2023-008 Quarterly Financial Report - Period Ending Sept. 30, 2022 January 20, 2023 Report No. 2022-008
INFORMAL STAFF REPORT
TO MAYOR AND CITY COUNCIL
SUBJECT:
Quarterly Financial Report for the period ending September 30, 2022.
BACKGROUND:
Attached, for your review is the Quarterly Financial Report for the period ending September 30,
2022. If you have any questions or need additional information, please let me know.
STAFF CONTACT:
Cassey Ogden, Interim-Assistant City Manager
(940) 349-7195
cassandra.ogden@cityofdenton.com
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CITY OF DENTON
Fourth Quarter
Financial Report
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About This Quarterly Financial
Report
This report has been prepared by the City of Denton's Finance
Department. The Quarterly Financial Report is intended to provide
our users (internal and external) with information regarding the City's
financial position and economic activity. This report includes
information for the quarter ending September 30, 2022.
This report is presented in four sections.
1 . The Executive Dashboard section contains a high level
summary of the major operating funds using graphic
illustrations and key economic indicators. Narrative disclosures
are also included to highlight any significant changes or
fluctuations.
2. The Financial Summary section reports the performance of the
major operating funds of the City. In addition, the report
provides preliminary actuals and a comparison to the budget for
major revenue sources and expenditure items.
3. The Revenue & Economic Analysis section provides additional
analysis regarding key revenue sources and economic
indicators.
4. The Quarterly Investment Report section provides a summary
of the City's investment portfolio, interest earnings and a brief
market outlook.
The Quarterly Financial Report is intended to provide our users with
timely and relevant information. Please provide us with any
comments or suggestions you may have. If you would like additional
information, feel free to contact me.
Cassandra Ogden
Assistant City Manager
215 East McKinney Street
Denton, TX 76201
940-349-7195
Section 1
City of Denton
Quarterly Financial Report
September 2022
Executive Dashboards
-� City of Denton, Texas
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FY General Fund Executive Dashboard '1pro&
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DENTON
FY 2021-22 FY 2021-22
ANNUAL PRELIMINARY FY 2021-22
DESCRIPTION BUDGET' ACTUALS VARIANCE Revenue & Expenses (in Millions)
Beginning Fund Balance $170 ❑YTD Revenue ■YTD Expenses
as of 09/30/21 $ 39.39 $ 38.63 $160
RESOURCES: $150
Ad Valorem Taxes 49.73 48.69 -2% $140
Sales Tax 46.25 53.26 15% $130
$1z0
Franchise Fees 3.63 3.13 -14%
$110
Other Taxes 0.45 0.54 20% $100
Service Fees 8.61 9.61 12% $90
Fines and Fees 2.63 1.88 -29% $80
Licenses and Permits 6.08 9.06 49% $70
Miscellaneous Revenue 3.94 3.29 -16% $60
Transfers In 29.01 30.07 4% $so
Total Revenues 150.33 159.53 6% $40
$30
Total Resources 189.72 198.16 $20
$10
EXPENDITURES:
Personal Service 104.16 105.35 1% 'll fLl fLl '11'
Material and Supplies 3.59 3.02 -16% p�` �o, peg �a� �e� �a� QQ� �aa
Maintenance and Repairs 1.89 1.80 -5%
Insurance 1.63 2.41 48% Sales Tax Monthly Average by Quarter
Miscellaneous 1.73 0.94 -46%
Operations 17.51 19.29 10% $5.0
Transfers Out 21.80 19.22 -12%
Fixed Assets 0.58 0.54 -7%
Total Expenditures 152.89 152.57 0% $4.0
Net Income (Loss) (2.56) 6.96
$3.0
Ending Fund Balance $ 36.83 $ 45.59
Key Trends $2.0 -
➢Revenues for Sales Tax,and Licenses and Permits is higher than budget due to growth. $1.0
➢Insurance expenditures are higher than budget due to increases in actual expenses incurred in the Risk
Retention fund.
➢Operations expenditures are higher than budget is mainly due to vehicle maintenance. $_ AA
� ti� ti� ti� ti� ti� ti� ti� ti� ti� ti� titi titi titi titi ti� ti� tiV'Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was boo- go ti�o �o do bo �o �o bo do �o �o do do o �o do do goo- to
estimated in the FY 2021-22 budget process.
Note: All figures presented are in millions of dollars.
City of Denton, Texas
&�IwmmElectric Fund Executive Dashboard ,'!M. -o� V ' r
FY 2021-22 FY 2021-22 t
D E N T O N ANNUAL PRELIMINARY F Y 2 0 21-2 2
DESCRIPTION BUDGET' AC TUALS VARIANCE
Beginning Working Capital $350 Revenue & Expenses (in Millions)
and Reserves as of 9/30/21 $ 109.04 $ 119.50
RESOURCES: $300 -
Rate Revenues 163.52 164.64 1% $250
Transmission Revenue 56.16 60.36 7%
Other Revenues 4.75 23.36 392% $200
DEC Revenues 21.30 59.94 181% $150
Total Revenues 245.73 308.30 25%
$100
Total Resources 354.77 427.80
EXPENDITURES: $50
Purchased Power 133.32 99.63 -25% $0
DEC F u e 1 12.48 2 6.28 111% titi titi titi titi titi titi titi titi titi titi titi vti
Transmission of Power 19.18 21.46 12% o°` �o oe� �a° 1e° �a Pe �a� 1o�
Personnel Service 20.10 20.38 1% ■YTD Revenue ❑YTD Expense
Operation and Maintenance 39.68 39.55 0%
Debt Service 62.08 61.88 0% 2016-2022 Historical Quarterly GWH Sales
Transfers Out 16.51 16.19 -2% 600
Capital Outlay 0.26 0.14 -46%
Total Expenditures 303.61 285.51 -6% soo
Net Income (Loss) (57.88) 22.79 400
A A A A A A
( V \,-�
Ending Working Capital
300
and Reserves $ 51.16 $ 142.29
200
TrendsKey
➢Other Revenues are higher than budget due to proceeds of$15.2 million from the sale of the TMPA Coal Mine. 100
➢DEC Revenues are higher than budget due to increased energy prices.
➢Purchased Power and DEC Fuel expenditures are higher than budget due to increased energy and energy/fuel prices. 0
➢Transmission of Power expenditures are higher than budget due to changes in rates of various transmission providers 3Q16 1Q17 3Q17 1Q18 A18 1Q19 A19 1Q20 3Q2o lQzl A21 1Q22 A22
during the fiscal year. Note: All figures presented are in millions of dollars.
'Annual adopted budget as amended or modified. Beginning Fund Balance represents the amount which was estimated in the FY 2021-22 budget process.
City of Denton, Texas
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Water Fund Executive Dashboard - --
DENTONFY 2021-22 FY 2021-22 FY 2021-22
ANNUAL PRELIMINARY VARIANCE Revenue & Expenses (in Millions)
DESCRIPTION BUDGET ' ACTUALS $60
Beginning Working Capital $50
and Reserves as of 09/30/212 $ 20.55 $ 24.58
RESOURCES: $40
Water Sales 41.42 47.30 14% $30
Other Water Revenues 2.19 2.03 -7%
Transfers In 2.03 1.81 -11% $20
Impact S10
Total Revenues
Revenue 52.25 55.03 5%
Total Resources 72.80 79.61 �titi ,�ti Gti c1 ��1 `11 titi �yti cti J�1 ��1 QtiL
EXPENDITURES: po �o �e �a �e �a
Personnel Service 9.01 7.86 -13%
❑YTD Revenue ❑YTD Expenses
Operations, Services 11.97 12.24 2%
Capital Outlay 12.95 12.62 -3%
Debt Service 10.84 10.82 0% 2015-2022 Historical Quarterly Gallons Sold(in Millions)
Transfers Out 6.48 6.56 1%
3,000
Total Expenditures 51.25 50.10 -2%
NetIncome (Loss) 1.00 4.93 2,500
Ending Working Capital
and Reserves $ 21.55 $ 29.51 2,000
TrendsKey 1,500 /k A A
V V
➢ Water Sales exceeded budget by$5.8M. 1,000
➢ Other Water Revenue are less than budget a result of lower-than-expected auction proceeds,
debt payments from others,and interest on past due balances. 500
➢ Lower than expected expenditures in Personnel Services due to vacant positions resulting in
salary savings.
0
'Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated in the o� d d d do vo vti 17 ,vti vti
FY 2021-22 budget process. a a I,o� aa Na ^ a tid po Hd as a ao
2TThe Beginning Working Capital balance excludes$19.9 M of Impact Fee Reserves and$1.00 million for Development Plan
Line Reserves. Note: All figures presented are in millions of dollars.
City of Denton, Texas
6 L
`OF Wastewater Fund Executive Dashboard P
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FANNUAL PRELIMINARY FY 2021-22
DENTON
DESCRIPTION BUDGET 1 ACTUALS VARIANCE
Beginning Working Capital
Revenue & Expenses (in Millions)
and Reserves as of09/30/212 $ 17.07 $ 16.46 $60
RESOURCES:
Was tewaterFees 26.19 25.98 -1% $50
Other Wastewater Reveone 1.94 2.17 12% $40
Drainage Fees 5.64 5.41 -4%
Trans fe r In 0.61 0.24 -61% $30
Impact Fee Revenue 4.27 4.27 0%
$20
Aid in Construction - 10.00 10%
Total Revenues 38.65 48.07 24% $10
Total Resources 55.72 64.53
- �" M i EEL, L L
EXPENDITURES: 'y 1 ti ti ti ti ti ti ti ti ti ti
PersonalService 8.88 8.27 -7% p �o �e �a cue 41 Q 40 10
Operations, Services 9.65 9.47 -2% ■YTDRevenue ■YTDExpenses
Capital Outlay 5.64 5.17 -8%
Debt Service 7.83 6.83 -13% 2015-2022 Historical Quarterly Gallons Billed
Trans ferOut 5.91 5.71 -3% 1,400 in Millions
Total Expenditures 37.91 35.45 -6%
1,200
Net Income (Loss) 0.74 12.62
1,000
Ending Working Capital
800
and Reserves $ 17.81 $ 29.08
600
TrendsKey I 400
➢Other Wastewater Revenue is higher than budget due to an increase in compost fee revenues. 200
➢Aid in Construction of$8 million is due to developer contributions for the Milam Creek Basin and$2 million 0
is related to Robson Ranch Diversion project. ti ti ti
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'Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated in
the FY 2021-22 budget process. Note: All figures presented are In millions Of dollars.
2TThe Beginning Working Capital balance excludes$11.6 million of Impact Fee Reserves but includes$1.0 million for Drainage
Reserves,and$1.0 million for Development Plan Line Reserves.
�&- - City of Denton, Texas s
Drainage Operations Executive Dashboard ! - -
DENTON
FY 2021-22 FY 2021-22 FY 2021-22 Revenue & Expenses (in Millions)
ANNUAL PRELIMINARY $7.0
DESCRIPTION BUDGET ACTUALS VARIANCE
REVENUES: $6.0
Residential Drainage Fees $ 2.16 $ 2.08 -4%
Nonresidential Drainage Fees 3.48 3.33 -4% $5.0
General Fund Transfer 0.37 - -100% $4.0 —
TotalRevenues 6.01 5.41 -100/6
$3.0 —
EXPENDITURES:
P ers onal Service 2.03 1.81 -11% $2.0
Operations, Services 0.81 0.91 12%
Capital Outlay 2.13 2.13 0% $1.0
Trans ferOut 0.67 0.56 -16% AL
To tal Expenditures 5.64 5.41 -4% $
titi titi titi ti� ti� titi ti� titi titi titi titi titi
Net Income (Loss) $ 0.37 $
InYTD Revenue ■YTD Expenses
TrendsKey I
➢Operations, Services expenses are higher than budget due to vehicle
maintenance.
Note: All figures presented are in millions of dollars.
City of Denton, Texas 6
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Solid Waste Fund Executive Dashboard
DENTON FY 2021-22 FY 2021-22
ANNUAL PRELIMINARY FY 2021-22
DESCRIPTION BUDGET ] ACTUALS VARIANCE
Residential Curbside Collection Tonnage
Beginning Working Capital 9,000
and Reserves as of 09/30/212 $ 6.21 $ 6.63 8,000
RESOURCES: 7,000
Collection &Disposal 32.75 32.65 0% 6,000
Recycling 6.16 7.14 16% 5,000
Other Revenue 0.97 1.59 64% 4,000
Total Revenues 39.88 41.38 4% 3,000 ��° °i°
Total Resources 46.09 48.01 21000
EXPENDITURES: 1,000
0
Personnel Service 11.55 11.35 -2%
Operations, Services 10.7 3 10.13 _6%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Capital Outlay 2.51 2.20 -12%
Debt Service 5.69 5.68 0% ■Recycling and ReuseTonnage
Landfill Closure 0.72 0.72 0%
Trans fer Out 5.97 5.79 -3% Commercial Refuse & Recycling(Front&Side Load)
Cubic Yards Serviced per Week
To tal Expe nditure s 37.17 35.87 -3%
Net Income (Loss) 2.71 5.51 30,000
Ending Working Capital 25,000
and Reserves $ 8.92 $ 12.14 20,000
Key Trends 15,000
10,000
➢Other Revenue is higher due to gains on sale of fixed assets. 5,000
➢Operations,Services expenses are lower than budget due to vehicle maintenance.
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
■Commercial Refuse Commercial Recycling
'Annual adopted budget as amended or modified.Beginning Working Capital and Reserves represents the amount which was
estimated in the FY 2021-22 budget process.
2The Beginning Working Capital and Reserves excludes$12.0 million of Landfill Closure/Post Closure reserves. Note: All figures presented are In millions Of dollars.
City of Denton, Texas
Airport Fund Executive Dashboard 4� •
DENTON FY 2021-22 FY 2021-22
ANNUAL PRELIMINARY FY2021-22
DESCRIPTION BUDGET ' ACTUALS VARIANCE
Beginning Working Capital GAS WELL REVENUE
and Reserves as of09/30/21 $ 2.61 $ 2.90 (in millions of dollars by fiscal year)
RESOURCES: $2.0
Airport Ground Leases 0.80 0.85 6%
FBO Commissions 0.21 0.27 28%
Fuel Flowage Fees 0.12 0.12 5%
Total Operating Revenues 1.13 1.24 10%
EXP ENDITURES: $1.0
Personal Service 0.43 0.40 -7%
Operations, Services 0.40 0.27 -32%
Trans fer Out 0.46 0.53 15%
Total Operating Expenditures 1.29 1.20 -7%
$0.0
Net Operating Income (Loss) (0.16) 0.04
2020 2021 2022
NON-OPERATING REVENUES:
Investment Income 0.04 0.04 8%
Gas Well Royalties 0.23 1.00 3 2 9% AIRPORT OPERATIONS BY QUARTER
Total Non-Operating Revenues 0.27 1.03 281% (takeoff or landing by fiscal year)
NON-OPERATING EXPENDITURES: 60,000
Debt Service 0.72 0.72 0%
Total Non-Operating Expenditures 0.72 0.72 0%
Net Non-Operating Income (Loss) (0.45) 0.31 50,000
Net Income (Loss) (0.61) 0.35
Ending Working Capital and Reserves $ 2.00 $ 3.25 40,000
30,000
TrendsKey
➢Increased volume and higher natural gas prices have caused a greater than expected increase 20,000
in Gas Well Royalties 1A do yo yo do yti ti� ti� titi titi titi titi titi
�Q �Q tia
'Annual adopted budget as amended or modified.Beginning Working Capital and Reserves represents the amount Note:All financial amounts presented are in millions of dollars.
which was estimated in the FY 2021-22 budget process.
10TY City of Denton, Texas A
Q, ;
DENTONStreet Improvement Fund Executive Dashboard
FY 2021-22 FY 2021-22
ANNUAL PRELIMINARY FY 2021-22
Revenue& Expenses(in Millions)
DESCRIPTION BUDGET t A C T UA LS VARIANCE $22 o
Beginning Working Capital $200
and Reserves as of 09/30/21 $ 3.93 $ 4.50 $180
$16.0
RESOURCES:
$14.0
Franchise Fees 14.48 17.72 22% $12.0
Street Cuts 0.03 - -100% $10.0
Investment Income 0.04 (0.01) -125% $8.0
Transfers In 1.31 1.36 4% $60
Total Revenues 15.86 19.07 20% $40
$2.0
Total Resources 19.79 23.57 $-
Ocf.21 Nov-21 Dec-21 Jan-22 Feb-22 M-22 Apr-22 May-22 Jun-22 J,F22 Aug-22 Sep-22
EXPENDITURES: ■YTD Revenue ❑YTD Expenses
Personal Service 3.55 3.00 -15%
Materials & Supplies 0.10 0.12 20% Tons of Asphalt Laid (in Thousands)
Maintenance & Repairs 6.51 4.89 -25% 12
Operations, Services 0.85 1.13 33% 9
Transfer Out 5.31 6.87 29%
Total Expenditures 16.32 16.01 -2% 6
Net Income (Loss) (0.46) 3.06 3 - CL-K]
Ending Fund Balance $ 3.47 $ 7.56 0
Qtrl Qtr2 Qtr3 Qtr4
Key Trends •FY20-21 ■FY21-22
➢ Franchise fees are higher than budgeted due to increased revenues from the City 100.00 Lane Miles Surface Treatment
utility system and outside telecommunication companies. 80.00
➢ Street Cuts has been reduced due to the utilities completing their own repairs. 60.00
➢ Maintenance& Repairs are$1.62 million less than budgeted due to a competitive 40.00
labor market and supply chain shortages resulting in reduced expenditures through 20.00
Q4 2022. In response,the City has increased starting crew wages and is working with - I I F
vendors to acquire the equipment necessary to increase maintenance. Qtr 1 Qtr2 Qtr3 Qtr4
➢ Transfer Out are$1.56 million above budget due to additional transfers out to ■FY 20-21 ■FY21-22
capital projects.
Note: All figures presented are in millions of dollars.
CITY 4O&FCity of Denton, Texas RFam"
,
-
DENTON Grants Dashboard
FY2021-22 FY2021-22 FY 2021-22 Awards & Expenses (in Millions)
GRANT PRELEVIINARY FY2021-22 $60.0
DESCRIPTION AMOUNT ACTUALS VARIANCE
2021-22 Budget $40.0
Comm Development $ 7.61 $ 3.08 -60% o
Public Safety 2.18 0.63 -71%
Transportation 44.47 4.57 -90% $20.0
Other 25.24 8.76 -65%
Total Budget 79.50 17.04 -79%
New Awards $
Public Safety 0.71 0.71 0% o o a
v y O
Transportation 0.18 0.18 0% U
Total New Awards 0.89 0.89 0% ca
CL
■Awards ❑Expenses
Totals $ 80.39 $ 17.93 -78%
FY 2021-22 Grants Awarded
COMM DEV
Key Trends 91WO 9.46%
PUBLIC SAFETY
3.61%
OTHER
The following grants have been received in FY 2021-22: 31.39%
➢Chapter 59 Asset Forfeitures:$27,417
➢U.S.Marshals Violent Offenders Task Force:$76,513
➢North Texas Organized Crime Task Force:$11,381
➢PD-Law Enforcement Officer Standards&Education:$21,785
➢U.S.Immigration&Customs Enforcement: $2,873
➢Edward Byrne Memorial Justice Assistance Grant:$52,618
➢FY2021 Improving Criminal Justice Responses:$35,254
➢Texas Intrastate Fire Mutual Aid System: $124,311
TRANS
➢2021-SHSP-EOD Protective Suit:$40,864 55.54%
➢2020 Staffing for Adequate Fire&Emergency(SAFER)Grant:$188,854
➢Fire-Law Enforcement Officer Standards&Education:$1,000
➢Denton County Vaccine Operation Assistance:$131,443
➢TxDot-CMAQ-School Connection Sidewalks:$75,520 Note: All figures presented are in millions of dollars.
➢TxDot-Safe Routes to School:$108,400
Section 2
City of Denton
Quarterly Financial Report
September 2022
This report is designed for internal use and does not include all the
funds and accounts included in the City of Denton's operations. The
information provided is unaudited; for a complete audited report,
please refer to the City of Denton Comprehensive Annual Financial
Report, available through the City's Finance Department, City
Secretary's Office, or Denton Public Libraries.
FINANCIAL SUMMARY
City of Denton
General Fund
Schedule of Revenues -Budget vs Actuals (Unaudited)
For the Period Ended September 30, 2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
REVENUE DESCRIPTION Y-T-D BUDGET ACTUALS ACTUALS
Current Year-Ad Valorem $ 49,121,240 $ 49,083,288 $ 48,251,734 -2%
Delinquent-Ad Valorem 81,014 255,594 98,328 -62%
Miscellaneous Penalties&Fees 293,170 388,256 340,187 -12%
Ad Valorem Taxes 49,495,424 49,727,138 48,690,249 -2%
Sales Tax 45,404,857 46,246,938 53,264,725 15%
Franchise-Gas Utilities 350,171 274,458 313,262 14%
Franchise-Private Electric Utilities 99,611 86,425 72,774 -16%
Franchise-Cable 249,269 173,069 157,931 -9%
Franchise-Telecom 29,569 58,647 22,342 -62%
Franchise-Denton Municipal Utilities 3,270,312 3,036,037 2,562,327 -16%
Franchise Fees 3,998,932 3,628,636 3,128,636 -14%
Other Taxes 376,006 446,522 536,612 20%
Ambulance Service Fees 5,404,276 4,334,724 3,914,617 -10%
Fire Department Fees 132,462 147,952 194,262 31%
Building Inspections Fees 576,422 556,742 700,016 26%
Park Department Fees 1,503,132 1,448,690 1,732,193 20%
Planning Department Fees 1,629,878 2,010,213 2,943,611 46%
Miscellaneous Service Fees 85,129 113,487 126,155 11%
Service Fees 9,331,299 8,611,808 9,610,854 12%
Denton Municipal Fines 627,853 1,156,000 701,025 -39%
Parking Fines 40,310 139,000 83,035 -40%
Miscellaneous Fines and Fees 386,684 471,535 419,479 -11%
Court Administrative and Service Fees 517,738 866,137 671,860 -22%
Fines and Fees 1,572,585 2,632,672 1,875,399 -29%
Demolition Permits 12,814 14,500 8,779 -39%
Building Permits 5,862,868 6,008,546 8,932,511 49%
Certificate of Occupancy 50,923 53,000 94,001 77%
Miscellaneous Licenses and Permits 12,713 6,009 23,427 290%
Licenses and Permits 5,939,318 6,082,055 9,058,718 49%
Investment Income 160,095 785,000 (127,268) -116%
Miscellaneous Revenues 3,172,952 3,154,232 3,417,438 8%
Miscellaneous Resources 3,333,047 3,939,232 3,290,170 -16%
ROI-Denton Municipal Utilities 13,963,051 15,459,438 16,781,494 9%
Transfers 14,379,315 13,551,129 13,288,631 -2%
Transfers 28,342,366 29,010,567 30,070,125 4%
Total General Fund Revenues $ 147,793,834 $ 150,325,568 $ 159,525,488 6%
City of Denton
General Fund
Schedule of Expenditures - Budget vs Actuals (Unaudited)
For the Period Ended September 30, 2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
Y-T-D BUDGET ACTUALS ACTUALS
NEIGHBORHOOD SERVICES
Building Inspections $ 3,393,017 $ 3,668,837 $ 3,476,954 -5%
Community Improvement Services 787,134 779,379 58,997 -92%
Libraries 6,428,547 6,656,368 6,193,341 -7%
Parks and Recreation 13,517,168 14,572,452 15,129,442 4%
Planning 1,974,670 2,876,834 3,025,844 5%
Development Services Admin 1,161,927 1,518,530 1,210,974 -20%
Gas Well Review 227,392 376,899 240,212 -36%
Social Services 1,455,803 2,325,382 2,403,453 3%
28,945,658 32,774,681 31,739,217 -3%
PUBLIC SAFETY
Animal Services 2,500,926 2,683,147 2,608,862 -3%
Fire 34,739,801 35,246,455 37,673,006 7%
Municipal Judge 452,967 567,082 548,078 -3%
Police 42,335,189 45,400,386 45,050,175 -1%
81,427,528 83,897,070 85,880,121 2%
TRANSPORTATION
Traffic Operations 2,415,246 2,385,130 2,272,163 -5%
Street Lighting 903,937 850,000 934,302 10%
3,319,183 3,235,130 3,206,465 -1%
ADMINISTRATIVE&COMMUNITY SERVICES
City Manager's Office 2,223,224 2,429,193 2,525,637 4%
Economic Development 4,252,363 4,434,595 4,223,302 -5%
Finance 4,019,776 5,645,942 5,186,622 -8%
Human Resources 2,556,172 2,820,895 2,798,954 -1%
Internal Audit 500,171 561,268 582,965 4%
Legal Administration 3,172,029 3,310,390 2,870,393 -13%
Public Affairs 1,996,398 2,569,200 1,924,581 -25%
Non-Departmental 10,663,555 11,217,981 11,628,495 4%
29,383,688 32,989,464 31,740,949 4%
TOTAL EXPENDITURES $ 143,076,057 $ 152,896,345 $ 152,566,752 0%
City of Denton
Electric Fund
Schedule of Revenues and Expenditures -Budget vs Actuals (Unaudited)
For the Period Ended Sep 30, 2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
DESCRIPTION Y-T-D BUDGET ACTUALS ACTUALS
Beginning Working Capital
and Reserves as of 9/30/21 $ 109,035,229 $ 119,498,711
REVENUES:
Rate Revenues $ 143,122,390 163,523,145 164,639,259 1%
Transmission Revenues 53,589,464 56,160,399 60,361,234 7%
Other Revenues 8,263,917 4,752,353 23,357,978 392%
DEC Revenues 138,885,966 21,293,023 59,944,918 182%
Total Revenues 343,861,737 245,728,920 308,303,389 25%
EXPENDITURES:
Purchased Power 165,630,884 133,315,559 99,615,055 -25%
DEC Fuel 29,679,458 12,475,775 26,284,710 111%
Transmission of Power 18,776,508 19,182,169 21,460,710 12%
Personnel Services 18,147,292 20,102,836 20,377,973 1%
Materials and Supplies 719,361 2,425,169 1,702,970 -30%
Maintenance and Repair 825,348 1,432,671 1,572,658 10%
Insurance 1,778,711 3,786,807 3,401,192 -10%
Return on Investment 11,802,169 11,785,382 14,273,930 21%
Franchise Fee 9,833,455 10,644,166 11,892,619 12%
Miscellaneous 544,140 756,916 526,390 -30%
Operations 5,638,171 8,843,126 6,187,241 -30%
Debt Service 55,014,488 62,079,904 61,882,519 0%
Interfund Transfers 16,683,700 16,514,249 16,187,542 -2%
Capital Outlay 450,929 263,494 143,494 -46%
Total Expenditures 335,524,614 303,608,223 285,509,003 -6%
Net Income(Loss) $ 8,337,123 (57,879,303) 22,794,386
Ending Working Capital and Reserves $ 51,155,926 $ 142,293,097
'Annual adopted budget as amended or modified.Beginning Worldng Capital and Reserves represents the amount
which was estimated in the FY 2021-22 budget process.
City of Denton
Water Fund
Schedule of Revenues and Expenditures-Budget vs Actuals(Unaudited)
For the Period Ended September 30,2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
DESCRIPTION Y-T-D BUDGET ACTUALS ACTUALS
Beginning Working Capital
and Reserves as of 09/30/211 $ 20,546,185 $ 24,582,745
REVENUES:
Water Sales Residential $ 19,243,418 21,519,010 23,470,037 9%
Water Sales Commercial 16,120,532 18,475,937 19,391,723 5%
Water for Resale 2,111,779 1,423,894 4,435,293 211%
Other Water 1,526,463 1,892,391 1,836,177 -3%
Transfers In 1,460,974 2,033,275 1,813,049 -11%
Investment Income 111,861 300,000 198,314 -34%
Impact Fee Revenue 6,605,000 6,605,000 3,887,473 -41%
Total Revenues 47,180,027 52,249,507 55,032,066 5%
EXPENDITURES:
Personal Service 7,701,977 9,013,419 7,864,956 -13%
Purchased Power 1,352,879 1,410,789 1,681,109 19%
Purchase of Water 2,069 3,000 1,603 -47%
Materials and Supplies 1,482,815 2,100,011 2,385,774 14%
Maintenance and Repairs 1,675,145 2,162,508 1,964,188 -9%
Insurance 396,477 244,905 366,984 50%
Miscellaneous 240,505 348,584 229,393 -34%
Operations,Services 1,450,700 2,177,877 1,815,534 -17%
Capital Outlay 12,454,970 12,950,759 12,620,436 -3%
Return on Investment 1,292,424 1,449,659 1,562,169 8%
Franchise Fee 1,846,319 2,070,942 2,231,670 8%
Debt Service 10,901,425 10,835,105 10,816,497 0%
Transfers Out 5,239,602 6,483,661 6,555,047 1%
Total Expenditures 46,037,307 51,251,219 50,095,360 -2%
Net Income(Loss) $ 1,142,720 998,288 4,936,706
Ending Working Capital
and Reserves $ 21,544,473 $ 29,519,451
1 The Beginning Working Capital balance excludes$19,916,357 of Impact Fee Reserves and includes$1,000,000 for Development Plan Line Reserves.
2 Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated in the FY 2021-22
budget process.
City of Denton
Wastewater Fund
Schedule of Revenues and Expenditures-Budget vs Actuals(Unaudited)
For the Period Ended September 30,2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
DESCRIPTION Y-T-D BUDGET' ACTUALS ACTUALS
Beginning Working Capital
and Reserves as of 09/30/21' S 17,068,351 $ 16,455,340
REVENUES:
Residential Fees $ 11,148,913 11,879,945 12,190,748 3%
Commercial Fees 11,847,269 13,504,172 12,983,709 -4%
Effluent Irrigation Fees 97,296 96,470 133,612 39%
Wholesale Fees 749,092 713,103 666,536 -7%
Other Wastewater Fees 1,858,625 1,833,982 2,031,895 11%
Drainage Fees 5,168,014 5,638,695 5,414,436 -4%
Transfer In 239,700 611,645 244,494 -60%
Investment Income 74,762 100,000 135,219 35%
Impact Fee Reserves 4,270,000 4,270,000 4,270,000 0%
Aid in Construction - - 10,000,000
Total Revenues 35,453,671 38,648,012 48,070,649 24%
EXPENDITURES:
Personal Service 8,050,103 8,881,839 8,265,081 -7%
Purchased Power 1,014,247 1,221,000 1,067,503 -13%
Materials and Supplies 1,150,611 1,338,420 1,480,999 11%
Maintenance and Repairs 1,630,504 2,375,605 1,774,748 -25%
Insurance 418,029 274,271 411,144 50%
Miscellaneous 13,410 32,942 24,936 -24%
Operations,Services 2,145,500 2,194,887 2,425,723 11%
Capital Outlay 6,823,328 5,640,309 5,165,853 -8%
Return on Investment 868,458 912,087 945,395 4%
Franchise Fee 1,240,655 1,302,981 1,350,565 4%
Debt Service 6,570,998 7,825,131 6,834,384 -13%
Transfers Out 5,378,410 5,907,049 5,707,502 -3%
Total Expenditures 35,304,253 37,906,521 35,453,833 -6%
Net Income(Loss) $ 149,418 741,491 12,616,816
Ending Working Capital
and Reserves $ 17,809,842 $ 29,072,156
' The Beginning Worldng Capital balance excludes$11.6 million of Impact Fee Reserves but includes$1.0 million for Drainage
Reserves,
and$1.0 million for Development Plan Line Reserves.
z Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated
in the FY 2021-22 budget process.
City of Denton
Drainage Operations
Schedule of Revenues and Expenditures -Budget vs Actuals (Unaudited)
For the Period Ended September 30, 2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
DESCRIPTION Y-T-D BUDGET ACTUALS ACTUALS
REVENUES:
Residential Drainage Fees $ 1,995,012 $ 2,158,037 $ 2,077,945 -4%
Nonresidential Drainage Fees 3,173,002 3,480,658 3,336,491 -4%
General Fund Transfer - 367,151 - -100%
Total Revenues 5,168,014 6,005,846 5,414,436 -10%
Total Resources 5,168,014 6,005,846 5,414,436 -10
EXPENDITURES:
Personnel Service 1,692,884 2,022,003 1,806,918 -11%
Materials and Supplies 51,612 88,900 87,817 -1%
Maintenance and Repairs 156,370 134,500 174,588 30%
Insurance 69,059 42,801 64,306 50%
Miscellaneous 5,207 16,900 8,887 -47%
Operations,Services 400,152 529,182 582,459 10%
Capital Outlay 2,355,270 2,130,982 2,129,847 0%
Debt Service 541 - - 0%
Transfer Out 436,919 673,428 559,614 -17%
Total Expenditures 5,168,014 5,638,696 5,414,436 -4%
Net Income(Loss) $ - $ 367,150 $ -
City of Denton
Solid Waste Fund
Schedule of Revenues and Expenditures-Budget vs Actuals(Unaudited)
For the Period Ended Sep 30,2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
DESCRIPTION Y-T-D BUDGET ACTUALS ACTUALS
Beginning Working Capital
and Reserves as of 09/30/211 $ 6,210,148 $ 6,629,830
REVENUES:
Refuse Fees-Residential $ 4,577,483 5,429,866 4,765,781 -12%
Refuse Fees-Commercial 14,838,143 15,134,905 14,978,591 -1%
Residential Recycling 5,567,752 4,769,339 5,770,523 21%
Commercial Recycling 1,289,340 1,389,027 1,370,717 -1%
Landfill Gate and Material Sales 11,312,784 12,183,212 12,901,642 6%
Recycled Material Sales 67,343 69,364 66,470 -4%
Asset Sales and Interest Income 102,746 412,385 817,468 98%
Other Revenue 301,046 493,295 704,460 43%
Total Revenues 38,056,637 39,881,393 41,375,652 4%
EXPENDITURES:
Personal Service 10,710,066 11,552,240 11,347,872 -2%
Materials and Supplies 341,096 767,522 457,454 -40%
Maintenance and Repairs 210,416 295,901 187,756 -37%
Insurance 456,611 295,935 444,282 50%
Miscellaneous 38,708 66,320 25,987 -61%
Operations,Services 5,639,402 7,381,496 6,988,309 -5%
Capital Outlay 10,412,187 2,511,679 2,203,370 -12%
Debt Service 6,934,108 5,690,617 5,683,705 0%
Franchise Fee 1,889,570 1,911,728 2,019,882 6%
Transfers for Landfill Closure 702,648 719,000 717,641 0%
Admin Transfers Out 4,963,749 5,974,266 5,790,325 -3%
Total Expenditures 42,298,561 37,166,704 35,866,583 -3%
Net Income(Loss) $ (4,241,924) 2,714,689 5,509,069
Ending Working Capital
and Reserves $ 8,924,837 $ 12,138,899
1 The Beginning Working Capital Reserve excludes$11,992,859 Landfill Closure/Post Closure Reserves.
2 Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated in the FY 2021-
22 budget process.
City of Denton
Airport Fund
Schedule of Revenues and Expenditures-Budget vs Actuals(Unaudited)
For the Period Ended Sep 30,2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
DESCRIPTION Y-T-D BUDGET1 ACTUALS ACTUALS
Beginning Working Capital
and Reserves as of 09/30/21 $ 2,606,662 $ 2,899,720
OPERATING REVENUES:
Airport Ground Leases $ 821,396 800,492 848,196 6%
FBO Commissions 217,979 212,160 271,666 28%
Miscellaneous 124,915 118,560 124,355 5%
Total Operating Revenues 1,164,290 1,131,212 1,244,217 10%
OPERATING EXPENDITURES:
Personal Service 350,296 431,901 402,758 -7%
Materials and Supplies 8,243 34,790 12,635 -64%
Maintenance and Repairs 20,083 76,400 41,892 -45%
Insurance 41,237 27,412 40,915 49%
Miscellaneous - 100 - -100%
Operations 142,494 262,135 177,125 -32%
Transfers Out-Operating 502,375 462,696 527,551 14%
Total Operating Expenses 1,064,728 1,295,434 1,202,876 -7%
Operating(Loss) 99,562 (164,222) 41,341
NON-OPERATING REVENUES:
Investment Income 30,774 40,800 43,984 8%
Other 157,112 - -
Gas Well Royalties 422,043 231,830 995,048 329%
Total Non-Operating Revenues 609,929 272,630 1,039,032 281%
NON-OPERATING EXPENDITURES:
Debt Service 762,923 724,659 722,892 0%
Total Non-Operating Expenses 762,923 724,659 722,892 0%
Non-Operating Income(Loss) (152,994) (452,029) 316,140
Net Income(Loss) $ (53,432) (616,251) 357,481
Ending Working Capital $ 1,990,411 $ 3,257,201
Annual adopted budget as amended or modified.Beginning Working Capital and Reserves represents the amount which was estimated in
the FY 2021-22 budget process.
City of Denton
Street Improvement Fund
Schedule of Expenditures-Budget vs Actuals(Unaudited)
For the Period Ended September 30,2022
PRIOR ANNUAL PRELIMINARY BUDGET VS
DESCRIPTION Y-T-D BUDGET' ACTUALS ACTUALS
Beginning Fund Balance
as of 9/30/2021 $ 3,928,623 $ 4,503,637
RESOURCES:
Franchise Fees $ 14,085,090 14,476,328 17,721,899 22%
Street Cuts 24,873 33,827 - -100%
Investment Income 386 42,000 (11,041) -126%
Transfers In 1,244,140 1,306,002 1,362,157 4%
Total Resources 15,354,489 15,858,157 19,073,015 20%
EXPENDITURES:
Personal Service 3,064,948 3,548,910 2,999,815 -15%
Materials and Supplies 72,282 101,200 116,747 15%
Maintenance and Repairs 6,011,467 6,209,798 4,885,442 -21%
Insurance 134,926 89,690 134,824 50%
Miscellaneous 4,486 7,100 615 -91%
Operations,Services 629,231 775,047 993,347 28%
Transfer Out 5,437,149 5,585,763 6,874,974 23%
Total Expenditures 15,354,489 16,317,508 16,005,764 -2%
Net Income(Loss) $ - (459,351) 3,067,251
Ending Fund Balance 3,469,272 7,570,888
'Annual adopted budget as amended or modified.
Beginning Fund Balance represents the amount which was estimated in the FY 2021-22 budget process.
City of Denton
Grants
Schedule of Expenditures(Unaudited)
For the Period Ended September 30,2022
EXPENDITURES ANNUAL PRELIMINLARY BUDGET VS
GRANT DESCRIPTION AS OF 9/30/2021' BUDGET ACTUALS ACTUALS
FY 2021-22 Budget
US Dept of HUD-
Community Development Block Grant(CDBG) $ 6,293,330 $ 2,372,988 $ 1,302,878 -45%
US Dept of HUD-
Community Development Block Grant(CDBG)-
CARES ACT 529,359 1,180,791 620,041 -47%
Texas Emergency Rental Assistance Program-CARES
Act 187,444 18,957 - -100%
US Dept of HUD-
HOME Investment Partnership Program 5,241,002 3,015,263 865,581 -71%
Emergency Solutions Grants Program-CARES Act 1,039,136 1,018,267 289,536 -72%
Community Development' 13,290,271 79606,266 39078,036
TxDot STEP Comprehensive Grant - 78,500 25,466 -68%
National Sexual Assault Kit Initiative Grant 100,888 445,149 71,420 -84%
2020 UASI-Specialized Regional Response Teams
Sustainment 132,416 123,003 11,291 -91%
2021 UASI-Specialized Regional Response Teams
Sustainment - 94,575 60,823 -36%
2021 UASI-Regional Warning Siren Cyber Security - 43,692 42,975 -2%
2019 Staffing for Adequate Fire&Emergency
Response(SAFER)Grant 167,676 1,026,738 281,660 -73%
Urban Search&Rescue Response System(TEEX) - 330,000 92,087 -72%
Texas Intrastate Fire Mutual Aid System-Emergency
Response - 40,000 40,000 0%
Denton Police Department-Coronavirus Response
Grant 80,416 3,088 1,896 -39%
Public Safety' 481,396 2,184,745 627,618
Airport Maintenance(RAMP)Grant - 50,000 49,772 0%
TxDot-RTR-Mayhill Rd-11135 E to US 380 48,984,689 14,896,002 1,715,789 -88%
TxDot-RTR-Bonnie Brae Rd-I1135 E to US 377 27,295,314 19,9079802 1,837,311 -91%
TxDot-IH35E at Loop 288/Lillian Miller Pkwy - 53,865 - -100%
TxDot-RTR-McKinney(Formerly FM426) 15,977,398 2,8959944 708,052 -76%
TxDot-RTR-Hickory Creek FM2181-FM2499 2,041,307 359,920 6,240 -98%
TxDot-RTR-North Texas Boulevard Roundabout 268,344 1,8919555 127,150 -93%
TxDot-Sycamore-Welch Bicycle&Pedestrian - 1,500,000 126,560 -92%
NCTCOG-Wane Data Sharing - 5,000 - -100%
Airport Grant-CARES Act 157,000 157,100 -100%
Airport Coronavirus Relief Grant Program 579000 57,000 -100%
Airport Coronavirus Relief Grant Program - 34,162 -100%
Denton County Transportation Authority(DCTA)
Transportation Reinvestment Program(TRIP) 2,5179997 -100%
American Rescue Plan(ARP)Act of 2021-Airport
Rescue Grants - 148,000 - -100%
Transportation' 94,781,052 44,474,347 4,570,874
City of Denton
Grants
Schedule of Expenditures(Unaudited)
For the Period Ended September 30,2022
EXPENDITURES ANNUAL PRELIMINLARY BUDGET VS
GRANT DESCRIPTION AS OF 9/30/2021' BUDGET ACTUALS ACTUALS
Interlibrary Loan Program(ILL) 35,000 14,421 -59%
TexTreasures Grant 24,820 249820 0%
Green Ribbon Grant 773,666 571,281 -26%
Texas Commission on the Arts Cultural District Grant 100,000 - -100%
NCTCOG-Solid Waste Implementation Grant-Parks
&Recreation 200,000 199,447 0%
NCTCOG-Solid Waste Implementation Grant-Solid
Waste 67,723 13,223 -80%
Governor's Community Achievement Award - 290,000 - -100%
American Rescue Plan(ARP)Act of 2021 6,136 23,2909438 7,935,258 -66%
Miscellaneous New Grants - 460,000 - -100%
Other 6,136 25,241,647 89758,450
Total FY 2021-22 Budget 108,558,855 79,507,005 17,034,978 -79%
New Awards
Chapter 59 Asset Forfeitures - 27,417 27,417 0%
U.S.Marshals Violent Offenders Task Force 76,513 76,513 0%
North Texas Organized Crime Task Force(NTOCTF) 11,381 11,381 0%
PD-Law Enforcement Officer Standards&Education 21,785 21,785 0%
U.S.Immigration&Customs Enforcement Homeland
Security Investigations 2,873 2,873 0%
Edward Byrne Memorial Justice Assistance Grant 52,618 52,618 0%
FY2021 Improving Criminal Justice Responses 35,254 35,254 0%
Texas Intrastate Fire Mutual Aid System-Emergency
Response 124,311 124,311 0%
2021-SHSP-EOD Protective Suit 409864 40,864 0%
2020 Staffing for Adequate Fire&Emergency
Response(SAFER)Grant 188,854 188,854 0%
Fire-Law Enforcement Officer Standards&
Education 1,000 1,000 0%
Denton County Vaccine Operation Assistance 131,443 131,443 0%
Public Safety 714,313 714,313
TxDot-CMAQ-School Connection Sidewalks 75,520 75,520 0%
TxDot-Safe Routes to School-Ginnings Elementary
School&Lee Elementary School 108,400 108,400 0%
Transportation 183,920 183,920
Total New Awards - 898,233 898,233 0%
TOTALS $ 108,5589855 $ 80,405,238 $ 17,933,211 -78%
A portion of the grants presented cover multiple years.
Section 3
City of Denton
Quarterly Financial Report
September 2022
REVENUE & ECONOMIC
ANALYSIS
Revenue & Economic Analysis
Summary
The data included in this section provides information on local, state
and national trends impacting the City's financial position.
The following notes are provided to facilitate this section's readability.
1 . Positive Outlook — Represents favorable conditions for the local
economy. Color code — Green.
2. Cautious Outlook — Represents changing conditions that
require close monitoring. Color code — Yellow.
3. Negative Outlook — Represents unfavorable conditions for the
local economy. Color code — Red.
The data included in this section have been obtained from a variety of
sources. Sales tax and construction related data have been obtained
from internal city departments. Economic data for the State have
been obtained from the Federal Reserve Bank of Dallas and may be
subject to availability. National economic data were compiled with
assistance from the City's investment advisor, First Southwest Asset
Management.
i Hilltop5ecuri ties
Asset Management.
National Economic Trends
Period Ending September 30, 2022
Gross Domestic Product(GDP)
40% The initial reading of Q3 GDP showed the first
35.3% positive growth of 2022 with a +2.6% quarter-
30% over-quarter gain. However, there was
considerable weakness beyond the overall
20% number. A narrowing trade balance, resulting
from a surprisingly large increase in exports,
10% 6.3% 7.0% 70% added 2.8 percentage points and was entirely
0.7% 2.2% 2.7% 3.6% 18% 3.9% 2.7% 2.6% responsible for the Q3 expansion. If trade were
0%
-1.6% -0.6% simply unchanged, Q3 GDP would have been
-10% -4.6% negative. Personal consumption, the biggest
component of GDP,contributed just a single point
-20% to the headline, while residential investment
(housing)subtracted 1.4 percentage points. Most
-30% analysts expect Q4 growth will be between zero
-29.9% and one percent. On a year-over-year basis, the
-40% `a a ,01 U.S.economy grew at a+1.8%pace,matching the
do do do do �^ �� �� �� titi ti vti previous q sharply quarter, but down shar I from the
+5.7%annual pace at the end of last year.
Employment
thousands I ercent Nonfarm payrolls increased by +263k in
Change in Non-Farm Payrolls Unemployment Rate P
gE _ go September after a +315k rise in August and a
...........................................................................................................................................................................................................
689 714 +537k July increase. There's a clearly a weakening
7Uo .........................................................6.77....... ................................. ..................................................................................................
647
saB zo
trend in place,but the Fed would like to see payroll
6� ...557....... ......................... . .... .__............... .............................................................53.7 .......................... growth slow even more. The unemployment rate
517 504
son5.9 ...... ...... ............... ..... ....... ._.. ....... .............................................................. ............................. C fell from +3.7%to+3.5% returning to the lowest
424 398 386 6.0 3 point since 1969. A part of that drop was the
a400 .... .. 5.4.... ..... ....... ........ ....... .._.. ..... .......B66................................. ............................. 9
5.2 315 3 result of an unexpected reduction in the labor
Q 293
= 300 .... ....... ....... .4.7.,. ..._. ___ .__ .__. ..__ .___. ...... ._.................. 50 ,.,
q_6 263 force as 57k workers stepped to the sidelines.
W200 .... ...... ...... ..... ..... 42 40_ .__ .-_ .__ _... ....... ..... ..... .. Apparently, the labor force decline was
9 8 4.0 concentrated on the female side, and may have
100 3.6...3.6 3.6...3.6.... ...... ....... ..... ....._ .._._. ..._.. ...._ ..._. ._.. .. ....3.5.,.3.7 .3.5.. Y
u had to do with faulty seasonal hiring adjustments
0 - - - - - - - - - 3.0 related to education workers. The most recent
-MO ..................................................................................................................................................................................................................... JOLT survey showed job openings fell from 11.2
-200 ........................................_................................................................................................................................................................._............. 2.0 million to 10.1 million in August. That's a huge
Y Y N N N ti decline, but 10 million unfilled job openings are
far too many when there are less than six million
Source:Bureau of Labor Statistics/Bloomberg actively looking for work. The mismatch keeps
pressure on wages.
Inflation
The September CPI report was a huge
Inflation Indicators(Year-Over-Year Percent Change) disappointment to the Fed as it ended a softening
CPI All CPI-Core tPCE-Care trend. The headline rose +0.4% in September,
7.0 ................................................................................................................................................................................................................................ 10.0 doubling the +0.2% median forecast. This
........................................................................................................................................................... .......... ............. ............ .......... gA followed a tiny +0.1% rise in August and an
6.0 unchanged reading in July. On a year-over-year
basis,overall CPI was up+8.2%,slightly above the
5.0 ................................................................................................................................... 7.0 +8.1%forecast. The annual rate peaked at+9.1%
4.0 ...................................................................................... ......... .............. ... .... ... ... .... ... .... ... ... .... ... . 6.0 in June and has declined in each of the past three
............................................................................. ... .... ... .... .... ... .... ... ... .... ... .... .... ... .... ... 5.0 months, but at a frustratingly slow pace. Goods
3.0 4.0 spending has retreated in favor of service..................................................................... ... ... .... ... ... .... ... .... ... ... .... ... .... .... ... .... ...
spending, and the shift was clear in the
20 September report. Core goods prices were
t.o hanged September
....f...f...I...1...1....I... .... .. ... ... .... ... .... ... ... .. ... .... .. ... .... ... . . °.
unchanged In er while core services rose
+0 8°/ ore CPIwhich excludes food and energy
prices, climbed +0.6% in September for the
a, � a° � a` Q` a+ ,1 �; J� � °Y � a� V a Q, a+ �� s; �� �Q second straight month. Core consumer inflation
P h o�e o e P 4 P 4 1~e o Q 1 $ 1 Q 1 is now rising at a +6.6% annual rate, the hottest
Source:Bureau of Labor Statisfics/Bureau of Economic Analysis reading since 1982.
Retail Sales
Retail Sales%Change Month-Over-Month Headline retail sales were unchanged in
ttttt�Retail Sales(M-0-M) —Control Group(M-O-M) September, weaker-than-expected following a
12.0% ...................................................................................................................................................................................................................................... +0.4% August reading. Seven of 13 categories
showed declines, including auto dealers (-0.6%)
10.0% ........................................................... ............................................................................................................................................................................ and building materials stores (-0.4%). Sales at
8.0% ........................................................... ............................................................................................................................................................................ electronics stores (-0.8%) and gas stations (-
1.4%) were also down, although much of the
6.0% ...................................................................................................................................................................... decline for these two are attributed to falling
4.0% . ...................................................................................................................................................................... prices. Overall sales are still+8.6%higher than a
year earlier, but since this report isn't adjusted
2.0% . ............................................................... ........................................................................... for inflation, sales are essentially flat on an
0.0%
annual basis. The retail sales "control group"
(which excludes autos, building materials,
-2.0% ................................ ........................................................................................ gasoline station receipts and food services) rose
+0.4% in September, just above the +0.3%
-a.o% ...............................................................................................................................................................................................................................................do 10 ti0 �O �ti titi ti~ titi titi ryti titi ti~ �h ti~ ti~ titi titi 1QV 1 Il V 1 1 1 1ti median forecast. Control group data feeds into o
411 o�e�410�a�F�s PQ��a���� ,�Q,m�aQ o�aP e 1 �e gay 0� the GDP calculation, so this better-than-
expected number will contribute to stronger(or
Source_US Census Bureau less weak)third quarter growth.
Denton County and Texas Home Sales
Texas/Denton Cty Home Sales(NSA)
45.0 2200
42.5
40.0
37.5 17oo
35.0
ti
32.5 _
12W =
30.0 -
27.5 —
25.0
700
22.5
20.0
17.5 —TX Home Sales
200
—Denton Cry Hame Sales
15.0 —Linear(TX Home Sales)
12.5
—Linear(Denton Cty Home Sales)
10.0 •300
3 N p N O 3 N O 3 N O 3 N
m v m or v m m a m m a re m a
N N
W 00 Oa Oa f0 V1 O V) O O O O N N N
Sourte:Hetl Es GrnBr et Terns ABM-PALS Hws ACBAy
Texas home sales fell-9.9%in the third quarter of 2022 and-14.8%over the same three-month period a year ago.
The average sales price in September was$411.9k,a sharp decline from the record$443k average just four months
earlier. The available inventory climbed from 2.1 months to 2.7 months during the quarter, the highest since July
2020 and well above the record low of 1.0 month from back in February. Total listings increased from at 70k to 90k,
the highest since May 2020 and significantly above the February 2022 low point of 36.k.
In Denton County, unit home sales fell -2.8% in the third quarter and were-11.9% lower on a year-over-year basis.
The available supply continued to improve from a record low of 0.5 months in January and 1.9 months in June, to
2.4 months in September.Total listings lumped from 2,542 to 3,105, the highest in over two years and more than
quadruple the number in January. The average Denton County sales price in September was $511k, significantly
below the all-time high of$587k just four months earlier.
The paper was prepared by Hilltop Securities Asset Management,is intended for educational and informational purposes only
and does not constitute legal or investment advice,nor is it an offer or a solicitation of an offer to buy or sell any investment or
other specific product. Information provided in this paper was obtained from sources that are believed to be reliable;however,it
is not guaranteed to be correct,complete,or current,and is not intended to imply or establish standards of care applicable to
any attorney or advisor in any particular
Fuel Prices I Outlook I Positive
Description: Quarterly fuel trends for the United States and Texas.
Analysis: Fuel prices are a major commodity source in the economy. Studies have shown a positive effect on
disposable income levels when fuel prices decrease. It is estimated that for every penny decrease in the price of
fuel, $1.3 billion is available to the consumer for disposable income. Therefore, the price of fuel is likely to be a
key predictor of sales tax collections. Fuel prices showed a 13.8%decrease from the prior quarter at the national
level and a 8.8%decrease at the state level. Staff has rated this outlook as positive.
Fuel Prices
6--1 Sales Tax —Texas Fuel Prices —US Fuel Prices
$5.00 $16
$4.50
$14
$4.00
$12
$3.50
$10
$3.00
0000
c $2.50 $8 °
C
$2.00
01 $6
0000
$1.50
$4
$1.00
$0.50 $2
$0.00 $0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
'17 '18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 122
Source: U.S. Department of Energy
Municipal Cost Index I Outlook
Description: The Municipal Cost Index was developed to show the rate of inflation for the cost of goods
purchased frequently by local governments. The MCI draws on the monthly statistical data collected by the U.S.
Departments of Commerce and Labor as well as independently compiled data to project a composite cost picture
for the municipal budget officer or operating department manager. Costs of labor, materials and contract services
are all factored into the composite MCI. Major indicators of these items used for the MCI include the Consumer
Price Index, the Wholesale Price Index for Industrial Commodities (now known as the Producer Price Index) and
the construction cost indexes published by the U.S. Department of Commerce, respectively.
Analysis: The Municipal Cost Index (MCI) pulls a variety of prices for frequently purchased commodities for local
governments. The cost for labor, materials and contract services are factored for the MCI. An increase in MCI
means the overall price mix for these types of commodities will cost local governments more to do routine
business. The 4th Quarter of 2021-22 shows an increase of 2.5 for a 0.81%increase over the prior quarter and an
increase of 26.8 for a 9.47%increase over the 4th Quarter of 2020-21. Staff has rated this indicator as Negative.
Municipal Cost Index
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22
Source:American City and County Magazine
Note:The Municipal Cost Index is designed to show the effects of inflation on the cost of providing municipal services.State
and local government officials rely on American City & County's Municipal Cost Index to stay on top of price trends, help
control price increases for commodities,make informed government contract decisions and intelligent budget planning.Since
1978,readers have loyally referred to the Municipal Cost Index to determine the cost of inflation and,hence,the rising cost of
doing business as a local government.
Hotel Occupancy Tax Analysis I Outlook I Positive
Description: Tax imposed on a person who, under a lease, concession, permit, right of access, license, contract, or
agreement, pays for the use of a room that is in a hotel. A hotel includes: any building in which the public may obtain
sleeping accommodations; motels; a tourist home, house or court; lodging house; inn; rooming house; or bed and
breakfast. The tax rate levied by the City is 7%of the price paid for a room. The State also levies a tax equal to 6%.
Analysis: While the use of this revenue source is restricted by state law, it is an essential revenue source for various
tourist related activities within the community and an important indicator of local economic activity. Hotel
Occupancy tax revenue through the 4th Quarter of FY 2022 was 0.90% less than budget and 9% more than prior
year's actual. This quarter illustrated a strong increase in hotel activity since last year as the City recovers from the
COVID-19 Pandemic. Staff has rated the outlook for this economic indicator as Positive.
4th Quarter FY 2021-22
Actual Y-T-D
Occupancy Tax Revenue: $ 937,001 $ 3,588,698
FY 2021-22 Budget $ 945,519 $ 2,875,354
Over(Under)Budget $ (8,518) $ 713,344
FISCAL YEAR FORECAST
Hotel Occupancy Tax Budget: $ 2,875,354
End of Year Projection: $ 3,515,915
End of Year Actual: $ 3,588,698
Variance-Actual to Budget $ 713,344
Variance-Actual to Projection $ 72,783
Hotel Occupancy Tax Collections
$900,000
$800,000
$700,000
$600,000
$500,000
pr
$400,000
$300,000
$200,000
$100,000
$0
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
■FY 2018-19 FY 2019-20 FY 2020-21 ■FY 2021-22
Sales and Use Tax Analysis Outlook
Description: Tax imposed on all retail sales, leases, and rentals of most goods, as well as taxable services. The total tax
rate levied within the City is 8.25%(State, 6.25%; City, 1.5%; DCTA,0.5%).
Analysis: As the second largest revenue source to the City's General Fund, sales and use taxes are essential to the
delivery of services to the community. Sales tax revenues through the 4th quarter of FY 2022 compared to revenues from
the prior year 3rd quarter shows a 16.01% increase; and compared to the budget, it is 24.88%above. Staff has rated this
indicator as Positive.
Quarter
Revenue:Gross Sales Tax
Municipal Operations $ 695,953 $ 2,087,978
General Retail&Others 14,479,643 53,244,895
Comptroller Fees (284,230) (1,044,519)
Amount Retained (278,545) (1,023,628)
Total Revenue $ 14,612,821 $53,264,725
Expenses:Economic Incentives*
Economic Incentive 1J= 740,298 $ 2,941,477
Net Total 13,872,523 50,323,248
FY 2021-22 Budget M,108,869 43,670,195
Over(Under)Budget $ 2,763,654 $ 6,653,053
Sales Tax Budget: $ 46,246,938
Year End Projection: 51,992,420
Variance to Original Budget: $ 5,745,482
Economic Development Expenditure Budget: $ 2,576,743
Year End Projection: 2,440,609
Variance to Original Budget: $ (136,134)
Gross Sales Tax Collections (Millions)
$16.0
$14.0 -
$12.0 -
$10.0
$8.0
$6.0
■
$4.0
$2.0
$0.0 -
1 2 3 4
u FY 2018-19 Actual a FY 2019-20 Actual u FY 2020-21 Actual a FY 2021-22 Actual
*Economic Incentive actuals are through Sept.2022
1.Includes Unicorn Lake,Rayzor Ranch,Golden Triangle Mall,O'Reilly Hospitality,and Buc-ee's.
Certificates of Occupancy Outlook
Description: Certificates of Occupancy(CO)are permits issued in compliance with the 2012 International Building
Code (IBC) and applicable City ordinances. The IBC states, "that no building shall be used or occupied, and no
change in the existing occupancy classification of a building or structure or portion thereof shall be made, until the
building official has issued a certificate of occupancy." Certificates of Occupancy ensure that applicable building,
zoning,fire and consumer health codes are met.
Analysis: Certificates of Occupancy are an economic indicator that provides a framework for the overall condition
of the local economy. Certificates of Occupancy had no change in percantage from the prior quarter and
decreased 46.15% from the fourth quarter of 2021. Staff has rated the outlook for this revenue indicator as
Negative.
Certificates of Occupancy
160.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
'17 '18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 122
Source:City of Denton's Development Services Department.
Residential Permits I Outlook I Positive
Description: Residential Permits are issued in compliance with the 2009 International Residential Code (IRC) and
applicable City ordinances. The data presented in this analysis only include new permits issued and not
remodels/alterations.
Analysis: Residential Permits are an economic indicator that provides a framework for the overall condition of the
local economy. In particular, residential permits have a direct correlation with building inspection fees and
appraised values. Residential permits increased from the prior quarter by 31% and increased 107%from the 4th
Quarter of 2021. Staff has rated the outlook for this revenue indicator as Positive.
Residential Permits
450.0
400.0
350.0
300.0
250.0
200.0
150.0
100.0
50.0
0.0
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
'17 '18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 122
Source:City of Denton's Development Services Department.
Texas Leading Indicators Index I Outlook I Positive
Description: The Texas Leading Indicators Index is a single weighted summary statistic that sheds light on the future
of the state's economy. The index is designed to signal movements and changes in the state's rate of growth. The
index includes the following leading indicators: Texas Value of the Dollar, U.S. Leading Index, Real Oil Prices, Well
Permits, Initial Claims for Unemployment Insurance, Texas Stock Index, Help-Wanted Advertising, and Average
Weekly Hours Worked in Manufacturing.
Analysis: Texas Leading Indicators provide a framework for the overall condition of the local economy. Data for this
quarter shows a decrease in the state's rate of growth. The index decreased by 3.64% from the prior quarter and
increased 2.85%from the fourth Quarter of 2021. Staff has rated this indicator as positive.
Texas Leading Indicators Index
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
tit 00 00 0 00 ti� ti� ti� ti� y0 ti� ti� ti� titi titi titi titi titi �ti titi titi
1p,
tp
Source: Federal Reserve Bank of Dallas
Unemployment Rate Index I Outlook I Positive
Description: Unemployment is defined as the number or proportion of people looking for work at the prevailing
wage who are unable to find employment.
Analysis: Unemployment is an economic indicator that provides a framework for the overall condition of the
national,state and local economies. The unemployment rate for the City of Denton is at 3.3%for the 4th Quarter.
Since this is a decrease over the prior year's quarter rate,staff has rated the outlook indicator as Positive.
Unemployement Rate Index
25.0
20.0
15.0
10.0
5.0 \
0.0
tiw tie tia tia tie yo yo yo yo titi titi yti yti titi titi titi titi
1p, 1o, 3°" 0- tio, _o, 10 0- do -o, 1o, 0- 1p, -o, 'P-
Dallas-Plano-Irving MD MK=Denton -Texas _U6 Unemployment -United States
Source: Federal Reserve Bank of Dallas, U.S. Bureau of Labor Statistics,and Texas Workforce Commission
Note: U6 unemployment includes marginally attached workers who currently are neither working nor looking for work but
indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged
workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job.
Persons employed part-time for economic reasons are those who want and are available for full-time work but have had to
settle for a part-time schedule.
Section 4
City of Denton
Quarterly Financial Report
September 2022
INVESTMENT REPORT
DocuSign Envelope ID:69CECA16-OOB5-405D-9D66-2888C182CC17
CITY OF 1 • QUARTERLY INVESTMENT REPORTCITY
OF
DE T
INVESTMENT POOL
Policy
Par Market Book Unrealized Max. Benchmark
jPortfolio: Value Value Value Gain/(Loss)' WAM WAM YTM Yield*
;Investment Pool j$ 819,081,155 $ 809,879,909 $ 816,094,352 $ (6,214,443) 222 550 2.45% 3.89%
j`Market yield on U.S.Treasury securities at
1-year constant maturity,quoted on
:investment basis %of Total
Par Market Book Unrealized Portfolio Policy
:Securities By Investment Type: Value Value Value Gain/(Loss)' WAM YTM (Book Value)' Max.
:U.S.Treasuries j$ 330,000,000 $ 324,214,380 $ 328,346,157 $ (4,131,777) 320 2.06% 40.23% 100.00%
:U.S.Federal Agencies j$ 147,300,000 $ 145,010,801 $ 146,804,567 $ (1,793,766) 445 3.22% 17.99% 100.00%
:U.S.Federal Agencies-Callable $ 10,000,000 $ 9,892,668 $ 10,000,000 $ (107,332) 236 2.50% 1.23% 20.00%
:Municipal Bonds :$ - $ - $ - $ - - - 0.00% 15.00%
:Certificates of Deposit :$ - $ - $ - $ - - - 0.00% 35.00%
;Commercial Paper $ 65,000,000 $ 63,980,905 $ 64,162,473 $ (181,568) 135 2.90% 7.86% 15.00%
:Local Government Investment Pools $ 200,000,000 $ 200,000,000 $ 200,000,000 $ - 1 2.83% 24.51% 50.00%
Demand Deposits :$ 66,781,155 $ 66,781,155 $ 66,781,155 $ 1 1.15% 8.18%
:Total Portfolio $ 819,081,155 $ 809,879,909 $ 816,094,352 $ (6,214,443) 222 2.45% 100.00%
Unrealized gain/(loss)is the difference between the market and book value and does not represent an actual gain or loss. Gains and losses are realized only;
:when a security is sold prior to maturity. Since it is the City's practice to hold investments until they mature,the temporary gains and losses are unlikely to be:
:realized.
Current 3 Months Ago 3 Month 1 Year Ago 1 Year Ago
;Investment Pool Comparisons: 9/30/2022 6/30/2022 Difference 9/30/2021 Difference
F----------"""""""""""""'----------------'--------------------------'------------------------------------------------------------- I
j Par Value I$ 819,081,155 $ 656,943,844 $ 162,137,310 $ 700,953,699 $ 118,127,456
Market Value j$ 809,879,909 $ 653,540,415 $ 156,339,494 $ 702,828,857 $ 107,051,052
:Book Value ;$ 816,094,352 $ 655,280,824 $ 160,813,528 $ 702,125,607 $ 113,968,745
:Unrealized Gain(Loss) $ (6,214,443) $ (1,740,408) $ (4,474,035) $ 703,249 $ (6,917,692)
:Weighted Average Maturity 1 222 201 21 115 107
:Yield to Maturity 1 2.45% 1.20% 1.26% 0.24% 2.22%
:Portfolio Composition:
:U.S.Treasuries 40.23% 50.97% -10.73% 28.48% 11.75%
:U.S.Federal Agencies 17.99% 14.01% 3.98% 16.05% 1.94%
:U.S.Agencies-Callable 1 1.23% 1.53% -0.30% 0.00% 1.23%
:Municipal Bonds 1 0.00% 0.00% 0.00% 0.73% -0.73%
:Certificates of Deposit 0.00% 0.00% 0.00% 0.00% 0.00%
:Commercial Paper 7.86% 3.79%L 4.07% 12.81% -4.95%
:Local Government Investment Pools 24.51% 21.03% 3.48% 34.86% -10.35%
:Demand Deposits 8.18% 8.68% -0.50% 7.08% 1.10%
:Bank Collateral Review- j Institution Collateral Type Market Value Collected Balance Pledge Required Collateral Ratio
________ ________ _______ ___________ _ _ _ _ I
:Wells Fargo Demand Deposits BNY Mellon U.S.Agency MBS $ 76,281,682 $ 66,781,155 >102% 114.23
:'"Does not include FDIC insurance
:Depository Ledger Balance Review: Institution -Account Type Beginning Bal. _Deposits Withdrawals Ending Bal.
- ------------------------------------------ ----------------------------------------------------------------------- I
Wells Fargo Bank Checking $ 47,573,023 $ 122,709,995 $ (121,680,175) $ 48,602,842
Wells Fargo Bank ARPA Funds $ 18,170,456 $ 7,856 $ - $ 18,178,312
;Compliance Statement&Review: IThe Quarterly Investment Report is in full compliance with the objectives,restrictions,and strategies as set forth in the City of Denton's Investment Policy and the:
;Public Funds Investment Act(Texas Government Code,Chapter 2256.023).
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
. i-d C ny: -1.-Y.(awkun a l a o- [A(cll,alas VtIWA
EiFF29C194EAdF9... _ BFAS]BBEe8EGA4...
Approver:Cassandra Ogden Reviewer:Nicholas Vincent
Chief Financial Officer Assistant Director of Finance
Vacant CaelEl...
Reviewer: Preparer.Randee Klingele
Controller Treasury Manager
,
,
DocuSign Envelope ID:69CECA16-OOB5-405D-9D66-2888C182CC17
CITY OF • QUARTERLY INVESTMENT REPORT
4th Fiscal Quarter Ending September 30,2022 Page 2
INVESTMENT POOL
Current 3 Months Ago 3 Month 1 Year Ago 1 Year
9/30/2022___________6/3 012 0 2 2_________Difference__________9/3012021_________Difference_____
:Par Value-U.S.Treasuries $ 330,000,000 $ 335,000,000 $ (5,000,000) $ 199,000,000 $ 131,000,000
:Par Value-U.S.Federal Agencies $ 147,300,000 92,300,000 55,000,000 112,500,000 34,800,000
:Par Value-U.S.Federal Agencies-Callable $ 10,000,000 10,000,000 - - 10,000,000
:Par Value-Municipal Bonds $ - - - 5,000,000 (5,000,000)
:Certificates of Deposit $ - - - - -
!Par Value-Commercial Paper $ 65,000,000 25,000,000 40,000,000 90,000,000 (25,000,000)
!Local Government Investment Pools $ 200,000,000 137,775,270 62,224,730 244,775,270 (44,775,270)
!Demand Deposits $ 66,781,155 56,868,575 9,912,580 49,678,429 17,102,725
!Total Par Value $ 819,081,155 $ 656,943,844 $ 162,137,310 $ 700,953,699 $ 118,127,456
!Market Value-U.S.Treasuries $ 324,214,380 $ 332,422,735 $ (8,208,355) $ 199,936,843 $ 124,277,537
lMarketValue-U.S.Federal Agencies $ 145,010,801 $ 91,779,177 53,231,624 $ 113,364,650 31,646,151
!Market Value-U.S.Federal Agencies-Callable ! $ 9,892,668 $ 9,964,326 (71,658) $ - 9,892,668
!Market Value-Municipal Bonds $ - $ - - $ 5,088,900 (5,088,900)
!Certificates of Deposit $ - $ - - $ - -
Warket Value-Commercial Paper $ 63,980,905 $ 24,730,333 39,250,573 $ 89,984,765 (26,003,860)
!Local Government Investment Pools $ 200,000,000 $ 137,775,270 62,224,730 $ 244,775,270 (44,775,270)
!Demand Deposits $ 66,781,155 $ 56,868,575 9,912,580 $ 49,678,429 17,102,725
!Total Market Value $ 809,879,909 $ 653,540,415.29 $ 156,339,494 $ 702,828,857 $ 107,051,052
!Book Value-U.S.Treasuries $ 328,346,157 $ 333,987,990 $ (5,641,833) $ 199,950,655 $ 128,395,502.12
!Book Value-U.S.Federal Agencies $ 146.804,567 $ 91,819,835 54,984,732 112,659,269 34,145,299
!Book Value-U.S.Federal Agencies-Callable ! $ 10,000,000 $ 10,000,000 - - 10,000,000
!BookValue-Municipal Bonds $ - $ - - 5,091,127 (5,091,127)
!Certificates of Deposit $ - $ - - - -
Mook Value-Commercial Paper $ 64,162,473 $ 24,829,153 39,333,319 89,970,858 (25,808,385)
!Local Government Investment Pools $ 200,000,000 $ 137,775,270 62,224,730 244,775,270 (44,775,270)
!Demand Deposits $ 66,781,155 $ 56,868,575 9,912,580 49,678,429 17,102,725
!Total Book Value $ 816,094,352 $ 655,280,824 $ 160,813,528 $ 702,125,607 $ 113,968,745
!Accrued Interest $ 1,903,047 $ 1,083,307 $ 819,740 $ 746,720 $ 1,156,327
!Cash Value- $ 811,782,956 $ 654,623,722 $ 157,159,233 $ 703,575,577 $ 108,207,379
!(Total Market Value+Accrued Interest)
!Unrealized Gain/(Loss) $ (6,214,443) $ (1,740,408) $ (4,474,035) $ 703,249 $ (6,917,692)
----------------------------------------------------------------------------------------------------------------------------
I Strategy Statement: :The investment portfolio is an aggregation of the majority of City funds which may include tax receipts,enterprise fund revenues,fine and fee:
!income,as well as some,but not necessarily all bond proceeds,grants,gifts and endowments. This portfolio is maintained to meet anticipated daily:
!cash needs for the City's operations,capital projects and debt service. In order to meet these obligations and to minimize potential liquidation:
!losses,the dollar-weighted stated average maturity of the investment pool shall not exceed 1.5 years or 550 days. The objectives of this portfolio!
:are to: (1)ensure safety of principal by investing in only high quality securities for which a strong secondary market exists;(2)ensure that!
!anticipated cash flow needs are matched with adequate investment liquidity;(3)limit market and credit risk through diversification;and(4)attain the!
!best feasible yield,commensurate with the objectives and restrictions set forth in the Investment Policy,by actively managing the portfolio to meet!
:or exceed the twelve month moving average yield of a one year U.S.Treasury bill as derived from the Federal Reserve Statistical Release H.15 for!
!constant maturities.
I > ------------------------------------------------------------------------------------------------- -----
:'Unrealized gain/(loss)is the difference between the market and book value and does not represent an actual gain or loss. Gains and losses are!
!realized only when a security is sold prior to maturity. Since it is the City's practice to hold investments until they mature,the temporary gains and',
!losses are unlikely to be realized.
I I
I --------------------------------------------- ------------I
,
------------------------------------------------------------------------------------------------------'
DocuSign Envelope ID:69CECA16-OOB5-405D-9D66-2888C182CC17
CITY OF DENTON : QUARTERLY INVESTMENT REPORT
4th Fis��ndinq September 30,2022 Page 3
--------. ........................................................... ......................
INVESTMENT POOL
(Based on Book Value)
Current 3 Months Ago 1 Year Ago
!Summary By Security Type: i 9130/2022 6/3012022 9130/2021
ii ------------------------------------------------------ --------------------------
1 U.S.Treasuries i $ 328,346,157 $ 333,987,990 $ 199,950,655
i U.S.Federal Agencies i
i i 146,804,567 91,819,835 112,659,269
i i l A d F
U.S.
Federal -Callable i
i i 10,000,000 10,000,000 -
i Municipal Bonds i
i i - - 5,091,127
'Certificates of Deposit i - - -
i i
!Commercial Paper i 64,162,473 24,829,153 89,970,858
!Local Government Investment Pools i 200,000,000 137,775,270 244,775,270
!Demand Deposits i 66,781,155 56,868,575 49,678,429
!Total Book Value i $ 816,094,352 $ 655,280,824 $ 702,125,607
i
i
i Demand Deposits 9/30/2022
i 8.18% U.S.Treasuries
i
i 40.23%
i
i
i I l Go
vernment Investment i Pools
i 24.51%
Commercial Paper
7.86%
U.S.Federal Agencies-Callable U.S.Federal Agencies
1.23% 17.99%
--------------------- -------------------------------------------------------------------------------------------------------------------------------------
!Objective: (The portfolio is restricted to U.S.Treasuries and agency securities(maturing in less than five years);municipal bonds rated AA or better(maturing in less than;
!three years);insured,collateralized,or standby letter of credit backed certificates of deposit(maturing in less than three years);collateralized repurchase!.
i
!agreements(maturing in less than thirty days);commercial paper rated A-1/P-1 or better(maturing in less than 270 days);and local government pools&SEC!
ire i
gistered government money market mutual funds(weighted average maturity of less than 60 days). i
i
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current 3 Months Ago I Year Ago
(Summary ------------
By Security Type: i 9130/2022 - 6/30/2022 9130/2021
i i - ---------------------------------------- --------------------------
I U.S.Treasuries i 40.23% 50.97% 28.48%
i i
!U.S.Federal Agencies i 17.99% 14.01% 16.05%
i
!U.S.Federal Agencies-Callable i 1.23% 1.53% 0.00%
;Municipal Bonds i 0.00% 0.00% 0.73%
!Certificates of Deposit i 0.00% 0.00% 0.00%
!Commercial Paper i 7.86% 3.79% 12.81%
Local Government Investment Pools i 24.51% 21.03% 34.86%
Demand Deposits i 8.18% 8.68% 7.08%
!Total i 100.00% 100.00% 100.00%
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
DocuSign Envelope ID:69CECA16-OOB5-405D-9D66-2888C182CC17
CITY OF DENTON:QUARTERLY INVESTMENT REPORT
4th Fi-I Qu-t-Eodiog S�pte-bav-30,2022 Pge 4
r------------------------------------------------------------T--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------i
INVESTMENT POOL
(Based..Book Value)
C.-I 3 Months Ago I Year Ago
!Summary By Issue,: 913012022 6130/2022 913012021
I
I!FFCB $ 42,092,698 $ 37,056,477 $ 62,502,349
I!FHUB 109,792,283 59,869,713 $ 35,123,715
I
FHLMC $ 4,999,342
;FNMA 1 4,919,585 4,893,645 $ 10,033,863
I
I I
BAYLOR SCOTT I - $ 9,999,600
I
'!JOHNS HOPKINS UNIVERSITY $ 9,999,942
1JP MORGAN CP 19,464,833 - $
RBC 17,477,767 17,425,697 $ 17,488,576
!STATE OF CALIFORNIA $ 20,000,000
!NORTHWEST ISO,TX $ 5,091,127
I
I!TEXPOOL I I
1 150,000,000 100,000,000 $ 115,000,000 1
I I I
iTEXSTAR 1 50,000,000 37,775,270 $ 129,775,270 1
I I I
FOYOTA MOTOR CREDIT CORP I I
27,219,873 7,403,456 $ 7,493,656
U.S.TREASURY 328,346,157 333,987,990 $ 199,950,655
UNIVERSITY OF TEXAS $ 24,989,083
:WELLS FARGO DEMAND DEPOSITS 66,181,111 16,161,171 $ 49,678,421
Total Book Value $ 816,094,352 $ 655,280,824 $ 702,125,607
WELLS FARGO DEMAND FFCB
DEPOSITS 5.16%
FHIJI
8.18%
13.45%
FNMA
0.60%
RBC
2.24%
U.S.TREASURY TEXPOOL
40.23% 18.38%
-----JP MORGAN CP
2.39%
TOYOTA MOTOR CREDIT -TEXSTAR
CORP 6.13%
3.34%
It is the policy of the City to diversify its investment portfolio by restricting investments in a single issuer/institution to no more than 35 percent of the portfolide total book value and to those offering
repurchase agreements,collatualmed CDs(including standby letters of credit),and local a state of Texas municipal securities to no greater than 15 percent.The purpose of this requirement is to
limit market and credit risk Commercial paper issuers are further restricted by a 5 percent total portfolio Inflation.There are no issuer limitations on U.S.Treasuries or FDIC insured products
except as they pertain to the overall 35%certificates of deposit and 15%savings deposit restrictions.Some investment types may be further limited.
Summary By Issuer: 91301207.2 6/30/2022 913012021
FFCB 5.16% 5.66% 8.90%
FHUB 13.45% 9.14% 5.00%
FHLMC 0.00% 0.00% 0.71%
FNMA 0.60% 0.75% 1.43%
BAYLOR SCOTT 0.00% 0.00% 1.42%
JOHNS HOPKINS UNIVERSITY 0.00% 0.00% 1.42%
JP MORGAN CP 2.39% 0.00% 0.00%
RBC 2.14% 2.66% 2.49%
STATE OF CALIFORNIA 0.00% 0.00% 2.115%
NORTHWEST ISD,TX 0.00% 0.00% 0.73%
TEXPOOL 18.38% 15.26% 16.38%
TEXSTAR 6.13% 5.76% 18.48%
TOYOTA MOTOR CREDIT CORP 3.34% 1.13% 1.07%
U.S.TREASURY 40.23% 50.97% 28.48%
UNIVERSITY OF TEXAS 0.00% 0.00% 3.56%
WELLS FARGO DEMAND DEPOSITS 8.18% 8.68% 7.08%
Total 100.00% 100.00% 1100.00%
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
DocuSign Envelope ID:69CECA16-OOB5-405D-9D66-2888C182CC17
CITY OF • QUARTERLY INVESTMENT REPORT
4th Fiscal Quarter Ending September 30,2022 A11111iiN Page 51
INVESTMENT POOL
(Based on Par Value)
Current 3 Months Ago 1 Year Ago
(Maturity Time Frame: I 9/30/2022 ______________________--!(--022_________________________________------021 _
:00-03 Months $ 326,781,155 $ 294,643,844 $ 390,953,699
:03-06 Months 120,000,000 60,000,000 120,000,000
:06-12 Months 152,300,000 147,300,000 165,000,000
:12-24 Months 220,000,000 155,000,000 25,000,000
:24 Months&Over
:Total Par Value $ 819,081,155 $ 656,943,844 $ 700,953,699
$900,000,000
$850,000,000
$800,000,000
$750,000,000
$700,000,000
$650,000,000
$600,000,000
$550,000,000
$500,000,000
$450,000,000
$400,000,000
$350,000,000
$300,000,000
$250,000,000
$200,000,000
$150,000,000
$100,000,000
$50,000,000
$0
Current 3 Months Ago 1 Year Ago
000-06 Months ■06-12 Months ■12-24 Months ■24 Months&Over
-------------------------------------------------------------------------------------------------------------------------------------------------------------�
:Objective: :The risk of market price volatility is minimized through maturity diversification. Investment maturities are staggered to provide cash flows based on
:the anticipated needs of the City.Liquidity is achieved by matching investment maturities with forecasted cash disbursements and by investing in
:securities with active secondary markets. Short-term local government investment pools and government money market mutual funds help to
provide daily liquidity and may be utilized as a competitive alternative to other fixed income investments.
--------------------------------------------------------------------------------------------------------------------------------
Current 3 Months Ago 1 Year Ago
;Maturity Time Frame: 9/30/2022 6/30/2022 9/30/2021
:00-03 Months 39.90% 44.85% 55.77%
:03-06 Months 14.65% 9.13% 17.12%
:06-12 Months 18.59% 22.42% 23.54%
:12-24 Months 26.86% 23.59% 3.57
:24 Months&Over 0.00% 0.00% 0.00%
:Total 100.00% 100.00% 100.00%
DocuSign Envelope ID:69CECA16-OOB5-405D-9D66-2888C182CC17
CITY OF DENT. QUARTERLY INVESTMENT REPORT
ECONOMIC SUMMARY
Interest Rate History
Fiscal Year 2016.2017 Fiscal Year 2017.2018 Fiscal Year 2018.2019
Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19
;Market Sector:* r---Ayq-------Ayq-------Ayq-------Ayg---i---A�q-------A��--------A��--------Aye---t---Aye--------A��--------A��-------Av�---i
:Fed Funds(effective) 0.54% 0.79% 1.04% 1.15%: 1.30% 1.67% 1.90% 2.15%: 2.40% 2.41% 2.37% 1.90%:
:3-Month U.S.T-Bill 0.51% 0.75% 1.00% 1.05%: 1.32% 1.71% 1.92% 2.20%: 2.36% 2.39% 2.09% 1.82%:
2-Year U.S.T-Note 1.20% 1.31% 1.34% 1.38%: 1.84% 2.27% 2.53% 2.57%: 2.49% 2.26% 2.10% 1.76%:
:Portfolio Benchmark(FRB) 0.61% 0.69% 0.83% 1.00%: 1.20% 1.46% 1.75% 2.05%: 2.33% 2.48% 2.00% 1.80%:
:Portfolio Yield 0.95% 1.07% 1.16% 1.25%: 1.29% 1.42% 1.58% 1.73%: 2.01% 2.20% 2.20% 2.08%:
I-------------------------------------------------------------------------------------------------------------------
E-------------------------------------------------------------------------------------------------------------------------------------------------J
Fiscal Year 2019.2020 Fiscal Year 2020.2021 Fiscal Year 2021.2022
,
Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22
Market Sector:* 1---Avg-------Ay9-------Ay9-------Aye.- --Avq-------Am--------Lu--------Ayq � --Ayq--------AY9--------Avg-------AVQ--
:Fed Funds(effective) 1.56% 0.02% 0.08% 0.09%: 0.08% 0.06% 0.05% 0.05%: 0.07% 0.32% 1.56% 3.05%:
:3-Month U.S.T-Bill 1.55% 0.09% 0.14% 0.10%: 0.07% 0.02% 0.04% 0.04%: 0.04% 0.50% 1.67% 3.27%:
:2-Year U.S.T-Note 1.57% 0.25% 0.15% 0.13%: 0.12% 0.15% 0.25% 0.21%: 0.38% 1.61% 2.96% 4.28%:
:Portfolio Benchmark(FRB) 1.55% 0.33% 0.18% 0.13%: 0.12% 0.08% 0.07% 0.08%: 0.30% 1.34% 2.65% 3.89%:
:Portfolio Yield 196% 1.62% 1.31% 0.94%: 0.80% 0.45% 0.38% 0.24%: 0.17% 0.39-%-------1-.-2-0--%-------2-.-4-5--%-i:
--- --------------4---------- ------------L----------------------
FY
2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22
;'Source:Hilltop Secutities 5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep-
22 22 22
Fed Funds -3-Month T-Bill t2-Year T-Note i-Portfolio Yield Portfolio Benchmark*
----------------------------------------------------------------------------------------------------------------------------yr cons m Y_
Fiscal Year-to-Date Earnings
r-----------------------------------r-----------,------------------------------------ ---------r------------,-----------------------i
r--------------
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
:Fiscal Year: 3 Months 6 Months 9 Months 12 Months
-----------------------------------------------'--- ---------`------------------------------------'------------"-------------------------- --------
;2021-2022 :$ 388,020 : $ 753,874: : $ 1,884,695: :$ 5,537,498
:2020-2021 $ 1,324,344; $ 2,332,128; $ 2,937,508; $ 3,413,936
:2019-2020 I$ 2,982,157: I $ 5,750,008: I$ 7,751,129: I$ 9,330,232:
:2018-2019 $ 2,955,835; $ 6,122,536; $ 9,262,499; $ 12,354,692
:2017-2018 $ 2,138,420: I $ 4,317,890: I$ 6,515,166: I$ 8,955,045:
[QUARTERLY COMMENTARY
;StaffAnarysis :The portfolio is in compliance with the City's Investment Policy.During the third quarter eight investments matured totaling$100
:million and sixteen investments were purchased totaling$190 million.The portfolio's weighted average yield lagged the
benchmark 12-month Treasury bill index by 144 basis points.This benchmark lag is due to a sudden spike in short-term rates
caused by Fed tightening during the July-September months.The Investments and deposits with daily liquidity was 32.57%. This:
:period the Fed raised the target range for the federal funds rate two times,75 bp's in July and 75 bp's in September.They also
:continued reducing their bond holdings. Staff will continue to monitor the investment portfolio and ensure compliance with the
:City's Investment Policy and the Public Funds Investment Act.
Monthly Reports
Portfolio Management Page 1
Portfolio Details - Investments
September 30, 2022
Average Purchase Stated YTM Days to Maturity
CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Date
Treasury Securities-Coupon
91282CAR2 4125 U.S.TREASURY 09/15/2021 5,000,000.00 4,989,935.00 5,000,128.31 0.125 0.094 30 10/31/2022
912828TY6 4126 U.S.TREASURY 09/23/2021 10,000,000.00 9,982,180.00 10,018,755.61 1.625 0.101 45 11/15/2022
912828YW4 4127 U.S.TREASURY 10/18/2021 10,000,000.00 9,969,930.00 10,030,127.99 1.625 0.156 75 12/15/2022
912828Z86 4128 U.S.TREASURY 10/18/2021 10,000,000.00 9,910,550.00 10,043,695.23 1.375 0.206 137 02/15/2023
912828ZD5 4132 U.S.TREASURY 12/09/2021 10,000,000.00 9,850,780.00 10,001,817.55 0.500 0.460 165 03/15/2023
912828UN8 4134 U.S.TREASURY 03/03/2022 20,000,000.00 19,874,220.00 20,068,696.28 2.000 1.077 137 02/15/2023
912828YW4 4135 U.S.TREASURY 03/03/2022 10,000,000.00 9,969,930.00 10,014,291.16 1.625 0.924 75 12/15/2022
91282CBG5 4136 U.S.TREASURY 03/03/2022 20,000,000.00 19,768,420.00 19,939,502.25 0.125 1.037 122 01/31/2023
91282CBN0 4137 U.S.TREASURY 03/11/2022 20,000,000.00 19,705,460.00 19,913,599.05 0.125 1.185 150 02/28/2023
912828ZH6 4139 U.S.TREASURY 03/24/2022 20,000,000.00 19,610,160.00 19,851,623.06 0.250 1.649 196 04/15/2023
912828Z86 4140 U.S.TREASURY 04/14/2022 20,000,000.00 19,821,100.00 19,981,870.93 1.375 1.619 137 02/15/2023
912828ZU7 4144 U.S.TREASURY 05/05/2022 10,000,000.00 9,733,590.00 9,856,090.29 0.250 2.332 257 06/15/2023
912828ZY9 4146 U.S.TREASURY 06/02/2022 10,000,000.00 9,687,110.00 9,836,232.38 0.125 2.244 287 07/15/2023
91282CER8 4148 U.S.TREASURY 06/14/2022 10,000,000.00 9,712,890.00 9,883,071.83 2.500 3.231 608 05/31/2024
912828VS6 4151 U.S.TREASURY 06/22/2022 20,000,000.00 19,703,900.00 19,915,804.00 2.500 2.993 318 08/15/2023
912828666 4153 U.S.TREASURY 06/22/2022 10,000,000.00 9,788,280.00 9,946,017.31 2.750 3.155 502 02/15/2024
9128285K2 4154 U.S.TREASURY 06/28/2022 10,000,000.00 9,852,340.00 9,984,255.42 2.875 3.023 395 10/31/2023
9128285P1 4155 U.S.TREASURY 06/28/2022 10,000,000.00 9,836,330.00 9,982,440.66 2.875 3.029 425 11/30/2023
9128281366 4156 U.S.TREASURY 06/28/2022 20,000,000.00 19,576,560.00 19,916,569.83 2.750 3.063 502 02/15/2024
91282CEK3 4157 U.S.TREASURY 06/28/2022 10,000,000.00 9,724,220.00 9,906,087.24 2.500 3.115 577 04/30/2024
9128286G0 4159 U.S.TREASURY 07/26/2022 10,000,000.00 9,737,500.00 9,909,417.88 2.375 3.035 516 02/29/2024
912828D56 4160 U.S.TREASURY 07/26/2022 10,000,000.00 9,659,770.00 9,883,305.59 2.375 3.022 684 08/15/2024
9128282N9 4165 U.S.TREASURY 08/10/2022 10,000,000.00 9,623,050.00 9,802,463.49 2.125 3.248 669 07/31/2024
912828D56 4166 U.S.TREASURY 08/10/2022 10,000,000.00 9,659,770.00 9,842,809.53 2.375 3.249 684 08/15/2024
9128281366 4168 U.S.TREASURY 08/18/2022 20,000,000.00 19,576,560.00 19,847,722.07 2.750 3.323 502 02/15/2024
91282CFA4 4169 U.S.TREASURY 08/18/2022 5,000,000.00 4,889,845.00 4,969,762.18 3.000 3.343 669 07/31/2024
Subtotal and Average 337,631,927.85 330,000,000.00 324,214,380.00 328,346,157.12 2.060 320
Federal Agency Issues-Coupon
3133EKAU0 4013 FFCB 02/21/2019 10,000,000.00 9,851,757.90 9,999,822.22 2.570 2.572 324 08/21/2023
3133ELG81 4145 FFCB 05/23/2022 7,300,000.00 7,111,482.76 7,208,835.26 0.300 2.150 250 06/08/2023
3133ENYH7 4149 FFCB 06/16/2022 10,000,000.00 9,733,118.40 9,896,487.83 2.625 3.262 618 06/10/2024
3133ENK33 4172 FFCB 09/06/2022 15,000,000.00 14,845,132.35 14,987,553.17 3.625 3.685 522 03/06/2024
3130A3DL5 4152 FHLB 06/22/2022 20,000,000.00 19,661,946.60 19,868,600.92 2.375 3.094 342 09/08/2023
3130AOF70 4158 FHLB 06/30/2022 10,000,000.00 9,879,528.80 10,028,768.92 3.375 3.124 433 12/08/2023
3130AOXE5 4161 FHLB 07/26/2022 10,000,000.00 9,847,497.10 10,027,360.14 3.250 3.052 524 03/08/2024
Portfolio CITY
Data Updated:SET-MO: 10/10/2022 10:23 AP
Run Date:10/10/2022-10:24
PM(PRF_PM2)7.3.0
Report Ver.7.3.6.1
Monthly Reports
Portfolio Management Page 2
Portfolio Details - Investments
September 30, 2022
Average Purchase Stated YTM Days to Maturity
CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Date
Federal Agency Issues-Coupon
3130ASV55 4164 FHLB 08/04/2022 10,000,000.00 9,902,155.00 9,980,305.00 3.000 3.240 307 08/04/2023
3130AOF70 4167 FHLB 08/16/2022 20,000,000.00 19,759,057.60 20,015,017.37 3.375 3.307 433 12/08/2023
3130AFBCO 4170 FHLB 08/29/2022 10,000,000.00 9,798,847.30 9,958,109.54 3.250 3.474 713 09/13/2024
3130ASHK8 4171 FHLB 08/29/2022 10,000,000.00 9,802,791.50 9,939,066.85 3.125 3.496 622 06/14/2024
3130ATDJ3 4174 FHLB 09/16/2022 10,000,000.00 9,961,103.10 9,975,054.44 3.875 4.144 349 09/15/2023
3135GO5G4 4147 FNMA 06/08/2022 5,000,000.00 4,856,382.40 4,919,585.47 0.250 2.364 282 07/10/2023
Subtotal and Average 144,299,961.90 147,300,000.00 145,010,800.81 146,804,567.13 3.222 445
Federal Agency Issue-Step-Up
3130ARYL9 4143 FHLB 05/27/2022 10,000,000.00 9,892,668.40 10,000,000.00 2.000 2.500 236 05/25/2023
Subtotal and Average 10,000,000.00 10,000,000.00 9,892,668.40 10,000,000.00 2.500 236
Commercial Paper Disc.-Amortizing
46640QT50 4173 JP MORGAN SECURITIES LLC 09/09/2022 20,000,000.00 19,393,220.00 19,464,833.34 3.900 4.098 247 06/05/2023
78009BKR2 4133 RBC 01/31/2022 10,000,000.00 9,978,580.00 9,995,066.67 0.740 0.762 24 10/25/2022
78009BLJ9 4141 RBC 04/19/2022 7,500,000.00 7,466,407.50 7,482,700.00 1.730 1.799 48 11/18/2022
89233HMK7 4150 TOYOTA MOTOR CREDIT 06/22/2022 7,500,000.00 7,440,997.50 7,455,397.92 2.785 79 12/19/2022
89233HPU2 4162 TOYOTA MOTOR CREDIT 08/02/2022 10,000,000.00 9,831,800.00 9,868,333.34 3.326 150 02/28/2023
89233HNWO 4163 TOYOTA MOTOR CREDIT 08/02/2022 10,000,000.00 9,869,900.00 9,896,141.67 3.182 121 01/30/2023
Subtotal and Average 58,913,600.70 65,000,000.00 63,980,905.00 64,162,472.94 2.898 135
Local Govt Investment Pools
SYS3996 3996 LOCAL GOVT INV POOL-TEXPOOL 150,000,000.00 150,000,000.00 150,000,000.00 2.847 2.847 1
SYS3641 3641 LOCAL GOVT INV POOL-TEXSTAR 50,000,000.00 50,000,000.00 50,000,000.00 2.767 2.767 1
Subtotal and Average 188,133,333.33 200,000,000.00 200,000,000.00 200,000,000.00 2.827 1
Demand Deposits
SYS3706 3706 DEMAND DEPOSITS- WELLS FARGO 48,602,842.42 48,602,842.42 48,602,842.42 1.150 1.150 1
SYS4082 4082 DEMAND DEPOSITS- WELLS FARGO 10/01/2021 0.00 0.00 0.00 0.000 1
SYS4104 4104 DEMAND DEPOSITS- WELLS FARGO 18,178,312.31 18,178,312.31 18,178,312.31 1.150 1.150 1
Subtotal and Average 63,465,094.05 66,781,154.73 66,781,154.73 66,781,154.73 1.150 1
Portfolio CITY
Data Updated:SET-MO: 10/10/2022 10:23 AP
Run Date:10/10/2022-10:24
PM(PRF_PM2)7.3.0
Monthly Reports
Portfolio Management Page 3
Portfolio Details - Investments
September 30, 2022
Average Purchase Stated YTM Days to
CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity
Total and Average 802,443,917.83 819,081,154.73 809,879,908.94 816,094,351.92 2.454 222
Portfolio CITY
Data Updated:SET_MO: 10/10/2022 10:23 AP
Run Date:10/10/2022-10:24
PM(PRF_PM2)7.3.0
Monthly Reports
Portfolio Management Page 4
Portfolio Details - Cash
September 30, 2022
Average Purchase Stated YTM Days to
CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity
Average Balance 0.00 0
Total Cash and Investments 802,443,917.83 819,081,154.73 809,879,908.94 816,094,351.92 2.454 222
Portfolio CITY
Data Updated:SET_MO: 10/10/2022 10:23 AP
Run Date:10/10/2022-10:24
PM(PRF_PM2)7.3.0