Item 3B2 - Monthly Financial Report13 CITY OF
S0UTHLA1<,..-E
0
MONTHLY FINANCIAL REPORT
11 1 April 2024
PERFORMANCE AT A GLANCE
Year to Date 1 3 year Trend
Reference
General Fund Exp. Vs. Rev.
Positive
Positive
Page 3
Sales Tax Revenue (2 months 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 I = Positive variance or negative variance <1 % compared to seasonal trends.
Warning I = Negative variance of 1-4% compared to seasonal trends
Negative I = Negative Variance of > 4% compared to seasonal trends.
City of Southlake Monthly Financial Report 1 5/16/2024
ECONOMIC INDICATORS
NATIONAL ECONOMY
National GDP: 1.6%
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 2024 increased at a rate of 1.6%. In
the 4th quarter of 2023, GDP increased at a rate of
Housino Starts: t/ 0.4%
Single-family housing starts in April 2024 were at a
seasonally adjusted rate of 1,031,000, which is 0.4%
below the previous month revised figure of
1,035,000.
UNEMPLOYMENT RATES
National: 1/ 3.9%
The National Unemployment rate for April 2024
slightly increased to 3.9% when compared to 3.8% in
March 2024.
State-wide: V 3.9%
The Texas Unemployment rate for March 2024
(preliminary) remained unchanged at 3.9% from
February 2024.
DFW Area: 3.9%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for March 2024 (preliminary)
decreased to 3.9% when compared to 4.2% in
February 2024.
FINANCIAL ACTIVITY
$120,000,000
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,000
2020* 2021* 2022* 2023* 2024*
*October- March Construction permit values
City of Southlake Monthly Financial Report 2 5/16/2024
OVERALL FUND PERFORMANCE:
GENERAL FUND REVENUE VS EXPENDITURES 2024
GENERAL FUND
FY 2024
FY 2024
FY 2024 REVENUE FY 2024 EXPENDITURE 2023 EXPEND.
REVENUE
EXPENDITURE
VARIANCE
Oct $ 855,780
$ 3,014,402
$ (2,158,622)
$14,000,000
Nov $ 2,752,442
$ 4,319,159
$ (1,566,717)
Dec $ 10,340,523
$ 5,289,496
$ 5,051,027
$12,000,000
Jan $ 13,058,828
$ 4,234,303
$ 8,824,525
Feb $ 9,417,330
$ 4,129,715
$ 5,287,615
$10,000,000
Mar $ 2,984,935
$ 3,928,073
$ (943,138)
$8 000,000
Apr $ 2,359,208
$ 3,850,929
$ (1,491,721)
May $ -
$ -
$
$6,000,000
Jun $
$
$
Jul $ -
$
$ -
$4,000,000
Aug $
$
$
Sep
$
$2,000,000
Tot $ 41,769,046
$ 28,766,077
$ 13,002,969
CHART OUTLOOK:
I
POSITIVE
I
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 expenditures are higher than revenues by $13.OM. The significant variance is due to the significant portion of
property tax revenue collected (approximately
95%) of
the budgeted property tax revenue sources for the general fund.
REVENUE ANALYSIS
GENERAL FUND SALES TAX 2024-2022 COMPARISON
FY 2024
FY 2023
FY 2022
� FY 2024 � FY 2023 FY 2022
Oct $ 1,639,596
$ 1,814,981 $
1,613,415
$3,000,000
Nov $ 1,701,432
$ 1,813,575 $
1,652,674
Dec $ 2,383,801
$ 2,507,299 $
2,456,532
$2,500,000 -
Jan $ 1,643,095
$ 1,539,514 $
1,602,323
,
Feb $ 1,458,994
$ 1,436,621 $
1,388,859
$2,000,000
Mar $ 1,859,641
$ 1,836,177 $
1,975,175
o
Apr $ -
$ 1,708,466 $
1,714,270
��
$1,500,000
May $ -
$ 1,745,742 $
1,725,777
Jun $
$ 1,819,551 $
1,792,755
$1,000,000
Jul $ -
$ 1,620,652 $
1,607,427
Aug
$ 2,618,139 $
1,659,141
$500,000 -
Sep
$ 1,968,439 $
1,640,639
Tot $ 10,686,559
$ 22,429,156 $
20,828,987
$-
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
CHART OUTLOOK: I
POSITIVE
Year to date collections
are trending below FY 2023 (2.4%)
and slightly below FY 2022 (0.02%) collections. March sales are above March 2023 (1.3%) and below March 2022 (5.9%) collections. However year to date
collections are 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 5/16/2024
REVENUE ANALYSIS (continued)
FY 2024 FY 2023 FY 2022
Oct $ 577,913 $ 380,169 $ 653,703
Nov $ 2,012,904 $ 2,011,080 $ 2,017,203
Dec $ 8,236,314 $ 4,964,620 $ 6,068,454
Jan $ 10,376,818 $ 12,756,146 $ 11,588,414
Feb $ 5,623,897 $ 6,290,070 $ 5,872,247
Mar $ 532,180 $ 560,775 $ 584,684
Apr $ 257,466 $ 221,968 $ 554,247
May $ - $ 158,917 $ 151,717
Jun $ - $ 502,789 $ 502,344
Jul * $ - $ (1,226,605) $ (1,310,741)
Aug $ $ 69,910 $ 69,630
Sep $ $ 41,259 $ 111,205
Tot $ 27,617,492 $ 26,731,098 $ 26,863,107
* Net transfer of TIF revenues to
CHART OUTLOOK: POSITIVE TIF fund
GENERAL FUND
PROPERTY TAX 3 YEAR TREND
■ FY 2024 ■ FY 2023 FY 2022
$14,000,000 -
$12,000,000 -
$10,000,000 -
$8,000,000 -
$6,000,000 -
$4,000,000 -
$2,000,000
$-
$(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun
$(4,000,000)
P"R Aug
As of April, the 2024 YTD property tax collections ($27,617,492) are approximately 1.6% and 1.0% higher than 2023 YTD ($27,184,828) and 2022 YTD ($27,338,952), respectively. As indicated on the chart, the majority
of the property tax revenue is collected in the second quarter of the fiscal year. YTD collections are trending below budget.
FY 2024
FY 2023
FY 2022
Oct
$ 110,053
$ 137,332
$ 214,445
$900,000
Nov
$ 284,653
$ 118,803
$ 185,109
Dec
$ 69,759
$ 88,212
$ 94,663
$800,000
Jan
$ 90,986
$ 231,884
$ 167,045
$700,000
Feb
$ 93,595
$ 249,097
$ 111,545
Mar
$ 226,182
$ 98,675
$ 154,046
$600,000
Apr
$ 121,572
$ 77,670
$ 277,691
$500,000
May
$ -
$ 187,731
$ 788,270
$400,000
Jun
$
$ 143,738
$ 133,244
Jul
$ -
$ 92,872
$ 192,902
$300,000
Aug
$ -
$ 136,528
$ 184,578
$200,000
Sep
$ 157,382
$ 154,833
Tot
$ 996,800
$ 1,719,924
$ 2,658,371
$100,000
CHART OUTLOOK: I POSITIVE
PERMIT REVENUE 2024-2022 COMPARISON
� FY 2024 � FY 2023 FY 2022
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The value of new construction permits ($102.6M+) issued for FY 2024 YTD is approximately 21.8% and 19.3% higher when compared to FY 2023 and FY 2022, respectively. FY 2024 YTD permit revenue is
approximately 0.5% and 17.3% lower when compared to FY 2023 and 2022, respectively. The permit revenue year to date is trending above budget therefore the outlook is considered positive.
City of Southlake Monthly Financial Report 4 5/16/2024
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2024 ACTUAL
FY 2023 ACTUAL
FY 2024 BUDGET
FY 2023/2024 YTD
YTD (APRIL)
YTD (APRIL)
YTD (APRIL)
VARIANCE
BUDGET VARIANCE
FY 2024 %SPENT
CIAO
$
647,890
$ 593,641
$ 705,815
$ 54,249
$
57,925
91.79%
COMM
$
423,732
$ 360,875
$ 499,674
$ 62,857
$
75,942
84.80%
CS
$
3,971,667
$ 3,455,999
$ 4,658,425
$ 515,668
$
686,758
85.26%
C5O
$
325,333
$ 326,320
$ 404,885
$ (987)
$
79,552
80.35%
DIPS
$
12,720,795
$ 10,952,809
$ 14,595,392
$ 1,767,986
$
1,874,597
87.16%
ED
$
209,896
$ 183,943
$ 224,876
$ 25,953
$
14,980
93.34%
FIN
$
1,823,838
$ 1,620,015
$ 2,021,574
$ 203,823
$
197,736
90.22%
HR
$
540,939
$ 516,450
$ 612,850
$ 24,489
$
71,911
88.27%
IT
$
1,903,454
$ 1,768,086
$ 2,653,281
$ 135,368
$
749,827
71.74%
PDS
$
1,383,346
$ 1,322,659
$ 1,601,596
$ 60,687
$
218,250
86.37%
PW
$
3,167,842
$ 2,757,858
$ 3,587,422
$ 409,984
$
419,580
88.30%
SS
$
1,647,345
$ 1,196,980
$ 1,790,689
$ 450,365
$
143,344
92.00%
Totals
$
28,766,077
$ 25,055,635
$ 33,356,479
$ 3,710,442
$
4,590,402
86.24%
� FY 2024 ACTUAL
YTD (APRIL)
FY
2023 ACTUAL YTD (APRIL)
FY 2024 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
$-
CIAO COMM CS CSO DPS ED FIN HR IT PDS PW SS
CHART OUTLOOK: POSITIVE
As indicated above, 2024 expenditures are are higher than the 2023 expenditures for the same period with an increase of 14.8% primarily due to to approved pay plan adjustments, increase in property insurance and
legal settlements. The outlook is positive expenditures are on pace to be within budgeted expenditures for the fiscal year.
City of Southlake Monthly Financial Report 5 5/16/2024
iEXPERIENC
SOUTHLF
April 23.,2024
The Marq Financial Review
10/l/2023 9/30j2024
NLARQ cc
66.00%
108.83%
73.00%
110.10%
T-ug
AIT
T.Ez t
AIT
2.51M
I SA9M
2.23M
I 2.78M
R.el--
R.P�_e
R—
E.P—.
CEDC FINANCIAL DASHBOARD
as of: 412 3/20 24 9:03 AM
LH THE NIARQ RENTALS REVENUE (NET)
/[C-Re rtal-Revenue 0LH-Rent3l-Revenue
6UR
SOL
40[ ■•
38.00% I 101.5246
T.pt
r�
w«
275.36K 713.77K
ReL�e �-e qK
Apr 2023 Mar 2023 Jun 2023 J. 12023 Aug 2023 5-2023 Oct 2023 N-2023 Oec 7023 Jan 2024 Fab 2024 M-2024 Rpc 2024
NET REVENUE: CURRENT & PREVIOUS YE.A.R THE -NL RQ MEMBERSHIP REVENUE (NET)
/CCR /LXR �TMil Rc�en�c LY
40M
3001E
Em
WX
OK
CHAMPIONS CLUB MEMBERSHIP TRENDS
3537 3564 3587 3557 354_
3447 3443-'�485- -3f95'
3509 3358 3374 3414 -
3236 3287
3150 3191 3754 3=55
30TF
3QQ3 y
300a 2825
2751
2655
�--
2 Q<' 2452'
_362i'
250a
N
!1
N� 2009
L
a
.0
G
a
1509
1009
50a
a
Jan 2022 Jul2022 Jan2023 Ju12023 Jan2024
Period
CC MEMBERSHIPS CHANGES BY FISCAL YEAR & MONTH - JOINS
Fiscal Year —FY21 FY22 — FY23 — FY24
300
C 200
O
100
0
2 4
Fiscal Month � ��
JOINs,
FY21
119
112
117
163
131
155
200
320
312
228
233
192
FY22
172
205
209
254
173
192
239
350
310
253
292
185
FY23
216
258
244
286
206
212
204
326
268
266
294
203
FY24
188
182
236
318
236
225
0
CC MEMBERSHIPS CHANGES BY FISCAL YEAR & MONTH - TERMS
Fiscal Year — FY21— FY22 — FY23 — FY24
300
w
C
0 200
E
u
100
0 -
2 4 6
Fiscal Month
TERMP ATIONS
S 10 12
FY21
133
111
140
161
130
98
119
116
159
167
228
253
FY22
165
142
148
175
158
135
150
191
223
197
231
230
FY23
206
191
181
213
201
171
175
240
236
253
320
253
FY24
197
184
180
229
254
201
MULTI -YEAR CC 11EMBERSEUPS, ANALYSIS BY MEMBERSHW
TYPE - JOINS
Package Category $Adult @Family $Family No Child Watch *Senior •Youth
1000
876 845
s77
582
n
a NO459 462
� kL
274 313198 191
H21 FY24
Fiscal Ye=i
JOINS
Package FY21 FY22 FY24
Lategory
AL Adult 582 766 946 462
Family 459 599 677 292
Family No 876 1006 965 392
Child Watch
Senior 200 274 313 161
Youth 157 198 191 95
MRTI-YEAR CC MEMBERSHIPS ANALYSIS BY MEMBERSH P
TYPE - TER1IINATTON
Package Category $Adult IfFamily $Family No Child Watch *Senior GYouth
773 773
804 730
635
C
H 604 568
C 453
@ 393 389 398
400 338
6 254 192
N.
169 176
200 127 124
100 4&
fl
=Y21 FY22 FY23 FY24
Fiscal Year
Package
Category
iL
Adult
Family
Family No
Child Watch
Senior
Youth
TERMINATIONS
FY21
453
635
773
389
338
393
568
260
730
773
974
398
121
169
254
100
129
176
182
98
992
Im
MULTIYEAR CC MEMBERSHIP TERNU ATIONS BY REASON
Fiscal Year OFY20 $ FY21 • FY22 IIDFY23 • FY24
N
� 579
L 539 518
C
Soo 449
H LL
36135Q 290
216 id
181186-- 149 147
22 51 51 41 13 2F 31 34 10 32 16 52 36 11
Q 0
0
CDVID-19Closure Failed Payments No Reason/Other Not Utilizing Membership RelondngjTrawel Selected other service Transfer UnsatisAedw0Facility Dr
provider Amenities
Reason and Fiscal Year
FiscalYear COVID-19 Closure Failed Payments No Reason/Other Not Utilizing Relocating/Travel Selected other service Transfer Unsatisfied with Facility or
OL A A Membership provider M Amenities
FY20 5:39 350 51 381 149 13 156 32
FY21 1811 716 51 306 186 22 174 16
FY22 22 802 147 412 361 31 203 52
FY23 0 992 216 518 449 34 290 36
FY24 0 579 41 282 147 10 112 11
EXPERIENCE
SOUTHLAI<,.,.,E
Three Year Revenue Comparison by Month
,'I
OG
■ Fiscal Year 2022 Fiscal Year 2023 Fiscal Year 2024
EXPERIENCE
SOUTHLAI<,.,.,E
INVESTMENT REPORT
City of Southlake
January 1 to March 31, 2024
r
Hilltop Securities J�*
Contents Investment Management Team
Scott McIntyre
Market Recap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Senior Portfolio Manager
512.481.2009
Investment Officers'Certification ...........................4 Scott.McIntyre@HilltopSecurities.com
Portfolio Overview....................................5
Portfolio Overview....................................6 Greg Warner
Senior Portfolio Manager
Asset Allocation......................................7 572.487.2072
Credit Rating Summary 8 Greg.Warner@HilltopSecurities.com
Benchmark Comparison.................................9
Fund Overview.....................................10 Jodi Jones
Investment Reporting Manager
Detail of Security Holdings..............................11 572.487.2076
Jodi.Jones@HilltopSecurities.com
Famed Income.....................................12
Investment Transactions................................13
Investment Transactions Totals ............................14
Amortization and Accretion .............................15
Projected Cash Flows..................................16
Projected Cash Flows Totals..............................17
Disclosures & Disclaimers...............................18
Page 2
Hilltop Securities J�*
Market Recap
The extreme bond market volatility continued in March as investors tried to determine
exactly when the Fed would begin cutting the overnight target rate. Economic growth
and labor market conditions proved much more resilient than expected while inflation
measures failed to cool enough to quell market concerns.The result was higher yields
during the month and the expectation that rate policy would remain higher for longer.
The first market -moving release in March actually nudged yields Iower.The February ISM
Services index slipped from 53.4 to 52.6, suggesting the service sector might be taking a
breather.The following day, the February employment report appeared mixed as nonfarm
payrolls increased by a solid +275k while the previous two months were revised lower
by-167k.The separate household survey told a wildly contrasting story as the number
of employed workers fell -184k, after dropping by a combined -151 k in the previous two
months.The headline unemployment rate increased from 3.7%to 3.9%, the highest since
January 2022, as +150k workers entered (or reentered) the civilian labor force in February.
Consumer inflation was once again warmer -than -expected. Headline consumer price index
(CPI) climbed +0.4% in February, which boosted the year -over -year pace up from +3.1 % to
+3.2%. Shelter costs and gasoline combined to account for over 60% of the monthly gain.
The annual CPI core rate (which excludes food and energy) slipped from +3.9%to +3.8%
but missed the more hopeful +3.7% median forecast.
Producer prices followed the same uncomfortably warm path with headline PPI jumping
+0.6%, double both the January increase and the February median forecast. On a year -over -
year basis, overall PPI rose at a mostly benign +1.6% pace, up from +1.0% in January, while
core PPI held steady at +2.0%. Although producer prices were more in line with the Fed's
target, the shift upward was a concern.
Retail sales were generally expected to rebound after bad weather contributed to a January
sales slump, but that bounce -back wasn't nearly as strong as analysts expected with
February retail sales climbing by+0.6%, a bit weaker than the +0.8%forecast. On top of
that, the previously reported decline in January sales was revised lower from-0.8%to -1.1 %,
City of Southlake
As of March 31, 2024
while the December sales increase was revised downward from +0.4%to+0.1 %."Control
group"sales were unchanged in February after falling a revised -0.3% in January. Because
the control group is used to calculate GDP, it suggested slower Q1 GDP growth.
With a huge batch of fresh economic data to consider, Fed officials met in mid -March and
voted unanimously to leave the overnight funds rate unchanged for the fifth consecutive
meeting.The Fed's updated"dot plot"continued to show total of 75 basis points in rate
cuts this year, leaving the median funds forecast for the end of 2024 at 4.6%.The 2025
projection showed one fewer cut, moving the yearend funds forecast up from 3.6%to 3.9%
and the 2026 forecast from 2.9% to 3.1 %, although Powell noted that the dot plot is fluid
and not a plan.
The committee's GDP forecast for 2024 increased from +1.4% at the December meeting
to +2.1 %, while the 2025 forecast was revised upward from +1.8% to +2.0% and the 2026
forecast from +1.9%to +2.0%. In the Fed's mind, the likelihood of recession continues
to fade.The committee acknowledged recent higher -than -expected price pressures by
revising 2024 yearend core PCE higherfrom +2.4%to +2.6%, although the 2025 and 2026
core inflation forecasts were unchanged at+2.2%and +2.0% respectively.
Both Q1 GDP forecasts and the early data suggest growth has slowed quarter to quarter.
Just how quickly this softening of demand translates into lower prices will dictate the timing
and magnitude of rate cuts later this year.
Page 3
Securities � City of Southlake
Hillto
i� As of March 31, 2024
Investment Officers'Certification
This report is prepared for the City of South lake (the "Entity) in accordance with Chapter 2256 of the Texas Public Funds Investment
Investment Officers
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 report 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.
Nicole Bradshaw
The investment portfolio complied with the PFIA and the Entity's approved Investment Policy and Strategy throughout the period.
Nicole Bradshaw
Deputy Director of Finance
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.
Sharen Jackson
Sharen Jackson
Chief Financial Officer
Page 4
Hilltop Securities J�*Portfolio Overview
Portfolio Summary
Income Summary
31 Prior
-
Current
'Current Period 1 Jan-24
to 31 Mar-24
ParValue
159,130,603.68
155,146,458.52
Interest Income
2,103,684.46
Original Cost
159,440,589.03
155,334,990.75
Net Amortization/Accretion
(11,553.42)
BookValue
159,162,213.53
155,008,311.83
Realized Gain/(Loss)
0.00
Market Value
159,077,077.68
154,980,775.52
Net Income
2,092,131.04
Accrued Interest
76,534.98
47,230.68
BookValue Plus Accrued
159,238,748.51
155,055,542.50
•
Market Value Plus Accrued
159,153,612.66
155,028,006.20
Net Income
4,097,589.26
Net Unrealized Gain/(Loss)
(85,135.85)
(27,536.31)
Asset Allocation
Transaction Summary
City of Southlake
January 1, 2024 - March 31, 2024
Portfolio Characteristics
Yield to Maturity
5.216%
5.193%
Yield to Worst
5.216%
5.193%
Days to Final Maturity
7
13
Days to Effective Maturity
7
13
Duration
0.26
0.55
Buy 5,000,000.00 (4,841,796.88) (43,028.85) (4,884,825.73) 0.00
Maturity (5,000,000.00) 5,000,000.00 0.00 5,000,000.00 0.00
E LGIP 93.97% Coupon 0.00 0.00 134,375.00 134,375.00 0.00
MUNI2.90%
US GOVT 3.13%
Page 5
Hilltop Securities J�*
Portfolio Overview
City of Southlake
As of March 31, 2024
Maturity Distribution by Security Type Top Ten Holdings
LGIP 93.97% E MUNI 2.90% ■ US GOUT 3.13% Issuer Allocation
100%u 94.0 TEXSTAR 30.48%
TEXPOOL 28.45%
LONESTRGOV 14.72%
LONESTRCRP 11.11 %
50% TXCLASS 9.20%
United States Department ofTheTreasury 3.13%
Texas A&M University System Board of Regents 2.90%
2.9 3.1
0% -
e`�`�,cc � car`' � ter`' � ter`' �o�r5 yeas years ,eats yea�5
0 0 0
Maturity Distribution by Security Type
OvernightiSecurityType
LGIP 145,661,458.52 — — 145,661,458.52
MUNI — 4,496,626.20 — — 4,496,626.20
US GOVT — 4,850,227.10 — 4,850,227.10
Total 145,661,458.52 4,496,626.20 — — 4,850,227.10 — — — 155,008,311.83
Hilltop Securities J�*
Asset Allocation
Asset Allocation by Security Type as of
31-Dec-2023
Book Value Basis Security Distribution
AGCY CALL
LGIP
MUNI
US GOVT
PortfolioTotal
AGCY CALL 3.14%
LGIP 94.02%
MUNI 2.84%
4,995,938.55
3.14%
(3.14%)
149,645,603.68
94.02%
(0.05%)
4,520,671.30
2.84%
0.06%
0.00
0.00%
3.13%
159,162,213.53
100.000/0
City of Southlake
As of March 31, 2024
Asset Allocation by Security Type as of
31-Mar-2024
LGIP 93.97%
MUNI 2.90%
US GOVT 3.13%
0.00
0.00%
145,661,458.52
93.97%
5.347%
4,496,626.20
2.90%
0.400%
4,850,227.10
3.13%
5.007%
155,008,311.83
100.000/0
5.193%
Page 7
Hilltop Securities J�*
Credit Rating Summary
Rating Distribution
Local Government Investment Pools & Money Market Funds
AAA
Total Local Government Investment Pools & Money Market Funds
Long Term Rating Distribution
AAA
Total Long Term Rating Distribution
PortfolioTotal
145,661,458.52
93.97%
145,661,458.52 93.97%
9,346,853.31 6.03%
9,346,853.31 6.03%
155,008,311.83 100.000/0
City of Southlake
As of March 31, 2024
Allocation by Rating
■ AAA 100.00%
�. 6i
Hilltop Securities J�*
Benchmark Comparison
- City of Southlake 6 Month CMT - 1 Year CMT TexPool
7.50%
5.00%
2.50%
City of Southlake
As of March 31, 2024
0.00%
`,L'L �•1'L �'ti \.1'L ��yti .L'y �,1'L ,�'L `,y'L ��"� `,1'S L,L''� ��'� \,y'� �ti3 ��3
p� �o Qe �a �¢ �a PQ �a �J �J PJ heQ Op
Yield Overview
City of Southlake
0.44
0.59
0.79
1.10
1.49
1.91
2.23
2.64
2.92
3.23
3.38
3.55
3.78
4.00
4.22
4.37
4.61
4.75
4.91
5.07
5.22
5.20
5.21
5.19
6 Month CMT
0.54
0.78
1.12
1.55
1.96
2.43
2.93
3.45
3.87
4.20
4.50
4.72
4.84
4.95
5.07
5.20
5.29
5.38
5.47
5.50
5.48
5.43
5.39
5.36
1 Year CMT
0.47
0.64
0.85
1.10
1.37
1.68
2.05
2.42
2.79
3.15
3.45
3.73
3.96
4.21
4.42
4.62
4.80
4.93
5.01
5.06
5.08
5.09
5.09
5.12
TexPool
0.30
0.62
1.00
1.52
2.16
2.41
2.93
3.61
3.98
4.24
4.50
4.61
4.80
5.00
5.05
5.12
5.30
5.32
5.36
5.37
5.37
5.35
5.33
5.32
Hilltop Securities.
Fund Overview
General Operating 159,162,213.53 159,077,077.68 (4,096,302.16) 155,008,311.83 154,980,775.52 2,092,131.04
Total 159,162,213.53 159,077,077.68 (4,096,302.16) 155,008,311.83 154,980,775.52 2,092,131.04
City of Southlake
January 1, 2024 - March 31, 2024
13 5.193% 5.193%
13 5.193% 5.193%
Page 10
Hilltop Securities J�*
Detail of Security Holdings
General Operating
LNSTCRP
LGIP
LoneStarCorpO/N
03/31/24
LNSTGOV
LGIP
LoneStarGovO/N
03/31/24
TEXPOOL
LGIP
TexPool
03/31/24
TEXSTAR
LGIP
TexSTAR
03/31/24
TXCLASS
LGIP
Texas CLASS
03/31/24
BOARD OF REGENTS
88213AKBO
09/29/20 MUNI
TEXAS A & M UNIVERSITY
2.549 05/15/24
SYSTEM
91282CED9
03/12/24 US GOVT
U.S.Treasury Note
1.750 03/15/25
Total General
Operating
Grand Total
City of Southlake
As of March 31, 2024
17,224,044.10
100.000
17,224,044.10
17,224,044.10
100.000
17,224,044.10
1
5.483
5.483
AAA
22,813,398.78
100.000
22,813,398.78
22,813,398.78
100.000
22,813,398.78
1
5.333
5.333
AAA
44,103,041.93
100.000
44,103,041.93
44,103,041.93
100.000
44,103,041.93
1
5.316
5.316
AAA
47,252,925.34
100.000
47,252,925.34
47,252,925.34
100.000
47,252,925.34
1
5.299
5.299
AAA
14,268,048.37
100.000
14,268,048.37
14,268,048.37
100.000
14,268,048.37
1
5.465
5.465
AAA
4,485,000.00
107.731
4,831,735.35
4,496,626.20
99.720
4,472,442.00
45
0.400
0.400
AAA
5,000,000.00
96.836
4,841,796.88
4,850,227.10
96.938
4,846,875.00
349
5.007
5.007
AAA
155,146,458.52
155,334,990.75
155,008,311.83
154,980,775.52
13
5.193
5.193
155,146,458.52
155,334,990.75
155,008,311.83
154,980,775.52
13
5.193
5.193
Page 11
Hilltop Securities J�*
Earned Income
General Operating
3130ASXL8
AGCY CALL
FHLB
LNSTCRP
LGIP
LoneStar Corp O/N
LNSTGOV
LGIP
LoneStar Gov O/N
TEXPOOL
LGIP
TexPool
TEXSTAR
LGIP
TexSTAR
TXCLASS
LGIP
Texas CLASS
BOARD OF REGENTS TEXAS A&MUNIVERSITY
88213AKBO
MUNI
SYSTEM
91282CED9
US GOVT
U.S. Treasury Note
Total General
Operating
Grand Total
City of Southlake
January 1, 2024 - March 31, 2024
61,927.08
28,697.92
90,625.00
0.00
0.00
4,061.45
0.00
32,759.37
0.00
208,614.59
208,614.59
0.00
0.00
0.00
0.00
208,614.59
0.00
228,998.06
228,998.06
0.00
0.00
0.00
0.00
228,998.06
0.00
790,628.89
790,628.89
0.00
0.00
0.00
0.00
790,628.89
0.00
619,757.78
619,757.78
0.00
0.00
0.00
0.00
619,757.78
0.00
193,643.29
193,643.29
0.00
0.00
0.00
0.00
193,643.29
14,607.89
28,580.66
0.00
0.00
43,188.56
(24,045.10)
0.00
4,535.56
0.00
4,763.27
43,750.00
(43,028.85)
4,042.12
8,430.22
0.00
13,193.49
76,534.98
2,103,684.46
2,176,017.61
(43,02835)
47,230.68
(11,553.42)
0.00
2,092,131.04
76,534.98
2,103,684.46
2,176,017.61
(43,028.85)
47,230.68
(11,553.42)
0.00
2,092,131.04
Page 12
Hilltop Securities J�*
Investment Transactions
General
Operating
Buy
91282CED9
Total Buy
Coupon
3130ASXL8
91282CED9
Total Coupon
Maturity
3130ASXL8
Total Maturity
03/11/24 03/12/24 USGOVT U.S. Treasury Note
02/28/24 02/28/24 AGCY CALL FHLB
03/15/24 03/15/24 US GOVT U.S. Treasury Note
02/28/24 02/28/24 AGCY CALL FHLB
City of Southlake
January 1, 2024 - March 31, 2024
1.750
03/15/25
5,000,000.00 96.836
4,841,796.88
43,028.85
4,884,825.73
0.00 5.007 5.007
5,000,000.00
4,841,796.88
43,028.85
4,884,825.73
0.00
3.625
02/28/24
0.00
0.00
90,625.00
90,625.00
0.00 — —
1.750
03/15/25
0.00
0.00
43,750.00
43,750.00
0.00 — —
0.00
0.00
134,375.00
134,375.00
0.00
3.625
02/28/24
(5,000,000.00) 100.000
5,000,000.00
0.00
5,000,000.00
0.00 — —
(5,000,000.00)
5,000,000.00
0.00
5,000,000.00
0.00
Page 13
Hilltop Securities J�*
Investment Transactions Totals
Total Buy
5,000,000.00
(4,841,796.88)
(43,028.85)
(4,884,825.73)
0.00
Total Maturity
(5,000,000.00)
5,000,000.00
0.00
5,000,000.00
0.00
Total Coupon
0.00
0.00
134,375.00
134,375.00
0.00
City of Southlake
January 1, 2024 - March 31, 2024
5.007 5.007
4.151 4.151
Page 14
Hilltop Securities J�*
Amortization and Accretion
General Operating
3130ASXL8 09/16/22 AGCY CALL
88213AKBO 09/29/20 MUNI
91282CED9 03/12/24 US GOVT
Total General
Operating
Grand Total
City of Southlake
January 1, 2024 - March 31, 2024
FHLB 0.00
0.000 0.00
4,061.45
0.00
0.00
0.00
BOARD OF REGENTSTEXAS A& M UNIVERSITY SYSTEM 4,485,000.00
107.731 4,831,735.35
(24,045.10)
(335,109.15)
11,626.20
4,496,626.20
U.S. Treasury Note 5,000,000.00
96.836 4,841,796.88
8,430.22
8,430.22
(149,772.90)
4,850,227.10
9,485,000.00
9,673,532.23
(11,553.42)
(326,678.92)
(138,146.69)
9,346,853.31
9,485,000.00
9,673,532.23
(11,553.42)
(326,678.92)
(138,146.69)
9,346,853.31
Page 15
Hilltop Securities J�*
Projected Cash Flows
General Operating
City of Southlake
March 31, 2024 to March 31, 2025
88213AKBO
BOARD OF REGENTSTEXAS A & M UNIVERSITY SYSTEM
05/15/24
57,161.32
57,161.32
88213AKBO
BOARD OF REGENTSTEXAS A & M UNIVERSITY SYSTEM
05/15/24
4,485,000.00 4,485,000.00
91282CED9
U.S. Treasury Note
09/16/24
43,750.00
43,750.00
91282CED9
U.S. Treasury Note
03/17/25
43,750.00
43,750.00
91282CED9
U.S. Treasury Note
03/17/25
5,000,000.00 5,000,000.00
Grand Total
144,661.32
9,485,000.00 9,629,661.32
Page 16
Hilltop Securities.
Projected Cash Flows Totals
City of Southlake
March 31, 2024 to March 31, 2025
May 2024
57,161.32
4,485,000.00 4,542,161.32
September 2024
43,750.00
43,750.00
March 2025
43,750.00
5,000,000.00 5,043,750.00
Total
144,661.32
9,485,000.00 9,629,661.32
$7,500,000
$ 5,000,000
$2,500,000
$0
May-24
■ Interest ■ Nrinup,.
Page 17
Hilltop Securities J�*
Disclosures & Disclaimers
City of Southlake
As of March 31, 2024
As a courtesy to investors this information: (1) is provided for informational purposes only; (2) should not be construed as an offer to sell or a solicitation of an offer to buy any security; and (3) does not replace customer statements.
This report is designed to provide general information and is not intended to provide specific legal, investment, accounting, tax or other professional advice.
It is important to review and save all source documents provided by a product sponsor or brokerage firm which may contain notices, disclosures and other information important to you and may also serve as a reference. If conflicts between this
report and sponsor reports or confirmations exist, the information provided by the product sponsors shall prevail. Fees and sales charges paid may not be reflected in the information.
The information and data contained herein is obtained from sources believed to be reliable but its accuracy or completeness is not guaranteed. Additionally, the information may contain assets held away from HTS, therefore investors should contact
customer service or other representatives from the respective distributors or issuers to determine SIPC coverage for heldaway assets. HTS and HSAM do not guarantee the information contained herein or its accuracy or completeness regarding
contributions, withdrawals, protected values. All information is subject to further review with client to validate final values.
It is not possible to directly invest in an index. Financial forecasts, rates of return, risk, inflation, and other assumptions may be used as the basis for illustrations.They should not be considered a guarantee offuture performance or a guarantee of
achieving overall financial objectives. Past performance is not a guarantee or a predictor of future results of either the indices or any particular investment. S&P rates the creditworthiness of individual bonds from: AAA highest to D lowest.
Investing in fixed income securities involves interest rate risk, credit risk, and inflation risk. Interest rate risk is the possibility that bond prices will decrease because of an interest rate increase. When interest rates rise, bond prices and the values offixed
income securities fall. When interest rates fall, bond prices and the values of fixed income securities rise. Credit risk is the risk that a company will not be able to pay its debts, including the interest on its bonds. Inflation risk is the possibility that the
interest paid on an investment in bonds will be lower than the inflation rate, decreasing purchasing power.
Cash alternatives typically include money market securities and U.S. treasury bills. Investing in such cash alternatives involves inflation risk. In addition, investments in money market securities may involve credit risk and a risk of principal loss. Because
money market securities are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency, there is no guarantee the value of your investment will be maintained at $1.00 per share, and your shares,
when sold, may be worth more or less than what you originally paid for them. U.S. Treasury bills are subject to market risk if sold prior to maturity. Market risk is the possibility that the value, when sold, might be less than the purchase price.
Investing in stock securities involves volatility risk, market risk, business risk, and industry risk. The prices of most stocks fluctuate. Volatility risk is the chance that the value of a stock will fall. Market risk is the chance that the prices of all stocks will fall
due to conditions in the economic environment. Business risk is the chance that a specific company's stock will fall because of issues affecting it. Industry risk is the chance that a set offactors particular to an industry group will adversely affect stock
prices within the industry.
Securities offered by HTS: (1) are not FDIC (Federal Deposit Insurance Corporation) insured; (2) are not bank deposits; (3) are not guaranteed by any bank or by any other federal government agency. None ofthe named entities are affiliates of HTS or
HSAM.Hilltop Securities Asset Management (HSAM) is an SEC -registered investment advisor. Hilltop Securities Inc. (HTS) is a registered broker -dealer, registered investment adviser and municipal advisor firm that does not provide tax or legal advice.
Member of FINRA & SIPC. HTS and HSAM are wholly owned subsidiaries of Hilltop Holdings, Inc. (NYSE: HTH) located at 717 N. Harwood St., Suite 3400, Dallas,Texas 75201, (214) 859-1800, 833-4HILLTOP.
Copyright 2022, S&P Global Market Intelligence. Reproduction of any information, data or material, including ratings ("Content") in any form is prohibited except with the prior written permission ofthe relevant party. Such party, its affiliates and
suppliers ("Content Providers") do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless ofthe cause, or for the results
obtained from the use of such Content. In no event shall. Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use ofthe Content.
A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an
investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.
Page 18