Item 3B2 - Financial ReportCITY OF
SOUTHLAI<,,,,E
MONTHLY FINANCIAL REPORT
July 2024
PERFORMANCE AT A GLANCE
Year to Date
3 year Trend
Reference
General Fund Exp. Vs. Rev.
Sales Tax Revenue (2 months prior activity)
Property Tax Revenue
Permit Revenues
Departmental Expenditures Summary
Positive
Positive
Page 3
Page 3
Page 4
Page 4
Page 5
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Positive = Positive variance or negative variance <1 % compared to seasonal trends.
Warning = Negative variance of 1-4% compared to seasonal trends
Negative = Negative Variance of > 4% compared to seasonal trends.
City of Southlake Monthly Financial Report 1 8/14/2024
ECONOMIC INDICATORS
NATIONAL ECONOMY
National GDP: d 2.8%
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 "advanced" estimated GDP for the
2nd quarter of 2024 increased at a rate of 2.8%. In
the 1 st quarter of 2024, GDP increased at a rate of
1.4%.
Housina Starts: cj 2.2%
Single-family housing starts in June 2024 were at a
seasonally adjusted rate of 980,000, which is 2.2%
below the revised previous month figure of
1,002,000.
UNEMPLOYMENT RATES
National: d 4.3%
The National Unemployment rate for July 2024
slightly increased to 4.3% when compared to 4.1 % in
June 2024.
State-wide: 4.0%
The Texas Unemployment rate for June 2024
(preliminary) remained unchanged at 4.0% from May
2024.
DFW Area: j 4.3%
The Dallas/Fort Worth/Arlington Metropolitan Area
unemployment rate for June 2024 (preliminary)
increased to 4.3% when compared to 3.6% in May
2024.
FINANCIAL ACTIVITY
$180,000,000
$160,000, 000
$140,000,000
$120,000,000
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,000
2020* 2021* 2022* 2023* 2024*
*October - July ■Construction permit values
City of Southlake Monthly Financial Report 2 8/14/2024
GENERAL FUND
OVERALL FUND PERFORMANCE:
FY 2024
FY 2024
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
$ 3,892,992
$ (1,533,784)
May
$ 3,716,867
$ 4,954,116
$ (1,237,249)
$6,000,000
Jun
$ 2,947,587
$ 3,593,289
$ (645,702)
Jul
$ 1,227,830
$ 3,514,285
$ (2,286,455)
$4,000,000
Aug
$
$
$
Sep
$ -
$2,000,000
Tot
$ 49,661,330
$ 40,869,830
$ 8,791,500
CHART
OUTLOOK: I
POSITIVE
GENERAL FUND REVENUE VS EXPENDITURES 2024
� FY 2024 REVENUE � FY 2024 EXPENDITURE
Oct Nov Dec Jan Feb Mar Apr
2023 EXPEND.
■ z
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 $8.8M. The significant variance is due to the substantial portion of
property tax revenue collected (approximately 97%) of the budgeted property tax revenue sources for the general fund.
REVENUE ANALYSIS
FY 2024
FY 2023
Oct
$ 1,639,596
$ 1,814,981 $
Nov
$ 1,701,432
$ 1,813,575 $
Dec
$ 2,383,801
$ 2,507,299 $
Jan
$ 1,643,095
$ 1,539,514 $
Feb
$ 1,458,994
$ 1,436,621 $
Mar
$ 1,859,641
$ 1,836,177 $
Apr
$ 1,749,381
$ 1,708,466 $
May
$ 1,660,932
$ 1,745,742 $
Jun
$ 1,777,233
$ 1,819,551 $
Jul
$ -
$ 1,620,652 $
Aug
$ 2,618,139 $
Sep
$ 1,968,439 $
Tot
$ 15,874,105
$ 22,429,156 $
CHART OUTLOOK: I POSITIVE
FY 2022
1,613,415
$3,000,000
1,652,674
2,456,532
$2,500,000
1,602,323
1,388,859
$2,000,000
1,975,175
1,714,270
$1,500,000
1,725,777
1,792,755
$1,000,000
1,607,427
1,659,141
$500,000
1,640,639
20,828,987
$_ -
GENERAL FUND SALES TAX 2024-2022 COMPARISON
� FY 2024 � FY 2023 FY 2022
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Sep
Year to date collections are trending slightly below FY 2023 (2.1%) and FY 2022 (0.3%) collections. June sales are below June 2023 (2.3%) and June 2022 (0.9%) 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 8/14/2024
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
$ 198,604
$ 158,917
$ 151,717
Jun
$ 516,677
$ 502,789
$ 502,344
Jul *
$ (1,139,094)
$ (1,226,605)
$ (1,310,741)
Aug
$
$ 69,910
$ 69,630
Sep
$ -
$ 41,259
$ 111,205
Tot
$ 27,193,679
$ 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
$(4,000,000) -
May Jun Tui* Aug
As of July, the 2024 YTD property tax collections ($27,193,679) are approximately 2.2% and 1.9% higher than 2023 YTD ($26,619,929) and 2022 YTD ($26,682,272), 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
Oct $ 110,053 $
Nov $ 284,653 $
Dec $ 69,759 $
Jan $ 90,986 $
Feb $ 93,595 $
Mar $ 226,182 $
Apr $ 121,572 $
May $ 198,453 $
Jun $ 159,935 $
Jul $ 135,053 $
Aug $ $
Sep $
Tot $ 1,490,241 $
CI1:110101A
FY 2023
137,332 $
118,803 $
88,212 $
231,884 $
249,097 $
98,675 $
77,670 $
187,731 $
143,738 $
92,872 $
136,528 $
157,382 $
1,719,924 $
POSITIVE
FY 2022
214,445
185,109
94,663
167,045
111,545
154,046
277,691
788,270
133,244
192,902
184,578
154,833
2,658,371
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
PERMIT REVENUE 2024-2022 COMPARISON
� FY 2024 � FY 2023 -A-FY 2022
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
The value of new construction permits ($152.5M+) issued for FY 2024 YTD is approximately 25.8% higher than FY 2023 and 0.2% higher than FY 2022 permit values. FY 2024 YTD permit revenue is 4.5% higher and
35.7% 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 8/14/2024
EXPENDITURE ANALYSIS
DEPARTMENTAL EXPENDITURES SUMMARY
FY 2024 ACTUAL
FY 2023 ACTUAL
FY 2024 BUDGET
FY 2023/2024 YTD
YTD (JULY)
YTD (JULY)
YTD (JULY)
VARIANCE
BUDGET VARIANCE FY
2024 %SPENT
CIVIC)
$
990,697
$ 888,823
$ 1,018,199
$ 101,874
$ 27,502
97.30%
COMM
$
595,599
$ 515,818
$ 679,922
$ 79,781
$ 84,323
87.60%
CS
$
5,765,764
$ 5,361,142
$ 6,639,929
$ 404,622
$ 874,165
86.83%
CSO
$
496,961
$ 479,362
$ 572,918
$ 17,599
$ 75,957
86.74%
DPS
$
18,129,233
$ 17,416,178
$ 19,927,204
$ 713,055
$ 1,797,971
90.98%
ED
$
338,626
$ 269,177
$ 325,964
$ 69,449
$ (12,662)
103.88%
FIN
$
2,512,224
$ 2,308,090
$ 2,763,746
$ 204,134
$ 251,522
90.90%
HR
$
735,706
$ 778,920
$ 905,808
$ (43,214)
$ 170,102
81.22%
IT
$
2,726,162
$ 2,616,598
$ 3,302,968
$ 109,564
$ 576,806
82.54%
PDS
$
2,018,318
$ 1,964,349
$ 2,294,353
$ 53,969
$ 276,035
87.97%
PW
$
4,449,584
$ 4,270,440
$ 5,000,855
$ 179,144
$ 551,271
88.98%
SS
$
2,110,956
$ 1,550,271
$ 2,174,986
$ 560,685
$ 64,030
97.06%
Totals
$
40,869,830
$ 38,419,168
$ 45,606,852
$ 2,450,662
$ 4,737,022
89.61%
� FY 2024 ACTUAL
YTD (JULY)
� FY 2023 ACTUAL YTD (JULY) FY 2024 BUDGET YTD (JULY)
$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
CHART OUTLOOK: I POSITIVE
IT PDS PW SS
As indicated above, 2024 expenditures are are higher than the 2023 expenditures for the same period with an increase of 6.4% primarily due to to approved pay plan adjustments, increase in property insurance and
legal settlements. The outlook is positive however the budget will require amendment to cover the cost of the legal settlements and increase in property insurance.
City of Southlake Monthly Financial Report 5 8/14/2024
INVESTMENT REPORT
City of Southlake
April I to June 30, 2024
dim&
Hilltop Securities J�*
Contents Investment Management Team
Scott McIntyre
Market Recap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Senior Portfolio Manager
572.481.2009
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
Bond yields took another step down in June, despite generally mixed data, as consumer
inflation appeared to cool. The monthly employment report was once again stronger -than -
expected, and as a result drove yields to their peak for the month. U.S. businesses added
+272k workers in May following a revised +165k April increase, effectively dashing any
remaining hope for a July rate cut.The separate household survey was a different story as
the total number of employed workers actually fell by-408k, while the overall labor force
declined by-250k, pushing the headline unemployment rate up to 4.0%for the first time
since January 2022.
The May consumer price index, released the following week on the morning of the Fed's
June 12th FOMC meeting, was arguably the most anticipated news of the month. Headline
CPI was mercifully unchanged in May, bettering the +0.1 % expectation and down from
+0.3% in April. Core CPI was up +0.2% after a +0.3% increase in April. On an annual basis,
overall CPI edged slightly lower from +3.4% to +3.3%, while core CPI fell from +3.6%to
+3.4%. Allgood. Motor vehicle insurance was still up an ugly +20.3% year -over -year but
was actually down-0.3%for the month.The second straight consumer inflation report
indicating (slightly) cooler price data sparked a morning rally that drove yields sharply lower.
The June Fed meeting concluded that same afternoon, and committee members took
little comfort in the improved CPI reading. Instead, they exercised caution, which reversed
much of the post -CPI rally. As expected, the overnight rate target was left unchanged for
the seventh straight meeting.The so-called "dot plot," representing the overnight target
rate projections of 19 voting and non -voting committee members, was a surprise as the
number of expected quarter point cuts for 2024 was lowered from three at the March
meeting tojust one. Although this recalibration seems to show a more hawkish stance, the
reality is there are simply fewer opportunities to ease as theyear winds down. Total rate cuts
of 100 basis points were forecasted for both next year and 2026. If core inflation were to
fall back to the Fed's +2.0%target sooner than expected, the Fed might be incentivized to
move more aggressively.
City of Southlake
As of June 30, 2024
The May retail sales report proved a bit softer than forecast, upjust +0.1 %. Auto sales made
the biggest positive contribution, while gasoline sales were among the categories that fell.
But, perhaps the most important news in the report was that restaurant and bar sales took a
step back.This seemed to indicate that consumers'discretionary spending capacity may be
waning. On a related note, both new and existing home sales fell in May, not due to a lack
of demand, but rather continued lean housing supply. As a result, the median sales price
climbed to a record $419,300, unaffordable for the average buyer and adding unwelcome
pressure to the rental market.
A cautious approach by Fed officials is warranted. Central Bank credibility is at stake. It's
still far too early to declare victory in the inflation battle. Labor remains in short supply and
housing is scarce. This signals continued pressure on both wages and shelter costs, the two
primary drivers of U.S. price pressure.
The European Central Bank (ECB) and the Bank of Canada both cut rates in June. In Canada's
case, it might have been premature as the May inflation rate unexpectedly reversed a
downslide and moved higher. With its patient stance, the Fed hopes to avoid a similar policy
misstep.
Page 3
Hillto Securities � City Southlake
i� As of June 30, 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
Nicole Bradshaw
preceding reporting period."This report is signed bythe Entity's investment officers and includes the disclosures required in the PFIA.
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
Prior
Current
'Current Period
I Apr-24 to 30 Jun-24
ParValue
155,146,458.52
175,369,035.53
Interest Income
2,069,905.61
Original Cost
155,334,990.75
174,955,369.77
Net Amortization/Accretion
55,608.57
BookValue
155,008,311.83
175,031,034.77
Realized Gain/(Loss)
0.00
Market Value
154,980,775.52
175,014,659.78
Net Income
2,125,514.18
Accrued Interest
47,230.68
153,796.41
BookValue Plus Accrued
155,055,542.50
175,184,831.17
r
Market Value Plus Accrued
155,028,006.20
175,168,456.19
Net Income
6,223,103.44
Net Unrealized Gain/(Loss)
(27,536.31)
(16,374.99)
Asset Allocation
Transaction Summary
City of Southlake
April 1, 2024 - June 30, 2024
Portfolio Characteristics
Yield to Maturity
5.193%
5.288%
Yield to Worst
5.193%
5.288%
Days to Final Maturity
13
78
Days to Effective Maturity
13
78
Duration
0.55
1.19
Buy 25,000,000.00 (24,744,537.36) (102,448.13) (24,846,985.49) 0.00
Maturity (4,485,000.00) 4,485,000.00 0.00 4,485,000.00 0.00
E AGCY 6.86% Coupon 0.00 0.00 129,036.33 129,036.33 0.00
LGIP 83.05%
US GOVT 10.08%
Page 5
lake
Hillto Securities. J City S
p As of unee 30, 202424
Portfolio Overview
Maturity Distribution by Security Type
Top Ten Holdings
■ AGCY 6.86% ■ LGIP 83.05%
■ US GOVT 10.08%
Issuer
Allocation
1000/0
TEXSTAR
27.36%
83.1
TEXPOOL
19.35%
75%
LONESTRGOV
13.21%
TXCLASS
13.16%
50%
United States Department ofTheTreasury
10.08%
LONESTRCRP
9.97%
25%
Federal Farm Credit Banks Funding Corporation
4.01 %
11.4
Federal Home Loan Banks
2.86%
2.8 2.8
■
0%
r`
-
po5
Maturity Distribution by Security Type
SecurityType Overnight 0-3 Months
3-6 Months
6-9 Months
9-12 Months 1-2Years 2-3Years 3-4Years
4-5Years PortfolioTotal
AGCY
12,013,392.16
12,013,392.16
LGIP 145,369,035.53
145,369,035.53
USGOVT
4,888,554.12
4,891,875.27 7,868,177.69
17,648,607.08
Total 145,369,035.53
— —
4,888,554.12
4,891,875.27 19,881,569.85 — —
— 175,031,034.77
Hilltop Securities J�*
Asset Allocation
Asset Allocation by Security Type as of
31-Mar-2024
LGIP 93.97%
MUNI 2.90%
US GOVT 3.13%
Book Value Basis Security Distribution
City of Southlake
As of June 30, 2024
Asset Allocation by Security Type as of
30-Jun-2024
AGCY 6.86%
LGIP 83.05%
US GOVT 10.08%
AGCY
0.00
0.000/0
6.86%
12,013,392.16
6.86%
4.909%
LGIP
145,661,458.52
93.97%
(10.92%)
145,369,035.53
83.05%
5.349%
MUNI
4,496,626.20
2.90%
(2.90%)
0.00
0.00%
US GOVT
4,850,227.10
3.13%
6.95%
17,648,607.08
10.08%
5.045%
PortfolioTotal
155,008,311.83
100.000/0
175,031,034.77
100.000/0
5.288%
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
145,369,035.53
83.05%
145,369,03553 83.05%
29,661,999.24 16.95%
29,661,999.24 16.95%
175,031,034.77 100.000/0
City of Southlake
As of June 30, 2024
Allocation by Rating
■ AAA 100.00%
�. 6i
Hilltop Securities J�*
Benchmark Comparison
- City of Southlake 6 Month CMT - 1 Year CMT TexPool
4.00%
2.00%
0.00%
Yield Overview
City of Southlake
As of June 30, 2024
City of Southlake
1.10
1.49
1.91
2.23
2.64
2.92
3.23
3.38
3.55
3.78
4.00
4.22
437
4.61
4.75
4.91
5.07
5.22
5.20
5.21
5.19
5.19
5.31
5.29
6 Month CMT
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
5.33
5.33
5.34
1 Year CMT
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
5.15
5.17
5.16
TexPool
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
5.31
5.32
5.31
Hilltop Securities.
Fund Overview
General Operating 155,008,311.83 154,980,775.52 20,033,884.26 175,031,034.77 175,014,659.78 2,125,514.18
Total 155,008,311.83 154,980,775.52 20,033,884.26 175,031,034.77 175,014,659.78 2,125,514.18
City of Southlake
April 1, 2024 - June 30, 2024
78 5.288% 5.288%
78 5.288% 5.288%
Page 10
Hilltop Securities J�*
Detail of Security Holdings
General Operating
City of Southlake
As of June 30, 2024
LNSTCRP
LGIP
LoneStarCorpO/N
06/30/24
17,458,339.64 100.000
17,458,339.64
17,458,339.64
100.000
17,458,339.64
1
5.440
5.440
AAA
LNSTGOV
LGIP
LoneStarGovO/N
06/30/24
23,121,182.09 100.000
23,121,182.09
23,121,182.09
100.000
23,121,182.09
1
5.330
5.330
AAA
TEXPOOL
LGIP
TexPool
06/30/24
33,870,712.19 100.000
33,870,712.19
33,870,712.19
100.000
33,870,712.19
1
5.312
5.312
AAA
TEXSTAR
LGIP
TexSTAR
06/30/24
47,881,033.78 100.000
47,881,033.78
47,881,033.78
100.000
47,881,033.78
1
5.313
5.313
AAA
TXCLASS
LGIP
Texas CLASS
06/30/24
23,037,767.83 100.000
23,037,767.83
23,037,767.83
100.000
23,037,767.83
1
5.428
5.428
AAA
91282CED9
03/12/24
USGOVT
U.S. Treasury Note
1.750
03/15/25
5,000,000.00 96.836
4,841,796.88
4,888,554.12
97.578
4,878,906.25
258
5.007
5.007
AAA
91282CEU1
05/02/24
USGOVT
U.S.Treasury Note
2.875
06/15/25
5,000,000.00 97.473
4,873,632.81
4,891,875.27
97.875
4,893,750.00
350
5.224
5.224
AAA
313061FH5
05/20/24
AGCY
FHLB
5.090
07/15/25
5,000,000.00 100.037
5,001,831.80
5,001,449.93
99.898
4,994,920.00
380
5.063
5.063
AAA
91282CFE6
05/10/24
US GOVT
U.S.Treasury Note
3.125
08/15/25
4,000,000.00 97.703
3,908,125.00
3,918,315.29
97.891
3,915,625.00
411
5.015
5.015
AAA
91282CGA3
06/24/24
US GOVT
U.S.Treasury Note
4.000
12/15/25
4,000,000.00 98.730
3,949,218.75
3,949,862.40
98.703
3,948,125.00
533
4.902
4.902
AAA
3133ERDZ1
05/10/24
AGCY
FFCB
4.750
05/08/26
3,000,000.00 99.820
2,994,588.00
2,994,959.72
99.914
2,997,414.00
677
4.846
4.846
AAA
3133ERGA3
06/24/24
AGCY
FFCB
5.000
06/04/26
4,000,000.00 100.429
4,017,141.00
4,016,982.52
100.422
4,016,884.00
704
4.765
4.765
AAA
Total General
175,369,035.53
174,955,369.77
175,031,034.77
175,014,659.78
78
5.288
5.288
Operating
Grand Total
175,369,03553
174,955,369.77
175,031,034.77
175,014,659.78
78
5.288 5.288
Page 11
Hilltop Securities J�*
Earned Income
General Operating
BOARD OF REGENTSTEXAS A & M UNIVERSITY
88213AKBO
MUNI
SYSTEM
LNSTCRP
LGIP
LoneStar Corp O/N
LNSTGOV
LGIP
LoneStar Gov O/N
TEXPOOL
LGIP
TexPool
TEXSTAR
LGIP
TexSTAR
TXCLASS
LGIP
Texas CLASS
91282CED9
US GOVT
U.S. Treasury Note
91282CEU1
US GOVT
U.S. Treasury Note
3130B1FH5
AGCY
FHLB
91282CFE6
US GOVT
U.S. Treasury Note
91282CGA3
US GOVT
U.S. Treasury Note
3133ERDZ1
AGCY
FFCB
3133ERGA3
AGCY
FFCB
Total General
Operating
Grand Total
City of Southlake
April 1, 2024 - June 30, 2024
43,188.56
13,972.77
57,161.33
0.00
0.00
(11,626.20)
0.00
2,346.57
0.00
234,247.99
234,247.99
0.00
0.00
0.00
0.00
234,247.99
0.00
303,477.53
303,477.53
0.00
0.00
0.00
0.00
303,477.53
0.00
501,198.26
501,198.26
0.00
0.00
0.00
0.00
501,198.26
0.00
628,108.44
628,108.44
0.00
0.00
0.00
0.00
628,108.44
0.00
269,719.46
269,719.46
0.00
0.00
0.00
0.00
269,719.46
4,042.12
21,637.23
0.00
0.00
25,679.35
38,327.01
0.00
59,964.24
0.00
23,565.57
71,875.00
(54,593.58)
6,284.15
18,242.46
0.00
41,808.03
0.00
28,984.72
0.00
(2,827.78)
31,812.50
(381.87)
0.00
28,602.85
0.00
17,857.14
0.00
(29,189.56)
47,046.70
10,190.29
0.00
28,047.43
0.00
3,060.11
0.00
(3,934.43)
6,994.54
643.65
0.00
3,703.76
0.00
20,187.50
0.00
(791.67)
20,979.17
371.72
0.00
20,559.21
0.00
3,888.89
0.00
(11,111.11)
15,000.00
(158.48)
0.00
3,730.41
47,230.68
2,069,905.61
2,065,788.01
(102,448.13)
153,796.41
55,608.57
0.00
2,125,514.18
47,230.68
2,069,905.61
2,065,788.01
(102,448.13)
153,796.41
55,608.57
0.00
2,125,514.18
Page 12
Hilltop Securities J�*
Investment Transactions
General
Operating
Buy
91282CEU1
3133ERDZ1
91282CFE6
3130B1FH5
3133ERGA3
91282CGA3
Total Buy
Coupon
88213AKBO
91282CEU1
Total Coupon
Maturity
88213AKBO
Total Maturity
05/01/24
05/02/24
US GOVT
U.S. Treasury Note
2.875
06/15/25
05/09/24
05/10/24
AGCY
FFCB
4.750
05/08/26
05/09/24
05/10/24
US GOVT
U.S. Treasury Note
3.125
08/15/25
05/17/24
05/20/24
AGCY
FHLB
5.090
07/15/25
06/21/24
06/24/24
AGCY
FFCB
5.000
06/04/26
06/21/24
06/24/24
US GOVT
U.S. Treasury Note
4.000
12/15/25
BOARD OF REGENTS TEXAS A & M
05/15/24
05/15/24
MUNI
2.549
05/15/24
UNIVERSITY SYSTEM
06/15/24
06/15/24
US GOVT
U.S. Treasury Note
2.875
06/15/25
05/15/24 05/15/24 MUNI BOARD OF REGENTS TEXAS A & M 2.549 05/15/24
UNIVERSITY SYSTEM
City of Southlake
April 1, 2024 - June 30, 2024
5,000,000.00
97.473
4,873,632.81
54,593.58
4,928,226.39
0.00
5.224
5.224
3,000,000.00
99.820
2,994,588.00
791.67
2,995,379.67
0.00
4.846
4.846
4,000,000.00
97.703
3,908,125.00
29,189.56
3,937,314.56
0.00
5.015
5.015
5,000,000.00
100.037
5,001,831.80
2,827.78
5,004,659.58
0.00
5.063
5.063
4,000,000.00
100.429
4,017,141.00
11,111.11
4,028,252.11
0.00
4.765
4.765
4,000,000.00
98.730
3,949,218.75
3,934.43
3,953,153.18
0.00
4.902
4.902
25=000.00
24,744,537.36
102,448.13
24,846,985.49
0.00
0.00
0.00
57,161.33
57,161.33
0.00
—
—
0.00
0.00
71,875.00
71,875.00
0.00
—
—
0.00
0.00
129,036.33
129,03633
0.00
(4,485,000.00)
100.000
4,485,000.00
0.00
4,485,000.00
0.00
—
—
(4,485,000.00)
4,485,000.00
0.00
4,485,000.00
0.00
Page 13
Hilltop Securities J�*
Investment Transactions Totals
Total Buy
25,000,000.00
(24,744,537.36)
(102,448.13)
(24,846,985.49)
0.00
Total Maturity
(4,485,000.00)
4,485,000.00
0.00
4,485,000.00
0.00
Total Coupon
0.00
0.00
129,036.33
129,036.33
0.00
City of Southlake
April 1, 2024 - June 30, 2024
4.987 4.987
0.400 0.400
Page 14
Hilltop Securities J�*
Amortization and Accretion
General Operating
88213AKBO
09/29/20
MUNI
91282CED9
03/12/24
US GOVT
91282CEU1
05/02/24
US GOVT
3130B1FH5
05/20/24
AGCY
91282CFE6
05/10/24
US GOVT
91282CGA3
06/24/24
US GOVT
3133ERDZ1
05/10/24
AGCY
3133ERGA3
06/24/24
AGCY
Total General
Operating
Grand Total
BOARD OF REGENTSTEXAS A & M UNIVERSITY SYSTEM
U.S.Treasury Note
U.S. Treasury Note
FHLB
U.S. Treasury Note
U.S. Treasury Note
FFCB
FFCB
City of Southlake
April 1, 2024 - June 30, 2024
0.00
0.000
0.00
(11,626.20)
0.00
0.00
0.00
5,000,000.00
96.836
4,841,796.88
38,327.01
46,757.24
(111,445.88)
4,888,554.12
5,000,000.00
97A73
4,873,632.81
18,242.46
18,242.46
(108,124.73)
4,891,875.27
5,000,000.00
100.037
5,001,831.80
(381.87)
(381.87)
1,449.93
5,001,449.93
4,000,000.00
97.703
3,908,125.00
10,190.29
10,190.29
(81,684.71)
3,918,315.29
4,000,000.00
98.730
3,949,218.75
643.65
643.65
(50,137.60)
3,949,862.40
3,000,000.00
99.820
2,994,588.00
371.72
371.72
(5,040.28)
2,994,959.72
4,000,000.00
100.429
4,017,141.00
(158.48)
(158.48)
16,982.52
4,016,982.52
30,000,000.00
29,586,334.24
55,608.57
75,665.00
(338,000.76)
29,661,999.24
30,000,000.00
29,586,334.24
55,608.57
75,665.00
(338,000.76)
29,661,999.24
Page 15
Hilltop Securities J�*
Projected Cash Flows
General Operating
City of Southlake
June 30, 2024 to June 30, 2025
313061FH5
FHLB
07/15/24
41,709.72
41,709.72
91282CFE6
U.S. Treasury Note
08/15/24
62,500.00
62,500.00
91282CED9
U.S. Treasury Note
09/16/24
43,750.00
43,750.00
3133ERDZ1
FFCB
11/08/24
71,250.00
71,250.00
3133ERGA3
FFCB
12/04/24
100,000.00
100,000.00
91282CEU1
U.S. Treasury Note
12/16/24
71,875.00
71,875.00
91282CGA3
U.S.Treasury Note
12/16/24
80,000.00
80,000.00
313061FH5
FHLB
01/15/25
127,250.00
127,250.00
91282CFE6
U.S. Treasury Note
02/18/25
62,500.00
62,500.00
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
3133ERDZ1
FFCB
05/08/25
71,250.00
71,250.00
3133ERGA3
FFCB
06/04/25
100,000.00
100,000.00
91282CEU1
U.S. Treasury Note
06/16/25
71,875.00
71,875.00
91282CEU1
U.S. Treasury Note
06/16/25
5,000,000.00 5,000,000.00
91282CGA3
U.S. Treasury Note
06/16/25
80,000.00
80,000.00
Grand Total
1,027,709.72
10,000,000.00 11,027,709.72
Page 16
Hilltop Securities J�*
Projected Cash Flows Totals
July 2024
41,709.72
August 2024
62,500.00
September 2024
43,750.00
November 2024
71,250.00
December 2024
251,875.00
January 2025
127,250.00
February 2025
62,500.00
March 2025
43,750.00
May 2025
71,250.00
June 2025
251,875.00
Total
1,027,709.72
■ Interest ■ Principal
$7,500,000
$ 5,000,000
$2,500,000
$0
Jul-24 Aug-24 Sep-24 Nov-24 Dec-24 Jan-25
Feb -
City of Southlake
June 30, 2024 to June 30, 2025
41,709.72
62,500.00
43,750.00
71,250.00
251,875.00
127,250.00
62,500.00
5,000,000.00 5,043,750.00
71,250.00
5,000,000.00 5,251,875.00
10,000,000.00 11,027,709.72
✓lay-25 Jun-25
Page 17
Hilltop Securities J�*
Disclosures & Disclaimers
City of Southlake
As of June 30, 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
EXPERIENC
SOUTHLA
July 23, 2024
The Marq Financial Review
10/1/2023 9/30/2024
a)
.f
CC
CEDC FINANCIAL DASHBOARD
LH NET REVENUE: CURRENT & PREVIOUS YEAR
66.00%
114.15% 73.00% 115.09%
38.00% 108.66%
Ta =a
ATT Taxget ATT
Ta =a ATT
3.76M
4.99M 3.34M 3.98M
418.57K 1.01 M
R—,
Elm R._'_ Elm
Rey'— Elm
THE MARQ MEMBERSHIP RE VENZUE (NET)
400K 147K
5�K
as of 7/23/2024 1:33 PM
OCCR \LHR —Total Revenue LY'
�� _.
374K
ii ;:Lg 2',-5 Sep l-_2.: C•ct --23 Nov 2023 Dec2023 Jan 2024 Feb 2024 Mar2024 Apr 2024 May 2024 Jun 2024 Ju12024
THE AI ARQ RENTALS REVENUE (NET)
0 CC -Rental -Revenue • LH-Rental-Revenue • Sum Revenue LY
250K nnr - _ _ _..
200K
150K
100K
50K .. .. .. .. .. ....
OK
Jul 2023 Aug Sep 2023 Oct 2023 Nov Dec 2023 Jan 2024 Feb 2024 Mar Apr 2024 May Jun 2024 Jul 2024
2023 2023 2024 2024
100K
1 50K .... ....
1 40K
1 20K
I OK ..
Jul 2023 Aug Sep 2023 Oct 2023 ov NDec Jan 2024 Feb 2024 Mar Apr 2024 May Jun 2024 1u12024
2023 2023 2023 2024 2024
C}L4..1IPIONS CLUB MEMBERSHIP TRENDS
3500
39
2500
2OW
2Q8�
1939 1948
1500
500
2151
2SU7 2581
2490
r3191
3O77
,..5 3587
32V 3�14
3634 3632
Jul 2021
Jan 2022
Jul 2022
Jan 2023
Jul 2023
Jan 2024
MEMMERSHIPS BY TYPE
•Family No Child Watch *Adult OFamily •Senior •Youth
10.
21.19 a
6.25%
L 25.86%
a6.53
EXPERIENCE
SOUTHLAI<,.,.,E
.01
)00
)00
)00
)00
)00
Three Year Revenue Comparison by Month
I
■ Fiscal Year 2022 Fiscal Year 2023 Fiscal Year 2024
EXPERIENCE
SOUTHLAI<,.,.,E