2023-055 2nd Quarter Financial Report FY2023 August 18, 2023 Report No. 2023-055
INFORMAL STAFF REPORT
TO MAYOR AND CITY COUNCIL
SUBJECT:
Quarterly Financial Report for the period ending March 31, 2023.
BACKGROUND:
Attached, for your review is the Quarterly Financial Report for the period ending March 31,
2023. If you have any questions or need additional information, please let me know.
STAFF CONTACT:
Aimee Kaslik, Interim Director of Finance
(940) 349-7899
Aimee.Kaslik@cityofdenton.com
U it
-71
AMA
,
ILA ,
16
WORKING
TOGETHER
V�
1 � M
Second . rter Financial Report
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 March 31 , 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.
Aimee Kaslik
Interim Director of Finance
215 East McKinney Street
Denton, TX 76201
940-349-7899
Section 1
City of Denton
Quarterly Financial Report
March 2023
Executive Dashboards
City of Denton, Texas
F} General Fund Executive Dashboard
- ro
DENTON
FY 2022-23 FY 2022-23 FY 2022-23
ANNUAL YTD PROJECTIONS
DESCRIPTION BUDGET' AC TUALS ANNUAL VARIANCE Revenue & Expenses (in Millions)
Beginning Fund Balance ■YTD Revenue ■YTD Expenses
as of 09/30/21 $ 40.81 $ 45.46 $ 40.81 $120
RESOURCES:
Ad Valorem Taxes 57.78 56.80 57.86 0% $100
Sales Tax 54.72 27.16 55.31 1%
Franchise Fees 2.72 1.80 2.99 10% $80
Other Taxes 0.46 0.15 0.47 2%
Service Fees 8.37 3.80 8.67 4%
Fines and Fees 2.40 0.87 1.78 -26% $60
Licenses and Permits 8.86 3.52 6.56 -26%
Miscellaneous Revenue 5.04 3.64 7.64 52% $40
Transfers In 42.51 14.45 32.50 -24%
Total Revenues 182.86 112.19 173.78 -5%
$20
Total Resources 223.67 157.65 214.59
EXPENDITURES: $
Personal Service 114.87 57.53 110.99 -3% ry �3 ti� P
Material and Supplies 3.76 1.59 3.08 -18%
Maintenance and Repairs 2.06 0.72 1.54 -25%
Insurance 3.25 1.66 3.32 2%
Miscellaneous 2.66 0.94 1.74 -35% Sales Tax Monthly Average by Quarter
Operations 34.86 7.41 29.14 -16% $6.0
Transfers Out 21.96 11.79 22.15 1%
Fixed Assets 0.54 0.22 0.47 -13% $5.0 -
Total Expenditures 183.96 81.86 172.43 -6%
Net Income (Loss) (1.10) 30.33 1.35 $4.0
Ending Fund Balance $ 39.71 $ 75.79 $ 42.16
$3.0
Key
•
$2.0
➢Investment revenues are higher than budget due to increased interest rates.
➢Data Center revenues are not as high as budgeted.
➢Revenue from permits are projected lower than budgeted. $1.0
➢Operation expenditures are lower than budgeted but expected to increase in the third quarter.This includes
decreased Data Center expenditures to fund the Sustainability,Catalyst,and Street funds due to lower
revenues. $
ti� ti� ti� ti� ti� ti� titi titi ti� titi ti�
'Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was
estimated in the FY2021-22 budget process. Note: All figures presented are In millions of dollars.
City of Denton, Texas -
CI
TY Electric Fund Executive Dashboard
DENTON FY 2022-23 FY 2022-23
ANNUAL YTD PROJECTIONS
DESCRIPTION BUDGET I ACTUALS ANNUAL VARIANCE
Beginning Working Capital $160 Revenue& Expenses (in Millions)
and Reserves as of 9/30/22 $ 136.99 $ 140.78 $ 140.78 $140
RESOURCES:
Rate Revenues 296.23 86.12 202.09 -32% $120
Transmission Revenue 45.77 25.40 55.04 20% $100
Other Revenues 5.36 3.44 5.36 0% $80
DEC Revenues 52.55 13.93 41.02 -22%
Total Revenues 399.91 128.89 303.51 -24% $60
Total Resources 536.90 269.67 444.29 $40
EXPENDITURES: $20
Purchased Power 197.75 51.81 90.17 -54% $0
DEC Fuel 3 7.0 5 5.9 5 2 2.3 8 -4 0% Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Transmission of Power 22.10 9.48 22.09 0%
Personnel Service 24.89 11.19 22.38 -10% ■YTD Revenue ■YTD Expense
Operation and Maintenance 54.16 18.64 47.35 -13%
Debt Service 62.45 43.97 62.45 0% 2017-2023 Historical Quarterly GWH Sales
Transfers Out 15.21 7.59 15.45 2% 600
Capital Outlay 1.81 0.16 6.30 248%
Total Expenditures 415.42 148.79 288.57 -31% 500
Net Income (Loss) (15.51) (19.90) 14.94
400
Ending Working Capital
and Reserves $ 121.48 $ 120.88 $ 155.72 300 - -
200
Key
•
100
➢DEC Fuel expenses are projected lower than budget due to a decrease in fuel costs.
0
1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23
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 2022-23 budget process.
City of Denton Texas
CITY
OF
Water Fund Executive Dashboard
DENTONFY 2022-23 FY 2022-23
Revenue & Expenses(in Millions)
ANNUAL YTD PROJECTIONS $35
DESCRIPTION BUDGET ' ACTUALS ANNUAL VARIANCE
Beginning Working Capital $30
and Reserves as of 09/30/222 $ 24.71 $ 29.59 $ 29.59 $25
RESOURCES:
Water Sales 43.83 19.26 43.81 0% $20
Other Water Revenues 8.14 1.11 1.79 -78% $15
Transfers In 3.57 1.45 3.57 0%
Impact Fee Revenue 6.61 3.30 6.61 0% $10
Total Revenues 62.15 25.12 55.78 -10% $5
Total Resources 86.86 54.71 85.37 $_
EXPENDITURES: Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Personnel Service 10.02 4.49 8.80 -12%
■YTD Revenue ■YTD Expenses
Operations, Services 13.57 6.08 13.74 1%
Capital Outlay 21.18 7.22 14.36 -32%
Debt Service 10.24 8.87 10.24 0%
2016-2023 Historical Quarterly Gallons Sold(in Millions)
Transfers Out 8.05 4.15 8.05 0% 3,000
Total Expenditures 63.06 30.81 55.19 -12%
- - -
Net Income (Loss) (0.91) (5.69) 0.59 2,500 -
Ending Working Capital
2,000 -and Reserves $ 23.80 $ 23.90 $ 30.18
Key 1,500
Trends
➢Other Water Revenues and Capital Outlay both decreased from budget due to cost 1,000
participation payments now expected to be received in future fiscal years.
➢Personnel Services are projected to come in under budget by$1.2M due to vacancies. 500
'Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated in the 0
FY 2022-23 budget process. a a a o~
2The Beginning Working Capital balance excludes$32.8 million of Impact Fee Reserves and$2.4 million in additional reserves N a 1 o- 1 a 1� a
IF oa IF a IF oa oa
related to future payments to the Army Corps of Engineers for Lake Lewisville dam repairs.
Note: All figures presented are in millions of dollars.
City of Denton, Texas
1(;r, Wastewater Fund Executive Dashboardd
DENTON FANNUAL3 YTD PROJECTIONS .
DESCRIPTION BUDGET I ACTUALS ANNUAL VARIANCE
Beginning Working Capital Revenue & Expenses(in Millions)
and Reserves as of 09/30/222 $ 24.81 $ 28.12 $ 28.12 $40
RESOURCES: $35
Wastewater Fees 29.32 13.62 27.29 -7% $30
Other Wastewater Revenue 2.52 1.19 2.55 1% $25
Drainage Fees 5.84 2.17 4.60 -21% $20
Cost Participation 13.65 - - -100% $15
TransferIn 0.61 0.31 0.57 -7% $10
Impact Fee Revenue 4.27 2.13 4.27 0%
$5
Total Revenues 56.21 19.42 39.28 -30%
$-
Total Resources 81.02 47.54 67.40 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
EXPENDITURES:
Personnel Service 8.78 4.11 8.10 -8% ■YTD Revenue ■YTD Expenses
Operations, Services 10.84 5.00 10.50 -3%
Capital Outlay 29.76 13.86 16.43 -45% 2016-2023 Historical Quarterly Gallons Billed(in Millions)
Debt Service 8.63 7.13 8.63 0% 1,400
Transfer Out 8.47 4.73 8.47 0% 1,200
Total Expenditures 66.48 34.83 52.13 -22% 1,000
Net Income (Loss) (10.27) (15.41) (12.85) 800
Ending Working Capital
600
and Reserves $ 14.54 $ 12.71 $ 15.27
400
Key Trends 200
➢Cost participation and capital outlay both decreased from budget due to cost 0
participation reimbursements nowexpected.
p being p g 1� bo �o ao do ao do ao �o �o �o �o �o bo �o
'Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated in
the FY 022-23 budget process. Note: All figures presented are in millions of dollars.
zThe Beginningginning Working Capital balance excludes$20.4 million of Impact Fee Reserves,$1.0 million for Drainage Reserves.
City of Denton, Texas
CITY
Drainage Operations Executive Dashboard
DENTON
FY 2022-23 FY 2022-23
ANNUAL YTD PROJECTIONS
Revenue& Expenses(in Minions)
DESCRIPTION BUDGET ACTUALS ANNUAL VARIANCE
REVENUES:
Residential Drainage Fees $ 2.18 $ 1.06 $ 2.00 -8% $2.5
Nonresidential Drainage Fees 3.65 1.10 2.60 -29%
Investment Income - - - 0% $20
Wastewater Resources 0.07 - 0.05 -29%
General Fund Transfer 0.38 0.19 0.38 0%
Total Revenues 6.28 2.35 5.03 -20% $1.5 -
EXPENDITURES
$1.0 -
Personnel Service 2.24 0.88 1.70 -24%
Operations, Services 1.07 0.34 0.91 -15%
Capital Outlay 2.23 0.62 1.68 -25% $0.5
Debt Service - - - 0%
Transfer Out 0.74 0.29 0.74 0% $-
Total Expenditures 6.28 2.13 5.03 -20% Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
■YTD Revenue ■YTD Expenses
Net Income (Loss) $ - $ 0.22 $ -
TrendsKey
➢Nonresidential drainage fees are expected to come in under budget due to
crediting DISD accounts for drainage services.
Note: All figures presented are in millions of dollars.
City of Denton, Texas
CITY
OF Solid Waste Fund Executive Dashboard - -
DENTON �-
FY2022-23 FY2022-23
ANNUAL YTD PROJECTIONS
DESCRIPTION BUDGEI't ACTUALS ANNUAL VARIANCE Residential Curbside Collection Tonnage
Beginning Working Capital 9,000
and Reserves as of09/30/222 $ 10.27 $ 12.14 $ 12.14 8,000
RESOURCES: 7,000
Collection&Disposal 31.01 15.28 30.34 _2% 6,000
Recycling 7.31 3.66 7.23 -1% 5,000
�
Other Revenue 1.03 0.72 0.83 -19% 4,000 ti
Total Revenues 39.35 19.66 38.40 -2% 3,0002,000
Total Resources 49.62 31.80 50.54 1,000
EXPENDITURES: 0
Personnel Service 12.32 5.97 11.10 -10%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Operations,Services 10.54 5.18 10.00 -5%
Capital Outlay 8.25 7.63 8.04 -3% ■Recycling and ReuseTonnage
Debt Service 3.90 3.44 3.90 0% Commercial Refuse& Recycling(Front&Side Load)
Landfill Closure 0.74 0.37 0.74 0% Cubic Yards Serviced per Week
Transfer Out 5.96 2.42 5.96 0%
Total Expenditures 41.71 25.01 39.74 -5% 30,000
Net Income(Loss) (2.36) (5.35) (1.34) 25,000
Ending Working Capital 20,000
and Reserves $ 7.91 $ 6.79 $ 10.80 15,000
Key Trends 10,000 1�°I° tiyM tiyk tiyk tiyk ti`' tiyl° tiyl°
5,000
➢Personnel plus Material and Supplies expenses are trending below budget.
0
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
■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 2022-23 budget process.
2The Beginning Working Capital and Reserves excludes$12.68 million of Landfill Closure/Post Closure reserves. Note: All figures presented are In millions of dollars.
City of Denton, Texas 4
OFY Airport Fund Executive Dashboard s#
DENTON FY 2022-23 FY 2022-23
ANNUAL YTD PROJECTIONS
DESCRIPTION BUDGET I ACTUALS ANNUAL VARIANCE
Beginning Working Capital GAS WELL REVENUE
and Reserves as of 09/30/22 $ 2.38 $ 3.14 $ 3.14 (in millions of dollars by fiscal year)
RESOURCES: $20
Airport Ground Leases 0.84 0.45 0.84 0%
FBO Commissions 0.24 0.12 0.31 29%
Fuel Flowage Fees 0.14 0.07 0.24 71%
Total Operating Revenues 1.22 0.64 1.39 14%
EXPENDITURES: $1.0
Personnel Services 0.56 0.36 0.72 29%
Operations, Services 0.44 0.10 0.35 -20%
Transfer Out 0.46 0.27 0.54 17%
Total Operating Expenditures 1.46 0.72 1.61 10%
Net Operating Income (Loss) (0.24) (0.08) (0.22) $0.0
NON-OPERATING REVENUES: 2021 2022 2023
Investment Income 0.01 0.10 0.16 1500%
Gas Well Royalties 0.32 0.15 0.40 25%
Miscellaneos Income 0.00 (0.07) 0.15 0% AIRPORT OPERATIONS BY QUARTER
Total Non-Operating Revenues 0.33 0.18 0.71 115% (takeoff or landing by fiscal year)
NON-OPERATING EXPENDITURES: 60,000
Debt Service 0.74 0.63 0.74 0%
Transfer Out- Capital - - - 0%
Total Non-Operating Expenditures 0.74 0.63 0.74 0% 50,000
NetNon-Operating Income (Loss) (0.41) (0.45) (0.03)
Net Income (Loss) (0.65) (0.53) (0.25) 40,000
Ending Working Capital and Reserves $ 1.73 $ 2.61 $ 2.89 h
30,000
TrendsKey
➢Interest earned on investments is well above original budget expectations. 20,000
➢A focus on controlling costs has kept most expense groups well under budget ti� ti� titi titi titi titi titi titi titi titi ti� ti�
expectations.
'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 2022-23 budget process.
CITY City of Denton, Texas
Street Im 0 Nol
rovement Fund Executive Dashboard e
DENTON p
FY 2022-23 FY 2022-23 $8.0 Revenues&Expenditures (in Millions)
ANNUAL YTD PRO JEC TIO NS
DESCRIPTION BUDGET' ACTUALS ANNUAL VARIANCE $6.0
Beginning Working Capital
and Reserves as of 09/30/22 $ 3.60 $ 4.50 $ 4.50 $ 4.50 $4.0
RESOURCES:
$2.0
Franchise Fees 15.10 7.25 14.48 15.10 0% 14 t I
Investment Income 0.04 0.12 0.06 0.16 300% $0.0 Ab
Transfers In 1.31 0.66 1.31 1.30 -1% Oct Nov Dec Jan Feb Mar
Total Revenues 16.45 8.03 15.85 16.56 1% ■YTD Revenues ■YTD Expenditures
Total Resources 20.05 12.53 20.35 21.06
EXPENDITURES: Tons of Asphalt Laid(in Thousands)
4
Personnel Services 3.97 1.62 3.30 3.96 0%
Materials&Supplies 0.10 0.05 0.11 0.10 0%
2
Maintenance&Repairs 4.69 3.00 5.60 4.69 0%
Operations,Services 1.35 0.73 0.88 1.36 1%
0
Transfer Out 7.23 1.82 5.96 7.23 0%
Qtr1 Qtr2
Total Expenditures 17.34 7.22 15.85 17.34 0%
■FY 21-22 ■FY 22-23
Net Income(Loss) $ (0.89) $ 0.81 $ - $ (0.78)
Lane Miles Surface Treatment
40.0
k Key 30.0
Trends
20.0
➢Revenues and expenditures are projected to meet budgeted level. 10.0
➢Interest earned on investments is well above original budget expectations.
0.0 01
Qtrl Qtr2
'Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was ■FY 21-22 ■FY 22-23
estimated in the FY 2022-23 budget process. *Note:There was no activity for 2nd Quarter.
Note: All figures presented are in millions of dollars.
City of Denton, Texas a {
CITY
CI
1OF ok r-- -
Grants Dashboard -.-- 14-.-
DENTON
FY2022-23 FY2022-23 FY 2022-23 Awards & Expenses (in Millions)
GRANT YTD $60.0
DESCRIPTION AMOUNT ACTUALS
2022-23 Budget $40.0
Comm Development $ 5,65 $ 0,80
Public Safety 5,99 0,53 $20.0
Transportation 52,61 1,25
Other 20,57 1,55 $-
Total Budget 84,82 4,13 J ~ w
� u, mLL a F
Ov d < O
New Awards ■Awards ■Expenses
Public Safety 0,05 0,05
Transportation 0,40 0,40 FY 2022-23 Grants Awarded
Total New Awards 0,45 0,45 COMM DEV
OTHER 6.62% PUBLIC
Totals $ 85.27 $ 4.58 24.12% ` SAFETY
7.10%
Key Trends
The following grants have been received in FY 2022-23:
➢Chapter 59 Asset Forfeitures: $24,074
➢FY2021 Improving Criminal Justice Responses: $17,627
➢TDEM-Winter Storm: $1,753 TRANS
➢2022 SHSP-Hazmat Dry Decon Kit:$13,291 — 62.16%
➢DWI Phlebotomy Program:$707
➢TXDOt-Bonnie Brae-Windsor Drive to US 77:$396,631
);,Rural Texas Women at Work:$128 Note: All figures presented are in millions of dollars.
Section 2
City of Denton
Quarterly Financial Report
March 2023
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 Projection(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL PRELIMINARY BUDGET VS
REVENUE DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGET PROJECTION PROJECTION
Current Year-Ad Valorem $ 47,812,458 $ 28,563,752 $ 56,514,480 $ 57,104,662 $ 57,228,162 0%
Delinquent-Ad Valorem 84,863 67,500 63,041 135,000 76,751 -43%
Miscellaneous Penalties&Fees 205,665 292,060 218,214 538,000 555,217 3%
Ad Valorem Taxes 48,102,986 28,923,312 56,795,735 57,777,662 57,860,130 0%
Sales Tax 25,652,304 27,908,231 27,164,908 54,722,022 55,307,705 1%
Franchise-Gas Utilities 9,843 47,604 131,570 225,478 248,100 10%
Franchise-Private Electric Utilities - 4,571 19,982 50,522 55,591 10%
Franchise-Cable 4,498 52,802 48,732 174,998 192,555 10%
Franchise-Telecom 4,272 5,357 6,509 35,522 39,086 10%
Franchise-Denton Municipal Utilities 854,361 654,602 1,594,248 2,229,597 2,453,291 10%
Franchise Fees 872,974 764,936 1,801,041 2,716,117 2,988,623 10%
Other Taxes 113,458 114,501 148,869 458,003 468,379 2%
Ambulance Service Fees 1,687,146 1,015,006 1,606,706 3,305,828 3,340,656 1%
Fire Department Fees 96,096 5,829 117,132 161,657 158,766 -2%
Building Inspections Fees 336,958 245,476 386,347 615,843 725,912 18%
Park Department Fees 294,740 114,034 353,843 1,760,272 1,674,634 -5%
Planning Department Fees 1,208,912 1,145,423 1,290,808 2,379,380 2,691,735 13%
Miscellaneous Service Fees 57,979 73,818 46,831 147,616 74,317 -50%
Service Fees 3,681,831 2,599,586 3,801,667 8,370,596 8,666,020 4%
Denton Municipal Fines 329,244 423,017 294,191 846,000 628,700 -26%
Parking Fines 53,050 69,500 54,428 139,000 121,270 -13%
Miscellaneous Fines and Fees 205,804 244,988 206,125 545,619 414,657 -24%
Court Administrative and Service Fees 282,418 411,211 310,648 866,137 614,206 -29%
Fines and Fees 870,516 1,148,716 865,392 2,396,756 1,778,833 -26%
Demolition Permits 4,813 6,078 5,429 12,156 15,297 26%
Building Permits 4,099,630 4,010,480 3,449,790 8,777,904 6,457,539 -26%
Certificate of Occupancy 23,925 27,612 46,833 55,222 83,294 51%
Miscellaneous Licenses and Permits 6,117 6,751 18,921 13,502 7,867 -42%
Licenses and Permits 4,134,485 4,050,921 3,520,973 8,858,784 6,563,997 -26%
Investment Income 53,566 75,030 982,650 150,000 2,336,505 1458%
Miscellaneous Revenues 1,164,126 2,121,902 2,661,175 4,891,862 5,302,315 8%
Miscellaneous Resources 1,2179692 2,196,932 3,643,825 5,041,862 7,638,820 52%
ROI-Denton Municipal Utilities 7,449,068 7,207,217 7,636,262 14,943,924 189902,787 26%
Transfers 6,645,679 13,792,343 69809,458 27,573,659 139599,951 -510%
Transfers 14,094,747 20,999,560 14,445,720 42,517,583 329502,738 -240/,
Total General Fund Revenues $ 98,740,993 $ 88,706,695 $ 112,188,130 $ 182,859,385 $ 173,775,245 -5%
City of Denton
General Fund
Schedule of Expenditures - Budget vs Projection (Unaudited)
For the Period Ended March 31, 2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL BUDGET VS
Y-T-D Y-T-D Y-T-D BUDGET PROJECTION PROJECTION
NEIGHBORHOOD SERVICES
Building Inspections $ 1,602,311 $ 1,975,476 $ 1,831,745 $ 3,949,385 $ 3,484,366 -12%
Community Improvement Services 2,127 - - - - 0%
Libraries 3,016,896 3,110,410 3,179,236 6,218,347 6,076,740 -2%
Parks and Recreation 6,936,223 8,344,124 6,385,221 16,681,570 12,635,894 -24%
Planning 1,039,873 1,640,467 1,295,974 3,093,774 2,467,474 -20%
Development Services Admin 549,307 718,742 846,205 1,436,912 1,578,049 10%
Gas Well Review 62,654 190,177 55,135 380,218 187,674 -51%
Social Services 1,086,690 1,661,256 1,321,847 3,321,188 2,595,511 -22%
14,296,081 17,640,652 14,915,363 35,081,394 29,025,708 -17%
PUBLIC SAFETY
Animal Services 1,129,730 1,400,053 1,409,709 2,798,999 2,709,656 -3%
Fire 17,667,562 19,680,221 20,048,603 39,344,725 38,578,030 -2%
Municipal Judge 250,880 328,447 324,306 656,630 632,934 4%
Police 21,201,664 25,382,363 25,746,655 49,793,655 49,506,557 4%
40,249,836 46,791,084 47,529,273 92,594,009 91,427,177 -1%
TRANSPORTATION
Traffic Operations 1,220,376 1,405,949 1,265,436 2,810,774 2,378,632 -15%
Street Lighting 476,500 450,180 478,699 900,000 871,144 -3%
1,696,876 1,856,129 1,744,135 3,710,774 3,249,776 -12%
ADMINISTRATIVE&COMMUNITY SERVICES
City Manager's Office 956,297 1,473,186 1,811,687 2,981,451 3,377,745 13%
Economic Development 876,820 2,583,320 1,009,105 5,164,576 2,603,020 -50%
Finance 2,620,260 3,160,302 2,869,420 6,318,106 5,635,629 -11%
Human Resources 1,409,461 1,889,150 1,702,482 3,746,820 3,302,326 -12%
Internal Audit 271,052 292,288 328,588 584,337 612,654 5%
Legal Administration 1,367,548 1,626,582 1,444,882 3,251,866 2,793,696 -14%
Public Affairs 943,979 1,234,988 1,201,004 2,469,006 2,270,780 -8%
Non-Departmental 6,307,052 13,905,192 7,305,328 28,058,063 28,134,461 0%
14,752,469 26,165,008 17,672,496 52,574,225 48,730,311 -7%
TOTAL EXPENDITURES $ 70,995,262 $ 92,452,873 $ 81,861,267 $ 183,960,402 $ 172,432,972 -6%
City of Denton
Electric Fund
Schedule of Revenues and Expenditures-Budget vs Projection(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL BUDGET VS
DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGETt PROJECTION PROJECTION
Beginning Working Capital
and Reserves as of 9/30/22 $ 136,994,639 $ 140,776,983
REVENUES:
Rate Revenues $ 68,582,864 $ 146,095,372 $ 86,120,450 296,233,119 202,090,119 -32%
Transmission Revenues 24,503,474 15,528,429 25,394,869 45,766,756 55,040,615 20%
Other Revenues 17,583,993 2,409,558 3,442,224 5,361,857 5,361,857 0%
DEC Revenues 13,989,604 23,057,855 13,931,521 52,550,029 41,020,789 -22%
Total Revenues 124,659,935 187,091,214 128,889,064 399,911,761 303,513,380 -24%
EXPENDITURES:
Purchased Power 32,705,324 87,423,756 51,808,547 197,752,530 90,173,010 -54%
DEC Fuel 5,712,222 16,377,223 5,954,941 37,052,865 22,377,153 -40%
Transmission of Power 8,120,225 7,047,005 9,483,983 22,102,442 22,102,442 0%
Personnel Services 9,606,870 12,161,556 11,189,808 24,893,467 22,379,617 -10%
Materials and Supplies 580,660 1,051,108 885,417 2,682,683 2,742,443 2%
Maintenance and Repair 443,840 576,343 1,345,983 1,365,117 1,395,527 2%
Insurance 1,338,965 1,636,775 1,020,675 3,273,550 3,346,472 2%
Return on Investment 6,361,056 8,485,797 6,470,346 19,381,951 15,355,607 -21%
Franchise Fee 5,296,224 7,004,402 5,387,184 15,997,986 12,796,340 -20%
Miscellaneous 349,493 533,723 328,143 749,538 766,235 2%
Operations 2,450,875 5,217,445 3,189,863 10,697,924 10,936,233 2%
Debt Service 43,378,964 43,974,531 43,974,531 62,445,059 62,445,059 0%
Interfund Transfers 8,944,321 7,596,140 7,586,502 15,192,278 15,454,928 2%
Capital Outlay 133,494 159,275 159,275 1,830,750 6,300,000 244%
Total Expenditures 125,422,533 199,245,079 148,785,198 415,418,140 288,571,066 -31%
Net Income(Loss) $ (762,598) $ (12,153,865) $ (19,896,134) (15,506,379) 14,942,314
Ending Worldng Capital and Reserves $ 121,488,260 $ 15597199297
'Annual adopted budget as amended or modified.Beginning Working Capital and Reserves represents the amount
which was estimated in the FY 2022-23 budget process.
City of Denton
Water Fund
Schedule of Revenues and Expenditures-Budget vs Projection(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL BUDGET VS
DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGET PROJECTION PROJECTION
Beginning Worldng Capital
and Reserves as of 09/30/221 $ 24,705,221 $ 29,588,453
REVENUES:
Water Sales Residential $ 8,879,723 $ 11,404,122 $ 9,083,845 22,799,125 22,781,972 0%
Water Sales Commercial 8,598,374 9,468,864 9,143,385 18,930,153 18,838,938 0%
Water for Resale 2,103,194 1,052,733 1,039,103 2,104,625 2,190,574 4%
Other Water 781,230 3,994,542 761,573 7,985,895 1,637,061 -80%
Transfers In 1,016,638 1,787,056 1,446,378 3,572,683 3,572,683 0%
Investment Income 21,507 75,030 335,974 150,000 150,000 0%
Impact Fee Revenue 3,302,502 3,303,821 3,302,502 6,605,000 6,605,000 0%
Total Revenues 24,703,168 31,086,168 25,112,760 62,147,481 55,776,228 -100/,
EXPENDITURES:
Personnel Service 3,617,484 5,013,921 4,486,526 10,023,865 8,800,000 -12%
Purchased Power 718,287 740,961 845,967 1,481,328 1,481,328 00/,
Materials and Supplies 692,997 1,028,781 1,111,213 2,001,717 2,001,717 00/,
Maintenance and Repairs 751,768 1,023,715 1,129,809 2,057,541 2,057,541 00/,
Insurance 112,853 238,588 243,709 476,989 482,455 10%
Miscellaneous 81,121 228,303 92,585 455,036 455,036 00%
Operations,Services 831,670 1,642,658 1,032,708 3,368,660 3,533,923 5e/,
Capital Outlay 3,749,168 10,611,760 7,220,721 21,175,883 14,358,703 -32%
Return on Investment 640,962 767,400 670,029 1,534,187 1,534,187 00/,
Franchise Fee 915,660 1,096,284 957,184 2,191,695 2,191,695 00/,
Debt Service 9,805,801 5,121,958 8,872,490 10,239,818 10,239,818 00/,
Transfers Out 2,882,779 4,024,761 4,148,959 8,046,304 8,046,304 00/,
Total Expenditures 24,801,265 31,540,590 30,812,149 63,056,023 55,185,707 -12%
Net Income(Loss) $ (98,097) $ (454,422) $ (5,699,389) (908,542) 590,521
Ending Worldng Capital
and Reserves $ 23,796,679 $ 30,178,974
The Beginning Working Capital balance excludes$32.8 million of Impact Fee Reserves and$2.4 million in additional reserves related to future payments
to the Army Corps of Engineers for Lake Lewisville dam repairs.
2 Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated in the FY 2022-23
budget process.
City of Denton
Wastewater Fund
Schedule of Revenues and Expenditures-Budget vs Projections(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL BUDGET VS
DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGET PROJECTION PROJECTION
Beginning Worldng Capital
and Reserves as of 09/30/22' $ 24,812,689 $ 28,123,711
REVENUES:
Residential Fees $ 5,776,373 $ 6,814,951 $ 6,553,791 12,882,706 11,992,151 -7%
Commercial Fees 6,184,633 7,755,569 6,631,939 15,730,706 14,643,275 -7%
Effluent Irrigation Fees 53,287 57,564 48,547 115,077 107,122 -7%
Wholesale Fees 329,065 296,679 394,100 593,123 552,122 -7%
Other Wastewater Fees 885,480 1,210,419 909,274 2,419,863 2,252,583 -7%
Drainage Fees 2,684,326 2,945,994 2,165,082 5,836,813 4,598,292 -21%
Cost Participation - 6,826,729 - 13,648,000 - -100%
Transfer In 305,823 306,705 306,793 613,166 570,779 -7%
Investment Income 14,394 50,020 280,473 100,000 300,000 200%
Impact Fee Reserves 2,134,998 2,135,854 2,134,998 4,270,000 4,270,000 0%
Total Revenues 18,368,379 28,400,484 19,424,997 56,209,454 39,286,324 -30%
EXPENDITURES:
Personnel Service 3,858,125 4,392,527 4,111,383 8,781,551 8,100,000 -8%
Purchased Power 497,124 610,743 580,119 1,2219000 1,221,000 0%
Materials and Supplies 572,620 682,035 713,459 1,3579476 19357,476 0%
Maintenance and Repairs 575,003 1,444,615 1,121,936 2,772,066 2,772,066 0%
Insurance 127,167 223,589 228,390 447,005 447,005 0%
Miscellaneous 8,547 13,875 2,406 27,740 27,740 0%
Operations,Services 1,015,203 1,269,361 1,153,343 2,529,868 29374,036 -6%
Capital Outlay 826,517 149821,859 13,864,386 29,761,759 16,433,297 -45%
Return on Investment 447,050 510,510 495,887 1,020,615 947,059 -7%
Franchise Fee 638,643 729,302 708,410 1,458,022 19352,941 -7%
Debt Service 6,080,201 6,252,409 7,127,276 8,628,692 89628,692 0%
Transfers Out 2,828,237 4,238,660 4,727,783 8,473,931 89473,931 0%
Total Expenditures 17,474,437 35,189,485 34,834,778 66,479,725 52,135,243 -22%
Net Income(Loss) $ 893,942 $ (6,789,001) $ (15,409,781) (10,270,271) (12,848,919)
Ending Worldng Capital
and Reserves $ 14,542,418 $ 15,274,792
The Beginning Worldng Capital balance excludes$20.4 million of Impact Fee Reserves and$1.0 million for Drainage Reserves.
Z Annual adopted budget as amended or modified.Beginning Fund Balance represents the amount which was estimated
in the FY 2022-23 budget process.
City of Denton
Drainage Operations
Schedule of Revenues and Expenditures-Budget vs Projections(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL BUDGET VS
DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGET PROJECTION PROJECTION
REVENUES:
Residential Drainage Fees $ 1,037,962 $ 1,072,212 $ 1,062,485 $ 2,183,731 $ 2,000,000 -8%
Nonresidential Drainage Fees 1,646,364 1,873,782 1,102,597 3,653,082 2,598,292 -29%
Wastewater Resources - 36,071 - 72,112 50,000 -31%
General Fund Transfer 183,576 189,158 189,083 378,166 378,166 0%
Total Revenues 2,867,902 3,171,223 2,354,165 6,287,091 5,026,458 -20%
Total Resources 2,867,902 3,171,223 2,354,165 6,287,091 5,026,458 -20
EXPENDITURES:
Personnel Service 828,437 1,122,841 882,699 2,244,792 1,700,000 -24%
Materials and Supplies 27,816 49,760 33,502 99,478 83,892 -16%
Maintenance and Repairs 41,697 148,581 80,025 297,047 250,507 -16%
Insurance 18,568 35,284 36,041 70,540 59,488 -16%
Miscellaneous 6,880 9,177 981 18,350 15,475 -16%
Operations,Services 228,005 294,764 186,219 589,287 496,960 -16%
Capital Outlay 1,063,184 1,116,055 617,524 2,231,216 1,683,754 -25%
Transfer Out 279,805 368,341 292,658 736,381 736,381 0%
Total Expenditures 2,494,392 3,144,803 2,129,649 6,287,091 5,026,458 -20%
Net Income(Loss) $ 373,510 $ 26,420 $ 224,516 $ - $ -
City of Denton
Solid Waste Fund
Schedule of Revenues and Expenditures-Budget vs Projection(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL
DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGET PROJECTION
Beginning Working Capital
and Reserves as of 09/30/221 $ 10,265,395 $ 12,140,478
REVENUES:
Refuse Fees-Residential $ 2,371,554 $ 2,487,502 $ 2,443,932 5,055,018 4,854,961
Refuse Fees-Commercial 7,221,044 7,310,649 7,375,482 15,029,503 14,744,379
Residential Recycling 2,886,152 2,920,402 2,939,110 5,838,473 5,830,000
Commercial Recycling 678,185 735,420 716,884 1,470,252 1,400,000
Landfill Gate and Material Sales 6,292,309 5,213,481 5,458,783 10,926,374 10,738,142
Recycled Material Sales 33,672 36,190 31,427 72,354 62,000
Asset Sales and Interest Income 401,230 237,595 458,320 475,000 500,000
Other Revenue 185,787 236,019 226,533 487,515 268,892
Total Revenues 20,069,933 19,177,258 19,650,471 39,354,489 38,398,374
EXPENDITURES:
Personnel Service 5,231,203 6,161,167 5,970,008 12,317,395 11,100,000
Materials and Supplies 223,771 342,014 155,073 673,767 330,000
Maintenance and Repairs 117,002 131,288 132,621 242,501 250,000
Insurance 131,398 344,514 351,905 688,750 703,810
Miscellaneous 13,724 33,171 12,535 66,320 30,000
Operations,Services 2,643,701 3,613,681 3,576,336 7,204,476 7,000,000
Capital Outlay 1,849,281 4,102,613 7,626,454 8,251,887 8,035,000
Debt Service 5,308,416 3,435,318 3,435,318 3,897,501 3,897,501
Franchise Fee 977,397 835,634 956,323 1,670,597 1,700,000
Transfers for Landfill Closure 359,502 368,002 368,148 735,710 735,710
Admin Transfers Out 2,897,509 2,980,096 2,422,883 5,957,807 5,957,801
Total Expenditures 19,752,904 22,347,498 25,007,604 41,706,711 39,739,822
Net Income(Loss) $ 317,029 $ (3,170,240) $ (5,357,133) (2,352,222) (1,341,448)
Ending Working Capital
and Reserves $ 7,913,173 $ 10,799,030
The Beginning Working Capital Reserve excludes$12,684,710 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 2022-23 budget process.
City of Denton
Airport Fund
Schedule of Revenues and Expenditures-Budget vs Projection(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL BUDGET VS
DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGET' PROJECTION PROJECTION
Beginning Worldng Capital
and Reserves as of 09/30/22' $ 2,380,921 $ 3,144,635
OPERATING REVENUES:
Airport Ground Leases $ 422,956 $ 422,029 $ 452,723 843,719 843,719 0%
FBO Commissions 117,446 117,547 122,096 235,000 3105000 32%
Miscellaneous 48,761 71,029 68,399 142,000 235,828 66%
Total Operating Revenues 589,163 610,605 643,218 1,220,719 1,389,547 14%
OPERATING EXPENDITURES:
Personnel Service 182,721 280,311 356,898 560,395 717,850 28%
Materials and Supplies 7,215 23,900 2,141 47,290 23,645 -50%
Maintenance and Repairs 25709 34,213 16,708 68,400 55,150 -19%
Insurance 149266 20,321 20,758 40,628 41,516 2%
Miscellaneous - 49 - 100 100 0%
Operations 65,342 142,190 57,296 284,767 234,900 -18%
Transfers Out-Operating 234,263 230,028 268,043 459,873 536,086 17%
Total Operating Expenses 506,516 731,012 7213844 1,461,453 1,609,247 10%
Operating(Loss) 82,647 (120,407) (783626) (240,734) (219,700)
NON-OPERATING REVENUES:
Investment Income 59791 4,751 98,188 9,500 160,000 1584%
Gas Well Royalties 1795942 157,682 1503645 315,239 400,000 27%
Recovery of Prior Year Expenses - - - - 148,000 -
Gain/Loss on Sale of Fixed Assets - - (693300) - - -
Total Non-Operating Revenues 1853733 162,433 179,533 324,739 708,000 118%
NON-OPERATING EXPENDITURES:
Debt Service 618,323 6355214 635,214 736,758 736,758 0%
Total Non-Operating Expenses 6183323 635,214 6353214 736,758 736,758 0%
Non-Operating Income(Loss) (432,590) (472,781) (455,681) (412,019) (28,758)
Net Income(Loss) $ (349,943) $ (593,188) $ (534,307) (652,753) (248,458)
Ending Worldng Capital $ 13728,168 $ 23896,177
i Annual adopted budget as amended or modified.Beginning Working Capital and Reserves represents the amount which was estimated in the FY 2022-23 budget process.
City of Denton
Street Improvement Fund
Schedule of Expenditures-Budget vs Actuals(Unaudited)
For the Period Ended March 31,2023
PRIOR BUDGET CURRENT ANNUAL ANNUAL BUDGETVS
DESCRIPTION Y-T-D Y-T-D Y-T-D BUDGET' PROJECTION ACTUALS
Beginning Fund Balance
as of 9/30/2023 $ 3,604,008 $ 4,503,637
RESOURCES:
Franchise Fees $ 7,005,507 $ 7,553,020 $ 7,246,929 15,100,000 15,100,000 0%
Investment Income 5,925 20,008 118,611 40,000 162,000 305%
Transfers In 709,156 653,263 662,146 1,306,000 1,306,000 0%
Total Resources 7,720,588 8,226,291 8,027,686 16,446,000 16,568,000 1%
EXPENDITURES:
Personnel Services 1,336,986 1,987,805 1,620,716 3,974,021 3,963,920 0%
Materials and Supplies 48,181 51,370 47,729 102,700 102,700 0%
Maintenance and Repairs 1,506,737 1,839,641 3,003,039 4,688,500 4,688,500 0%
Insurance 63,231 125,893 128,595 251,686 257,189 2%
Miscellaneous 615 2,302 230 4,600 4,600 0%
Operations,Services 304,376 547,691 604,082 1,094,947 1,094,947 0%
Transfer Out 589,747 4,121,583 1,822,637 7,229,175 7,233,773 0%
Total Expenditures 3,849,873 8,676,285 7,227,026 17,345,629 17,345,629 0%
Net Income(Loss) $ 3,870,715 $ (449,994) $ 800,660 $ (899,629) $ (777,629)
Ending Fund Balance 2,704,379 3,726,008
'Annual adopted budget as amended or modified.
Beginning Fund Balance represents the amount which was estimated in the FY 2022-23 budget process,
City of Denton
Grants
Schedule of Expenditures(Unaudited)
For the Period Ended March 31,2023
EXPENDITURES CURRENT ANNUAL
GRANT DESCRIPTION AS OF 9/30/2022' Y-T-D BUDGET
FY 2022-23 Budget
US Dept of HUD-
Community Development Block Grant(CDBG) $ 7,596,208 $ 395,423 $ 2,213,541
US Dept of HUD-
Community Development Block Grant(CDBG)-
CARES ACT 1,149,400 105,490 518,604
US Dept of HUD-
HOME Investment Partnership Program 6,106,583 297,241 1,152,349
US Dept of HUD-
HOME Investment Partnership Program ARP ACT - 2,500 1,763,622
Community Development' 14,852,191 800,654 5,648,116
National Sexual Assault Kit Initiative Grant 172,308 180,928 363,189
Edward Byrne Memorial Justice Assistance Grant 52,618 - 52,620
2021 UASI-Specialized Regional Response Teams
Sustainment 60,823 30,109 50,470
2021 UASI-Regional Warning Siren Cyber Security 42,975 - 43,693
2019 Staffing for Adequate Fire&Emergency
Response(SAFER)Grant 449,336 102,469 661,337
2020 Staffing for Adequate Fire&Emergency
Response(SAFER)Grant 188,854 100,103 889,826
2021 Staffing for Adequate Fire&Emergency
Response(SAFER)Grant - - 3,731,676
Urban Search&Rescue Response System(TEEX) 115,441 150,000
Texas Intrastate Fire Mutual Aid System-Emergency
Response - - 50,000
Public Safety' 966,914 529,050 5,992,811
Airport Maintenance(RAMP)Grant - 3,743 50,000
TxDot-RTR-Mayhill Rd-I1135 E to US 380 53,325,009 329,867 11,835,375
IH35 East - 117,317 4,000,000
TxDot-RTR-Bonnie Brae Rd-I1135 E to US 377 31,223,854 107,398 18,593,648
TxDot-IH35E at Loop 288/Lillian Miller Pkwy - - 53,865
TxDot-RTR-McKinney(Formerly FM426) 16,685,450 102,295 1,666,138
TxDot-RTR-Hickory Creek FM2181-FM2499 2,047,547 - 352,453
Drive - - 10,000,000
TxDot-RTR-North Texas Boulevard Roundabout 394,465 587,106 1,632,707
Sycamore-Welch Bike&Pedestrian 126,560 - 689,991
CMAQ-School Connection Sidewalks 75,520 - 329,246
Schools 108,400 - 707,940
Denton County Transportation Authority(DCTA)
Transportation Reinvestment Program(TRIP) - - 2,517,997
Airport Coronavirus Relief Grant Program - 34,162
American Rescue Plan(ARP)Act of 2021-Airport
Rescue Grants - - 148,000
Transportation' 103,986,805 1,247,726 52,611,522
City of Denton
Grants
Schedule of Expenditures(Unaudited)
For the Period Ended March 31,2023
EXPENDITURES CURRENT ANNUAL
GRANT DESCRIPTION AS OF 9/30/20221 Y-T-D BUDGET
Interlibrary Loan Program(ILL) - - 35,000
Texas Reads Grant - 156 7,252
Green Ribbon Grant 571,281 38,774 313,110
NCTCOG-Solid Waste Implementation Grant-Parks
&Recreation 199,447 - 199,836
NCTCOG-Solid Waste Implementation Grant-Solid
Waste 13,223 - 60,723
Governor's Community Achievement Award - - 290,000
American Rescue Plan(ARP)Act of 2021 7,941,394 1,510,337 18,259,252
Miscellaneous New Grants - - 1,400,000
Other 8,725,345 1,549,267 20,565,173
Total FY 2022-23 Budget 128,531,255 4,126,697 84,817,622
New Awards
Chapter 59 Asset Forfeitures - 24,074 24,074
FY2021 Improving Criminal Justice Responses 35,254 17,627 17,627
Texas Department of Public Safety's Texas Division of
Emergency Management(TDEM)-Winter Storm - 1,753 1,753
2022 SHSP-Hazmat Dry Decon Kit - 13,291 13,291
DWI Phlebotomy Program - 707 707
Public Safety 35,254 57,452 57,452
TxDot-Bonnie Brae-Windsor Drive to US 77 - 396,631 396,631
Transportation - 396,631 396,631
Rural Texas Women at Work - 128 128
Other - 128 128
Total New Awards 35,254 454,211 454,211
TOTALS $ 128,566,509 $ 4,580,908 $ 85,271,833
1
A portion of the grants presented cover multiple years.
Section 3
City of Denton
Quarterly Financial Report
March 2023
REVENUE & ECONOMIC
ANALYSIS
i HilltopSecuri ties
Asset Management
National Economic Trends
Period Ending March 31, 2023
Gross Domestic Product(GDP)
8% The U.S. economy grew by +1.1% in the first
=consumption quarter of 2023, following a +2.6% advance in
=Business Fixed Investment the prior period. Personal consumption, the
=Residential Investment 6% biggest driver of the U.S. economy, rose by an
=Inventories annualized+3.7%,adding 2.5 percentage points
=Net Exports to the overall number, the most in nearly two
.1 Government Spending 4% years. The counterbalance to strong consumer
—GDP spending during the quarter was a big drop in
inventory accumulation. Business inventories,
2% which can be extremely volatile from quarter-
to-quarter and extremely difficult to predict,
shaved almost 2.3 percentage points from the
o% headline number. This suggests that U.S.
companies are bracing for softer sales in the
coming months. Domestic final sales (which
-2% exclude inventories) grew by +3.2% in Q1
following a +0.7% advance in Q4 2022.
Inventory weakness usually reverses itself
Q4-21 Q1-21 Q2-22 Q3 22 Q4 22 Ql 23 Awithin a quarter or two, especially when
spending is solid.
Employment
1,000 U.S. businesses added +236k jobs to company
904 payrolls in March, essentially matching
900 forecasts. This follows revised gains of +326k
800 and +472k in the previous two months. The
private sector contributed +196k jobs to the
700 total, the fewest in three years, while
600
614 569 568 governments chipped in +47k, mostly on the
state and local side.A majority of the gains were
500 472 once again found in the service sector,while the
414 goods-producing side actually contracted a bit.
400 364 364 370 352 350
324 326 The headline unemployment rate unexpectedly
300 254 290 declined from 3.6% to 3.5% as those finding
239 236 work outnumbered those entering the labor
200 force. However, Fed officials have made it clear
100 they're focused more on wage growth and the
labor force participation rate. Both of these
o measures moved in the right direction during
n` tin Lti titi titi tiL titi �� ti'' the quarter with wage growth easing and the
participation rate rising to within 0.8 of the pre-
pandemic level.
1
i HilltopSecuri ties
Asset Management.
Inflation
The overall consumer price index (CPI)
Consumer Price Index(YearoverYear Percent Change) climbed by a smaller-than-expected +0.1%
in March after gains of+0.4% and +0.5% in
�Gl-anterns tttiiiiiiiiii(fl{orebfood&Energy) —va —PCE-core 10% the previous two months. On a year-over-
9% year basis the pace of headline consumer
inflation dropped from +6.5% to +5.0%
8% during the quarter. Much of the decline was
7% attributed to energy prices which fell -3.5%.
6% Core CPI, which excludes food and energy
A prices, rose +0.4% in March, matching
496 forecasts, while the annual pace of core
consumer inflation actually inched up from
I 3% +5.5%to+5.6%. The Fed is more concerned
2% with the core rate of consumer inflation,and
,% the fact that it moved higherwill keep Fed
o% officials on track to hike another 25 bps at
W21 oec-21 Afar-22 Jun-22 Sep-22 Dec-22 roar-23 the May FOMC meeting. Higher oil prices in
April will further complicate Fed policy, and
Source:Bureau of labor StatMia likely push any potential rate cuts into early
2024.
Retail Sales
Retail Sales%Change Month-Over-Month Headline retail sales fell -1.0% in March,
Retail Sales(M-OM) -CDntrd Group(M-OM) below the -0.5% median forecast, and the
12.0% second straight monthly decline. The U.S.
10.0%
Commerce Department reported weakness
was broad-based with 8 of 13 spending
8.0% categories moving lower. Similar to the
6.0% March CPI and PPI reports, falling gasoline
prices had an oversized impact. Sales of
4.0% vehicles and vehicle parts fell-1.6%in March
after a -1.3%decline in February. The retail
2.0%
sales "control group," which excludes autos,
0.0% _ _ gasoline,food services and building materials
-2.0°b and is used to calculate GDP, fell by -0.3%
after a revised -0.1% February decline.
-4.0% Consumer demand seems to be softening,
;�~ ;G' 'Y'y ,y'+ 1'Y ryti ti~ :ti~ titi ti~ titi hti ',1'Y ;'y titi titi ti~ titi titi ;titi ryti hti ;�M 1b '4'�
4` V .01 1_� 1-4 c ?os od' ,, �i �` pC` gmi ,,� ,� p,� h0 P2oY o�' ,� 'i��' but lower gas prices distorted the picture.
With pump prices moving higher, upward
Source:US Census Bureau pressure is likely in April.
2
Texas and Denton County Home Sales
Texas/Denton Cty Home Sales(NSA)
45.0 2200
42.5
40.0
37.5 1700
35.0
m
x
32.5
1200 0
30.0
rn
27.5
25.0
700 c
22.5 p
n
20.0
17.5 —TX Home Sales
200
—Denton Cty Home Sales
15.0 —Linear(TX Home Sales)
125 —Linear(Denton Cty Home Sales)
10.0 -300
N N N N N N N N N
co O V7 O O O O O N N N N W
Source_Real Eslete Center at Texas A8M—MLS H—ft Activity
There is increasingly clear evidence that home sales are slowing beyond the seasonal trend, and prices are
moderating in both the State and Denton County.
Texas home sales fell -2.4% in the first quarter of 2023 and -17.4%over the same three-month period a year ago.
The average sales price in March was $403.0k, a sharp decline from the record $443k from May of last year. The
available home inventory has now averaged 2.7 months since September 2022, well above the record low of 1.0
month inventory from February 2022.Total home listings at quarter end were 79.7k,compared to 37.4k a year ago.
In Denton County, unit home sales rose+4.8%in the first quarter but were-21.3%lower on a year-over-year basis.
The available supply contracted from 2.1 months in December to 1.8 months at the end of March,still well above
the record low of 0.5 months in January 2022. Total listings continue to fall from a post-pandemic high of 3.1k in
October 2022 to 2.15k at the end of March.The average Denton County sales price in March was$525.9k,up slightly
from December, but significantly below the all-time high of$587.5k from last May.
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
3
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 5.2% decrease from the prior quarter at the national level
and a 1.7%increase at the state level. Staff has rated this outlook as positive.
Fuel Prices
—JSales Tax —Texas Fuel Prices —US Fuel Prices
$5.00 $16
$4.50
$14
$4.00
$12
$3.50
$3.00 $10
c
c $2.50 $8 0
C
$2.00 0. $6
0000
$1.50 -
$4
$1.00
$2$0.50
J U U U U U U U U 11 11 "
$0.00 $0
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
'18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23
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 2nd Quarter of 2022-23 shows a increase of 0.1 for a 0.03% increase over the prior quarter and an
increase of 13.7 for a 4.64%increase over the 2nd Quarter of 2021-22. Staff has rated this indicator as Positive.
Municipal Cost Index
350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q123
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 2nd Quarter of FY 2023 was 11.95% more than budget and 7.48% more than the
prior year's actual. Hotel receipts continue to increase to higher than pre COIVD-19 pandemic levels. Staff has rated
the outlook for this economic indicator as Positive.
2nd Quarter FY 2022-23
Actual Y-T-D
Occupancy Tax Revenue: $ 919,208 $ 1,835,782
FY 2022-23 Budget $ 821,093 $ 1,633,901
Over(Under)Budget $ 98,115 $ 201,881
FISCAL YEAR FORECAST
Hotel Occupancy Tax Budget: $ 3,470,152
End of Year Projection: $ 3,875,000
Variance: $ 404,848
Hotel Occupancy Tax Collections
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
■FY 2019-20 FY 2020-21 FY 2021-22 ■FY 2022-23
Sales and Use Tax Analysis I 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 2nd quarter of FY 2023 compared to revenues from the prior year 2nd quarter shows a
1.34%decrease;and compared to the budget,it is 3.85%below. Staff has rated this indicator as Negative.
Quarter
nue:Gross Sales Tax Actuals
Municipal Operations $ 462,580 $ 925,641
General Retail&Others 12,826,341 27,299,713
Comptroller Fees (251,393) (535,577)
Amount Retained (246,366) (524,867)
■Total Revenue $ 12,791,1M $27,164,910
Expenses:Economic Incentives*
$ 751,7361 $ 1,638,958
Net Total 12,039,426 25,525,952
FY 2022-23 Budget 12,521,976 25,255,958
Over(Under)Budget ' $ (482,550) $ 269,994
Sales Tax Budget: $ 54,722,022
Year End Projection: 54,722,022
Variance to Original Budget: $ (0)
Economic Development Expenditure Budget: $ 3,607,336
Year End Projection: 3,488,957
Variance to Original Budget: $ (118,379)
Gross Sales Tax Collections (Millions)
$12,000,000.0
$10,000,000.0
$8,000,000.0
$6,000,000.0
$4,000,000.0
$2,000,000.0
$0.0
1 2 3 4
■FY 2018-19 Actual o FY 2019-20 Actual ■FY 2020-21 Actual O FY 2021-22 Actual o FY 2022-23 Actual
*Economic Incentive actuals are December 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 decreased 29.6%from the prior quarter and increased 37.5%from
the second quarter of 2022. Staff has rated the outlook for this revenue indicator as Positive.
Certificates of Occupancy
160.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
'18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23
Source:City of Denton's Development Services Department.
Residential Permits Outlook
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 11.21%and decreased 44.52%from the
2nd Quarter of 2022. Staff has rated the outlook for this revenue indicator as Negative.
Residential Permits
450.0
400.0
350.0
300.0
250.0
200.0
150.0
100.0
50.0
0.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
'18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23
Source:City of Denton's Development Services Department.
Texas Leading Indicators Index I Outlook
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 increase in the state's rate of growth. The index increased by 0.19% from the prior quarter and
decreased by 5.52%from the fourth Quarter of 2021. Staff has rated this indicator as negative.
Texas Leading Indicators Index
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
y� y00 y00 y00 y� y� 1y 1� ,y0 10 10 10 ,I> ,I> Y I'l, 1L yL yL yL y� tiL
Source: Federal Reserve Bank of Dallas
Section 4
City of Denton
Quarterly Financial Report
March 2023
INVESTMENT REPORT
DocuSign Envelope ID:E4B115D6-D685-4D43-9C9F-BF44979B9589
CITY OF • QUARTERLY INVESTMENT REPORTCl1Y
or
2nd Fiscal Quarter Ending March 31,
r
INVESTMENT POOL
Policy
Par Market Book Unrealized Max. Benchmark
!Portfolio: ,--------Value----------------Value---------------_Value------------_Gain/(Loss)'---------_WAM--------_WAM---- YTM Yield*
;Investment Pool Begin Q4 ; $ 825,316,341 $ 815,443,430 $ 821,224,248
- ---------------------------------------------i
'-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
hrivestmentPoolEndQ4 !$ 752,814,763 $ 745,013,927 $ 748,342,600 204 550 3.88% 4.68%
*Market yield on U.S.Treasury securities at
I 1-year constant maturity,quoted on
l investment basis %of Total
Par Market Book Unrealized Portfolio Policy
!Securities By Investment Type: ! ______Value __ ___ Value __ ___ Value Gain/(Loss)' _______WAM YTM (Book Value)'_____________Max.________i
W.S.Treasuries-Coupon ;$ 265,000,000 $ 260,480,645 $ 262,580,272 $ (2,099,627) 296 3.36% 35.09% 100% !
!U.S.Federal 10,000,000 9,982,485 9,980,222 2,263 16 4.65% 1.33% 100%
W.S.Federal Agencies-Coupon 196,875,000 195,419,363 196,579,804 (1,160,441) 313 3.64% 26.27% 100%
W.S.Federal Agencies-Callable 10,000,000 9,974,012 10,000,000 (25,988) 54 2.50% 1.34% 20%
Punicipal Bonds - - - - - - 0.00% 15%
!Certificates of Deposit - - - - - - 0.00% 35
Commercial Paper i 102,500,000 100,717,660 100,762,538 (44,878) 121 5.09% 13.46% 20%
;Local Government Investment Pools 140,000,000 140,000,000 140,000,000 - 1 4.79% 18.71% 50
;Demand Deposits i 28,439,763 28,439,763 28,439,763 - 1 1.65% 3.80% -
!Total Portfolio i$ 752,814,763 $ 745,013,927 $ 748,342,600 $ (3,328,673) 204 3.88% 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: I 3/31/2023 12/31/2022 _ Difference _ 3/31/2022 _ -Difference
Par Value ;$ 752,814,763 $ 825,316,341 $ (72,501,578) $ 669,618,310 $ 83,196,453
1 Market Value 745,013,927 815,443,430 (70,429,503) 668,810,986 76,202,941
!Book Value 748,342,600 821,224,248 (72,881,648) 669,801,992 78,540,607
!Unrealized Gain(Loss) i (3,328,673) (5,780,818) 2,452,145 (991,006) (2,337,666)
Weighted Average Maturity i 204 199 5 101 103
;Yield to Maturity 3.88% 3.18% 0.70% 0.39% 3.49
Portfolio Composition:
U.S.Treasuries-Coupon 35.09% 40.23% -5.14% 36.61% -1.52
W.S.Federal Agencies-Amortizing i 1.33% 1.20% 0.13% 0.00% 1.33%
U.S.Federal Agencies-Coupon 26.27% 18.45% 7.82% 7.47% 18.80
U.S.Federal Agencies-Callable 1.34% 1.22% 0.12% 0.00% 1.34
!Municipal Bonds i 0.00% 0.00% 0.00% 0.00% 0.00%
;Certificates of Deposit i 0.00% 0.00% 0.00% 0.00% 0.00%
Commercial Paper 13.46% 8.67% 4.79% 5.22% 8.24%
!Local Government Investment Pools i 18.71% 23.75% -5.04% 40.72% -22.01%
Demand Deposits i 3.80% 6.20% -2.40% 9.98% -6.18%
l Bank Collateral Review-: ! -Institution Collateral Type Market Value Collected Balance Pledge Required Collateral Ratio !
--------------------------
Wells Fargo Demand Deposits BNY Mellon U.S.Agency MBS $ 50,154,107 $ 28,439,763 >102% 176
!Depository Ledger Balance Review: Institution Account Type Beginning Bal. Deposits Withdrawals Ending Bal.
I---------------------------------------------------------------------------------------------------------------------------------------------
! Wells Fargo Bank Checking $ 59,973,857 $ 72,201,976 $ (119,176,239) $ 12,999,594
Wells Fargo Bank ARPA Funds $ 15,430,710 $ 9,458 $ - $ 15,440,169
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
!Compliance Statement&Review: ;The 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).
-------------------------------
Cr be A g �d h"y:
(a5saun pLva va
c7FF26G194E44F9... Vacant
Approver: Cassey Ogden Reviewer:
Assistant City Manager Assistant Director of Finance
nocnaignnd hy: tlocuaig-d hy:
�l
its "
EFNIDE4906964AZ. 36IEA7�UOC874El..
Reviewer: Via Bouaphanthavong Preparer:Randee Klingele
Controller Treasury Manager
,
s----------------------------------------------- ,
b--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
DocuSign Envelope ID: E46115D6-D685-4D43-9C9F-BF44979B9589
CITY OF • QUARTERLY INVESTMENT REPORT
2nd Fiscal Quarter Ending March 3-1,2023 Page 21
INVESTMENT POOL
Current 3 Months Ago 3 Month 1 Year Ago 1 Year
3/31/2023 12/31/2022 Difference 3/31/2022 Difference
----------------------------------------------------'--------------------- '
!Par Value-U.S.Treasuries-Coupon $ 265,000,000 $ 335,000,000 $ (70,000,000) $ 245,000,000 $ 20,000,000
Par Value-U.S.Federal Agencies-Amortizing i 10,000,000 10,000,000 - - 10,000,000
;Par Value-U.S.Federal Agencies-Coupon i 196,875,000 151,875,000 45,000,000 50,000,000 146,875,000
Par Value-U.S.Federal Agencies-Callable i 10,000,000 10,000,000 - - 10,000,000
!Par Value-Municipal Bonds i - - - - -
Certificates of Deposit i - - - - -
!Par Value-Commercial Paper i 102,500,000 72,500,000 30,000,000 35,000,000 67,500,000
Local Government Investment Pools 140,000,000 195,000,000 (55,000,000) 272,775,270 (132,775,270)
;Demand Deposits 28,439,763 50,941,341 (22,501,578) 66,843,040 (38,403,277)
!Total Par Value i $ 752,814,763 $ 825,316,341 $ (72,501,578) $ 669,618,310 $ 83,196,453
;Market Value-U.S.Treasuries-Coupon $ 260,480,645 $ 329,154,760 $ (68,674,115) $ 244,236,565 $ 16,244,080
Market Value-U.S.Federal Agencies-Amortizing ; 9,982,485 9,873,372 109,113 - 9,982,485
!Market Value-U.S.Federal Agencies-Coupon i 195,419,363 149,405,422 46,013,941 50,048,326 145,371,037
Market Value-U.S.Federal Agencies-Callable i 9,974,012 9,945,646 28,366 - 9,974,012
Market Value-Municipal Bonds i - - - - -
Certificates of Deposit i - - - - -
Warket Value-Commercial Paper 100,717,660 71,122,890 29,594,770 34,907,785 65,809,875
!Local Government Investment Pools i 140,000,000 195,000,000 (55,000,000) 272,775,270 (132,775,270)
;Demand Deposits i 28,439,763 50,941,341 (22,501,578) 66,843,040 (38,403,278)
!Total Market Value i $ 745,013,927 $ 815,443,430 $ (70,429,503) $ 668,810,986 $ 76,202,941
!Book Value-U.S.Treasuries-Coupon $ 262,580,272 $ 332,688,020 $ (70,107,747) $ 245,196,061 $ 17,384,211
!Book Value-U.S.Federal Agencies-Amortizing 9,980,222 9,868,972 111,250 - 9,980,222
!Book Value-U.S.Federal Agencies-Coupon i 196,579,804 151,485,868 45,093,936 50,031,323 146,548,481
!Book Value-U.S.Federal Agencies-Callable i 10,000,000 10,000,000 - - 10,000,000
Book Value-Municipal Bonds - - - - -
Certificates of Deposit - - - - -
!Book Value-Commercial Paper i 100,762,538 71,240,048 29,522,490 34,956,298 65,806,240
!Local Government Investment Pools i 140,000,000 195,000,000 (55,000,000) 272,775,270 (132,775,270)
!Demand Deposits i 28,439,763 50,941,341 (22,501,578) 66,843,040 (38,403,278)
!Total Book Value i $ 748,342,600 $ 821,224,248 $ (72,881,649) $ 669,801,992 $ 78,540,607
!Accrued Interest i $ 2,934,445 $ 3,614,471 $ (680,026) $ 434,922 $ 2,499,523
!Cash Value- i $ 747,948,372 $ 819,057,901 $ (71,109,529) $ 669,245,908 $ 78,702,464
!(Total Market Value+Accrued Interest)
Unrealized Gain/(Loss)' i $ (3,328,673) $ (5,780,818) $ 2,452,145 $ (991,006) $ (2,337,666)
'-------------------------------------------------------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.
-------------------------------
l'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.
DocuSign Envelope ID: E4131 15D6-D685-4D43-9C9F-BF44979B9589
CITY OF DENTON : QUARTERLY INVESTMENT REPORT
2nd Fiscal Quarter Ending March 31,2023 Page 3
INVESTMENT POOL
(Based on Book Value)
Current 3 Months Ago 1 Year Ago
:Summary By Security Type: 3/31/2023 12/31/2022 3/31/2022
:U.S.Treasuries-Coupon $ 262,580,272 $ 332,688,020 $ 245,196,061
:U.S.Federal Agencies-Amortizing 9,980,222 9,868,972 -
P.S.Federal Agencies-Coupon 196,579,804 151,485,868 50,031,323
:U.S.Federal Agencies-Callable 10,000,000 10,000,000 -
:Municipal Bonds - -
:Certificates of Deposit - - -
:Commercial Paper 100,762,538 71,240,048 34,956,298
:Local Government Investment Pools 140,000,000 195,000,000 272,775,270
Demand Deposits 28,439,763 50,941,341 66,843,040
Total Book Value
$ 748,342,600 $ 821,224,248 $ 669,801,992
U.S.Treasuries
Current
35.09%
�03/31/2023�
U.S.Federal Agencies-Amortizing
1.33%
U.S.Federal Agencies-Coupon
26.27%
Demand Deposits-
3.80%
U.S.Federal Agencies-Callable
1.34%
Local Government Investment Pools
18.71% Commercial Paper
13.46%
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
: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:
: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::
:registered government money market mutual funds(weighted average maturity of less than 60 days).
------------------------------------------------------------------------------------------------------------------------------------------------
Current 3 Months Ago 1 Year Ago
:Summary By Security Type: 3/3112023 12/3112022 3/31/2022
---------------------------------------------------------------------------------------------- ----
W.S.Treasuries-Coupon 35.09% 40.51% 36.61%
W.S.Federal Agencies-Amortizing 1.33% 1.20% 0.00%
W.S.Federal Agencies-Coupon 26.27% 18.45% 7.47%
:U.S.Federal Agencies-Callable 1.34% 1.22% 0.00%
:Municipal Bonds 0.00% 0.00% 0.00%
:Certificates of Deposit 0.00% 0.00% 0.00%
:Commercial Paper 13.46% 8.67% 5.22%
:Local Government Investment Pools 18.71% 23.75% 40.72%
:Demand Deposits 3.80% 6.20% 9.98%
:Total 100.00% 100.00% 100.00%
--------------------------------------------------L-------------------------------------------------------------------------------------------------------------------------------------------------------------------------i
DocuSign Envelope ID: E46115D6-D685-4D43-9C9F-BF44979B9589
CITY OF DENTON:QUARTERLY INVESTMENT REPORT
2nd Fiscal Quarter Ending March 3f,2023
INVESTMENT POOL
(Based on Book Value)
Current 3 Months Ago 1 Year Ago
:Summary By Issuer: 3/31/2023 12/31/2022 3/31/2022
:U.S.TREASURY-COUPON 262,580,272 332,688,020 245,196,061
;FFCB 71,729,976 46,700,266 24,998,810
;FHLB 139,858,584 119,709,048 20,032,692
:FHLMC - - 4,999,821
:FNMA 4,971,466 4,945,526 -
:JOHNS HOPKINS UNIVERSITY CP - - 10,000,000
;JP MORGAN CP 24,766,583 24,508,458 -
:RBC CP 27,147,080 26,807,392 17,456,954
:TOYOTA MOTOR CREDIT CORP CP 29,059,292 19,924,197 7,499,344
:COLUMBIA UNIVERSITY CP 19,789,583 - -
;TEXPOOL 130,000,000 130,000,000 150,000,000
:TEXSTAR 10,000,000 65,000,000 122,775,270
:WELLS FARGO DEMAND DEPOSITS 28,439,763 50,941,341 66,843,040
:Total Book Value $ 748,342,600 $ 821,224,248 $ 669,801,992
Current p MORGAN CP
FHLB 03/31/2023 FNMA
3%
19% RBC CP
4%
FFCB TOY OTA CP
9% 4%
COLUMBIA UNIVERSITY CP
3%
L TEXPOOL
U.S.TREASURY-COUPON 17%
35%
WELLS FARGO DEMAND DEPOSITS TEXSTAR
4% 1%
:Objective: :Investment Type Limits: 1.US Govemment 100%;2.US Government Agency 100%(maximum of 20%in Callable agencies);3.Municipal obligations 15%;4.LGIPs-Gov't 50%;5.:
:LGIPs-Prime 15%;6.Repo 20%;7.CD's 35%;8.Savings Deposits 15%;9.US Gov't Money Market Mutual Funds 50%;Commercial Paper 20%(max 5%per issuer)' The purpose
:of this requirement is to limit market and credit risk.Some investment types maybe further limited.
Current 3 Months Ago 1 Year Ago
;U.S.TREASURY-COUPON 35.09% 40.51% 36.61%
:FFCB 9.59% 5.69% 3.73%
:FHLB 18.69% 14.58% 2.99%
:FHLMC 0.00% 0.00% 0.75%
:FNMA 0.66% 0.60% 0.00%
:JOHNS HOPKINS UNIVERSITY CP 0,00% 0.00% 1.49%
;JP MORGAN CP 3.31% 2.98% 0.00%
:RBC CP 3.63% 3.26% 2.61%
:TOYOTA MOTOR CREDIT CORP CP 3.88% 2.43% 1.12%
COLUMBIA UNIVERSITY CP 2.64% 0.00% 0.00%
:TEXPOOL 17.37% 15.83% 22.39%
:TEXSTAR 1.34% 7.92% 18.33%
:WELLS FARGO DEMAND DEPOSITS 3.80% 6.20% 9.98%
:Total 100% 100% 100%
DocuSign Envelope ID: E46115D6-D685-4D43-9C9F-BF44979B9589
CITY OF • QUARTERLY INVESTMENT REPORT
2nd Fiscal Quarter Ending March 31,2023 AM Page 51
INVESTMENT POOL
(Based on Par Value)
Current 3 Months Ago 1 Year Ago
(Maturity Time Frame: I ______3/31/2023 ______________________1213112022________________________________3131/2022 _ I
:00-03 Months $ 275,739,763 $ 365,941,341 $ 414,618,310
:03-06 Months 127,500,000 87,300,000 100,000,000
:06-12 Months 205,000,000 157,500,000 125,000,000
:12-24 Months 144,575,000 214,575,000 30,000,000
:24 Months&Over
:Total Par Value $ 752,814,763 $ 825,316,341 $ 669,618,310
$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 T
Current 3 Months Ago 1 Year Ago
000-06 Months ■06-12 Months ■12-24 Months 024 Months&Over
lI-------------------------------------------------------------------------------------------------------------------------------------------------------------•
: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: 3/31/2023 12131/2022 3/31/2022
----------------------------------------------------------------------------------------------------------------- l
:00-03 Months 36.63% 44.34% 61.92%
03-06 Months 16.94% 10.58% 14.93
:06-12 Months 27.23% 19.08% 18.67%
:12-24 Months 19.20% 26.00% 4.48%
:24 Months&Over 0.00% 0.00% 0.00%
:Total 100.00% 100.00% 100.00%
DocuSign Envelope ID: E4131 15D6-D685-4D43-9C9F-BF44979B9589
CITY OF DENTON : QUARTERLY INVESTMENT REPORT
2023 page 6
ECONOMIC SUMMARY
Interest Rate History
-------------------------------------------------------------------------------------------------T------------------------------------------------
Fiscal Year 2018-2019 Fiscal Year 2019-2020 Fiscal Year 2020-2021
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
;Market Sector:* �Av,q........Lvq........�yj +
.......��,q--- -Lvq-------��,q--------!�yq---------�YD---:---2�_Y9--------2�Yg---------LU--------L9---
:Fed Funds(effective) 2.40% 2.41% 2.37% 1.90%: 1.56% 0.02% 0.08% 0.09%: 0.08% 0.06% 0.05% 0.05%:
:3-Month U.S.T-Bill 2.36% 2.39% 2.09% 1.82%: 1.55% 0.09% 0.14% 0.10%: 0.07% 0.02% 0.04% 0.04%:
:2-Year U.S.T-Note 2.49% 2.26% 2.10% 1.76%: 1.57% 0.25% 0.15% 0.13%: 0.12% 0.15% 0.25% 0.21%:
:Portfolio Benchmark(FRB) 2.33% 2.48% 2.00% 1.80%: 1.55% 0.33% 0.18% 0.13%: 0.12% 0.08% 0.07% 0.08%
:Portfolio Yield 2.01% 2.20% 2.20% 2.08%: 1.9% 1.62% 1.31% 0.94%: 0.80% 0. 5% 0.38% 0.24%:
------------------------ ---------!L--------------------------
-------------------------------------------------------------------------------------------------7--------------------------------------------------
Fiscal Year 2021-2022 Fiscal Year 2022-2023
Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
:Market Sector:* 2�VA--------LV2-------2�vn-------2��v -------�Ln-------2�VA--------��9--------2�va---
1 t------------------------------------------------i
Fed Funds(effective) 0.07% 0.32% 1.56% 3.05%: 4.32% 4.82%
:3-Month U.S.T-Bill 0.04% 0.50% 1.67% 3.27%: 4.37% 4.75%
:2-Year U.S.T-Note 0.38% 1.61% 2.96% 4.28%: 4.43% 4.03%
:Portfolio Benchmark(FRB) 0.30% 1.34% 2.65% 3.89%: 4.68% 4.68%
:Portfolio Yield --- 0.17% 0.39% 1.20% 2.45%: 3.18% 3.88%
-- ---------------------------- -------------------------------------------------------------
Hilltop Securities
FY 2018-19 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23
6.00%
5.00%
4.00%
3.00% A
2.00%
1.00%
0.00% OLL-
Dec-18 M-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 D-20 M-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Fed Feeds lifs-3.MonthT-Bill --0-2-Year T-Note -4111-Portfolio Yield Portfolio Benchmark*
----------------------*1yfj22_r1�iELty-------4
-----------------------------------------------------------------------------------------------------
Fiscal Year-to-Date Earnings
------------------- -------- -----------
----------------�W - -------------- T------------T------- -----------
1st Quarter j�5yi�;r . Quarter
Fiscal Year: 3 Months 6 Months 9 Months 12 Months
:2022-2023 --------------iF---------- ------------- --------------------------------------------------f-
:2021-2022 $ 388,020 $ 753,874 $ 1,884,912 $ 5,537,498
:2020-2021 I $ 1,325,472 $ 2,332,128 $ 2,937,508 $ 3,413,936
2019-2020
$ 2,982,157 $ 5,750,078 $ 7,712,197 $ 9,296,855
2018-2019 $ 2,952,850 $ 6,098,997 $ 9,268,624 $ 12,387,529
:QUARTERLY COMMENTARY :
--------------j-------------------------------------------------------------------------------------------------------------------------------------------------i
:Staff Analysis :The portfolio is in compliance with the City's Investment Policy.During the second quarter eight investments matured totaling$120:
:million and ten investments were purchased totaling$125 million.The portfolio yield is 3.88%up 3.49%year over year and.7%
:quarter over quarter.The portfolio yield lagged the benchmark,1-year constant maturity US Treasury,by 80 basis points.This lag
:is due to the continued spike in short-term rates caused by Fed tightening.The weighted average maturity was 204 the daily
:liquidity was 22.4%.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
March 31, 2023
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
912828ZH6 4139 U.S.TREASURY 03/24/2022 20,000,000.00 19,971,240.00 19,989,401.65 0.250 1.649 14 04/15/2023
912828ZU7 4144 U.S.TREASURY 05/05/2022 10,000,000.00 9,910,770.00 9,958,003.00 0.250 2.332 75 06/15/2023
912828ZY9 4146 U.S.TREASURY 06/02/2022 10,000,000.00 9,867,580.00 9,940,085.02 0.125 2.244 105 07/15/2023
91282CER8 4148 U.S.TREASURY 06/14/2022 10,000,000.00 9,772,270.00 9,918,073.36 2.500 3.231 426 05/31/2024
912828VS6 4151 U.S.TREASURY 06/22/2022 20,000,000.00 19,826,560.00 19,963,991.65 2.500 2.993 136 08/15/2023
9128281366 4153 U.S.TREASURY 06/22/2022 10,000,000.00 9,830,860.00 9,965,588.72 2.750 3.155 320 02/15/2024
9128285K2 4154 U.S.TREASURY 06/28/2022 10,000,000.00 9,896,090.00 9,991,509.89 2.875 3.023 213 10/31/2023
9128285P1 4155 U.S.TREASURY 06/28/2022 10,000,000.00 9,878,520.00 9,989,960.19 2.875 3.029 243 11/30/2023
9128281366 4156 U.S.TREASURY 06/28/2022 20,000,000.00 19,661,720.00 19,946,817.42 2.750 3.063 320 02/15/2024
91282CEK3 4157 U.S.TREASURY 06/28/2022 10,000,000.00 9,777,730.00 9,935,709.64 2.500 3.115 395 04/30/2024
9128286G0 4159 U.S.TREASURY 07/26/2022 10,000,000.00 9,791,800.00 9,941,367.39 2.375 3.035 334 02/29/2024
912828D56 4160 U.S.TREASURY 07/26/2022 10,000,000.00 9,730,470.00 9,914,355.86 2.375 3.022 502 08/15/2024
9128282N9 4165 U.S.TREASURY 08/10/2022 10,000,000.00 9,702,730.00 9,856,202.87 2.125 3.248 487 07/31/2024
912828D56 4166 U.S.TREASURY 08/10/2022 10,000,000.00 9,730,470.00 9,884,635.07 2.375 3.249 502 08/15/2024
9128281366 4168 U.S.TREASURY 08/18/2022 20,000,000.00 19,661,720.00 19,902,930.40 2.750 3.323 320 02/15/2024
91282CFA4 4169 U.S.TREASURY 08/18/2022 5,000,000.00 4,907,225.00 4,977,988.31 3.000 3.343 487 07/31/2024
912828666 4175 U.S.TREASURY 10/11/2022 10,000,000.00 9,830,860.00 9,856,199.19 2.750 4.459 320 02/15/2024
9128281366 4177 U.S.TREASURY 10/13/2022 10,000,000.00 9,830,860.00 9,856,377.55 2.750 4.457 320 02/15/2024
912828G38 4180 U.S.TREASURY 11/03/2022 10,000,000.00 9,682,420.00 9,644,302.03 2.250 4.567 594 11/15/2024
91282CFA4 4182 U.S.TREASURY 11/16/2022 10,000,000.00 9,814,450.00 9,808,544.22 3.000 4.505 487 07/31/2024
912828WJ5 4188 U.S.TREASURY 02/16/2023 10,000,000.00 9,779,300.00 9,729,780.42 2.500 5.010 410 05/15/2024
91282CAK7 4189 U.S.TREASURY 02/17/2023 10,000,000.00 9,796,480.00 9,785,037.20 0.125 4.978 167 09/15/2023
91282CAF8 4190 U.S.TREASURY 02/17/2023 10,000,000.00 9,828,520.00 9,823,411.32 0.125 4.940 136 08/15/2023
Subtotal and Average 266,958,178.72 265,000,000.00 260,480,645.00 262,580,272.37 3.364 296
Federal Agency Disc.-Amortizing
313384EL9 4184 FHLB 12/14/2022 10,000,000.00 9,982,484.80 9,980,222.22 4.450 4.646 16 04/17/2023
Subtotal and Average 9,961,680.55 10,000,000.00 9,982,484.80 9,980,222.22 4.646 16
Federal Agency Issues-Coupon
3133EKAU0 4013 FFCB 02/21/2019 10,000,000.00 9,915,765.10 9,999,922.22 2.570 2.572 142 08/21/2023
3133ELG81 4145 FFCB 05/23/2022 7,300,000.00 7,239,819.02 7,275,271.10 0.300 2.150 68 06/08/2023
3133ENYH7 4149 FFCB 06/16/2022 10,000,000.00 9,776,142.60 9,927,082.56 2.625 3.262 436 06/10/2024
3133ENK33 4172 FFCB 09/06/2022 15,000,000.00 14,841,458.10 14,991,903.52 3.625 3.685 340 03/06/2024
3133ENS43 4178 FFCB 10/25/2022 4,575,000.00 4,562,454.76 4,559,358.96 4.375 4.609 565 10/17/2024
3133EN7D6 4187 FFCB 01/26/2023 10,000,000.00 10,007,351.60 9,996,577.78 4.750 4.789 391 04/26/2024
Portfolio CITY
Data Updated:SET-MO:04/10/2023 10:09 AP
Run Date:04/10/2023-10:11
PM(PRF_PM2)7.3.0
Report Ver.7.3.6.1
Monthly Reports
Portfolio Management Page 2
Portfolio Details - Investments
March 31, 2023
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
3133EPCW3 4193 FFCB 03/10/2023 15,000,000.00 15,188,198.70 14,979,860.06 5.000 5.074 709 03/10/2025
313OA3DL5 4152 FHLB 06/22/2022 20,000,000.00 19,798,592.00 19,938,784.40 2.375 3.094 160 09/08/2023
3130AOF70 4158 FHLB 06/30/2022 10,000,000.00 9,899,848.50 10,016,641.51 3.375 3.124 251 12/08/2023
3130AOXE5 4161 FHLB 07/26/2022 10,000,000.00 9,863,935.70 10,017,834.36 3.250 3.052 342 03/08/2024
3130ASV55 4164 FHLB 08/04/2022 10,000,000.00 9,940,412.00 9,992,005.00 3.000 3.240 125 08/04/2023
3130AOF70 4167 FHLB 08/16/2022 20,000,000.00 19,799,697.00 20,008,686.86 3.375 3.307 251 12/08/2023
3130AFBCO 4170 FHLB 08/29/2022 10,000,000.00 9,828,566.80 9,968,850.68 3.250 3.474 531 09/13/2024
3130ASHK8 4171 FHLB 08/29/2022 10,000,000.00 9,830,058.50 9,956,959.13 3.125 3.496 440 06/14/2024
3130ATDJ3 4174 FHLB 09/16/2022 10,000,000.00 9,959,451.70 9,988,107.35 3.875 4.144 167 09/15/2023
3130AUFY5 4185 FHLB 01/05/2023 10,000,000.00 10,004,055.70 9,992,129.88 4.750 4.857 279 01/05/2024
3130AUFF6 4186 FHLB 01/05/2023 10,000,000.00 10,021,249.50 9,998,363.08 4.850 4.874 310 02/05/2024
3135GO5G4 4147 FNMA 06/08/2022 5,000,000.00 4,942,305.55 4,971,465.81 0.250 2.364 100 07/10/2023
Subtotal and Average 192,210,212.19 196,875,000.00 195,419,362.83 196,579,804.26 3.641 313
Federal Agency Issue-Step-Up
3130ARYL9 4143 FHLB 05/27/2022 10,000,000.00 9,974,011.80 10,000,000.00 3.000 2.500 54 05/25/2023
Subtotal and Average 10,000,000.00 10,000,000.00 9,974,011.80 10,000,000.00 2.500 54
Commercial Paper Disc.-Amortizing
19865XTF8 4194 COLUMBIA UNIVERSITY 03/17/2023 20,000,000.00 19,784,080.00 19,789,583.33 5.050 5.186 75 06/15/2023
46640QT50 4173 JP MORGAN SECURITIES LLC 09/09/2022 20,000,000.00 19,819,520.00 19,859,166.67 3.900 4.098 65 06/05/2023
46640QVB4 4181 JP MORGAN SECURITIES LLC 11/16/2022 5,000,000.00 4,906,290.00 4,907,416.67 5.050 5.345 132 08/11/2023
78009BU34 4176 RBC 10/11/2022 10,000,000.00 9,868,420.00 9,879,875.00 4.650 4.917 93 07/03/2023
78009BSS2 4179 RBC 10/26/2022 10,000,000.00 9,923,930.00 9,923,611.11 5.000 5.274 55 05/26/2023
78009BVN9 4183 RBC 11/25/2022 7,500,000.00 7,347,420.00 7,343,593.75 5.250 5.565 143 08/22/2023
89233HXRO 4191 TOYOTA MOTOR CREDIT 02/22/2023 20,000,000.00 19,405,220.00 19,402,000.00 5.200 5.494 207 10/25/2023
89233HYN8 4192 TOYOTA MOTOR CREDIT 03/01/2023 10,000,000.00 9,662,780.00 9,657,291.66 5.250 5.607 235 11/22/2023
Subtotal and Average 90,374,213.26 102,500,000.00 100,717,660.00 100,762,538.19 5.089 121
Local Govt Investment Pools
SYS3996 3996 LOCAL GOVT INV POOL-TEXPOOL 130,000,000.00 130,000,000.00 130,000,000.00 4.792 4.792 1
SYS3641 3641 LOCAL GOVT INV POOL-TEXSTAR 10,000,000.00 10,000,000.00 10,000,000.00 4.821 4.821 1
Subtotal and Average 155,806,451.61 140,000,000.00 140,000,000.00 140,000,000.00 4.794 1
Portfolio CITY
Data Updated:SET-MO:04/10/2023 10:09 AP
Run Date:04/10/2023-10:11
PM(PRF_PM2)7.3.0
Monthly Reports
Portfolio Management Page 3
Portfolio Details - Investments
March 31, 2023
Average Purchase Stated YTM Days to Maturity
CUSIP Investment# Issuer Balance Date Par Value Market Value Book Value Rate 365 Maturity Date
Demand Deposits
SYS3706 3706 DEMAND DEPOSITS- WELLS FARGO 12,999,594.01 12,999,594.01 12,999,594.01 1.650 1.650 1
SYS4082 4082 DEMAND DEPOSITS- WELLS FARGO 10/01/2022 0.00 0.00 0.00 0.000 1
SYS4104 4104 DEMAND DEPOSITS- WELLS FARGO 15,440,168.62 15,440,168.62 15,440,168.62 1.650 1.650 1
Subtotal and Average 40,866,802.67 28,439,762.63 28,439,762.63 28,439,762.63 1.650 1
Total and Average 766,177,539.01 752,814,762.63 745,013,927.06 748,342,599.67 3.877 204
Portfolio CITY
Data Updated:SET_MO:04/10/2023 10:09 AP
Run Date:04/10/2023-10:11
PM(PRF_PM2)7.3.0
Monthly Reports
Portfolio Management Page 4
Portfolio Details - Cash
March 31, 2023
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 766,177,539.01 752,814,762.63 745,013,927.06 748,342,599.67 3.877 204
Portfolio CITY
Data Updated:SET_MO:04/10/2023 10:09 AP
Run Date:04/10/2023-10:11
PM(PRF_PM2)7.3.0