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HomeMy WebLinkAbout2017-088 2016-17 4th Quarter Financial ReportDate: December 15, 2017 INFORMAL STAFF REPORT TO MAYOR AND CITY COUNCIL SUBJECT: Quarterly Financial Report for the period ending September 30, 2017 BACKGROUND: Report Na 2017-088 Attached for your review is the Quarterly Financial Report for the period ending September 30, 2017. If you have any questions or need additional information, please let me know. ATTACHMENTS: Quarterly Financial Report as of September 30, 2017 STAFF CONTACT: Chuck Springer, Director of Finance (940) 349-8260 Charles. Sprin .ger(a�cityofdenton. com 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, 2017. This report is presented in six 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 an end of year projection and a comparison to the budget for major revenue sources and expenditure items. 3. The Revenue & Economic AnalVsis section provides additional analysis regarding key revenue sources and economic indicators. 4. The Quarterly Investment Report provides a summary of the City's investment portfolio, interest earnings and a brief market outlook. 5. The Performance Report provides Key Performance Indicators (KPIs) for each of the goals identified in the City's strategic plan. In addition, the progress on Key Action Steps are highlighted. 6. The G.O. Bond Propram Report provides updates of each of the Bond Propositions from the 2012 and 2014 bond elections. 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. C �.�.�1 �-����, Chuck Springer Director of Finance 215 East McKinney Street Denton, TX 76201 940-349-8260 Section City of Denton Quarterly Financial Report September 2017 Executive Dashboards i� .•rr i �..,r� � ; r.vw . ._� t .� � ;: � � � � O �^ , �L�/ � � �� •T r\j V � L � s H � � / � � � W � � � L � v � .O � � � � v Q � x w := o v� > � � � � � v �. _ �e v � v �� 0 > � � a � � � � � � w � v � z��--i N � F+� � � � � � a � � � � N � � O N a U � a � W � r r° � � � � � I _ _ _ � � t � � �� � JvA � a I^ U A � M � N � o � o � � ^yo � � o N l� M V� �--i �--I ry O M i�•y N N �� N��--i00�O�Ml�I� N t:oo�o��o�000:�n v� M�OV�OI�MM�� 00 � M �--i � � � � '--� � M �--i �D 00 O M �OO�OMO��O\�00 M MNV�OI��N�--i� � � M �--� rl � U � � � v� �. CC •.�'r y �e � c� > �Q � "� � C� � � � � � C ''�" .. F'' � a� � a� � p � n v. a>� p� � w M � wa�a�f��yi..i � y yky,.��Cv� � � O� p�..�'.H� C"' y� }"' j � �. 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T � � � � � � � � � N U P� C� d� � F� � Eo Z U C� v� E� � Eo � � l^ � za a ao H � � � "C w 0 � 0 .� � .� � � � � � � �. a � � oA � � � Y � z 0 o � 0 N y � � � .. � � .� o � o �. � � � � M � � N � � � 7 � ;^�; N O Q� N � .. �U N �� pp � � � � -owoo�,� �, N � C7 O�� y 2i o�, > ;� vv 'O � U pD ''� c'�j � � i� O p. bA N c�J � ,�3�' �.�`�' ,'. � � xx ° ' `�� � � ��H� �x 00 0-�.� ��,��' HH � ��.s��� � � � zzHwHzm¢H A A A A A A� A A � o� � o > � p � N N O � ^� � .'" a j � L. � s�, o � � o w .; � N 1 b � � � � R U � � � � � � � y i�i � M 69 N � a�i W sN,s L � ' N a enyw4 a� a'�i � � O C m � � w ,� iL N A p � � � O l� V] � � � w � � � � � � � > f bU N 69 ..�.� ,� A M � c0 � �.��� �� �� �.��� W � ° v� `� � a"�i � � � .. � � � ,�U ,��.�wU�c E-�AC7AAAAG 3 � i '6 : � i � � 3 � i i � ; U i � i � � � � � � i �o v� � � i 3 � 3 � O � pp r� O � � U ��w.� � v�A W 0 0 0 0 0 0 0 0 0 0� � � � � � � suoi��iw Section City of Denton Quarterly Financial Report September 2017 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. F I NAN C IAL S U M MARY City of Denton General Fund Schedule of Revenues - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 REVF.NUF, DF,SCRIPTION Current Year - Ad Valorem Delinquent - Ad Valorem Miscellaneous Penalties & Fees Ad Valorem Taxes PRIOR ANNUAL PRELIMINARY BUDGET VS Y-T-D BUDGF,T ACTUAI,S ACTUALS $ 39,882,138 $ 42,506,508 $ 43,191,856 2% 145,600 277,443 192,136 -31% 298,468 362,184 334,007 -8% 40,326,206 43,146,135 43,717,999 1% Sales Tax 32,624,298 32,835,370 36,841,138 12% Franchise - Gas Utilities 561,852 485,262 485,262 0% Franchise - Private Electric Utilities 162,124 138,651 138,651 0% Franchise - Cable 638,316 546,133 546,133 0% Franchise - Telecom 295,640 248,970 248,970 0% Franchise - Denton Municipal Utilities 4,570,917 4,187,833 4,187,833 0% Franchise Fees 6,228,849 5,606,849 5,606,849 0% Other Taxes 366,194 350,474 481,295 37% Ambulance Service Fees Fire Department Fees Building Inspections Fees Park Department Fees Planning Department Fees Reprographics Fees Miscellaneous Service Fees Service Fees Denton Municipal Fines 1,587,798 1,854,494 1,S11,ll2 -l9% Parldng Fines 296,725 193,650 254,705 32% Miscellaneous Fines and Fees 946,060 1,040,653 898,333 -14% Court Administrative and Service Fees 937,212 1,020,445 977,287 -4% Fines and Fees 3,767,795 4,109,242 3,641,437 -ll % 3,596,833 3,470,290 3,676,916 173,579 191,427 151,702 551,137 505,723 505,954 1,770,435 2,319,956 1,892,754 1,138,764 871,440 965,972 354,920 468,428 349,048 113,380 107,573 118,306 7,699,048 7,934,837 7,660,652 6% -21 % 0% -18% 11% -25% 10% -3 % Demolition Permits 7,220 9,884 5,890 -40% Building Permits 2,977,064 2,821,470 2,897,518 3"/0 Certificate of Occupancy 76,010 90,854 74,290 -18% Miscellaneous Licenses and Permits 45,868 42,708 47,153 ]0% Licenses and Permits 3,106,] 62 2,964,9] 6 3,024,85] 2"/0 Investment Income Miscellaneous Revenues Miscellaneous Resources 293,617 271,541 371,305 1,309,498 1,311,568 1,601,350 1,603,ll 5 1,583,] 09 1,972,655 37% 22 % 25% ROI - Denton Municipal Utilities Transfers Transfers 7,017,9] 6 7,722,165 7,506,36] 8,157,673 8,081,468 8,066,694 15,175,589 15,803,633 15,573,055 -3 % 0% -1 % Total General Fund Revenues $ 110,897,256 $ ll4,334,565 $ ll8,519,931 4% City of Denton General Fund Schedule of Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 NEiGHAORHOOD SF,RViCES Building InspecHons Community Improvement Services Libraries Parks and Recreation Planning Gas Well Review Social Services PUBLICSAFETY Animal Services Fire Municipal Court Municipal Jud�e Police TRANSPORTATION Traffic Operations Transportation Operations Street LighHng PRIOR ANNUAL PRELIMINARY BUDGET VS Y-T-D BUDGET ACTUALS ACTUALS $ 2,805,777 $ 2,971,8ll 2,858,490 -4% 1,732,141 1,857,104 1,629,488 -12% 5,694,824 5,900,271 5,737,762 -3% 12,071,357 13,529,169 12,496,423 -8% 2,982,785 3,348,526 3,068,236 -8% 295,456 402,389 168,703 -58% 519,252 592,458 567,064 -4% 26,101,592 28,601,728 26,520,166 -7% 1,453,306 7,499,776 1,407,977 -6% 25,622,460 27,475,440 26,798,825 -2% 1,347,489 1,385,603 1,290,483 -7% 367,801 436,068 381,877 -12% 27,500,545 29,856,911 29,241,452 -2% 56,291,601 60,653,798 59,120,614 -3% 1,951,674 2,084,963 1,931,432 428,898 491,286 478,853 721y56 735,000 787,441 3,102,528 3,311,249 3,197,726 ADMINISTRATIVE & COMMUNITY SERVICES Cable Television 305,959 331,111 301,806 City Manager's Office 3,158,762 2,926,197 2,661,177 Economic Development 3,027,135 3,537,603 3,829,541 Facilities Management 3,697,923 4,026,387 4,011,320 Finance 2,804,174 2,881,060 2,811,696 Human Resources 1,765,545 1,706,585 1,580,740 [nternal Audit 52,384 175,000 137,540 Legal Administration 2,156,665 2,302,138 2,096,888 Public Communications Office 658,295 472,214 457,378 Reprographics 445,765 470,320 425,021 Non-Departmental 6,524,247 7,618,713 8,280,S17 24,596,854 26,447,328 26,593,624 TOTAL EXPENDITURES $ 110,092,575 $ 119,014,103 ll5,432,130 -7 % -3 % 7% -3 % -9% -9 % 8% 0% -2 % -7 % -21 % -9 % -3% -10% 9% 1% -3 % City of Denton Electric Fund Schedule of Revenues and Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 DESCRIPTION Beginning Worldng Capital and Reserves as of 9/30/16 REVENUES: Operating Revenues Non-operating Revenues Total Revenues EXPENDITURES: Purchased Power Operation and Maintenance Return on Investment Franchise Fee Non-Operating Expenditures Total Expenditures Net Income (Loss) Ending Worlang Capital and Reserves PRIOR ANNUAL PRELIMINARY BUDGET VS Y-T-D BUDGET� ACTUALS ACTUALS $ 68,175,554 $ 75,996,851 $ 166,448,466 176,682,489 171,878,163 6,441,443 300,000 757,187 172,889,909 176,982,489 172,635,350 78,026,425 98,369,586 93,060,897 33,925,073 44,366,611 34,743,582 4,992,005 5,506,335 5,405,518 7,125,480 7,866,192 7,717,675 29,107,O11 30,299,596 29,190,204 153,175,994 186,408,320 170,1 l 7,876 $ 19,713,915 (9,425,831) 2,517,474 $ 58,749,723 $ 78,514,325 -3 °/a 152% -2 % -5% -22 % -2 % -2 % -4 % -9 % ' Annual adopted budget as amended or modified. Beginning Fund Balance represents the amount which was estimated in the FY 2016-17 budget process. City of Denton Water Fund Schedule of Revenues and Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 DESCRIPTION Beginning Worldng Capital and Reserves as of 09/30/16' REVENUES: Water Sales Residential Water Sales Commercial Water for Resale Other Water Transfers In Investment Income Impact Fee Revenue Total Revenues PRiOR ANNUAL PRELIMiNARY Y-T-D BUDGETZ ACTUALS BUDGET VS ACTUALS EXPENDITURES: Personal Service Purchased Power Matcrials and Supplies Maintenance and Repairs Insurance Miscellaneous Operations, Services Capital Outlay3 Return on Investment Franchise Fee Debt Service Transfers Out Total Expenditures Net Income (Loss) Ending Working Capital and Reserves $ 25,598,287 $ 24,150,381 $ 16,705,733 $ 19,449,831 $ 17,504,928 15,481,755 17,335,218 15,707,766 616,588 548,878 1,301,603 1,183,685 794,235 1,374,788 13,016,449 6,507,009 5,476,269 99,325 148,000 223,638 4,000,000 4,000,000 4,000,000 51,103,535 48,783,171 45,588,992 9,563,805 11,555,215 9,587,107 ],295,] 89 1,687,487 1,221,663 1,478,542 1,859,581 1,507,278 ],215,538 1,563,468 1,448,707 231,299 238,949 80,817 321,074 305,115 319,185 1,732,764 2,974,173 1,897,142 8,704,026 13,258,479 12,906,384 ],173,00] 1,334,486 1,213,302 1,675,715 1,882,155 1,733,289 13,447,023 11,535,170 11,195,411 3,378,672 3,588,413 3,611,755 44,216,648 51,782,691 46,722,040 $ 6,886,887 (2,999,520) (1,133,048) $ 22,598,767 $ 23,017,333 -10% -9 % 137% 73 % -16% 51% 0% -7% -17% -28% -19% -7% -66% 5% -36% -3 % -9% -8 % -3 % 1 °/a -10% � The Beginning Working Capital balance excludes $5,607,327 of Impact Fee Reserves. 2 Annual adopted budget as amended or modified. Beginning Fund Balance represents the amount which was estimated in the FY 2016-17 budget process. 3 Includes one-time transfer of $3,OU0,000 to Capital Projects using dollars related to the refunding of the Utility Revenue Bonds in FY 2016 and the release of the rdated reserve funds. City of Denton Wastewater Fund Schedule of Revenues and Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 DESCRIPTION Beginning Working Capital and Reserves as of 09/30/16� REVENUES: Residential Fees Commercial Fees Effluent Irrigation Fees Wholesale Fees Other Wastewater Fees Drainage Fees Transfer In Investment Income Impact Fee Reserves Total Revenues EXPENDITURES: Personal Service Purchased Power Materials and Supplies Maintenance and Repairs Insurance Miscellaneous Operations, Services Capital Out1aV3 Return on Investment Franchise Fee Debt Service Transfers Out Total Expenditures Net Income (Loss) Ending Working Capital and Reserves PRIOR ANNUAL PRELIMINARY BUDGET VS Y-T-D BUDGETZ ACTUALS ACTUALS $ 10,888,886 $ 11,188,269 12,000,409 11,592,297 128,609 60,413 625,894 582,400 3,103,227 1,757,866 4,509,969 4,601,201 5,309,357 875,819 88,309 119,500 2,000,000 3,520,000 38,654,660 34,297,765 $ 18,083,783 $ 18,107,040 7,387,387 1,192,928 924,844 1,219,472 247,655 45,782 1,848,210 6,563,561 852,91 l 1,218,444 7,638,539 3,267,989 32,407,722 $ 6,246,938 8,237,275 946,000 1,489,447 1,534,572 ] 87,676 52,608 2,377,977 11,216,031 881,344 1,259,062 6,909,931 3,503,618 38,595,541 (4,297,776) $ 11,655,664 12,207,762 103,593 631,996 1,894,464 4,645,817 920,819 170,898 3,520,000 35,751,013 7,279,661 986,920 1,077,202 1,182,149 28,312 49,129 1,934,437 11,207,727 887,541 1,267,915 6,815,945 3,232,592 35,949,530 (198,517) $ 13,786,007 $ 17,908,523 4% 5% 71% 9% 8% 1% 5% 43 % 0% 4% -12 % 4% -28% -23 % -85% -7 % -19% 0% 1% 1% -1 % -8 % -7% ' The Beginning Working Capital balancc excludes $3,285,220 of Impact Fee Reserves, $1,000,000 for Drainage Reserves, and $135,000 for Development Plan Line Reserves. 2 Annual adopted budget as amended or modi6ed. Beginning Fund Balance represents the amount which was estimated in the FY 2016-17 budget process. 3 Includes one-time transfer of $4,30Q000 to Capital Projects using dollars related to the refunding of the Utility Revenue Bonds in FY 2016 and the release of the related reserve funds. City of Denton Drainage Operations Schedule of Revenues and Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 DESCRIPTION REVENUES: Residential Drainage Fees Nonresidential Drainage Fees Wastewater Resources General Fund Transfer Total Revenues EXPENDITURES: Personal Service Materials and Supplies Maintenance and Repairs Insurance Miscellaneous Operations, Services Capital Outlay Debt Service Transfer Out Total Expenditures Net Income (Loss) PRIOR BUDGET PRELIMINARY BUDGET VS Y-T-D Y-T-D ACTUALS ACTUALS 1,720,485 $ 1,703,396 $ 1,762,980 3% 2,789,484 2,897,805 2,882,837 -1% - 18,240 13,913 -24% 500,555 501,336 501,336 0% 5,010,524 5,120,777 5,161,066 1% $ 1,633,645 1,863,953 1,453,432 59,704 86,946 45,991 61,543 148,267 82,066 24,078 19,827 2,992 15,248 16,000 16,158 480,949 581,854 341,028 1,208,061 1,133,594 1,989,444 948,470 640,740 636,372 578,826 629,596 593,583 5,010,524 5,120,777 5,161,066 $ - $ - $ - -22% -47% -45% -85% 1% -41 % 75% -1% -6% 1% City of Denton Solid Waste Fund Schedule of Revenues and Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 PRIOR ANNUAL PRELIMINARY BUDGET VS DESCRIPTION Y-T-D BUDGETZ ACTUALS ACTUALS Beginning Working Capital and Reserves as of 09/30/161 REVENUES: Garbage Fees - Residential Garbage Fees - Commercial Landfill Fees Materials Processing and Mining Recycling and Public Outreach Site Operations Other Revenue Investment Income Total Revenues EXPENDITURES: Personal Service Materials and Supplies Maintenance and Repairs Insurance Miscellaneous Operations, Services Capital Outlay Debt Service Franchise Fee Landfill Closure3 Transfer Out Total Expenditures Net Income (Loss) Ending Working Capital and Reserves $ 6,044,618 $ 7,757,121 $ 10,544,051 11,121,950 11,173,109 14,173,498 15,436,305 14,884,430 5,175,524 6,695,086 6,249,179 108,922 968,364 131,253 855,009 851,165 872,049 186,744 247,025 208,259 1,797,730 1,525,980 613,664 19,207 4,500 29,830 32,860,685 36,850,375 34,161,773 9,811,579 l 1,397,800 l 0,423,461 540,001 577,277 401,553 552,344 615,715 409,889 194,245 224,503 94,952 63,193 81,750 62,659 5,976,483 7,832,621 6,123,676 2,212,053 3,172,300 1,914,843 7,325,342 8,140,351 8,059,193 1,576,873 1,808,587 1,687,618 398,073 265,541 1,198,301 2,540,427 2,698,020 2,580,719 31,190,613 36,814,465 32,956,864 $ 1,670,072 35,910 1,204,909 $ 6,080,528 $ 8,962,030 0% -4 % -7% -86% 2% -16% -60% 563% -7% -9% -30% -33% -58% -23% -22% -40% -1 % -7% 351% -4 % -10% � The Beginning Working Capital Reserve excludes $7,378,027 Landfill Closure/Post Closure Reserves. � Annual adopted budget as amended or modified. Beginning Fund Balance represents the amount which was estimated in the FY 2016- 17 budgct process. 3Landfill Closure expense is greater than budget becaase a revalaation of the Land�ll Closure/Post Closure liability during the year. City of Denton Airport Fund Schedule of Revenues and Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 PRIOR ANNUAL PRELIMINARY BUDGET VS DESCRiPTiON Y-T-D BUDGET� ACTUALS ACTUALS Beginning Working Capital and Reserves as of 09/30/16 $ 2,449,840 $ 2,482,155 OPERATING REVENUES: Airport Ground Leases FBO Commissions Miscellaneous Total Operating Revenues $ 449,114 704,000 584,700 178,086 240,000 208,931 78,564 55,000 95,524 705,764 999,000 889,155 -17% -13 % 74% -11 % OPERATING EXPENDITURES: Personal Service Materials and Supplies Maintenance and Repairs insurance Miscellaneous Operations Transfers Out - Operating Franchise Fee Total Operating Expenses Operating (Loss) NON-OPERATING REVENUES: investment Income Gas Well Royalties Total Non-Operating Revenues NON-OPERATING EXPENDITURES: Debt Service� Transfers Out - Capital Total Non-Operating Expenses Non-Opeeating In¢ome (Loss) Net Income (Loss) Ending Working Capital 633,513 668,509 519,113 41,503 46,725 26,196 73,645 82,593 56,987 22,358 21,604 7,025 1,024 1,200 1,024 220,814 255,62] 190,26'7 455,112 473,114 470,222 35,268 - - 1,483,237 1,549,366 ],270,834 (777,473) (550,366) (38],679) 27,980 25,000 42,244 478,310 450,000 606,518 506,290 475,000 648,762 475,835 - - 169,835 - - 645,670 - - (139,380) 495,000 648,762 $ �9i6,as3� ��s,s66� 26�,oss $ 2,374,474 $ 2,749,238 -22 % -44% -31 % -67% -15% -26% -1 % 0% -18% 69% 35% 37% 0% 0% 0% � Annual adopted budget as amended or modified. Beginning Working Capital and Reserves represents the amount which was estimated in the FY 2016-17 budget process. � Airport debt balances were moved to the general government in FY 2016-17 with the related debt service expenditures being paid from the Debt Service Fund. City of Denton Street Improvement Fund Schedule of Expenditures - Budget vs Actuals (Unaudited) For the Period Ended September 30, 2017 DESCRiPTION Beginning Fund Balance as of 9/30/2016 RESOURCES: Franchise Fees Street Cuts Intergovernmental Investment Income Transfers In Miscellaneous Total Resources EXPENDITURES: Personal Service Materials and Supplies Maintenance and Repairs Insurance Miscellaneous Operations, Services Transfer Out Fixed Assets Total Expenditures Net Inoome (Loss) Ending Fund Balance PRIOR Y-T-D $ 9,412,250 246,515 20,534 1,027,435 10,706,734 2,647,046 91,886 5,097,476 50,417 4,253 652,287 1,752,969 10,296,334 $ 410,400 ANNUAL PRELIMINARY BUDGET VS BUDGET� ACTUALS ACTUALS $ 1,521,965 $ 1,798,625 ll,608,420 10,673,762 350,000 240,099 200,794 10,000 14,294 997,363 1,023,161 - 76,668 12,965,783 12,228,778 -8% -31 % 43% 3% -6% 3,637,896 2,951,195 82,] 50 107,616 7,953,085 8,600,740 43,022 8,649 5,000 3,609 635,307 748,540 964,323 803,803 - 96,631 13,320,783 13,320,783 �355,000) (1,092,005) $ 1,166,965 $ 706,620 -19% 31% 8% -80% -28% 18% -17% 0% iAnnual adopted budget as amended or modified. Beginning Fund Balance represents the amount which was estimated in the FY 2016-17 budget process. City of Denton Grants Schedule of Expenses - Budget vs Preliminary Actuals (Unaudited) For the Period Ended September 30, 2017 GRANT DESCRIPTION FY 2016-17 Budget US Dept of HUD - Community Development Block Grant(CDBG) US Dept of HUD - HOME Investment Partnership Program Community Development TxDot STEP Comprehensive Grant 2016 Byrne JAG Grant 2015 UASI 2016 UASI Emergency Management Performance Grant 2015 Tobacco Enforcement Grant Public Safety Summer Food Grant� TxDot NW Trail Extension Grant Parks and Recreations Airport Maintenance (RAMP) Grant Airport West Side Runway Grant Airport Texas Emission Reduction Plan Rebatc Grant CNG Fueling Station #13 NCTCOG High Speed Grinder NCTCOG Low Speed Grinder NCTCOG 2016 Chevrolet Traverse #2 Solid Waste TxDot US 380 Projects Transportation Interlibrary Loan Program (ILL) Other Total FY 2016-17 Budget New Awards Emergency Solutions Grant Community Development 2015 UASI Federal Equitable Sharing Chapter 59 Asset Forfeitures U.S. Marshals Violent Offenders Task Force PD-Law Enforcement Officer Standards & Education Fire-Law Enforcement Officer Standards & Education Public Safety NCTCOG High Speed Grinder NCTCOG Regional HHW Drop-Off Facility Project Solid Waste EXPENDITURES ANNUAL PRELIMINIARY BUDGET VS AS OF 9/30/2016' BUDGET ACTUALS ACTUALS $ 2,124,054 $ 1,284,350 $ 651,300 2,485,405 857,710 330,979 4,609,459 2,142,060 982,279 51% 39% 46% - 74,560 69,397 93% - 25,000 19,398 78% - 83,000 83,000 100% - 130,000 - 0% - 46,825 43,956 94% - 12,000 7,350 61% 371,385 223,101 60% - 200,000 - 0% - 1,314,781 999,870 76% - 1,514,781 999,870 66% - 50�000 50�000 100% - 5,950,000 677,263 ll% - 6,000,000 727,263 12% - ll2,667 112,667 100% - 600,000 - 0% - 50�000 50�000 100% - 150,000 150,000 100% - 33,000 32,415 98'% - 945,667 345,082 36'% - 155,844 155,844 100% - 155,844 155,844 100% - 25,000 20,246 81% - 25,000 20,246 81% 4,609,459 11,154,737 3,453,685 31'% - 133,832 117,3ll 88% 133,832 117,311 88% - 44,672 44,672 100% - 23,467 23,467 100% - 89,566 89,566 100% - 28,000 28,000 100% - 12,108 12,108 100% - 2,858 2,858 100% 200�671 200�671 100% 81,694 81,694 100% - 162,000 155,796 96% 243,694 237,490 97% City of Denton Grants Schedule of Expenses - Budget vs Preliminary Actuals (Unaudited) For the Period Ended September 30, 2017 GRANT DESCRIPTION EXPENDITURES ANNUAL PRELIMINIARY AS OF 9/30/2016' BUDGET ACTUALS BUDGET VS ACTUALS County-Traffic Signal-US 380-Cindy Lane NT Blvd Bridge Enhancement-35E TxDot-IH35E at Loop 288/Lillian Miller Pkwy TxDot-RTR-McKinney (Formerly FM426)4 TxDot-Hickory Creek TxDot-N TX Blvd Roundabout TxDot-RTR-Mayhill Rd-IH35 E to US 380 TxDot-RTR-Bonnie Brae Rd-IH35 E to US 377 TxDot-RTR-ITS COMM Trunk Line Transportation Farmers Market Grant TIFMAS-Confined Space Training Tuition TIFMAS-Rope Rescue I Training Tuition TIFMAS-Rope Rescue II Training Tuition TIFMAS-Strategy Tactics Training Tuition TIFMAS-Vehicle Rescue Tech Training Tuition TIFMAS-Swift Water Rescue Training Tuition National Urban Search & Rescue Response System Ambulance Services-Uncompensated Care Cost TEMAT-Hurricane Harvey Other Total New Awards TOTALS - 250,000 218,296 - 303,914 303,914 - 53,865 - - 18,267,303 138 - 2,400,000 2,294 - 2�000���� 11�80$ 11,438,659 33,897,794 2,765,024 6,428,246 39,723,105 2,266,263 225,305 1,346,295 28,067 18,092,210 98,242,276 5,595,801 57,831 15,059 15,059 - 750 750 - 750 750 - 1,125 1,125 - 1,000 1,000 - 2,345 2,345 - 1,920 1,920 - 437,829 437,829 - 958,281 958,281 134,237 134,237 57,831 1,553,296 1,553,296 18,150,041 100,373,769 7,704,569 $ 22,759,500 $ 111,528,506 $ 11,158,254 i A portion of the grants presented cover multiple years. � The City has decided to let a non-profit operate the Summer Food Program. 3 The City has decided to withdraw from constructing a Public CNG fueling facIIity, and the first reimburscment in the amount of $201,367.87 from TCEQ was returned on September 14, 2017. 4 Advance Funding received in April 2017. 87% 100% 0% 0% 0% 1% 8% 6% 2% 6% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% g% 10% Section City of Denton Quarterly Financial Report September 2017 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. National Economic Trends Period Ending September 30, 2017 Gross Domestic Product (GDP� Grass Domestic Product Quartedy Annualized Perceniage Change Source Bureau of Economic Niatysis � 6bom6erg Nonfarm Payrolls Il nem ployment RdtB � LBk Hd nd SC910] s.v r297 291 s.a 5.6 a.a 3.6 2.a 1.0 o.a -1.0 -z.o 8.5 a.o 1T6 7.5 za s.s 6.0 �s.s 5.v a,s Change in Hon-Farm Payrolls {Right Xand Scale} Y 350 249 232 ■ zts � 1fi4 155 124 � � 2a� 2,0 2�a 164 145 138 �� � I 33 50 Y V] O 2 q T i T g Y V] ? c m � s F R ? � : � � ? m � � °' m m �' w w v =i � " ., v " � � 4.9 4.9 4.4 4.9 a a a.e 4-1 a.a a.7 4.5 q 4 4.3 4"4 4.3 4.4 a.z a.v � �Chan� in NpMarm Payrds +Unemploymenl Ra[e sarce su�eau os �aoor sre��st�cs + eaomoe�q 50 -150 � -2sa � -350 FirstSvuthwest AssetManagement A H�Iltop Ho�dings Company_ The third quarter GDP (subject to revision) grew at a surprisingly solid +3.0% annualized rate, above the +2.6% median forecast and just below the +3.1 % Q2 reading. It was the best back-to- back quarterly performance in three years. Consumer spending, the primary engine of U.S. GDP growth, slowed from +3.3% to +2.4%, but other lessor components combined to make up the difference. Most analysts had expected a hurricane slowdown in the third quarter followed by higher growth in subsequent periods. Although the slowdown wasn't apparent last quarter, future rebuilding should still provide a nice boost to the economy in the coming months. GDPNow was tracking early Q4 growth at +2.7% on October 25t''� The latest Bloomberg economist survey indicates average annual GDP growth of between +2.0% and +2.4% for the next �ve quarters. There's upside potential to all of these forecasts. Business payrolls fell by -33k in September, the first outright decline in 84 months. As expected, the Bureau of Labor Statistics reported that "many employees in the areas affected by the hurricanes were likely off payrolls during the reference period." The September year-over-year earnings growth rate increased from +2.5% to +2.9%, equaling an eight-year high. Although this sharp rise suggests labor market tightness is creating wage pressure, the cause was primarily a result of low-earning restaurant and bar workers not being able to report for work during the survey period. On the household side, the total labor force grew by +575k while a stunning +906k found work. Unlike in the company survey, the BLS cited "no discernable effect" from the hurricanes in the household survey. This surprisingly strong employment growth pushed headline unemployment from 4.4% to a 16-year low of 4.2%. � o g � N o g = w �v g � v� $ q � � q � � q � � A A U CJ� Ch Ch O1 01 Q� 6� V V y Inflation 3.0 2.s z.o 1.5 ,.a o.s o.a , , . z.s z.o 1.5 i.o 4.5 4.0 •o-.s • ! -0.s .,.0 1.,.0 � � � � P m a m G � � � � � � � P � � m c ; m � �" N c'n m'w w� m W O1 ao ao � m m �-e =+ -' :� � �=e � sw�:e m.eao r ww sumxs areai crEcua=: �v�ms � i�oo-ae.v Retail Sales 7.D s.o s.o a.o 3.0 z.o ,.o o.o -i.v Re[ail5ales 96 Change � Rei �:i sa�es r-�. �. ti� i �er i ia�d sixier -Relai15alesY.O.Y �Rr�[Nan65cale� T.D s.a 5.D 4.0 3.0 z.o i.v a.o -i.o •7.0 •z.fl � o � � � � .2 o a �i � � � � a �i � _ � � - ,� � - � - A A N L� � � LM1 (h 01 p� '� � � � � V V � y 5o�rce �S Ce�,�s 6�ma�: 6loanberg Inflation, or the lack of inflation, will continue to be a focus for the Fed as it debates interest rate policy going forward. The Fed would like to see inflation grow closer to +2.0% on an annual basis. The consumer price index (CPI) rose +0.5% in September, while core CPI gained +0.1 %. Higher storm-related gasoline prices drove 75% of the large headline change. On a year-over-year basis, overall consumer inflation increased from +1.9% to +2.2%, while core CPI remained anchored at +1.7% for the fifth straight month. Prices on services are driving the modest increase in the core rate, while prices on goods are actually falling. The -1.0% year-over-year drop in goods prices was the steepest in 13+ years. The PCE core slipped further, falling from +1.4% in July to +1.3% in August, extending the downtrend after peaking at +1.9% in Jan & Feb. Retail sales rose +1.6% in September, the biggest advance since March 2015. However, the gain was storm-related with oversized increases in (replacement) vehicles, building materials and gasoline station sales. There are few signs that underlying spending patterns have improved despite consumer confidence measures near a 16-year high. After falling all summer, auto sales rocketed to a 12-year high in September. An estimated one million vehicles were reportedly destroyed by Hurricanes Harvey and Irma, so some of the sales surge can be attributed to replacement activity. Pricing discounts and incentives offered by manufacturers in an effort to reduce bloated auto inventories earlier in the month were also a driver of sales. Any significant future tax cut could boost short-term spending as confidence finally translates into discretionary purchases. Inflatian �ndicators jYear-Over•Year Percent Changej �CPI tCPi-Core —rPC@ Cwe _ � Q Texas Home Sales ,� . . �c• 27 � • ��� - z2s— x� r�� 5: . � �`�.� � .. - �i rexas+oenson �ry Hame safes (Ns,a} :�:� � Y Texas home sales fell by -6.1% from the second to the third quarter, and slipped by -0.3% on a year-over-year basis. The year-over-year decline was the first since 2009. It isn't clear whether the drop was related more to Hurricane Harvey or persistently lean home inventories. The average Texas home price in September was $271.5k, a +4.8% increase over the previous year, but down from the high of $286.8k just three months earlier. In Denton County during the third quarter, unit home sales rose +1.5% over the same period a year ago. The average home price in September was $326.9k, a+4.8% year-over- year increase, but down from the high of $351.9k three months ago. Total Denton county listings in September were 3,294, roughly 20% higher than a year ago. � ,� V F � 1810 �.-k' "-. _ ' , .. � , l � . ' I . . Y . !' � is00 ��. j( 1 I 1 I� ! ti f i � 1 I` l � �� I� f 1 i 1 ! l� f Ilti � iA + �+ yi � �l�r yr �� `,� �,! {.,j u ij a�o 7 � � _����, � _.-o�m�aywmsdK "' —�,«r���.n� —4nw[�mnC6'w�e4ynf �°0 zs i 00� � � m � m � x � � � � �o 4 P 4 s 4 � w� u W W a a N (n T W '� v �,.�.�.��,�.r.,., Kb�.�.., The paper was prepared by FirstSouthwest 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 circumstances. The statements within constitute the views of FirstSouthwest Asset Management as of the date of the report and may differ from the views of other divisions/departments of Hilltop Securities. In addition, the views are subject to change without notice. This paper represcnts historical information only and is not an indication of future performance. Fuel Prices Outlook Cautious 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 2.6% increase from the prior quarter at the national level and a 3.3% increase at the state level. Staff has rated this outlook as Cautious. $4.00 $3.50 $3.00 $2.50 � N o $2.00 G $1.50 $1.00 i $0.50 $0.00 4Q'13 2Q'14 4Q'14 2Q'15 4Q'15 2Q'16 4Q'16 2Q'17 $10 $9 $$ $7 $6 N i $5 0 � $4 $3 $Z $1 $0 4Q'17 Source: U.S. Department of Energy Fuel Prices LJSales Tax -Texas Fuel Prices �US Fuel Prices Municipal Cost Index 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 2017 shows an increase of 1.8% over the prior quarter and an increase of 7.8% over the 4th Quarter of 2016. Staff has rated this indicator as Negative. Municipal Cost Index 246.00 244.00 242.00 240.00 238.00 236.00 234.00 232.00 230.00 228.00 226.00 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 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 Outlook 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 accomodations; motels; a tourist home, house or court; lodginghouse; inn; roominghouse; 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 2017 was 4% more than budget and 7% prior year's actual. The FY 2017 revenue includes an incoming transfer of $150,000 from a canceled capital project approved in a prior fiscal year. Staff has rated the outlook for this economic indicator as Positive. Occupancy Tax Revenue: FY 2016-17 Budget Over(Under)Budget 4th Quarter Actual $ 634,856 $ 609,991 $ 24,865 FY 2016-17 Y-T-D $ 2,547,213 $ 2,324,214 $ 222,999 Hotel Occupancy Tax Budget: End of Year Projection: End of Year Actual: Variance - Actual to Budget Variance - Actual to Projection FISCAL YEAR FORECAST $ 2,324,214 $ 2,474,214 $ 2,547,213 $ 222,999 $ 72,999 Hotel Occupancy Tax Collections $�oo,000 S600,o00 Ssoo,000 Saoo,000 S3oo,o00 $zoo,000 S1oo,o00 So 1st Qtr 2nd Qtr 3rd Qtr ■ FY 2011-12 ■ FY 2012-13 ■ FY 2013-14 � FY 2014-15 ■ FY 2015-16 � 4th Qtr 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 2017 compared to revenues from the prior year 4th Quarter shows a 12.93% increase, and compared to the budget shows a 12.20% increase. Staff has rated this indicator as Positive. Revenue: Gross Sales Tax Municipal Operations General Retail & Others Comptroller Fees Amount Retained Total Revenue *Expenses: Economic Incentives Denton Crossingl Unicorn Lakez Rayzor Ranch3 Golden Triangle' Total Expenses Net Total FY 2016-17 Budget Over(Under) Budget Sales Tax Budget: Year End Projection: Year End Actual: Variance to Original Budget: Variance to Year End Projection: Economic Development Expenditure Budget: Year End Projection: Year End Actual: Variance to Original Budget: Variance to Year End Projection: $ $ $ $ $ 605,108 9,608,301 (188,567) (184,796) 9,840,046 126,912 19,548 308,662 43,363 498,485 9,341,561 8,141,686 1,199,875 $ 1,884,628 36,369,503 (713,633) (699,360) $ 36,841,138 $ 538,220 74,447 1,202,007 155,389 $ 1,970,063 34,871,075 30,734,173 $ 4,136,902 $ 32,835,370 36,027,994 36.841.138 $ 4,005,768 $ 813,144 $ 2,101,197 2,088,005 $ 179,183 $ 165,991 Gross Sales Tax Collections (Millions) 510.0 � $9.0 $8.0 $7A -- $6A �— $SA — $4A � $3A — $2.0 � ' $1.0 .� $0.0 I _ 1st Qtr 2nd Qtr 3rd Qtr I 4th Qtr 11 FY 2012-13 Actual 11 FY 2013-14 Actual o FY 2014-15 Actual o FY 2015-16 Actual r FY 2016-17 Actual * Economic Incentive actuals are through August 2015 with budget amount for September. llncentive is 33% of sales taxes. For 2016-17 sales tax equaled $1,630,970. Zlncentive is 33% of sales taxes. For 2016-17 sales tax equaled $225,597. 3lncentive is 50% of sales taxes. For 2016-17 sales tax equaled $2,404,014. °Incentive is 50% of sales taxes. For 2016-17 sales tax equaled $310,778. Certificates of Occupancy Outlook Positive Description: Certificates of Occupancy (CO) are permits issued in compliance with the 2009 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, 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 increased 7.9% from the prior quarter and increased 13.6% from the 4t" Quarter of 2016. Staff has rated the outlook for this revenue indicator as Positive. Certificates of Occupancy so.o �o.o 60.0 50.0 40.0 30.0 20.0 10.0 0.0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q '12 '13 '13 '13 '13 '14 '14 '14 '14 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '17 '17 Source: City of Denton's Development Services Department. Residential Permits Outlook 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 57.1% from the prior quarter and increased 37.6% from the 4tn Quarter of 2016. Staff has rated the outlook for this revenue indicator as Positive 250.0 200.0 150.0 100.0 50.0 0.0 4Q '12 \ Residential Permits 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q '13 '13 '13 '13 '14 '14 '14 '14 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4 '15 '15 '15 '15 '16 '16 '16 '] � 1Q 2Q 3Q 4Q 6 '17 '17 '17 '17 Source: City of Denton's Development Services Department. Texas Leading Indicators Index Outlook Cautious 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 an increase in the state's rate of growth. The index increased .9% from the prior quarter and increased 2.98% from the 4t" Quarter of 2016. Staff has rated this indicator as Cautious Texas Leading Indicators Index 140.0 135.0 130.0 125.0 i 120.0 115.0 110.0 105.0 100.0 �� 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q '07 '08 '08 '09 '09 '10 '10 '11 '11 '12 '12 '13 '13 '14 '14 '15 '15 '16 '16 '17 '17 I Source: Federal Reserve Bank of Dallas Unemployment Rate Index Outlook 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 3.2% for the 4th Quarter. The unemployment rates for most of the other reported sectors were either down or flat from the prior quarter. As a result of the downward trend since the high of the 1st Quarter of 2011, staff has rated the outlook for this revenue indicator as Positive. Unemployment Rate Index is.o 16.0 14.0 12.0 10.0 8.0 6.0 4.0 z.o 4Q'11 2Q'12 4Q'12 2Q'13 �oDallas-Plano-Irving MD � � � 4Q'13 2Q'14 4Q'14 � Denton -Texas �� � ��� � � I � i � �. 2Q'15 4Q'15 2Q'16 4Q'16 2Q'17 4Q'17 �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. � Q � � ,� •'� - - �*.........,���* ,�r � r'� : � .r� �i�� �T ' 7 � �* _ _ • � � � j � • ■ � � � �, 7Y �� '}I =•II �� P� � � �/.' � ���� � �� •� ��' � '},*+���Jlei� 4 f�a��•`•�+`� _ rf v 1�T . �' �.r r. �Y Section City of Denton Quarterly Financial Report September 2017 I NVESTM E NT RE PO RT -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------� INVESTMENT POOL Policy Par Market Book Unrealized Max. Benchmark ;Portfolio: Value Value Value Gain/(Loss)' WqM WAM YTM Yield* """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""'____' �InvestmentPool �$ 707,614,071 $ 706,581,905 $ 707,643,535 $ (1,061,630) 382 550 125% 1.00% � �'Twelve month moving average of a one year � ;U.S. T-bill yield % ofTotal Par Market Book Unrealized Portfolio Policy ;Securities By Investment Type: Value Value Value Gainl(Loss)� WpM YTM (Book Value) Max. IU.S.Treasuries 54,000,000 54,005,424 54,062A54 (56,630) 241 1.11% 7.64% 100.00% ;U.SFederalAgencies 352,756,000 351,93$910 352,831,583 (892,673) 526 122% 49.86% 100.00% �MunicipalBonds 22,800,000 22,733,295 22,841,978 (108,683) 334 1.09% 3.23% 15.00% ;CertificatesofDeposit 151,OOQ000 151,OOQ000 151,OOq000 - 398 1.50% 21.34% 35.00% �Commercial Paper 40,000,000 39,846,205 39,849,849 (3,644) 98 1.33% 5.63% 15.00% ;LocalGovernmentlnvestmentPools 59,924,172 59,924,172 59,924,172 - 1 1.04% 8.47% 50.00% ; Insured Cash Sweep Savings Deposits 25,000,000 25,000,000 25,000,000 - 1 1.10 % 3.53 % - ;Demand Deposits 2,133,899 2,133,899 2,133,899 - 1 0.60% 0.30% - �TotalPortfolio �$ 707,614,071 $ 70Q581,905 $ 707,643,535 $ (1,061,630) 382 t25% 100.00% - I'Unrealized gainl(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 Vear Ago �Investment Pool Comparisons: 9/30/2017 6/30/2017 Difference 9/30/2016 Difference I____________________________________________ ____________________ _____________________ _____________________ � ;ParValue ;$ 707,614,071 $ 777,553,000 $ (7Q238,929) $ 539,155,268 $ 168,455,803 ;MarketValue ; $ 706,581,905 $ 776,842,268 $ (70,260,363) $ 539,975,092 $ 166,606,813 ;BookValue ;$ 707,643,535 $ 777,932,515 $ (7Q289,280) $ 539,713,329 $ 167,93Q206 ;Unrealized Gain(Loss) ; $ (1,061,630) $ (1,090,547) $ 28,917 $ 261,763 $ (1,323,393) I Weighted Average Maturity 3S2 359 23 339 43 ;Yield to Maturiry 125 % 1.16 % 0.09 % 0.90 % 0.35 % ; Portfolio Composition: �U.S.Treasuries 7.64% 6.96% 0.65% 5.36% 22S% ;U.S.FederalAgencies 49.86% 44.61% 5.25% 39.91% 9.95% IMunicipalBonds 323% 4.11% -0.88% 6.55% 3.32% ; Certificates of Deposit 21.34 % 1874 % 2.60 % 30.02 % -8.68 % ;CommercialPaper 5.63% 5.97% -3.34% 4.62% 1.01% jLocalGovemmentlnvestmentPools 8.47% 16.39% -7.92% 1291% -4.44% ;InsuredCashSweepSavingsDeposits 3.53% 0.00% 353% 0.00% 3.53% I Demand Deposits 0.30 % 0.22 % 0.08 % 0.63 % -0.33 % �Bank Collateral Review**: � Institution Collateral Type Market Value Collected Balance Pledge Required Collateral Ratio � }""""""""' """"""______"""""""""""""_______""""""""""""""""""" � ;Wells Fargo Demand Deposits IBNY Mellon U.S. Agency MBS $ 35,611,658 $ 1,805,586 > 102% 1972.30% ILegacyTexas Bank Certificates of DeposiC" IFed Home Loan Bank Standby LOC $ 65,220,000 $ 62J65,771 > 100% 103.91 % ;Independent Bank Certificates of Deposit ;Fed Home Loan Bank Standby LOC $ 32,600,000 $ 3q542,667 > 100% 10674% ; "Does not include FDIC insurance '**Formedy, ViewPoint Bank ;Depository Ledger Balance Review: Institution Account Type Beginning Bal. Deposits Withdrawals Ending Bal. � 'r""""""""""""'_______________""""""""""""""""_____""""'_______________"""""'________________" ; I Wells Fargo Bank Checking $ 3,164,674 $ 98,160,345 $ (99,191,120) $ 2,133,899 Il""""""""""" ""'______"""""""________""" """"""____"""""""" ' �Compliance Statement & Review: �The Quarterly Investment Report is in full compliance with the objectives, reshictions, and stretegies as set forth in the City of Denton's Investment� �Policy and the Public Funds Investment Act (Texas Government Code, Chapter 2256.023). ANTONIO PUENTE, JR. CAROLWE RNLEY Reviewer: Antonio Puente, Jr., CGFO Preparer Caroline Finley Assistant Director ol Finance Treasury Administrator CHUCKSPRINGER BRYAN LANGLEY Reviewer. Chuck Springer, CGFO Reviewer. Bryan Langley, CGFO Director o( Finance Deputy City ManagedC00 L"""""""""""""""""""""""'L""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""'J INVESTMENTPOOL j Par Value - U.S. Treasuries ; Par Value - U.S. Federal Agencies ; Par Value - Municipal Bonds ;Certificates of Deposit ; Par Value - Commercial Paper ; Local Government Investment Pools ; Insured Cash Sweep Savings Deposits ;Demand Deposits iTotal Par Value ; Market Value - U.S. Treasuries ; Market Value - U.S. Federal Agencies ; Market Value - Municipal Bonds ;Certificates of Deposit ; Market Value - Commercial Paper ; Local Government Investment Pools ;Insured Cash Sweep Savings Deposits ;Demand Deposits iTotal Market Value ; Book Value - U.S. Treasuries ; Book Value - U.S. Federal Agencies ; Book Value - Municipal Bonds ;Certificates of Deposit ; Book Value - Commercial Paper ; Local Government Investment Pools � Insured Cash Sweep Savings Deposits �Demand Deposits �Total Book Value Interest j Cash Value - �(Total Market Value+pccrued Interest) � Unrealized Gain/�Loss) �Change in Fair Value since 9/30/16 - ; (GASB 31) Current 3 Months Ago 3 Month 1 Year Ago 1 Year 9/30/2017 6/30/2017 Difference 9/30/2016 Difference __________________________________________ ____________________ _____________________ ____________________. $ 54,000,000 $ 54,000,000 $ - $ 29,000,000 $ 25,000,000 352,756,000 347,000.000 5,756,000 215,000,000 137,756,000 22,800,000 31,860,000 (9,060,000) 35,060,000 (12,260,000) 151,000,000 145,756,500 5,243,500 162,000,000 (11,000,000) 40,000,000 70,000,000 (30,000,000) 25,000,000 15,000,000 59,924,172 127,524,172 (67,600,000) 69,700,000 (9,775,828) 25,000,000 - 25,000,000 - 25,000,000 2,133,899 1,712,328 421,571 3,395,268 (1,261,369) $ 707,614,071 $ 777,853,000 $ (70,238,929) $ 539,155,268 $ 168,458,803 $ 54,005,424 $ 54,066,642 $ 351,938,910 346,204.860 22,733,295 31,808,347 151, 000, 000 145, 756, 500 39,846,205 69,769,419 59,924,172 127,524,172 25,000,000 - 2,133,899 1.712,328 $ 706,581,905 $ 776,842,268 $ $ 54,062,054 $ 54,135,449 $ 352,831,583 347,074,851 22,841,978 31,945,426 151, 000, 000 145, 756, 500 39,849,849 69,784,089 59,924,172 127,524,172 25,000,000 - 2,133,899 1,712,328 $ 707,643,535 $ 777,932,815 $ (61,218) $ 29,070,259 $ 24,935,165 5,734,050 215,494,931 136,443,979 (9,075,052) 35,382,959 (12,649,664) 5,243,500 162,000,000 (11,000,000) (29,923,214) 24,931,675 14,914,530 (67,600,000) 69,70Q000 (9,775,828) 25,OOQ000 - 25,000,000 421,571 3,395,268 (1,261,369) (70,260,363) $ 539,975,092 $ 166,606,813 (73,395) $ 28,951,676 $ 25,110,378 5,756,732 215,376,940 137,454,643 (9,103,448) 35,375,374 (12,533,396) 5,243,500 162,000,000 (11,000,000) (29,934,240) 24,914,071 14,935,778 (67,600,000) 69,70Q000 (9,775,828) 25,OOQ000 - 25,000,000 421,571 3,395,268 (1,261,369) (70,289,280) $ 539,713,329 $ 167,930,206 $ 3,052,951 $ 3,368,342 $ (315,391) $ 2,505,147 $ 547,804 $ 709,634,856 $ 780,21Q610 $ (7Q575,754) $ 542,48Q239 $ 167,154,617 $ (1,061,630) $ (1,09Q547) $ 28,917 $ 261,763 $ (1,323,393) $ (1,586,781) $ (1.624,078) $ 37,297 $ (1,257,756) $ (329,025) Statement: ;The investment pool is an aggregation of the majority of City funds which may include tax receipts, enterprise fund revenues, fine and � jincome, as well as some, but not necessarily all bond proceeds, grants, gifts and endowments. This portfolio is maintained to m ;anticipated daily cash needs for the City's operations, capital projects and debt service. In order to meet these obligations and to minim jpotential liquidation losses, the dollarweighted stated average maturity of the investment pool shall not exceed 1.5 years or 550 days. l ;objectives of this portfolio are to: (1) ensure safety of principal by investing in only high quality securities for which a shong secondary mar jexists; (2) ensure that anticipated cash flow needs are matched with adequate investment liquidity; (3) limit market and credit risk throi ;diversification; and (4) attain the best feasible yield, commensurate with the objectives and restrictions set forth in the Investment Policy, �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 � Federal Reserve Statistical Release H.15 for constant maturities. INVESTMENT POOL ; Summary By Security Type: ;U.S. Treasuries - Coupon �U.S. Federal Agencies - Coupon �U.S. Federal Agencies - Callable ; Municipal Bonds - Coupon ;Certificates of Deposit - CDARS ; Certificates of Deposit - Collateralized ;Cer[ificates of Deposit - SLOC � Commercial Paper - Discount ILocal Govemment Investment Pools ; Insured Cash Sweep Savings Deposits ;Demand Deposits �Total Book Value Current 9/30/2017 ■ U.S. Federal Agencies - Coupon 45.51 % ; Objective: �Summary By Security Type: IU.S. Treasuries - Coupon ;LLS. Federal Agencies - Coupon ;U.S. Federal Agencies - Callable ; Municipal Bonds - Coupon ; Certificates of Deposit - CDARS � Certificates of Deposit - Collateralized I Certificates of Deposit - SLOC I Commercial Paper - Discount ;Local Govemment Investment Pools ; Insured Cash Sweep Savings Deposits ;Demand Deposits jTotal Current 3 Months Ago 1 Year Ago 9/30/2017 6I30/2017 9I30/2016 $ 54,062,054 $ 54,135,449 $ 28,951,676 322,073,977 326,075,506 200,377,114 30,757,606 20,999,345 14,999,826 22,841,978 31,945,426 35,375,374 59,000,000 38,756,500 58,000,000 - - 9,OOq000 92,000,000 107,000,000 95,000,000 39,849,849 69,784,089 24,914,071 59,924,172 127, 524,172 69,700,000 25,000,000 - - 2,133,899 1,712, 328 3,395,268 $ 707,643,535 $ 777,932,815 $ 539,713,329 � U.S.Treasuries- Coupon 7.64% Demand Deposits 0.30 % Insured ( Savings Deposits - 3.53% Local Govemment Investment Pools 5.47% Commercial Paper- Discount 5.63 % U.S. Federal Agencies - Callable 4.35 % Municipal Bonds - Coupon 3.23% Certificates of Deposit - CDARS 8.34% Certificates of Deposit - SLOC 13.00% �ortf01i0 is reshiCted to U.S. TreasUries antl agenCy SeCUrities (matUring in less lhan five years); 5late antl lOCally i55Ued TexaS mUniCipal bontls; I AA or better (maturing in less than three years); insured, collaterelized, or standby letter of credit backed certificates of deposit (maturing in less; three years); collateralized repurchase agreements (maturing in less than thirty days); commercial paper rated A-1/P-1 or better (maturing in less; 270 days); and local govemment pools & SEC registered govemment money market mutual funds (weighted average maturity of less than 60� Current """9/30/2017 7.64 % ""' 45.51 % 4.35 % 3.23 % 8.34 % 0.00% 13.00 % 5.63% 8.47% 3.53% 0.30 % 100.00 % 3 Months Ago 6/30/2017 6.96 % ""' 41.92 % 2.70 % 4.11 % 4.98 % 0.00% 13.75 % 8.97% 16.39 % 0.00% 0.22 % 100.00 % 1 YearAgo """"913 012 0 1 6 5.36 % 37.13% 2.78 % 6.55% 10.75 % 1.67% 17.60 % 4.62% 12.91 % 0.00% 0.63 % 100.00% INVESTMENTPOOL '�, Summary By Issuer. �ICDARSCDs ��, COMERICA BANK CDs �', LEGACVTEXAS BANK CDs' ��, INDEPENDENT BANK CDs �I U.S. TREASURV FFCB FHLB FHLMC FNMA ��, DALLAS, TX W TR & SW R REV BDS ��, TEXAS A8M UNIV REV BDS ��� W ILLIAMSON COUNTV, TX GEN OBG BDS '�, LUBBOCK, TX GO REFUNDING BDS '� 11NIVERSITV OF HOUSTON, TX REV BDS '� MCKINNEY, TX GENERAL OBG BONDS '� TEXAS SCHOOL OIST GEN O6G BONDS I JP MORGAN SE W RITIES LLC '� TOVOTA MOTOR CREOIT CORP :GE CAPITAL TREASURV LLC ;NESTLE FINANCE INTL LT� �AMERICAN HONDA FINANCE �',TEXSTAR �', INSURED CASH SW EEP SAVINGS ��, W ELLS FARGO DEMAND DEPOSITS �'� Tolal Book Value Current 3MonthsAgo 1VearAgo ___91301201]_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 61301201]_ '"'"'"'_ _ _ _ _ _ _ _ _ _ "' 9/30/2016 S 59.000,000 S 38.756,500 $ 58,000,000 - - 9,000,000 62,000,000 77.000,000 62,000,000 30,000,000 30,000,000 33,000,000 54.062,054 54,135,449 28,951,676 84,030,9]9 ]8,026,414 36,994,683 130.125,419 145.072,491 73,036, 503 52,934,154 43,052,161 53,248,546 85.741,031 80.923,779 52,097,208 io,000,000 io,000,000 io,aoa,oao 4,500,000 9.500,000 9,514,690 - - 1.629.498 3,301,573 3.302,629 3,305,799 5,040,405 5,06],543 5,148,956 - 1.184,434 1.211,640 - z.aso.azo a.ssa.�si 24,870.611 14.893,352 24.914,071 4,990,263 16,966,2]3 - - 17,977,050 - 9.988.9]5 14.950.2]5 - - 4.997,139 - 58.924.1]2 121.524.1]2 69.]00.000 25,000,000 - - 2,133,898 1,]12,328 3,385,268 $ ]0],643,535 $ 777,932,815 $ 539,]73,329 Current 9/30/201] INSURED CASH SWEEP SAVIN65, 3.53% TEXSTAR, S 4]% NESTLEFINANCEINTLLTD,1.41% TOYOTA MOTOR CREDIT CORP, 0.]1% 1P MOR6AN SECURITIES LLC, 3.S1Y UNIVERSITV OF HOUSTON, TX REV BDS, 0.]1% • LUBBOCK,TXGOREFUNDIN6 BDS, 0.4]% ■ TEXAS A&M UNIV REV BDS, 0.64% - DALLAS, TX WTR & SWR REV BDS, 1.41% WF DEMAND DEPOSITS, 030% ■ CDARS CDs, 834% ■ LEGACYTEXAS BANK CDs, 8.76% � • INDEPENDENT BANK CDS, 4.24Y � � U.S. TREASURY, J.64°/a • FNMA, 12.12% • FFCB, 11.8]% ■ FHLMC, ].48� • FHLB,1839Y '�, Objective: '� Summary By Issuer: ��CDARSCDs �I COMERICA BANK CDs '� LEGACVTEXAS BANK CDs' �', INDEPENDENT BANK CDs �� U.S. TREASURV FFCB FHLB FHLMC FNMA '� DALLAS, TX W TR 8 SW R REV BDS �', TEXAS A&M UNIV REV BDS �', W ILLIAMSON COUNTY, TX GEN OBG BDS �', LUeBOCK, TX GO REFUNDING BDS �', UNIVERSITY OF HOUSTON. TX REV BDS ��, MCKINNEV, T% GENERAL OBG BONDS ��, TEXAS SCHOOL DIST GEN OBG BONDS ��, JP MORGAN SECURITIES LLC ��, TOVOTA MOTOR CREDIT CORP ��, GE CAPITAL TREASURV LLC �� NESTLE FINANCE INTL LTD '�qMERICAN HONDA FINANCE TEXSTAR I INSURED CASH SW EEP SAVMGS '� W ELLS FARGO DEMAN� DEPOSITS Tolal �I,'Formerly, ViewPoin( Bank It is �he policy of the City to tliversify �its inves�men� portfolio by restric�ing inves�men�s �in a single �issuer/�ins�itu�ion �o no more than 35 percen� of the portfalia's �otal baak value and lo lhase off� repurchase agreemen�s, collateralized CDs (�inclutling s�antlbyletters of creditj, antl local or state of Texas municipal securities �o no grea�er�han 15 percen�. The purpose ofthis requ�iremenl�is lo market antl cretlit risk. Commercial paper issuers are fuhher res�rictetl by a 5 percent �o�al pohfolio limitation. There are no �issuer limi�a�ions on U.S. Treasuries or F�IC �insured pratlucts excepl as pertain to the overall 35 % certificates o( tleposi� antl 15 % savings tleposi� restriclians. Some imestment types may be further I�imiled. Current 3MonthsAgo 7VearPqo 91301201] 61301201] 9/30/2016 8.34% 4.98% 10]5 0 0.00 % 0.00 % 1.6] % 8]6% 9.90% 1149% 424% 386% 6.11% 7.64 % 6.96 % 5.36 % 11.87 % 10.03 % 6.85 % 18.39 % 18.65 % 13.53 % �.48 % 5.54°0 9.8]°0 12.12% 1040% 9.65% 1.41 % 1.29°0 1.85% 0.64% 122% 1.76% 0.00°0 0.00°0 0.30°/a 047% 042% 0.61% o.�� i o.esi o.ss o 0.00% 0.15% 023% 0.00°0 0.3�°0 0.85 % 3.51% 1.92% 4.62% o.�i o va o o.00 0 0.00% 2.31% 0.00% �.a� o �.s2 0 0.00 0 0.00 % 0.64 % 0.00 % 8.4�°0 18.39 % 12.91 % 3.53% 0.00% 0.00% 0.30% 0.22 % 0.83 % ioo.00i ioo.00i ioo.00i INVESTMENT POOL Maturity Time Frame: 00-03 Months 03-06 Months 06-12 Months 12-24 Months 24 Months & Over iotal Par Value Current 3 Months Ago 1 Year Ago 9/30I2017 6130/2017 9/30/2076 $ 136,058,071 $ 226,053,000 $ 123,095,268 115,30Q000 44,OOQ000 96,200,000 137,500,000 174,800,000 81,060,000 20QOOQ000 223,OOQ000 190,80Q000 115,756,000 110,000,000 48,000,000 $ 707,614,071 $ 777,853,000 $ 539,155,268 $850,000,000 $800,000,000 $750,OOQ000 $700,000,000 $650,000,000 $600,OOQ000 $550,000,000 $500,000,000 $450,OOQ000 $400,000,000 $350,000,000 $300,OOQ000 $250,000,000 $200,000,000 $150, 000, 000 $100, 000, 000 $5Q000,000 $0 ■00-06 Months ■06-12 Months ■12-24 Months ■24 Months & Over Maturity Time Frame: DO-03 Months D3-06 Months 06-12 Months 12-24 Months 24 Months 8 Over The risk of market price volatility is minimized through maturity diversification. Investment maturities are staggered to provide cash based on the anticipated needs of the City. Liquidity is achieved by matching investment maturities with forecasted cash disbursei and by investing in securities with active secondary markets. Short-term local government investment pools and government n market mutual funds help to provide daity liquidity and may be utilized as a competitive alternative to other fixed income investments. Current 9I30I2017 1923% 16.30 % 19.43 % 2826 % 16.78 % 100.00 % 3 Months Ago 6130I2017 ----29.06 % ---. 5.66 % 22.47 % 28.67 % 14.14 % 700.00 % 1 Year Ago 9/30/2016 22.83 % 17.84 % 15.03 % 35.39 % 8.91 % 100.00 % Current 3 Months Ago 1 Year Ago �----------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------- ECONOMIC SUMMARY Interest Rate History �Source: U.S. Federal Reserve Statistical � � `""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""'� � Release (H.15) Fiscal Year 2011-2012 Fiscal Year 2012-2013 Fiscal Year 2013-2014 � Dec-11 Mar-12 Jun-12 Sep-12 � Dec-12 Mar-13 Jun-13 Sep-13 � Dec-13 Mar-14 Jun-14 Sep-14 � �Market Sector. �---A�9-------- A�9 ------- A�9------- A�9--- � ---A�9-------- A�9 ------- A�9------- A�9--- � ---A�9--------==�9 -------A�9-------A�9--- � ;FedFunds(effective) 0.07% 0.13% 016% 0.14%� 0.16% 0.14% 0.09% 0.08%� 0.09% 0.08% 0.10% 009%~ ;3-MonthU.S.T-Bill 0.01% 0.08% 0.09% 0.11%; 0.07% 0.09% 0.05% 0.02%; 0.07% 0.05% 0.04% 0.02%; ;2-Year U.S. T-Note 026 % 0.34 % 029 % 026 % ; 026 % 026 % 0.33 % 0.40 % ; 0.34 % 0.40 % 0.45 % 0.57 % ; �PortfolioBenchmark* 0.18% 0.15% 0.15% 0.16%� 0.18% 0.18% 0.16% 0.15%� 0.13% 0.13% 0.12% 0.12%I �PortfolioYield 0.59% 0.58% 0.56% 0.55%� 0.52% 0.50% 0.48% 0.49%� 0.50% 0.49% 0.49% 0.51%� � �-----------------------------------------------�-----------------------------------------------�-----------------------------------------------" Fiscal Year 2014-2015 Fiscal Year 2015-2016 Fiscal Year 2016-2017 ; Dec-14 Mar-15 Jun-15 Sep-15 ; Dec-15 Mar-16 Jun-16 Sep-16 ; Dec-16 Mar-17 Jun-17 Sep-17 ; I Market Sector. `"'A�9"""" A�g """' A�9"""' A�g"'�"'A�9"""" A�9 """' A�9"""' A�9"'�"'A�g"""" A�9 """' A�g"""' A�@"'� IFedFunds(effective) 0.12% 0.11% 0.13% 0.14%� 0.24% 0.36% 0.38% 0.40%� 0.54% 0.79% 1.04% 1.15%I � 3-Month U.S. T-Bill 0.03 % 0.03 % 0.02 % OA2%; 023 % 0.30 % 027 % 029 %� 0.51 % 075 % 1.00 % 1.05 % � ; 2-Year U.S. T-Note 0.64 % 0.64 % 0.69 % 071 %; 0.98 % 0.88 % 0.73 % 0.77 %; 1.20 % 1.31 % 1.34 % 1.38 %; ;PortfolioBenchmark* 0.12% 0.15% 0.18% 0.24%; 0.32% 0.41% 0.49% 0.54%; 0.61% 0.69% 0.83% 1.00%; ;PortfolioYield � 0.55% 0.57% 0.57% 0.65%� 0.72% 079% 0.81% 0.90%� 0.95% 1.07% 1.16% 125%� `-----------------------------------------------'------------------------------------------------'------------------------------------------------ �`TweNe mon[h moving average of a one year � ;U.S. T-bill yield 1.50% FY 2011-12 FY 2012-13 FY 2013-14 FY 2014-15 FY 2015-i6 FY 2016-17 1.00 % - 0.50 % - 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- 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 � Fed Funds t 3-Month T-Bill 2-Year T-Note Portfolio Yield Portfolio Benchmark* � , FiscalYearto Date Earnings Oct - Dec Oct - Mar Oct - Jun Oct - Sep I.-----------�----------------------�-----------�-----------------------�-----------�------------------------�----------- ------- - --- ------- IFiscal Year. 3 Monihs 6 Months 9 Months 12 Months � �-----------�---------------'-------�-----------T---- *-----------�------------------------�-----------�- - ;2016-2017 ; $ 1,175,753 ; $ 2.763,136 ; ; $ 4,734.315 ; $ --" 6,999,226 j ;2015-2016 ; $ 849,368 ; ; $ 1,771,205 ; ; $ 2,743,856 ; ; $ 3,961,971 ; j2014-2015 �$ 613,879 ; j$ 1,228,059 j �$ 1,874,847 j �$ 2,695,211 � �2013-2014 �$ 568,825 I �$ 1,121,491 � �$ 1,680,154 � �$ 2,298,785 � ;2012-2013 ; $ 612,750 ; ; $ 1,177,337 ; ; $ 1,703,496 ; ', $ 2,276,341 ; ;2011-2012 ; $ 621,194 ; � $ 1,239,869 ; ; $ 1,862,207 ; ; $ 2,511,585 ; QUARTERLYCOMMENTARY ; September 30, 2017 � � r------------------------------------------------------------------------------------------------------------------------------------------------- � ; Source: First Southwest Asset Management ;The third calendar quarter was marked by increased tensions with North Korea, a plethora of costly natural disasters, and; I Economic Summary & TexSTAR Monthly ;festering fiscal policy uncertainty. As anticipated, there was no annoucned rate hike from the Septermber Federal Open Market� Newsletter ;Committee (FOMC) meeting; however, FED Chair Yellen reterated the probability of a 25 basis point increase in the ovemighC �funds rate in December with the possibility of three more in 2018. Committee members also revealed a late October start date for� �reduction of its $4.5 trillion bond portfollio. 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' . .f . , ' _ _ , ___._�_"E_i_._.� ._ �f"__+'..___ _'_�__._n.__.___ 'c.._�=.-_ ._ ._ _ _._.______ � Section City of Denton Quarterly Financial Report September 2017 PERFORMANCE REPORT Strategic Plan The City of Denton uses a Strategic Plan as a roadmap to achieve long-term goals and objectives that capture the City's Vision, Mission, and Value statements. The first Strategic Plan was formally approved by the City Council in April 2011, and it has been updated periodically since that time. Over the past year, the City has partnered with the Bloomberg What Works Cities initiative to refine our strategic outcomes and identify measurable ways to mark our progress. The City Council approved the FY 2016-17 Strategic Plan and associated performance measures on September 20, 2016. The Strategic Plan serves as the basis for resource allocation decisions that are used in the development of the FY 2016-17 Budget. The Strategic Plan is organized into five Key Focus Areas (KFAs) and major goals associated with each KFA are also identified below. Goal 1.1 Manage financial resources in a responsible manner. Goal 1.2 Develop a high-performance work force. Goal 1.3 Promote effective internal and external communication. Goal 1.4 Achieve high level of customer satisfaction. Goal 1.5 Utilize technology to enhance efficiency and productivit� Goal 1.6 Collaborate with local, regional, state, and federal partnf Goa12.1 Optimize resources to improve quality of City roadways. Goa12.2 Seek solutions to mobility demands and enhance connectivity. Goa12.3 Promote superior utility services and facilities. Goa12.4 Manage drainage infrastructure. Goa12.5 Develon Canital Imnrovement Pro�ram fCIPI based on communitv needs. Goa13.1 Develop targeted policies and incentives to achieve desired economic Goa13.2 Make Denton a destination for visitors. Goa13.3 Promote a business-friendly environment. Goa13.4 Encoura�e development, redevelopment, recruitment, and retention. Goa14.1 Enhance public safety in the community. Goa14.2 Seek clean and healthy neighborhoods in Denton. Goa14.3 Provide quality, diverse, and accessible neighborhood services for the communit3 Goa14.4 Provide and support outstanding leisure, cultural, and educational opportunities. Goa14.5 Provide sunnort to citizens in need through social service agencies and nrograms. Goal 5.1 Manage Denton's water resources. Goal 5.2 Improve air quality and greenhouse gas mana Goa15.3 Improve energy efficiency and conservation. Goal 5.4 Manage land use and preserve open/natural s Goa15.5 Provide alternative modes of transportation. Goal 5.6 Promote sustainable materials resource man� Goal 5.7 Encoura�e local food nroduction. Strategic Plan The matrix below organizes the Key Focus Areas (KFAs) by select service areas in the organization. While every department has some level of responsibility for each KFA, the matrix is intended to only highlight the primary departments responsible for each KFA. . . 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