Loading...
Item 3B2 Financial ReportCity of Southlake Monthly Financial Report 1 5/12/2021 lipCITY OF SOUTHLAI<,.,E MONTHLY FINANCIAL REPORT E 11 1 April 2021 PERFORMANCE AT A GLANCE Year to Date 3 year Trend Reference General Fund Exp. Vs. Rev. Positive Positive Page 3 Sales Tax Revenue (2 moms prior activity) Positive Positive Page 3 Property Tax Revenue Positive Positive Page 4 Permit Revenues Positive Positive Page 4 Departmental Expenditures Summary Positive Positive Page 5 Positive = positive variance or negative variance <1 % compared to seasonal trends. Warning = Negative variance of 14% compared to seasonal trends Negative = Negative Variance of > 4% compared to seasonal trends. City of Southlake Monthly Financial Report 1 5/12/2021 ECONOMIC INDICATORS NATIONAL ECONOMY GDP is defined as the output of goods and services produced by labor and property located in the United States, The Bureau of Labor and Economic Analysis reported that the "advance" estimated GDP for the 1st quarter of 2021 increased at a rate of 6.4%. In the 4th $100,000,000 quarter of 2020, GDP increased at a rate of 4.3%. $90,000,000 $80,000,000 Housing Starts: r/ 19.4% Housing starts in March 2021 were at a seasonally $70,000,000 adjusted rate of 1,739,000, which is 19.4% above the revised previous month figure of 1,457,000, and 37.0% above the same month last year. $60,000,000 $50,000,000 $40,000,000 UNEMPLOYMENT RATES National: V 6.1% The National Unemployment rate for April 2021 $30,000,000 increased to 6.1 % when compared to 6.0% in March 2021. $20,000,000 State-wide: ./ 6.9% The Texas Unemployment rate for March 2021 $10,000,000 (preliminary) remained unchanged from February 2021 at 6.9%. $ FINANCIAL ACTIVITY DFW Area: V 6.5% 2017* 2018* 2019* 2020* 2021* The Dallas/Fort Worth/Arlington Metropolitan Area October -April ■ New Construction permit values unemployment rate for March 2021 (preliminary) decreased to 6.5% when compared to 6.8% in February 2021. City of Southlake Monthly Financial Report 2 5/12/2021 City of Southlake Monthly Financial Report 3 5/12/2021 GENERAL FUND OVERALL FUND PERFORMANCE: GENERAL FUND REVENUE VS EXPENDITURES 2021 FY 2021 FY 2021 FY 2021 REVENUE FY 2021 EXPENDITURE X2020 EXPEND. REVENUE EXPENDITURE VARIANCE Oct $ 1,141,203 $ 2,174,348 $ (1,033,145) $16,000,000 Nov $ 1,850,321 $ 2,812,519 S (962,198) $14,000,000 Dec $ 7,709,670 $ 4,221,574 $ 3,488,096 Jan $ 14,791,267 $ 2,764,227 $ 12,027,040 $12,000,000 Feb $ 7,203,499 $ 3,290,949 $ 3,912,550 Mar $ 2,085,482 $ 3,281,698 $ (1,196,216) $10,000,000 Apr $ 1,690,587 $ 3,115,923 $ (1,425,336) $8,000,000 - May $ - $ - $ Jun $ $ $ $6,000,000 Jul $ $ $ Aug $ - Sep Tot $ 36,472,029 $ $ 21,661,238 $ $ $ - 14,810,791 $4,000,000 $2,000,000 — CHART OUTLOOK: POSITIVE Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep The outlook for the year is positive as overall revenues and expenditures are on target with budget. The revenues are higher than expenditures by $14.8M. The significant variance is due to the significant portion of property tax revenue collected (over 97%) of the budgeted property tax revenue which is the largest revenue source for the general fund. REVENUE ANALYSIS GENERAL FUND SALES TAX 2021-2019 COMPARISON FY 2021 FY 2020 FY 2019 FY 2021 FY 2020 FY 2019 Oct $ 1,299,576 $ 1,278,635 $ 1,253,417 $2,500,000 Nov $ 1,084,677 $ 1,309,584 $ 1,140,440 Dec $ 1,926,407 $ 1,993,686 $ 1,613,337 Jan $ 1,256,119 $ 1,360,873 $ 1,030,047 $2,000,000 Feb $ 978,395 $ 1,011,429 $ 1,094,354 Mar $ 1,727,925 $ 1,162,936 $ 1,321,691 $1,500,000 Apr $ - $ 1,038,287 $ 1,294,023 May $ - $ 1,153,263 $ 1,295,321 $1,000,000 Jun $ $ 1,375,636 $ 1,274,338 Jul $ - $ 1,190,064 $ 1,179,145 Aug $ 1,233,673 $ 1,344,868 $500,000 Sep $ 1,416,226 $ 1,354,327 Tot $ 8,273,099 $ 15,524,291 $ 15,195,307 $- Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep CHART OUTLOOK: POSITIVE Year to date sales tax collections are trending above FY 2020 (1.92%) and above FY 2019 (11.0%) collections. The most recent collection for March sales was 48.6% and 30.7% above March collections for FY 2020 and FY 2019, respectively. Year to date collections are trending above budget for the year therefore the outlook is considered positive. Staff will continue to closely monitor collections. City of Southlake Monthly Financial Report 3 5/12/2021 City of Southlake Monthly Financial Report 4 5/12/2021 GENERAL FUND REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND FY 2021 FY 2020 FY 2019 ■ FY 2021 ■ FY 2020 FY 2019 Oct Nov $ 778,578 $ 1,582,957 $ 790,236 $ 1,426,054 $ $ 1,151,812 1,552,708 $14,000,000 $12,000,000 Dec $ 6,036,699 $ 9,161,119 $ 10,397,278 $10,000,000 Jan $ 13,167,125 $ 10,088,389 $ 9,985,201 $8,000,000 Feb $ 4,445,041 $ 4,237,797 $ 3,385,436 Mar $ 411,151 $ 420,930 $ 395,710 $6,000,000 Apr $ 259,058 $ 55,958 $ 156,647 $4,000,000 May $ - $ 105,567 $ - $2,000,000 Jun $ $ 448,670 $ 312,620 $- Jul * $ - $ (1,457,677) $ (1,295,201) $(2,000,000) - Oct Nov Dec Jan Feb Mar Apr May Jun Aug Aug $ $ 52,000 $ 59,318 $(4,000,000) Sep $ $ 28,446 $ 46,464 Tot $ 26,680,609 $ 25,357,489 $ 26,147,993 * Net transfer of TIF revenues to TIF CHART OUTLOOK: POSITIVE fund 2021 YTD property tax collections ($26,680,609) are approximately 1.91% higher than 2020 YTD ($26,180,483) and 1.27% less and 2019 YTD ($27,024,792) as of April. As indicated on the chart, the majority of the property tax revenue is collected in the first few months of the fiscal year. PERMIT REVENUE 2021-2019 COMPARISON FY 2021 FY 2020 FY 2019 FY 2021 � FY 2020 -ir FY 2019 Oct $ 50,043 $ 134,067 $ 85,534 $700,000 Nov $ 69,734 $ 238,528 $ 75,588 Dec $ 102,515 $ 135,168 $ 160,859 $600,000 - Jan $ 88,737 $ 204,931 $ 121,526 Feb $ 76,270 $ 212,195 $ 121,533 $500,000 Mar $ 150,142 $ 126,842 $ 186,152 Apr $ 115,716 $ 188,968 $ 111,970 $400,000 May $ - $ 128,791 $ 601,621 Jun $ $ 148,103 $ 111,503 $300,000 Jul Aug $ - $ $ 152,920 $ 69,101 $ $ 163,760 155,328 $200,000 Sep $ 246,547 $ 474,884 $100,000 a Tot $ 653,157 $ 1,986,161 $ 2,370,258 CHART OUTLOOK: POSITIVE Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep The value of new construction permits ($56.2M+) issued for FY 2021 YTD is approximately 3.09% and 6.10% lower when compared to FY 2020 and FY 2019 respectively. FY 2021 collections are 47.4% and 24.3% below FY 2020 and 2019, respectively. The primary reason for the significant variance is due to the timing related to one commercial permit issued in Q1 (October 2, 2020) but revenue was collected in Q4 of FY 2020. The permit revenue year to date is trending above budget therefore the outlook is considered positive. City of Southlake Monthly Financial Report 4 5/12/2021 EXPENDITURE ANALYSIS DEPARTMENTAL EXPENDITURES SUMMARY FY 2021 ACTUAL FY 2020 ACTUAL YTD FY 2021 BUDGET FY 2020/2021 YTD YTD (APRIL) (APRIL) YTD (APRIL) VARIANCE BUDGET VARIANCE FY 2021 %SPENT CMO $ 462,618 $ 558,658 $ 624,325 $ 96,040 $ 161,707 74.10% COMM $ 275,110 $ 256,463 $ 313,822 $ (18,647) $ 38,712 87.66% CS $ 2,747,095 $ 2,981,114 $ 3,785,127 $ 234,019 $ 1,038,032 72.58% CSO $ 290,187 $ 273,313 $ 335,162 $ (16,874) $ 44,975 86.58% DPS $ 9,676,929 $ 9,968,615 $ 11,505,092 $ 291,686 $ 1,828,163 84.11% ED $ 87,576 $ 78,045 $ 161,024 $ (9,531) $ 73,448 54.39% FIN $ 1,402,317 $ 1,334,089 $ 1,575,438 $ (68,228) $ 173,121 89.01% HR $ 470,968 $ 417,901 $ 508,681 $ (53,067) $ 37,713 92.59% IT $ 1,672,617 $ 1,463,242 $ 1,953,924 $ (209,375) $ 281,307 85.60% PDS $ 1,197,562 $ 1,158,777 $ 1,373,020 $ (38,785) $ 175,458 87.22% PW $ 2,276,283 $ 2,535,198 $ 2,760,148 $ 258,915 $ 483,865 82.47% SS $ 1,172,479 $ 1,087,101 $ 1,256,070 $ (85,378) $ 83,591 93.35% Totals $ 21,731,741 $ 22,112,516 $ 26,151,833 $ 380,775 $ 4,420,092 83.10% FY 2021 ACTUAL YTD (APRIL) FY 2020 ACTUAL YTD (APRIL) FY 2021 BUDGET YTD (APRIL) $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS CHART OUTLOOK: I POSITIVE As indicated above, 2021 expenditures are below 2020 expenditures for the same period with a decrease of 1.7% primarily due to DPS expenditures eligible for CARES/grants funding, reduction in recreation and vacancy savings. The outlook is positive expenditures are on pace to be below budgeted expenditures for the fiscal year. City of Southlake Monthly Financial Report 5 5/12/2021 HilitopSecurities Asset Management - City of Southlake Investment Portfolio Summary CITY OF SOUTHLAKE L01 For the Quarter Ended March 31, 2021 Prepared by HilltopSecurities Asset Management J�* HilltopSecurities Asset Management, Report Name Certification Page Executive Summary Benchmark Comparison Detail of Security Holdings Change in Value Earned Income Investment Transactions Amortization and Accretion Projected Fixed Income Cash Flows MARKET RECAP - MARCH 2021: The economic outlook brightened considerably in March as the pace of vaccine distribution accelerated and Congress passed another massive stimulus package. Consumers were already sitting on an abundance of cash and the $1.9 trillion American Rescue Plan will add to that pile. Progress on the vaccine front suggests herd immunity could be reached by early summer, several months sooner than previously expected, setting the stage for a return to something resembling normal in the second half of 2021. The headline ISM manufacturing index climbed from 58.7 to a 10 -year high of 60.8 in February. Numbers above 50 indicate expansion, while numbers above 60 are consistent with exceptionally strong growth. The ISM non -manufacturing index slipped to a nine-month low as the service sector remains hamstrung by the virus -related shutdowns and restrictions, but it is poised to rebound as the economy normalizes. Employment conditions improved as U.S. businesses added +379k jobs to payrolls in February, nearly twice the median forecast. Upward revisions to prior months boosted the tally by another +38k. The unemployment rate declined from 6.3% to 6.2% and while unemployment remains well above the five -decade low of 3.5% from a year ago, it is much improved from the 14.8% pandemic high ten months ago. Initial jobless claims, though still elevated relative to pre -pandemic levels, fell to their lowest level in over a year. Consumer spending soared in January, with the original +5.3% gain revised even higher to +7.6%. February retail sales couldn't keep up the pace, falling -3.0% month -over -month. This was to be expected as January's torrid pace, supported by stimulus checks, wasn't sustainable. Freezing weather across much of the nation had a negative impact as well. Spending is set to boom in the months ahead as the American Rescue Plan includes almost $450 billion in aid to individuals and families. If the last round of $600 stimulus checks managed to bolster retail sales so much in January, imagine what March's $1,400 checks will do to sales in the next few months. That idea is supported by a big jump in March's consumer confidence index which posted its biggest single month gain in 18 years, climbing to 109.7. March's slate of housing data reflected February's freezing weather with both new and existing home sales declining, though home prices continue to rise. Existing home sales are being restrained by a lack of homes available for sale. Low inventories and higher prices are a recipe for new construction, which will further add to 2021 GDP growth. With conditions rapidly improving on both the Covid-19 and economic fronts, economists have been busy revising their 2021 growth forecasts higher. The median forecast in Bloomberg's survey of economists currently shows first quarter gross domestic product advancing at a +4.7% quarter -over -quarter annualized rate, followed by a second quarter booming at +7%. GDP could easily expand more than +6% in 2021. Bond markets have taken note. Although the short end remains anchored by a Fed determined to stand pat until they see both sustained inflation and full employment, intermediate to long yields have climbed significantly. The five-year Treasury note yield, which rose 31 basis points during February, climbed another 21 basis points in March to close the month at 0.94%. The 10 -year T -note closed March at 1.74%, up 83 bps since the year began. Page 2 of 15 J�* HilltopSecurities Asset Management_ For the Quarter Ended March 31, 2021 City of Southlake Investment Officers' Certification This report is prepared for the City of Southlake (the "Entity") in accordance with Chapter 2256 of the Texas Public Funds Investment Act ("PFIA"). Section 2256.023(a) of the PFIA states that: "Not less than quarterly, the investment officer shall prepare and submit to the governing body of the entity a written reporl of the investment transactions for all funds covered by this chapter for the preceding reporting period." This report is signed by the Entity's investment officers and includes the disclosures required in the PFIA. To the extent possible, market prices have been obtained from independent pricing sources. The investment portfolio complied with the PFIA and the Entity's approved Investment Policy and Strategy throughout the period. All investment transactions made in the portfolio during this period were made on behalf of the Entity and were made in full compliance with the PFIA and the approved Investment Policy. Officer Names and Titles: Sharen Jackson Name: Sharen Jackson Title: Chief Financial Officer Mary Morgan Name: Mary Morgan Title: Deputy Director of Finance Page 3 of 15 J�w HilltopSecurities Asset Management. Beginning Values as of 12/31120 Ending Values as of 03131121 Par Value 139,438,614.59 144,926,901.56 Market Value 140,230,394.64 145,829,383.01 Book Value 140,176,663.66 145,825,759.97 Unrealized Gain /(Loss) 53,730.98 3,623.04 Market Value % 100.04% 100.00% Weighted Avg. YTW 0.338% 0.093% Weighted Avg. YTM 0.338% 0.093% ■ TEXSTAR 24% TEXPOOL 15% ■ USTREAS 14% ■ LONESTRGOV 9% ■ LONESTRCRP 8% TAMU 5% ■ Other Issuers 24% Total: 100% 70% 60% 50% 40% 30% 20% 10% 5% 0% w" IIIIIIIIIIIIIIIIIIIII■ Overnight 91-180 6-12 1 - 2 Years 2 - 3 Years 3 - 4 Years Days Months Weighted Average Days to Maturity: 155 City of Southlake Executive Summary As of 03/31/21 ■ AGCY CALL 7% CP 9% ■ LGIP 60% ■ MUNICIPAL 10% ■ TREASURY 14% Total: 100% ■ A-1+ 12% AA+ 1% ■ AAA 86% Total: 100% Print Date: 4/27/2021 Print Time: 10:16 pm Page 1 of 1 Page 4 of 15 J�w HilltopSecurities Asset Management_ City of Southlake Benchmark Comparison As of 03/31/2021 L.4U %o 2.00% ----------------------------- -- --------------------------------------------------------------------------------------------------------------------- ------------------------------------------------- 1.60% -------------------------- ------------ ------------------------------------------------------------------------------------------------------------------------------------------ 1.20% ----------------------------------------------------------- --------- ---------------------- ------------------------------------------------------------------------------------------------------------ 0.80%-------------------------------------------------------------------- -- - ---------------------------------------------- ------------------------------------------------------------------------------ 0.40%------------------------------------------------------------------------------ - -------------------- --------------------------------------------- --- ------ -------------------------------------- 0.00% Oct -19 Nov -19 Dec -19 Jan -20 Feb -20 Mar -20 Apr -20 Mav-20 Jun -20 Jul -20 Auq-20 Sep -20 Oct -20 Nov -20 Dec -20 Jan -21 Feb -21 Mar -21 f 1 -YR CMT 3 -MO CMT f 6 -MO CMT —F TEXPOOL f City of Southlake Note 1: CMT stands for Constant Maturity Treasury. This data is published in Federal Reserve Statistical Release HA 5 and represents an average of all actively traded Treasury securities having that time remaining until maturity. This is a standard industry benchmark for Treasury securities. The CMT benchmarks are moving averages. The 3 -month CMT is the daily average for the previous 3 months, the 6 -month CMT is the daily average for the previous 6 months, and the 1 -year and 2 -year CMT's are the daily averages for the previous 12 -months. Note 2: Benchmark data for TexPool is the monthly average yield. Print Date: 4/27/2021 Print Time: 10:17 pm Page 1 of 1 Page 5 of 15 J�* HilltopSecurities Asset Management. City of Southlake Detail of Security Holdings As of 03/31/2021 Settle Purch Mkt Days Days CUSIP Date Sec. Type Sec. Description CPN Mty Date Next Call Call Type Par Value Price Ong Cost Book Value Price Market Value to Mty to Call YTM YTW General Operating LNSTCRP LGIP LoneStar Corp O/N 12,129,656.99 100.000 12,129,656.99 12,129,656.99 100.000 12,129,656.99 1 0.090 0.090 LNSTGOV LGIP LoneStar Gov 0/N 12,688,407.24 100.000 12,688,407.24 12,688,407.24 100.000 12,688,407.24 1 0.010 0.010 TEXPOOL LGIP TexPool 22,264,432.86 100.000 22,264,432.86 22,264,432.86 100.000 22,264,432.86 1 0.019 0.019 TEXSTAR LGIP TexSTAR 35,543,760.07 100.000 35,543,760.07 35,543,760.07 100.000 35,543,760.07 1 0.022 0.022 TXCLASS LGIP Texas CLASS 5,315,644.40 100.000 5,315,644.40 5,315,644.40 100.000 5,315,644.40 1 0.105 0.105 91510KUD7 03/16/21 CP - DISC Univ of TX 07/13/21 3,000,000.00 99.960 2,998,810.00 2,998,970.01 99.962 2,998,873.20 104 0.120 0.120 89233GUS3 01/27/21 CP - DISC Toyota Mtr Cr 07/26/21 5,000,000.00 99.915 4,995,750.00 4,997,261.10 99.945 4,997,270.00 117 0.170 0.170 2192ONV58 03/19/21 CP- DISC Cornell Univ 08/05/21 5,000,000.00 99.954 4,997,683.33 4,997,900.00 99.954 4,997,707.00 127 0.120 0.120 882724SY4 09/02/20 MUNICIPAL State of TX 4.000 08/26/21 5,000,000.00 103.709 5,185,450.00 5,076,148.45 101.574 5,078,707.50 148 0.211 0.211 9128285A4 01/22/21 TREAS NOTE U.S. Treasury 2.750 09/15/21 5,000,000.00 101.715 5,085,742.19 5,060,458.50 101.234 5,061,719.00 168 0.084 0.084 9128285F3 01/22/21 TREAS NOTE U.S. Treasury 2.875 10/15/21 5,000,000.00 102.023 5,101,171.88 5,074,837.60 101.523 5,076,172.00 198 0.094 0.094 912828RR3 01/15/21 TREAS NOTE U.S. Treasury 2.000 11/15/21 5,000,000.00 101.578 5,078,906.25 5,058,989.15 101.211 5,060,547.00 229 0.101 0.101 9128285R7 03/15/21 TREAS NOTE U.S. Treasury 2.625 12/15/21 5,000,000.00 101.922 5,096,093.75 5,090,133.15 101.809 5,090,429.50 259 0.071 0.071 882669806 12/23/20 MUNICIPAL TX Pub Fin Auth 0.219 02/01/22 2,000,000.00 100.000 2,000,000.00 2,000,000.00 100.065 2,001,304.60 307 0.219 0.219 3133EMCH3 10/13/20 AGCY CALL FFCB 0.160 10/13/22 10/13/2021 CONT 5,000,000.00 99.865 4,993,250.00 4,994,822.30 99.973 4,998,669.50 561 196 0.228 0.228 8821356W1 10/28/20 MUNICIPAL Texas A&M Univ 5.000 05/15/23 2,500,000.00 112.026 2,800,650.00 2,750,621.05 110.062 2,751,549.00 775 0.260 0.260 3134GXGR9 12/11/20 AGCY CALL FHLMC 0.350 12/11/23 6/11/2021 ORTLY 5,000,000.00 100.000 5,000,000.00 5,000,000.00 100.016 5,000,787.50 985 72 0.350 0.350 88213AKBO 09/29/20 MUNICIPAL Texas A&M Univ 2.549 05/15/24 4,485,000.00 107.731 4,831,735.35 4,783,717.10 106.438 4,773,745.65 1,141 0.400 0.400 Total for General Operating 144,926,901.56 100.851 146,107,144.31 145,825,759.97 100.653 145,829,383.01 155 0.093 0.093 Total for City of Southlake 144,926,901.56 100.851 146,107,144.31 145,825,759.97 100.653 145,829,383.01 155 0.093 0.093 Print Date: 4/27/2021 Print Time: 10:18 pm Page 1 of 1 Page 6 of 15 J�w HilltopSecurities Asset Management. City of Southlake Change in Value From 1213112020 to 03/31/2021 CUSIP Security Type Security Description 12131120 Cost of Maturities / Amortization I Realized 03131121 12131120 03131121 Change in Book Value Purchases Calls I Sales Accretion Gain/(Loss) Book Value Market Value Market Value Mkt Value Community Enhancement Dev Co� TEXPOOL LGIP TexPool 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total for Community Enhancement Dev Corp Crime Control District TEXSTAR LGIP TexSTAR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total for Crime Control District 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 General Operating LNSTCRP LGIP LoneStar Corp O/N 10,126,728.86 2,002,928.13 0.00 0.00 0.00 12,129,656.99 10,126,728.86 12,129,656.99 2,002,928.13 LNSTGOV LGIP LoneStar Gov O/N 10,687,489.68 2,000,917.56 0.00 0.00 0.00 12,688,407.24 10,687,489.68 12,688,407.24 2,000,917.56 TEXPOOL LGIP TexPool 20,784,825.08 13,657,467.54 (12,177,859.76) 0.00 0.00 22,264,432.86 20,784,825.08 22,264,432.86 1,479,607.78 TEXSTAR LGIP TexSTAR 35,540,439.47 3,320.60 0.00 0.00 0.00 35,543,760.07 35,540,439.47 35,543,760.07 3,320.60 TXCLASS LGIP Texas CLASS 5,314,131.50 1,512.90 0.00 0.00 0.00 5,315,644.40 5,314,131.50 5,315,644.40 1,512.90 9128283Q1 TREAS NOTE U.S. Treasury 2.000 01/15/21 5,000,947.00 0.00 (5,000,000.00) (947.00) 0.00 0.00 5,002,778.00 0.00 (5,002,778.00) 89233GNS1 CP - DISC Toyota Mtr Cr 0.000 01/26/21 4,998,923.60 0.00 (5,000,000.00) 1,076.40 0.00 0.00 4,999,639.00 0.00 (4,999,639.00) 9128283X6 TREAS NOTE U.S. Treasury 2.250 02/15/21 5,004,655.55 0.00 (5,000,000.00) (4,655.55) 0.00 0.00 5,011,974.00 0.00 (5,011,974.00) 07287CQ96 CP - DISC Baylor Scott & White 0.000 03/09/21 4,998,325.00 0.00 (5,000,000.00) 1,675.00 0.00 0.00 4,997,837.00 0.00 (4,997,837.00) 912828483 TREAS NOTE U.S. Treasury 2.375 03/15/21 5,009,006.70 0.00 (5,000,000.00) (9,006.70) 0.00 0.00 5,021,691.00 0.00 (5,021,691.00) 91510KQG5 CP - DISC Univ of TX 0.000 03/16/21 2,998,951.68 0.00 (3,000,000.00) 1,048.32 0.00 0.00 2,998,937.40 0.00 (2,998,937.40) 912828C57 TREAS NOTE U.S. Treasury 2.250 03/31/21 5,007,960.05 0.00 (5,000,000.00) (7,960.05) 0.00 0.00 5,025,027.00 0.00 (5,025,027.00) 91510KUD7 CP - DISC Univ of TX 0.000 07/13/21 0.00 2,998,810.00 0.00 160.01 0.00 2,998,970.01 0.00 2,998,873.20 2,998,873.20 89233GUS3 CP - DISC Toyota Mtr Cr 0.000 07/26/21 0.00 4,995,750.00 0.00 1,511.10 0.00 4,997,261.10 0.00 4,997,270.00 4,997,270.00 2192ONV58 CP - DISC Cornell Univ 0.000 08/05/21 0.00 4,997,683.33 0.00 216.67 0.00 4,997,900.00 0.00 4,997,707.00 4,997,707.00 882724SY4 MUNICIPAL State of TX 4.000 08/26/21 5,122,769.95 0.00 0.00 (46,621.50) 0.00 5,076,148.45 5,124,600.00 5,078,707.50 (45,892.50) 9128285A4 TREAS NOTE U.S. Treasury 2.750 09/15/21 0.00 5,085,742.19 0.00 (25,283.69) 0.00 5,060,458.50 0.00 5,061,719.00 5,061,719.00 9128285F3 TREAS NOTE U.S. Treasury 2.875 10/15/21 0.00 5,101,171.88 0.00 (26,334.28) 0.00 5,074,837.60 0.00 5,076,172.00 5,076,172.00 912828RR3 TREAS NOTE U.S. Treasury 2.000 11/15/21 0.00 5,078,906.25 0.00 (19,917.10) 0.00 5,058,989.15 0.00 5,060,547.00 5,060,547.00 9128285R7 TREAS NOTE U.S. Treasury 2.625 12/15/21 0.00 5,096,093.75 0.00 (5,960.60) 0.00 5,090,133.15 0.00 5,090,429.50 5,090,429.50 882669BQ6 MUNICIPAL TX Pub Fin Auth 0.219 02/01/22 2,000,000.00 0.00 0.00 0.00 0.00 2,000,000.00 1,999,660.00 2,001,304.60 1,644.60 3133EMCH3 AGCY CALL FFCB 0.160 10/13/22 4,993,980.00 0.00 0.00 842.30 0.00 4,994,822.30 4,997,372.50 4,998,669.50 1,297.00 8821356W1 MUNICIPAL TexasA&MUniv 5.000 05/15/23 2,780,054.23 0.00 0.00 (29,433.18) 0.00 2,750,621.05 2,781,250.00 2,751,549.00 (29,701.00) Print Date: 4/27/2021 Print Time: 10:18 pm Page 1 of 2 Page 7 of 15 J�w HilltopSecurities Asset Management. CUSIP Security Type Security Description 12131/20 Cost of Maturities / Amortization 1 Realized 03131/21 Book Value Purchases Calls 1 Sales Accretion Gain/(Loss) Book Value City of Southlake Change in Value From 12/31/2020 to 03/31/2021 12131/20 03131/21 Change in Market Value Market Value Mkt Value General Operating 3134GXGR9 AGCY CALL FHLMC 0.350 12/11/23 5,000,000.00 0.00 0.00 0.00 0.00 5,000,000.00 5,000,514.50 5,000,787.50 273.00 88213AKBO MUNICIPAL Texas A&M Univ 2.549 05/15/24 4,807,475.31 0.00 0.00 (23,758.21) 0.00 4,783,717.10 4,815,499.65 4,773,745.65 (41,754.00) Total for General Operating 140,176,663.66 51,020,304.13 (45,177,859.76) (193,348.06) 0.00 145,825,759.97 140,230,394.64 145,829,383.01 5,598,988.37 Parks Development Corporation TEXPOOL LGIP TexPool 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TEXSTAR LGIP TexSTAR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total for Parks Development Corporation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total for City of Southlake 140,176,663.66 51,020,304.13 (45,177,859.76) (193,348.06) 0.00 145,825,759.97 140,230,394.64 145,829,383.01 5,598,988.37 Print Date: 4/27/2021 Print Time: 10:18 pm Page 2 of 2 Page 8 of 15 J�* HilltopSecurities Asset Management, City of Southlake Earned Income From 1213112020 to 03/31/2021 CUSIP Security Type Security Description Beg. Accrued Interest Earned Interest Recd 1 Interest Purchased Ending Accrued Disc Accr 1 Net Income Sold / Matured Prem Amort Community Enhancement Dev Corp Total for Community Enhancement Dev Corp Crime Control District Total for Crime Control District 2,928.13 General Operating 0.00 LNSTCRP LGIP LoneStar Corp O/N LNSTGOV LGIP LoneStar Gov 0/N TEXPOOL LGIP TexPool TEXSTAR LGIP TexSTAR TXCLASS LGIP Texas CLASS 9128283Q1 TREAS NOTE U.S. Treasury 2.000 01/15/21 89233GNS1 CP - DISC Toyota Mtr Cr 0.000 01/26/21 9128283X6 TREAS NOTE U.S. Treasury 2.250 02/15/21 07287CQ96 CP - DISC Baylor Scott & White 0.000 03/09/21 912828463 TREAS NOTE U.S. Treasury 2.375 03/15/21 91510KQG5 CP - DISC Univ of TX 0.000 03/16/21 912828057 TREAS NOTE U.S. Treasury 2.250 03/31/21 91510KUD7 CP - DISC Univ of TX 0.000 07/13/21 89233GUS3 CP - DISC Toyota Mtr Cr 0.000 07/26/21 2192ONV58 CP - DISC Cornell Univ 0.000 08/05/21 882724SY4 MUNICIPAL State of TX 4.000 08/26/21 9128285A4 TREAS NOTE U.S. Treasury 2.750 09/15/21 91282851`3 TREAS NOTE U.S. Treasury 2.875 10/15/21 912828RR3 TREAS NOTE U.S. Treasury 2.000 11/15/21 9128285R7 TREAS NOTE U.S. Treasury 2.625 12/15/21 882669BQ6 MUNICIPAL TX Pub Fin Auth 0.219 02/01/22 3133EMCH3 AGCY CALL FFCB 0.160 10/13/22 8821356W1 MUNICIPAL Texas A&M Univ 5.000 05115/23 3134GXGR9 AGCY CALL FHLMC 0.350 12/11/23 88213AKBO MUNICIPAL Texas A&M Univ 2.549 05/15/24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,928.13 2,928.13 0.00 0.00 0.00 2,928.13 0.00 917.56 917.56 0.00 0.00 0.00 917.56 0.00 3,204.93 3,204.93 0.00 0.00 0.00 3,204.93 0.00 3,320.60 3,320.60 0.00 0.00 0.00 3,320.60 0.00 1,512.90 1,512.90 0.00 0.00 0.00 1,512.90 46,195.65 3,804.35 50,000.00 0.00 0.00 (947.00) 2,857.35 0.00 0.00 0.00 0.00 0.00 1,076.40 1,076.40 42,493.21 13,756.79 56,250.00 0.00 0.00 (4,655.55) 9,101.24 0.00 0.00 0.00 0.00 0.00 1,675.00 1,675.00 35,428.18 23,946.82 59,375.00 0.00 0.00 (9,006.70) 14,940.12 0.00 0.00 0.00 0.00 0.00 1,048.32 1,048.32 28,743.13 27,506.87 56,250.00 0.00 0.00 (7,960.05) 19,546.82 0.00 0.00 0.00 0.00 0.00 160.01 160.01 0.00 0.00 0.00 0.00 0.00 1,511.10 1,511.10 0.00 0.00 0.00 0.00 0.00 216.67 216.67 66,301.37 49,315.07 0.00 0.00 115,616.44 (46,621.50) 2,693.57 0.00 26,103.28 68,750.00 (48,998.62) 6,351.90 (25,283.69) 819.59 0.00 27,249.31 0.00 (39,096.84) 66,346.15 (26,334.28) 915.03 0.00 20,994.47 0.00 (16,850.83) 37,845.30 (19,917.10) 1,077.37 0.00 6,129.81 0.00 (32,451.92) 38,581.73 (5,960.60) 169.21 97.33 1,095.00 0.00 0.00 1,192.33 0.00 1,095.00 1,733.33 2,000.00 0.00 0.00 3,733.33 842.30 2,842.30 15,972.22 31,250.00 0.00 0.00 47,222.22 (29,433.18) 1,816.82 972.22 4,375.00 0.00 0.00 5,347.22 0.00 4,375.00 14,607.89 28,580.67 0.00 0.00 43,188.56 (23,758.21) 4,822.46 Print Date: 4/27/2021 Print Time: 10:18 pm Page 1 of 2 Page 9 of 15 J�w HilltopSecurities Asset Management. City of Southlake Earned Income From 12/31/2020 to 03/31/2021 CUSIP Security Type Security Description Beg. Accrued Interest Earned Interest Rec'd I Interest Purchased Ending Accrued Disc Accr 1 Net Income Sold 1 Matured Prem Amort Total for General Operating 252,544.53 277,991.56 302,509.12 (137,398.21) 365,425.18 (193,348.06) 84,643.50 Parks Development Corporation Total for Parks Development Corporation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total for City of Southlake 252,544.53 277,991.56 302,509.12 (137,398.21) 365,425.18 (193,348.06) 84,643.50 Print Date: 4/27/2021 Print Time: 10:18 pm Page 10 of 15 Page 2 of 2 J�* HilltopSecurities Asset Management. City of Southlake Investment Transactions From 01/01/2021 to 03/31/2021 Trade Settle Security Principal Int Purchased / Realized Date Date CUSIP Type Security Description Coupon Mty Date Call Date Par Value Price Amount Received Total Amount Gain / Loss YTM YTW Total for: Income Payments 0.00 290,625.00 290,625.00 Print Date: 4/27/2021 Print Time: 10:18 pm Page 1 of 2 Page 11 of 15 General Operating Maturities 01/15/21 01/15/21 9128283QI TREAS NOTE U.S. Treasury 2.000 01/15/21 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 1.498 01/26/21 01/26/21 89233GNS1 CP - DISC Toyota Mtr Cr 01/26/21 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 0.310 02/15/21 02/15/21 9128283X6 TREAS NOTE U.S. Treasury 2.250 02/15/21 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 1.483 03/09/21 03/09/21 07287CQ96 CP - DISC Baylor Scott & White 03/09/21 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 0.180 03/15/21 03/15/21 912828463 TREAS NOTE U.S. Treasury 2.375 03/15/21 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 1.475 03/16/21 03/16/21 91510KQG5 CP - DISC Univ of TX 03/16/21 3,000,000.00 100.000 3,000,000.00 0.00 3,000,000.00 0.170 03/31/21 03/31/21 912828C57 TREAS NOTE U.S. Treasury 2.250 03/31/21 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 1.594 Total for: Maturities 33,000,000.00 33,000,000.00 0.00 33,000,000.00 1.006 Purchases 01/14/21 01/15/21 912828RR3 TREAS NOTE U.S. Treasury 2.000 11/15/21 5,000,000.00 101.578 5,078,906.25 16,850.83 5,095,757.08 0.101 0.101 01/21/21 01/22/21 9128285A4 TREAS NOTE U.S. Treasury 2.750 09/15/21 5,000,000.00 101.715 5,085,742.19 48,998.62 5,134,740.81 0.084 0.084 01/21/21 01/22/21 9128285F3 TREAS NOTE U.S. Treasury 2.875 10/15/21 5,000,000.00 102.023 5,101,171.88 39,096.84 5,140,268.72 0.094 0.094 01/26/21 01/27/21 89233GUS3 CP - DISC Toyota Mtr Cr 07/26/21 5,000,000.00 99.915 4,995,750.00 0.00 4,995,750.00 0.170 0.170 03/12/21 03/15/21 9128285R7 TREAS NOTE U.S. Treasury 2.625 12/15/21 5,000,000.00 101.922 5,096,093.75 32;451.92 5,128,545.67 0.071 0.071 03/16/21 03/16/21 91510KUD7 CP - DISC Univ of TX 07/13/21 3,000,000.00 99.960 2,998,810.00 0.00 2,998,810.00 0.120 0.120 03/18/21 03/19/21 2192ONV58 CP - DISC Cornell Univ 08/05/21 5,000,000.00 99.954 4,997,683.33 0.00 4,997,683.33 0.120 0.120 Total for: Purchases 33,000,000.00 33,354,157.40 137,398.21 33,491,555.61 0.108 0.108 Income Payments 01/15/21 01/15/21 9128283QI TREAS NOTE U.S. Treasury 2.000 01/15/21 0.00 50,000.00 50,000.00 02/16/21 02/15/21 9128283X6 TREAS NOTE U.S. Treasury 2.250 02/15/21 0.00 56,250.00 56,250.00 03/15/21 03/15/21 9128284133 TREAS NOTE U.S. Treasury 2.375 03/15/21 0.00 59,375.00 59,375.00 03/15/21 03/15/21 9128285A4 TREAS NOTE U.S. Treasury 2.750 09/15/21 0.00 68,750.00 68,750.00 03/31/21 03/31/21 912828C57 TREAS NOTE U.S. Treasury 2.250 03/31/21 0.00 56,250.00 56,250.00 Total for: Income Payments 0.00 290,625.00 290,625.00 Print Date: 4/27/2021 Print Time: 10:18 pm Page 1 of 2 Page 11 of 15 J�* HilltopSecurities Asset Management_ City of Southlake Investment Transactions From 01/01/2021 to 03/31/2021 Trade Settle Security Principal Int Purchased / Realized Date Date CUSIP Type Security Description Coupon Mty Date Call Date Par Value Price Amount Received Total Amount Gain I Loss YTM YTW Transaction Type Quantity Total Amount Realized GIL YTM YTW Total Maturities 33,000,000.00 Total Purchases 33,000,000.00 Total Income Payments 0.00 Print Date: 4/27/2021 Print Time: 10:18 pm 33,000,000.00 1.006 33,491,555.61 0.108 290,625.00 Page 12 of 15 0.108 Page 2 of 2 J�w HilltopSecurities Asset Management.. City of Southlake Amortization and Accretion From 12/31/2020 to 03/31/2021 General Operating 9128283Q1 02/21/20 TREAS NOTE Orig 07/29/20 Amrt/Accr Total Amrt/Accr Remaining CUSIP Settle Date Security Type Security Description Next Call Date Purchase Qty Price Original Cost for Period Since Purch Disc / Prem Book Value General Operating 9128283Q1 02/21/20 TREAS NOTE 89233GNS1 07/29/20 CP - DISC 9128283X6 02/21/20 TREAS NOTE 07287CQ96 12/01/20 CP - DISC 9128284B3 02/21/20 TREAS NOTE 91510KQG5 11/20/20 CP - DISC 912828057 01/17/20 TREAS NOTE 91510KUD7 03/16/21 CP - DISC 89233GUS3 01/27/21 CP - DISC 2192ONV58 03/19/21 CP - DISC 882724SY4 09/02/20 MUNICIPAL 9128285A4 01/22/21 TREAS NOTE 91282851`3 01/22/21 TREAS NOTE 912828RR3 01/15/21 TREAS NOTE 9128285R7 03/15/21 TREAS NOTE 882669BQ6 12/23/20 MUNICIPAL 3133EMCH3 10/13/20 AGCY CALL 8821356W1 10/28/20 MUNICIPAL 3134GXGR9 12/11/20 AGCY CALL 88213AKBO 09/29120 MUNICIPAL Total for General Operating U.S. Treasury 2.000 01/15/21 0.00 100.445 0.00 (947.00) 0.00 0.00 0.00 Toyota MtrCr 0.000 01/26/21 0.00 99.844 0.00 1,076.40 0.00 0.00 0.00 U.S. Treasury 2.250 02/15/21 0.00 100.746 0.00 (4,655.55) 0.00 0.00 0.00 Baylor Scott & White 0.000 03/09/21 0.00 99.951 0.00 1,675.00 0.00 0.00 0.00 U.S. Treasury 2.375 03/15/21 0.00 100.945 0.00 (9,006.70) 0.00 0.00 0.00 Univ of TX 0.000 03/16/21 0.00 99.945 0.00 1,048.32 0.00 0.00 0.00 U.S. Treasury 2.250 03/31/21 0.00 100.777 0.00 (7,960.05) 0.00 0.00 0.00 Univ of TX 0.000 07/13/21 3,000,000.00 99.960 2,998,810.00 160.01 160.01 1,029.99 2,998,970.01 Toyota MtrCr 0.000 07/26/21 5,000,000.00 99.915 4,995,750.00 1,511.10 1,511.10 2,738.90 4,997,261.10 Cornell Univ 0.000 08/05/21 5,000,000.00 99.954 4,997,683.33 216.67 216.67 2,100.00 4,997,900.00 State of TX 4.000 08/26/21 5,000,000.00 103.709 5,185,450.00 (46,621.50) (109,301.55) (76,148.45) 5,076,148.45 U.S. Treasury 2.750 09/15/21 5,000,000.00 101.715 5,085,742.19 (25,283.69) (25,283.69) (60,458.50) 5,060,458.50 U.S. Treasury 2.875 10/15/21 5,000,000.00 102.023 5,101,171.88 (26,334.28) (26,334.28) (74,837.60) 5,074,837.60 U.S. Treasury 2.000 11/15/21 5,000,000.00 101.578 5,078,906.25 (19,917.10) (19,917.10) (58,989.15) 5,058,989.15 U.S. Treasury 2.625 12/15/21 5,000,000.00 101.922 5,096,093.75 (5,960.60) (5,960.60) (90,133.15) 5,090,133.15 TX Pub Fin Auth 0.219 02/01/22 2,000,000.00 100.000 2,000,000.00 0.00 0.00 0.00 2,000,000.00 FFCB 0.160 10/13/22 10/13/21 5,000,000.00 99.865 4,993,250.00 842.30 1,572.30 5,177.70 4,994,822.30 Texas A&M Univ 5.000 05/15/23 2,500,000.00 112.026 2,800,650.00 (29,433.18) (50,028.95) (250,621.05) 2,750,621.05 FHLMC 0.350 12/11/23 06/11/21 5,000,000.00 100.000 5,000,000.00 0.00 0.00 0.00 5,000,000.00 Texas A&M Univ 2.549 05/15/24 4,485,000.00 107.731 4,831,735.35 (23,758.21) (48,018.25) (298,717.10) 4,783,717.10 56,985,000.00 58,165,242.75 (193,348.06) (281,384.34) (898,858.41) 57,883,858.41 Total for City of Southlake 56,985,000.00 58,165,242.75 (193,348.06) (281,384.34) (898,858.41) 57,883,858.41 Print Date: 4127/2021 Print Time: 10:18 pm Page 1 of 1 Page 13 of 15 J�* HilltopSecurities Asset Management. City of Southlake Projected Cash Flows Cash Flows for next 180 days from 0313112021 CUSIP Security Type Security Description Pay Date Interest Principal Total Amount General Operating JL- 3133EMCH3 AGCY CALL FFCB 0.160 10/13/22 04/13/21 4,000.00 0.00 4,000.00 91282851`3 TREAS NOTE U.S. Treasury 2.875 10/15/21 04/15/21 71,875.00 0.00 71,875.00 8821356W1 MUNICIPAL Texas A&M Univ 5.000 05/15/23 05/15/21 62,500.00 0.00 62,500.00 88213AKBO MUNICIPAL Texas A&M Univ 2.549 05/15/24 05/15/21 57,161.32 0.00 57,161.32 912828RR3 TREAS NOTE U.S. Treasury 2.000 11/15/21 05/15/21 50,000.00 0.00 50,000.00 3134GXGR9 AGCY CALL FHLMC 0.350 12/11/23 06/11/21 8,750.00 0.00 8,750.00 9128285R7 TREAS NOTE U.S. Treasury 2.625 12/15/21 06/15/21 65,625.00 0.00 65,625.00 91510KUD7 CP - DISC Univ of TX 0.000 07/13/21 07/13/21 0.00 3,000,000.00 3,000,000.00 89233GUS3 CP - DISC Toyota Mtr Cr 0.000 07/26/21 07/26/21 0.00 5,000,000.00 5,000,000.00 882669BQ6 MUNICIPAL TX Pub Fin Auth 0.219 02/01/22 08/01/21 2,652.33 0.00 2,652.33 2192ONV58 CP - DISC Cornell Univ 0.000 08/05/21 08/05/21 0.00 5,000,000.00 5,000,000.00 882724SY4 MUNICIPAL State of TX 4.000 08/26/21 08/26/21 196,164.38 5,000,000.00 5,196,164.38 9128285A4 TREAS NOTE U.S. Treasury 2.750 09/15/21 09/15/21 68,750.00 5,000,000.00 5,068,750.00 Total for General Operating 587,478.03 23,000,000.00 23,587,478.03 Print Date: 4/27/2021 Print Time: 10:18 pm Page 1 of 2 Page 14 of 15 J�* HilltopSecurities Asset Management. City of Southlake Projected Cash Flows Cash Flows for next 180 days from 03/31/2021 CUSIP Security Type Security Description Pay Date Interest Principal Total Amount April 2021 75,875.00 0.00 75,875.00 May 2021 169,661.32 0.00 169,661.32 June 2021 74,375.00 0.00 74,375.00 July 2021 0.00 8,000,000.00 8,000,000.00 August 2021 198,816.71 10,000,000.00 10,198,816.71 September 2021 68,750.00 5,000,000.00 5,068,750.00 Total Projected Cash Flows for City of Southlake 587,478.03 23,000,000.00 23,587,478.03 Print Date: 4/27/2021 Print Time: 10:18 pm Page 2 of 2 Page 15 of 15