC sales total $2,466,712, or 212.65% of budget through the quarter. Pricing of RECs continued to be favorable for the City. Recognizing additional REC sales revenue is part of a budget amendment approved by Council on March 8, 2022. K 5.0M 10.0M 15.0M 20.0M 25.0M Q1 Q2 Q3 Electric Fund: Electric Sales Charges FY2020 FY2021 FY2022 14Page 55 of 132 Electric Services Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Revenue 40002:Sales Taxes 5,000 3,966 4,841 (159) 96.83% 875 22.06% 41002:Penalties 600,000 596,358 564,204 (35,796) 94.03% (32,154) -5.39% 42001:Interest Income 11,000 27,265 92,929 81,929 844.81% 65,664 240.84% 43001:Fees 1,851,000 710,413 2,872,175 1,021,175 155.17% 2,161,763 304.30% 43004:Administrative Charges 3,539,712 2,416,577 2,654,784 (884,928) 75.00% 238,207 9.86% 43601:Electric Sales Charges 85,541,593 56,509,322 58,854,753 (26,686,840) 68.80% 2,345,430 4.15% 44502:Developer Contributions 12,000,000 5,964,069 9,887,553 (2,112,447) 82.40% 3,923,483 65.79% 70001:Transfers In - 1,379,308 - - 0.00% (1,379,308) -100.00% Operating Revenue Total 103,548,305 67,607,279 74,931,240 (28,617,065) 72.36% 7,323,961 10.83% Non-Operating Revenue 45001:Misc Revenue 35,000 260,081 163,401 128,401 466.86% (96,680) -37.17% 45003:Misc Reimbursements - - 5,475 5,475 0.00% 5,475 0.00% 45004:Sale of Property 665,840 1,038,936 52,331 (613,509) 7.86% (986,605) -94.96% 44001:Grant Revenue - - 339,612 339,612 0.00% 339,612 0.00% 46001:Bond Proceeds 19,461,500 54,065,000 17,995,000 (1,466,500) 92.46% (36,070,000) -66.72% 46002:Bond Premium - 652,424 1,644,584 1,644,584 0.00% 992,159 152.07% Non-Operating Revenue Total 20,162,340 56,016,441 20,200,402 38,062 100.19% (35,816,039) -63.94% Revenue Total 123,710,645 123,623,720 95,131,642 (28,579,003) 76.90% (28,492,079) -23.05% The budget for non-operating revenue totals $20,162,340 in FY2022. The City recognized bond proceeds as part of the annual debt sale in the spring to cover the costs of capital infrastructure and equipment. The $665,840 Sale of Property budget is for the third segment of the fiber asset transition from the Electric Fund to the Information Technology Fund. This asset transfer is illustrated on the budget statements but will show as actuals on the year-end accounting statements. With 2021 year-end savings in the Information Technology Fund, the fourth and final multi-year segment was transferred in FY2022. This early completion of the project will alleviate budget pressures in the FY2023 Information Technology cost allocation to other funds. 15Page 56 of 132 FY2021 REVENUE PROJECTIONS: Electric Services Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % Variance Projections FY2022 Variance Fav/(Unfav) % of Projections Operating Revenues 40002:Sales Taxes 5,000 4,841 (159) 96.83% 5,000 (159) 96.83% 41002:Penalties 600,000 564,204 (35,796) 94.03% 700,000 (135,796) 80.60% 42001:Interest Income 11,000 92,929 81,929 844.81% 66,000 26,929 140.80% 43001:Fees 1,851,000 2,872,175 1,021,175 155.17% 3,389,000 (516,825) 84.75% 43003:Permits - - - 0.00% 55,000 (55,000) 0.00% 43004:Administrative Charges 3,539,712 2,654,784 (884,928) 75.00% 3,539,712 (884,928) 75.00% 43601:Electric Sales Charges 85,541,593 58,854,753 (26,686,840) 68.80% 86,946,485 (28,091,732) 67.69% 44502:Developer Contributions 12,000,000 9,887,553 (2,112,447) 82.40% 12,000,000 (2,112,447) 82.40% 70001:Transfers In - - - 0.00% - - 0.00% Operating Revenue Total 103,548,305 74,931,240 (28,617,065) 72.36% 106,701,197 (31,769,957) 70.23% Non-Operating Revenues 45001:Misc Revenue 35,000 163,401 128,401 466.86% 200,000 (36,599) 81.70% 45003:Misc Reimbursements - 5,475 5,475 0.00% 750 4,725 729.96% 45004:Sale of Property 665,840 52,331 (613,509) 7.86% 52,330 1 100.00% 44001:Grant Revenue - 339,612 339,612 0.00% 352,313 (12,701) 96.39% 46001:Bond Proceeds 19,461,500 17,995,000 (1,466,500) 92.46% 17,995,000 - 100.00% 46002:Bond Premium - 1,644,584 1,644,584 0.00% 1,644,538 46 100.00% Non-Operating Revenue Total 20,162,340 20,200,402 38,062 100.19% 20,244,931 (44,529) 99.78% Revenue Total 123,710,645 95,131,642 (28,579,003) 76.90% 126,946,128 (31,814,486) 74.94% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. July and August were also hot and dry, and will therefore impact power sales and purchases. Total revenues are projected to end FY2022 at $126,946,128. Through the quarter, actuals are $95,131,642 or 74.94% of total projections. ELECTRIC EXPENSES: Operating expenses in the Electric Fund total $64,226,303 through the quarter. Year-to-date purchase power expenses total $44,690,833, while net congestion revenue rights (CRRs) credits total $(1,150,597). Expenses in April, May and June were under budget. The year-over-year variance in purchased power is due to the 2021 extreme energy costs of Winter Storm Uri. The City continued to use a hedging strategy for the winter and summer months to avoid price spikes in the market. June and July were very hot. In the month of June, adjusted meter load was 17% higher than June of 2021 and 16% over budgeted load for the month. FY2022 year-to-date load is 10% greater than the same period in FY2021. The fourth quarter report will include both increased revenues from power sales and increased expenses from power purchases and conservative hedging in July and August. Due to the increased power purchases required to meet load and the robust hedging strategy, purchased power expenses are expected to be approximately $3 million over budget at year-end. 16Page 57 of 132 Electric Engineering and Transmission and Distribution (T&D) cost centers look inflated due to the capitalization of labor being budgeted in capital expense while the actuals are booked to the operating budget. The labor will be capitalized to the appropriate capital improvement project on the final year-end financial statements. Electric Services Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Expense CC0001 Non-Departmental 6,963,362 4,511,501 5,401,388 1,561,974 77.57% (889,887) 19.72% CC0521 Operational Technology 1,276,176 515,431 716,847 559,329 56.17% (201,416) 39.08% CC0522 Electric Administration 9,825,545 6,585,076 7,035,063 2,790,482 71.60% (449,987) 6.83% CC0523 Electric Safety and Employee Development 268,825 - 214,479 54,346 79.78% (214,479) 0.00% CC0524 Metering Services 1,964,459 1,521,811 1,213,826 750,633 61.79% 307,985 -20.24% CC0525 T&D Services 1,975,555 3,101,351 3,143,614 (1,168,058) 159.13% (42,262) 1.36% CC0526 Systems Engineering - 65,095 - - 0.00% 65,095 -100.00% CC0537 Electric Resource Management 55,493,445 96,290,644 43,913,914 11,579,530 79.13% 52,376,729 -54.39% CC0555 Electric Systems Operations 1,926,520 1,201,821 1,219,164 707,356 63.28% (17,343) 1.44% CC0557 Electrical Engineering 644,339 762,545 1,368,008 (723,670) 212.31% (605,463) 79.40% Operating Expense Total 80,338,226 114,555,276 64,226,303 16,111,923 79.94% 50,328,973 -43.93% Non-Operating Expense CC0001 Non-Departmental 10,097,271 875,370 1,566,100 8,531,171 15.51% (690,730) 78.91% CC0526 Systems Engineering - 2,550 - - 0.00% 2,550 -100.00% CC0557 Electrical Engineering 25,026,230 4,546,269 10,813,036 14,213,194 43.21% (6,266,767) 137.84% Non-Operating Expense Total 35,123,501 5,424,189 12,379,136 22,744,365 35.24% (6,954,947) 128.22% Expense Total 115,461,727 119,979,465 76,605,440 38,856,288 66.35% 43,374,025 -36.15% The Electric department reorganized several personnel and operating expenses between cost centers and created new cost centers as part of the FY2022 budget. These changes result in some variances compared to the same quarter the prior year. Non-operating expenditures are budgeted at $35,123,501 in FY2022. Budgeted non-operating expenditures include $25,026,230 for capital projects and $10,097,271 for debt service payments, both of which typically trend towards later quarters. The Capital Project Roll Forward amendment included $6.6 million of active projects. These encumbrances combined with increased New Development, shows an accelerated CIP spending in Electric Engineering compared to the previous year. In order to keep up with new development CIP related projects, staff proposed to amend the Electric CIP budget as part of the mid-year budget amendment. This amendment includes an 80% offset in developer contribution revenue as well as bond proceeds to fund the new development projects. As previously mentioned, a significant portion of labor expenses for capital 17Page 58 of 132 projects will be journaled at the end of the fiscal year, bringing operations and capital expense in balance with their budgets. FY2022 EXPENSE PROJECTIONS: Electric Services Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections 2022 Variance Fav/(Unfav) % of Projections Operating Expense CC0001 Non-Departmental 6,963,362 5,401,388 1,561,974 77.57% 6,963,362 1,561,974 77.57% CC0521 Operational Technology 1,276,176 716,847 559,329 56.17% 1,151,964 435,117 62.23% CC0522 Electric Administration 9,825,545 7,035,063 2,790,482 71.60% 9,857,150 2,822,086 71.37% CC0523 Electric Safety and Employee Development 268,825 214,479 54,346 79.78% 368,935 154,455 58.13% CC0524 Metering Services 1,964,459 1,213,826 750,633 61.79% 1,189,449 (24,377) 102.05% CC0525 T&D Services 1,975,555 3,143,614 (1,168,058) 159.13% 2,180,115 (963,498) 144.19% CC0526 Systems Engineering - - - 0.00% - - 0.00% CC0537 Electric Resource Management 55,493,445 43,913,914 11,579,530 79.13% 58,493,456 14,579,542 75.07% CC0555 Electric Systems Operations 1,926,520 1,219,164 707,356 63.28% 1,841,136 621,972 66.22% CC0557 Electrical Engineering 644,339 1,368,008 (723,670) 212.31% 1,107,635 (260,374) 123.51% Operating Expense Total 80,338,226 64,226,303 16,111,923 79.94% 83,153,201 18,926,898 77.24% Non-Operating Expense CC0001 Non-Departmental 10,097,271 1,566,100 8,531,171 15.51% 10,097,271 8,531,171 15.51% CC0526 Systems Engineering - - - 0.00% - - 0.00% CC0557 Electrical Engineering 25,026,230 10,813,036 14,213,194 43.21% 25,026,230 14,213,194 43.21% Non-Operating Expense Total 35,123,501 12,379,136 22,744,365 35.24% 35,123,501 22,744,364 35.24% Expense Total 115,461,727 76,605,440 38,856,288 66.35% 118,276,702 41,671,262 64.77% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $118,276,702. Through the quarter, actual expenses are 64.77% of total projections. The Electric Fund anticipates meeting all the fund’s below line reserve requirements in FY2022. Contingency requirements include a 90-day operating contingency of $6,426,561, a non- operating reserve totaling $8,930,396, reserve for transformer of $4,262,947, as well as a rate stabilization reserve in the amount of $18,600,000. 18Page 59 of 132 Fund Schedule: Electric Services Period: Jun-22 Budget Current Period FY2022 Year-to-date: Budget Vs. Actuals FY2022 Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 39,711,400 39,711,400 - 100.00% 39,711,400 - 100.00% Operating Revenue 40002:Sales Taxes 5,000 547 4,841 (159) 96.83% 5,000 (159) 96.83% 41002:Penalties 600,000 56,547 564,204 (35,796) 94.03% 700,000 (135,796) 80.60% 42001:Interest Income 11,000 37,310 92,929 81,929 844.81% 66,000 26,929 140.80% 43001:Fees 1,851,000 159,030 2,872,175 1,021,175 155.17% 3,389,000 (516,825) 84.75% 43003:Permits - - - - 0.00% 55,000 (55,000) 0.00% 43004:Administrative Charges 3,539,712 884,928 2,654,784 (884,928) 75.00% 3,539,712 (884,928) 75.00% 43601:Electric Sales Charges 85,541,593 8,556,671 58,854,753 (26,686,840) 68.80% 86,946,485 (28,091,732) 67.69% 44502:Developer Contributions 12,000,000 1,818,723 9,887,553 (2,112,447) 82.40% 12,000,000 (2,112,447) 82.40% 70001:Transfers In - - - - 0.00% - - 0.00% Total Operating Revenue 103,548,305 11,513,755 74,931,240 (28,617,065) 72.36% 106,701,197 (31,769,957) 70.23% Operating Expense CC0001 Non-Departmental 6,963,362 790,604 5,401,388 1,561,974 77.57% 6,963,362 (1,561,974) 77.57% CC0521 Operational Technology 1,276,176 98,869 716,847 559,329 56.17% 1,151,964 (435,117) 62.23% CC0522 Electric Administration 9,825,545 648,508 7,035,063 2,790,482 71.60% 9,857,150 (2,822,086) 71.37% CC0523 Electric Safety and Employee Development 268,825 24,537 214,479 54,346 79.78% 368,935 (154,455) 58.13% CC0524 Metering Services 1,964,459 108,035 1,213,826 750,633 61.79% 1,189,449 24,377 102.05% CC0525 T&D Services 1,975,555 276,383 3,143,614 (1,168,058) 159.13% 2,180,115 963,498 144.19% CC0526 Systems Engineering - - - - 0.00% - - 0.00% CC0537 Electric Resource Management 55,493,445 3,477,458 43,913,914 11,579,530 79.13% 58,493,456 (14,579,542) 75.07% CC0555 Electric Systems Operations 1,926,520 125,135 1,219,164 707,356 63.28% 1,841,136 (621,972) 66.22% CC0557 Electrical Engineering 644,339 164,334 1,368,008 (723,670) 212.31% 1,107,635 260,374 123.51% Total Operating Expense 80,338,226 5,713,863 64,226,303 16,111,923 79.94% 83,153,201 18,926,898 77.24% Net Operations Total 23,210,079 10,704,936 (44,728,988) 46.12% 23,547,996 (12,843,060) 45.46% Non-Operating Revenue 45001:Misc Revenue 35,000 37,094 163,401 128,401 466.86% 200,000 (36,599) 81.70% 45003:Misc Reimbursements - - 5,475 5,475 0.00% 750 4,725 729.96% 45004:Sale of Property 665,840 22,914 52,331 (613,509) 7.86% 52,330 1 100.00% 44001:Grant Revenue - 2,683 339,612 339,612 0.00% 352,313 (12,701) 96.39% 46001:Bond Proceeds 19,461,500 - 17,995,000 (1,466,500) 92.46% 17,995,000 - 100.00% 46002:Bond Premium - - 1,644,584 1,644,584 0.00% 1,644,538 46 100.00% Total Non-Operating Revenue 20,162,340 62,692 20,200,402 38,062 100.19% 20,244,931 (44,529) 99.78% Non-Operating Expense CC0001 Non-Departmental 10,097,271 905 1,566,100 8,531,171 15.51% 10,097,271 8,531,171 15.51% CC0526 Systems Engineering - - - - 0.00% - - 0.00% CC0557 Electrical Engineering 25,026,230 805,695 10,813,036 14,213,194 43.21% 25,026,230 14,213,194 43.21% Total Non-Operating Expense 35,123,501 806,600 12,379,136 22,744,365 35.24% 35,123,501 22,744,364 35.24% Excess (Deficiency) of Total Revenue over Total Requirements 8,248,918 5,055,984 18,526,202 10,277,284 224.59% 8,669,426 9,856,776 213.70% Ending Fund Balance 47,960,318 58,237,602 10,277,284 121.43% 48,380,826 9,856,776 120.37% Reserves Rate Stabilization 18,600,000 18,600,000 - 100.00% 18,600,000 - 100.00% Non-Operating Reserve 8,930,396 8,930,396 - 100.00% 8,930,396 - 100.00% Operating Contingency Reserve 6,426,561 6,426,561 - 100.00% 6,426,561 - 100.00% Transformer Reserve 4,262,947 4,262,947 - 100.00% 4,262,947 - 100.00% Reserves Total 38,219,904 38,219,904 - 100.00% 38,219,904 - 100.00% Available Fund Balance 9,740,414 20,017,698 10,277,284 205.51% 10,160,922 9,856,776 197.01% 19Page 60 of 132 Water Fund: WATER REVENUE: Year-to-date Operating revenue totals $91,282,146, or 96.14% of budget. The largest revenue streams in the Water Fund are charges for services for water, wastewater, and irrigation use. Through the quarter, Water Charges total $31,697,105, which is 87.80% of budget. Year-to-date, Wastewater Charges are $12,506,564, or 86.25% of budget. Irrigation Charges total $286,000 for the quarter, or 95.33% of budget. Increases in number of meters and customers as well as rate increase effective January 1, 2021, have proven to significantly increase year-to-date revenues for the Water Fund. Additionally, June was very hot and dry. The budget for Impact Fees for the fiscal year is $34,345,000. Through the quarter, impact fee revenues total $33,947,690, or 98.84% of budget. The increase in impact fees is attributed to growth as well as an increase in the installation of meters that are larger in diameter such as meters used for multi-family housing. Impact fees are also going to show cyclical increases. The City has approved many out of City MUDS. These MUDS are required to pay impact fees at plat recordation in lieu of building permit. This means that when a MUD records a plat, we will see an instantaneous increase in impact fees, however it will take time for the builders to begin consuming the meters associated with those prepaid fees. Impact fees are used for funding capital infrastructure approved in the impact fee plan. They may be used as a cash equivalent, or to repay debt service for impact fee eligible projects. Staff recently completed a reconciliation of impact fees available to assist with the needed expansion of the South Lake Treatment Plant, along with other large projects. Water Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Revenue 41002:Penalties 315,000 364,515 463,102 148,102 147.02% 98,587 27.05% 42001:Interest Income 390,000 360,099 720,747 330,747 184.81% 360,648 100.15% 43001:Fees 8,062,000 7,790,258 10,935,427 2,873,427 135.64% 3,145,169 40.37% 43005:Rental Revenue 50,000 61,070 61,030 11,030 122.06% (39) -0.06% 43602:Water Charges 36,100,000 26,580,429 31,697,105 (4,402,895) 87.80% 5,116,675 19.25% 43603:Wastewater Charges 14,500,000 11,034,529 12,506,564 (1,993,436) 86.25% 1,472,034 13.34% 43604:Irrigation Charges 300,000 205,791 286,000 (14,000) 95.33% 80,209 38.98% 41602:Impact Fees 34,345,000 30,978,300 33,947,690 (397,310) 98.84% 2,969,390 9.59% 44502:Developer Contributions 767,240 1,496,239 549,480 (217,760) 71.62% (946,759) -63.28% 70001:Transfers In 115,000 - 115,000 - 100.00% 115,000 0.00% Operating Revenue Total 94,944,240 78,871,231 91,282,146 (3,662,094) 96.14% 12,410,915 15.74% K 5.0M 10.0M 15.0M 20.0M FY2020 FY2021 FY2022 FY2020 FY2021 FY2022 FY2020 FY2021 FY2022 Q1 Q2 Q3 WATER FUND: CHARGES FOR SERVICES Irrigation Wastewater Water 20Page 61 of 132 K 250K 500K 750K 1.0M Oct Nov Dec Jan Feb Mar Apr May Jun WATER FUND: CONSUMPTION (KGALS) FY2020 FY2021 FY2022 Non-Operating Revenue 45001:Misc Revenue 1,462,000 183,855 272,126 (1,189,874) 18.61% 88,271 48.01% 45003:Misc Reimbursements - 10,422 113 113 0.00% (10,309) -98.92% 45004:Sale of Property - 1,329,336 - - 0.00% (1,329,336) -100.00% 44001:Grant Revenue - - 304,745 304,745 0.00% 304,745 0.00% 46001:Bond Proceeds 213,100,000 14,975,000 202,385,000 (10,715,000) 94.97% 187,410,000 1251.49% 46002:Bond Premium - 1,415,140 12,759,165 12,759,165 0.00% 11,344,025 801.62% Non-Operating Revenue Total 214,562,000 17,913,752 215,721,148 1,159,148 100.54% 197,807,396 1104.22% Revenue Total 309,506,240 96,784,982 307,003,293 (2,502,947) 99.19% 210,218,311 217.20% Total Water Fund operating revenue is up 15.74% compared to the same period last fiscal year due to growth in sales and collections in impact fees. Through the quarter water consumption is down 1.4% compared to the same period of FY2021. The budget for non-operating revenue totals $214,562,000 in FY2022. This total includes bond proceeds for capital projects in the amount of $213,100,000. The majority of this is for the Southlake Treatment Plant, one of the largest capital projects the city has ever constructed. The midyear budget amendment and third quarter report reflect the updated bond proceed revenue and capital construction expense for the plant. Staff and the consultant presented on the preliminary results of Phase II of a cost-of-service study at the February 22nd and June 28th council workshop. The study proposes changes to increase equity between customer classes, and proposes rate increases to pay for the debt service and operating costs of new infrastructure. These changes will be incorporated and adopted in the FY2023 budget, including an 11.5% rate increase across all customer classes effective October 1, 2022. 21Page 62 of 132 FY2021 REVENUE PROJECTIONS: Water Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projections Operating Revenue 41002:Penalties 315,000 463,102 148,102 147.02% 566,000 (102,898) 81.82% 42001:Interest Income 390,000 720,747 330,747 184.81% 420,100 300,647 171.57% 43001:Fees 8,062,000 10,935,427 2,873,427 135.64% 9,104,281 1,831,146 120.11% 43005:Rental Revenue 50,000 61,030 11,030 122.06% 70,000 (8,970) 87.19% 43602:Water Charges 36,100,000 31,697,105 (4,402,895) 87.80% 41,100,000 (9,402,895) 77.12% 43603:Wastewater Charges 14,500,000 12,506,564 (1,993,436) 86.25% 15,800,000 (3,293,436) 79.16% 43604:Irrigation Charges 300,000 286,000 (14,000) 95.33% 450,000 (164,000) 63.56% 41602:Impact Fees 34,345,000 33,947,690 (397,310) 98.84% 42,300,051 (8,352,361) 80.25% 44502:Developer Contributions 767,240 549,480 (217,760) 71.62% 550,000 (520) 99.91% 70001:Transfers In 115,000 115,000 - 100.00% 115,000 - 100.00% Operating Revenue Total 94,944,240 91,282,146 (3,662,094) 96.14% 110,475,432 (19,193,286) 82.63% Non-Operating Revenue 45001:Misc Revenue 1,462,000 272,126 (1,189,874) 18.61% 1,367,500 (1,095,374) 19.90% 45003:Misc Reimbursements - 113 113 0.00% 233 (121) 48.28% 45004:Sale of Property - - - 0.00% - - 0.00% 44001:Grant Revenue - 304,745 304,745 0.00% 20,124 284,621 1514.34% 46001:Bond Proceeds 213,100,000 202,385,000 (10,715,000) 94.97% 202,385,000 - 100.00% 46002:Bond Premium - 12,759,165 12,759,165 0.00% 12,759,164 1 100.00% Non-Operating Revenue Total 214,562,000 215,721,148 1,159,148 100.54% 216,532,021 (810,873) 99.63% Revenue Total 309,506,240 307,003,293 (2,502,947) 99.19% 327,007,453 (20,004,160) 93.88% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. With a prolonged hot and dry summer, both sales revenues and operating expenses are projected to exceed the budget. Total revenues are projected to end FY2022 at $327,007,453. Through the quarter, actuals are 93.88% of total projections. WATER EXPENSES: Operating expenditures in the Water Fund total $43,894,876 through the quarter, or 75.93% of budget. Overall, personnel are tracking in line with budget. The Water Fund has a few annual encumbrances that make the year-to-date appear high in comparison to the quarter of the fiscal year. Water Services Administration is trending higher than anticipated because of an annual amount encumbered in the quarter. The encumbrance is for a consultant for a multi-phase project to determine if Aquifer Storage and Recovery (ASR) will be an effective and economic water management strategy to meet the max day demands and long-term water supply needs of Georgetown. The increased price of chemicals is driving the Water Plant Management budget slightly higher than anticipated. Wastewater Plant Management is also trending higher than anticipated, due to an annual encumbrance and exacerbated by running the plants at peak demand for a prolonged period of time during hot weather. The encumbrance is related to chemical supplies, and wastewater laboratory analysis services related to permit compliance, process control, and state required study. 22Page 63 of 132 Water Services Financial Report Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Expense CC0001 Non-Departmental 5,069,426 3,144,556 4,492,189 577,237 88.61% (1,347,633) 42.86% CC0524 Metering Services - 265 23 (23) 0.00% 242 -91.30% CC0526 Systems Engineering - (2,081,558) - - 0.00% (2,081,558) -100.00% CC0527 Water Services Administration 31,392,009 19,613,533 23,784,571 7,607,437 75.77% (4,171,039) 21.27% CC0528 Water Distribution 4,315,196 2,807,556 2,294,257 2,020,939 53.17% 513,299 -18.28% CC0529 Water Plant Management 5,172,213 3,129,880 4,683,581 488,632 90.55% (1,553,701) 49.64% CC0530 Wastewater Operations 1,179,469 536,658 706,202 473,267 59.87% (169,544) 31.59% CC0531 Wastewater Plant Management 4,466,888 2,966,581 4,032,754 434,134 90.28% (1,066,173) 35.94% CC0532 Irrigation Operations 295,000 104,713 137,807 157,193 46.71% (33,094) 31.60% CC0535 Water Conservation 899,565 - 332,130 567,435 36.92% (332,130) 0.00% CC0553 Water Operations 5,020,694 3,318,647 3,431,362 1,589,333 68.34% (112,715) 3.40% Operating Expense Total 57,810,460 33,540,831 43,894,876 13,915,584 75.93% (10,354,045) 30.87% Non-Operating Expense CC0001 Non-Departmental 2,000,000 94,190 2,053,548 (53,548) 102.68% (1,959,358) 2080.22% CC0526 Systems Engineering 331,805,749 28,640,128 215,409,960 116,395,789 64.92% (186,769,833) 652.13% CC0532 Irrigation Operations 308,000 9,606 7,507 300,493 2.44% 2,099 -21.85% CC0530 Wastewater Operations 2,803,196 533,080 492,440 2,310,755 17.57% 40,640 -7.62% CC0527 Water Services Administration - 6,037 - - 0.00% 6,037 -100.00% CC0528 Water Distribution - 781,316 - - 0.00% 781,316 -100.00% CC0553 Water Operations 15,387,121 17,142,824 1,915,109 13,472,012 12.45% 15,227,715 -88.83% CC0524 Metering Services 2,250,000 - - 2,250,000 0.00% - 0.00% Non-Operating Expense Total 354,554,065 47,207,181 219,878,565 134,675,500 62.02% (172,671,384) 365.77% Expense 412,364,525 80,748,011 263,773,441 148,591,084 177.52% (183,025,430) 226.66% Non-operating expense are budgeted at $354,554,065 in FY2022. Expenses total $219,878,565 through the quarter, which includes encumbered contracts for the multi-year South Lake Treatment Plant and other projects. Non-operating expenses reflect the capital project rollforward amendment that was approved by Council in January. Debt payments were made in February for interest. Principal payments will be reflected in the fourth quarter. 23Page 64 of 132 FY2022 EXPENSE PROJECTIONS: Water Services Financial Report Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals FY2022 Year-to-date Vs. Projections FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Operating Expense CC0001 Non-Departmental 5,069,426 4,492,189 577,237 88.61% 5,450,304 958,115 82.42% CC0524 Metering Services - 23 (23) 0.00% - (23) 0.00% CC0526 Systems Engineering - - - 0.00% - - 0.00% CC0527 Water Services Administration 31,392,009 23,784,571 7,607,437 75.77% 30,968,610 7,184,038 76.80% CC0528 Water Distribution 4,315,196 2,294,257 2,020,939 53.17% 3,965,999 1,671,741 57.85% CC0529 Water Plant Management 5,172,213 4,683,581 488,632 90.55% 5,886,314 1,202,732 79.57% CC0530 Wastewater Operations 1,179,469 706,202 473,267 59.87% 1,040,298 334,096 67.88% CC0531 Wastewater Plant Management 4,466,888 4,032,754 434,134 90.28% 4,920,815 888,061 81.95% CC0532 Irrigation Operations 295,000 137,807 157,193 46.71% 209,067 71,260 65.92% CC0535 Water Conservation 899,565 332,130 567,435 36.92% 701,199 369,069 47.37% CC0553 Water Operations 5,020,694 3,431,362 1,589,333 68.34% 4,891,348 1,459,986 70.15% Operating Expense Total 57,810,460 43,894,876 13,915,584 75.93% 58,033,952 14,139,076 75.64% Non-Operating Expense CC0001 Non-Departmental 2,000,000 2,053,548 (53,548) 102.68% 2,058,203 4,655 99.77% CC0526 Systems Engineering 331,805,749 215,409,960 116,395,789 64.92% 331,805,749 116,395,789 64.92% CC0532 Irrigation Operations 308,000 7,507 300,493 2.44% 308,000 300,493 2.44% CC0530 Wastewater Operations 2,803,196 492,440 2,310,755 17.57% 2,803,196 2,310,756 17.57% CC0527 Water Services Administration - - - 0.00% - - 0.00% CC0528 Water Distribution - - - 0.00% - - 0.00% CC0553 Water Operations 15,387,121 1,915,109 13,472,012 12.45% 15,387,371 13,472,262 12.45% CC0524 Metering Services 2,250,000 - 2,250,000 0.00% 2,250,000 2,250,000 0.00% Non-Operating Expense Total 354,554,065 219,878,565 134,675,500 62.02% 354,612,519 134,733,954 62.01% Expense 412,364,525 263,773,441 148,591,084 177.52% 412,646,471 148,873,030 63.92% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $412,646,471. Through the quarter, actual expenses are 63.92% of total projections. Many large multi-year capital project encumbrances will roll forward into FY2023. The Water Fund anticipates meeting all the funds below line reserve requirements by the end of FY2022. Contingency requirements include a 90-day operating contingency of $9,127,742, a non-operating reserve of $10,000,000, and an Impact Fee reserve of $43,300,000. 24Page 65 of 132 Fund Schedule: Water Services Period: Jun-22 Budget Current Period FY2022 Budget Vs. Actuals Year-End: Projections Vs Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 180,426,399 180,426,399 - 100.00% 180,426,399 - 100.00% Operating Revenue 41002:Penalties 315,000 53,707 463,102 148,102 147.02% 566,000 (102,898) -18.18% 42001:Interest Income 390,000 311,225 720,747 330,747 184.81% 420,100 300,647 171.57% 43001:Fees 8,062,000 1,079,135 10,935,427 2,873,427 135.64% 9,104,281 1,831,146 120.11% 43005:Rental Revenue 50,000 - 61,030 11,030 122.06% 70,000 (8,970) 87.19% 43602:Water Charges 36,100,000 5,654,858 31,697,105 (4,402,895) 87.80% 41,100,000 (9,402,895) 77.12% 43603:Wastewater Charges 14,500,000 1,426,783 12,506,564 (1,993,436) 86.25% 15,800,000 (3,293,436) 79.16% 43604:Irrigation Charges 300,000 62,630 286,000 (14,000) 95.33% 450,000 (164,000) 63.56% 41602:Impact Fees 34,345,000 3,080,026 33,947,690 (397,310) 98.84% 42,300,051 (8,352,361) 80.25% 44502:Developer Contributions 767,240 69,602 549,480 (217,760) 71.62% 550,000 (520) 99.91% 70001:Transfers In 115,000 - 115,000 - 100.00% 115,000 - 100.00% Total Operating Revenue 94,944,240 11,737,965 91,282,146 (3,662,094) 96.14% 110,475,432 (19,193,286) 82.63% Operating Expenses CC0001 Non-Departmental 5,069,426 524,259 4,492,189 577,237 88.61% 5,450,304 958,115 82.42% CC0524 Metering Services - 23 23 (23) 0.00% - (23) 0.00% CC0526 Systems Engineering - - - - 0.00% - - 0.00% CC0527 Water Services Administration 31,392,009 3,079,407 23,784,571 7,607,437 75.77% 30,968,610 7,184,038 76.80% CC0528 Water Distribution 4,315,196 295,494 2,294,257 2,020,939 53.17% 3,965,999 1,671,741 57.85% CC0529 Water Plant Management 5,172,213 534,284 4,683,581 488,632 90.55% 5,886,314 1,202,732 79.57% CC0530 Wastewater Operations 1,179,469 43,613 706,202 473,267 59.87% 1,040,298 334,096 67.88% CC0531 Wastewater Plant Management 4,466,888 348,443 4,032,754 434,134 90.28% 4,920,815 888,061 81.95% CC0532 Irrigation Operations 295,000 18,131 137,807 157,193 46.71% 209,067 71,260 65.92% CC0535 Water Conservation 899,565 92,620 332,130 567,435 36.92% 701,199 369,069 47.37% CC0553 Water Operations 5,020,694 369,554 3,431,362 1,589,333 68.34% 4,891,348 1,459,986 70.15% Operating Expense Total 57,810,460 5,305,829 43,894,876 13,915,584 75.93% 58,033,952 14,139,076 75.64% Available Operating Fund Balance 37,133,780 47,387,270 (17,577,678) 52,441,480 (5,054,210) 90.36% Non-Operating Revenue 45001:Misc Revenue 1,462,000 24,992 272,126 (1,189,874) 18.61% 1,367,500 (1,095,374) 19.90% 45003:Misc Reimbursements - - 113 113 0.00% 233 (121) 48.28% 45004:Sale of Property - - - - 0.00% - - 0.00% 44001:Grant Revenue - 284,621 304,745 304,745 0.00% 20,124 284,621 1514.34% 46001:Bond Proceeds 213,100,000 - 202,385,000 (10,715,000) 94.97% 202,385,000 - 100.00% 46002:Bond Premium - - 12,759,165 12,759,165 0.00% 12,759,164 1 100.00% Non-Operating Revenue Total 214,562,000 309,613 215,721,148 1,159,148 100.54% 216,532,021 (810,873) 99.63% Non-Operating Expenses CC0001 Non-Departmental 2,000,000 - 2,053,548 (53,548) 102.68% 2,058,203 (4,655) 99.77% CC0524 Metering Services 2,250,000 - - 2,250,000 0.00% 2,250,000 (2,250,000) 0.00% CC0526 Systems Engineering 331,805,749 1,870,092 215,409,960 116,395,789 64.92% 331,805,749 (116,395,789) 64.92% CC0527 Water Services Administration - - - - 0.00% - - 0.00% CC0528 Water Distribution - - - - 0.00% - - 0.00% CC0530 Wastewater Operations 2,803,196 505 492,440 2,310,755 17.57% 2,803,196 (2,310,756) 17.57% CC0532 Irrigation Operations 308,000 25 7,507 300,493 2.44% 308,000 (300,493) 2.44% CC0553 Water Operations 15,387,121 65 1,915,109 13,472,012 12.45% 15,387,371 (13,472,262) 12.45% Non-Operating Expense Total 354,554,065 1,870,687 219,878,565 134,675,500 62.02% 354,612,519 134,733,954 62.01% Excess (Deficiency) of Total Revenue over Total Requirements (102,858,285) (186,064,560) 43,229,852 146,088,138 -42.03% (85,639,018) 128,868,871 -50.48% Ending Fund Balance 77,568,114 223,656,251 146,088,138 288.34% 94,787,381 128,868,871 235.96% Reserves Contingency Reserve 10,942,451 10,942,451 - 100.00% 9,127,742 (1,814,709) 119.88% Non-Operating Reserve 10,000,000 10,000,000 - 100.00% 10,000,000 - 100.00% Impact Fee Reserve 9,157,405 9,157,405 - 100.00% 43,300,000 34,142,595 21.15% Reserves Total 30,099,856 30,099,856 - 100.00% 62,427,742 32,327,886 48.22% Available Fund Balance 47,468,258 193,556,395 146,088,138 407.76% 32,359,639 161,196,757 598.14% 25Page 66 of 132 TOURISM FUND REVENUES: While the COVID-19 pandemic significantly impacted the tourism sector, the City continues to see improvement in revenues in the fund. Year- to-date revenue in the fund totals $1,340,319, or 114.95% of budget. Hotel Occupancy Tax revenue in this fund year-to-date totals $1,140,382 through the quarter, or 113.36% of budget. Through this quarter, Hotel Occupancy Tax revenue is $417,010, or, 157.65% over year-to-date actuals of the previous fiscal year. Staff will continue to market Georgetown and are pleased to see occupancy rates recovering. Additionally, the City was able to hold the Spring Red Poppy Festival, further improving revenues over the prior year when the event was cancelled. Tourism Fund Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Revenues 40008:Other Taxes 1,006,014 723,371 1,140,382 134,368 113.36% 417,010 157.65% 42001:Interest Income 5,000 4,311 4,759 (241) 95.17% 448 110.39% 45001:Misc Revenue 105,000 16,950 135,642 30,642 129.18% 118,692 800.26% 44001:Grant Revenue - - 538 538 0.00% 538 0.00% 44505:Sponsorship 50,000 - 59,000 9,000 118.00% 59,000 0.00% Revenue Total 1,166,014 744,632 1,340,319 174,305 114.95% 595,688 180.00% FY2022 REVENUE PROJECTIONS: Tourism Fund Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projection Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Revenues 40008:Other Taxes 1,006,014 1,140,382 134,368 113.36% 1,400,000 (259,618) 81.46% 42001:Interest Income 5,000 4,759 (241) 95.17% 3,500 1,259 135.96% 45001:Misc Revenue 105,000 135,642 30,642 129.18% 137,516 (1,874) 98.64% 44001:Grant Revenue - 538 538 0.00% - 538 0.00% 44505:Sponsorship 50,000 59,000 9,000 118.00% 60,000 (1,000) 98.33% Revenue Total 1,166,014 1,340,319 174,305 114.95% 1,601,016 (260,697) 83.72% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total revenues are projected to end FY2022 at $1,601,016. Through the quarter, actuals are 83.72% of total projections. K 100K 200K 300K 400K 500K 600K Q1 Q2 Q3 HOTEL OCCUPANCY TAX FY2020 FY2021 FY2022 26Page 67 of 132 TOURISM FUND EXPENSES: The Operating expense budget for the Tourism Fund totals $1,639,532, which includes a $52,407 transfer out to the General Fund. Year-to-date operating expenses total $1,194,444, or 72.85% of budget. Expenses are increased over the prior year due to Red Poppy Festival successfully returning in April. Tourism Fund Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Expenses CC0001 Non- Departmental 52,407 28,634 52,407 - 100.00% (23,773) 183.02% CC0208 CVB 1,294,883 695,662 900,931 393,952 69.58% (205,269) 129.51% CC0254 Poppy Festival 292,242 2,789 241,106 51,136 82.50% (238,317) 8644.68% Expense Total 1,639,532 727,085 1,194,444 445,088 72.85% (467,359) 164.28% FY2022 EXPENSE PROJECTIONS: Tourism Fund Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Expenses CC0001 Non-Departmental 52,407 52,407 - 100.00% 52,407 - 100.00% CC0208 CVB 1,294,883 900,931 393,952 69.58% 1,232,736 331,805 73.08% CC0254 Poppy Festival 292,242 241,106 51,136 82.50% 301,477 60,371 79.97% Expense Total 1,639,532 1,194,444 445,088 72.85% 1,586,620 392,175 75.28% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $1,586,620. Through the quarter, actual expenses are 75.28% of projections. Overall, Tourism Fund expenditures are within budget and the fund can cover the 90-day Contingency Reserve. Ending fund balance is budgeted to be $1,428,147 in FY2022 with an operating contingency reserve of $337,842, and a capital reserve of $1,090,305. 27Page 68 of 132 Fund Schedule: Tourism Period: Jun-22 Budget Current Period FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 1,901,665 1,901,665 - 100.00% 1,675,963 225,702 88.13% Revenue 40008:Other Taxes 1,006,014 238,488 1,140,382 134,368 113.36% 1,400,000 (259,618) 81.46% 42001:Interest Income 5,000 1,313 4,759 (241) 95.17% 3,500 1,259 135.96% 45001:Misc Revenue 105,000 1,370 135,642 30,642 129.18% 137,516 (1,874) 98.64% 44001:Grant Revenue - 538 538 538 0.00% - 538 0.00% 44505:Sponsorship 50,000 - 59,000 9,000 118.00% 60,000 (1,000) 98.33% Total Revenue 1,166,014 241,709 1,340,319 174,305 114.95% 1,601,016 (260,697) 83.72% Expense Personnel 458,015 32,086 333,686 124,328 72.86% 469,235 135,548 71.11% Operations 1,129,111 34,797 808,351 320,760 71.59% 1,064,978 256,627 75.90% Transfers 52,407 - 52,407 - 100.00% 52,407 - 100.00% Total Expense 1,639,532 66,883 1,194,444 445,088 72.85% 1,586,620 392,175 75.28% Excess (Deficiency) of Total Revenue over Total Requirements (473,518) 174,826 145,875 619,393 -30.81% 14,396 131,479 1013.28% Ending Fund Balance 1,428,147 174,826 2,047,540 619,393 142.10% 1,690,359 357,181 121.13% Reserves Capital Reserve 1,090,305 1,090,305 - 100.00% 1,090,305 - 100.00% Contingency Reserve 337,842 337,842 - 100.00% 337,842 - 100.00% Reserves Total 1,428,147 1,428,147 - 100.00% 1,428,147 - 100.00% Available Fund Balance (0) 619,393 619,393 -229404815% 262,212 357,181 236.22% 28Page 69 of 132 AIRPORT FUND REVENUES: Airport operating revenue budget totals $3,979,785. Airport Charges, the largest segment of revenue totals $3,816,899 year- to-date. This includes revenue for fuel sales, facility lease, and hangar rentals. Total operating revenues through the quarter are $4,025,082, or 101.14% of budget. Revenues are trending higher than anticipated due to increases in the price fuel, which has a related fuel expense. Non-operating revenue are bond proceeds for capital projects. The Airport Fund has $500,000 budgeted for funding to complete an airport maintenance facility that began design in FY2021. Bond proceeds were received as part of the City’s annual debt sale in the spring. Total non-operating revenue through the quarter is $561,152. This includes $36,901 in grant revenue for the Taxiway Lighting Project. Airport Fund Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Revenue 40001:Property Taxes 57,000 - - (57,000) 0.00% - 0.00% 42001:Interest Income 3,025 3,416 6,565 3,540 217.03% 3,149 92.18% 43005:Rental Revenue - - 201,618 201,618 0.00% 201,618 0.00% 43606:Airport Charges 3,919,760 2,738,084 3,816,899 (102,861) 97.38% 1,078,815 39.40% Operating Revenue Total 3,979,785 2,741,501 4,025,082 45,297 101.14% 1,283,581 46.82% Non-Operating Revenue 45001:Misc Revenue 1,000 1,000 7,962 6,962 796.15% 6,962 696.15% 44001:Grant Revenue 108,000 - 36,901 (71,099) 34.17% 36,901 0.00% 46001:Bond Proceeds 500,000 650,000 495,000 (5,000) 99.00% (155,000) -23.85% 46002:Bond Premium - 64,186 21,289 21,289 0.00% (42,897) -66.83% Non-Operating Revenue Total 609,000 715,186 561,152 (47,848) 92.14% (154,034) -21.54% Total Revenue 4,588,785 3,456,687 4,586,234 (2,551) 99.94% 1,129,547 32.68% K 500K 1.0M 1.5M Q1 Q2 Q3 AIRPORT FUND -FUEL SALES FY2020 FY2021 FY2022 29Page 70 of 132 FY2022 REVENUE PROJECTIONS: Airport Fund Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Operating Revenue 40001:Property Taxes 57,000 - (57,000) 0.00% 59,423 (59,423) 0.00% 42001:Interest Income 3,025 6,565 3,540 217.03% 2,568 3,997 255.65% 43005:Rental Revenue - 201,618 201,618 0.00% - 201,618 0.00% 43606:Airport Charges 3,919,760 3,816,899 (102,861) 97.38% 4,620,500 (803,601) 82.61% Operating Revenue Total 3,979,785 4,025,082 45,297 101.14% 4,682,491 (657,409) 85.96% Non-Operating Revenue 45001:Misc Revenue 1,000 7,962 6,962 796.15% 10,000 (2,038) 79.62% 44001:Grant Revenue 108,000 36,901 (71,099) 34.17% 40,000 (3,099) 92.25% 46001:Bond Proceeds 500,000 495,000 (5,000) 99.00% 495,000 - 100.00% 46002:Bond Premium - 21,289 21,289 0.00% 21,289 0 100.00% Non-Operating Revenue Total 609,000 561,152 (47,848) 92.14% 566,289 (5,137) 99.09% Total Revenue 4,588,785 4,586,234 (2,551) 99.94% 5,248,780 (662,546) 87.38% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total revenues are projected to end FY2022 at $5,248,780. Through the quarter, actuals are 87.38% of total projections. AIRPORT FUND EXPENSES: Operating expenses in the Airport fund include a budget of $4,381,470. Year-to-date operation expenses totals $3,847,078. The majority of the operations budget is fuel for sales. Year-to-date operating capital is $110,938, or 170.67% over budget. The Airport purchased a John Deere Track Loader and is awaiting TXDOT approval for partial reimbursement through the CARES Act. The budget for non-operating expenses total $1,444,226. This includes a CIP expense of $1,250,000 for the construction of a maintenance facility at the airport. Staff included additional funding as part of the rollforward budget amendment as the costs of the facility have increased after the design and bid. The remaining amount of non-operating expense is for the airport’s debt service payment. The debt payment will be made in the summer to align with the City’s annual debt schedule. 30Page 71 of 132 Airport Fund Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Expense Personnel 509,810 312,904 292,989 216,821 57.47% 19,915 -6.36% Operations 3,806,660 3,988,811 3,443,150 363,509 90.45% 545,660 -13.68% Operating Capital 65,000 19,839 110,938 (45,938) 170.67% (91,099) 459.19% Total Operating Expenses 4,381,470 4,321,554 3,847,078 534,392 87.80% 474,476 -10.98% Non-Operating Expense CIP Expense 1,250,000 - - 1,250,000 0.00% - 0.00% Debt Service 194,226 30,873 49,886 144,340 25.68% (19,013) 61.58% Non-Operating Expense Total 1,444,226 30,873 49,886 1,394,340 3.45% 19,013 61.58% Expense Total 5,825,696 4,352,427 3,896,963 1,928,732 66.89% (455,463) -10.46% FY2022 EXPENSE PROJECTIONS: Airport Fund Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Operating Expense Personnel 509,810 292,989 216,821 57.47% 457,561 164,572 64.03% Operations 3,806,660 3,443,150 363,509 90.45% 4,190,777 747,627 82.16% Operating Capital 65,000 110,938 (45,938) 170.67% 110,939 1 100.00% Total Operating Expenses 4,381,470 3,847,078 534,392 87.80% 4,759,277 912,199 80.83% Non-Operating Expense CIP Expense 1,250,000 - 1,250,000 0.00% 1,250,000 1,250,000 0.00% Debt Service 194,226 49,886 144,340 25.68% 195,094 145,208 25.57% Non-Operating Expense Total 1,444,226 49,886 1,394,340 3.45% 1,445,094 1,395,208 3.45% Expense Total 5,825,696 3,896,963 1,928,732 66.89% 6,204,371 2,307,408 62.81% Staff will monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $6,204,371. Through the quarter, actual expenses are 62.80% of total projections. 31Page 72 of 132 Fund Schedule: Airport Operations Period: Jun-22 Budget Current Period FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 2,456,872 2,456,872 - 100.00% 2,456,872 - 100.00% Operating Revenues 40001:Property Taxes 57,000 - - (57,000) 0.00% 59,423 (59,423) 0.00% 42001:Interest Income 3,025 2,255 6,565 3,540 217.03% 2,568 3,997 255.65% 43005:Rental Revenue - 201,618 201,618 201,618 0.00% - 201,618 0.00% 43606:Airport Charges 3,919,760 419,172 3,816,899 (102,861) 97.38% 4,620,500 (803,601) 82.61% Total Operating Revenues 3,979,785 623,044 4,025,082 45,297 101.14% 4,682,491 (657,409) 85.96% Operating Expenses Personnel 509,810 31,721 292,989 216,821 57.47% 457,561 164,572 64.03% Operations 3,806,660 440,188 3,443,150 363,509 90.45% 4,190,777 747,627 82.16% Operating Capital 65,000 - 110,938 (45,938) 170.67% 110,939 1 100.00% Total Operating Expenses 4,381,470 471,909 3,847,078 534,392 87.80% 4,759,277 912,199 80.83% Non-Operating Revenues 45001:Misc Revenue 1,000 - 7,962 6,962 796.15% 10,000 (2,038) 79.62% 44001:Grant Revenue 108,000 170 36,901 (71,099) 34.17% 40,000 (3,099) 92.25% 46001:Bond Proceeds 500,000 - 495,000 (5,000) 99.00% 495,000 - 100.00% 46002:Bond Premium - - 21,289 21,289 0.00% 21,289 0 100.00% Total Non-Operating Revenues 609,000 170 561,152 (47,848) 92.14% 566,289 (5,137) 99.09% Non-Operating Expenses CIP Expense 1,250,000 - - 1,250,000 0.00% 1,250,000 1,250,000 0.00% Debt Service 194,226 - 49,886 144,340 25.68% 195,094 145,208 25.57% Total Non-Operating Expenses 1,444,226 - 49,886 1,394,340 3.45% 1,445,094 1,395,208 3.45% Excess (Deficiency) of Total Revenue over Total Requirements (1,236,911) 151,305 689,271 1,926,181 -55.73% (955,591) 1,644,862 -72.13% Ending Fund Balance 1,219,961 151,305 3,146,143 1,926,181 257.89% 1,501,281 1,644,862 209.56% Reserves AFR Adjustment - - - - 0.00% - - 0.00% Contingency Reserve 342,905 - 342,905 - 100.00% 332,917 (9,988) 103.00% Reserves for Debt Service 186,458 - 186,458 - 100.00% 184,099 (2,359) 101.28% Reserves Total 529,363 529,363 - 100.00% 517,016 (12,347) 102.39% Available Fund Balance 690,598 - 2,616,780 1,926,181 378.91% 984,265 1,632,515 265.86% 32Page 73 of 132 GTEC REVENUE: Operating revenue is comprised of sales tax and allocated interest. The budget for sales tax collections for GTEC is $11,125,005. Year-to-date sales tax revenue totals $7,168,486, or 64.44% of budget. Through this period, sales tax collections are up $1,319,368, or 22.56% over year-to-date collections from the prior fiscal year. The City continues to see and monitor the strong performance in sales tax. Non-Operating revenue has a budget of $3,700,000 and is made up of bond proceeds. GTEC anticipates project funding for Project Diana and Costco in FY2022. Bond proceeds were received in the May as part of the City’s annual bond issuance. GTEC Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Varaince Operating Revenue 40002:Sales Taxes 11,125,005 5,849,118 7,168,486 (3,956,519) 64.44% 1,319,368 22.56% 42001:Interest Income 24,000 21,248 69,314 45,314 288.81% 48,066 226.21% Operating Revenue Total 11,149,005 5,870,366 7,237,801 (3,911,204) 64.92% 1,367,434 23.29% Non-Operating Revenue 46001:Bond Proceeds 3,700,000 7,405,000 3,775,000 75,000 102.03% (3,630,000) -49.02% 46002:Bond Premium - 731,229 162,358 162,358 0.00% (568,871) -77.80% Non-Operating Revenue Total 3,700,000 8,136,229 3,937,358 237,358 106.42% (4,198,871) -51.61% Revenue Total 14,849,005 14,006,595 11,175,159 (3,673,846) 75.26% (2,831,436) -20.22% FY2022 Revenue Projections: GTEC Quarterly Comparison: Q3 FY22 Budget FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Operating Revenue 40002:Sales Taxes 11,125,005 7,168,486 (3,956,519) 64.44% 12,654,073 (5,485,587) 56.65% 42001:Interest Income 24,000 69,314 45,314 288.81% 50,000 19,314 138.63% Operating Revenue Total 11,149,005 7,237,801 (3,911,204) 64.92% 12,704,073 (5,466,272) 56.97% Non-Operating Revenue 46001:Bond Proceeds 3,700,000 3,775,000 75,000 102.03% 3,775,000 - 100.00% 46002:Bond Premium - 162,358 162,358 0.00% 162,358 0 100.00% Non-Operating Revenue Total 3,700,000 3,937,358 237,358 106.42% 3,937,358 0 100.00% Revenue Total 14,849,005 11,175,159 (3,673,846) 75.26% 16,641,431 (5,466,272) 67.15% K 500K 1.0M 1.5M 2.0M 2.5M 3.0M 3.5M Q1 Q2 Q3 SALES TAX REVENUE FY2020 FY2021 FY2022 33Page 74 of 132 Staff will monitor FY2022 projections as the end of the fiscal year approaches. Total revenues are projected to end FY2022 at $16,641,431. Through the quarter, actuals are 67.15% of total projections. GTEC EXPENSES: Operating expenses year-to-date total $708,387, or 20.36% of budget through the period. Operating expenses are predominately made up of administrative expenses and transfers to other City funds. Administrative expenses include the allocation for City staff to support the GTEC fund. Year-to-date administrative expenses total $185,562, or 74.91% of budget. Through the quarter, GTEC transferred out $522,825 for their portion of debt that is paid out of the General Debt Service fund. Non-Operating expense budget totals $23,346,242. Year-to-date non-operating expenses total $11,254,768, or 48.21% of budget through the period. Non-Operating expenses include funding for strategic partnerships, capital improvement projects, and debt service payment. GTEC’s year-to- date debt service payment totals $181,009, or 19.16% of budget. The debt service payment will be made in the summer and aligns all other debt service payments for the City. CIP expense budget totals $19,901,742 in the current year. This amount includes the CIP Roll Forward amendment approved by Council in January. GTEC Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % Of Budget Variance % Variance Operating Expense Operations 247,716 245,683 185,562 62,154 74.91% 60,121 -24.47% Transfers 3,232,111 4,344,374 522,825 2,709,286 16.18% 3,821,549 -87.97% Operating Capital - 4,140 - - 0.00% 4,140 -100.00% Total Operating Expenses 3,479,827 4,594,197 708,387 2,771,440 20.36% 3,885,810 -84.58% Non-Operating Expense Operations 2,500,000 - - 2,500,000 0.00% - 0.00% CIP Expense 19,901,742 3,759,712 11,073,759 8,827,983 55.64% (7,314,047) 294.54% Debt Service 944,500 155,800 181,009 763,491 19.16% (25,210) 116.18% Total Non-Operating Expenses 23,346,242 3,915,511 11,254,768 12,091,473 48.21% (7,339,257) 287.44% Expense Total 26,826,069 8,509,708 11,963,155 14,862,914 44.60% (3,453,447) 40.58% 34Page 75 of 132 FY2022 Expense Projections: GTEC Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % Of Budget Projections Variance Fav/(Unfav) % of Projection Operating Expense Operations 247,716 185,562 62,154 74.91% 247,416 61,854 75.00% Transfers 3,232,111 522,825 2,709,286 16.18% 3,232,111 2,709,286 16.18% Operating Capital - - - 0.00% - - 0.00% Total Operating Expenses 3,479,827 708,387 2,771,440 20.36% 3,479,527 2,771,140 20.36% Non-Operating Expense Operations 2,500,000 - 2,500,000 0.00% 9,700,000 9,700,000 0.00% CIP Expense 19,901,742 11,073,759 8,827,983 55.64% 19,901,742 8,827,983 55.64% Debt Service 944,500 181,009 763,491 19.16% 944,500 763,491 19.16% Total Non-Operating Expenses 23,346,242 11,254,768 12,091,473 48.21% 30,546,242 19,291,473 36.85% Expense Total 26,826,069 11,963,155 14,862,914 44.60% 34,025,769 22,062,614 35.16% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches and economic development agreements are met. Total expenses are projected to end FY2022 over budget, at $34,025,769. Through the quarter, actual expenses are 35.16% of total projections. Ending fund balance for FY2022 is budgeted to be $26,922,979. After accounting for the contingency reserve of $2,617,664, and the debt service reserve of $3,918,959, this fund will have an available fund balance of $20,386,356. 35Page 76 of 132 Fund Schedule: GTEC Period: Jun-22 Budget Current Period FY2022 FY2022 Year-to-date: Budget Vs. Actuals FY2022 Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 38,900,043 38,900,043 - 100.00% 38,900,043 - 100.00% Operating Revenue 40002:Sales Taxes 11,125,005 1,038,370 7,168,486 (3,956,519) 64.44% 9,351,354 (2,182,868) 76.66% 42001:Interest Income 24,000 30,068 69,314 45,314 288.81% 115,543 (46,229) 59.99% Operating Revenue Total 11,149,005 1,068,438 7,237,801 (3,911,204) 64.92% 9,466,897 (2,229,097) 76.45% Operating Expense Operations 247,716 20,618 185,562 62,154 74.91% 206,180 20,618 90.00% Operating Capital - - - - 0.00% - - 0.00% Transfers 3,232,111 - 522,825 2,709,286 16.18% 3,126,768 2,603,943 16.72% Operating Expense Total 3,479,827 20,618 708,387 2,771,440 20.36% 3,332,948 2,624,561 21.25% Net Operations Total 7,669,178 1,047,820 6,529,414 (6,682,645) 85.14% 6,133,949 (4,853,658) 106.45% Non-Operating Revenue 46001:Bond Proceeds 3,700,000 - 3,775,000 75,000 102.03% 3,775,000 - 0.00% 46002:Bond Premium - - 162,358 162,358 0.00% 162,358 - 0.00% Non-Operating Revenue Total 3,700,000 - 3,937,358 237,358 106.42% 3,937,358 - 0.00% Non-Operating Expense Operations 2,500,000 - - 2,500,000 0.00% - - 0.00% CIP Expense 19,901,742 (13,142) 11,073,759 8,827,983 55.64% 7,073,995 (3,999,764) -36.12% Debt Service 944,500 - 181,009 763,491 19.16% 181,009 - 0.00% Non-Operating Expense Total 23,346,242 (13,142) 11,254,768 12,091,473 48.21% 7,255,004 (3,999,764) -35.54% Excess (Deficiency) of Total Revenue over Total Requirements (11,977,064) (8,517,855) (6,609,023) 5,368,040 55.18% 15,302 (6,624,325) -43190.47% Ending Fund Balance 26,922,979 38,112,047 11,189,067 141.56% 41,716,346 (3,604,299) 91.36% Reserves AFR Adjustment - - - 0.00% - - 0.00% Contingency Reserve 2,617,664 2,617,664 - 100.00% 2,617,664 - 100.00% Debt Service Reserve 3,918,959 3,918,959 - 100.00% 3,918,959 - 100.00% Reserves Total 6,536,623 6,536,623 - 100.00% 6,536,623 - 100.00% Available Fund Balance 20,386,356 31,575,424 11,189,067 154.89% 35,179,723 (3,604,299) 89.75% 36Page 77 of 132 GEDCO REVENUE: Operating revenue has a total budget of $2,806,251 in FY2022 and is comprised of sales tax and allocated interest. The budget for sales tax collections for GEDCO is $2,781,251. Year-to-date sales tax revenue totals $1,792,122, or 64.44% of budget. Through this period, sales tax collections are up $329,842, or 22.56% over year-to-date collections from the prior fiscal year. There is a two-month lag in sales tax collections/reporting. The City continues to see and monitor the strong performance in sales tax. Non-Operating revenue, which typically includes bond proceeds, is not part of the FY2022 budget. Currently, staff does not anticipate the need to issue debt in this fiscal year. GEDCO Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % Variance Variance % Variance Operating Revenue 40002:Sales Taxes 2,781,251 1,462,280 1,792,122 (989,129) 64.44% 329,842 22.56% 42001:Interest Income 25,000 22,975 16,881 (8,119) 67.53% (6,093) -26.52% Operating Revenue Total 2,806,251 1,485,254 1,809,003 (997,248) 64.46% 323,749 21.80% Non-Operating Revenue 45001:Misc Revenue - - 2,609 2,609 0.00% 2,609 0.00% Non-Operating Revenue Total - - 2,609 2,609 0.00% 2,609 0.00% Revenue Total 2,806,251 1,485,254 1,811,612 (994,639) 64.56% 326,358 21.97% FY2022 Revenue Projections: GEDCO Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals FY2022 Year End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % Variance Projections Variance Fav/(Unfav) % of Projection Operating Revenue 40002:Sales Taxes 2,781,251 1,792,122 (989,129) 64.44% 3,163,518 (1,371,396) 56.65% 42001:Interest Income 25,000 16,881 (8,119) 67.53% 25,000 (8,119) 67.53% Operating Revenue Total 2,806,251 1,809,003 (997,248) 64.46% 3,188,518 (1,379,515) 56.73% Non-Operating Revenue 45001:Misc Revenue - 2,609 2,609 0.00% 2,610 (1) 99.97% Non-Operating Revenue Total - 2,609 2,609 0.00% 2,610 (1) 99.97% Revenue Total 2,806,251 1,811,612 (994,639) 64.56% 3,191,128 (1,379,516) 56.77% K 200K 400K 600K 800K 1.0M Q1 Q2 Q3 SALES TAX REVENUE FY2020 FY2021 FY2022 37Page 78 of 132 Staff will monitor FY2021 projections as the end of the fiscal year approaches. Total revenues are projected to end FY2022 at $3,191,128. Through the quarter, actuals are 56.77% of total projections. GEDCO EXPENSES: Operating expenses have a total budget of $884,873 for FY2022. Year-to-date operational expenses incurred total $408,205, or 46.13% of budget. Operating expenses include administrative expenses, marketing costs, contractual services, subscriptions, and operating transfers to other City funds. Administrative expenses include the allocation for City staff to support the GEDCO fund. Year-to-date administrative expense total $176,704, or 75.00% of budget. The GEDCO fund has dedicated funding to market the City for potential economic development. Year-to-date marketing efforts total $26,137, or 17.42% of budget. Contractual services include $130,000 budgeted for consulting in FY2022. GEDCO will transfer out $202,769 in FY2022. The transfer out is to the Water fund to repay GEDCO’s portion of loan from the Water fund. Non-Operating expense budget totals $1,168,048. Year-to-date non-operating expenses total $3,090,000, or 264.54% of budget through the period. Non-Operating expenses include funding for strategic partnerships and GEDCO’s debt service payment. GEDCO has a budget of $976,000 for economic development agreements in FY2022. Year-to-date expenses for economic development agreements total $3,090,000 for Titan North Park, Champion Site Prep, WBW Single Development Group, and Cockrum Commercial. Staff anticipates paying approximately $6M in economic development agreements during the fiscal year. Staff will include GEDCO as part of the year-end budget amendment to increase appropriation for the upcoming economic development agreements. Additionally, non-operating expense is where GEDCO budgets for the fund’s debt service payment. The debt service payment includes principal reduction of $74,511, and an interest expense of $17,537. The debt service payment will be reflected in the Q4 report as it aligns with the City’s annual debt payment. K 100K 200K 300K 400K 51001:Administrative Expense 51003:Marketing & Promotional 51004:Contractual Services 51006:Subscriptions 80001:Transfers Out OPERATING EXPENSE BY LEDGER YTD Actuals W /Encumbrances FY2022 Budget 38Page 79 of 132 GEDCO Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % Variance Variance % Variance Operating Expense Operations 682,104 307,033 369,320 312,784 54.14% (62,287) -20.29% Transfers 202,769 1,040,084 38,884 163,885 19.18% (1,001,200) -96.26% Operating Expense Total 884,873 1,347,118 408,205 476,668 46.13% 938,913 69.70% Non-Operating Expense Operations 1,076,000 396,500 3,090,000 (2,014,000) 287.17% (2,693,500) -679.32% Debt Service 92,048 - - 92,048 0.00% - 0.00% Operating Expense Total 1,168,048 396,500 3,090,000 (1,921,952) 264.54% 2,693,500 679.32% Expense Total 2,052,921 1,743,618 3,498,205 (1,445,284) 170.40% (1,754,587) 201% FY2022 Expense Projections: GEDCO Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals FY2022 Year End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % Variance Projections Variance Fav/(Unfav) % of Projection Operating Expense Operations 682,104 369,320 312,784 54.14% 546,154 (176,834) 67.62% Transfers 202,769 38,884 163,885 19.18% 202,769 (163,885) 19.18% Operating Expense Total 884,873 408,205 476,668 46.13% 748,923 (340,718) 54.51% Non-Operating Expense Operations 1,076,000 3,090,000 (2,014,000) 287.17% 6,064,000 (2,974,000) 50.96% Debt Service 92,048 - 92,048 0.00% 92,048 (92,048) 0.00% Operating Expense Total 1,168,048 3,090,000 (1,921,952) 264.54% 6,156,048 (3,066,048) 50.19% Expense Total 2,052,921 3,498,205 (1,445,284) 170.40% 6,904,971 3,406,766 50.66% Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $6,904,971. Through the quarter, actual expenses are 50.66% of total projections Ending fund balance for FY2022 is budgeted at $1,746,055. After accounting for the contingency reserve of $665,371, and the debt service reserve of $204,019, this fund is budgeted to have an available fund balance of $876,665. 39Page 80 of 132 Fund Schedule: GEDCO Period: Jun-22 Budget Current Period FY2022 FY2022 Year-to-date: Budget Vs. Actuals FY2022 Year End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals: Q3 FY22 Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 992,725 992,725 - 100.00% 6,416,281 (5,423,556) 646.33% Operating Revenue 40002:Sales Taxes 2,781,251 259,593 1,792,122 (989,129) 64.44% 3,163,518 (1,371,396) 56.65% 42001:Interest Income 25,000 5,681 16,881 (8,119) 67.53% 25,000 (8,119) 67.53% Operating Revenue Total 2,806,251 265,273 1,809,003 (997,248) 64.46% 3,188,518 (1,379,515) 56.73% Operating Expense Operations 682,104 32,028 369,320 312,784 54.14% 546,154 176,834 67.62% Transfers 202,769 - 38,884 163,885 19.18% 202,769 163,885 19.18% Operating Expense Total 884,873 32,028 408,205 476,668 46.13% 748,923 340,718 54.51% Net Operations Total 1,921,378 233,245 1,400,798 520,580 72.91% Non-Operating Revenue 45001:Misc Revenue - - 2,609 2,609 0.00% 2,610 (1) 99.97% Non-Operating Revenue Total - - 2,609 2,609 0.00% 2,610 (1) 99.97% Non-Operating Expense Operations 1,076,000 200,000 3,090,000 2,014,000 287.17% 6,064,000 (2,974,000) 50.96% Debt Service 92,048 - - (92,048) 0.00% 92,048 (92,048) 0.00% Non-Operating Expense Total 1,168,048 200,000 3,090,000 1,921,952 264.54% 6,156,048 (3,066,048) 50.19% Excess (Deficiency) of Total Revenue over Total Requirements 753,330 33,245 (1,686,593) (2,439,923) -223.88% (3,713,843) 2,027,250 45.41% Ending Fund Balance 1,746,055 2,393,523 647,468 137.08% 8,855,876 6,462,353 27.03% Reserves AFR Adjustment - - - - 0.00% - - 0.00% Contingency Reserve 665,371 - 665,371 - 100.00% 665,371 - 100.00% Debt Service Reserve 204,019 - 204,019 - 100.00% 204,019 - 100.00% Reserves Total 869,390 - 869,390 - 100.00% 869,390 - 100.00% Available Fund Balance 876,665 - 1,524,133 647,468 173.86% 7,986,486 (6,462,353) 19.08% 40Page 81 of 132 Fund Schedule: Council Discretionary Period: Jun-22 Budget Current Period Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 2,317,139 2,317,139 - 100.00% 110,966 2,206,173 4.79% Revenue 42001:Interest Income 150 1,429 1,430 1,280 953.08% 150 1,280 953.08% 70001:Transfers In 2,670,950 - - (2,670,950) 0.00% 2,670,950 (2,670,950) 0.00% Total Revenue 2,671,100 1,429 1,430 (2,669,670) 0.05% 2,671,100 (2,669,670) 0.05% Expense Transfers - - - - 0.00% 25,000 25,000 0.00% Total Expense - - - - 0.00% 25,000 25,000 0.00% Excess (Deficiency) of Total Revenue over Total Requirements 2,671,100 1,429 1,430 (2,669,670) 0.05% 2,646,100 (2,644,670) 0.05% Ending Fund Balance 4,988,239 1,429 2,318,569 (2,669,670) 46.48% 2,757,066 (438,497) 84.10% Reserves AFR Adjustment - - - - - - 0.00% Contingency Reserve - - - - - - 0.00% Debt Service Reserve - - - - - - 0.00% Reserves Total - - - - - - 0.00% Available Fund Balance 4,988,239 2,318,569 (2,669,670) 46.48% 2,757,066 (438,497) 84.10% 41Page 82 of 132 Fund Schedule: Joint Services Period: Jun-22 Budget Current Period Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals: Jun-22 Variance % of Budget Projections Variance Fav/(Unfav) % of Projection Beginning Fund Balance 2,418,339 2,418,339 - 100.00% 2,418,339 - 100.00% Revenue 41002:Penalties - 2,217 25,465 25,465 0.00% 30,000 (4,535) 84.88% 42001:Interest Income 6,250 1,834 5,941 (309) 95.06% 6,250 (309) 95.06% 43001:Fees 11,600 780 20,070 8,470 173.02% 22,000 (1,930) 91.23% 43004:Administrative Charges 20,945,621 1,673,644 15,931,462 (5,014,159) 76.06% 20,945,621 (5,014,159) 76.06% 43005:Rental Revenue - - 100 100 0.00% - 100 0.00% 45001:Misc Revenue - 2,780 3,608 3,608 0.00% 30 3,578 12026.80% 45002:Insurance Proceeds 100,000 27,593 137,659 37,659 137.66% 140,000 (2,341) 98.33% 45003:Misc Reimbursements 120,000 - 44,303 (75,698) 36.92% 160,000 (115,698) 27.69% 44001:Grant Revenue - 28,388 28,388 28,388 0.00% - 28,388 0.00% 44502:Developer Contributions - - 0 0 0.00% - 0 0.00% 70001:Transfers In 1,597,491 - - (1,597,491) 0.00% 1,597,491 (1,597,491) 0.00% Revenue Total 22,780,962 1,737,236 16,196,996 (6,583,966) 71.10% 22,901,392 (6,704,396) 70.72% Expense CC0001 Non-Departmental 1,079,500 104,118 1,297,635 (218,135) 120.21% 1,579,500 281,865 82.15% CC0302 Finance Administration 1,258,221 65,200 904,650 353,571 71.90% 1,145,053 240,403 79.01% CC0315 Accounting 1,610,064 105,947 1,063,766 546,298 66.07% 1,526,000 462,233 69.71% CC0317 Purchasing 1,083,516 73,748 713,904 369,611 65.89% 1,019,457 305,553 70.03% CC0321 Utility Customer Service 1,083,531 96,908 734,670 348,861 67.80% 1,108,685 374,015 66.26% CC0322 Utility Customer Billing 1,314,893 84,159 903,673 411,220 68.73% 1,152,928 249,255 78.38% CC0324 Customer Admin & Data Analytics 4,808,701 379,914 3,584,138 1,224,563 74.53% 4,773,846 1,189,708 75.08% CC0503 Organizational and Operational Excellence 384,444 27,936 242,631 141,813 63.11% 375,601 132,969 64.60% CC0526 Systems Engineering 3,214,334 244,227 2,268,871 945,464 70.59% 3,242,388 973,518 69.98% CC0534 Conservation - 24 51,615 (51,615) 0.00% - (51,615) 0.00% CC0637 Economic Development 662,086 73,928 469,562 192,524 70.92% 661,629 192,067 70.97% CC0639 Human Resources 1,756,172 138,133 1,250,183 505,990 71.19% 1,749,032 498,850 71.48% CC0640 Citywide Human Resources 1,455,243 59,877 1,075,290 379,953 73.89% 1,396,041 320,751 77.02% CC0654 Legal 1,464,224 89,055 1,033,513 430,712 70.58% 1,468,950 435,438 70.36% CC0658 Real Estate Services 257,708 7,926 31,351 226,358 12.17% 150,419 119,068 20.84% Expense Total 21,432,638 1,551,101 15,625,452 5,807,186 72.90% 21,349,529 5,724,077 73.19% Excess (Deficiency) of Total Revenue over Total Requirements 1,348,324 186,135 571,544 (776,780) 42.39% 1,551,863 (980,319) 36.83% Ending Fund Balance 3,766,663 2,989,883 (776,780) 79.38% 3,970,202 (980,319) 75.31% Reserves Contingency Reserve 3,635,966 3,635,966 - 100.00% 3,635,966 - 100.00% Reserves Total 3,635,966 3,635,966 - 100.00% 3,635,966 - 100.00% Available Fund Balance 130,698 (646,083) (776,781) -494.33% 334,236 (980,319) -193.30% 42Page 83 of 132 STORMWATER REVENUE: Stormwater operating revenue budget totals $3,979,407. Stormwater charges, the largest section of revenue, totals $3,258,457 year-to-date. This primarily includes revenue for Non-Residential and Residential Operations. Also included in Stormwater charges is Pond Maintenance. Total operating revenues through the quarter are $3,303,679, or 83.02% of budget. Non-operating revenue are bond proceeds for capital projects. The Stormwater Fund has $500,000 budgeted for funding to conduct curb and gutter repair. Bond proceeds were received as part of the City’s annual debt sale in the spring. Stormwater Services Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Revenue 41002:Penalties 32,000 32,057 34,553 2,553 107.98% 2,496 7.79% 42001:Interest Income 6,800 8,197 10,669 3,869 156.89% 2,472 30.16% 43605:Stormwater Charges 3,940,607 3,108,381 3,258,457 (682,150) 82.69% 150,077 4.83% Operating Revenue Total 3,979,407 3,148,635 3,303,679 (675,728) 83.02% 155,045 4.92% Non-Operating Revenue 46001:Bond Proceeds 500,000 - 495,000 (5,000) 99.00% 495,000 0.00% 46002:Bond Premium - - 21,289 21,289 0.00% 21,289 0.00% Non-Operating Revenue Total 500,000 - 516,289 16,289 103.26% 516,289 0.00% Total Revenue 4,479,407 3,148,635 3,819,969 (659,438) 85.28% 671,334 21.32% FY2022 Revenue Projections: Stormwater Services Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Operating Revenue 41002:Penalties 32,000 34,553 2,553 107.98% 50,000 (15,447) 69.11% 42001:Interest Income 6,800 10,669 3,869 156.89% 8,000 2,669 133.36% 43605:Stormwater Charges 3,940,607 3,258,457 (682,150) 82.69% 4,351,782 (1,093,325) 74.88% Operating Revenue Total 3,979,407 3,303,679 (675,728) 83.02% 4,409,782 (1,106,103) 74.92% Non-Operating Revenue 46001:Bond Proceeds 500,000 495,000 (5,000) 99.00% 500,000 (5,000) 99.00% 46002:Bond Premium - 21,289 21,289 0.00% 21,289 0 100.00% Non-Operating Revenue Total 500,000 516,289 16,289 103.26% 521,289 (5,000) 99.04% Total Revenue 4,479,407 3,819,969 (659,438) 85.28% 4,931,071 (1,111,102) 77.47% 900K 1.0M 1.1M 1.2M Q1 Q2 Q3 STORMWATER CHARGES FY2020 FY2021 FY2022 43Page 84 of 132 Staff will monitor FY2022 projections as the end of the fiscal year approaches. Total revenues are projected to end FY2022 at $4,931,071. Through the quarter, actuals are 77.47% of total projections. STORMWATER EXPENSES: Operating expenses in the Stormwater Fund include a budget of $3,952,554. Year-to-date operating expenses total $2,525,403. Operating Capital has a budget of $500,000 for infrastructure improvements and various drainage and flood mitigation maintenance. Year-to-date operating capital is $32,893, or 6.58% of budget. The budget for non-operating expenses total $2,031,987. This includes a CIP expense of $1,540,847 for the construction of curb and gutters as well as drainage improvements and Stormwater Infrastructure. Debt Service has a budget of $491,140. Stormwater Services Quarterly Comparison: Q3 FY22 Budget FY2021 FY2022 FY2022 Year-to-date: Budget Vs. Actuals Quarterly Comparison FY2022 YTD Actuals: Q3 FY21 YTD Actuals: Q3 FY22 Variance % of Budget Variance % Variance Operating Expense Personnel 746,759 404,965 472,220 274,539 63.24% (67,255) 16.61% Operations 2,391,014 1,366,255 1,751,854 639,160 73.27% (385,599) 28.22% Operating Capital 500,000 958 32,893 467,107 6.58% (31,935) 3334.78% Transfers 314,780 240,729 268,436 46,344 85.28% (27,706) 11.51% Total Operating Expenses 3,952,554 2,012,907 2,525,403 1,427,150 63.89% (512,496) 25.46% Non-Operating Expense CIP Expense 1,540,847 614,100 302,561 1,238,286 19.64% 311,538 -50.73% Debt Service 491,140 85,004 87,355 403,785 17.79% (2,351) 2.77% Non-Operating Expense Total 2,031,987 699,104 389,916 1,642,071 19.19% (309,188) -44.23% Expense Total 5,984,541 2,712,011 2,915,320 3,069,221 48.71% 203,308 7.50% FY2022 Expense Projections: Stormwater Services Quarterly Comparison: Q3 FY22 Budget FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 YTD Actuals: Q3 FY22 Variance % of Budget Projections FY2022 Variance Fav/(Unfav) % of Projection Operating Expense Personnel 746,759 472,220 274,539 63.24% 693,518 221,298 68.09% Operations 2,391,014 1,751,854 639,160 73.27% 2,390,514 638,660 73.28% Operating Capital 500,000 32,893 467,107 6.58% 500,000 467,107 6.58% Transfers 314,780 268,436 46,344 85.28% 341,029 72,593 78.71% Total Operating Expenses 3,952,554 2,525,403 1,427,150 63.89% 3,925,062 1,399,658 64.34% Non-Operating Expense CIP Expense 1,540,847 302,561 1,238,286 19.64% 1,540,847 1,238,286 19.64% Debt Service 491,140 87,355 403,785 17.79% 491,157 403,802 17.79% Non-Operating Expense Total 2,031,987 389,916 1,642,071 19.19% 2,032,004 1,642,088 19.19% Expense Total 5,984,541 2,915,320 3,069,221 48.71% 5,957,066 3,041,746 48.94% 44Page 85 of 132 Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $5,957,066. Through the quarter, actual expenses are 48.94% of total projections Overall, Stormwater expenditures are within budget and the fund can cover the 90-day Contingency Reserve. Ending fund balance is budgeted to be $2,372,539 in FY2022 with an operating contingency reserve of $413,189 and a debt service reserve of $486,959. 45Page 86 of 132 Fund Schedule: Stormwater Services Period: Jun-22 Budget Current Period FY2022 FY2022 Year-to-date: Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projections Variance % of Projection Beginning Fund Balance 3,877,673 3,877,673 - 100.00% 3,877,673 - 100.00% Operating Revenues 41002:Penalties 32,000 2,988 34,553 2,553 107.98% 50,000 (15,447) 69.11% 42001:Interest Income 6,800 3,231 10,669 3,869 156.89% 8,000 2,669 133.36% 43605:Stormwater Charges 3,940,607 367,918 3,258,457 (682,150) 82.69% 4,351,782 (1,093,325) 74.88% Total Operating Revenues 3,979,407 374,138 3,303,679 (675,728) 83.02% 4,409,782 (1,106,103) 74.92% Operating Expenses Personnel 746,759 52,568 472,220 274,539 63.24% 693,518 221,298 68.09% Operations 2,391,014 203,277 1,751,854 639,160 73.27% 2,390,514 638,660 73.28% Operating Capital 500,000 661 32,893 467,107 6.58% 500,000 467,107 6.58% Transfers 314,780 25,963 268,436 46,344 85.28% 341,029 72,593 78.71% Total Operating Expenses 3,952,554 282,469 2,525,403 1,427,150 63.89% 3,925,062 1,399,658 64.34% Available Operating Funds 26,853 91,668 778,276 751,423 2898.24% 484,720 293,555 160.56% Non-Operating Revenues 46001:Bond Proceeds 500,000 - 495,000 (5,000) 99.00% 500,000 (5,000) -1.00% 46002:Bond Premium - - 21,289 21,289 0.00% 21,289 0 0.00% Total Non-Operating Revenues 500,000 - 516,289 16,289 103.26% 521,289 (5,000) -0.96% Non-Operating Expenses CIP Expense 1,540,847 53,369 302,561 1,238,286 19.64% 1,540,847 1,238,286 19.64% Debt Service 491,140 20 87,355 403,785 17.79% 491,157 403,802 17.79% Total Non-Operating Expenses 2,031,987 53,389 389,916 1,642,071 19.19% 2,032,004 1,642,088 19.19% Excess (Deficiency) of Total Revenue over Total Requirements (1,505,134) 38,279 904,649 2,409,783 -60.10% (1,025,995) 1,930,644 -88.17% Ending Fund Balance 2,372,539 38,279 4,782,322 2,409,783 201.57% 2,851,678 1,930,644 167.70% Reserves Contingency Reserve 413,189 413,189 - 100.00% 413,189 - 100.00% Debt Service Reserve 486,959 486,959 - 100.00% 486,959 - 100.00% Reserves Total 900,148 900,148 - 100.00% 900,148 - 100.00% Available Fund Balance 1,472,391 3,882,174 2,409,783 263.66% 1,951,530 1,930,644 198.93% 46Page 87 of 132 VILLAGE PID MONTHLY REPORT AS OF JUNE 30, 2022 Village PID Revenues: Village PID revenues total $523,274 and are comprised of property tax and allocated interest. The City receives the bulk of property tax revenues in January and February. The City anticipates receiving $522,274 in property tax revenue this year, as well as $1,000 in allocated interest. Year-to-date, property tax revenue totals $502,046, or 96.13% of budget. Property tax revenue year-to-date is up 12.24%, or $54,746 compared to this time last year. There are multiple factors such as payment collections, collection rates, and protested values that can affect property tax revenue. FY2022 REVENUE PROJECTIONS: Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total revenues are projected to end FY2022 at $523,674. Through the quarter, actuals are 95.94% of total projections. Village PID Expenses: Village PID expenses include administrative charges, capital, contractual services, insurance, maintenance, and marketing. Year-to-date operational expenses with encumbrances total $315,605 or 33.73% of budget. The Parks Department has contracted for Parks Capital Improvements which total $44,250 year to date. FY2022 EXPENSE PROJECTIONS: Staff will continue to monitor FY2022 projections as the end of the fiscal year approaches. Total expenses are projected to end FY2022 at $939,707. Through the quarter, actual expenses are 33.59% of total projections Ending Fund Balance for FY2022, it is budgeted that the Village PID will have an ending fund balance of $290,143. After accounting for the contingency reserve of $113,053, this fund will have an available fund balance of $177,090. K 200K 400K Q1 Q2 Q3 PROPERTY TAX REVENUES FY2021 FY2022 47Page 88 of 132 Fund Schedule: Village PID Period: Jun-22 Budget Current Period FY2022 Budget Vs. Actuals Year-End: Projections Vs. Actuals FY2022 Jun-22 YTD Actuals w/Encumbrances Variance % of Budget Projection Variance Fav/(Unfav) % of Projection Beginning Fund Balance 702,519 702,519 - 100.00% 702,519 - 100.00% Revenue 40001:Property Taxes 522,274 736 502,046 (20,229) 96.13% 522,674 (20,629) 96.05% 42001:Interest Income 1,000 55 352 (648) 35.18% 1,000 (648) 35.18% Revenue Total 523,274 791 502,397 (20,877) 96.01% 523,674 (21,277) 95.94% Expense 53004:Insurance Expense 1,030 - - 1,030 0.00% 1,030 1,030 0.00% 51001:Administrative Expense 37,651 4,241 30,445 7,206 80.86% 37,651 7,206 80.86% 51002:Publishing & Printing 2,163 - - 2,163 0.00% 2,163 2,163 0.00% 51004:Contractual Services 20,600 - 20,000 600 97.09% 20,600 600 97.09% 51005:Professional Services - - 339 (339) 0.00% 339 0 99.88% 51007:Contracts & Leases 178,705 14,218 150,530 28,175 84.23% 178,705 28,175 84.23% 51008:Utilities 57,680 4,206 46,776 10,904 81.10% 61,398 14,622 76.19% 52509:Maintenance Expense 97,596 3,476 3,476 94,120 3.56% 97,596 94,120 3.56% 60004:Capital Outlay - Equipment 19,789 19,789 19,789 - 100.00% 19,789 - 100.00% 60009:Capital Outlay - Improvements 520,436 - 44,250 476,186 8.50% 520,436 476,186 8.50% Expense Total 935,650 45,929 315,605 620,045 33.73% 939,707 624,102 33.59% Excess (Deficiency) of Total Revenue over Total Requirements (412,376) (45,138) 186,792 (599,168) -45.30% (416,033) 602,825 -44.90% Ending Fund Balance 290,143 (45,138) 889,311 599,168 306.51% 286,486 602,825 310.42% Reserves Contingency Reserve 113,053 - 113,053 - 100.00% 113,053 - 100.00% Debt Service Reserve - - - - 0.00% - - 0.00% Reserves Total 113,053 113,053 - 100.00% 113,053 - 100.00% Available Fund Balance 177,090 - 776,258 599,168 438.34% 173,433 602,825 447.58% 48Page 89 of 132 II. INVESTMENTS The investment activity and strategies described in this report comply with the Public Funds Investment Act (PFIA), the City’s investment policy, and generally accepted accounting principles. Activity for the third quarter of fiscal year 2022 includes the maturing, reinvesting, new investments of financial institution deposits (CDs), and receipt of bond proceeds. Interest rates continued to increase during this quarter after the FOMC met. The City has established a safekeeping account with Wells Fargo, so that we can begin investing in securities again. We continue to experience a low number of banks responding to our investment offerings, but the ones that are responding are providing favorable rates compared to the market. The FOMC met in March, May, and June and announced multiple increases in the Fed Funds Rate from .25-.50 in March to 1.50-1.75 in June. The City will continue soliciting for the best rates to improve both diversity and yield, while keeping in mind safety and liquidity. The Investment Reports are for the quarter ending June 30, 2022. Valley View Consulting, L.L.C., has prepared the attached investment reports. A component of our investment advisory services contract includes Valley View preparing the quarterly investment reports on behalf of the City. A summary of the investment balances as of June 30, 2022, compared to the prior quarter, is shown below for the City, as well as Georgetown Transportation Enhancement Corporation (GTEC) and Georgetown Economic Development Corporation (GEDCO). Included in the City portfolio are debt service, consolidated funds, and bond proceeds. The breakdown of the City’s portfolio is consolidated at 46%, debt service at 3%, and bond proceeds/grants at 51%. The City portfolio increased during this quarter due to bond proceeds. Some of these proceeds will be invested in cd’s and securities once a cash funding needs plan is set with the project managers. The GTEC and GEDCO portfolios increased in this quarter as well. The average yield increased on all portfolios due to increased rates in our pools and newly purchased cd’s. 49Page 90 of 132 CITY Book Value GTEC GEDCO 3/31/22 6/30/22 3/31/22 6/30/22 3/31/22 6/30/22 Total cash and investments $445,453,842 $745,141,630 $35,315,924 $39,670,916 $8,740,959 $9,114,870 Quarter End Average Yield .37% .95% .15% .95% .19% .88% The City’s strategy continues to be matching maturities with cash flow needs, while focusing on the investment policy’s long-range goals. The City’s investment strategy is to “ladder” or stagger maturities, thus minimizing erratic interest rate fluctuations. The City is continuing to manage the yield on bond proceeds for arbitrage purposes. The City’s investment portfolio generally includes bank deposits, local government investment pool balances, money market accounts, and financial institution deposits (CD’s), and when advantageous, securities. All of these investments meet the safety requirements of the PFIA. Local Government Investment Pools must maintain a rating of AAAm, Securities (Treasury Bills) must have direct or implied backing of the Federal Government and Financial Institution Deposits (CDs and money market accounts) must be collateralized with FDIC insurance or obligations with an implied 50Page 91 of 132 backing from the Federal Government. The collateral on all City investments are monitored monthly to ensure the financial institutions carry minimum collateral of 100% with a letter of credit or 102% with pledged securities for all of the City’s investments. All securities held by financial institutions as collateral on behalf of the City have been reviewed and met PFIA-minimum rating criteria. The City is currently transitioning the depository bank contract from Chase to Wells Fargo. Staff will work with Wells Fargo to find an average daily balance that is best to receive the highest yield on the account. These balances earn credit against the fees charged by the bank, however, according to the contract, there will not be any fees assessed in the first year. The City will continue to verify depository yield versus investment yield to achieve the best outcome. III. CAPITAL IMPROVEMENT PROJECTS A financial summary of capital improvement projects is attached to this report. This report provides a Life-to-Date picture of all active projects since many capital projects take multiple fiscal years to construct to completion. With our growing capital infrastructure implementation portfolio due to demand for transportation and water services, City staff have formed two working groups with the goal of improving work capacity and efficiencies, and ultimately customer service, related to capital projects. One group is focused on incrementally improving capital project reporting internally and externally citywide – including financial information as well as scheduling, geographic location, and other information. The second group is focused on the re-organization of development-related capital improvements delivered by Systems Engineering. Both groups will continue working through FY2022. For the FY2023 Budget, staff were added to the Water, Public Works, and Engineering departments to assist with the workload of the capital improvement plan. Additionally, Council agreed to implement a hybrid approach to capital project management, and to hire contracted staff to manage transportation and facilities projects over the next 3 or more years. 51Page 92 of 132 CITY QUARTERLY INVESTMENT REPORT For the Quarter Ended June 30, 2022 Prepared by Valley View Consulting, L.L.C. ________________________________________________________________________ Leigh Wallace Nathan Parras Finance Director Assistant Finance Director ________________________________________________________________________ Karrie Pursley Elaine Wilson Treasurer Assistant Finance Director The investment portfolio of the City of Georgetown is in compliance with the Public Funds Investment Act and the Investment Policy and Strategies. 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. 52Page 93 of 132 Summary Quarter End Results by Investment Category: Asset Type Book Value Market Value Book Value Market Value Ave. Yield Demand Accounts 22,627,370$ 22,627,370 25,104,108$ 25,104,108$ 0.28% NOW/MMA 11,053,426 11,053,426 16,076,373 16,076,373 1.48% Pools 176,478,474 176,478,474 453,078,405 453,078,405 0.99% CDs/Securities 235,294,573 235,294,573 250,882,744 250,882,744 0.92% Totals 445,453,842$ 445,453,842$ 745,141,630$ 745,141,630$ 0.95% Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.95%Total Portfolio 0.49% Rolling Three Month Treasury 1.13%Rolling Three Month Treasury 0.50% Rolling Six Month Treasury 1.15%Rolling Six Month Treasury 0.53% TexPool 1.00%TexPool 0.40% Bank Fees Offset 16,550$ Interest earnings provided in separate report.41,167$ March 31, 2022 (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, 2022 City of Georgetown Valley View Consulting, L.L.C.53Page 94 of 132 Economic Overview 6/30/2022 The Federal Open Market Committee (FOMC) raised the Fed Funds target range 0.75% to 1.50% - 1.75% June 15th (Effective Fed Funds are trading +/-1.60%). The FOMC begin actively reducing their balance sheet June 1. An additional 0.75% increase is anticipated July 27. First Quarter GDP (final) was -1.6%. June Non-Farm Payroll added 372k net new jobs while the Three Month Average NFP declined to 375k. Crude oil settled in at +/-$105 per barrel. The Stock Markets continued sliding lower, but may be stabilizing. More domestic and international economic indicators softened, including housing data. A recession in the next 12 to 18 months is being openly discussed. Inflation remained well over the FOMC 2% target (Core PCE +/-4.7% and CPI exceeding 8%). 02505007501,000 1,2501,5001,7502,000 2,2502,5002,750 3,0003,2503,5003,750 4,0004,2504,5004,750 5,0005,250 S&P 500 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 US Treasury Historical Yields - Since Nov 2015 Six Month T-Bill Two Year T-Note Ten Year T-Note 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Treasury Yield Curves June 30, 2021 March 31, 2022 June 30, 2022 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 US Treasury Historical Yields - Since 2006 Six Month T-Bill Two Year T-Note Ten Year T-Note Valley View Consulting, L.L.C.54Page 95 of 132 City - Investment Holdings Coupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield JPMorgan Chase Cash (3)0.28%07/01/22 06/30/22 25,104,108$ 25,104,108$ 1.00 25,104,108$ 1 0.28% JPMorgan Chase MMA 0.05%07/01/22 06/30/22 434,217 434,217 1.00 434,217 1 0.05% Veritex Community Bank MMA 1.21%07/01/22 06/30/22 3,221,390 3,221,390 1.00 3,221,390 1 1.21% NexBank MMA 1.60%07/01/22 06/30/22 12,420,766 12,420,766 1.00 12,420,766 1 1.60% TexPool AAAm 1.00%07/01/22 06/30/22 55,821,493 55,821,493 1.00 55,821,493 1 1.00% TexSTAR AAAm 0.99%07/01/22 06/30/22 397,256,912 397,256,912 1.00 397,256,912 1 0.99% Prosperity Bank CD 0.20%07/01/22 07/01/21 4,031,414 4,031,414 100.00 4,031,414 1 0.20% Prosperity Bank CD 0.20%07/25/22 04/23/21 5,011,684 5,011,684 100.00 5,011,684 25 0.20% Prosperity Bank CD 0.20%08/01/22 05/25/21 5,010,860 5,010,860 100.00 5,010,860 32 0.20% East West Bank CD 0.45%08/01/22 02/01/22 2,005,168 2,005,168 100.00 2,005,168 32 0.45% East West Bank CD 0.53%08/10/22 02/10/22 3,006,148 3,006,148 100.00 3,006,148 41 0.53% East West Bank CD 0.17%08/15/22 11/15/21 4,004,250 4,004,250 100.00 4,004,250 46 0.17% Prosperity Bank CD 0.35%08/22/22 11/20/20 2,513,866 2,513,866 100.00 2,513,866 53 0.35% Prosperity Bank CD 0.20%09/12/22 06/11/21 5,010,009 5,010,009 100.00 5,010,009 74 0.20% East West Bank CD 1.83%09/16/22 06/16/22 10,007,523 10,007,523 100.00 10,007,523 78 1.85% East West Bank CD 0.26%09/20/22 12/20/21 2,002,751 2,002,751 100.00 2,002,751 82 0.26% East West Bank CD 1.71%09/20/22 06/22/22 3,004,242 3,004,242 100.00 3,004,242 82 1.72% East West Bank CD 1.71%09/20/22 06/22/22 2,503,535 2,503,535 100.00 2,503,535 82 1.72% Independent Bank CD 0.30%10/18/22 10/18/21 2,560,619 2,560,619 100.00 2,560,619 110 0.30% Prosperity Bank CD 0.20%10/24/22 04/23/21 5,011,684 5,011,684 100.00 5,011,684 116 0.20% East West Bank CD 0.21%11/15/22 11/15/21 10,013,126 10,013,126 100.00 10,013,126 138 0.21% Prosperity Bank CD 0.40%11/17/22 11/17/20 2,012,682 2,012,682 100.00 2,012,682 140 0.40% Prosperity Bank CD 0.15%11/23/22 08/23/21 2,002,500 2,002,500 100.00 2,002,500 146 0.15% Prosperity Bank CD 0.15%12/21/22 09/21/21 5,005,612 5,005,612 100.00 5,005,612 174 0.15% Alliance Bank CD 2.50%12/24/22 06/24/22 8,000,000 8,000,000 100.00 8,000,000 177 2.52% East West Bank CD 1.06%12/26/22 03/25/22 12,034,200 12,034,200 100.00 12,034,200 179 1.07% R Bank CD 0.60%12/31/22 06/30/21 1,006,035 1,006,035 100.00 1,006,035 184 0.60% East West Bank CD 0.42%01/09/23 01/07/22 5,020,582 5,020,582 100.00 5,020,582 193 0.42% East West Bank CD 0.51%01/20/23 01/20/22 10,022,661 10,022,661 100.00 10,022,661 204 0.51% East West Bank CD 0.83%02/08/23 02/08/22 8,026,056 8,026,056 100.00 8,026,056 223 0.83% Bank OZK CD 0.18%02/23/23 08/23/21 4,206,336 4,206,336 100.00 4,206,336 238 0.18% East West Bank CD 1.19%02/27/23 02/25/22 20,082,326 20,082,326 100.00 20,082,326 242 1.20% Veritex Community Bank CD 0.18%03/09/23 09/09/21 4,005,388 4,005,388 100.00 4,005,388 252 0.18% East West Bank CD 1.15%03/14/23 03/14/22 15,051,601 15,051,601 100.00 15,051,601 257 1.16% East West Bank CD 1.29%03/27/23 03/25/22 25,086,738 25,086,738 100.00 25,086,738 270 1.30% Prosperity Bank CD 0.20%04/24/23 04/23/21 5,011,684 5,011,684 100.00 5,011,684 298 0.20% June 30, 2022 City of Georgetown Valley View Consulting, L.L.C.55Page 96 of 132 City - Investment Holdings Coupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield June 30, 2022 Prosperity Bank CD 0.20%05/01/23 05/25/21 5,010,860 5,010,860 100.00 5,010,860 305 0.20% Bank OZK CD 0.20%06/12/23 06/11/21 5,021,340 5,021,340 100.00 5,021,340 347 0.20% East West Bank CD 2.99%06/16/23 06/16/22 15,018,442 15,018,442 100.00 15,018,442 351 3.04% East West Bank CD 2.94%06/20/23 06/22/22 2,504,463 2,504,463 100.00 2,504,463 355 2.98% R Bank CD 0.73%06/30/23 06/30/21 1,007,327 1,007,327 100.00 1,007,327 365 0.73% Bank OZK CD 0.21%08/14/23 11/12/21 5,006,131 5,006,131 100.00 5,006,131 410 0.21% Veritex Community Bank CD 0.25%09/25/23 09/24/21 10,018,714 10,018,714 100.00 10,018,714 452 0.25% Bank OZK CD 0.20%10/09/23 10/08/21 5,006,690 5,006,690 100.00 5,006,690 466 0.20% Bank OZK CD 0.30%11/13/23 11/12/21 10,017,496 10,017,496 100.00 10,017,496 501 0.30% TOTALS 745,141,630$ 745,141,630$ 745,141,630$ 78 0.95% (1)(2) (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. (3) Earnings Credit - The City's depository accounts provide an earnings credit on balances which is used to offset bank fees. City of Georgetown Valley View Consulting, L.L.C.56Page 97 of 132 0–6 Months 90% 6–12 Months 8% 12–18 Months 2% Current Quarter Maturities $0 $100,000,000 $200,000,000 $300,000,000 $400,000,000 $500,000,000 $600,000,000 $700,000,000 $800,000,000 09/30/21 12/31/21 03/31/22 06/30/22 Portfolio Balances Money Market Local Depository TexSTAR TexPool Certificate of Deposit 166174166 102 69 90 7375 109104 123 156163 97 108 87 51 67 4941 91 73 6154 99 71 124 95100 80 70676358 818274 104 113 123 156 78 0 50 100 150 200 # o f D a y s Weighted Average to Maturity JPMorgan Chase 4% Prosperity Bank 6% Veritex Community Bank 2% Bank OZK 4% NexBank 2% TexPool 8% TexSTAR 53% Independent Bank 0% Alliance Bank 1% East West Bank 20% R Bank 0% Portfolio Holdings by Issuer City of Georgetown Valley View Consulting, L.L.C. 57Page 98 of 132 City - Book & Market Value Comparison Issuer/Description Yield Maturity Date Book Value 03/31/22 Increases Decreases Book Value 06/30/22 Market Value 03/31/22 Change in Market Value Market Value 06/30/22 JPMorgan Chase Cash 0.28%07/01/22 22,627,370$ 2,476,738$ –$ 25,104,108$ 22,627,370$ 2,476,738$ 25,104,108$ JPMorgan Chase MMA 0.05%07/01/22 434,178 39 – 434,217 434,178 39 434,217 Veritex Community Bank MMA 1.21%07/01/22 3,216,296 5,094 – 3,221,390 3,216,296 5,094 3,221,390 NexBank MMA 1.60%07/01/22 7,402,952 5,017,814 – 12,420,766 7,402,952 5,017,814 12,420,766 TexPool 1.00%07/01/22 60,684,122 – (4,862,629) 55,821,493 60,684,122 (4,862,629) 55,821,493 TexSTAR 0.99%07/01/22 115,794,352 281,462,560 – 397,256,912 115,794,352 281,462,560 397,256,912 Prosperity Bank CD 0.35%04/21/22 2,512,394 – (2,512,394) – 2,512,394 (2,512,394) – Independent Bank CD 0.30%04/22/22 4,221,377 – (4,221,377) – 4,221,377 (4,221,377) – Independent Bank CD 0.35%05/09/22 4,014,018 – (4,014,018) – 4,014,018 (4,014,018) – Prosperity Bank CD 0.35%05/17/22 2,009,319 – (2,009,319) – 2,009,319 (2,009,319) – Prosperity Bank CD 0.20%06/13/22 5,007,484 – (5,007,484) – 5,007,484 (5,007,484) – East West Bank CD 0.18%06/20/22 2,501,258 – (2,501,258) – 2,501,258 (2,501,258) – East West Bank CD 0.18%06/20/22 3,001,509 – (3,001,509) – 3,001,509 (3,001,509) – East West Bank CD 0.18%06/20/22 2,501,258 – (2,501,258) – 2,501,258 (2,501,258) – Prosperity Bank CD 0.20%07/01/22 4,029,448 1,965 – 4,031,414 4,029,448 1,965 4,031,414 Prosperity Bank CD 0.20%07/25/22 5,009,158 2,526 – 5,011,684 5,009,158 2,526 5,011,684 Prosperity Bank CD 0.20%08/01/22 5,008,335 2,525 – 5,010,860 5,008,335 2,525 5,010,860 East West Bank CD 0.45%08/01/22 2,002,920 2,248 – 2,005,168 2,002,920 2,248 2,005,168 East West Bank CD 0.53%08/10/22 3,002,179 3,970 – 3,006,148 3,002,179 3,970 3,006,148 East West Bank CD 0.17%08/15/22 4,002,553 1,697 – 4,004,250 4,002,553 1,697 4,004,250 Prosperity Bank CD 0.35%08/22/22 2,511,649 2,216 – 2,513,866 2,511,649 2,216 2,513,866 Prosperity Bank CD 0.20%09/12/22 5,007,484 2,525 – 5,010,009 5,007,484 2,525 5,010,009 East West Bank CD 1.85%09/16/22 – 10,007,523 – 10,007,523 – 10,007,523 10,007,523 East West Bank CD 0.26%09/20/22 2,001,454 1,298 – 2,002,751 2,001,454 1,298 2,002,751 East West Bank CD 1.72%09/20/22 – 3,004,242 – 3,004,242 – 3,004,242 3,004,242 East West Bank CD 1.72%09/20/22 – 2,503,535 – 2,503,535 – 2,503,535 2,503,535 Independent Bank CD 0.30%10/18/22 2,558,726 1,893 – 2,560,619 2,558,726 1,893 2,560,619 Prosperity Bank CD 0.20%10/24/22 5,009,158 2,526 – 5,011,684 5,009,158 2,526 5,011,684 East West Bank CD 0.21%11/15/22 10,007,885 5,241 – 10,013,126 10,007,885 5,241 10,013,126 Prosperity Bank CD 0.40%11/17/22 2,010,654 2,028 – 2,012,682 2,010,654 2,028 2,012,682 Prosperity Bank CD 0.15%11/23/22 2,001,743 757 – 2,002,500 2,001,743 757 2,002,500 Prosperity Bank CD 0.15%12/21/22 5,003,720 1,892 – 5,005,612 5,003,720 1,892 5,005,612 Alliance Bank CD 2.52%12/24/22 – 8,000,000 – 8,000,000 – 8,000,000 8,000,000 East West Bank CD 1.07%12/26/22 12,002,440 31,761 – 12,034,200 12,002,440 31,761 12,034,200 R Bank CD 0.60%12/31/22 1,004,514 1,520 – 1,006,035 1,004,514 1,520 1,006,035 East West Bank CD 0.42%01/09/23 5,015,327 5,254 – 5,020,582 5,015,327 5,254 5,020,582 East West Bank CD 0.51%01/20/23 10,009,925 12,736 – 10,022,661 10,009,925 12,736 10,022,661 East West Bank CD 0.83%02/08/23 8,009,465 16,591 – 8,026,056 8,009,465 16,591 8,026,056 Bank OZK CD 0.18%02/23/23 4,204,417 1,918 – 4,206,336 4,204,417 1,918 4,206,336 East West Bank CD 1.20%02/27/23 20,022,835 59,492 – 20,082,326 20,022,835 59,492 20,082,326 Veritex Community Bank CD 0.18%03/09/23 4,003,572 1,817 – 4,005,388 4,003,572 1,817 4,005,388 City of Georgetown Valley View Consulting, L.L.C.58Page 99 of 132 City - Book & Market Value Comparison Issuer/Description Yield Maturity Date Book Value 03/31/22 Increases Decreases Book Value 06/30/22 Market Value 03/31/22 Change in Market Value Market Value 06/30/22 East West Bank CD 1.16%03/14/23 15,008,509 43,092 – 15,051,601 15,008,509 43,092 15,051,601 East West Bank CD 1.30%03/27/23 25,006,186 80,552 – 25,086,738 25,006,186 80,552 25,086,738 Prosperity Bank CD 0.20%04/24/23 5,009,158 2,526 – 5,011,684 5,009,158 2,526 5,011,684 Prosperity Bank CD 0.20%05/01/23 5,008,335 2,525 – 5,010,860 5,008,335 2,525 5,010,860 Bank OZK CD 0.20%06/12/23 5,018,797 2,543 – 5,021,340 5,018,797 2,543 5,021,340 East West Bank CD 3.04%06/16/23 – 15,018,442 – 15,018,442 – 15,018,442 15,018,442 East West Bank CD 2.98%06/20/23 – 2,504,463 – 2,504,463 – 2,504,463 2,504,463 R Bank CD 0.73%06/30/23 1,005,475 1,852 – 1,007,327 1,005,475 1,852 1,007,327 Bank OZK CD 0.21%08/14/23 5,003,469 2,662 – 5,006,131 5,003,469 2,662 5,006,131 Veritex Community Bank CD 0.25%09/25/23 10,012,404 6,311 – 10,018,714 10,012,404 6,311 10,018,714 Bank OZK CD 0.20%10/09/23 5,004,159 2,531 – 5,006,690 5,004,159 2,531 5,006,690 Bank OZK CD 0.30%11/13/23 10,009,900 7,596 – 10,017,496 10,009,900 7,596 10,017,496 TOTAL / AVERAGE 0.95%445,453,842$ 330,319,035$ (30,631,247)$ 745,141,630$ 445,453,842$ 299,687,788$ 745,141,630$ City of Georgetown Valley View Consulting, L.L.C.59Page 100 of 132 City - Allocation Investment Total Consolidated 2014 Revenue Water WW Debt Service 2015 CO- Parks/Streets/ Vehicles 2015 CO- Stormwater 2015 GO- Roads 2015 Revenue Water WW 2016 GO- Roads Garey Park Donation JPMorgan Chase Cash 25,104,108$ 25,104,108$ –$ –$ –$ –$ –$ –$ –$ –$ JPMorgan Chase MMA 434,217 434,217 – – – – – – – – Veritex Community Bank MMA 3,221,390 3,221,390 – – – – – – – – NexBank MMA 12,420,766 12,420,766 – – – – – – – – TexPool 55,821,493 55,821,493 – – – – – – – – TexSTAR 397,256,912 23,593,921 457,455 22,500,006 137,556 6,678 1,528,482 1,534,616 917,954 73,824 Prosperity Bank CD 07/01/22 4,031,414 4,031,414 – – – – – – – – Prosperity Bank CD 07/25/22 5,011,684 5,011,684 – – – – – – – – Prosperity Bank CD 08/01/22 5,010,860 5,010,860 – – – – – – – – East West Bank CD 08/01/22 2,005,168 – – – – – – – – – East West Bank CD 08/10/22 3,006,148 – – – – – – – – – East West Bank CD 08/15/22 4,004,250 – – – – – – – – – Prosperity Bank CD 08/22/22 2,513,866 2,513,866 – – – – – – – – Prosperity Bank CD 09/12/22 5,010,009 5,010,009 – – – – – – – – East West Bank CD 09/16/22 10,007,523 10,007,523 – – – – – – – – East West Bank CD 09/20/22 2,002,751 – – – – – – – – – East West Bank CD 09/20/22 2,503,535 – – – – – – – – – Independent Bank CD 10/18/22 2,560,619 2,560,619 – – – – – – – – Prosperity Bank CD 10/24/22 5,011,684 5,011,684 – – – – – – – – East West Bank CD 11/15/22 10,013,126 – – – – – – – – – East West Bank CD 09/20/22 3,004,242 – – – – – – – – – Prosperity Bank CD 11/17/22 2,012,682 2,012,682 – – – – – – – – Prosperity Bank CD 11/23/22 2,002,500 2,002,500 – – – – – – – – Prosperity Bank CD 12/21/22 5,005,612 5,005,612 – – – – – – – – Alliance Bank CD 12/24/22 8,000,000 8,000,000 – – – – – – – – East West Bank CD 12/26/22 12,034,200 12,034,200 – – – – – – – – R Bank CD 12/31/22 1,006,035 1,006,035 – – – – – – – – East West Bank CD 01/09/23 5,020,582 5,020,582 – – – – – – – – East West Bank CD 01/20/23 10,022,661 10,022,661 – – – – – – – – East W est Bank CD 02/08/23 8,026,056 8,026,056 – – – – – – – – Bank OZK CD 02/23/23 4,206,336 4,206,336 – – – – – – – – East West Bank CD 02/27/23 20,082,326 20,082,326 – – – – – – – – Veritex Community Bank CD 03/09/23 4,005,388 4,005,388 – – – – – – – – East West Bank CD 03/14/23 15,051,601 15,051,601 – – – – – – – – East W est Bank CD 03/27/23 25,086,738 25,086,738 – – – – – – – – Prosperity Bank CD 04/24/23 5,011,684 5,011,684 – – – – – – – – Prosperity Bank CD 05/01/23 5,010,860 5,010,860 – – – – – – – – Bank OZK CD 06/12/23 5,021,340 5,021,340 – – – – – – – – East West Bank CD 06/16/23 15,018,442 15,018,442 – – – – – – – – East West Bank CD 06/20/23 2,504,463 – – – – – – – – – R Bank CD 06/30/23 1,007,327 1,007,327 – – – – – – – – Bank OZK CD 08/14/23 5,006,131 5,006,131 – – – – – – – – Veritex Community Bank CD 09/25/23 10,018,714 10,018,714 – – – – – – – – Bank OZK CD 10/09/23 5,006,690 5,006,690 – – – – – – – – Bank OZK CD 11/13/23 10,017,496 10,017,496 – – – – – – – – Totals 745,141,630$ 342,434,956$ 457,455$ 22,500,006$ 137,556$ 6,678$ 1,528,482$ 1,534,616$ 917,954$ 73,824$ Book & Market Value June 30, 2022 City of Georgetown Valley View Consulting, L.L.C.60Page 101 of 132 City - Allocation JPMorgan Chase Cash JPMorgan Chase MMA Veritex Community Bank MMA NexBank MMA TexPool TexSTAR Prosperity Bank CD 07/01/22 Prosperity Bank CD 07/25/22 Prosperity Bank CD 08/01/22 East West Bank CD 08/01/22 East West Bank CD 08/10/22 East West Bank CD 08/15/22 Prosperity Bank CD 08/22/22 Prosperity Bank CD 09/12/22 East West Bank CD 09/16/22 East West Bank CD 09/20/22 East West Bank CD 09/20/22 Independent Bank CD 10/18/22 Prosperity Bank CD 10/24/22 East West Bank CD 11/15/22 East West Bank CD 09/20/22 Prosperity Bank CD 11/17/22 Prosperity Bank CD 11/23/22 Prosperity Bank CD 12/21/22 Alliance Bank CD 12/24/22 East West Bank CD 12/26/22 R Bank CD 12/31/22 East West Bank CD 01/09/23 East West Bank CD 01/20/23 East West Bank CD 02/08/23 Bank OZK CD 02/23/23 East West Bank CD 02/27/23 Veritex Community Bank CD 03/09/23 East West Bank CD 03/14/23 East West Bank CD 03/27/23 Prosperity Bank CD 04/24/23 Prosperity Bank CD 05/01/23 Bank OZK CD 06/12/23 East West Bank CD 06/16/23 East West Bank CD 06/20/23 R Bank CD 06/30/23 Bank OZK CD 08/14/23 Veritex Community Bank CD 09/25/23 Bank OZK CD 10/09/23 Bank OZK CD 11/13/23 Totals Book & Market Value June 30, 2022 (Continued) 2017 CO Facilities/ Public Safety/ Equipment 2017 Revenue Electric 2017 Revenue Water WW 2018 CO- Airport 2018 CO- Streets/ Facilities/ Equip 2018 GO- Parks 2018 GO- Roads 2019 CO- Streets/ Facilities/ Equip 2019 GO- Roads 2020 CO- Facilities/ Equip/Parks –$ –$ –$ –$ –$ –$ –$ –$ –$ –$ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 4,352 97,560 8,140,317 56,803 390,299 244,693 1,810,657 3,682,519 2,757,188 602,671 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 3,006,148 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,503,535 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 4,352$ 97,560$ 11,146,466$ 56,803$ 390,299$ 244,693$ 1,810,657$ 6,186,054$ 2,757,188$ 602,671$ City of Georgetown Valley View Consulting, L.L.C.61Page 102 of 132 City - Allocation JPMorgan Chase Cash JPMorgan Chase MMA Veritex Community Bank MMA NexBank MMA TexPool TexSTAR Prosperity Bank CD 07/01/22 Prosperity Bank CD 07/25/22 Prosperity Bank CD 08/01/22 East West Bank CD 08/01/22 East West Bank CD 08/10/22 East West Bank CD 08/15/22 Prosperity Bank CD 08/22/22 Prosperity Bank CD 09/12/22 East West Bank CD 09/16/22 East West Bank CD 09/20/22 East West Bank CD 09/20/22 Independent Bank CD 10/18/22 Prosperity Bank CD 10/24/22 East West Bank CD 11/15/22 East West Bank CD 09/20/22 Prosperity Bank CD 11/17/22 Prosperity Bank CD 11/23/22 Prosperity Bank CD 12/21/22 Alliance Bank CD 12/24/22 East West Bank CD 12/26/22 R Bank CD 12/31/22 East West Bank CD 01/09/23 East West Bank CD 01/20/23 East West Bank CD 02/08/23 Bank OZK CD 02/23/23 East West Bank CD 02/27/23 Veritex Community Bank CD 03/09/23 East West Bank CD 03/14/23 East West Bank CD 03/27/23 Prosperity Bank CD 04/24/23 Prosperity Bank CD 05/01/23 Bank OZK CD 06/12/23 East West Bank CD 06/16/23 East West Bank CD 06/20/23 R Bank CD 06/30/23 Bank OZK CD 08/14/23 Veritex Community Bank CD 09/25/23 Bank OZK CD 10/09/23 Bank OZK CD 11/13/23 Totals Book & Market Value June 30, 2022 (Continued) 2020 CO- Stormwater 2020 GO- Roads 2020 Revenue- Water/WW Electric-LCRA Transformers City - 2021 CO Airport City - 2021 CO Fac/Equip/Par ks City - 2021 GO Parks City - 2021 GO Roads City - 2021A CO Electric City - 2021A CO Water/WW City - 2021A GO Roads –$ –$ –$ –$ –$ –$ –$ –$ –$ –$ –$ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 353,184 4,980,437 565,520 4,094,819 701,257 3,206,013 1,001,795 5,438,763 895,989 10,029,762 10,915,481 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,005,168 – – – – – – – – – – – – – – – – – – – – – – – – – 4,004,250 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,002,751 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 10,013,126 – – – – – 3,004,242 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,504,463 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 353,184$ 6,985,605$ 565,520$ 4,094,819$ 701,257$ 10,214,504$ 1,001,795$ 5,438,763$ 895,989$ 12,534,225$ 22,931,359$ City of Georgetown Valley View Consulting, L.L.C.62Page 103 of 132 City - Allocation JPMorgan Chase Cash JPMorgan Chase MMA Veritex Community Bank MMA NexBank MMA TexPool TexSTAR Prosperity Bank CD 07/01/22 Prosperity Bank CD 07/25/22 Prosperity Bank CD 08/01/22 East West Bank CD 08/01/22 East West Bank CD 08/10/22 East West Bank CD 08/15/22 Prosperity Bank CD 08/22/22 Prosperity Bank CD 09/12/22 East West Bank CD 09/16/22 East West Bank CD 09/20/22 East West Bank CD 09/20/22 Independent Bank CD 10/18/22 Prosperity Bank CD 10/24/22 East West Bank CD 11/15/22 East West Bank CD 09/20/22 Prosperity Bank CD 11/17/22 Prosperity Bank CD 11/23/22 Prosperity Bank CD 12/21/22 Alliance Bank CD 12/24/22 East West Bank CD 12/26/22 R Bank CD 12/31/22 East West Bank CD 01/09/23 East West Bank CD 01/20/23 East West Bank CD 02/08/23 Bank OZK CD 02/23/23 East West Bank CD 02/27/23 Veritex Community Bank CD 03/09/23 East West Bank CD 03/14/23 East West Bank CD 03/27/23 Prosperity Bank CD 04/24/23 Prosperity Bank CD 05/01/23 Bank OZK CD 06/12/23 East West Bank CD 06/16/23 East West Bank CD 06/20/23 R Bank CD 06/30/23 Bank OZK CD 08/14/23 Veritex Community Bank CD 09/25/23 Bank OZK CD 10/09/23 Bank OZK CD 11/13/23 Totals Book & Market Value June 30, 2022 (Continued) City - 2022 CO Airport City - 2022 CO Fac/Equip/Parks City - 2022 CO Stormwater City - 2022 GO Parks City - 2022 GO Roads City - 2022 CO Electric City - 2022 CO Water/WW City - American Rescue Plan –$ –$ –$ –$ –$ –$ –$ –$ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 500,540 3,585,906 500,540 40,243,441 4,793,330 18,179,872 210,854,798 7,877,912 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 500,540$ 3,585,906$ 500,540$ 40,243,441$ 4,793,330$ 18,179,872$ ###########7,877,912$ City of Georgetown Valley View Consulting, L.L.C.63Page 104 of 132 City - Allocation Investment Total Consolidated 2014 Revenue Water WW Debt Service 2015 CO- Parks/Streets/ Vehicles 2015 CO- Stormwater 2015 GO- Roads 2015 Revenue Water WW 2016 GO- Roads Garey Park Donation JPMorgan Chase Cash 22,627,370$ 22,627,370$ –$ –$ –$ –$ –$ –$ –$ –$ JPMorgan Chase MMA 434,178 434,178 – – – – – – – – Veritex Community Bank MMA 3,216,296 3,216,296 – – – – – – – – NexBank MMA 7,402,952 7,402,952 – – – – – – – – TexPool 60,684,122 60,684,122 – – – – – – – – TexSTAR 115,794,352 20,117,827 464,960 22,257,135 137,333 6,667 1,530,963 1,532,128 1,416,343 86,755 Prosperity Bank CD 04/21/22 2,512,394 2,512,394 – – – – – – – – Independent Bank CD 04/22/22 4,221,377 4,221,377 – – – – – – – – Independent Bank CD 05/09/22 4,014,018 4,014,018 – – – – – – – – Prosperity Bank CD 05/17/22 2,009,319 2,009,319 – – – – – – – – Prosperity Bank CD 06/13/22 5,007,484 5,007,484 – – – – – – – – East West Bank CD 06/20/22 2,501,258 – – – – – – – – – East West Bank CD 06/20/22 3,001,509 – – – – – – – – – East West Bank CD 06/20/22 2,501,258 – – – – – – – – – Prosperity Bank CD 07/01/22 4,029,448 4,029,448 – – – – – – – – Prosperity Bank CD 07/25/22 5,009,158 5,009,158 – – – – – – – – Prosperity Bank CD 08/01/22 5,008,335 5,008,335 – – – – – – – – East West Bank CD 08/01/22 2,002,920 – – – – – – – – – East West Bank CD 08/10/22 3,002,179 – – – – – – – – – East West Bank CD 08/15/22 4,002,553 – – – – – – – – – Prosperity Bank CD 08/22/22 2,511,649 2,511,649 – – – – – – – – Prosperity Bank CD 09/12/22 5,007,484 5,007,484 – – – – – – – – East West Bank CD 09/20/22 2,001,454 – – – – – – – – – Independent Bank CD 10/18/22 2,558,726 2,558,726 – – – – – – – – Prosperity Bank CD 10/24/22 5,009,158 5,009,158 – – – – – – – – East West Bank CD 11/15/22 10,007,885 – – – – – – – – – Prosperity Bank CD 11/17/22 2,010,654 2,010,654 – – – – – – – – Prosperity Bank CD 11/23/22 2,001,743 2,001,743 – – – – – – – – Prosperity Bank CD 12/21/22 5,003,720 5,003,720 – – – – – – – – East West Bank CD 12/26/22 12,002,440 12,002,440 – – – – – – – – R Bank CD 12/31/22 1,004,514 1,004,514 – – – – – – – – East West Bank CD 01/09/23 5,015,327 5,015,327 – – – – – – – – East West Bank CD 01/20/23 10,009,925 10,009,925 – – – – – – – – East West Bank CD 02/08/23 8,009,465 8,009,465 – – – – – – – – Bank OZK CD 02/23/23 4,204,417 4,204,417 – – – – – – – – East West Bank CD 02/27/23 20,022,835 20,022,835 – – – – – – – – Veritex Community Bank CD 03/09/23 4,003,572 4,003,572 – – – – – – – – East West Bank CD 03/14/23 15,008,509 15,008,509 – – – – – – – – East West Bank CD 03/27/23 25,006,186 25,006,186 – – – – – – – – Prosperity Bank CD 04/24/23 5,009,158 5,009,158 – – – – – – – – Prosperity Bank CD 05/01/23 5,008,335 5,008,335 – – – – – – – – Bank OZK CD 06/12/23 5,018,797 5,018,797 – – – – – – – – R Bank CD 06/30/23 1,005,475 1,005,475 – – – – – – – – Bank OZK CD 08/14/23 5,003,469 5,003,469 – – – – – – – – Veritex Community Bank CD 09/25/23 10,012,404 10,012,404 – – – – – – – – Bank OZK CD 10/09/23 5,004,159 5,004,159 – – – – – – – – Bank OZK CD 11/13/23 10,009,900 10,009,900 – – – – – – – – Totals 445,453,842$ 320,756,302$ 464,960$ 22,257,135$ 137,333$ 6,667$ 1,530,963$ 1,532,128$ 1,416,343$ 86,755$ March 31, 2022 Book & Market Value City of Georgetown Valley View Consulting, L.L.C. 64Page 105 of 132 City - Allocation JPMorgan Chase Cash JPMorgan Chase MMA Veritex Community Bank MMA NexBank MMA TexPool TexSTAR Prosperity Bank CD 04/21/22 Independent Bank CD 04/22/22 Independent Bank CD 05/09/22 Prosperity Bank CD 05/17/22 Prosperity Bank CD 06/13/22 East West Bank CD 06/20/22 East West Bank CD 06/20/22 East West Bank CD 06/20/22 Prosperity Bank CD 07/01/22 Prosperity Bank CD 07/25/22 Prosperity Bank CD 08/01/22 East West Bank CD 08/01/22 East West Bank CD 08/10/22 East West Bank CD 08/15/22 Prosperity Bank CD 08/22/22 Prosperity Bank CD 09/12/22 East West Bank CD 09/20/22 Independent Bank CD 10/18/22 Prosperity Bank CD 10/24/22 East West Bank CD 11/15/22 Prosperity Bank CD 11/17/22 Prosperity Bank CD 11/23/22 Prosperity Bank CD 12/21/22 East West Bank CD 12/26/22 R Bank CD 12/31/22 East West Bank CD 01/09/23 East West Bank CD 01/20/23 East West Bank CD 02/08/23 Bank OZK CD 02/23/23 East West Bank CD 02/27/23 Veritex Community Bank CD 03/09/23 East West Bank CD 03/14/23 East West Bank CD 03/27/23 Prosperity Bank CD 04/24/23 Prosperity Bank CD 05/01/23 Bank OZK CD 06/12/23 R Bank CD 06/30/23 Bank OZK CD 08/14/23 Veritex Community Bank CD 09/25/23 Bank OZK CD 10/09/23 Bank OZK CD 11/13/23 Totals March 31, 2022 Book & Market Value (Continued) 2017 CO Facilities/ Public Safety/ Equipment 2017 Revenue Electric 2017 Revenue Water WW 2018 CO- Airport 2018 CO- Streets/ Facilities/ Equip 2018 GO- Parks 2018 GO- Roads 2019 CO- Streets/ Facilities/ Equip 2019 GO- Roads 2020 CO- Facilities/ Equip/Parks –$ –$ –$ –$ –$ –$ –$ –$ –$ –$ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 4,345 97,402 8,172,513 56,711 389,666 284,585 1,826,844 3,682,705 2,752,717 844,405 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,501,258 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 3,002,179 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 4,345$ 97,402$ 11,174,692$ 56,711$ 389,666$ 284,585$ 1,826,844$ 6,183,963$ 2,752,717$ 844,405$ City of Georgetown Valley View Consulting, L.L.C. 65Page 106 of 132 City - Allocation JPMorgan Chase Cash JPMorgan Chase MMA Veritex Community Bank MMA NexBank MMA TexPool TexSTAR Prosperity Bank CD 04/21/22 Independent Bank CD 04/22/22 Independent Bank CD 05/09/22 Prosperity Bank CD 05/17/22 Prosperity Bank CD 06/13/22 East West Bank CD 06/20/22 East West Bank CD 06/20/22 East West Bank CD 06/20/22 Prosperity Bank CD 07/01/22 Prosperity Bank CD 07/25/22 Prosperity Bank CD 08/01/22 East West Bank CD 08/01/22 East West Bank CD 08/10/22 East West Bank CD 08/15/22 Prosperity Bank CD 08/22/22 Prosperity Bank CD 09/12/22 East West Bank CD 09/20/22 Independent Bank CD 10/18/22 Prosperity Bank CD 10/24/22 East West Bank CD 11/15/22 Prosperity Bank CD 11/17/22 Prosperity Bank CD 11/23/22 Prosperity Bank CD 12/21/22 East West Bank CD 12/26/22 R Bank CD 12/31/22 East West Bank CD 01/09/23 East West Bank CD 01/20/23 East West Bank CD 02/08/23 Bank OZK CD 02/23/23 East West Bank CD 02/27/23 Veritex Community Bank CD 03/09/23 East West Bank CD 03/14/23 East West Bank CD 03/27/23 Prosperity Bank CD 04/24/23 Prosperity Bank CD 05/01/23 Bank OZK CD 06/12/23 R Bank CD 06/30/23 Bank OZK CD 08/14/23 Veritex Community Bank CD 09/25/23 Bank OZK CD 10/09/23 Bank OZK CD 11/13/23 Totals March 31, 2022 Book & Market Value (Continued) 2020 CO- Stormwater 2020 GO- Roads 2020 Revenue- Water/WW Electric-LCRA Transformers City - 2021 CO Airport City - 2021 CO Fac/Equip/Par ks City - 2021 GO Parks City - 2021 GO Roads City - 2021A CO Electric City - 2021A CO Water/WW City - 2021A GO Roads –$ –$ –$ –$ –$ –$ –$ –$ –$ –$ –$ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 359,409 5,241,238 595,592 4,088,401 700,120 3,220,386 1,000,171 5,500,304 1,475,837 10,172,370 13,922,893 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 3,001,509 – – – – – – – – – – – – – – 2,501,258 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,002,920 – – – – – – – – – – – – – – – – – – – – – – – – – 4,002,553 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,001,454 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 10,007,885 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 359,409$ 7,244,157$ 595,592$ 4,088,401$ 700,120$ 10,224,449$ 1,000,171$ 5,500,304$ 1,475,837$ 12,673,628$ 25,932,232$ City of Georgetown Valley View Consulting, L.L.C. 66Page 107 of 132 City - Allocation JPMorgan Chase Cash JPMorgan Chase MMA Veritex Community Bank MMA NexBank MMA TexPool TexSTAR Prosperity Bank CD 04/21/22 Independent Bank CD 04/22/22 Independent Bank CD 05/09/22 Prosperity Bank CD 05/17/22 Prosperity Bank CD 06/13/22 East West Bank CD 06/20/22 East West Bank CD 06/20/22 East West Bank CD 06/20/22 Prosperity Bank CD 07/01/22 Prosperity Bank CD 07/25/22 Prosperity Bank CD 08/01/22 East West Bank CD 08/01/22 East West Bank CD 08/10/22 East West Bank CD 08/15/22 Prosperity Bank CD 08/22/22 Prosperity Bank CD 09/12/22 East West Bank CD 09/20/22 Independent Bank CD 10/18/22 Prosperity Bank CD 10/24/22 East West Bank CD 11/15/22 Prosperity Bank CD 11/17/22 Prosperity Bank CD 11/23/22 Prosperity Bank CD 12/21/22 East West Bank CD 12/26/22 R Bank CD 12/31/22 East West Bank CD 01/09/23 East West Bank CD 01/20/23 East West Bank CD 02/08/23 Bank OZK CD 02/23/23 East West Bank CD 02/27/23 Veritex Community Bank CD 03/09/23 East West Bank CD 03/14/23 East West Bank CD 03/27/23 Prosperity Bank CD 04/24/23 Prosperity Bank CD 05/01/23 Bank OZK CD 06/12/23 R Bank CD 06/30/23 Bank OZK CD 08/14/23 Veritex Community Bank CD 09/25/23 Bank OZK CD 10/09/23 Bank OZK CD 11/13/23 Totals March 31, 2022 Book & Market Value (Continued) City - American Rescue Plan –$ – – – – 3,855,626 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 3,855,626$ City of Georgetown Valley View Consulting, L.L.C. 67Page 108 of 132 Georgetown Economic Development Corporation (GEDCO) QUARTERLY INVESTMENT REPORT For the Quarter Ended June 30, 2022 Prepared by Valley View Consulting, L.L.C. ___________________________________ Leigh Wallace Finance Director ___________________________________ Karrie Pursley Treasurer _____________________________________ Nathan Parras Assistant Finance Director _____________________________________ Elaine Wilson Assistant Finance Director 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. 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. 68Page 109 of 132 Summary Quarter End Results by Investment Category: Asset Type Book Value Market Value Book Value Market Value Ave. Yield MMA 2,132,629$ 2,132,629$ 2,136,008$ 2,136,008$ 1.21% Pools 4,603,525 4,603,525 4,972,885 4,972,885 0.99% Certificates of Deposit 2,004,804 2,004,804 2,005,978 2,005,978 0.24% 8,740,959$ 8,740,959$ 9,114,870$ 9,114,870$ 0.88% Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.88%Total Portfolio 0.38% Rolling Three Month Treasury 1.13%Rolling Three Month Treasury 0.50% Rolling Six Month Treasury 1.15%Rolling Six Month Treasury 0.53% TexPool 1.00%TexPool 0.40% Interest income provided in separate report. March 31, 2022 (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, 2022 Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.69Page 110 of 132 Economic Overview 6/30/2022 The Federal Open Market Committee (FOMC) raised the Fed Funds target range 0.75% to 1.50% - 1.75% June 15th (Effective Fed Funds are trading +/-1.60%). The FOMC begin actively reducing their balance sheet June 1. An additional 0.75% increase is anticipated July 27. First Quarter GDP (final) was -1.6%. June Non-Farm Payroll added 372k net new jobs while the Three Month Average NFP declined to 375k. Crude oil settled in at +/-$105 per barrel. The Stock Markets continued sliding lower, but may be stabilizing. More domestic and international economic indicators softened, including housing data. A recession in the next 12 to 18 months is being openly discussed. Inflation remained well over the FOMC 2% target (Core PCE +/-4.7% and CPI exceeding 8%). 02505007501,000 1,2501,5001,7502,000 2,2502,5002,750 3,0003,2503,5003,750 4,0004,2504,5004,750 5,0005,250 S&P 500 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 US Treasury Historical Yields - Since Nov 2015 Six Month T-Bill Two Year T-Note Ten Year T-Note 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Treasury Yield Curves June 30, 2021 March 31, 2022 June 30, 2022 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 US Treasury Historical Yields - Since 2006 Six Month T-Bill Two Year T-Note Ten Year T-Note Valley View Consulting, L.L.C.70Page 111 of 132 Investment Holdings Coupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield Veritex Bank MMA 1.21%07/01/22 06/30/22 2,136,008$ 2,136,008$ 1.00 2,136,008$ 1 1.21% TexasDAILY AAAm 1.00%07/01/22 06/30/22 2,129,836 2,129,836 1.00 2,129,836 1 1.00% TexSTAR AAAm 0.99%07/01/22 06/30/22 2,843,049 2,843,049 1.00 2,843,049 1 0.99% Veritex Bank CD 0.24%8/5/2022 02/08/21 2,005,978 2,005,978 100.00 2,005,978 36 0.24% 9,114,870$ 9,114,870$ 9,114,870$ 9 0.88% (1)(2) June 30, 2022 (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. Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.71Page 112 of 132 MMA 23% Pools 55% Certificates of Deposit 22% GEDCO PORTFOLIO COMPOSITION $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 09/30/21 12/31/2021 3/31/2022 6/30/2022 GEDCO PORTFOLIO BALANCES CD TexasDAILY TexSTAR Money Market Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.72Page 113 of 132 Book & Market Value Comparison Issuer/Description Yield Maturity Date Book Value 03/31/22 Increases Decreases Book Value 06/30/22 Market Value 03/31/22 Change in Market Value Market Value 06/30/22 Veritex Bank MMA 1.21%07/01/22 2,132,629$ 3,379$ –$ 2,136,008$ 2,132,629$ 3,379$ 2,136,008$ TexasDAILY 1.00%07/01/22 2,126,329 3,507 – 2,129,836 2,126,329 3,507 2,129,836 TexSTAR 0.99%07/01/22 2,477,196 365,853 – 2,843,049 2,477,196 365,853 2,843,049 Veritex Bank CD 0.24%8/5/2022 2,004,804 1,173 – 2,005,978 2,004,804 1,173 2,005,978 TOTAL / AVERAGE 0.88%8,740,959$ 373,912$ –$ 9,114,870$ 8,740,959$ 373,912$ 9,114,870$ Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.73Page 114 of 132 Georgetown Transportation Enhancement Corporation (GTEC) QUARTERLY INVESTMENT REPORT For the Quarter Ended June 30, 2022 Prepared by Valley View Consulting, L.L.C. ________________________________________________________________________ Leigh Wallace Nathan Parras Finance Director Assistant Finance Director ________________________________________________________________________ Karrie Pursley Elaine Wilson Treasurer 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. 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. 74Page 115 of 132 Summary Quarter End Results by Investment Category: Asset Type Book Value Market Value Book Value Market Value Ave. Yield Pools/MMAs 32,301,223$ 32,301,223$ 36,655,075$ 36,655,075$ 1.01% CDs/Securities 3,014,701 3,014,701 3,015,841 3,015,841 0.15% Totals 35,315,924$ 35,315,924$ 39,670,916$ 39,670,916$ 0.95% Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.95%Total Portfolio 0.38% Rolling Three Month Treasury 1.13%Rolling Three Month Treasury 0.50% Rolling Six Month Treasury 1.15%Rolling Six Month Treasury 0.53% TexPool 1.00%TexPool 0.40% Interest data provided in separate report. March 31, 2022 (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, 2022 Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.75Page 116 of 132 Economic Overview 6/30/2022 The Federal Open Market Committee (FOMC) raised the Fed Funds target range 0.75% to 1.50% - 1.75% June 15th (Effective Fed Funds are trading +/-1.60%). The FOMC begin actively reducing their balance sheet June 1. An additional 0.75% increase is anticipated July 27. First Quarter GDP (final) was -1.6%. June Non-Farm Payroll added 372k net new jobs while the Three Month Average NFP declined to 375k. Crude oil settled in at +/-$105 per barrel. The Stock Markets continued sliding lower, but may be stabilizing. More domestic and international economic indicators softened, including housing data. A recession in the next 12 to 18 months is being openly discussed. Inflation remained well over the FOMC 2% target (Core PCE +/-4.7% and CPI exceeding 8%). 02505007501,000 1,2501,5001,7502,000 2,2502,5002,750 3,0003,2503,5003,750 4,0004,2504,5004,750 5,0005,250 S&P 500 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 US Treasury Historical Yields - Since Nov 2015 Six Month T-Bill Two Year T-Note Ten Year T-Note 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Treasury Yield Curves June 30, 2021 March 31, 2022 June 30, 2022 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 US Treasury Historical Yields - Since 2006 Six Month T-Bill Two Year T-Note Ten Year T-Note Valley View Consulting, L.L.C.76Page 117 of 132 Investment Holdings Coupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield TexPool AAAm 1.00%07/01/22 06/30/22 22,564,815$ 22,564,815$ 1.00 22,564,815$ 1 1.00% TexSTAR AAAm 0.99%07/01/22 06/30/22 11,395,010 11,395,010 1.00 11,395,010 1 0.99% Veritex Bank MMA 1.21%07/01/22 06/30/22 2,695,250 2,695,250 1.00 2,695,250 1 1.21% Prosperity Bank CD 0.15%08/23/22 08/23/21 3,015,841 3,015,841 100.00 3,015,841 54 0.15% TOTALS 39,670,916$ 39,670,916$ 39,670,916$ 5 0.95% (1)(2) June 30, 2022 (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. Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.77Page 118 of 132 Pools/MMAs 92% CDs/Securities 8% 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 $40,000,000 $45,000,000 9/30/2021 12/31/2021 3/31/2022 6/30/2022 GTEC PORTFOLIO BALANCES CD TexPool TexSTAR Money Market Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.78Page 119 of 132 Book & Market Value Comparison Issuer/Description Yield Maturity Date Book Value 03/31/22 Increases Decreases Book Value 06/30/22 Market Value 03/31/22 Change in Market Value Market Value 06/30/22 TexPool 1.00%07/01/22 19,470,940$ 3,093,875$ –$ 22,564,815$ 19,470,940$ 3,093,875$ 22,564,815$ TexSTAR 0.99%07/01/22 10,139,296 1,255,714 – 11,395,010 10,139,296 1,255,714 11,395,010 Veritex Bank MMA 1.21%07/01/22 2,690,987 4,263 – 2,695,250 2,690,987 4,263 2,695,250 Prosperity Bank CD 0.15%08/23/22 3,014,701 1,140 – 3,015,841 3,014,701 1,140 3,015,841 TOTAL / AVERAGE 0.95%35,315,924$ 4,354,992$ –$ 39,670,916$ 35,315,924$ 4,354,992$ 39,670,916$ Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.79Page 120 of 132 Department Federal Grantor Pass-Through Agency Identifying Number COG Name/Purpose YTD Expenditures YTD Revenue Recognized Airport N/A Texas Department of Transportation-Aviation M2214GEOR RAMP Grant - Routine Airport Maintenance Program - - Emergency Management US Dept. of the Treasury American Rescue Plan Act SLFRF Funding 104,783 104,783 Fire US Department of Homeland Security Federal Emergency Management Agency EMW-2017-FH-00496 SAFER 487,552 104,864 Planning US Department of Housing & Urban Development Williamson County B-17-UC-48-0502 CDBG Sidewalks and Ramps along 17th St 26,302 26,302 Planning US Department of Housing & Urban Development Williamson County CDBG 21st St Infrastructure 15,006 14,522 Planning US Department of Housing & Urban Development Williamson County CDBG Home Repair (FY19) 2,139 2,139 Planning US Department of Housing & Urban Development Williamson County CDBG Home Repair (FY20) 75,000 75,000 Police US. Department of Justice N/A TX2460200 Equitable Sharing Agreement - - Public Works Dept. of Transportation /Federal Highway Administration Texas Department of Transportation CSJ 0914-05-200, 201, 202 Highway Planning & Construction (Lakeway & Williams Drive) 197,192 197,192 Electric Dept. of Transportation /Federal Highway Administration Texas Department of Transportation CSJ 0015-08-150 Standard Utility Agreement (I35 Mobility) 374,365 374,365 Emergency Management FEMA*TDEM DR-4586PATXP00001 Winter Storm Uri Relief PRJ- 240164 Water 20,124 20,124 Emergency Management FEMA*TDEM DR-4586PATXP00001 Winter Storm Uri Relief PRJ- 187834 Citywide 387,252 387,252 Emergency Management FEMA*TDEM DR-4586PATXP00001 Winter Storm Uri Relief PRJ- Donated Resources 5,246 5,246 *Expenses were incurred in FY2021, but reported here since FEMA has now approved for reimbursement. Division Grantor COG Name/Purpose Status Reviewed By: Elaine Wilson CITY OF GEORGETOWN Grant/Federal Funding Report as of June 30, 2022 Active Applications Pending Award 80Page 121 of 132 CITY OF GEORGETOWN CAPITAL PROJECTS Project Budget Total Spend Remaining Budget Percent Remaining Airport - Self Managed PRJ000197 Hangar Maintenance 240,000 - 240,000 100% PRJ000198 Pavement Maintenance 60,000 - 60,000 100% PRJ000199 Wildlife Management 150,000 18,000 132,000 88% Airport - Self Managed Total 450,000 18,000 432,000 96% CDBG PRJ000003 17th Street 193,000 175,137 17,863 9% PRJ000248 21st W/WW offsite CDBG 97,000 48,405 48,595 50% CDBG Total 290,000 223,542 66,458 23% Electric PRJ000022 Consultant Engineering 271,352 101,964 169,389 62% PRJ000026 Db Wood_Sh29 Intersection 240,000 170,413 69,587 29% PRJ000036 Electrical System Improvement 100,000 20,045 79,955 80% PRJ000062 New Development Projects 13,489,471 7,558,370 5,931,101 44% PRJ000073 Power Quality Improvements 50,000 - 50,000 100% PRJ000147 Sectionalization Improvements 2,100,000 - 2,100,000 100% PRJ000175 I-35 Mobility Project TxDot 239,848 280,160 (40,312) -17% PRJ000189 Ronald Reagan - Glasscock Feeder Extension along Hwy 195 -Phase I 560,000 269,870 290,130 52% PRJ000192 Ronald Reagan - Glasscock Feeder extension along Hwy 195 - Phase II 591,250 288,906 302,344 51% PRJ000195 Downtown Overhead Rehab 2,400,000 39,610 2,360,390 98% PRJ000221 Titan-Aviation Dr to IH35 Infrastructure Addition 1,500,000 1,116,820 383,180 26% PRJ000225 Chapel Hill, WS-11139 (GEO-45-C.3)454,634 454,634 - 0% PRJ000226 Wolf Ranch West - Section 1AG & 1BG 500,283 500,283 - 0% PRJ000227 Ascend Westinghouse Apartments 444,598 315,708 128,890 29% PRJ000229 Sun City NH 76 WS-11188 (GEO-18.2-N.51)274,030 205,450 68,580 25% PRJ000230 Sun City NH 78 296,400 118,796 177,604 60% PRJ000231 Georgetown Titan Development 1 & 2 140,428 119,322 21,106 15% PRJ000232 Texas Outdoor Power Building 1 91,414 64,415 26,999 30% PRJ000234 Summit at Westinghouse Self-Storage 49,685 37,046 12,639 25% PRJ000236 Medcore (Georgetown) Senior Living 226,972 226,236 736 0% PRJ000238 The Oscar at Georgetown 366,351 222,886 143,465 39% PRJ000239 Wolf Ranch West - Section 3 - Phase 2 418,339 294,421 123,918 30% PRJ000242 Allora North Georgetown 557,422 188,268 369,153 66% PRJ000243 Fairfield Inn - WS11346 131,340 43,084 88,256 67% PRJ000245 Morgan Mays Street Apartments 452,508 215,330 237,178 52% PRJ000246 Vida Apartments 198,248 112,643 85,606 43% PRJ000247 Georgetown (Longhorn) Travel Center Rev 193,845 129,463 64,381 33% PRJ000250 Georgetown Infiniti 135,633 56,141 79,492 59% PRJ000270 System Improvements - Power Quality 750,000 61,650 688,350 92% PRJ000271 System Improvements - Capacity Upgrades 9,275,375 42,759 9,232,616 100% PRJ000272 Wolf Lakes 566,109 492,161 73,948 13% PRJ000273 The Grove II Townhomes 108,924 35,897 73,027 67% 81Page 122 of 132 CITY OF GEORGETOWN CAPITAL PROJECTS Project Budget Total Spend Remaining Budget Percent Remaining PRJ000282 ANB Systems - Interconnection Service Portal 80,000 23,046 56,954 71% PRJ000283 Partners Software and Implementation 120,000 79,500 40,500 34% PRJ000284 Woodgate Development 195,933 136,194 59,739 30% PRJ000285 Titan NorthPark 35 - Building 3 121,752 72,353 49,399 41% PRJ000286 Wolf Ranch West - Section 2G 489,900 309,405 180,495 37% PRJ000287 Gateway 35 - Building 1 266,676 201,486 65,190 24% PRJ000288 Round Rock 2 Apartments 472,173 398,806 73,367 16% PRJ000289 Wolf Lakes Offsite Utility 307,445 144,054 163,392 53% PRJ000290 Windmill Hill Blue Ridge Drive Extension 257,827 180,290 77,536 30% PRJ000291 Chick-Fil-A Expansion at WR SC 72,396 61,448 10,949 15% PRJ000292 Aviation Drive Extension - Lift Station 48,390 34,997 13,392 28% PRJ000296 Sun City NH10 - Phase B 121,331 121,331 - 0% PRJ000299 Wolf Lakes Apartments - Hines Tract 446,777 30,978 415,799 93% PRJ000300 Wolf Lakes Bella Lago Underground Extension 314,510 302,994 11,516 4% PRJ000301 Titan NorthPark 35 - Building 5 166,073 18,738 147,334 89% PRJ000302 Somerset Hills - Phase A-B 575,715 783,213 (207,499) -36% PRJ000303 Westinghouse Retail Center at Windmill Hill 69,152 39,262 29,890 43% PRJ000305 Medical Towers at Georgetown 96,487 67,653 28,833 30% PRJ000306 Toolman Business Park 168,802 94,183 74,619 44% PRJ000307 Sonrisa MOB, WS-11306, MPN-21-19 79,207 79,157 51 0% PRJ000308 Sun City Neighborhood 77 306,196 19,849 286,347 94% PRJ000309 Sun City NH 80 166,562 73,937 92,625 56% PRJ000312 Dutch Bros. Coffee at 1309 W. University 38,354 21,964 16,390 43% PRJ000313 Rivery Crossing (WS# 11264)156,254 72,490 83,764 54% PRJ000314 Hewlett Volkswagen 2022 Remodel (MPN# 21-106)43,767 3,912 39,855 91% PRJ000315 Hope Ranch (MPN# 21-104)118,282 6,445 111,837 95% PRJ000316 Wolf Lakes HEB (MPN# 21-95)120,668 44,635 76,034 63% PRJ000317 Blue Springs Business Park (MPN# 21-108)474,203 333,908 140,296 30% PRJ000318 Costco 270,223 214,341 55,882 21% PRJ000319 Georgetown Logistics (MPN# 21-87)453,870 39,781 414,090 91% PRJ000320 Amazon Sortation Facility - 17,830 (17,830) 0% PRJ000321 Wolf Lakes - Bella June Extension 201,850 19,659 182,192 90% PRJ000329 Sun City NH 79 (MPN# 22-14)149,174 104,178 44,996 30% PRJ000330 2021 Airport Road Upgrade 484,281 - 484,281 100% PRJ000331 Quail Valley (Phase 1) URD Voltage Conversion 240,344 24,034 216,310 90% PRJ000334 Sun City Northpoint Amenity Center (MPN# 22-36)43,096 3,028 40,068 93% PRJ000335 Stonemont Windmill Hill Industrial (MPN# 22-32)115,968 65,855 50,114 43% PRJ000336 Wolf Lakes Ascension Seton Georgetown MOB (MPN# 22-9)114,712 69,135 45,577 40% PRJ000340 Cellink (Gateway35 - Building 1) (MPN# 22-37)1,234,057 111,056 1,123,001 91% PRJ000341 Gateway35 Building 3 (MPN# 22-27)276,306 - 276,306 100% PRJ000342 Gateway35 Building 2 (MPN# 22-28)152,469 - 152,469 100% PRJ000343 Gantt Serenada Subdivision (MPN# 22-44)25,414 - 25,414 100% PRJ000345 Baylor Scott & White Expansion 147,236 - 147,236 100% PRJ000346 Novak Chandra Multifamily - Wolf Lakes Village 536,146 22,831 513,316 96% 82Page 123 of 132 CITY OF GEORGETOWN CAPITAL PROJECTS Project Budget Total Spend Remaining Budget Percent Remaining PRJ000347 Titan NorthPark 35 – Building 6 (MPN# 22-47)377,275 - 377,275 100% PRJ000348 The Summit at Westinghouse (MPN# 22-26)358,809 - 358,809 100% Electric Total 48,250,521 18,230,704 30,019,817 62% Environmental Services PRJ000116 Transfer Station 11,000,000 976,656 10,023,344 91% Environmental Services Total 11,000,000 976,656 10,023,344 91% Finance PRJ000038 ERP Project 6,231,654 6,055,684 175,970 3% Finance Total 6,231,654 6,055,684 175,970 3% Fire PRJ000134 SCBA Replacement 1,170,000 840,934 329,066 28% PRJ000135 Cardiac Monitors 633,517 483,517 150,000 24% Fire Total 1,803,517 1,324,451 479,066 27% Fleet PRJ000124 Radio Replacement 1,565,278 210,525 1,354,753 87% PRJ000279 Electric Bond Funded Vehicles - FY22 1,065,000 958,977 106,023 10% PRJ000280 Fire Bond Funded Vehicles - FY22 2,008,000 1,896,440 111,560 6% PRJ000281 Police Bond Funded Vehicles - FY22 1,277,000 1,204,710 72,290 6% Fleet Total 5,915,278 4,270,652 1,644,626 28% GTEC Department PRJ000046 FM 971/ Fontana (Nw Bridge)1,209,000 1,206,390 2,610 0% PRJ000060 Rabbit Hill Road 4,100,000 564,090 3,535,910 86% PRJ000145 Sh29 Signal And Roadway Improvements 1,595,000 410,979 1,184,021 74% PRJ000181 Aviation Drive 10,300,000 10,088,053 211,947 2% PRJ000183 Costco 2,000,000 - 2,000,000 100% PRJ000203 FM1460 Widening 300,984 - 300,984 100% PRJ000265 Project Diana (Witteria Way - Gateway 35)1,700,000 1,700,000 - 0% GTEC Department Total 21,204,984 13,969,512 7,235,472 34% Management Services PRJ000029 Downtown Parking Garage 291,483 142,030 149,454 51% PRJ000033 Dtwn Landsping & Public Art 5,746 5,746 - 0% PRJ000042 Fire Station 6 5,500,000 5,322,599 177,401 3% PRJ000043 Fire Station 7 7,198,744 6,470,715 728,030 10% PRJ000131 Fuel Station 1,100,000 92,388 1,007,613 92% PRJ000136 GMC Remodel Phase I 560,000 609,550 (49,550) -9% PRJ000178 Public Safety Operation and Training Center Phase II 6,000,000 96,439 5,903,561 98% PRJ000179 Recreation Center Teen/Senior Renovation 247,979 - 247,979 100% PRJ000184 Airport Maintenance Facility 1,250,000 - 1,250,000 100% 83Page 124 of 132 CITY OF GEORGETOWN CAPITAL PROJECTS Project Budget Total Spend Remaining Budget Percent Remaining PRJ000191 Georgetown City Center - Festival/Public Space 5,366,035 78,488 5,287,547 99% PRJ000223 Wayfinding Signage 275,000 - 275,000 100% PRJ000252 Fire Logistics Building 2,550,000 5,000 2,545,000 100% PRJ000337 Downtown Austin Ave Parking Garage - ARPA 7,800,000 856,200 6,943,800 89% Management Services Total 38,144,987 13,679,154 24,465,833 64% Parks PRJ000048 Garey Park 15,346,730 15,282,581 64,149 0% PRJ000125 Parks Master Plan 229,998 225,408 4,590 2% PRJ000126 Regional Trail Development 1,302,684 1,280,118 22,566 2% PRJ000129 Ada Transition Plan 1,075,982 816,652 259,330 24% PRJ000190 Heritage Gardens 275,860 267,353 8,507 3% PRJ000240 South Main Plaza 306,415 62,750 243,665 80% PRJ000244 Grace Heritage Plaza 90,000 90,000 - 0% PRJ000249 GVPID Landscape Improvements 61,500 59,250 2,250 4% PRJ000253 Southeast Community Park 14,500,000 - 14,500,000 100% PRJ000278 Regional Trail Improvements 739,000 74,900 664,100 90% PRJ000293 San Gabriel Park - Phase 3 7,813,870 700,919 7,112,951 91% PRJ000322 Crystal Knoll Park 250,000 40,700 209,300 84% PRJ000323 Madison Oaks Park 50,000 14,500 35,500 71% PRJ000324 Vista Vera Park 250,000 40,700 209,300 84% PRJ000326 Westhaven Park I and II 250,000 47,700 202,300 81% PRJ000327 La Conterra Park 250,000 40,700 209,300 84% PRJ000328 Waypoint Park 200,000 14,500 185,500 93% Parks Total 42,992,038 19,058,730 23,933,308 56% Public Works Department PRJ000013 Austin Avenue Bridge 2,855,398 1,773,738 1,081,660 38% PRJ000063 Northwest Blvd Bridge 421,578 421,578 - 0% PRJ000137 Intersection Improvements (Lakeway @ Williams Drive) 1,759,578 1,759,578 - 0% PRJ000138 Downtown Sidewalks 3,679,978 1,616,723 2,063,255 56% PRJ000139 Westinghouse - Scenic Lake Traffic Signal 600,000 343,447 256,553 43% PRJ000140 Austin Ave Bridges 10,184,000 - 10,184,000 100% PRJ000141 Southwestern Blvd 4,200,000 876,460 3,323,540 79% PRJ000143 Leander Rd(Norwood-Swbypass) 6,750,000 1,656,169 5,093,831 75% PRJ000172 2020 Street Maintenance High Performance Seal: Bid Package No.1 372,200 349,542 22,658 6% PRJ000173 2020 Street Maintenance High Performance Seal: Bid Package No. 2 463,195 337,719 125,476 27% PRJ000174 2020 street maintenance HIPR 1,935,589 1,191,547 744,042 38% PRJ000188 DB Wood (SH 29 to Oak Ridge) 18,000,000 1,703,636 16,296,364 91% PRJ000202 FM 971 5,821,392 5,821,392 0 0% PRJ000207 Northwest Blvd Bridge 12,418,528 11,319,255 1,099,273 9% PRJ000209 Southeast Inner Loop 10,521,000 8,673,393 1,847,607 18% PRJ000210 2021 HIPR Street Maintenance 2,300,000 2,294,978 5,022 0% PRJ000211 2021 High Performance Pavement Seal Project #1 785,719 712,642 73,077 9% 84Page 125 of 132 CITY OF GEORGETOWN CAPITAL PROJECTS Project Budget Total Spend Remaining Budget Percent Remaining PRJ000212 2021 High Performance Pavement Seal Project #2 515,698 492,265 23,433 5% PRJ000214 Intersection Improvements (Traffic Signals) 1,650,000 1,287,478 362,522 22% PRJ000215 2021 Intersection Safety Enhancements (RRFB) 475,166 502,166 (27,000) -6% PRJ000216 FY21 Downtown Sidewalk Improvements 1,000,000 130,000 870,000 87% PRJ000254 Shell Road 12,503,000 - 12,503,000 100% PRJ000255 Rockride Lane 5,776,000 - 5,776,000 100% PRJ000256 Westinghouse Road 8,200,000 8,200,000 - 0% PRJ000257 Sam Houston Ave Ext/SE1/Wilco Corridor 4,000,000 3,923,605 76,395 2% PRJ000258 DB Wood (Oak Ridge to Williams Dr) 21,163,600 - 21,163,600 100% PRJ000267 Allocations - Intersections/Bike Lanes/Sidewalks - MB21 10,800,000 - 10,800,000 100% PRJ000277 Intersection Improvements - FY22 1,162,150 - 1,162,150 100% PRJ000294 2022 HIPR 2,750,000 2,808,959 (58,959) -2% PRJ000295 2022 High Performance Pavement Seal 1,245,021 209,300 1,035,721 83% PRJ000297 Southeast Inner Loop - MB21 32,777,940 - 32,777,940 100% PRJ000304 Memorial Drive 3,100,000 - 3,100,000 100% PRJ000310 Southwest Bypass (Wolf Ranch Parkway to SH29) 2,000,000 2,000,000 - 0% Public Works Department Total 192,186,728 60,405,568 131,781,159 69% Stormwater PRJ000004 18th and Hutto Drainage 164,793 11,469 153,324 93% PRJ000024 2020 Curb & Gutter 1,055,000 766,902 288,098 27% PRJ000104 Stormwater Infrastructure 347,000 168,506 178,495 51% PRJ000149 Drainage Improvement/Flood Mitigation Projects 300,000 - 300,000 100% PRJ000213 2021 Curb & Gutter Project 500,000 64,300 435,700 87% PRJ000274 2022 Curb & Gutter 500,000 65,250 434,750 87% Stormwater Total 2,866,793 1,076,427 1,790,367 62% Water PRJ000014 Berry Creek Inter.49,949,000 3,153,588 46,795,412 94% PRJ000017 Cedar Breaks Est 3,385,000 - 3,385,000 100% PRJ000023 Cr 255 (Wd14-2)1,817,359 319,081 1,498,278 82% PRJ000034 Earz 2,326,000 364,015 1,961,985 84% PRJ000057 Lift Station Upgrade 1,073,593 326,103 747,490 70% PRJ000059 LWTP Raw Water Intake Rehab 6,750,000 5,666,956 1,083,044 16% PRJ000066 Park Lift Station & Force Main 2,025,678 2,115,383 (89,705) -4% PRJ000096 Shell Road Water Line 6,890,000 1,111,260 5,778,740 84% PRJ000101 Southlake Wtp 278,000,000 190,373,635 87,626,365 32% PRJ000119 Water Mains 1,536,750 501,352 1,035,398 67% PRJ000150 Carriage Oaks Transmission 5,450,000 430,800 5,019,200 92% PRJ000152 Hoover Pump Station 13,550,000 855,221 12,694,779 94% PRJ000154 Stonewall Ranch Pump Station Improvements 3,100,000 300,825 2,799,175 90% PRJ000155 Southside Water Treatment Plant 6,426,706 6,361,550 65,156 1% PRJ000156 Gatlin/Teravista Improvements 450,000 - 450,000 100% PRJ000157 Leander Interconnect 340,245 315,245 25,000 7% 85Page 126 of 132 CITY OF GEORGETOWN CAPITAL PROJECTS Project Budget Total Spend Remaining Budget Percent Remaining PRJ000160 Round Rock Supply Pump Station And Elevated Storage Tank 10,500,000 1,427,473 9,072,527 86% PRJ000161 Miscellaneous Line Upgrades 1,922,000 638,430 1,283,570 67% PRJ000162 South West Bypass Water (H24-1) 2,906,000 2,384,594 521,406 18% PRJ000163 Tank Rehabilitation 4,099,536 432,666 3,666,870 89% PRJ000165 San Gabriel WWTP Rehabilitation 18,757,307 1,622,000 17,135,307 91% PRJ000167 San Gabriel Inter SGI -2 4,500,000 912,755 3,587,245 80% PRJ000168 WWTP Upgrade 950,000 209,000 741,000 78% PRJ000177 Northlake WTP Phase IV Expansion 15,000,000 14,843,304 156,696 1% PRJ000185 Cimarron Hills Wastewater Treatment Plant Expansion 5,300,000 799,325 4,500,675 85% PRJ000218 EARZ Wastewater Rehabilitation Area 2 - 2019 2,768,469 2,460,360 308,109 11% PRJ000219 Southside GST Foundation Improvements 535,678 485,678 50,000 9% PRJ000220 AMI Equipment Upgrades 7,750,000 - 7,750,000 100% PRJ000228 Southside GST Roof Rehab 791,500 599,500 192,000 24% PRJ000241 2020 - 2021 EARZ - Area 3 1,500,000 516,820 983,180 66% PRJ000259 Pecan Branch WWTP Expansion 37,000,000 52,200 36,947,800 100% PRJ000260 CR 262 Waterline 2,500,000 187,200 2,312,800 93% PRJ000261 Dove Springs WWTP Rehabilitation 12,098,663 516,900 11,581,764 96% PRJ000262 Wolf Ranch Expansion and Force Main 5,900,000 - 5,900,000 100% PRJ000263 Water - Wastewater Master Plan 1,225,000 710,835 514,165 42% PRJ000264 Interceptor Lift Station Removal & Gravity Main 8,500,000 - 8,500,000 100% PRJ000266 SCADA Upgrades 1,500,000 - 1,500,000 100% PRJ000268 System Resiliency 18,525,000 1,023,320 17,501,680 94% PRJ000275 FY2022 EARZ -Area 4 2,000,000 - 2,000,000 100% PRJ000333 Smith Branch Lift Station Improvements 1,300,000 - 1,300,000 100% Water Total 550,899,484 242,017,372 308,882,112 56% Grand Total 922,235,983 381,306,452 540,929,531 59% 86Page 127 of 132 Unfunded Liability & Commitments Financial Impact/Notes Status Updates ‐ 03/31/22 Status Updates ‐ 06/30/22 Cemetery Special Revenue Fund Perpetual Reserve Currently cemetery operations are self‐funded through plot sales of approximately $50K per year. The cemetery is managed through Parks Administration. In 2015, Council elected to transfer $75,000 annually for future costs associated with maintaining the property. The General Fund has made this transfer in since FY 2016. While the perpetual reserve has grown slowly, it is not on pace to sustain the Cemetery Fund long‐term. The fund is estimated to need a $5 million balance to be self‐sustaining on interest earnings and cemetery revenue. No change. Council gave no direction on cemetery fund during March 8 workshop. During the July General Government and Finance Advisory Board meeting, Leigh Wallace presented an update to the Fiscal and Budgetary Policies. One update included the recommendation to discontinue to the Cemetery Perpetual Reserve. The General Fund has not been able to support transfers large enough to establish a reserve, nor have interest rates been high enough, that will earn enough interest to maintain the cemeteries. Council heard the recommendation in Workshop on August 9. Council will adopt the policies in September with the FY2023 budget. The budget will continue to include an annual $75,000 transfer from the General Fund to the Cemetery fund to supplement maintenance costs above cemetery sales revenue. Staff will monitor any need to adjust the transfer or adjust cemetery fees in the future. Recommend removing item from list next quarter. Unfunded Actuarial Accrued Liability (UAAL) Recognizes the outstanding liability for the City’s employee retirement plan through TMRS. The City contributes monthly to fund the UAAL, based on an annual percentage of payroll. Actual % of payroll costs is recognized within each fund. The UAAL is provided by TMRS and lags one year. The City's FY2021 year‐end unfunded liability was estimated at $21.5M. This increase in liability is due to a change in the actuarial assumptions. The plan is 89.2% funded, which is an excellent funding ratio. The funded ratio has steadily increased from the low 80's over the past 5 years. The City's FY2021 year‐end unfunded liability was estimated at $21.5M. This increase in liability is due to a change in the actuarial assumptions. The plan is 89.2% funded, which is an excellent funding ratio. The funded ratio has steadily increased from the low 80's over the past 5 years. No change. This figure is calculated once annually. Other Post Employee Benefits (OPEB) While the City has no obligation to offer additional retiree benefits, retirees are eligible to participate in the City’s health insurance program. That ability represents a subsidy that impacts health insurance costs to the City. Retirees pay their monthly premiums to the self insurance fund, which then processes their health insurance claims. OPEB liability as of 9/30/21 is $4.9 million. No change. This report is conducted bi‐annually. OPEB liability as of 9/30/21 is $4.9 million. No change. This report is conducted bi‐annually. CITY OF GEORGETOWN Long-term Commitments, Reservations, and Other Unfunded Liabilities 06/30/2022 87Page 128 of 132 Unfunded Liability & Commitments Financial Impact/Notes Status Updates ‐ 03/31/22 Status Updates ‐ 06/30/22 CITY OF GEORGETOWN Long-term Commitments, Reservations, and Other Unfunded Liabilities 06/30/2022 Compensated Absence Future costs associated with benefits such as vacation, and sick leave for City employees. Compensated Absence is accrued annually to each proprietary fund type on a GAAP basis and accounted for on the balance sheet of each fund. For governmental funds (and for budgetary basis), the expense is recognized when due and payable. The City keeps a reserve in the General Fund to help offset large payouts for long‐term employees. The reserve is used as needed, and annually replenished or increased based on known risk. Compensated absences as of 9/30/21 are $8.4 million. No change. This calculation is performed once annually. Compensated absences as of 9/30/21 are $8.4 million. No change. This calculation is performed once annually. Airport Maintenance Fund on‐going maintenance of the Airport grounds, runways and taxi ways. Terminal and Tower included in Facilities ISF. An Airport Master Plan was developed to address long term capital maintenance project prioritization. No Change Need to review with new Airport Manager and Public Works Director. Americans with Disabilities Act (ADA) Compliance Needs As facilities are built or repurposed, meeting ADA compliance will be included in Project Costs. Funding for program expansion will be needed (General Fund sources). The City has an adopted policy, as required by Federal Law, that it will make reasonable accommodations and modifications to ensure that people with disabilities have an equal opportunity to enjoy its programs, services, and activities. The City does not maintain a reserve for these modifications. ADA trail improvements along the South San Gabriel River trail are under design. The final trail and park ADA improvements are scheduled to be completed in FY23. 88Page 129 of 132 Unfunded Liability & Commitments Financial Impact/Notes Status Updates ‐ 03/31/22 Status Updates ‐ 06/30/22 CITY OF GEORGETOWN Long-term Commitments, Reservations, and Other Unfunded Liabilities 06/30/2022 Sidewalk Maintenance & Masterplan Currently, new sidewalks are built as development occurs. Repairs are funded as needed or if funding is available, when major roads are repaired. Useful life of a sidewalk is estimated at 40 to 50 years. The largest revenue source comes from the City’s General Fund, but there has been some debt funding as well. Old Town NE Sidewalk ‐ Contractor has completed 95% of the project. All sidewalk and pedestrian ramps are in place. TDLR inspection and walk‐through to be completed in Mid‐May. Contractor to address any punch list items. Rock Sidewalk and FY 20 Downtown sidewalk project is wrapping up and substantially completed. FY21 and FY 22 Downtown Priority 1 sidewalk projects are in design. Coordination between stakeholders is ongoing and we plan to be able to advertise and bid the project in the fall of 2022. Park Equipment Maintenance & Replacement Over the past 5 years, funding for Park Maintenance and Replacement has increased. $200K transfer from General Fund included in FY2018 budget. Staff has listed all assets & developed replacement schedule funded by the General Fund. No change For several years, the General Fund has been making an increasingly large transfer to the Parks Maintenance Fund to cash fund maintenance like painting parking lots and equipment replacement such as slides at the Recreation Center Pool. The FY2022 funding level is $300,000. Due to the costs of materials and equipment, as well as the increase in developed park land, Parks requested an increase in support for the fund for the 5‐year forecasted schedule. Since the General Fund is under considerable pressure from property tax revenue caps, and increasing expenses due to service demand and inflation, staff are recommending transitioning the equipment replacement from cash funding to short‐term debt‐funding. The tax‐ supported CIP schedule has been updated to include $500,000 per year for parks equipment replacement. The General Fund will continue to fund $50,000 for the maintenance activities that cannot be debt‐funded. Recommend removing item from list next quarter. Radio Equipment Replacement Communication system consisting of 500 on‐body and in‐ vehicle radios for Police, Fire, parks and utilities. Replacement radios are compatible with newer technology. The replacement takes place over 5 years due to cost and is funded with certificate of obligation debt. Approximately $570,000 is needed to finish this project in FY2023. This will be included in the proposed budget. $627,000 was included in the FY2023 budget to finish this program. 89Page 130 of 132 Unfunded Liability & Commitments Financial Impact/Notes Status Updates ‐ 03/31/22 Status Updates ‐ 06/30/22 CITY OF GEORGETOWN Long-term Commitments, Reservations, and Other Unfunded Liabilities 06/30/2022 Street Maintenance The City funds street maintenance in the General Fund, supplemented by a 1/8th Street Sales Tax special revenue fund. In 2017 and 2018, the Council and GTAB reviewed various methods for enhanced street maintenance and costs. Direction from Council is to use high performance surface seals and pavement wearing courses and begin programmatically addressing the street network's deferred maintenance backlog, creating a need for approximately $2 million more per year for street maintenance. 2022 HIPR (Cutler), 2022 High Performance Pavement Seal #1 (PMM) and 2022 High Performance Pavement Seal #2 (HA5). These projects are out to bid. Scheduled to be considered by GTAB for award at the May meeting, followed by Council the 2nd meeting in May. 2022 HIPR (Cutler), 2022 High Performance Pavement Seal #1 (PMM) and 2022 High Performance Pavement Seal #2 (HA5). These projects have been awarded by City Council. Contractors to start on these project in September. Pre‐construction meetings are being scheduled and neighborhood schedules will be going out to notify residents. The election is schedule for November 2022. 90Page 131 of 132 City of Georgetown, Texas Electric Utility Board September 15, 2022 S UB J E C T: IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: R obert C as e- Board C hairman Page 132 of 132