Loading...
HomeMy WebLinkAboutAgenda CC 11.14.2017 WorkshopNotice of M eeting of the Governing B ody of the City of Georgetown, Texas November 14 , 20 17 The Ge orgetown City Council will meet on No vember 14, 2017 at 3:00 PM at Co uncil Chambers - 101 East 7th Street The City o f Georgetown is committed to co mpliance with the Americans with Disabilities Act (ADA). If you re quire assistance in participating at a public meeting due to a disability, as defined under the ADA, reasonable assistance, adaptations, or ac c ommo datio ns will be provided upo n request. P lease contact the City Se c retary's Office, at least three (3 ) days prio r to the scheduled meeting date, at (512) 930- 3652 o r City Hall at 113 East 8th Street fo r additional information; TTY use rs ro ute through Relay Texas at 7 11. Policy De ve lopme nt/Re vie w Workshop - A Prese ntation and discussion on the feasibility of a joint aquatic facility between the City of Geo rgeto wn and the Georgetown Independent School District -- Kimbe rly Garrett, P arks and Re c reatio n Director B Prese ntation and discussion regarding the proposed FY2017 budge t amendment for the Annual Budget fo r year-end obligations that were not known at the time the budget was adopted -- Leigh Wallace, Finance Director C Prese ntation of the City’s Quarterly Financial Report, which includes the Investment Reports for the City o f Georgetown, Georgeto wn Transpo rtation Enhancement Corpo ratio n (GTEC), and the Geo rgeto wn Economic Developme nt Corpo ration (GEDCO) for the quarter ended September 30, 2 01 7 -- Leigh Wallace, Finance Dire c to r D Update to City Council on Downto wn West Civic Center Project -- Eric Johnson, CIP Manager and Laurie Brewer, Assistant City Manager. E Prese ntation on annexation requireme nts and discussion on establishing an annexation strategy -- Sofia Nelso n, P lanning Director Exe cutive Se ssion In compliance with the Open Meetings Ac t, Chapter 551, Government Co de , Verno n's Texas Codes, Annotate d, the items listed below will be discussed in closed session and are subject to action in the regular se ssio n. F Se c . 55 1.0 71 : Consul tati on wi th Atto rney Advic e from attorney about pending o r contemplated litigation and othe r matters on which the attorney has a duty to advise the City Co uncil, including agenda items - Ho skins Brown Update Se c . 55 1.0 72 : Del i berati ons about Real Pro perty - Do wntown Real Estate Sale Se c . 55 1:0 74 : Personnel Matte r s - City Manager, City Attorney, City Se c retary and Municipal Judge: Consideration of the appointment, employment, evaluatio n, reassignment, duties, discipline, o r dismissal Page 1 of 156 Se c . 55 1.0 87 : Del i berati on Regardi ng Eco nomi c Devel opment Ne go ti ati ons - Pro ject Legacy Adjournme nt Ce rtificate of Posting I, Shelley No wling, City S ecretary for the C ity of Geo rgeto wn, Texas , do hereby c ertify that this Notic e o f Meeting was posted at City Hall, 113 E. 8th Street, a p lac e read ily acc es s ib le to the general pub lic at all times , o n the _____ day of _________________, 2017, at __________, and remained so p o s ted for at leas t 72 c o ntinuo us ho urs p receding the s cheduled time of s aid meeting. __________________________________ Shelley No wling, City S ecretary Page 2 of 156 City of Georgetown, Texas City Council Workshop November 14, 2017 SUBJECT: P resentation and discussio n on the feasibility of a jo int aquatic facility between the City of Geo rgetown and the Georgetown Inde pe ndent School District -- Kimberly Garrett, Parks and Recreatio n Director ITEM SUMMARY: The City of Georgetown and the Ge orgetown ISD agreed to partner on an Aquatic Feasibility Study at the February 2 8, 2017, City Co uncil Workshop. This feasibility study was intended to look at the future aquatic needs of both the City and the ISD. During the worksho p, the City agreed to fund up to $20,000 for the study with the ISD contributing the same amount. A RFP fo r services was issued o n May 14th. There were six firms that responded to the request. Representative s from both the ISD and the City were on the review team. Barker Rinker Seacat Architecture was the firm selected to conduct the study. Other firms invo lve d in the proje c t included Water Te c hnology, Inc and Ballard King & Associates. Throughout the process, there was representation from both the City and the ISD participating in the worksho ps. Representative s from the ISD included Scott Alacon, Bryan Hallmark, Cade Smith, Tim Pukys, Todd Yo rk, Ginger Raia, and David Biesheuvel. Representatives from the City included Ro bert Gaylor, Aaro n Duke, Laurie Brewe r, Jack Daly, Leigh Wallace, Wayne Reed, Kimberly Garrett and Eric Nuner. T his Council Workshop will include a presentation by Keith Hayes, with Barker Rinker Seacat Architecture. FINANCIAL IMPACT: NA SUBMITTED BY: Kimberly Garrett, Parks and Recreation Director ATTACHMENT S: Description F eas ib ility Study P res entation Page 3 of 156 GEORGETOWN AQUATICS CENTER FEASIBILITY STUDY – WORKSHOP #3 NOVEMBER 14, 2017 Page 4 of 156 YOUR TEAM MICK MASSEY KENBALLARD ROBBIEHAZELBAKER KEITH HAYES DOUGWHITEAKERSTEVE CROCKER KEVINARMSTRONG Page 5 of 156 PROJECT VISION QUESTIONS & RESPONSES Page 6 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY With a long standing and distinct relationship as their guide, the City of Georgetown and the Georgetown Independent School District will explore the feasibility of a facility that is mutually beneficial in the purpose of partnering to provide multiple use aquatics programs unique to Central Texas and will directly benefit the Georgetown community in which they both serve. The aquatic feasibility study must demonstrate clarity in facility purpose, capital cost, proforma, location, and program which is mutually beneficial to both entities. GEORGETOWN AQUATICS CENTER FEASIBILITY STUDY VISION STATEMENT Page 7 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY The City of Georgetown and Georgetown ISD recognizes the following core values for the Georgetown Aquatic Center: The Georgetown Aquatics Center will… •Provide higher quality of life services for all ages •Be economically sustainable •Elevate the Georgetown brand as a destination for better living •Be a catalyst for economic development and tourism GEORGETOWN AQUATICS CENTER FEASIBILITY STUDY CORE VALUES Page 8 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY 1. Reflect the public wants and needs of the City of Georgetown and Georgetown ISD a) Reflect the culture and character of Georgetown 2. Define the Aquatic Center program 3. Define the Aquatic Center budget 4. Define the Aquatic Center schedule for funding & construction 5. Assist in setting up a framework for the COG and GISD partnership 6. Present the findings and recommendations for the Georgetown City Council and Georgetown ISD Board to make a decision on the project future including a potential partnership 7. Explore other partnership entities that could add value the Georgetown Aquatic Center GEORGETOWN AQUATICS CENTER FEASIBILITY STUDY PROJECT GOALS Page 9 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 10 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY HOW WILL YOU BENEFIT FROM THIS PROCESS? Page 11 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 12 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY PROCESS GOALS | VALUES PLANS FINAL CONCEPTS KO 1 +3 WEEKS 2 3 4 MANAGEMENT +5 WEEKS +3 WEEKS PROGRAM DELIVER FINAL REPORT 2.5 7/31/2017 9/19/2017 10/17/2017 11/14/2017 12/15/2017 10/25/2017 Page 13 of 156 WISH LISTPROGRAM, FEATURES, REVENUE Page 14 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY A. 25M x 25 Yd competition pool; or, 50M x 25 Yd competition pool B. No separate diving pool; lap pool will be 4’-0” at the shallow end and 12’-6” at the deepest to accommodate 1-meter diving C. Right sized spectator seating for minimum 300 with desire for additional temporary seating D. Meet management / (2) wet classrooms/party rooms E. Renovate existing lap pool to leisure pool with warm water lap lanes / program area, zero-depth beach, current channel, socialization spaces and spa F. Locker rooms and individual / family cabanas G. Connection to existing facility on San Gabriel Site STEERING COMMITTEE WISH LIST —SPACES Page 15 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY STEERING COMMITTEE WISH LIST —CHARACTERISTICS A. Tournament ready facility - management and coaching support/ hospitality rooms B. Water polo ready facility C. Multiple water temperatures for multiple bodies of water D. High-quality aquatic air is a priority E. Pools with lightning protection systems F. Ample storage G. Locker Rooms i. Family changing rooms ii. Individual showers …with ability to accommodate teams H. Separate water temperatures; warmer water for seniors and learn-to-swim programs. i. Spa incorporated as part of leisure water I. Lazy river is highlight of experience J. Possible concession area K. Good access control and ability to minimize staffing during low-use periods Page 16 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY AQUATICS Page 17 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY 78 –82 DEGREES •Competition Swimming & Training •Water Polo 82 –87 DEGREES •Diving 86 –95 DEGREES •Instruction •Recreation •Wellness •Therapy 100 –104 DEGREES •Whirlpools and Spas Water Temperature Page 18 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY •Starting Blocks Over 4’ Minimum / 7’ Preferred •USA Swimming – 6’-0” for Teaching Starts •Springboard Diving – 12’ for 1 meter •Depth Contours •3:1 Slope in Deep Areas •12:1 Slope in Shallow Areas WATER DEPTH Page 19 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY 25 Meter by 25 Yard Page 20 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY 50 Meter by 25 Yard Page 21 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Spectator Seating Page 22 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Timing Table Page 23 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Wet Classroom/Party Room Page 24 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Wet Classroom/Party Room Page 25 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 26 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 27 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 28 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 29 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 30 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 31 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 32 of 156 MARKET & OPERATIONS ANALYSIS UPDATE Page 33 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY DETERMINE THE MARKET TO BE SERVED •Demographic characteristics UNDERSTAND OTHER PROVIDERS IN THE AREA •Public •Private •Non-Profits MARKET ANALYSIS Page 34 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY 2010 DEMOGRAPHICS Page 35 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY UNDERSTANDING CURRENT OPERATIONS •Fees •Budget •Staffing NEW OPERATIONS BUDGET •Fees •Expenses •Revenues PARTNER ROLES AND EXPECTATIONS OPERATIONS ANALYSIS 65%5% 28% 2% Personnel Commodities Contractual Capital Replace 25% 70% 5% Programs Fees Other Expenses Revenues Page 36 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDYPage 37 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Option A •Renovate existing indoor 25yd body water into leisure water; expand/construct new 25m x 25yd competition pool (as presented) Option B •Renovate existing indoor 25yd body water into leisure water; construct new 50m x 25yd outdoor competition pool Assumes that the pool will still be attached to the center, be operated year round, and the water will be heated. COMPARE AND CONTRAST AQUATICS OPTIONS PROGRAM AND OPERATIONS Page 38 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY The first year of operation will be 2020 or later. This budget represents the second full-year of operation. The presence of other providers in the market will remain the same. Access to the new competitive pool will be through the existing main entry to the recreation center. The only direct access to the new pool area will be for swim meets. AQUATIC CENTER OPERATIONS ANALYSIS-ASSUMPTIONS Page 39 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Operation of the center is shown by the City of Geo rgetown with all costs and revenues included. This is based on City staff guarding the pool during all hours of use. This operations estimate is based on the program fo r the facility as developed by Barker Rinker Seacat Archi tecture. Full -time staff rates are based on existing staff rates for the same basic positions inflated to 2020. Part-time rates are based on a minimum wage projection of $9 an hour by 2020. AQUATIC CENTER OPERATIONS ANALYSIS-ASSUMPTIONS Page 40 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Custodial services are shown as being provided by i n -house staff (full -time and part -time) but could possibly be a contracted service. The admission fees for the center are the same as t he existing recreation center. Rates are for the entire center, not just aquatics. A reasonably aggressive approach to estimating use and revenues from pass sales and programs taking place at the center has been used for this pro -forma. The center will need to draw well from the Secondary Service Area on a consistent basis. AQUATIC CENTER OPERATIONS ANALYSIS-ASSUMPTIONS Page 41 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Hours of Operation: The projected hours of operation of the aquatic center portion of the building will be as follows: Hours usually vary some with the season (longer hou rs in the winter, shorter during the summer), by programming needs, use patterns and special event considerations. AQUATIC CENTER OPERATIONS ANALYSIS-ASSUMPTIONS Days Hours Monday –Friday 5:30am – 9:00pm Saturday 9:00am – 9:00pm Total Hours Per Week 89.5 Page 42 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Projected Fee Schedule: Revenue projections and at tendance numbers were calculated from this fee model. This is the projected rate for 2020 (or later) based on the possible opening date for the center. Full Center User Fees The non-resident rate is approximately 25% higher. 3 Month and Annual Pass Benefits: Basic fitness classes (land and water) are included. AQUATIC CENTER OPERATIONS ANALYSIS-ASSUMPTIONS Daily 3 Month Annual Monthly Adult (19 up)$5 .00 $80 $235 $30 Youth (4 -18 )$5 .00 $40 $120 $15 Couple N/A $120 $350 $45 Senior (55 +)$5 .00 $40 $120 $15 Senior Couple N/A $65 $210 $25 Family $20 .00 $155 $395 $60 Page 43 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Pool programming includes: 25 M x 25 Yd 50 M x 25 Y d (4) 2-day USA Team Meets (6) 2-day USA Team Meets (4) 1-day High School Dual Meets (4) 1-day High School Dual Meets Club Swim Team Practices & Meets Swimming lessons Life guard training Pool Rental for Events AQUATIC CENTER OPERATIONS ANALYSIS-REVENUE ASSUMPTIONS Page 44 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY AQUATIC FACILITY OPTIONS OPPORTUNITIES Page 45 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY 27,500 GSF / New Construction Area Competition Pool Addition Program Areas 1. Competitive Pool Natatorium - 13,100 SF 25M x 25YD Pool 1M Diving (Possible to Add 3M Diving) Seating on Elevated Concrete Stand -300 Spectators -Designed for Good Sight Lines -Access to Seating from Pool Deck Fully Conditioned HVAC Ventilation System 2. Team Locker Rooms - 2,700 SF 3. Competition Pool Entry Lobby - 1,800 SF 4. Outdoor Entry Plaza 5. Restrooms - 780 SF 6. Multi-purpose Rooms (2) – 1,720 SF 7. Outdoor Pool / Multi-purpose Storage - 860 SF 8. Pool / Building Mechanical & Electrical - 3,800 SF Renovated Leisure Pool Program Areas 9. Renovated Existing Natatorium - 12,400 SF 10. Water Slide / Slide Tower - 570 SF 11. Renovated Life Guard Room - 230 SF CONCEPTUAL PLAN DIAGRAM -OPTION A Page 46 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY CONCEPTUAL PLAN DIAGRAM -OPTION B Page 47 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY CONCEPTUAL PLAN DIAGRAM -OPTION B 14,500 GSF / New Enclosed Construction Area Outdoor Program Areas 1. Outdoor Competitive Pool & Deck – 23,800 SF 50M x 25YD Pool – 1 Bulkhead 1M Diving (Possible to Add 3M Diving) Seating on Tip-n-Roll Bleachers -Up to 300 Spectators per Side 2. Team Locker Rooms - 2,700 SF 3. Competition Pool Entry Lobby - 2,000 SF 4. Outdoor Entry Plaza 5. Restrooms – 1,000 SF 6. Multi-purpose Rooms (2) – 2,000 SF 7. Lifeguard / Pool Manager Office - 400 SF 8. Pool / Building Mechanical & Electrical - 3,800 SF 9. Renovated Existing Natatorium - 12,400 SF 10. Water Slide / Slide Tower - 570 SF Page 48 of 156 SITE DISCUSSIONOPPORTUNITIES Page 49 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY SITE SAN GABRIEL PARK 2015 SAN GABRIEL PARK MASTER PLAN Page 50 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY SITE SAN GABRIEL PARK 2015 SAN GABRIEL PARK MASTER PLAN Page 51 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY ` SITE OPTION A SAN GABRIEL PARK Page 52 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY ` SITE OPTION A SAN GABRIEL PARK Addison Circle Park Event Lawn Overlay Page 53 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY ` SITE OPTION A SAN GABRIEL PARK Add’l Parking ~100 Stalls Competition Aquatics Center Event Entry / Drop-off * Indoor 25x25 Competition Aquatics Center Future Outdoor Leisure Pool Expansion Entry Plaza w/ Restrooms & Splash Pad -Potential Skate Park Field Parking / Festival Support Area Primary Festival Event Lawn Secondary Event Area * Recreation Center Entry / Renovated Drop-off & Plaza Add’l Parking ~70 Stalls Page 54 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY ` SITE OPTION B SAN GABRIEL PARK Page 55 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY ` SITE OPTION B SAN GABRIEL PARK Add’l Parking ~130 – 180 Stalls Add’l Parking ~70 Stalls Competition Aquatics Center Event Entry / Drop-off Outdoor 50x25 Competition Aquatics Center Future Outdoor Leisure Pool Expansion Entry Plaza w/ Restrooms & Splash Pad -Potential Skate Park Field Parking / Festival Support Area * Primary Festival Event Lawn Secondary Event Area * Recreation Center Entry / Renovated Drop-off & Plaza Page 56 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY BUDGET Page 57 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY Project Costs: $24.3M - $28.0M Annual Subsidy: $300,000 Additional Costs COMPARE AND CONTRAST OPTIONS OPTION A –INDOOR 25M x 25YD OPTION B –OUTDOOR 50M x 25YD Project Costs: $22.3M - $24.8M Annual Subsidy: $376,000 Additional Costs Page 58 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY FUTURE CONSIDERATIONS Page 59 of 156 GEORGETOWN AQUATIC CENTER FEASIBILITY STUDY A. San Gabriel Park/ Existing Recreation Center B,C,D Possible other aquatics offering to accommodate future Georgetown buildout FUTURE AQUATIC CONSIDERATIONS CONSIDER BA B C D Page 60 of 156 Page 61 of 156 LOOKING FOR YOUR FEEDBACK… Are we missing any information? Is there further information needed to help with the discussion process? Is this something that Council would like to explore further? Page 62 of 156 FOR HAVING US Page 63 of 156 City of Georgetown, Texas City Council Workshop November 14, 2017 SUBJECT: P resentation and discussio n regarding the proposed FY2 01 7 budget amendment fo r the Annual Budget for year-end obligations that were no t kno wn at the time the budget was adopted -- Leigh Wallace, Finance Director ITEM SUMMARY: Each year staff estimate year-end projections co mpared to the annual budget. During the summer review of FY 2017, and planning sessions fo r FY 20 18 , several issues were identified. Examples inc lude Fire Overtime, Electric Purchased P ower, as well as the appropriation of the Council’s Special Reve nue Fund. The fo llowing summarizes the budget change s by fund and department required to comply with the City Charter. There is a correspo nding legislative agenda item. General Fund Fire Department – increase expenditure authority for personnel by $20,000 due to overtime from vacant positions Police De partment – decrease expenditure authority fo r fuel by $20,000 to c ove r costs in Fire Department Environmental Services – increase expenditure autho rity for so lid waste contrac t overage of $32 4,0 00 due to customer gro wth; offset by corresponding c ontract revenue City Council Departme nt – receive a transfer in from the Council Discretionary Fund and increase expenditure authorizatio n by $1 0,0 00 for a study evaluating the viability of a hospice fac ility EMS Fund Recognize $10 0,0 00 of additional revenue from transport services Authorize $1 00 ,00 0 o f expenditures over budget due to personnel overtime e xpe nses from vacant positions Council Discretio nary Fund Transfer o ut $10 ,00 0 to the General Fund for the Hospice Study Transfer o ut $5,0 00 to the Airport Fund for fuel costs for Harvey relief efforts Airport Fund Receive transfer in of $5,000 from Council Discretio nary Fund for Harvey re lie f Transportation Fund Increase expenditure authority for the County’s portio n of the Southwest Bypass project by $60 9,0 00 in FY2 01 7 due to timing o f starting the project; corresponding adjustments will be made to reduce the project in FY2018 Recognize a revenue accrual from the County fo r its po rtion of the Southwe st Bypass project Electric Fund Increase expenditure authority for Purchased P ower by $9.6 million due to a seco nd year of sales in a depressed energy market Increase allo c atio n of meter related servic e s revenue from Water Fund of $1 .5 million Recognize decrease in Rate Stabilization Re serve of $4,500,000 Water Fund Increase allo c atio n of meter related servic e s expenses from Water Fund of $1.5 millio n SP ECIAL CONSIDERATIONS Page 64 of 156 The City Charter requires that a majority plus one must approve an amendment to the approved budget. The City charter allows fo r budget amendments in e mergency situations and when the issues and ne e ds were unknown at the time the budget was adopte d. FINANCIAL IMPACT: The increase in to tal budgeted new appropriation expenditures for FY 2017 is $12,21 7,0 54 . SUBMITTED BY: Leigh Wallace, Finance Director - SP ATTACHMENT S: Description P res entation Page 65 of 156 FY2017 Annual Budget Council Workshop November 14, 2017 FY 2017 Year-End Budget Amendment 1Page 66 of 156 FY2017 Annual Budget Purpose •The City Charter allows for budget amendments when circumstances were unforeseen at the time the original budget was adopted •Expenditure overages at the fund or division level must be addressed before closing the fiscal year 2Page 67 of 156 FY2017 Annual Budget Council Discretionary Fund •Available Balance $298K •Council direction to cover costs for: –$10,000 hospice study –$5,000 airport fuel for Harvey storm relief efforts •New Available Balance $283K 3Page 68 of 156 FY2017 Annual Budget Airport Fund •Recognize transfer in from Council Discretionary Fund $5,000 for Harvey storm relief efforts 4Page 69 of 156 FY2017 Annual Budget General Fund •Fund as a whole is under budget •Fire Division exceeded by $20K due to overtime from vacant positions; cover costs with fuel savings in Police Division •Solid Waste services over budget $323K due to customer growth; offset by contract revenue •Receive transfer in $10K from Council Discretionary and approve expenses for hospice study 5Page 70 of 156 FY2017 Annual Budget EMS Fund •Recognize $100,000 of additional revenue from increased transports •Authorize $100,000 of expense over budget due to personnel overtime costs 6Page 71 of 156 FY2017 Annual Budget Transportation Fund •Fund accounts for County segment of Southwest Bypass project •Expenses were not anticipated in FY2017 but the project started early •Authorize expense of $609K and recognize $505K billable revenue from County •Corresponding amendment to update FY2018 at a later date 7Page 72 of 156 FY2017 Annual Budget Electric Fund •A second year of cooler, wetter weather resulting in depressed energy market •Purchased Power costs exceed budget by $9.6 million (includes congestion revenue credit) •Offset partially by PCA, existing fund balance and meter allocation from Water Fund •Additional short and long-term measures needed to rebuild fund balance in FY2018 8Page 73 of 156 FY2017 Annual Budget Water Fund •Reimburse Electric Fund for costs related to water meter installation and maintenance programs $1.5 million •Available from Water Fund balance 9Page 74 of 156 FY2017 Annual Budget Next Steps •Action items on tonight’s agenda, First Reading •Second Reading on November 28 •Close fiscal year 2017 10Page 75 of 156 City of Georgetown, Texas City Council Workshop November 14, 2017 SUBJECT: P resentation of the City’s Quarterly Financial Re port, which includes the Investme nt Re ports fo r the City of Georgetown, Georgetown Transpo rtation Enhancement Corporatio n (GTEC), and the Georgetown Eco nomic Development Corpo ratio n (GEDCO) for the quarter ended September 30, 20 17 -- Leigh Wallace, Finance Director ITEM SUMMARY: The Quarterly Financial Report to Council is attached. An executive summary is included to highlight variances with regards to the reve nues and an overview of the investment portfolio as o f September 30, 2017. The Financial Report sho ws a comparison of current year to date revenues c ompared to the prior year for the fo urth quarter of the fiscal year on all major funds. The fourth quarte r repo rt is preliminary only and do es not include the final year-end audited numbers that will be pre sented in the Comprehe nsive Annual Financial Report. Overall, revenue and expenditures for the City’s major funds met budget projections prese nted in the summer. Investment activity for the quarter primarily related to the maturity of four CDs and purchasing ne w CDs. The portfolio decreased due to bond payments in August. A safekeeping account was set up with BBVA Compass to give us the ability to purchase securities in the future. The City worke d c lo sely with JP M Chase to incre ase our ECR rate during this quarte r. SPECIAL CONSIDERATION: The investment activity and strategies described in the investment repo rt are in c ompliance with the City’s Inve stment P olicy and state law. This report meets the quarterly reporting requirements mandate d by the Public Funds Investment Ac t. COMMENTS: Valley Vie w, L.L.C., has prepared the attached investment reports. One compo ne nt of our new investment advisory services contract includes Valley View preparing the quarte rly investment reports on behalf of the City. FINANCIAL IMPACT: N/A SUBMITTED BY: Leigh Wallace, Finance Director - SP ATTACHMENT S: Description Quarterly Financ ial P res entation Quarterly Financ ial R ep o rt Page 76 of 156 FY2017 Annual Budget Fiscal Year 2017 Q4 Financial Report for the Quarter Ended June 30, 2017Page 77 of 156 FY2017 Annual Budget Preliminary Year-End •Bring information to Council sooner •Overall, a solid picture, but subject to change •FY2017 will close in late November •One month of sales tax still to receive •Unaudited numbers Page 78 of 156 FY2017 Annual Budget General Fund •Sales tax collections still projecting 7% compared to same period last year; one month to collect •Property tax collections at 100% for the year •Utility ROI up 3% compared to same period last year •Development fees were ahead earlier in the year, but finished at about same pace as 2016 •Expenditures on track for the year; overall fund under budget by 3% –Overages in Fire and Environmental Services discussed in Budget Amendment workshop presentation Page 79 of 156 FY2017 Annual Budget Major Enterprise •Electric –Revenue up 2% compared to last year –Purchased Power expenditures exceeded budget and projections –discussed in amendment workshop •Water –Revenue up 26% year over year, mostly due to development impact fees –Operations expenses under budget; CIP expenses under budget and will roll forward due to project timing and capacity •Hotel Occupancy Tax revenue up 24% year over year •Airport Revenue up 14% year over year Page 80 of 156 FY2017 Annual Budget CIP Highlights •Sidewalk improvements completed downtown, along Williams Dr, and I-35 •Garey Park and San Gabriel Park improvements continue •Completion of Grace Church rehab •Substantial progress on Southwest Bypass •New residential development continues in Electric •Design phases complete for major water projects, construction to begin in 2018 Page 81 of 156 FY2017 Annual Budget Investment Highlights 6/30/2017 9/30/2017 Change Total Book Value 179,846,228$ 158,220,196$ (21,626,032)$ Average Yield 1.06%1.14%0.08% 6/30/2017 9/30/2017 Change Total Book Value 20,170,749$ 18,042,602$ (2,128,147)$ Average Yield 1.12%1.28%0.16% 6/30/2017 9/30/2017 Change Total Book Value 5,740,384$ 6,081,347$ 340,963$ Average Yield 0.98%1.09%0.11% CITY GTEC GEDCO Page 82 of 156 Q4 2017 F®ÄƒÄ‘®ƒ½ R›ÖÊÙ㠃ė IÄò›ÝãÛÄã R›ÖÊÙã FÊÙ QçƒÙã›Ù Eė›— S›Öã›Ã›Ù χτ, φτυϋ Page 83 of 156 FINANCIAL REPORT AND INVESTMENT REPORT For the Quarter Ended September 30, 2017 Table of Contents Executive Summary .................................................................................................................................... 1-6 General Fund Schedule ................................................................................................................................. 7 Electric Fund Schedule .................................................................................................................................. 8 Water Services Fund Schedule ...................................................................................................................... 9 Joint Services Fund Schedule ....................................................................................................................... 10 Council Discretionary Fund Schedule .......................................................................................................... 11 Convention & Visitors Bureau Fund Schedule ............................................................................................. 12 Paramedic Fund Schedule ........................................................................................................................... 13 Airport Operations Fund Schedule .............................................................................................................. 14 Georgetown Transportation Enhancement Corporation Fund Schedule .................................................... 15 Georgetown Economic Development Corporation Fund Schedule ............................................................. 16 Quarterly Investment Report - City ........................................................................................................ 17-34 Quarterly Investment Report - GTEC ...................................................................................................... 35-41 Quarterly Investment Report - GEDCO ................................................................................................... 42-48 Grant Applications ....................................................................................................................................... 49 Capital Improvement Projects ................................................................................................................ 50-54 Long-term Commitments, Reservations, and Other Unfunded Liabilities .............................................. 55-57 Page 84 of 156 EXECUTIVE SUMMARY FOR THE QUARTER ENDED SEPTEMBER 30, 2017 I. QUARTERLY FINANCIAL ANALYSIS Please note this quarterly report includes unaudited figures. Currently, City staff along with our audit partners, are in the process of completing the year-end close out and the Comprehensive Annual Finance Report (CAFR). It is anticipated the CAFR process will be completed within the next few months and all numbers finalized. The numbers presented in this report are unaudited, preliminary, and subject to change. GENERAL FUND REVENUES: General Fund revenues collected for the fourth quarter of fiscal year 2017 are 3.2% ahead of fiscal year 2016. The total revenue collected year to date (YTD) for the General Fund is $56.4 million. The sales tax collections through September totaled $12.4 million, or 95% of budget. Sales tax is two months in arrears, with one month still to collect before year-end close. Sales tax revenues are on target to meet the year-end projection of $13.7 million. The growth in sales tax is primarily driven by increases in our core sectors of retail trade, food, and information, which are positively impacted by population growth. Property tax revenues are typically received during the first two quarters of the fiscal year, with the majority of the taxes being received in December and January. The amount of revenue is based on the assessed value and is estimated using the County Assessor’s data. Any deviations from estimates in this revenue stream are typically related to new construction and delinquency rates. Property tax revenues for the fourth quarter of 2017 are up 8.7%, or $1 million, from the year-end of 2016. Our collection rate as of September 2017 is 100% compared to 100% last September. $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 Oc t No v De c Ja n Fe b Ma r Ap r Ma y Ju n Ju l Au g Se p Sales Tax Revenue 2013 2014 2015 2016 2017 Source: Texas Comptroller of Public 1Page 85 of 156 The City collects a 4 – 5% franchise fee on electric, natural gas, cable, and non- cellular telephone revenues provided by entities other than the City. The City has collected $4.4 million through the fourth quarter of 2017, which is a 9.03% decrease from the year-end of 2016. Franchise fees are typically collected on a quarterly basis and the timing of payments can vary. The City also collects a 3% franchise fee and a 7% return on investment (ROI) fee from City owned utilities, which totaled $7.7 million through the fourth quarter of the fiscal year. Franchise fee and ROI collections are down 5.1% over this time last year. Environmental services revenues are up 6.4% from year-end 2016. This increase is related to the growth in the customer base. Development related revenue is down 0.8% over the prior year. Year to date development applications are down 16% from last year. Overall, General Fund primary revenues were strong in fiscal year 2017 and are higher than the prior year. GENERAL FUND EXPENDITURES: General Fund operating expenditures for the fourth quarter of fiscal year 2017 are 5.5% higher than the same period in fiscal year 2016. An increase in expenses is primarily due to a full year impact of Meet and Confer Agreement for public safety, mid-year budget amendments approved in February, and the increase of IT allocations. Total salaries and benefit expenditures through the fourth quarter were $32.49 million or 99.64% of budget. Overall, personnel costs are higher than year-end 2016 due to the merit and market increases that went into effect February 2017. An additional $21.3 million, or 95.2% of budget, was spent on operations. At a later date, staff will propose rolling forward savings in Street Maintenance program operations to FY2018. Administration Services includes City Manager’s Office, City Council, City Secretary and social service funding. Total expenditures for the fourth quarter were $2.2 million or 93.2% of budget. Community Services and Finance provides resources for developing downtown, as well as resources for Parks and Recreation, Library, Communications and Municipal Court. Year to date expenditures are $10.2 million or 98.8% of budget. The Georgetown Utility System Division includes Environmental Services, Inspections, Public Works and Streets. Total expenditures through the fourth quarter were $8.6 million or 98% of budget. Environmental Services manages the contract for solid waste collections. Due to customer growth, the contract expenses exceed budget by $300,000. Staff will propose an amendment to authorize this spending. The expenses are offset by contract related revenue collections. 0 20 40 60 80 100 120 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Number of Building Permits 2013 2014 2015 2016 2017 Source: MyPermitNow 2Page 86 of 156 Total expenditures for Police and Fire through the fourth quarter are 99.17% of budget for a total of $26.8 million. City management, finance and fire staff continue to monitor Fire and EMS overtime every two weeks. The Fire Department will exceed budget by $20,000 due to overtime expenses to cover vacancies and leave. This is lower than the mid-year projection of $70,000. The three float positions added in 2017 helped slow the increase in overtime compared to prior years. Staff will propose a year-end budget amendment to authorize the Fire Division’s spending. UTILITY FUNDS: Electric revenue through the fourth quarter of 2017 is $68.3 million, up 5.2% compared to the prior year’s fourth quarter due to the Power Cost Adjustment. Other revenues are down 34.3% from the prior year due to the City collecting a settlement in the prior year. Total water revenue is up from the prior year by 22.7%; which is largely due to an increase in impact fees for new development in the Western District, customer growth, and the addition of the raw water revenue. Total wastewater revenue is up 30.6% for fiscal year 2017 compared to last year. The increase is largely due to impact fees for new development in the Western District, customer growth, and the approved wastewater fee increase. Utility revenues are impacted significantly by growth and weather conditions. The improved economic conditions and housing market continue to positively impact growth-related revenues. Unusually cool and rainy weather patterns have impacted revenue and purchased power expense for a second year. Electric expenditures will exceed budget in Purchased Power by $9.6 million as a result of selling excess generation into a depressed energy market. Staff will propose a year-end budget amendment authorizing the electric fund’s expenditures on Purchased Power. Water operations expenditures are on target for the year. We continue to monitor savings from bringing plant operations in-house. Water capital expenditures are significantly below budget; however, a CIP roll forward amendment will adjust the spending into FY2018 due to the timing and capacity of large multi-year projects. OTHER MAJOR FUNDS: Hotel Occupancy Tax revenue is $1 million year to date, an increase of 24.2% from the prior year due to the Sheraton Hotel. Poppy Fest expenditures did not exceed the mid-year budget amendment. Airport revenue is up 14% from the prior year, due to fuel sales and leases. Airport expenditures are under budget, and the fund will have a positive ending balance. II. INVESTMENTS The investment activity and strategies described in this report are in compliance with the Public Funds Investment Act (PFIA), City’s investment policy, and generally accepted accounting principles. Activity for the fourth quarter of fiscal year 2017 includes the maturing of financial institution deposits (CD’s) and transfers to favorable money market accounts. Interest rates for money market accounts increased in March 2017 and have been comparable to yield for CD’s with maturity dates one year to eighteen months out. The City will continue soliciting the best rates to improve both diversity and yield. The Investment Reports for the quarter ended September 30, 2017 and the supporting schedules are attached. 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 3Page 87 of 156 summary of the investment balances at September 30, 2017, 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). CITY GTEC GEDCO 6/30/17 9/30/17 6/30/17 9/30/17 6/30/17 9/30/17 Total cash and investments $179,846,228 $158,220,196 $20,170,749 $18,042,602 $5,740,384 $6,081,347 Average Yield 1.06% 1.14% 1.12% 1.28% 0.98% 1.09% 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. City portfolio balances have increased in the last few years in direct correlation to the increase in contingency reserves and debt proceeds issued for future capital improvement projects. The portfolio has decreased during this quarter due to bond payments that were made in August. The City’s investment portfolio includes bank deposits, local government investment pool balances, money market accounts and financial institution deposits. All of these investments carry insurance or an implied backing from the Federal Government. The collateral on all City investments are monitored monthly to ensure the financial institutions carry minimum collateral of 102% of market value of the City’s investments. Currently, the City does not own any securities due to the market conditions for these types of investments, however, during this quarter a safekeeping relationship with BBVA Compass has been established to anticipate future investment possibilities. Once the City begins purchasing securities, the investment officers will obtain from a reliable source the current credit rating for each held investment that has a PFIA-required minimum rating. All securities held by financial institutions as collateral on behalf of the City have been reviewed and met PFIA-minimum rating criteria. The City has worked closely with the City’s depository bank 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 versus earning interest on these balances. The City has looked at various options to maximize our best yield vs investment & the decision to change the depository collateral from securities to a letter of credit has increased our Earnings Credit Rate to .45 (plus 10 basis points). Current analysis shows a higher return on investments that will cover bank fees and provide additional yield. The City will continue to verify depository yield versus investment yield to achieve the best outcome. The City's investment program is conducted to accomplish the objectives of safety, liquidity, public trust, and yield. It is also the objective of the City to diversify its investments to eliminate the risk of loss resulting from over concentration of assets in a specific maturity, a specific issuer or a specific class of investments. It is the intent of the City to invest its funds to maturity. III. CAPITAL PROJECTS The projects in the Capital Improvement Program (CIP) consist of infrastructure and related construction and do not include small capital items such as furniture, equipment, and vehicle maintenance. Maintenance-type projects are not capitalized as a fixed asset and are usually cash funded. Therefore, they are considered operational in nature and are included in the departmental operating budget. 4Page 88 of 156 A year-to-date budget status for each of the approved projects is included in the quarterly report, including the following: PARKS San Gabriel Park Improvements: A master plan for improvements to San Gabriel Park was completed in 2015. The master plan proposed the improvements be completed in phases due to the high usage and the many events that take place in the park. The groundbreaking for Phase 1 construction was held on March 24th. Weststar Construction in Georgetown is the general contractor. Construction is expected to be completed in early 2018. Phase 1 improvements include spring restoration, pavilions, road realignment, play areas, restrooms, signage and parking. Austin based RVi is currently designing San Gabriel Park Phase II which is expected to start construction in Spring 2018. Garey Park: In 2004, Mr. and Mrs. Jack Garey announced they would donate their 525 acre ranch and $5 million to the City of Georgetown for a public park. In 2008, the citizens passed a parks bond with $10 million dedicated for the construction of Garey Park. A master plan was completed in 2006 that set the stage for how the park would be developed. The ground breaking for Garey Park was held on March 31st. Prime Construction of Pflugerville is the general contractor for renovation to Garey House and for site and civil construction. Construction is expected to take 12 months with a spring 2018 completion. Project elements include a playground, splash pad, dog park, equestrian arena, gate house, event area including Garey House and hiking and equestrian trails. Public Works Southwest Bypass: Construction is approximately 85% complete project-wide. The South San Gabriel bridge is 95% complete. The beam set is complete on the second bridge south of the river. Base course has been installed, along with the first course of asphalt, on the entire project (excluding the area between the bridges). Wolf Ranch Parkway Extension: The first segment of the project is complete with the exception of the final course of asphalt and revegetation. Sidewalk Improvements: Construction on several sidewalk improvement projects throughout the city began May 1. This is the first round of sidewalk improvement projects identified in the adopted Sidewalk Master Plan and funded in part by the road bond approved by voters in May 2015. The contractor is now at the last site on this project which is Founders’ Park. ELECTRIC New development continues to exceed expectations in the fourth quarter with additional residential, multifamily, and business projects in progress. Modifications are in progress to serve The Lofts, and 8th & Rock developments. WATER The Berry Creek Interceptor design is 90% complete and the easement acquisition is in progress. Construction is estimated to start in September 2018. The Stonehedge and Westinghouse lift station project bid went to the Board and Council in November. Construction started in January 2017 and is scheduled for completion in January 2018. 5Page 89 of 156 The Pecan Branch wastewater treatment plant bid opening was on March 28th with construction started in July 2017. Completion is scheduled for July 19, 2019. The Shell Road and CR 255 water main designs are complete and easement acquisitions are in progress. Construction is estimated to start September 2018. The Domel water treatment plant design is complete. Construction started in July 2017 with final completion scheduled for June 2018. GENERAL CAPITAL PROJECT RECONCILIATION Staff have begun reconciling capital projects funded with general obligation bonds. Leftover funding from completed projects may be used for similar projects. This information will be useful in planning the 2018 spring debt sale. Due to the extensive amount of projects being reconciled, an updated summary is not available for the 4th quarter. We anticipate completing the reconciliation in time for the annual debt overview presentation. 6Page 90 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR-END VARIANCE FAV(UNFAV) %YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALANCE 10,893,558 10,990,128 10,990,128 - 0.00% Revenue Property Tax 12,475,000 (280,692) 12,653,957 12,475,000 178,957 1.43% Sales Tax 13,059,541 1,388,782 12,387,124 13,702,850 (1,315,726) -9.60% Sanitation Revenue 7,181,300 617,246 7,230,897 7,422,500 (191,603) -2.58% ROI 8,070,041 771,576 7,728,715 8,034,360 (305,645) -3.80% Franchise Fees 5,142,035 283,180 4,481,597 5,141,726 (660,129) -12.84% Development and Permit Fees 2,307,991 203,666 2,606,678 2,622,600 (15,922) -0.61% Parks and Rec Fees 2,190,746 146,592 2,357,892 2,270,030 87,862 3.87% Administrative Charges 1,886,221 158,330 1,899,960 1,886,221 13,739 0.73% All Other Revenue 3,556,378 731,886 3,665,232 3,902,237 (237,005) -6.07% Transfer In 1,612,200 - 1,393,450 1,612,200 (218,750) -13.57% Revenue Total 57,481,453 4,020,566 56,405,503 59,069,724 (2,664,221) -4.51% Expense Administrative Services 1,585,029 146,178 1,437,899 1,532,873 94,974 5.99% Animal Services 918,594 84,507 824,940 885,071 60,131 6.55% Arts & Culture 74,385 12,277 74,029 71,371 (2,658) -3.57% City Council 127,644 13,166 136,782 122,721 (14,061) -11.02% City Secretary 662,422 103,362 635,714 635,942 228 0.03% Code Enforcement 407,773 55,029 349,663 373,865 24,202 5.94% Environmental Services 5,879,717 542,638 5,686,059 6,155,717 469,658 7.99% Fire Emergency Services 10,046,095 1,065,607 9,930,547 10,033,514 102,967 1.02% Fire Support Services 2,418,984 270,791 2,555,382 2,545,422 (9,960) -0.41% General Gov't Contracts 3,353,753 288,098 3,847,730 3,665,391 (182,339) -5.44% Inspections 1,167,339 138,549 1,046,849 1,101,709 54,860 4.70% Library 2,419,829 252,687 2,426,258 2,383,698 (42,560) -1.76% Municipal Court 564,620 60,946 549,182 561,544 12,362 2.19% Parks 2,312,359 282,198 2,260,669 2,302,926 42,257 1.83% Parks Admin 484,592 44,367 487,481 487,592 111 0.02% Planning 1,349,832 110,008 1,046,689 1,181,571 134,882 9.99% Police Admin 2,105,056 188,801 2,083,181 2,078,365 (4,816) -0.23% Police Operations 11,176,291 1,482,358 11,040,423 10,898,503 (141,920) -1.27% Public Communications 387,333 51,732 380,560 377,417 (3,143) -0.81% Public Works 701,748 140,085 687,874 679,110 (8,764) -1.25% Rec Programs 1,439,699 97,832 1,359,284 1,488,564 129,280 8.98% Recreation 2,422,487 254,305 2,387,377 2,386,714 (663) -0.03% Streets 4,056,498 475,317 3,054,726 4,017,630 962,904 23.74% Tennis Center 431,262 38,378 429,911 435,790 5,879 1.36% Transfer Out 2,501,378 134,805 2,486,123 2,501,375 15,251 0.61% Expense Total 58,994,718 6,334,021 57,205,330 58,904,395 1,699,065 2.88% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (1,513,265) (2,313,456) (799,828) 165,329 (965,157) -584% ENDING FUND BALANCE 9,380,294 10,190,300 11,155,457 (965,157) -10% General Fund Preliminary Actuals to Year-End Projection September 2017 7 Page 91 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR-END VARIANCE FAV(UNFAV) %YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALANCE 6,436,145 6,088,504 6,196,297 (239,848) -3.87% Operating Revenue Electric Revenue 65,898,216 6,657,965 64,762,170 64,762,170 (0) 0.00% Interest 18,100 9,647 56,118 56,118 0 0.00% Other Revenue 3,820,000 207,683 3,513,966 5,055,156 (1,541,190) -30.49% Operating Revenue Total 69,736,316 6,875,296 68,332,254 69,873,444 (1,541,190) -2.21% Operating Expenditures CRR Credits (1,500,000) (954,363) (6,488,088) (6,488,088) 1 0.00% Georgetown Utility Systems 16,900,435 2,180,798 16,853,220 16,833,013 (20,207) -0.12% Purchased Power 38,000,000 6,198,493 50,923,650 52,578,926 1,655,276 3.15% Transfer Out-Fleet 71,500 - 71,500 71,500 - 0.00% Transfer Out-ROI 5,234,145 538,979 5,131,425 5,131,425 (0) 0.00% Transfer Out-SRF 60,000 - 60,000 60,000 - 0.00% Operating Expenditures Total 58,766,080 7,963,907 66,551,708 68,186,776 1,635,068 2.40% Total Net Operations 10,970,236 (1,088,611) 1,780,546 1,686,668 93,878 5.57% Non-Operating Revenue Bond Premium - - 654,960 654,960 (0) 0.00% Bond Proceeds 7,025,000 - 6,500,000 6,500,000 - 0.00% Non-Operating Revenue Total 7,025,000 - 7,154,960 7,154,960 (0) 0.00% Non-Operating Expenditures CIP 6,956,000 326,727 6,089,385 6,085,965 (3,420) -0.06% Debt Issuance Cost 15,000 - 96,591 98,705 2,114 2.14% Debt Service 3,464,271 - 3,455,972 3,453,858 (2,114) -0.06% Non-Operating Expenditures Total 10,435,271 326,727 9,641,948 9,638,528 (3,420) -0.04% Total Net Non-Operations (3,410,271) (326,727) (2,486,988) (2,483,568) 3,420 -0.14% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 7,559,965 (1,415,338) (706,442) (796,900) (90,458) 11.35% ENDING FUND BALANCE 13,996,110 5,382,062 5,399,397 17,335 0.12% Electric Fund Preliminary Actuals to Year-End Projection September 2017 8 Page 92 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR-END VARIANCE FAV(UNFAV) %YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALANCE 24,911,799 54,428,066 54,428,066 - 0.00% Operating Revenue Water Utility Revenue 26,700,000 2,824,060 26,968,419 27,086,343 (117,924) -0.44% Other Revenue 3,747,088 457,287 5,089,969 3,861,771 1,228,198 31.80% Interest 199,975 58,308 485,664 331,317 154,347 46.59% Raw Water Revenue 178,500 27,889 164,157 174,429 (10,272) -5.89% Capital Recovery Fee 4,767,300 1,610,481 13,473,975 9,791,083 3,682,892 37.61% Irrigation Utility Revenue 225,000 35,724 270,915 174,515 96,400 55.24% Transfer In, Debt 115,839 115,839 115,839 115,839 - 0.00% Wastewater Utility Revenue 10,733,475 925,218 10,552,235 10,541,459 10,776 0.10% Operating Revenue Total 46,667,177 6,054,805 57,121,173 52,076,756 5,044,417 9.69% Operating Expenditures Irrigation 204,672 18,540 200,192 192,172 (8,020) -4.17% Transfer Out, Fleet/Joint Service 290,750 17,396 290,752 290,750 (2) 0.00% Transfer Out, General 425,000 - 206,250 275,000 68,750 25.00% Transfer Out, ROI 2,604,339 215,781 2,397,243 2,605,536 208,293 7.99% Wastewater Distribution 737,700 46,672 464,095 631,381 167,286 26.50% Wastewater Plant Management 2,670,507 161,783 2,597,014 2,335,887 (261,127) -11.18% Water Administration 16,600,932 1,501,108 16,438,860 16,052,822 (386,038) -2.40% Water Distribution 2,209,230 (109,062) 2,017,784 2,248,780 230,996 10.27% Water Operations 3,714,279 374,154 3,465,893 3,509,434 43,541 1.24% Water Plant Management 2,779,631 277,490 2,339,316 2,559,251 219,935 8.59% Operating Expenditures Total 32,237,040 2,503,862 30,417,399 30,701,013 283,614 0.92% TOTAL NET OPERATIONS 14,430,137 3,550,943 26,703,774 21,375,743 5,328,031 24.93% Non-Operating Revenue Bond Premium - - 1,442,797 380,000 1,062,797 0.00% Bond Proceeds 20,000,000 - 18,960,000 20,000,000 (1,040,000) -5.20% Special Improvement Fees 205,000 - - - - 0.00% Non-Operating Revenue Total 20,205,000 - 20,402,797 20,380,000 22,797 0.11% Non-Operating Expenditures CIP 90 73,799,005 1,072,189 18,348,927 71,486,957 53,138,030 74.33% CIP 91 1,161,948 156,794 1,156,770 1,161,948 5,178 0.45% Debt Service 5,182,487 750 5,598,780 5,182,487 (416,293) -8.03% Non-Operating Expenditures Total 80,143,440 1,229,733 25,104,478 77,831,392 52,726,914 67.75% TOTAL NET NON-OPERATIONS (59,938,440) (1,229,733) (4,701,681) (57,451,392) 2,487,048 -4.33% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (45,508,303) 2,321,210 22,002,094 (36,075,649) 9,432,655 -26.15% ENDING FUND BALANCE (20,596,504) 76,430,160 18,352,417 38,948,922 212.23% Water Services Fund Preliminary Actuals to Year-End Projection September 2017 9 Page 93 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR-END VARIANCE FAV(UNFAV) %YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALANCE 749,366 343,361 343,362 (1) 0.00% Revenue SERVICE FEES - GENERAL 2,988,741 249,062 2,988,744 2,988,741 3 0.00% SERVICE FEES - AIRPORT 117,729 9,811 117,732 117,729 3 0.00% SERVICE FEES - ELECTRIC 3,782,058 315,172 3,782,064 3,782,058 6 0.00% SERVICE FEES - STORMWATER 838,822 69,902 838,824 838,822 2 0.00% SERVICE FEES - WASTEWATER 1,957,252 163,104 1,957,248 1,957,252 (4) 0.00% SERVICE FEES - WATER 3,517,167 293,097 3,517,164 3,517,167 (3) 0.00% SERVICE FEES - CONSERVATION 89,647 7,471 89,652 89,647 5 0.01% SERVICE FEES - RURAL WATER 1,000,700 83,392 1,000,704 1,000,700 4 0.00% GTEC ADMIN/CONTRACT FEE 149,083 12,424 149,088 149,083 5 0.00% GEDCO ADMIN/CONTRACT FEE 197,722 16,477 197,724 197,722 2 0.00% VPID ADMIN/CONTRACT FEE 13,279 1,103 13,279 13,279 - 0.00% INTEREST 9,000 645 7,068 9,000 (1,932) -21.47% OTHER 29,000 (35,253) 116,988 85,214 31,774 37.29% TRANSFERS IN 582,140 27,938 582,139 582,137 2 0.00% Revenue Total 15,272,341 1,214,345 15,358,418 15,328,552 29,866 0.19% Expense FINANCE ADMINISTRATION 900,293 125,787 857,409 889,379 31,970 3.59% ACCOUNTING 855,700 110,147 792,217 790,114 (2,103) -0.27% PURCHASING 737,185 127,688 714,451 711,332 (3,119) -0.44% CUSTOMER CARE 3,544,585 339,023 3,472,943 3,401,387 (71,556) -2.10% JOINT SVCS CON 935,232 456,943 1,128,134 990,400 (137,734) -13.91% GUS ADMINISTRATION 1,392,815 143,160 1,388,238 1,414,575 26,337 1.86% ENGINEERING 2,049,288 200,691 1,688,105 1,845,466 157,361 8.53% CONSERVATION 1,047,322 107,432 588,792 680,355 91,563 13.46% ENGINEERING SUPPORT 1,239,024 122,733 954,999 1,098,298 143,299 13.05% ECONOMIC DEVELOPMENT 427,990 40,697 415,457 406,838 (8,619) -2.12% MAIN STREET 157,537 17,768 137,054 153,810 16,756 10.89% INSURANCE & LEGAL 705,000 15,152 604,674 705,000 100,326 14.23% HUMAN RESOURCES 806,051 79,606 793,095 789,562 (3,533) -0.45% CITY WIDE HR 119,756 57,155 366,013 403,620 37,607 9.32% IN-HOUSE LEGAL 1,072,128 93,089 978,007 1,045,124 67,117 6.42% TRANSFER TO FLEET 25,000 - 25,000 25,000 - 0.00% Expense Total 16,014,907 2,037,071 14,904,588 15,350,260 445,672 2.90% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (742,566) (822,726) 453,830 (21,709) 475,538 2190.56% ENDING FUND BALANCE 6,800 797,191 321,653 475,537 6993.30% Joint Services Fund Preliminary Actuals to Year-End Projection September 2017 10 Page 94 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR-END VARIANCE FAV(UNFAV) % YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALANCE 185,045 185,694 185,694 - 0.00% Revenue Interest - 125 2,584 2,000 (584) 0.00% Transfer In, General Fund 1,734,779 - 1,734,779 1,734,779 - 0.00% Revenue Total 1,734,779 125 1,737,363 1,736,779 (584) -0.03% Expense Transfer Out, GCP 270,000 - 270,000 270,000 - 0.00% Transfer Out, General Fund 1,177,000 - 1,177,000 1,177,000 - 0.00% Transfer Out, ISF 80,000 - 80,000 80,000 - 0.00% Transfer Out, Joint Services 95,000 - 95,000 95,000 - 0.00% Expense Total 1,622,000 - 1,622,000 1,622,000 - 0.00% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 112,779 125 115,363 114,779 (584) -0.52% ENDING FUND BALANCE 297,824 301,057 300,473 (584) -0.20% Council Discretionary Fund Preliminary Actuals to Year-End Projection September 2017 11 Page 95 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR-END VARIANCE FAV(UNFAV) % YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALALNCE 578,306 483,707 483,707 - 0.00% Revenue Hotel/Motel Occupancy Tax Revenues 1,260,000 96,614 1,098,363 1,150,000 (51,637) -4.10% Interest 1,500 313 3,182 1,500 1,682 112.13% Other 8,000 603 17,599 13,102 4,497 56.22% Poppy Festival 150,000 830 112,469 111,215 1,254 0.84% Revenue Total 1,419,500 98,361 1,231,613 1,275,817 (44,204) -3.11% Expense Operations 498,506 23,736 429,011 497,778 68,767 13.79% Personnel 359,570 46,557 346,993 353,009 6,016 1.67% Poppy Festival 128,700 (20) 109,613 108,710 (903) -0.70% Transfer to Facilities 51,535 4,295 51,540 51,535 (5) -0.01% Transfer to Fleet 5,655 471 5,652 5,655 3 0.05% Transfer to General Fund 10,200 - 10,200 10,200 - 0.00% Transfer to Information Technology 42,436 3,536 42,432 42,436 4 0.01% Expense Total 1,096,602 78,575 995,441 1,069,323 73,882 6.74% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 322,898 19,786 236,172 206,494 (29,678) -9.19% ENDING FUND BALANCE 901,204 719,879 690,201 (211,003) -23% Contingency 180,263 175,779 Convention & Visitors Bureau Fund Preliminary Actuals to Year-End Projection September 2017 12 Page 96 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR END VARIANCE FAV(UNFAV) %YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALANCE (853,003) (909,490) (909,490) - 0.00% Revenue EMS Revenue 2,135,250 214,518 2,472,204 2,400,646 71,558 2.98% Franchise Fees 20,000 - - 20,000 (20,000) -100.00% Transfer In 49,846 4,154 49,848 49,846 3 0.01% All Other Revenue - - 6,800 4,800 2,000 41.67% Revenue Total 2,205,096 218,672 2,528,852 2,475,292 53,561 2.16% Expense Personnel 1,585,854 172,437 1,697,845 1,545,706 (152,139) -9.84% O&M 492,579 27,056 480,588 516,501 35,913 6.95% Expense Total 2,078,433 199,493 2,178,433 2,062,207 (116,226) -5.64% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 126,663 19,179 350,419 413,085 62,665 15% ENDING FUND BALANCE (726,340) (559,071) (496,406) 229,935 46% Paramedic Fund Preliminary Actuals to Year-End Projection September 2017 13 Page 97 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YTD YEAR-END VARIANCE FAV(UNFAV) % YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALANCE 43,849 311,251 311,250 1 0.00% Revenues Operating Revenue Fuel and Terminal Sales 2,720,928 219,780 2,451,359 2,561,492 (110,133) -4.30% Leases and Rentals 767,990 72,074 833,980 872,054 (38,074) -4.37% Interest and Other 66,075 2,581 42,196 50,554 (8,358) -16.53% TOTAL OPERATING REVENUE 3,554,993 294,435 3,327,535 3,484,100 (156,565) -4.49% Expenditures Operating Expenditures Personnel 388,781 48,759 340,214 358,048 17,834 4.98% Operations-Fuel 2,296,928 165,360 2,193,698 2,200,414 6,716 0.31% Operations-Non Fuel 657,086 41,252 673,552 666,386 (7,166) -1.08% Transfers Out 25,000 - 25,000 25,000 - 0.00% Airport Master Plan - - - - - 0.00% Debt Service 143,768 - 141,265 143,768 2,503 1.74% TOTAL OPERATING EXPENDITURES 3,511,563 255,371 3,373,729 3,393,616 19,887 0.59% TOTAL NET OPERATIONS 43,430 39,064 (46,194) 90,484 (136,678) -151.05% Revenues Non-Operating Revenue Grants 35,000 - 50,000 50,000 - 0.00% TOTAL NON-OPERATING REVENUES 35,000 - 50,000 50,000 - 0.00% TOTAL NET NON-OPERATIONS 35,000 - 50,000 50,000 - 0.00% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 78,430 39,064 3,806 140,484 (136,678) -97.29% ENDING FUND BALANCE 122,279 315,057 451,734 (136,677) -30.26% Preliminary Actual to Year-End Projection September 2017 Airport Operations Fund 14 Page 98 of 156     APPROVED  BUDGET    CURRENT  PERIOD    YEAR TO DATE  (W/ENCUMB)     YEAR‐END PROJECTION    YEAR‐END  VARIANCE   FAV(UNFAV)    % YEAR‐END  VARIANCE  FAV(UNFAV)  BEGINNING FUND BALANCE    11,022,877              11,010,396        11,022,877                                                    (12,481)‐0.11% Operating Revenue Sales Tax 5,875,000                 622,778               5,237,572          6,325,000                                 (1,087,428)                ‐17.19% PID Assessments 553,201                    44,770                 44,770                553,201                                    (508,431)                   ‐91.91% Interest 50,000                       14,915                 170,372              127,000                                    43,372                       34.15% Interlocal Agreement 2,905,356                  ‐                       1,546,138          1,750,000                                 (203,862)                    ‐11.65% Miscellaneous ‐                              ‐                       7,539                  7,539                                         0                                 0.00% TOTAL OPERATING REVENUE 9,383,557                 682,463              7,006,391          8,762,740                                 (1,756,349)               ‐20.04% Operating Expenditure Administrative Support 330,895                    27,590                 329,601              330,895                                    1,294                         0.39% TOTAL OPERATING EXPENDITURES 330,895                    27,590                 329,601             330,895                                    1,294                         0.39% TOTAL NET OPERATIONS 9,052,662                 654,873              6,676,790          8,431,845                                 (1,755,055)               ‐20.81% Non‐Operating Revenue Debt Proceeds 6,000,000                 ‐                       6,119,010          6,000,000                                 119,010                    1.98% Other Grant Revenue 450,000                     ‐                       451,659              61,763                                       389,896                    631.28% TxDot Refund ‐                              ‐                       223,873              223,873                                    0                                 0.00% TOTAL NON‐OPERATING REVENUE 6,450,000                 ‐                       6,794,542          6,285,636                                 508,906                    8.10% Non‐Operating Expenditure Available for Projects TBD 1,468,750                 ‐                       ‐                      ‐                                             ‐                             0.00% Debt Service 3,414,754                 (23,213)               3,538,712          3,414,754                                 (123,958)                   ‐3.63% FM 971 / Fontana 91,590                       ‐                       158,021              91,590                                       (66,431)                     ‐72.53% FM1460 Widening 650,000                    6,766                   148,669              650,000                                    501,331                    77.13% IH 35 / HWY29 Intersection 650,000                    ‐                       ‐                      650,000                                    650,000                    100.00% Mays St 3,500,000                 138,237               246,777              3,500,000                                 3,253,223                 92.95% NB Frontage 2338 to Lakeway ‐                             ‐                       ‐                      ‐                                             ‐                             0.00% Pecan Center Dr to Airport Rd (FY15)6,000,000                 2,500                   609,710              1,850,000                                 1,240,290                 67.04% Rivery TIA Improvements 1,157,121                 ‐                       140,330              1,157,121                                 1,016,791                 87.87% Rivery‐Extension Williams Dr to NW Blvd (FY16)4,000,000                 2,356                   3,231,938          4,000,000                                 768,062                    19.20% SH 29 to RM 2243 SW Bypass ‐                             3,000                   16,220                ‐                                             (16,220)                     0.00% SW Bypass 2243 to IH35 354,920                    ‐                       20,957                354,920                                    333,963                    94.10% SW Inner Loop 29 to SW Bypass ‐                             ‐                       8                          ‐                                             (8)                               0.00% Williams Drive Gateway ‐                             ‐                       ‐                      ‐                                             ‐                             0.00% Wolf Ranch Pkwy Extension 283,350                    ‐                       ‐                      283,350                                    283,350                    100.00% TOTAL NON‐OPERATING EXPENDITURE 21,570,485              129,647              8,111,343          15,951,735                               7,840,392                 49.15% TOTAL NET NON‐OPERATIONS (15,120,485)             (129,647)             (1,316,801)         (9,666,099)                               8,349,298                 86.38% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL  REQUIREMENTS (6,067,823)               525,226              5,359,989          (1,234,254)                               6,594,243                 534.27% ENDING FUND BALANCE 4,955,054                 16,370,385      9,788,623                               6,581,762                 67.24% RESERVED ENDING BALANCE 1,619,550                 1,619,550                                  Georgetown Transportation Enhancement Corporation Fund Preliminary Actuals to Year‐End Projection September 2017 15Page 99 of 156 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION YEAR-END VARIANCE FAV(UNFAV) % YEAR-END VARIANCE FAV(UNFAV) BEGINNING FUND BALALNCE 5,015,684 5,068,518 5,068,518 - 0.00% Revenue OPERATING REVENUES Sales Tax 1,468,750 155,695 1,309,393 1,581,250 (271,857) -17.19% Interest 10,400 5,392 44,972 34,171 10,801 31.61% Miscellaneous Revenue 60,321 - 60,302 60,321 (19) -0.03% Lease Revenue (Grape Creek)48,000 4,000 52,000 48,000 4,000 8.33% OPERATING REVENUES TOTAL 1,587,471 165,086 1,466,667 1,723,742 (257,075) -14.91% OPERATING EXPENDITURES Joint Services Allocation 197,722 16,477 197,724 197,722 (2) 0.00% Supplies 300 - 193 300 107 35.80% Special Services 7,500 - 33 7,500 7,467 99.56% Travel & Training 1,500 - - 1,500 1,500 100.00% Promotional & Marketing Program 81,000 2,539 72,106 81,000 8,894 10.98% Miscellaneous Expense 10,321 - 10,302 10,302 (0) 0.00% OPERATING EXPENDITURES Total 298,343 19,016 280,358 298,324 17,966 6.02% TOTAL NET OPERATIONS 1,289,128 146,070 1,186,309 1,425,418 (239,109) -16.77% NON-OPERATING EXPENDITURES Avalanche Consulting, Inc 100,000 - 100,000 100,000 - 0.00% Catalyst 24,000 - 23,259 23,000 (259) -1.13% Debt Service 115,839 (95,744) 115,725 115,725 - 0.00% DisperSol 60,000 - 10,000 60,000 50,000 83.33% Economic Development Projects -Undetermined 5,200,322 - - - - 0.00% Interest Expense 111,463 111,583 111,583 111,463 (120) -0.11% Other - - - - - 0.00% Principal Reduction 100,000 100,000 100,000 100,000 - 0.00% Radix 50,000 - - - - 0.00% Rentschler Brewing LLC 70,000 - 70,000 70,000 - 0.00% Tasus 6,000 - - - - 0.00% Texas Life Sciences 100,000 - - - - 0.00% NON-OPERATING EXPENDITURES Total 5,937,624 115,839 530,567 580,188 49,621 8.55% EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (4,648,496) 30,231 655,742 845,230 (189,488) -22.42% ENDING FUND BALANCE 367,188 5,724,260 5,913,748 (189,488) -3.20% Georgetown Economic Development Corporation Fund Preliminary Actuals to Year-End Projection September 2017 16 Page 100 of 156 CITY QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 2017 Prepared by Valley View Consulting, L.L.C. The investment portfolio of the City of Georgetown is in compliance with the Public Funds Investment Act and the Investment Policy and Strategies. ___________________________________ _____________________________________ Elaine Wilson Leigh Wallace Controller Finance Director 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. 17Page 101 of 156 FYE Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Ave. Yield Book Value Market Value Demand Accounts 0.29% 18,173,961$ 18,173,961$ 0.38% 13,874,086$ 13,874,086$ NOW/MMA 0.55% 5,349,353 5,349,353 1.43% 45,875,729 45,875,729 Pools 0.41% 69,025,556 69,025,556 1.04% 61,661,393 61,661,393 Certificates of Deposit 0.85% 30,681,533 30,681,533 1.25% 36,808,988 36,808,988 Totals 123,230,402$ 123,230,402$ 158,220,196$158,220,196$ Fourth Quarter-End Yield 0.51%1.14% Average Quarter-End Yields - Fiscal Year (1): Georgetown-City 0.46%0.88% Rolling Three Month Treasury 0.25%0.75% Rolling Six Month Treasury 0.37%0.78% TexPool 0.31%0.74% (1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value. September 30, 2016 Annual Comparison of Portfolio Performance September 30, 2017 Valley View Consulting, L.L.C.18Page 102 of 156 Summary Quarter End Results by Investment Category: Asset Type Book Value Market Value Ave. Yield Book Value Market Value Demand Accounts 12,301,336$ 12,301,336 0.38% 13,874,086$ 13,874,086$ NOW/MMA 50,730,044 50,730,044 1.43% 45,875,729 45,875,729 Pools 68,494,027 68,494,027 1.04% 61,661,393 61,661,393 CDs/Securities 48,320,821 48,320,821 1.25% 36,808,988 36,808,988 Totals 179,846,228$ 179,846,228$ 158,220,196$ 158,220,196$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2) Total Portfolio 1.14%Total Portfolio 0.88% Rolling Three Mo. Treas. Yield 1.05%Rolling Three Mo. Treas. Yield 0.75% Rolling Six Mo. Treas. Yield 1.09%Rolling Six Mo. Treas. Yield 0.78% Quarterly TexPool Yield 0.74% 13,372$ Interest income provided in separate report.49,760$ June 30, 2017 (1) 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. (2) Fiscal Year-to-Date Average Yields 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 September 30, 2017 Valley View Consulting, L.L.C. 19Page 103 of 156 Economic Overview 9/30/2017 The Federal Open Market Committee (FOMC) maintained the Fed Funds target range of 1.00% - 1.25% (Effective Fed Funds are trading +/-1.16%) since the June FOMC meeting. Recent announcements have increased the probability of a December rate increase. The FOMC announced a gradual portfolio reduction by limiting reinvestment of maturing holdings. Second Quarter 2017 GDP was revised to 3.1%. September Non Farm Payroll data was a storm influenced negative 33k, with downward revisions to August and July. Other US data generally showed positive with a few negative numbers. The Stock Markets achieved new highs. Monitoring estimated balances and needs will determine laddering opportunities. 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 S&P 500 0.00 0.50 1.00 1.50 2.00 2.50 3.00 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 Treasury Yield Curves September 30, 2016 June 30, 2017 September 30, 2017 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 US Treasury Historical Yields - Since 2006 Six Month T-Bill Two Year T-Note Ten Year T-Note Valley View Consulting, L.L.C.20Page 104 of 156 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)0.38% 10/01/17 09/30/17 13,874,086$ 13,874,086$ 1.00 13,874,086$ 1 0.38% Green Bank MMA 1.21% 10/01/17 09/30/17 6,484,301 6,484,301 1.00 6,484,301 1 1.21% NexBank MMA 1.47% 10/01/17 09/30/17 39,391,427 39,391,427 1.00 39,391,427 1 1.47% TexPool AAAm 1.02% 10/01/17 09/30/17 5,921,168 5,921,168 1.00 5,921,168 1 1.02% TexSTAR AAAm 1.04% 10/01/17 09/30/17 55,740,226 55,740,226 1.00 55,740,226 1 1.04% Lubbock National Bank CD 1.00% 10/02/17 05/23/16 2,026,908 2,026,908 100.00 2,026,908 2 1.00% Green Bank CD 0.81% 11/03/17 11/03/16 1,530,323 1,530,323 100.00 1,530,323 34 0.81% Southside Bank CD 0.92% 11/17/17 11/18/16 3,072,339 3,072,339 100.00 3,072,339 48 0.92% Lubbock National Bank CD 1.20% 02/23/18 02/23/17 6,041,944 6,041,944 100.00 6,041,944 146 1.20% LegacyTexas Bank CD 1.20% 03/09/18 03/09/17 5,030,323 5,030,323 100.00 5,030,323 160 1.20% Southside Bank CD 1.22% 06/01/18 05/09/17 3,510,763 3,510,763 100.00 3,510,763 244 1.22% Southside Bank CD 1.25% 08/01/18 05/09/17 5,015,753 5,015,753 100.00 5,015,753 305 1.25% Lubbock National Bank CD 1.50% 01/03/19 01/03/17 3,030,090 3,030,090 100.00 3,030,090 460 1.50% R Bank CD 1.50% 02/21/19 02/21/17 6,044,496 6,044,496 100.00 6,044,496 509 1.50% Independent Bank CD 1.60% 03/01/19 05/09/17 1,506,049 1,506,049 100.00 1,506,049 517 1.60% 158,220,196$ 158,220,196$ 158,220,196$611.14% (1) (2) September 30, 2017 (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 ad visory 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. Valley View Consulting, L.L.C.21Page 105 of 156 0–6 Months 94% 6–12 Months 6% Current Quarter Maturities $0 $25,000,000 $50,000,000 $75,000,000 $100,000,000 $125,000,000 $150,000,000 $175,000,000 $200,000,000 12/31/16 03/31/17 06/30/17 09/30/17 Portfolio Balances Money Market Local Depository TexSTAR TexPool Certificate of Deposit 166174166 102 69 90 73 75 109104 123 156163 97108 87 51 67 49 41 91 73 61 0 50 100 150 200 # o f D a y s Weighted Average to Maturity JPMorgan Chase 9%Southside Bank 7% Green Bank 5% NexBank 25% TexPool 4% TexSTAR 35% Independent Bank 1% Rbank 4% LegacyTexas Bank 3% Lubbock National Bank 7% Portfolio Holdings by Issuer Valley View Consulting, L.L.C.22Page 106 of 156 City - Book and Market Value Comparison Coupon/ Maturity Face Amount/Purchases/ Sales/Adjust/ Face Amount/ Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value JPMorgan Chase Cash 0.38% 10/01/17 12,301,336$ 12,301,336$ 1,572,749$ –$ 13,874,086$ 13,874,086$ Green Bank MMA 1.21% 10/01/17 6,464,728 6,464,728 19,574 6,484,301 6,484,301 NexBank MMA 1.47% 10/01/17 44,265,316 44,265,316 (4,873,889) 39,391,427 39,391,427 TexPool 1.02% 10/01/17 4,564,988 4,564,988 1,356,180 5,921,168 5,921,168 TexSTAR 1.04% 10/01/17 63,929,038 63,929,038 (8,188,813) 55,740,226 55,740,226 Lubbock National Bank CD 0.95%07/03/17 3,031,068 3,031,068 (3,031,068)– – Lubbock National Bank CD 0.95%07/03/17 2,525,890 2,525,890 (2,525,890)– – Lubbock National Bank CD 0.95%07/03/17 3,031,068 3,031,068 (3,031,068)– – LegacyTexas Bank CD 0.95%08/18/17 3,039,206 3,039,206 (3,039,206)– – Lubbock National Bank CD 1.00%10/02/17 2,021,808 2,021,808 5,100 2,026,908 2,026,908 Green Bank CD 0.81%11/03/17 1,527,205 1,527,205 3,118 1,530,323 1,530,323 Southside Bank CD 0.92%11/17/17 3,065,231 3,065,231 7,108 3,072,339 3,072,339 Lubbock National Bank CD 1.20%02/23/18 6,023,706 6,023,706 18,238 6,041,944 6,041,944 LegacyTexas Bank CD 1.20%03/09/18 5,015,139 5,015,139 15,184 5,030,323 5,030,323 Southside Bank CD 1.22%06/01/18 3,500,000 3,500,000 10,763 3,510,763 3,510,763 Southside Bank CD 1.25%08/01/18 5,000,000 5,000,000 15,753 5,015,753 5,015,753 Lubbock National Bank CD 1.50%01/03/19 3,018,663 3,018,663 11,427 3,030,090 3,030,090 R Bank CD 1.50%02/21/19 6,021,838 6,021,838 22,658 6,044,496 6,044,496 Independent Bank CD 1.60%03/01/19 1,500,000 1,500,000 6,049 1,506,049 1,506,049 TOTAL 179,846,228$ 179,846,228$ 3,063,902$ (24,689,934)$ 158,220,196$ 158,220,196$ June 30, 2017 September 30, 2017 Valley View Consulting, L.L.C.23Page 107 of 156 City - Allocation Investment Total Consolidated 2013 GO- Parks/Public Safety 2014 CO- Downtown Parks 2014 GO 2014 Revenue Electric 2014 Revenue Water WW Debt Service JPMorgan Chase Cash 13,874,086$ 13,874,086$ –$ –$ –$ –$ –$ –$ Southside Bank MMA – – Green Bank MMA 6,484,301 6,484,301 NexBank MMA 39,391,427 929,681 TexPool 5,921,168 5,921,168 TexSTAR 55,740,226 16,926,814 400,826 187,517 587,229 3,737,341 2,950,635 Lubbock National Bank CD 10/02/17 2,026,908 Green Bank CD 11/03/17 1,530,323 1,530,323 Southside Bank CD 11/17/17 3,072,339 3,072,339 Lubbock National Bank CD 02/23/18 6,041,944 6,041,944 LegacyTexas Bank CD 03/09/18 5,030,323 5,030,323 Southside Bank CD 06/01/18 3,510,763 3,510,763 Southside Bank CD 08/01/18 5,015,753 5,015,753 Lubbock National Bank CD 01/03/19 3,030,090 3,030,090 R Bank CD 02/21/19 6,044,496 6,044,496 Independent Bank CD 03/01/19 1,506,049 1,506,049 Totals 158,220,196$ 78,918,130$ 400,826$ 187,517$ –$ 587,229$ 3,737,341$ 2,950,635$ Book and Market Value September 30, 2017 Valley View Consulting, L.L.C. 24Page 108 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals Book and Market Value September 30, 2017 (Continued) Police Restricted Seizure Utility Debt Service 2015 CO- Airport 2015 CO- Parks/Streets/ Vehicles 2015 CO- Stormwater 2015 CO-Tax Facilities 2015 CO- Water 2015 GO- Roads –$ –$ –$ –$ –$ –$ –$ –$ 1,402 68,263 29,877 984,188 1,431,863 - 13,884 4,184,603 1,402$ 68,263$ 29,877$ 984,188$ 1,431,863$ –$ 13,884$ 4,184,603$ Valley View Consulting, L.L.C. 25Page 109 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals Book and Market Value September 30, 2017 (Continued) 2015A GO- Roads 2015A GO- Parks 2015 Revenue Electric 2015 Revenue Water WW 2016 CO- Rivery TIRZ 2016 CO- Streets/ Facilities/ Equip 2016 GO Bonds 2016 GO- Parks –$ –$ –$ –$ –$ –$ –$ –$ 74,073 946,835 957 4,375,333 4,167 1,073,477 786 2,026,908 74,073$ 946,835$ 957$ 4,375,333$ 4,167$ 1,073,477$ 2,026,908$ 786$ Valley View Consulting, L.L.C. 26Page 110 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals Book and Market Value September 30, 2017 (Continued) 2016 GO- Roads 2016 Revenue Electric 2016 Revenue Water/WW Garey Park Donation 2017 CO Facilities/ Public Safety/ Equipment 2017 GO- Parks 2017 GO- Sidewalks –$ –$ –$ –$ –$ –$ –$ 4,051,000 2,025,509 5,520,248 5,495,155 1,584,661 331,241 1,236 5,272,717 5,043,726 3,267,803 500,541 507,931 4,382,241$ 1,236$ 7,298,226$ 5,043,726$ 8,788,051$ 5,995,697$ 2,092,592$ Valley View Consulting, L.L.C. 27Page 111 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals Book and Market Value September 30, 2017 (Continued) 2017 Revenue Electric 2017 Revenue Water WW –$ –$ 1,969,786 17,815,387 559,762 2,275,199 2,529,548$ 20,090,586$ Valley View Consulting, L.L.C. 28Page 112 of 156 City - Allocation Investment Total Consolidated 2013 GO- Parks/Public Safety 2014 CO- Downtown Parks 2014 GO 2014 Revenue Electric 2014 Revenue Water WW Debt Service JPMorgan Chase Cash 12,301,336$ 12,301,336$ –$ –$ –$ –$ –$ –$ Southside Bank MMA – – Green Bank MMA 6,464,728 6,464,728 NexBank MMA 44,265,316 926,481 TexPool 4,564,988 4,564,988 TexSTAR 63,929,038 5,541,666 1,485,804 199,816 200 651,969 4,322,489 13,065,714 Lubbock National Bank CD 07/03/17 3,031,068 3,031,068 Lubbock National Bank CD 07/03/17 2,525,890 Lubbock National Bank CD 07/03/17 3,031,068 LegacyTexas Bank CD 08/18/17 3,039,206 3,039,206 Lubbock National Bank CD 10/02/17 2,021,808 Green Bank CD 11/03/17 1,527,205 1,527,205 Southside Bank CD 11/17/17 3,065,231 3,065,231 Lubbock National Bank CD 02/23/18 6,023,706 6,023,706 LegacyTexas Bank CD 03/09/18 5,015,139 5,015,139 Southside Bank CD 06/01/18 3,500,000 3,500,000 Southside Bank CD 08/01/18 5,000,000 5,000,000 Lubbock National Bank CD 01/03/19 3,018,663 3,018,663 R Bank CD 02/21/19 6,021,838 6,021,838 Independent Bank CD 03/01/19 1,500,000 1,500,000 Totals 179,846,228$ 70,541,254$ 1,485,804$ 199,816$ 200$ 651,969$ 4,322,489$ 13,065,714$ June 30, 2017 Book and Market Value Valley View Consulting, L.L.C. 29Page 113 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 LegacyTexas Bank CD 08/18/17 Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals June 30, 2017 Book and Market Value (Continued) Police Restricted Seizure Utility Debt Service 2015 CO- Airport 2015 CO- Parks/Streets/ Vehicles 2015 CO- Stormwater 2015 CO-Tax Facilities 2015 CO- Water 2015 GO- Roads –$ –$ –$ –$ –$ –$ –$ –$ 1,398 68,088 29,801 1,297,780 1,428,195 136 13,849 4,182,993 1,398$ 68,088$ 29,801$ 1,297,780$ 1,428,195$ 136$ 13,849$ 4,182,993$ Valley View Consulting, L.L.C. 30Page 114 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 LegacyTexas Bank CD 08/18/17 Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals June 30, 2017 Book and Market Value (Continued) 2015A GO- Roads 2015A GO- Parks 2015 Revenue Electric 2015 Revenue Water WW 2016 CO- Rivery TIRZ 2016 CO- Streets/ Facilities/ Equip 2016 GO Bonds 2016 GO- Parks –$ –$ –$ –$ –$ –$ –$ –$ 73,883 1,714,195 1,410,458 4,767,331 4,156 2,086,907 3,020,720 3,031,068 2,021,808 73,883$ 1,714,195$ 1,410,458$ 4,767,331$ 4,156$ 2,086,907$ 5,052,876$ 3,020,720$ Valley View Consulting, L.L.C. 31Page 115 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 LegacyTexas Bank CD 08/18/17 Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals June 30, 2017 Book and Market Value (Continued) 2016 GO- Roads 2016 Revenue Electric 2016 Revenue Water/WW Garey Park Donation 2017 CO Facilities/ Public Safety/ Equipment 2017 GO- Parks 2017 GO- Sidewalks –$ –$ –$ –$ –$ –$ –$ 4,037,035 2,018,518 5,501,222 5,476,217 2,625,583 522,417 1,805,872 3,142,638 5,030,803 3,621,973 1,041,656 13,723 2,525,890 4,559,452$ 1,805,872$ 7,687,045$ 5,030,803$ 9,123,195$ 6,517,873$ 2,639,307$ Valley View Consulting, L.L.C. 32Page 116 of 156 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA NexBank MMA TexPool TexSTAR Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 Lubbock National Bank CD 07/03/17 LegacyTexas Bank CD 08/18/17 Lubbock National Bank CD 10/02/17 Green Bank CD 11/03/17 Southside Bank CD 11/17/17 Lubbock National Bank CD 02/23/18 LegacyTexas Bank CD 03/09/18 Southside Bank CD 06/01/18 Southside Bank CD 08/01/18 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Independent Bank CD 03/01/19 Totals June 30, 2017 Book and Market Value (Continued) 2017 Revenue Electric 2017 Revenue Water WW –$ –$ 5,926,317 17,753,944 1,111,389 2,271,019 7,037,706$ 20,024,963$ Valley View Consulting, L.L.C. 33Page 117 of 156 Valley View Consulting, L.L.C. 0.00 1.00 2.00 3.00 4.00 5.00 6.00 City of Georgetown Historical Yields Georgetown TexPool Rolling 3 mo T-Bill Rolling 6 mo T-Bill Rolling 12 mo T-Bill 34Page 118 of 156 Georgetown Transportation Enhancement Corporation (GTEC) QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 2017 Prepared by Valley View Consulting, L.L.C. The investment portfolio of the Georgetown Transportation Enhancement Corporation (GTEC) is in compliance with the Texas Public Funds Investment Act and the Investment Policy and Strategies. ________________________________ ________________________________________ Elaine Wilson Leigh Wallace Controller Finance Director 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. 35Page 119 of 156 FYE Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Ave. Yield Book Value Market Value Pools 0.40% 15,794,940$ 15,794,940$ 1.22% 14,966,954$ 14,966,954$ Certificates of Deposit 0.90% 10,600,691 10,600,691 1.59% 3,075,647 3,075,647 Totals 26,395,630$ 26,395,630$ 18,042,602$ 18,042,602$ Fourth Quarter-End Yield 0.60%1.28% Average Quarter-End Yields - Fiscal Year (1): GTEC 0.53%0.96% Rolling Three Month Treasury 0.25%0.75% Rolling Six Month Treasury 0.37%0.78% TexPool 0.31%0.74% (1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value. Annual Comparison of Portfolio Performance September 30, 2016 September 30, 2017 Valley View Consulting, L.L.C.36Page 120 of 156 Summary Quarter End Results by Investment Category: Asset Type Book Value Market Value Ave. Yield Book Value Market Value Pools/MMAs 13,059,068$ 13,059,068$ 1.22%14,966,954$ 14,966,954$ CDs/Securities 7,111,682 7,111,682 1.59% 3,075,647 3,075,647 Totals 20,170,749$ 20,170,749$ 18,042,602$ 18,042,602$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2) Total Portfolio 1.28%Total Portfolio 0.96% Rolling Three Mo. Treas. Yield 1.05%Rolling Three Mo. Treas. Yield 0.75% Rolling Six Mo. Treas. Yield 1.09%Rolling Six Mo. Treas. Yield 0.78% Quarterly TexPool Yield 0.74% Interest data provided in separate report. June 30, 2017 (1) 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. (2) Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. September 30, 2017 Valley View Consulting, L.L.C. 37Page 121 of 156 Economic Overview 9/30/2017 The Federal Open Market Committee (FOMC) maintained the Fed Funds target range of 1.00% - 1.25% (Effective Fed Funds are trading +/-1.16%) since the June FOMC meeting. Recent announcements have increased the probability of a December rate increase. The FOMC announced a gradual portfolio reduction by limiting reinvestment of maturing holdings. Second Quarter 2017 GDP was revised to 3.1%. September Non Farm Payroll data was a storm influenced negative 33k, with downward revisions to August and July. Other US data generally showed positive with a few negative numbers. The Stock Markets achieved new highs. Monitoring estimated balances and needs will determine laddering opportunities. 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 S&P 500 0.00 0.50 1.00 1.50 2.00 2.50 3.00 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 Treasury Yield Curves September 30, 2016 June 30, 2017 September 30, 2017 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 US Treasury Historical Yields - Since 2006 Six Month T-Bill Two Year T-Note Ten Year T-Note Valley View Consulting, L.L.C.38Page 122 of 156 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 1.02% 10/01/17 09/30/17 3,034,928$ 3,034,928$ 1.00 3,034,928$ 1 1.02% TexSTAR AAAm 1.04% 10/01/17 09/30/17 3,985,441 3,985,441 1.00 3,985,441 1 1.04% NexBank MMA 1.47% 10/01/17 09/30/17 5,397,098 5,397,098 1.00 5,397,098 1 1.47% Green Bank MMA 1.21% 10/01/17 09/30/17 2,549,487 2,549,487 1.00 2,549,487 1 1.21% R Bank CD 1.59% 09/22/19 08/22/17 3,075,647 3,075,647 100.00 3,075,647 722 1.59% 18,042,602$ 18,042,602$ 18,042,602$ 124 1.28% (1) (2) September 30, 2017 (1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity. (2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds. Valley View Consulting, L.L.C.39Page 123 of 156 Pools/MMAs 83% CDs/Securities 17% GTEC PORTFOLIO COMPOSITION $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 12/31/16 3/31/2017 6/30/2017 6/30/17 GTEC PORTFOLIO BALANCES CD TexPool TexSTAR Money Market Valley View Consulting, L.L.C. 40Page 124 of 156 Book Value Comparison Coupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/ Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value TexPool 1.02% 10/01/17 1,792,830$ 1,792,830$ 1,242,098$ –$ 3,034,928$ 3,034,928$ TexSTAR 1.04% 10/01/17 2,723,112 2,723,112 1,262,329 3,985,441 3,985,441 NexBank MMA 1.47% 10/01/17 6,001,333 6,001,333 (604,235) 5,397,098 5,397,098 Green Bank MMA 1.21% 10/01/17 2,541,792 2,541,792 7,695 2,549,487 2,549,487 Lubbock National Bank CD 0.95% 07/03/17 4,041,424 4,041,424 (4,041,424)– – Lubbock National Bank CD 1.05% 08/18/17 3,070,257 3,070,257 (3,070,257)– – R Bank CD 1.59% 09/22/19 – – 3,075,647 3,075,647 3,075,647 TOTAL 20,170,749$ 20,170,749$ 5,587,769$ (7,715,917)$ 18,042,602$ 18,042,602$ Market Value Comparison Coupon/Maturity Face Amount/Qtr to Qtr Face Amount/ Description Discount Date Par Value Market Value Change Par Value Market Value TexPool 1.02% 10/01/17 1,792,830$ 1,792,830$ 1,242,098$ 3,034,928$ 3,034,928$ TexSTAR 1.04% 10/01/17 2,723,112 2,723,112 1,262,329 3,985,441 3,985,441 NexBank MMA 1.47% 10/01/17 6,001,333 6,001,333 (604,235) 5,397,098 5,397,098 Green Bank MMA 1.21% 10/01/17 2,541,792 2,541,792 7,695 2,549,487 2,549,487 Lubbock National Bank CD 0.95% 07/03/17 4,041,424 4,041,424 (4,041,424)– – Lubbock National Bank CD 1.05% 08/18/17 3,070,257 3,070,257 (3,070,257)– – R Bank CD 1.59% 09/22/19 – – 3,075,647 3,075,647 3,075,647 TOTAL 20,170,749$ 20,170,749$ (2,128,148)$ 18,042,602$ 18,042,602$ June 30, 2017 September 30, 2017 June 30, 2017 September 30, 2017 Valley View Consulting, L.L.C.41Page 125 of 156 Georgetown Economic Development Corporation (GEDCO) QUARTERLY INVESTMENT REPORT For the Quarter Ended September 30, 2017 Prepared by Valley View Consulting, L.L.C. The investment portfolio of the Georgetown Economic Development Corporation (GEDCO) is in compliance with the Texas Public Funds Investment Act and the Investment Policy and Strategies. ___________________________________ _____________________________________ Elaine Wilson Leigh Wallace Controller Finance Director 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. 42Page 126 of 156 Annual Comparison of Portfolio Performance FYE Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Ave. Yield Book Value Market Value Demand Accounts 0.55% 2,002,599$ 2,002,599$ 1.21% 2,020,468$ 2,020,468$ Pools 0.44% 7,515,422 7,515,422 1.03% 4,060,879 4,060,879 Totals 9,518,021$ 9,518,021$ 6,081,347$ 6,081,347$ Fourth Quarter-End Yield 0.46%1.09% Average Quarter-End Yields - Fiscal Year (1): GEDCO 0.38%0.84% Rolling Three Month Treasury 0.25%0.75% Rolling Six Month Treasury 0.37%0.78% TexPool 0.31%0.74% (1) Average Quarterly Yield calculated using quarter-end report average yield and adjusted book value. September 30, 2016 September 30, 2017 Valley View Consulting, L.L.C.43Page 127 of 156 Summary Quarter End Results by Investment Category: Asset Type Book Value Market Value Ave. Yield Book Value Market Value MMA 2,014,368$ 2,014,368$ 1.21%2,020,468$ 2,020,468$ Pools 3,726,016 3,726,016 1.03%4,060,879 4,060,879 5,740,384$ 5,740,384$ 6,081,347$ 6,081,347$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2) Total Portfolio 1.09%Total Portfolio 0.84% Rolling Three Mo. Treas. Yield 1.05%Rolling Three Mo. Treas. Yield 0.75% Rolling Six Mo. Treas. Yield 1.09%Rolling Six Mo. Treas. Yield 0.78% Quarterly TexPool Yield 0.74% Interest income provided in separate report. June 30, 2017 (1) 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. (2) Fiscal Year-to-Date Average Yields calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees. September 30, 2017 Valley View Consulting, L.L.C. 44Page 128 of 156 Economic Overview 9/30/2017 The Federal Open Market Committee (FOMC) maintained the Fed Funds target range of 1.00% - 1.25% (Effective Fed Funds are trading +/-1.16%) since the June FOMC meeting. Recent announcements have increased the probability of a December rate increase. The FOMC announced a gradual portfolio reduction by limiting reinvestment of maturing holdings. Second Quarter 2017 GDP was revised to 3.1%. September Non Farm Payroll data was a storm influenced negative 33k, with downward revisions to August and July. Other US data generally showed positive with a few negative numbers. The Stock Markets achieved new highs. Monitoring estimated balances and needs will determine laddering opportunities. 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 S&P 500 0.00 0.50 1.00 1.50 2.00 2.50 3.00 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 Treasury Yield Curves September 30, 2016 June 30, 2017 September 30, 2017 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 US Treasury Historical Yields - Since 2006 Six Month T-Bill Two Year T-Note Ten Year T-Note Valley View Consulting, L.L.C.45Page 129 of 156 Investment Holdings Coupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield Green Bank MMA 1.21% 10/01/17 09/30/17 2,020,468$ 2,020,468$ 1.00 2,020,468$ 1 1.21% TexasDAILY AAAm 1.02% 10/01/17 09/30/17 2,023,832 2,023,832 1.00 2,023,832 1 1.02% TexSTAR AAAm 1.04% 10/01/17 09/30/17 2,037,048 2,037,048 1.00 2,037,048 1 1.04% 6,081,347$ 6,081,347$ 6,081,347$ 1 1.09% (1) (2) September 30, 2017 (1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity. (2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds. Valley View Consulting, L.L.C.46Page 130 of 156 MMA 33% Pools 67% GEDCO PORTFOLIO COMPOSITION $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 12/31/16 03/31/17 06/30/17 09/30/17 GEDCO PORTFOLIO BALANCES TexasDAILY TexSTAR Money Market Valley View Consulting, L.L.C. 47Page 131 of 156 Book Value Comparison Coupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/ Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value Green Bank MMA 1.21% 10/01/17 2,014,368$ 2,014,368$ 6,100$ –$ 2,020,468$ 2,020,468$ TexasDAILY 1.02% 10/01/17 2,018,771 2,018,771 5,060 2,023,832 2,023,832 TexSTAR 1.04% 10/01/17 1,707,245 1,707,245 329,803 2,037,048 2,037,048 TOTAL 5,740,384$ 5,740,384$ 340,963$ –$ 6,081,347$ 6,081,347$ Market Value Comparison Qtr to Qtr Change Green Bank MMA 1.21% 10/01/17 2,014,368$ 2,014,368$ 6,100$ 2,020,468$ 2,020,468$ TexasDAILY 1.02% 10/01/17 2,018,771 2,018,771 5,060 2,023,832 2,023,832 TexSTAR 1.04% 10/01/17 1,707,245 1,707,245 329,803 2,037,048 2,037,048 TOTAL 5,740,384$ 5,740,384$ 340,963$ 6,081,347$ 6,081,347$ June 30, 2017 September 30, 2017 June 30, 2017 September 30, 2017 Valley View Consulting, L.L.C.48Page 132 of 156 Grant Description Grantor Grant Amount Match Status Fire Fire Extinguisher Training System Firehouse Subs Public Safety Foundation 10,332$ -$ Received Staffing for Adequate Fire Emergency Response (SAFER)Federal Emergency Management Agency (FEMA)1,600,000$ 1,100,000$ Application not submitted Emergency Management Performance grant Office of Emergency Management 114,144$ 230,330$ Received Library Community Resources Coordinator Texas State Library & Archives Commission 75,000$ -$ Received Family Place Libraries Texas State Library & Archives Commission 6,000$ -$ Received Parks Recreation Trails Texas Parks and Wildlife Department 200,000$ 40,000$ Funding Approved Transportation Transit program Georgetown Health Foundation 200,000$ -$ Funding Approved Airport Airport Ramp Grant Texas Department of Transportation 50,000$ 50,000$ Funding Approved GUS - Electric Battery Storage Project Department of Energy 200,000$ 50,000$ Funding Approved 2,455,476$ 1,470,330$ CITY OF GEORGETOWN GRANT APPLICATIONS as of September 30, 2017 49Page 133 of 156 Capital Improvement Projects For the Quarter Ended September 30, 2017 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance General Government CIP Public Safety & Facilities 6CR Public Safety Facility ‐                            182,008               (79,979)                  (102,029)               [a] 6DP Fire Station ESD 300,000               ‐                            ‐                              300,000                 6DQ EOC Siren System ‐                            ‐                            ‐                              ‐                              6EW Transfer Station / Landfill 290,518               267,969               (23,788)                  46,337                   7AD Communications ‐                            11,951                 (11,951)                  ‐                              9BE Preventative Maintenance 27,395                 186,125               (180,528)               21,798                   224 ERP Project 250,000               ‐                            ‐                              250,000                 225 Radio Replacements, Fire 217,834               ‐                            217,834                 ‐                              228 Radio Replacements, Police 217,834               ‐                            217,834                 ‐                              Public Safety & Facilities Subtotal 1,303,580          648,052             139,422                516,106               Parks CIP 1DX SH29 To Leander Rd SW 1,000,000            673,729               87,007                    239,264                 6CP San Gabriel Park Improvements 3,307,600            1,591,389            1,520,372             195,838                 6DD New Village Parks ‐                            ‐                            ‐                              ‐                              6DE SG Bank Stabilization ‐                            2,910                   (2,910)                    ‐                              6DM VFW Park 30,353                 823,853               (775,561)               (17,939)                 [a] 6DO Garey Park 13,500,000         5,178,551            7,410,090             911,359                 6ES ADA Facilities 295,278               15,433                 ‐                              279,845                 6ET ADA Parks 368,242               188,516               149,299                 30,427                   9AW CDBG‐MLK/3rd St ‐                            7,284                   (6,809)                    (475)                      [a] 6DB McMaster Park ‐                            13,879                 (13,879)                  ‐                              6EH Village Park 43,891                 43,891                 ‐                               ‐ 6EI Founder's Park 70,000                 ‐                            ‐                              70,000                   218 River Trail Expansion ‐                            ‐                            ‐                              ‐                              219 Radio Replacement Parks 64,333                 ‐                            64,333                    ‐                              220 Library Canopy ‐                            ‐                            ‐                              ‐                              221 Grace Heritage Rehab ‐                            ‐                            ‐                              ‐                              6EZ Aquatics Study 40,000                 ‐                            38,550                    1,450                     Parks CIP  Subtotal 19,661,812        8,631,642          8,771,723            2,258,447            Downtown & Community Service  46P Sheraton @ The Summit ‐                            2,372,644             ‐                              (2,372,644)           [a] 6EJ Parking Facility Study / Design ‐                            61,211                 (61,211)                  ‐                              6EK Former PD Renovation ‐                            144                       (144)                        ‐                              6EM Downtown West 12,423,883         660,395               (656,020)               12,419,508            6EY Downtown Electrical Projects 185,000               95,080                 ‐                              89,920                   9BE Preventative Maintenance ‐                            ‐                            8,289                      (8,289)                   [a] 226 Downtown Festival Area 460,000               ‐                            ‐                              460,000                 Downtown & Community Service Subtotal 13,298,883        3,189,474          (694,086)              10,803,495           Total General Government CIP 34,264,275$       12,469,169$       8,217,058$          13,578,048$         NOTES: [a] Individual projects may go over budget as long as total expenditures    for all CIP projects are within the department's total budget. 50Page 134 of 156 Capital Improvement Projects For the Quarter Ended September 30, 2017 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance Transportation Services CIP Streets / Transportation 1BM 2010 Street Rehab / Maintenance ‐                            ‐                            ‐                              ‐                             1AU Street Rehab‐West ‐                            ‐                            ‐                              ‐                             1BU Streets Rehabilitation ‐$                          3,539$                 (3,539)$                  ‐$                           1BZ 971 @ Austin Ave.‐                           101,614              (101,614)               ‐                             1CA SW Bypass Leander to I35 ‐                            ‐                            ‐                              ‐                             1CC FM 1460 1,019,140           461,442              (22,287)                579,985                 1CD Pavement Condition index ‐                            ‐                            ‐                              ‐                             1CE Street Maintenance 924,259              67,630                64,593                 792,036                 1CF Street Overlay/Microsurfacing 1,200,000           13,505                1,068,423            118,073                 1CJ Austin Avenue Sidewalks 70,000                40,650                29,540                 (190)                     [a] 1CN Sealant ‐                           1,442                  (1,442)                  ‐                             1CP 2012 Street Rehab ‐                           ‐                           ‐                             ‐                             1CQ SE I/L Schematic Design ‐                            ‐                            ‐                              ‐                             1CR SW Bypass‐29 to Leander ‐                            ‐                            ‐                              ‐                             1CS DB Wood Bridge ‐                           28,725                (35,410)                6,685                     1CU Cutler Process 1,678,000           559,410              672,844               445,747                 1DE Williams Dr @ Jimm Hogg Rd ‐                            ‐                            ‐                              ‐                             1DG Sheraton Parking Garage ‐                            ‐                            ‐                              ‐                             1DI SW Bypass / WR Parkway 2,324,930           11,249,022        (11,248,958)        2,324,866              1DK Southeast Inner Loop ‐                           1,222,000           10,468                 (1,232,468)           [a] 1DL Austin Avenue Bridge 278,463              198,171              (7,841)                  88,132                   1DM Street Maintenance 2016 ‐                           17,540                (17,540)                ‐                             1DN Acces Rtw to Gov Srv ‐                           146,712              (6,778)                  (139,935)               [a] 1DO Austin Avenue at 5th St Light  ‐10,129                (39,458)                29,329                   1DP 8th St Church to Myrtle  ‐29,501                (29,417)                (84)                       [a] 1DR PH 1 Signal and Curb Ramps 500,000              43,790                (38,990)                495,200                 1DX SH29 to Leander Rd SW ‐                           40                         ‐                             (40)                       [a] 1EB City Wide Sidewalks 904,398              645,410              288,128               (29,140)                  1ED Signal @ Shell/Verde Vista 50,000                9,993                   ‐                             40,007                   5AL Curb & Gutter 100,000              756,571              (756,571)              100,000                 1EF Old Town North East 960,000              12,328                160,796               786,876                 6DB McMaster Park ‐                           9,740                  500                        (10,240)                 [a] 9AT Madella Hillard / Library s‐w ‐                           ‐                           ‐                             ‐                             9AU University Sidewalks ‐                           75,526                (75,526)                ‐                             213 Street Overlay 300,000              ‐                           ‐                             300,000                 214 Chip and Seal ‐                           ‐                           ‐                             ‐                             Streets / Transportation Subtotal 10,309,190        15,704,429        (10,090,078)        4,694,839             Stormwater 1EC 2017 Drainage Improvements ‐                           20,200                81,495                 (101,696)                5AL Curb and Gutter 500,000              221,532              (185,982)              464,450                 5AW Regional Flood Study 617,929              449,059              186,814               (17,944)                 [a] 208 Stormwater Infrastructure 200,000              ‐                           ‐                             200,000                 209 18th and Hutto Drainage 100,000              ‐                           ‐                             100,000                 210 2nd and Rock Pond 50,000                ‐                           ‐                             50,000                   211 Serenada Culvert Improvement 50,000                ‐                           ‐                             50,000                   212 Village PID Inlet 75,000                ‐                           ‐                             75,000                   Stormwater Subtotal 1,592,929          690,792              82,327                 819,810                 Airport 6VA Airport Master Plan ‐                           470                      ‐                             (470)                     [a] Airport Subtotal ‐                           470                      ‐                             (470)                      Total Transportation Services CIP 11,902,119$       16,395,691$       (10,007,750)$       5,514,179$           NOTES: [a] Individual projects may go over budget as long as total expenditures    for all CIP projects are within the department's total budget. 51Page 135 of 156 Capital Improvement Projects For the Quarter Ended September 30, 2017 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance Water Services CIP Wastewater Line Upgrades: 2BB Wastewater Master Plan Update ‐                                ‐                                ‐                                  ‐                                3BZ Wastewater ‐ Street Rehab 136,000$               ‐$                             ‐$                               136,000$                3CJ Berry Creek Interceptor 20,328,900            79,958                    (79,958)                    20,328,900             5QZ Snead Drive ‐                               ‐                               ‐                                 ‐                                2BV Tin Barn / 17th & Austin Ave.‐                               ‐                               ‐                                 ‐                                2CJ Meter Issue ‐                               ‐                               ‐                                 ‐                                3CO Wolf Lakes Offsite WW 969,100                  5,597                      43,754                      919,750                   6CR Public Safety Facility ‐                               ‐                               ‐                                 ‐                                Wastewater Line Upgrades Subtotal 21,434,000           85,555                  (36,205)                  21,384,650            WW Edwards Aquifer Compliance: 3CK EARZ 2014‐15 19,470                    45,273                    (25,803)                     ‐                                3CL EARZ 2015‐2016 669,205                  737,316                  (60,396)                    (7,715)                     [a] 3CM EARZ 2016‐17 811,325                  302,350                  56,149                      452,826                   WW Edwards Aquifer Compliance Subtotal 1,500,000             1,084,939             (30,050)                  445,111                 WW Lift stations & Force Mains 3CD Stonehedge LS & FM 27,572                    7,693                      (7,693)                       27,572                     3CE Westinghouse LS & FM 3,448,258              974,267                  1,266,924                1,207,067               3CN Park LS & FM 3,982,000              220,240                  176,020                   3,585,740               207 San Gabriel Belt Press 2,207,000               ‐                                ‐                                 2,207,000               3CI Austin Custom Molds LS Decommission ‐                                ‐                                ‐                                  ‐                                WW Lift stations & Force Mains Subtotal 9,664,830             1,202,200             1,435,251              7,027,379              WW Treatment Plant 3CA Pecan Branch WWTP 11,125,009            1,004,617              10,101,352              19,040                     WW Treatment Plant Subtotal 11,125,009           1,004,617             10,101,352            19,040                   Water CIP 1DE Williams Dr. @ Jim Hogg Rd ‐                               524                          (524)                           ‐                                2BW Westside Facility ‐                               335,504                  (209,006)                  (126,498)                [a] 2BZ West Loop (H‐1B) Ph. 1 4,158,187              81,677                    229,073                   3,847,437               2CE Rabbit Hill EST ‐                               644,732                  (644,732)                    ‐ 2CH Cedar Breaks EST ‐                               2,295,814              (2,295,769)               (45)                           [a] 2CI Shell Road Water Line 6,078,793              42,131                    (2,916)                       6,039,578               2CJ Meter Issue ‐                               187,428                  ‐                                 (187,428)                [a] 2CK Daniels Mountain GST ‐                               11,103                    (8,536)                       (2,567)                     [a] 2CL Park WTP Pump Station ‐                               1,630                      (1,630)                        ‐                                2CO Majestic Oaks Water Line ‐                               (49,998)                    ‐                                 49,998                     2CP Sun City 1.5MG Est 3,050,000              190,053                  125,568                   2,734,379               2CQ Water Tank Rehab 480,000                  40,042                    40,000                      399,958                   2CR Sunny Slope Water Lines ‐                               20,000                    ‐                                 (20,000)                   [a] 2CS WD Interim Water Master Plan ‐                               35,132                    ‐                                 (35,132)                   [a] 2CU LWTP Raw Water Intake Rehab 600,000                   ‐                               147,120                   452,880                   2CV LWTP Noise Analysis ‐                               11,846                    623                           (12,469)                   [a] 51I CIS System 1,161,948              784,014                  357,756                   20,178                     2JE CR 255 WD 14‐2 3,000,000              ‐                               20,000                      2,980,000               2JF Domel Improvements 4,500,000              98,140                    2,106,500                2,295,360               2BN Southlake WTP 1,000,000              ‐                               49,740                      950,260                   201 Water ‐ Street Rehabilitation 330,000                  ‐                               ‐                                 330,000                   202 Leander Interconnect 575,000                  ‐                               ‐                                 575,000                   203 West Loop (H‐1A)2,119,000              ‐                               ‐                                 2,119,000               205 Sequoia Ground Storage Tank 2,500,000               ‐                                ‐                                 2,500,000               206 Pumps and Storage 1,684,186               ‐                                ‐                                 1,684,186               Water CIP Subtotal 31,237,114           4,729,771             (86,733)                  26,594,075            Rural Water CIP 2CN PRV Improv SH129 & CR245 ‐                                ‐                                ‐                                  ‐                                2CO Majestic Oaks Water Lines ‐                                ‐                                ‐                                  ‐                                2JE CR 255 (WD 14‐2)‐                                ‐                                ‐                                  ‐                                2JF Domel Improvements ‐                                ‐                                ‐                                  ‐                                Rural Water CIP Subtotal ‐                              ‐                              ‐                               ‐                              AMI/CIS‐Water 2CG Asset Management ‐                               15,602                    (602)                          (15,000)                   [a] Water/AMI/CIS Subtotal ‐                             15,602                  (602)                        (15,000)                  Total Water Services CIP 74,960,953$         8,122,684$           11,383,013$          55,455,256$          NOTES: [a] Individual projects may go over budget as long as total expenditures    for all CIP projects are within the department's total budget. 52Page 136 of 156 Capital Improvement Projects For the Quarter Ended September 30, 2017 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance GTEC CIP 5QC Southwest Bypass ‐                            16,983                ‐                           (16,983)                [a] 5QY NB Frontage Rd 2338 to Lakeway ‐                            16,242                (16,242)               ‐                              5QX Northwest Boulevard Bridge 91,590                159,433              (1,412)                 (66,431)                [a] 5RI Mays Street (S. Georgetown TIRZ)3,500,000           6,641,618           (6,397,622)        3,256,004             5RJ IH 35 / Hwy 29 Intersection Improvements ‐                            ‐                            ‐                           ‐                              5RL FM 1460 Widening ‐                            20                        ‐                           (20)                        [a] 5RM Rivery Ext (Williams Dr. ‐ Nwest Blvd.)4,000,000           3,123,147           82,090                794,762                5RN Pecan Center Dr. / Airport Rd.6,000,000           434,016              175,694              5,390,290             5RO Southwest Bypass ‐ Laubach 354,920              21,282                ‐                           333,638                5RP Rivery TIA Improvements 1,157,121           172,776              (32,446)               1,016,791             5RQ Rabbit Hill Road Improvements ‐                            361,525              (359,775)             (1,750)                  [a] 1CI Williams Dr. Widening ‐                            26,674                ‐                           (26,674)                [a] 1CC FM 1460 Roadway Improvement 650,000              101,939              46,781                501,280                215 Wolf Ranch Parkway Extension 283,350              ‐                            ‐                           283,350                216 IH 35 / Hwy 29 Intersection 650,000              ‐                            ‐                           650,000                Total GTEC CIP 18,155,731$       11,075,654$       (6,502,931)$      13,583,008$         Notes: [a] Individual projects may go over budget as long as total expenditures    for all CIP projects are within the department's total budget. 53Page 137 of 156 Capital Improvement Projects For the Quarter Ended September 30, 2017 2016/17 Year to Date Year to Date Budget Expenditures Encumbrances Balance Electric CIP 9‐0580‐90‐139 17th Street Rehab 50,000                 ‐                        ‐                            50,000                  9‐0580‐90‐140 7th Street Rehab 200,000               ‐                        ‐                            200,000                9‐0580‐90‐141 Downtown OH Rehab 500,000               ‐                        ‐                            500,000                9‐0580‐90‐142 Downtown West 970,000               ‐                        ‐                            970,000                9‐0580‐90‐143 Shell Road Feeders 450,000               ‐                        ‐                            450,000                9‐0580‐90‐144 Pole Relocation 50,000                 995                   2,631                    46,374                  9‐0580‐90‐145 Sidewalks South College 50,000                 59,009              ‐                            (9,009)                  [a] 9‐0580‐90‐146 Southwest Bypass Feeder 300,000               ‐                        ‐                            300,000                9‐0580‐90‐147 West 10th Street Rehab 98,000                 ‐                        ‐                            98,000                  9‐0580‐90‐148 West 11th Street Rehab 200,000               ‐                        ‐                            200,000                9‐0580‐90‐300 Electrical System Improvement ‐                            1,172,998        (250,615)              (922,383)             [a] 9‐0580‐90‐310 Power Quality Improvements 80,000                 13,494              ‐                            66,506                  9‐0580‐90‐320 Sectionalization Improvements 50,000                  ‐                         ‐                            50,000                  9‐0580‐90‐330 Pole Improvements ‐                            4,442                 ‐                            (4,442)                  [a] 9‐0580‐90‐331 Pole Inspections 50,000                 ‐                        ‐                            50,000                  9‐0580‐90‐350 Relocation Projects Reimbursements ‐                            40,056               ‐                            (40,056)               [a] 9‐0580‐90‐410 New Development Projects 1,200,000           2,941,934        (15,840)                (1,726,094)          [a] 9‐0580‐90‐420 Reimbursements New Development ‐                            37,445               ‐                            (37,445)               [a] 9‐0580‐90‐430 Street Lighting  88,000                 14,992               ‐                            73,008                  9‐0580‐90‐500 Consultant Engineering 150,000               91,563               ‐                            58,437                  9‐0580‐90‐510 System Mapping Support ‐                             ‐                         ‐                             ‐                            Electric CIP Subtotal 4,486,000          4,376,928       (263,824)              372,896              T&D 9‐0585‐90‐003 Electric Substations ‐                            17,743              (15,974)                (1,769)                  [a] 9‐0585‐90‐021 Communication Equipment 295,000               179,449           (74,791)                190,342                T&D Subtotal 295,000             197,191          (90,765)                188,574              CIS 9‐0580‐91‐105 CIS system 2,175,000           476,098           1,390,337            308,565                CIS Subtotal 2,175,000          476,098          1,390,337           308,565              Total Electric CIP 6,956,000          5,050,217       1,035,748           870,035              NOTES: [a] Individual projects may go over budget as long as total expenditures    for all CIP projects are within the department's total budget. 54Page 138 of 156 Unfunded Liability &  Commitments Financial Impact/Notes Status Updates ‐ 6/30/17 Status Updates ‐ 9/30/17 Cemetery Special Revenue  Fund 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 reserve $75,000 annually for future costs  associated with maintaining the property.  The General  Fund has made this transfer in 2016 and 2017. Columbarium is in design stage. With the rebid and  consolidation of the citywide mowing contract, maintenance  costs have increased beyond revenue from plot and niche sales  and will slow the growth of the perpetual reserve. Staff and  Council should discuss the long‐term plan for the perpetual  reserve and maintenance of the cemeteries. Columbarium design is scheduled to be completed in December.  Mowing and maintenance costs compared to perpetual reserve  still needs to be discussed. 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. As of 12/30/16, the UAAL was $22M and is considered 83%  funded. The 2018 TMRS contribution rate is 12.41%.No change, updated 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 ISF who in turn processes  their health insurance claims.    This is an actuarial calculation based on current and future  employees on future City health insurance costs, and has  numerous and complex factors in its calculation.  Retirees pay  their own premiums, and thus the liability is considered “pay as  you go”.  With additional employees being added, potential  future retiree impacts increase. The 2016 current net OPEB  liability is $972,576 which is an increase of $185,876 over the  prior year.  No change. GASB requires updates every other year. 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 15% liability target was fully funded in FY 2018 budget. In FY  2017 these funds were used for two long‐tenured payouts in  Police and Fire. No change. GASB requires updates every other year. Rate Stabilization Reserve Intended to mitigate potential rate impacts due to  increased fuel costs or other external factors. The RSR is  maintained within the Electric Fund and is projected to be  $4.5M in FY2017.   Potentially, a similar reserve could be  developed for the Water Fund. The Electric Fund experienced higher than usual purchased  power costs in FY 2016. Staff and Council took action to amend  the FY 2016 budget and FY 2017 budget to maintain $4,775,000  in cash reserves for Contingency. Cash reserves for Rate  Stabilization will need to be built back up. The Electric Fund will  procure a new rate study in FY 2018 to determine a new rate  stabilization target.  The rate study is funded in the budget. Year‐end purchased  power and CIP costs will exceed projections and require a year‐ end amendment. Finance and utility staff are partnering on  short and long‐term solutions to rebuild the rate stabilization  fund. September 30, 2017 CITY OF GEORGETOWN Long-term Commitments, Reservations, and Other Unfunded Liabilities 55Page 139 of 156 Unfunded Liability &  Commitments Financial Impact/Notes Status Updates ‐ 6/30/17 Status Updates ‐ 9/30/17 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.  The FY2018 proposed budget includes the establishment of 75  days of expenditure contingency reserve. The Airport Fund  continues to have gradual increase in fund balance which is on  pace to exceed original FY2017 budget predictions.   The current  Airport Improvement Project which includes the new parallel  taxiway and fuel storage facility will continue well into FY2018.   The current Airport Master Plan effort is scheduled to wrap up  sometime in FY2018. The parallel taxiway and fuel storage facility are on schedule.   The current Airport Master Plan effort is ongoing. The Wildlife  Hazard Assessment has begun and will take approximately one  year to complete.  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. In the third quarter the City began improvements including curb  ramps, crosswalks, pedestrian‐actuated signal infrastructure  (“ped heads”), and sidewalk extensions/reconstructions.  ADA  and Texas Department of Licensing and Regulation compliant  sidewalks and ramps identified in the 2015 Sidewalk Master Plan  are underway, including 7 crossings of Williams Drive, 3  downtown sidewalks and the Austin Avenue/Morrow Street  crosswalk. In the fourth quarter the City continued improvements  throughout the city, including curb ramps, crosswalks,  pedestrian‐actuated signal infrastructure (“ped heads”), and  sidewalk extensions/reconstructions.   While some of the work  has been completed, the project still has not received Texas  Department of Licensing and Regulation (TDLR) compliance  inspection and reporting by a registered accessibility specialist.  This will occur at the end of all construction activities. Sidewalk Maintenance 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. Annual funding for  sidewalk construction and maintenance is approximately  $75,000.  Funding for sidewalks in the FY2018 budget is $576,000. Nearly  completed current year projects include: Del Webb Boulevard  and Whispering Wind Drive, Williams Drive and Woodlake Drive,  Williams Drive and Wildwood Drive, Williams Drive and Shell  Road, Williams Drive and Lake way Drive, Williams Drive and  River Bend Drive, and Austin Avenue and Morrow Street. Austin  Avenue from Morrow Street to Myrtle will start in September  2017. Eighth and Rock streets – Currently working this site  installing Sidewalk, parking spaces, drainage and installing Trees.  Completion around 8‐15‐2017. Eighth Street from Church to  Myrtle streets – Will start work at this site around 8‐15‐2017.  Sidewalks in Founders’ Park‐ Projected start date around 9‐11‐ 2017. Sidewalk along southbound Interstate 35 frontage road  from Leander Road to Hwy. 29. ‐ Sidewalk is in, Handrails are  being made. The summer projects are wrapping up. All work along Williams  drive is complete, with revegetation underway. 8th and Rock  work waiting on grates to be complete. Crews have moved to  Founders Park, the final area for this project. Construction and  railing is complete on the IH 35 Sidewalk; final revegetation  outstanding. Ribbon cutting to be scheduled for November. 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, soon to be on EAM. Park pavilion renovations at San Jose Park, Chautauqua Park, and  Katy Crossing Park are scheduled to be completed by the end of  September. Additionally, several deteriorating park signs are  scheduled for replacement in the next few months. Planning for Meadow’s Park renovations are scheduled for this  winter. Renovation to the park includes replacement of play  equipment as well as accessibility improvements.   Construction  is scheduled to begin early 2018.   56Page 140 of 156 Unfunded Liability &  Commitments Financial Impact/Notes Status Updates ‐ 6/30/17 Status Updates ‐ 9/30/17 Emergency Medical Service  Special Revenue Fund 2014/15 Annual Budget assumed EMS Program to be  operationally active by June 2015 with revenues to offset  operating and capital costs.  Operating deficit would be  funded internally until capital costs were recovered in 5  years.  FY2017 budget includes 3 FF/Paramedics to mitigate  overtime for the 4th TRV, and half of a position to monitor  the revenue collection contract.    As of June 30, 2017, EMS revenue collections are about $1.4  million, which is ahead of the budget projections. Year‐end  revenue is estimated to be $2.47 million, budget is $2.2 million.  Staff continue to monitor overtime and medical supply expenses  monthly.  EMS revenue is projected to increase to 2.5 million in  FY2018.  The fund continues to improve its position as collection  rate and demands for service grow.  The EMS fund is expected  to significantly draw down initial start‐up costs in FY2018. As of September 30, year‐end revenue is estimated to be $2.52  million, including the accrual of August and September  incidents.  This is $0.32 million above the budget amount $2.2  million. Year‐end expenditures are expected to be $2.17 million,  $0.1 million over budget. Staff anticipate bringing forward a  revenue neutral budget amendment. Finance and Fire staff  continue to study trends in calls for service, overtime, and  revenue, and are working on projections for the appropriate  timing to add an additional peak demand unit into service. Major Technology  Replacement (IT Internal  Service Fund) CIS billing to be replaced in 2016, funded by utility funds.   Enterprise Resource Planning System (Finance and HR)  selection consultant funding included in the FY2017 budget.  Funding for acquisition of the new Enterprise Resource  Planning system(s) will be considered in the FY 2018 budget  process. The FY2018 IT allocation model includes $500K of cash funding  for the annual subscription fees for the new ERP system. This is  an estimate until staff select an actual vendor. The model also  includes $300K of increases to existing software contracts. These  large increases are reflected through the many funds  throughout the City. Passing through these costs is necessary to  keep the fund balance from decreasing.  No changes. Radio Equipment Replacement Communication system consisting of 500 on‐body and in‐ vehicle radios for Police, Fire, and GUS. Replacement radios  are compatible with newer technology.   Year two of the radio program is funded in the FY2018 budget.  The 2017 radios are received and being programmed and  deployed. The Emergency Management Coordinator is working  on the procurement of phase II in FY2018. Phase III will be  included in preparations for the FY2019 budget.  57Page 141 of 156 City of Georgetown, Texas City Council Workshop November 14, 2017 SUBJECT: Update to City Co uncil on Downtown West Civic Center P roject -- Eric Johnson, CIP Manager and Laurie Brewer, Assistant City Manager. ITEM SUMMARY: This is an update re garding the Downto wn West Civic Center proje c t. Specifically, Co uncil will be given an update on the progress o f the Design and Guaranteed Maximum Price for the renovation of the 1987 Library and the George to wn Communicatio n and Techno lo gy (GCAT) buildings. The City of Georgetown, the archite c t and the construction manager have been working thro ugh the design process and full construction documents have been develo ped. FINANCIAL IMPACT: The contract with the architect, The Lawrence Group was approve on June 9, 2015. The contract with the construc tion manager, Balfour Be atty, was approved on April 12 , 20 16 . SUBMITTED BY: Eric Johnson, CIP Manager and Laurie Brewer, Assistant City Manager ATTACHMENT S: Description Do wntown Wes t Up d ate Page 142 of 156 11/8/2017 1 Downtown West City Council Update November 14, 2017 Executive Design Team • Lawrence Group • Balfour Beatty • Eric Johnson City of Georgetown • Jack Daly • Trish Long • Jordan Maddox Downtown West Signage Masterplan Team • Lawrence Group • Eric Johnson • Keith Hutchinson • Jack Daly • Cari Miller • Eric Lashley Page 143 of 156 11/8/2017 2 Executive Finishes Team City of Georgetown • Lawrence Group • Eric Johnson • Trish Long • Shelley Nowling • Michaela Dollar • Danella Elliot • Tina Heine • Carina Reason • Sabrina Poldrack Background • Council Design Updates – September 22, 2015 - Program Document Update – November 24, 2015 – Program Document Presentation – December 8, 2015 – Program Document Adoption – March 22, 2016 – Schematic Design Presentation – April 12, 2016 – Council Approval of Balfour Beatty CMAR • Council Budget Updates – July 26, 2016 – Budget Update – August 23, 2016 – Budget Presentation – February 14, 2017 – Progress Update Page 144 of 156 11/8/2017 3 City Council Feedback from August 23, 2016 • Renovation Plan that is Worthy of our City and Exemplifies our Values • $13,000,000 City of Georgetown City of Georgetown Page 145 of 156 11/8/2017 4 City of Georgetown City of Georgetown City Council Chambers Insert Court Room Video Page 146 of 156 11/8/2017 5 City of Georgetown City of Georgetown Page 147 of 156 11/8/2017 6 City of Georgetown City Hall City of Georgetown City Hall Lobby Page 148 of 156 11/8/2017 7 City of Georgetown Municipal Court / City Council Chambers City of Georgetown City Council Chambers Page 149 of 156 11/8/2017 8 City of Georgetown Dias Dias Downtown West Project Budget City of Georgetown CITY HALL COUNCIL CHAMBERS TOTAL Square Feet 19,708 16,745 36,453 CONSTRUCTION Construction $ 4,541,830 $ 5,011,355 $ 9,553,185 Sitework $ 575,532 $ 490,268 $ 1,065,800 TOTAL $ 5,117,362 $ 5,501,623 $ 10,618,985 CONTINGENCY Contractor 2% $ 102,347 $ 110,032 $ 212,380 Owner 4% $ 204,694 $ 220,065 $ 424,759 TOTAL $ 307,042 $ 330,097 $ 637,139 Page 150 of 156 11/8/2017 9 Downtown West Project Budget City of Georgetown CITY HALL COUNCIL CHAMBERS TOTAL CONTRACTED SERVICES TOTAL $ 788,068 $ 858,642 $ 1,646,711 EQUIPMENT IT Expenses $ 27,360 $ 22,640 $ 50,000 Equipment $ 27,360 $ 22,640 $ 50,000 TOTAL $ 54,720 $ 45,280 $ 100,000 PROFESSIONAL SERVICES TOTAL $ 213,537 $ 176,699 $ 390,236 GRAND TOTAL TOTAL $ 6,484,177 $ 6,915,414 $ 13,393,071 Contracted Services SERVICE $/SF TOTAL Audio/Video $ 10.59 $ 386,073 Data Cabling $ 5.91 $ 215,437 Security/Fire $ 7.50 $ 273,398 Furniture $ 16.72 $ 609,687 TempSet (A/C Control) $ 3.45 $ 125,763 Materials Testing $ 1.00 $ 36,453 TOTAL $ 1,646,711 City of Georgetown Page 151 of 156 11/8/2017 10 Professional Services City of Georgetown • Amended Design Contract – November 14, 2017 – Based on $10,831,365 construction budget COMPONENT TOTAL Programming $ 51,400 Design (Basic Services) $ 1,031,668 Design (Premium Basic Services) Fixed Fee $ 271,850 Sign Master Plan $ 49,500 TOTAL $ 1,404,419 INCREASE $ 390,236 Cash Funding In addition to design modifications, we also evaluated possible alternate funding sources to supplement the sale of the buildings at $6,249,000 City of Georgetown Page 152 of 156 11/8/2017 11 Funding Options • Other Funding • Certificate of Obligation City of Georgetown $1,025,000 $5,726,000 Funding Summary • Cash Funding • Other Funding • Certificate of Obligation 2017 • TOTAL FUNDING City of Georgetown $ 6,249,000 $ 1,025,000 $ 5,726,000 $13,000,000 Page 153 of 156 11/8/2017 12 Bridge the Funding – align sources/revenues with construction budget • Interest Earnings on bonds and Albertsons • Assumptions on the Sale of buildings • Continue to look for savings through construction City of Georgetown Next Steps • Ground Breaking Ceremony – November 28, 2017 @ 10:30am • 808 Martin Luther King Jr. Street • Begin Construction – – Early December 2017 • 12 month construction time • Update Council – Spring 2018 • Sale of Buildings – Spring 2018 City of Georgetown Page 154 of 156 City of Georgetown, Texas City Council Workshop November 14, 2017 SUBJECT: P resentation on annexation requirements and discussion o n establishing an annexatio n strategy -- Sofia Nelson, Planning Director ITEM SUMMARY: Change i n State Law On December 1, 20 17 , Senate Bill 6 becomes effective. The bill requires landowner or voter approval o f annexatio ns in the state ’s largest counties (those with 500,0 00 population o r more) and in c ounties that opt-in to the bill through a petition and ele c tion process. Cities not subject to S.B. 6 (i.e., those in counties with a population of less than 500 ,00 0 that are no t annexing into such a county and those in a county that has not held an election to be c ome subject to the bill) may continue to annex under laws not affected by S.B. 6. Based on the 20 10 census and for the purposes of SB6 Williamson County has a po pulation of less than 5 00 ,00 0. However it is expected that at the time of the 20 20 census Williamson Co unty will exceed a populatio n of 50 0,000 and therefore require landowner or vote r approval of annexations. Counci l strateg y In 2016 and 201 7 the Co uncil identified a goal o f e stablishing an annexation strate gy. Purpose of P rese ntati o n Update the City Council o n change in state law and change in o ptions in accomplishing the ado pted City Council strategy. FINANCIAL IMPACT: n/a SUBMITTED BY: Sofia Nelson, CNU-A, P lanning Director Page 155 of 156 City of Georgetown, Texas City Council Workshop November 14, 2017 SUBJECT: Sec. 551.071: Consul tati on w i th Attorney Advice from attorney abo ut pending or co ntemplated litigation and o ther matters on which the attorney has a duty to advise the City Council, including agenda items - Hoskins Brown Update Sec. 551.072: De l i berati o ns about Real P roperty - Downtown Real Estate Sale Sec. 551:074: Personnel Matters - City Manager, City Attorney, City Sec re tary and Municipal Judge: Consideratio n of the appointment, employme nt, evaluation, reassignment, duties, discipline, or dismissal Sec. 551.087: De l i berati o n Regardi ng Economi c Devel opment Negoti ati ons - P roject Legacy ITEM SUMMARY: FINANCIAL IMPACT: NA SUBMITTED BY: Shelley Nowling, City Secretary Page 156 of 156