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Home My WebLink AboutFY 17 - 02 QuarterlyReport_RedactedFINANCIAL REPORT AND INVESTMENT REPORT For the Quarter Ended March 31, 2017 Table of Contents Executive Summary .................................................................................................................................... 1-4 General Fund Schedule ................................................................................................................................. 5 Electric Fund Schedule .................................................................................................................................. 6 Water & Rural Water Fund Schedule ............................................................................................................ 7 Council Discretionary Fund Schedule ............................................................................................................ 8 Convention & Visitors Bureau Fund Schedule ............................................................................................... 9 Airport Fund Schedule ................................................................................................................................. 10 Georgetown Transportation Enhancement Corporation Fund Schedule .................................................... 11 Georgetown Economic Development Corporation Fund Schedule ............................................................. 12 Quarterly Investment Report - City ........................................................................................................ 13-27 Quarterly Investment Report - GTEC ...................................................................................................... 28-33 Quarterly Investment Report - GEDCO ................................................................................................... 34-39 Grant Applications ....................................................................................................................................... 40 Capital Improvement Projects ................................................................................................................ 41-45 Long-term Commitments and Other Unfunded Liabilities ..................................................................... 46-48 General Fund Expenditures: General Fund operating expenditures for the second quarter of fiscal year 2017 are 9.2% lower than the same period the prior year due to an accounting change to the frequency of the internal service fund transfers. Transfers are made monthly to smooth out the impact over the year, instead of lump sum at the beginning of the year. Each Division is on pace compared to budget for the second quarter. Total salaries and benefit expenditures through the second quarter were $15.0 million or 46.2% of budget. An additional $12.2 million, or 49.4% of budget, was spent on operations. Overall, personnel costs are higher than second quarter 2016 due to the merit increases that went into effect February 2017. Administration Services includes City Manager’s Office, City Council, City Secretary and social service funding. Total expenditures for the second quarter were $3.4 million or 59.6% of budget. Community Services and Finance provides resources for developing downtown, as well as resources for Parks and Recreation, Library, Public Communications and Municipal Court. Year to date expenditures are $4.6 million or 45.2% of budget. The Georgetown Utility System Division includes Environmental Services, Inspections, Public Works and Streets. Environmental Services manages the contract for solid waste collections. Total expenditures through the second quarter were $4.0 million or 44.4% of budget. Total expenditures for Public Safety through the second quarter are 47.4% of budget for a total of $12.8 million. City management, finance and fire staff continue to monitor Fire and EMS overtime every two weeks. Overall General Fund expenditures are within budget and projection. As planned in the budget, General Fund expenditures are projected to be slightly higher than revenue, leading to a minor decrease in fund balance. The fund balance is projected to be $9.5 million, covering the 90 day contingency reserve and the Economic Uncertainty Reserve. Utility Revenues: Electric revenue through the second quarter of 2017 is up 3.2% compared to the prior year’s second quarter. Other revenues are up 57.6% from the prior year due to the city collecting reimbursements from developers related to new infrastructure. Total water revenue is up from the prior year by 68.0%. Other water sales are up 180.7% through the second quarter which is largely due to an increase in impact fees for new development in the Western District. Total wastewater revenue is up 22.2% for fiscal year 2017 compared to last year. Wastewater revenues are up 7.9% which is largely due to an increase in impact fees for new development in the Western District. Utility revenues are significantly impacted by growth and weather conditions. The improved economic conditions and housing market continue to positively impact growth-related revenues. Staff will monitor these trends over the upcoming months. Other Revenues: Hotel Occupancy Tax revenue is $441,292 year to date, an increase of 37.5% from the prior year due to the Sheraton Hotel. Airport revenue is up 20.0% from the prior year, due to fuel sales and leases. 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 second quarter of fiscal year 2017 includes the maturing of financial institution deposits (CD’s), the purchase of new CD’s, and transfers to favorable money market accounts. Interest rates for money market accounts increased in March 2017. Page 2 The Investment Reports for the quarter ended March 31, 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 summary of the investment balances at March 31, 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 12/31/16 3/31/17 12/31/16 3/31/17 12/31/16 3/31/17 Total cash and investments $121,424,358 $137,713,551 $26,843,346 $16,206,262 $5,360,186 $5,510,756 Average Yield 0.56% 0.75% 0.63% 0.82% 0.56% 0.72% 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 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 is monitored at least 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. 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 were reviewed and met PFIA-minimum rating criteria. The City has used a banking fee reduction strategy by retaining higher daily balances at the City’s depository bank. These balances earn credit against the fees charged by the bank versus earning interest on these balances. 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. A year-to-date budget status for each of the approved projects is included in the quarterly report, including the following: DOWNTOWN & COMMUNITY SERVICES 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. Projects include American’s With Disabilities Act compliance and accessibility improvements throughout downtown and citywide. Construction will be completed in phases, and the entire project is expected to be completed in late November. Sidewalk improvements include: Del Webb Boulevard and Whispering Wind Page 3 Drive, Williams Drive and Woodlake Drive, Williams Drive and Wildwood Drive, Williams Drive and Shell Road, Williams Drive and Lakeway Drive, Williams Drive and River Bend Drive, Austin Avenue and Morrow Street, Austin Avenue from Morrow Street to Williams Drive, Eighth and Rock streets, Eighth Street from Church to Myrtle streets and Sidewalks in Founders’ Park. The City will also begin construction May 1 on the sidewalk along the southbound Interstate 35 frontage road from Leander Road to Hwy. 29. The project is expected to be completed Nov. 1. The project was a council priority and is being funded through certificate of obligation bonds. 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 was approved by City Council on April 25th for the design of San Gabriel Park Phase II. 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 2005 that set the stage for how the park would be developed. City Council approved construction contracts with Prime Construction of Pflugerville for renovation to Garey House and for site and civil construction on February 14th. A ground breaking ceremony was held on March 31st. 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. TRANSPORTATION Southwest Bypass: Construction is approximately 70% complete project wide. Substructures of South San Gabriel bridges are approximately 95% complete. Beam delivery on the north bridge was completed in March. Beam delivery on the south bridge is scheduled for mid-May. Approaching subgrade level throughout the project. ELECTRIC New development continues to exceed expectations in the second quarter with additional residential, multifamily, and business projects in progress. WATER The Berry Creek Interceptor design is 60% complete and the easement acquisition is in progress. Construction should start in November 2017. 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 September 2017. The Pecan Branch wastewater treatment plant bid opening was on March 28th with construction scheduled to start June 2017. The Shell Road and CR 255 water main designs are complete and easement acquisitions are in progress. Construction is estimated to start November 2017. The Domel water treatment plant design is complete. Construction is estimated to start August 2017. Page 4 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION BEGINNING FUND BALANCE 9,956,779 10,990,128 Revenue Property Tax 12,475,000 179,645 11,347,117 12,475,000 Sales Tax 12,818,683 943,132 4,481,423 12,818,683 Sanitation Revenue 7,181,300 610,114 3,573,447 7,181,300 ROI 8,070,041 (362,821) 3,605,291 8,070,041 Franchise Fees 5,142,035 (191,784) 2,210,744 5,142,035 Development and Permit Fees 2,307,991 234,229 1,210,556 2,307,991 Parks and Rec Fees 2,190,746 188,251 1,201,812 2,190,746 Administrative Charges 1,886,221 158,330 794,418 1,886,221 All Other Revenue 3,556,378 514,301 1,957,096 3,556,378 Transfer In 435,200 137,500 147,700 435,200 Revenue Total 56,063,595 2,410,898 30,529,604 56,063,595 Expense Administrative Services 1,552,320 121,148 739,937 1,552,320 Animal Services 918,594 63,359 457,186 918,594 Arts & Culture 74,385 2,324 38,658 74,385 City Council 156,044 7,328 54,070 156,044 City Secretary 657,852 39,188 320,259 657,852 Code Enforcement 407,773 30,749 153,749 407,773 D&CS Admin - 244 351 - Environmental Services 5,879,717 511,467 2,526,143 5,879,717 Fire Emergency Services 10,046,095 804,645 4,607,765 10,046,095 Fire Support Services 2,418,984 203,395 1,280,437 2,418,984 General Gov't Contracts 3,353,753 263,027 2,292,195 3,353,753 Inspections 1,167,339 78,064 467,215 1,167,339 Library 2,419,829 188,246 1,173,274 2,419,829 Municipal Court 564,620 44,990 264,617 564,620 Parks 2,312,359 185,094 1,027,878 2,312,359 Parks Admin 484,592 39,657 240,038 484,592 Planning 1,182,736 85,983 480,037 1,182,736 Police Admin 2,105,056 174,684 1,046,240 2,105,056 Police Operations 11,176,291 847,435 5,263,764 11,176,291 Public Communications 387,333 24,867 159,144 387,333 Public Works 701,748 57,786 377,678 701,748 Rec Programs 1,439,699 76,985 514,682 1,439,699 Recreation 2,422,487 223,518 1,165,341 2,422,487 Streets 3,806,498 460,342 1,189,616 3,806,498 Tennis Center 431,262 29,804 199,159 431,262 Transfer Out 1,444,716 14,696 1,221,176 1,444,716 Expense Total 57,512,081 4,579,025 27,260,609 57,512,081 EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (1,448,486) (2,168,127) 3,268,995 (1,448,486) ENDING FUND BALANCE 8,508,294 9,541,643 General Fund Year End Projection to Approved as of March 2017 Page 5 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION BEGINNING FUND BALANCE 6,436,145 6,196,297 Operating Revenue Electric Revenue 65,898,216 4,409,839 28,169,573 65,898,216 Interest 18,100 2,092 10,260 18,100 Other Revenue 3,820,000 236,211 1,624,550 3,820,000 Operating Revenue Total 69,736,316 4,648,142 29,804,383 69,736,316 Operating Expenditures CIP 6,956,000 557,755 5,233,828 6,956,000 CRR Credits (1,500,000) (627,672) (2,657,268) (1,500,000) Georgetown Utility Systems 17,205,453 1,303,833 7,790,066 17,205,453 Purchased Power 38,000,000 3,838,496 18,472,707 38,000,000 Transfer Out-Fleet 71,500 - 71,500 71,500 Transfer Out-ROI 5,234,145 338,644 2,347,498 5,234,145 Transfer Out-SRF 60,000 - 60,000 60,000 Operating Expenditures Total 66,027,098 5,411,055 31,318,331 66,027,098 Total Net Operations 3,709,218 (762,913) (1,513,948) 3,709,218 Non-Operating Revenue Bond Proceeds 7,025,000 - - 7,025,000 Non-Operating Revenue Total 7,025,000 - - 7,025,000 Non-Operating Expenditures Debt Issuance Cost 15,000 - 509,918 15,000 Debt Service 3,464,271 - 331 3,464,271 Non-Operating Expenditures Total 3,479,271 - 510,249 3,479,271 Total Net Non-Operations 3,545,729 - 510,249 3,545,729 EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 7,254,947 (762,913) (1,003,699) 7,254,947 ENDING FUND BALANCE 13,691,092 13,451,244 Electric Fund Year End Projection to Approved as of March 2017 Page 6 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION BEGINNING FUND BALANCE 54,428,336 54,428,336 Operating Revenue Water Utility Revenue 26,700,000 1,698,498 11,371,736 26,700,000 Wastewater Utility Revenue 10,733,475 860,688 5,174,722 10,733,475 Capital Recovery Fee 4,767,300 1,295,572 6,305,050 4,767,300 Other Revenue 3,747,088 436,184 2,192,705 3,747,088 Irrigation Utility Revenue 225,000 3,357 62,015 225,000 Interest 199,975 26,063 131,698 199,975 Raw Water Revenue 178,500 10,769 70,304 178,500 Transfer In, Debt 115,839 - - 115,839 Operating Revenue Total 46,667,177 4,331,129 25,308,229 46,667,177 Operating Expenditures Irrigation 205,472 10,505 97,257 205,472 Transfer Out, Fleet/Joint Service 290,750 17,396 186,376 290,750 Transfer Out, General 425,000 137,500 137,500 425,000 Transfer Out, ROI 2,604,339 (639,453) 1,151,929 2,604,339 Wastewater Distribution 737,700 30,879 256,210 737,700 Wastewater Plant Management 2,670,507 141,380 1,939,879 2,670,507 Water Administration 16,600,932 1,089,332 9,472,769 16,600,932 Water Distribution 2,209,230 240,644 1,065,575 2,209,230 Water Operations 3,713,479 323,176 1,674,452 3,713,479 Water Plant Management 2,779,631 132,181 1,557,055 2,779,631 Operating Expenditures Total 32,237,040 1,483,541 17,539,001 32,237,040 TOTAL NET OPERATIONS 14,430,137 2,847,588 7,769,229 14,430,137 Non-Operating Revenue Bond Proceeds 20,000,000 - - 20,000,000 Special Improvement Fees 205,000 - - 205,000 Non-Operating Revenue Total 20,205,000 - - 20,205,000 Non-Operating Expenditures CIP 90 72,412,305 703,813 4,492,368 72,412,305 CIP 91 1,161,948 114,943 1,315,691 1,161,948 Debt Service 5,182,487 - 944,754 5,182,487 Non-Operating Expenditures Total 78,756,740 818,755 6,752,813 78,756,740 TOTAL NET NON-OPERATIONS (58,551,740) (818,755) (6,752,813) (58,551,740) EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (44,121,603) 2,028,833 1,016,416 93,186,877 ENDING FUND BALANCE 10,306,733 10,306,733 Water Services Fund Year End Projection to Approved as of March 2017 Page 7 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION BEGINNING FUND BALANCE 185,045 185,045 Revenue Interest - 320 1,272 - Transfer In, General Fund 750,000 - 750,000 750,000 Revenue Total 750,000 320 751,272 750,000 Expense Transfer Out, GCP - - - - Transfer Out, General Fund - - - - Transfer Out, Joint Services - - - - Expense Total - - - - EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 750,000 320 751,272 750,000 ENDING FUND BALANCE 935,045 935,045 Council Discretionary Fund Year End Projection to Approved as of March 2017 Page 8 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION BEGINNING FUND BALALNCE 578,306 578,306 Revenue Hotel/Motel Occupancy Tax Revenues 1,260,000 87,295 441,292 1,260,000 Interest 1,500 187 827 1,500 Other 8,000 1,261 9,411 8,000 Poppy Festival 125,000 27,919 78,248 125,000 Revenue Total 1,394,500 116,662 529,777 1,394,500 Expense Operations 498,506 27,683 299,334 498,506 Personnel 359,570 25,243 156,632 359,570 Poppy Festival 103,700 14,674 16,993 103,700 Transfer to Facilities 51,535 4,295 25,770 51,535 Transfer to Fleet 5,655 471 2,826 5,655 Transfer to General Fund 10,200 - 10,200 10,200 Transfer to Information Technology 42,436 3,536 21,216 42,436 Expense Total 1,071,602 75,902 532,972 1,071,602 EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 322,898 40,759 (3,195) 322,898 ENDING FUND BALANCE 901,204 901,204 Contingency 200,000 200,000 Convention & Visitors Bureau Fund Year End Projection to Approved as of March 2017 Page 9 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/Encumb) YEAR-END PROJECTION BEGINNING FUND BALANCE 43,849 43,849 Operating Revenue Fuel and Terminal Sales 2,720,928 226,862 1,228,572 2,720,928 Leases and Rentals 767,990 65,207 389,269 767,990 Interest and Other 66,075 2,190 12,837 66,075 TOTAL OPERATING REVENUE 3,554,993 294,259 1,630,678 3,554,993 Operating Expenditures Personnel 388,781 24,375 145,482 388,781 Operations-Fuel 2,296,928 156,172 2,200,554 2,296,928 Operations-Non Fuel 657,086 48,755 374,605 657,086 Transfers Out 25,000 - - 25,000 Airport Master Plan - - 174 - Debt Service 143,768 - 20,462 143,768 TOTAL OPERATING EXPENDITURES 3,511,563 229,302 2,741,276.80 3,511,563 TOTAL NET OPERATIONS 43,430 64,956 1,630,678 43,430 Non-Operating Revenue Grants 35,000 - - 35,000 TOTAL NON-OPERATING EXPENDITURES 35,000 - - 35,000 TOTAL NET OPERATIONS 35,000 - - 35,000 EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 78,430 64,956 1,630,678 78,430 ENDING FUND BALANCE 122,279 122,279 Airport Operations Fund Year End Projection to Approved as of March 2017 Page 10 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/Encumb) YEAR-END PROJECTION BEGINNING FUND BALANCE 11,022,877 11,022,877 Operating Revenue Sales Tax 5,875,000 437,779 2,076,843 5,875,000 PID Assessments 553,201 - - 553,201 Interest 50,000 10,665 78,173 50,000 Interlocal Agreement 2,905,356 - 992,522 2,905,356 Miscellaneous - - 7,539 - TOTAL OPERATING REVENUE 9,383,557 448,444 3,155,077 9,383,557 Operating Expenditure Administrative Support 330,895 27,450 164,701 330,895 TOTAL OPERATING EXPENDITURES 330,895 27,450 164,701 330,895 TOTAL NET OPERATIONS 9,052,662 420,994 2,990,376 9,052,662 Non-Operating Revenue Debt Proceeds 6,000,000 - - 6,000,000 Other Grant Revenue 450,000 251,089 61,764 450,000 TxDot Refund - - 223,873 - TOTAL NON-OPERATING REVENUE 6,450,000 251,089 285,637 6,450,000 Non-Operating Expenditure Available for Projects TBD 1,468,750 - - 1,468,750 Debt Service 3,414,754 - 575,565 3,414,754 FM 971 / Fontana 91,590 40,843 - 91,590 FM1460 Widening 650,000 - 147,576 650,000 IH 35 / HWY29 Intersection 650,000 - - 650,000 Mays St 3,500,000 994,676 36,847 3,500,000 NB Frontage 2338 to Lakeway - - - - Pecan Center Dr to Airport Rd (FY15)6,000,000 62,500 579,710 6,000,000 Rivery TIA Improvements 1,157,121 22,133 - 1,157,121 Rivery-Extension Williams Dr to NW Blvd (FY16)4,000,000 1,744,058 1,811,478 4,000,000 SH 29 to RM 2243 SW Bypass - 537 1,932 - SW Bypass 2243 to IH35 354,920 885 20,702 354,920 SW Inner Loop 29 to SW Bypass - - 8 - Williams Drive Gateway - - - - Wolf Ranch Pkwy Extension 283,350 - - 283,350 TOTAL NON-OPERATING EXPENDITURE 21,570,485 2,865,633 3,173,816 21,570,485 TOTAL NET NON-OPERTAIONS (15,120,485) (2,614,544) (2,888,179) (15,120,485) EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (6,067,823) (2,193,550) 102,197 (6,067,823) ENDING FUND BALANCE 4,955,054 4,955,054 RESERVED ENDING BALANCE 1,619,550 1,619,550 Georgetown Transportation Enhancement Corporation Fund Year End Projection to Approved as of March 2017 Page 11 APPROVED BUDGET CURRENT PERIOD YEAR TO DATE (W/ENCUMB) YEAR-END PROJECTION BEGINNING FUND BALALNCE 5,015,684 5,068,518 Revenue OPERATING REVENUES Sales Tax 1,468,750 109,445 519,211 1,468,750 Interest 10,400 3,357 16,875 10,400 Miscellaneous Revenue 60,321 - 10,302 60,321 Lease Revenue (Grape Creek)48,000 4,000 28,000 48,000 OPERATING REVENUES TOTAL 1,587,471 116,802 574,388 1,587,471 OPERATING EXPENDITURES Debt Service 115,839 - 66,679 115,839 Principal Reduction 100,000 - - 100,000 Interest Expense 111,463 - - 111,463 Joint Services Allocation 197,722 16,477 98,862 197,722 Supplies 300 - 140 300 Special Services 7,500 - 33 7,500 Travel & Training 1,500 - - 1,500 Promotional & Marketing Program 81,000 11,595 52,254 81,000 Miscellaneous Expense 10,321 - 10,302 10,321 Bond Issuance Costs - - (114) - OPERATING EXPENDITURES Total 625,645 28,072 228,157 625,645 TOTAL NET OPERATIONS 961,826 88,730 346,231 961,826 NON-OPERATING EXPENDITURES Catalyst 24,000 - - 24,000 DisperSol 60,000 - - 60,000 Economic Development Projects -Undetermined 5,370,322 - - 5,370,322 Radix 50,000 - - 50,000 Tasus 6,000 - - 6,000 Texas Life Sciences 100,000 - - 100,000 Rentschler Brewing LLC - - - - NON-OPERATING EXPENDITURES Total 5,610,322 - - 5,610,322 EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS 961,826 88,730 346,231 961,826 ENDING FUND BALANCE 367,188 420,022 Georgetown Economic Development Corporation Fund Year End Projection to Approved as of March 2017 Page 12 Summary Quarter End Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Book Value Market Value Demand Accounts 0.30% 16,449,917$ 16,449,917 16,807,804$ 16,807,804$ NOW/MMA 0.85% 7,359,194 7,359,194 7,372,724 7,372,724 Pools 0.63% 71,903,578 71,903,578 69,279,895 69,279,895 CDs/Securities 1.10% 25,711,669 25,711,669 44,253,128 44,253,128 Totals 121,424,358$ 121,424,358$ 137,713,551$ 137,713,551$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.75%Total Portfolio 0.65% Rolling Three Mo. Treas. Yield 0.60%Rolling Three Mo. Treas. Yield 0.52% Rolling Six Mo. Treas. Yield 0.64%Rolling Six Mo. Treas. Yield 0.57% Quarterly TexPool Yield 0.54% 12,507$ Interest income provided in separate report.24,657$ December 31, 2016 March 31, 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 Valley View Consulting, L.L.C. Page 14 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)0.30% 04/01/17 03/31/17 16,807,804$ 16,807,804$ 1.00 16,807,804$ 1 0.30% Southside Bank MMA 0.76% 04/01/17 03/31/17 924,511 924,511 1.00 924,511 1 0.76% Green Bank MMA 0.86% 04/01/17 03/31/17 6,448,213 6,448,213 1.00 6,448,213 1 0.86% TexPool AAAm 0.62% 04/01/17 03/31/17 10,964,107 10,964,107 1.00 10,964,107 1 0.62% TexSTAR AAAm 0.63% 04/01/17 03/31/17 58,315,788 58,315,788 1.00 58,315,788 1 0.63% LegacyTexas Bank CD 0.83% 04/13/17 05/23/16 2,013,869 2,013,869 100.00 2,013,869 13 0.83% LegacyTexas Bank CD 0.83% 04/13/17 05/23/16 4,027,738 4,027,738 100.00 4,027,738 13 0.83% Lubbock National Bank CD 0.95% 07/03/17 05/23/16 3,023,822 3,023,822 100.00 3,023,822 94 0.95% Lubbock National Bank CD 0.95% 07/03/17 05/23/16 2,519,851 2,519,851 100.00 2,519,851 94 0.95% Lubbock National Bank CD 0.95% 07/03/17 05/23/16 3,023,822 3,023,822 100.00 3,023,822 94 0.95% LegacyTexas Bank CD 0.95% 08/18/17 06/23/16 3,031,940 3,031,940 100.00 3,031,940 140 0.95% Lubbock National Bank CD 1.00% 10/02/17 05/23/16 2,016,720 2,016,720 100.00 2,016,720 185 1.00% Green Bank CD 0.81% 11/03/17 11/03/16 1,524,195 1,524,195 100.00 1,524,195 217 0.81% Southside Bank CD 0.92% 11/17/17 11/18/16 3,058,370 3,058,370 100.00 3,058,370 231 0.92% Lubbock National Bank CD 1.20% 02/23/18 02/23/17 6,005,523 6,005,523 100.00 6,005,523 329 1.20% LegacyTexas Bank CD 1.20% 03/09/18 03/09/17 5,000,000 5,000,000 100.00 5,000,000 343 1.20% Lubbock National Bank CD 1.50% 01/03/19 01/03/17 3,007,278 3,007,278 100.00 3,007,278 643 1.50% R Bank CD 1.50% 02/21/19 02/21/17 6,000,000 6,000,000 100.00 6,000,000 692 1.50% 137,713,551$ 137,713,551$ 137,713,551$910.75% (1) (2) March 31, 2017 (2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is used for bank accounts, pools, and money market funds. (1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity. (3) Earnings Credit - The City's depository accounts provide an earnings credit on balances which is used to offset bank fees. Valley View Consulting, L.L.C. Page 16 City - Book and Market Value Comparison Coupon/ Maturity Face Amount/Purchases/ Sales/Adjust/ Face Amount/ Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value JPMorgan Chase Cash 0.30% 04/01/17 16,449,917$ 16,449,917$ 357,888$ –$ 16,807,804$ 16,807,804$ Southside Bank MMA 0.76% 04/01/17 922,886 922,886 1,625 924,511 924,511 Green Bank MMA 0.86% 04/01/17 6,436,308 6,436,308 11,905 6,448,213 6,448,213 TexPool 0.62% 04/01/17 14,730,016 14,730,016 (3,765,909) 10,964,107 10,964,107 TexSTAR 0.63% 04/01/17 57,173,562 57,173,562 1,142,226 58,315,788 58,315,788 BTH Bank CDARS 0.90%02/02/17 1,525,965 1,525,965 (1,525,965)– – LegacyTexas Bank CD 0.83%04/13/17 2,009,753 2,009,753 4,116 2,013,869 2,013,869 LegacyTexas Bank CD 0.83%04/13/17 4,019,506 4,019,506 8,232 4,027,738 4,027,738 Lubbock National Bank CD 0.95%07/03/17 3,016,750 3,016,750 7,072 3,023,822 3,023,822 Lubbock National Bank CD 0.95%07/03/17 2,513,958 2,513,958 5,893 2,519,851 2,519,851 Lubbock National Bank CD 0.95%07/03/17 3,016,750 3,016,750 7,072 3,023,822 3,023,822 LegacyTexas Bank CD 0.95%08/18/17 3,024,849 3,024,849 7,091 3,031,940 3,031,940 Lubbock National Bank CD 1.00%10/02/17 2,011,756 2,011,756 4,965 2,016,720 2,016,720 Green Bank CD 0.81%11/03/17 1,521,089 1,521,089 3,106 1,524,195 1,524,195 Southside Bank CD 0.92%11/17/17 3,051,294 3,051,294 7,076 3,058,370 3,058,370 Lubbock National Bank CD 1.20%02/23/18 – – 6,005,523 6,005,523 6,005,523 LegacyTexas Bank CD 1.20%03/09/18 – – 5,000,000 5,000,000 5,000,000 Lubbock National Bank CD 1.50%01/03/19 – – 3,007,278 3,007,278 3,007,278 R Bank CD 1.50%02/21/19 – – 6,000,000 6,000,000 6,000,000 TOTAL 121,424,358$ 121,424,358$ 21,581,067$ (5,291,874)$ 137,713,551$ 137,713,551$ December 31, 2016 March 31, 2017 Valley View Consulting, L.L.C.Page 17 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 16,807,804$ 16,807,804$ –$ –$ –$ –$ –$ –$ Southside Bank MMA 924,511 924,511 Green Bank MMA 6,448,213 6,448,213 TexPool 10,964,107 10,964,107 TexSTAR 58,315,788 2,884,136 2,084,294 212,849 299,827 650,708 4,795,116 12,621,007 LegacyTexas Bank CD 04/13/17 2,013,869 LegacyTexas Bank CD 04/13/17 4,027,738 Lubbock National Bank CD 07/03/17 3,023,822 3,023,822 Lubbock National Bank CD 07/03/17 2,519,851 Lubbock National Bank CD 07/03/17 3,023,822 LegacyTexas Bank CD 08/18/17 3,031,940 3,031,940 Lubbock National Bank CD 10/02/17 2,016,720 Green Bank CD 11/03/17 1,524,195 1,524,195 Southside Bank CD 11/17/17 3,058,370 3,058,370 Lubbock National Bank CD 02/23/18 6,005,523 6,005,523 LegacyTexas Bank CD 03/09/18 5,000,000 5,000,000 Lubbock National Bank CD 01/03/19 3,007,278 3,007,278 R Bank CD 02/21/19 6,000,000 6,000,000 Totals 137,713,551$ 68,679,899$ 2,084,294$ 212,849$ 299,827$ 650,708$ 4,795,116$ 12,621,007$ Book and Market Value March 31, 2017 Valley View Consulting, L.L.C.Page 19 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA TexPool TexSTAR LegacyTexas Bank CD 04/13/17 LegacyTexas Bank CD 04/13/17 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 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Totals Book and Market Value March 31, 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 –$ –$ –$ –$ –$ –$ –$ –$ 1,395 67,956 29,743 1,310,027 1,425,433 136 13,822 4,320,198 1,395$ 67,956$ 29,743$ 1,310,027$ 1,425,433$ 136$ 13,822$ 4,320,198$ Valley View Consulting, L.L.C.Page 20 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA TexPool TexSTAR LegacyTexas Bank CD 04/13/17 LegacyTexas Bank CD 04/13/17 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 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Totals Book and Market Value March 31, 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 –$ –$ –$ –$ –$ –$ –$ –$ 2,306,586 1,710,880 1,477,674 5,391,599 4,148 2,599,464 3,014,879 4,027,738 3,023,822 2,016,720 2,306,586$ 1,710,880$ 1,477,674$ 5,391,599$ 4,148$ 2,599,464$ 9,068,279$ 3,014,879$ Valley View Consulting, L.L.C.Page 21 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA TexPool TexSTAR LegacyTexas Bank CD 04/13/17 LegacyTexas Bank CD 04/13/17 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 Lubbock National Bank CD 01/03/19 R Bank CD 02/21/19 Totals Book and Market Value March 31, 2017 (Continued) 2016 GO- Roads 2016 Revenue Electric 2016 Revenue Water/WW Garey Park Donation –$ –$ –$ –$ 1,014,037 1,802,380 3,256,418 5,021,075 2,013,869 2,519,851 1,014,037$ 1,802,380$ 7,790,139$ 5,021,075$ Valley View Consulting, L.L.C.Page 22 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 16,449,917$ 16,449,917$ –$ –$ –$ –$ –$ –$ Southside Bank MMA 922,886 922,886 Green Bank MMA 6,436,308 6,436,308 TexPool 14,730,016 14,730,016 TexSTAR 57,173,562 1,659,919 2,882,969 548,791 315,959 649,785 6,473,502 3,059,374 BTH Bank CDARS 02/02/17 1,525,965 1,525,965 LegacyTexas Bank CD 04/13/17 2,009,753 LegacyTexas Bank CD 04/13/17 4,019,506 Lubbock National Bank CD 07/03/17 3,016,750 3,016,750 Lubbock National Bank CD 07/03/17 2,513,958 Lubbock National Bank CD 07/03/17 3,016,750 LegacyTexas Bank CD 08/18/17 3,024,849 3,024,849 Lubbock National Bank CD 10/02/17 2,011,756 Green Bank CD 11/03/17 1,521,089 1,521,089 Southside Bank CD 11/17/17 3,051,294 3,051,294 Totals 121,424,358$ 52,338,992$ 2,882,969$ 548,791$ 315,959$ 649,785$ 6,473,502$ 3,059,374$ December 31, 2016 Book and Market Value Valley View Consulting, L.L.C.Page 23 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA TexPool TexSTAR BTH Bank CDARS 02/02/17 LegacyTexas Bank CD 04/13/17 LegacyTexas Bank CD 04/13/17 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 Totals December 31, 2016 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 –$ –$ –$ –$ –$ –$ –$ –$ 1,393 67,860 29,701 1,036,236 1,423,411 1,161,347 13,802 4,314,070 1,393$ 67,860$ 29,701$ 1,036,236$ 1,423,411$ 1,161,347$ 13,802$ 4,314,070$ Valley View Consulting, L.L.C.Page 24 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA TexPool TexSTAR BTH Bank CDARS 02/02/17 LegacyTexas Bank CD 04/13/17 LegacyTexas Bank CD 04/13/17 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 Totals December 31, 2016 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 –$ –$ –$ –$ –$ –$ –$ –$ 6,973,394 1,708,453 1,678,464 6,234,786 4,143 2,716,078 3,010,602 4,019,506 3,016,750 2,011,756 6,973,394$ 1,708,453$ 1,678,464$ 6,234,786$ 4,143$ 2,716,078$ 9,048,011$ 3,010,602$ Valley View Consulting, L.L.C.Page 25 City - Allocation JPMorgan Chase Cash Southside Bank MMA Green Bank MMA TexPool TexSTAR BTH Bank CDARS 02/02/17 LegacyTexas Bank CD 04/13/17 LegacyTexas Bank CD 04/13/17 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 Totals December 31, 2016 Book and Market Value (Continued) 2016 GO- Roads 2016 Revenue Electric 2016 Revenue Water/WW Garey Park Donation –$ –$ –$ –$ 1,012,598 1,799,823 3,383,151 5,013,953 2,009,753 2,513,958 1,012,598$ 1,799,823$ 7,906,862$ 5,013,953$ Valley View Consulting, L.L.C.Page 26 Summary Quarter End Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Book Value Market Value Pools 0.69% 19,766,782$ 19,766,782$ 9,112,353$ 9,112,353$ CDs/Securities 0.99% 7,076,564 7,076,564 7,093,908 7,093,908 Totals 26,843,346$ 26,843,346$ 16,206,262$ 16,206,262$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.82%Total Portfolio 0.73% Rolling Three Mo. Treas. Yield 0.60%Rolling Three Mo. Treas. Yield 0.52% Rolling Six Mo. Treas. Yield 0.64%Rolling Six Mo. Treas. Yield 0.57% Quarterly TexPool Yield 0.54% Interest data provided in separate report. December 31, 2016 March 31, 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. Valley View Consulting, L.L.C. Page 29 Investment Holdings Coupon/Maturity Settlement Face Amount/Book Market Market Life Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield TexPool AAAm 0.62% 04/01/17 03/31/17 1,220,346$ 1,220,346$ 1.00 1,220,346$ 1 0.62% TexSTAR AAAm 0.63% 04/01/17 03/31/17 5,356,707 5,356,707 1.00 5,356,707 1 0.63% Green Bank MMA 0.86% 04/01/17 03/31/17 2,535,300 2,535,300 1.00 2,535,300 1 0.86% Lubbock National Bank CD 0.95% 07/03/17 05/23/16 4,031,762 4,031,762 100.00 4,031,762 94 0.95% Lubbock National Bank CD 1.05% 08/18/17 08/18/16 3,062,146 3,062,146 100.00 3,062,146 140 1.05% 16,206,262$ 16,206,262$ 16,206,262$ 50 0.82% (1) (2) March 31, 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. Page 31 Book Value Comparison Coupon/Maturity Face Amount/Purchases/Sales/Adjust/Face Amount/ Description Discount Date Par Value Book Value Adjustments Call/Maturity Par Value Book Value TexPool 0.62% 04/01/17 8,955,458$ 8,955,458$ –$ (7,735,112)$ 1,220,346$ 1,220,346$ TexSTAR 0.63% 04/01/17 7,263,392 7,263,392 (1,906,685) 5,356,707 5,356,707 Green Bank MMA 0.86% 04/01/17 3,547,931 3,547,931 (1,012,631) 2,535,300 2,535,300 Lubbock National Bank CD 0.95% 07/03/17 4,022,333 4,022,333 9,430 4,031,762 4,031,762 Lubbock National Bank CD 1.05% 08/18/17 3,054,232 3,054,232 7,914 3,062,146 3,062,146 TOTAL 26,843,346$ 26,843,346$ 17,344$ (10,654,428)$ 16,206,262$ 16,206,262$ Market Value Comparison Coupon/Maturity Face Amount/Qtr to Qtr Face Amount/ Description Discount Date Par Value Market Value Change Par Value Market Value TexPool 0.62% 04/01/17 8,955,458$ 8,955,458$ (7,735,112)$ 1,220,346$ 1,220,346$ TexSTAR 0.63% 04/01/17 7,263,392 7,263,392 (1,906,685) 5,356,707 5,356,707 Green Bank MMA 0.86% 04/01/17 3,547,931 3,547,931 (1,012,631) 2,535,300 2,535,300 Lubbock National Bank CD 0.95% 07/03/17 4,022,333 4,022,333 9,430 4,031,762 4,031,762 Lubbock National Bank CD 1.05% 08/18/17 3,054,232 3,054,232 7,914 3,062,146 3,062,146 TOTAL 26,843,346$ 26,843,346$ (10,637,084)$ 16,206,262$ 16,206,262$ December 31, 2016 March 31, 2017 December 31, 2016 March 31, 2017 Valley View Consulting, L.L.C.Page 33 Summary Quarter End Results by Investment Category: Asset Type Ave. Yield Book Value Market Value Book Value Market Value MMA 0.86% 2,005,534$ 2,005,534$ 2,009,222$ 2,009,222$ Pools 0.65% 3,354,651 3,354,651 3,501,534 3,501,534 5,360,186$ 5,360,186$ 5,510,756$ 5,510,756$ Quarter End Average Yield (1)Fiscal Year-to-Date Average Yield (2) Total Portfolio 0.72%Total Portfolio 0.64% Rolling Three Mo. Treas. Yield 0.60%Rolling Three Mo. Treas. Yield 0.52% Rolling Six Mo. Treas. Yield 0.64%Rolling Six Mo. Treas. Yield 0.57% Quarterly TexPool Yield 0.54% Interest income provided in separate report. December 31, 2016 March 31, 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. Valley View Consulting, L.L.C. Page 35 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 0.86% 04/01/17 03/31/17 2,009,222$ 2,009,222$ 1.00 2,009,222$ 1 0.86% TexasDAILY AAAm 0.66% 04/01/17 03/31/17 2,014,825 2,014,825 1.00 2,014,825 1 0.66% TexSTAR AAAm 0.63% 04/01/17 03/31/17 1,486,709 1,486,709 1.00 1,486,709 1 0.63% 5,510,756$ 5,510,756$ 5,510,756$ 1 0.72% (1) (2) March 31, 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. Page 37 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 0.86% 04/01/17 2,005,534$ 2,005,534$ 3,687$ –$ 2,009,222$ 2,009,222$ TexasDAILY 0.66% 04/01/17 2,011,789 2,011,789 3,036 2,014,825 2,014,825 TexSTAR 0.63% 04/01/17 1,342,863 1,342,863 143,847 1,486,709 1,486,709 TOTAL 5,360,186$ 5,360,186$ 150,570$ -$ 5,510,756$ 5,510,756$ Market Value Comparison Qtr to Qtr Change Green Bank MMA 0.86% 04/01/17 2,005,534$ 2,005,534$ 3,687$ 2,009,222$ 2,009,222$ TexasDAILY 0.66% 04/01/17 2,011,789 2,011,789 3,036 2,014,825 2,014,825 TexSTAR 0.63% 04/01/17 1,342,863 1,342,863 143,847 1,486,709 1,486,709 TOTAL 5,360,186$ 5,360,186$ 150,570$ 5,510,756$ 5,510,756$ December 31, 2016 March 31, 2017 December 31, 2016 March 31, 2017 Valley View Consulting, L.L.C.Page 39 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance General Government CIP Public Safety & Facilities 6CR Public Safety Facility - 181,358 (166,279) (15,079) [a] 6EW Transfer Station / Landfill 290,518 34,594 (34,550) 290,474 7AD Communications - 11,951 (11,951) - 9BE Preventative Maintenance 27,395 47,115 (41,615) 21,895 Public Safety & Facilities Subtotal 317,913 275,018 (254,394) 297,290 Parks CIP 1DN Access to Rtw to Gov Srv - 9,118 (9,118) - 1DO Austin Ave @ 5th St Light 375,951 44 - 375,907 1DP 8th St Church to Myrtle - 29,501 (29,417) (84) [a] 1DX SH29 To Leander Rd SW 1,127,853 6,512 159,208 962,133 6CP San Gabriel Park Improvements 3,307,600 53,145 2,499,973 754,482 6DD New Village Parks - 13,425 (13,425) - 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 32,387 1,568,069 11,899,544 6ES ADA Facilities 295,278 521 20,181 274,576 6ET ADA Parks 600,000 122,714 68,171 409,116 9AU University Sidewalks - 75,526 (75,526) - 9AW CDBG-MLK/3rd St - 6,809 (6,809) - 6DB McMaster Park - 13,094 (13,094) - 6EH Village Park 43,891 53,232 - (9,341) [a] 6EI Founder's Park 70,000 - - 70,000 Parks CIP Subtotal 19,350,926 1,242,790 3,389,742 14,718,394 Downtown & Community Service 46P Sheraton @ The Summit - 2,346,138 - (2,346,138) [a] 6EJ Parking Facility Study / Design - 35,297 (35,297) - 6EK Former PD Renovation - 144 (144) - 6EM Downtown West 12,423,883 180,082 (180,082) 12,423,883 Downtown & Community Service Subtotal 12,423,883 2,561,661 (215,524) 10,077,745 Total General Government CIP 32,092,722$ 4,079,469$ 2,919,824$ 25,093,429$ NOTES: [a]Individual projects may go over budget as long as total expenditures for all CIP projects are within the department's total budget. Page 41 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance Streets / Transportation 1BZ 971 @ Austin Ave.- 101,614 (101,614) - 1CC FM 1460 1,019,140 446,196 (12,979) 585,923 1CE Street Maintenance 924,259 - 131,655 792,604 1CF Street Overlay/Microsurfacing 1,200,000 - - 1,200,000 1CJ Austin Avenue Sidewalks 70,000 - 70,000 - 1CN Sealant 100,000 1,233 (1,233) 100,000 1CS DB Wood Bridge 623,000 19,749 (26,434) 629,685 1CU Cutler Process 1,055,000 8,198 154,552 892,250 1DI SW Bypass / WR Parkway 2,324,930 7,346,067 (7,346,003) 2,324,866 1DK Southeast Inner Loop - 90,546 1,813 (92,359) [a] 1DL Austin Avenue Bridge 278,463 89,291 101,039 88,132 1DN Acces Rtw to Gov Srv - 60,871 23,129 (84,000) [a] 1DO Austin Avenue at 5th St Light - 10,041 (9,997) (44) [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] 5AL Curb & Gutter - 414,397 243,309 (657,706) [a] Streets / Transportation Subtotal 8,094,792 8,632,034 (6,811,754) 6,274,512 Stormwater 5AL Curb and Gutter 700,000 10,100 43,800 646,100 5AW Regional Flood Study 617,929 240,628 392,119 (14,818) [a] Stormwater Subtotal 1,317,929 250,728 435,919 631,282 Airport 6VA Airport Master Plan - 174 - (174) [a] Airport Subtotal - 174 - (174) Total Transportation Services CIP 9,412,721$ 8,882,935$ (6,375,834)$ 6,905,620$ NOTES: [a]Individual projects may go over budget as long as total expenditures for all CIP projects are within the department's total budget. Page 42 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance Water Services CIP Wastewater Line Upgrades: 3CJ Berry Creek Interceptor 8,328,900 56,063 (56,063) 8,328,900 Wastewater Line Upgrades Subtotal 8,328,900 56,063 (56,063) 8,328,900 WW Edwards Aquifer Compliance: 3CK EARZ 2014-15 300,000 25,803 (6,333) 280,530 3CL EARZ 2015-2016 700,000 135,368 533,837 30,795 3CM EARZ 2016-17 500,000 124,715 226,135 149,150 WW Edwards Aquifer Compliance Subtotal 1,500,000 285,886 753,639 460,475 WW Lift stations & Force Mains 3CD Stonehedge LS & FM 27,572 3,313 (3,313) 27,572 3CE Westinghouse LS & FM 3,448,258 409,100 1,715,728 1,323,430 3CN Park LS & FM 3,982,000 12,750 383,510 3,585,740 WW Lift stations & Force Mains Subtotal 7,457,830 425,163 2,095,925 4,936,742 WW Treatment Plant 3CA Pecan Branch WWTP 9,738,309 166,596 (136,352) 9,708,065 WW Treatment Plant Subtotal 9,738,309 166,596 (136,352) 9,708,065 Water CIP 1DE Williams Dr. @ Jim Hogg Rd - 524 (524) - 2BW Westside Facility - 307,922 (18,554) (289,369) [a] 2CE Rabbit Hill EST - 634,347 (634,347) - 2CH Cedar Breaks EST - 1,620,544 (1,620,544) - 2CI Shell Road Water Line 6,078,793 2,700 (2,700) 6,078,793 2CJ Meter Issue - 171,532 - (171,532) [a] 2CK Daniels Mountain GST - 11,014 (8,536) (2,478) [a] 2CL Park WTP Pump Station 600,000 1,630 (1,630) 600,000 2CO Majestic Oaks Water Line - (50,000) - 50,000 2CP Sun City 1.5MG Est 3,050,000 150,000 150,000 2,750,000 2CQ Water Tank Rehab 600,000 5,000 75,000 520,000 2CR Sunny Slope Water Lines 20,000 20,000 - - 2CS WD Interim Water Master Plan 4,138,187 - 35,132 4,103,055 2CT CIS System 1,161,948 467,520 848,171 (153,743) [a] 2JE CR 255 WD 14-2 3,000,000 - 20,000 2,980,000 2JF Domel Improvements 4,500,000 - 33,000 4,467,000 Water CIP Subtotal 23,148,928 3,342,734 (1,125,532) 20,931,726 Rural Water CIP 2CO Majestic Oaks Water Lines - 222,816 (222,816) - 2JE CR 255 (WD 14-2)- 79,800 (79,800) - 2JF Domel Improvements - 77,603 (77,603) - Rural Water CIP Subtotal - 380,219 (380,219) - AMI/CIS-Water 2CG Asset Management - 5,781 (5,781) - Water/AMI/CIS Subtotal - 5,781 (5,781) - Total Water Services CIP 50,173,967$ 4,662,441$ 1,145,618$ 44,365,908$ NOTES: [a]Individual projects may go over budget as long as total expenditures for all CIP projects are within the department's total budget. Page 43 2016/17 Year to Date Year to Date Project Budget Expenditures Encumbrances Balance GTEC CIP 51A Economic Development Projects -$ -$ -$ -$ 5QC Southwest Bypass - 1,615 - (1,615) [a] 5QG SE1: Inner LP / SH130 - - - - 5QW Wolf Ranch Pkwy Extension - - - - 5QY NB Frontage Rd 2338 to Lakeway - 440 (440) - 5QX Northwest Boulevard Bridge 91,590 13,812 (13,812) 91,590 5QZ Snead Drive - - - - 5RB ROW - FM 1460 - - - - 5RC Williams Dr. Gateway - - - - 5RF Rivery Road (Convention Center Prj..)- - - - 5RI Mays Street (S. Georgetown TIRZ)3,500,000 3,978,699 (3,941,826) 3,463,127 5RJ IH 35 / Hwy 29 Intersection Improvements - - - - 5RM Rivery Ext (Williams Dr. - Nwest Blvd.)4,000,000 1,817,062 (5,611) 2,188,549 5RN Pecan Center Dr. / Airport Rd.6,000,000 315,192 264,518 5,420,290 5RO Southwest Bypass - Laubach 354,920 21,026 - 333,894 5RP Rivery TIA Improvements 1,157,121 86,185 (86,185) 1,157,121 5RQ Rabbit Hill Road Improvements - 204,719 (204,719) - 5QN Williams Dr. Widening - - - - 1CC FM 1460 Roadway Improvement 650,000 - 147,576 502,425 Total GTEC CIP 15,753,631$ 6,438,750$ (3,840,499)$ 13,155,380$ Notes: [a]Individual projects may go over budget as long as total expenditures for all CIP projects are within the department's total budget. Page 44 2016/17 Year to Date Year to Date Budget Expenditures Encumbrances Balance Electric CIP 9-0580-90-139 17th Street Rehab 50,000.00 - - 50,000 9-0580-90-140 7th Street Rehab 200,000.00 - - 200,000 9-0580-90-141 Downtown OH Rehab 500,000.00 - - 500,000 9-0580-90-142 Downtown West 970,000.00 - - 970,000 9-0580-90-143 Shell Road Feeders 450,000.00 - - 450,000 9-0580-90-144 Pole Relocation 50,000.00 - 3,626.00 46,374 9-0580-90-145 Sidewalks South College 50,000.00 - - 50,000 9-0580-90-146 Southwest Bypass Feeder 300,000.00 - - 300,000 9-0580-90-147 West 10th Street Rehab 98,000.00 - - 98,000 9-0580-90-148 West 11th Street Rehab 200,000.00 - - 200,000 9-0580-90-300 Electrical System Improvement - 839,822.15 56,199.17 (896,021) [a] 9-0580-90-310 Power Quality Improvements 80,000.00 3,404.50 76,596 9-0580-90-320 Sectionalization Improvements 50,000.00 50,000 9-0580-90-330 Pole Improvements - 2,194.25 (2,194) [a] 9-0580-90-331 Pole Inspections 50,000.00 - - 50,000 9-0580-90-350 Relocation Projects Reimbursements - 40,055.93 - (40,056) [a] 9-0580-90-410 New Development Projects 1,200,000.00 1,948,551.13 518,668.43 (1,267,220) [a] 9-0580-90-430 Street Lighting 88,000.00 1,852.08 3,000.00 83,148 9-0580-90-500 Consultant Engineering 150,000.00 66,279.31 130,720.69 (47,000) [a] 9-0580-90-510 System Mapping Support - - 80,000.00 (80,000) [a] Electric CIP Subtotal 4,486,000 2,902,159 792,214 791,626 T&D 9-0585-90-003 Electric Substations - 17,742.59 (15,973.75) (1,769) [a] 9-0585-90-021 Communication Equipment 295,000.00 159,467.40 62,526.89 73,006 T&D Subtotal 295,000 177,210 46,553 71,237 CIS 9-0580-91-105 CIS system 2,175,000.00 49,787.11 1,265,904.22 859,309 CIS Subtotal 2,175,000 49,787 1,265,904 859,309 Total Electric CIP 6,956,000$ 3,129,156$ 2,104,672$ 1,722,172$ NOTES: [a]Individual projects may go over budget as long as total expenditures for all CIP projects are within the department's total budget. Page 45 Unfunded Liability & Commitments Financial Impact/Notes Status 12/31/16 Status Updates - 3/31/17 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. As of 9/30/2016 the ending balance in the fund increased from $314K to $401K. An update on the Columbarium service will be provided during the Parks Budget Workshop. $75,000 annual transfer will be included in FY 2018 proposed budget. Self-Insurance Internal Service Fund Costs are allocated through the budget to the ISF based on employees within each fund. The ISF is overseen by HR and Finance, with annual plan elements determined by the Employee Benefit Committee. City Council approved two levels of reserve in the Fiscal and Budgetary Policies on April 26, 2016. Initial plan was to build reserve fund over 3 to 5 year period and draw from other City sources if necessary. In FY2017 the IBNR reserve is fully funded at 10% of expenses, and the Rate Stabilization reserve is fully funded at 20% of expenses. As of 9/30/2016 the ending balance in the fund increased from $2.2M to $2.4M. The City switched its dental plan to self-insured for 2017. Staff will bring forward a mid-year budget amendment to the Self- Insurance fund to realize the savings. There will be no impact to ending balance. Recommend removing from list. Fully funded. 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 12/30/15, the UAAL was $20.9M and is considered 82.2% funded. The City will amortize any UAAL over a period not to exceed the amortization period used by the TMRS actuary. The City may amortize its UAAL more quickly by making contributions to TMRS in excess of the rate specified by TMRS. The 2017 TMRS contribution rate is 12.56%. The City has not yet received the TMRS contribution rate for FY 2018. 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 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. In 2016, total citywide compensated absence is $6.4M, of that $5.4M is considered unfunded in the governmental funds. The City's Fiscal and Budgetary Policy state the payout reserve will equal 15% of the one year liability in the Governmental Funds. The FY 2018 budget process should consider increasing the $30,000 payout reserve for the Governmental Funds to be in compliance with the policy. The FY 2017 mid-year budget amendment will appropriate an additional $222,000 from the Council Discretionary Fund to the General Fund to establish the Benefit Payout Reserve. When combined with the $30,000 currently budgeted, the liability is fully funded for the year. March 31, 2017 CITY OF GEORGETOWN Long-term Commitments, Reservations, and Other Unfunded Liabilities Page 46 Unfunded Liability & Commitments Financial Impact/Notes Status 12/31/16 Status Updates - 3/31/17 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. Used to defer or minimize the future cost increases or other impacts related to power costs. Monitored and adjusted monthly as needed through the Power Cost Adjustment (PCA). 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. 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. As of 9/30/2016 the ending balance in the fund is $310K, a marked improvement from prior years negative balances. 2017 funded projects include repairing pavement, replacing lights, and sealing doors and roofs in hangars, rehabbing taxiways and improving signage. The airport master plan is still being developed, and staff continue to look for grant opportunities for funding. 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. Fiscal year 2016 accomplishments include yearlong review of Plan with Advisory Board, training of 16 City Department ADA Liaisons and 45 City Staff, accessibility improvements to six facilities, three parks and more than 36 individual pedestrian network projects. Work scheduled for Fiscal Year 2017 include nine facilities, five parks and 12 individual pedestrian network projects. Fiscal 2017 activities will also include recommendations for data collection/organization evaluation, scoping, and completing self- assessments for other Transition Plan elements as funding is available and review of the Effective Communication Plan element. The City amended and adopted the FY2016 Transition Plan on 1/10/2017. This quarter the City completed renovations to the Parks Administration building, providing accessible routes into the City facility which is also a public voting facility. 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. In FY 2016, the City completed capital improvements at 36 sites, totaling $558K. FY 2017 includes 12 Sidewalk design and construction of 12 capital improvements totaling $2M. Construction on several sidewalk improvement projects throughout the city began in the spring. The entire project is expected to be completed in late November. Sidewalk improvements 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 Lakeway Drive • Williams Drive and River Bend Drive • Austin Avenue and Morrow Street • Austin Avenue from Morrow Street to Williams Drive • Eighth and Rock streets • Eighth Street from Church to Myrtle streets • Sidewalks in Founders’ Park • Sidewalk along southbound Interstate 35 frontage road from Leander Road to Hwy. 29. Page 47 Unfunded Liability & Commitments Financial Impact/Notes Status 12/31/16 Status Updates - 3/31/17 Park Equipment Maintenance & Replacement Over the past 5 years, funding for Park Maintenance and Replacement has increased. $200K transfer from General Fund included in FY2017 budget. Staff has listed all assets & developed replacement schedule funded by the General Fund, soon to be on EAM. Includes equipment not directly in a Facility, such as benches, trail lighting, playground equipment, restrooms, and signage. Playground equipment replacement at McMaster’s Park and VFW Park is scheduled for the next few months. Additionally, an outdoor aquatics slide is planned for replacement prior to the upcoming pool season. Several other parks will have site furnishings and water fountain updates in the coming months. The outdoor pool slide replacement at the recreation center has been moved to 2018 since it was repaired. All other projects are on schedule. 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 fiscal year end 2016, the fund balance is $(826,180), a decrease from 2015 ending balance of $(704,823). With the lag in revenue collections, staff estimate it will take several years to bring the fund back into balance after the start-up capital expenditures. As of April 30, 2017, EMS revenue collections are about $1 million, which is ahead of the budget projections. Year-end revenue is estimated to be $2.4 million, budget is $2.2 million. Staff continue to monitor overtime and medical supply expenses monthly. 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 FY 2016 and FY 2017 Electric and Water fund budgets were amended to split the cost of the CIS system between the funds. The remaining costs of the project will be funded with debt instead of cash. Staff and consultants are currently performing a business process review for HR and Finance that will inform the ERP software selection. Estimated costs for buying and implementing the ERP will be included in the Proposed Budget. FY 2018 is year two of IT's revamped cost allocation model based on actual usage of staff, hardware, and software resources. The FY 2017 mid year budget amendment includes $250,000 of one-time money from the Council Discretionary fund that will be set aside for the ERP project in FY 2018. Staff are exploring funding methods of the ERP, including short-term debt, cash, and the IT allocation. 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. Current model no longer supported in 2018. Staff proposed 3 year replacement schedule for FY2017-2019, $500K per year. Phase I approved in FY2017 and led by new Emergency Management Coordinator. Projected year 4 costs are additional $250,000. Page 48