Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Item 3B3 - Monthly Financial Report
Reference Page 3 Page 3 Page 4 Page 4 Page 5 MONTHLY FINANCIAL REPORT January 2025 = Negative Variance of > 4% compared to seasonal trends. Positive Negative PERFORMANCE AT A GLANCE Year to Date 3 year Trend Positive PERFORMANCE INDICATORS Positive Warning Permit Revenues Positive Positive Departmental Expenditures Summary Positive = Negative variance of 1-4% compared to seasonal trends = Positive variance or negative variance <1% compared to seasonal trends. GENERAL FUND PositiveGeneral Fund Exp. Vs. Rev. Sales Tax Revenue (2 months prior activity) Property Tax Revenue Positive Positive Positive Positive City of Southlake Monthly Financial Report 1 2/12/2025 National GDP: Housing Starts: Housing starts in December 2024 were at a seasonally adjusted rate of 1,499,000, which is 15.8% above the previous month figure of 1,294,000, and 4.4% above the same month last year. 15.8% UNEMPLOYMENT RATES 4.0% The Dallas/Fort Worth/Arlington Metropolitan Area unemployment rate for December 2024 (preliminary) decreased to 3.5% when compared to 4.0% in November 2024. 3.5% State-wide:4.2% The Texas Unemployment rate for December 2024 (preliminary) remained unchanged at 4.2% when compared to November 2024. DFW Area: ECONOMIC INDICATORS NATIONAL ECONOMY FINANCIAL ACTIVITY2.3% 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 4th quarter of 2024 increased at a rate of 2.3%. In the 3rd quarter of 2024, GDP increased at a rate of 3.1%. The National Unemployment rate for January 2025 decreased to 4.0%, compared to 4.1% in December 2024. National: 5 YEAR TREND OF NEW CONSTRUCTION PERMIT VALUES $- $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000 2021*2022*2023*2024*2025* Construction permit values*October-January City of Southlake Monthly Financial Report 2 2/12/2025 GENERAL FUND FY 2025 REVENUE FY 2025 EXPENDITURE VARIANCE Oct 1,028,185$ 3,045,596$ (2,017,411)$ Nov 2,938,364$ 4,712,733$ (1,774,369)$ Dec 6,852,653$ 4,042,253$ 2,810,400$ Jan 16,662,592$ 4,564,727$ 12,097,865$ Feb -$ -$ -$ Mar -$ -$ -$ Apr -$ -$ -$ May -$ -$ -$ Jun -$ -$ -$ Jul -$ -$ -$ Aug -$ -$ -$ Sep -$ Tot 27,481,794$ 16,365,309$ 11,116,485$ POSITIVE FY 2025 FY 2024 FY 2023 Oct 1,792,542$ 1,639,596$ 1,814,981$ Nov 1,815,114$ 1,701,432$ 1,813,575$ Dec 2,552,523$ 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 -$ 1,653,109$ 1,620,652$ Aug 1,710,382$ 2,618,139$ Sep 1,690,978$ 1,968,439$ Tot 6,160,179$ 20,928,572$ 22,429,154$ GENERAL FUND REVENUE VS EXPENDITURES 2025 OVERALL FUND PERFORMANCE: REVENUE ANALYSIS GENERAL FUND SALES TAX 2025-2023 COMPARISON CHART OUTLOOK: CHART OUTLOOK: Year-to-date revenue is trending below budget. Staff will continue to monitor revenue and expenditures closely. Year-to-date collections are trending higher than FY 2024 (7.6%)and FY 2023 (0.4%)collections.December 2024 sales are higher than December 2023 (7.1%)and December 2022 (1.8%)collections.Year-to-date collections are above budget for the year, so the outlook is considered positive. Staff will continue to monitor collections closely. POSITIVE $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 FY 2025 FY 2024 FY 2023 $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2025 REVENUE FY 2025 EXPENDITURE 2024 EXPEND. City of Southlake Monthly Financial Report 3 2/12/2025 GENERAL FUND FY 2025 FY 2024 FY 2023 Oct 415,744$ 577,913$ 380,169$ Nov 2,389,817$ 2,012,904$ 2,011,080$ Dec 4,489,786$ 8,236,314$ 4,964,620$ Jan 14,130,006$ 10,376,818$ 12,756,146$ Feb -$ 5,623,897$ 6,290,070$ Mar -$ 532,180$ 560,775$ Apr -$ 257,466$ 221,968$ May -$ 198,604$ 158,917$ Jun -$ 516,677$ 502,789$ Jul *-$ (1,139,094)$ (1,226,605)$ Aug -$ 88,418$ 69,910$ Sep -$ 16,945$ 41,259$ Tot 21,425,353$ 27,299,042$ 26,731,098$ POSITIVE FY 2025 FY 2024 FY 2023 Oct 332,221$ 110,053$ 137,332$ Nov 121,292$ 284,653$ 118,803$ Dec 104,932$ 69,759$ 88,212$ Jan 133,336$ 90,986$ 231,884$ Feb -$ 93,595$ 249,097$ Mar -$ 226,182$ 98,675$ Apr -$ 121,572$ 77,670$ May -$ 198,453$ 187,731$ Jun -$ 159,935$ 143,738$ Jul -$ 135,053$ 92,872$ Aug -$ 100,564$ 136,528$ Sep 156,642$ 157,382$ Tot 691,781$ 1,747,447$ 1,719,924$ PERMIT REVENUE 2024-2022 COMPARISON CHART OUTLOOK: REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND CHART OUTLOOK: As of January,the 2025 YTD property tax collections ($21,425,353)are approximately 1.0%and 6.5%higher than 2024 YTD ($21,203,949)and 2023 YTD ($20,112,015),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. * Net transfer of TIF revenues to TIF fund The value of new construction permits ($69.4M+)issued for FY 2025 YTD is approximately 10.8%less and 6.55%higher than in FY 2024 and FY 2023,respectively.FY 2025 YTD permit revenue is 24.5%and 20.1% higher than in FY 2024 and 2023, respectively. The permit revenue year to date is trending above budget, so the outlook is considered positive. POSITIVE $(2,000,000) $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul *Aug FY 2025 FY 2024 FY 2023 $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep FY 2025 FY 2024 FY 2023 City of Southlake Monthly Financial Report 4 2/12/2025 FY 2025 ACTUAL YTD (JANUARY) FY 2024 ACTUAL YTD (JANUARY) FY 2025 BUDGET YTD (JANUARY)FY 2025 % SPENT 354,674$ 359,175$ 442,038$ 80.24% 342,937$ 278,858$ 385,426$ 88.98% 2,002,646$ 2,283,509$ 2,907,949$ 68.87% 181,548$ 188,770$ 223,025$ 81.40% 7,193,238$ 7,334,857$ 9,029,864$ 79.66% 164,320$ 120,289$ 185,907$ 88.39% 1,089,775$ 882,558$ 1,203,377$ 90.56% 210,568$ 309,329$ 313,450$ 67.18% 1,357,150$ 964,947$ 1,716,929$ 79.05% 726,063$ 784,269$ 845,970$ 85.83% 1,578,842$ 1,982,723$ 1,952,998$ 80.84% 1,163,549$ 1,368,075$ 1,305,151$ 89.15% 16,365,310$ 16,857,359$ 20,512,084$ 79.78% EXPENDITURE ANALYSIS POSITIVE 392,203$ 41,477$ 1,836,626$ 21,587$ 113,602$ 102,882$ 359,779$ CSO DPS ED FIN HR IT DEPARTMENTAL EXPENDITURES SUMMARY 64,079$ 42,489$ COMM BUDGET VARIANCE 87,364$ 905,303$ (58,206)$ (403,881)$ (204,526)$ (492,049)$ As indicated above,2025 expenditures are less than 2024 expenditures for the same period,with a decrease of 2.9%primarily due to the timing of contract payment and legal settlement.The outlook is positive,as expenditures are on pace to be within budgeted expenditures for the fiscal year. FY 2024/2025 YTD VARIANCE (4,501)$ (280,863)$ (7,222)$ (141,619)$ 44,031$ 207,217$ SS Totals PW CMO CS 4,146,774$ CHART OUTLOOK: 141,602$ 374,156$ (98,761)$ 119,907$ PDS $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 CMO COMM CS CSO DPS ED FIN HR IT PDS PW SS FY 2025 ACTUAL YTD (JANUARY)FY 2024 ACTUAL YTD (JANUARY)FY 2025 BUDGET YTD (JANUARY) City of Southlake Monthly Financial Report 5 2/12/2025 INVESTMENT REPORT City of Southlake October 1 to December 31, 2024 ©Hilltop Securities Asset Management, LLC. All rights reserved. ©Hilltop Securities Asset Management, LLC. All rights reserved. Contents Investment Management Team Scott McIntyre Senior Portfolio Manager 512.481.2009 Scott.McIntyre@HilltopSecurities.com Greg Warner Senior Portfolio Manager 512.481.2012 Greg.Warner@HilltopSecurities.com Jodi Jones Investment Reporting Manager 512.481.2076 Jodi.Jones@HilltopSecurities.com Page 2 Market Recap � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �3 Investment Officers’ Certification � � � � � � � � � � � � � � � � � � � � � � � � � � �4 Portfolio Overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �5 Portfolio Overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �6 Asset Allocation � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �7 Credit Rating Summary � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �8 Benchmark Comparison � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �9 Fund Overview � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �10 Detail of Security Holdings � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �11 Earned 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 City of Southlake As of December 31, 2024 Page 3©Hilltop Securities Asset Management, LLC. All rights reserved. Market Recap Bond yields generally edged higher in December despite another cut to the overnight funds target by the Fed� The underlying reason for rising yields (on longer maturities) was persistent inflationary pressure� Back in September, Fed officials believed inflation was under control, shifting their primary concern to a weakening labor market which they hoped a jumbo-sized 50 basis point rate cut would revive� Since then, the inflation rate has moved sideways, while employment has perked up� The November employment report proved better than expected as U�S� businesses added +227k jobs to company payrolls� Upward revisions to the previous two months added another +56k, boosting the three-month average payroll gain from a tepid +123k to a solid +173k� In the separate household survey, a large decline in the civilian labor force pushed the unemployment rate up from 4�1% to 4�2%� Still, historically low. The November CPI report was a bit warm once again� Headline CPI rose +0�3%, while the annual pace of consumer inflation rose from +2�6% to +2�7%� It was the second consecutive increase after reaching a low of +2�4% in September� Core CPI increased by +0�3% in November and held steady at a +3�3% annual pace for the third straight month� Shelter costs were a bright spot, up +0�3% for the month and +4�7% year-over-year, the smallest annual increase in nearly four years. Fed officials ignored the solid November employment report and the frustratingly warm CPI and announced a 25 basis point rate cut on December 18th, bringing combined easing to 100 bps over the past three months� The new overnight funds target is 4�25% to 4�50%, still considered somewhat restrictive given the spread above core CPI� The committee’s updated “dot plot,” or median interest rate projection, showed a 2025 yearend forecast of 3�875%, up half a point from 3�375% in September and now calling for two more cuts in 2025 instead of four� For the end of 2026, the median forecast is now 3�375%, implying another half point reduction in 2026� The committee was more upbeat on its unemployment rate forecast, lowering expectations from 4�4% to 4�3% by the end of next year� Given that it was perceived deterioration in the labor market that prompted the FOMC to ease by 50 bps back in September, that concern seems to have been extinguished, allowing the Fed to refocus on inflation� Other central banks around the world continue to normalize their rate policies as economic growth stalls and inflation cools� In December, the Bank of Canada, and the Swiss National Bank both cut another 50 basis points, while the ECB cut another 25 bps� All else being equal, lower global rates should (eventually) exert downward pressure on U�S� bond yields� Days after Fed officials cut the overnight rate, the personal consumption expenditures (PCE) index rose by just +0�1% in November, following three straight months of +0�2% gains� On a year-over-year basis, headline PCE came in slightly below forecast at +2�4%� More importantly, core PCE rose just +0�1% in November, the coolest since May, and +2�8% year-over-year, slightly below forecast� A single month doesn’t make a trend, but this was an encouraging report. The first FOMC meeting of 2025 is at the end of January� Obviously, that’s still a month away and a lot can happen, but the committee is expected to hold rates steady until Fed officials get a better idea of the fiscal and trade policies that are likely to be implemented by the Trump administration� City of Southlake As of December 31, 2024 Page 4©Hilltop Securities Asset Management, LLC. All rights reserved.Page 4 Investment Officers 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 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� 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� Nicole Bradshaw Deputy Director of Finance Sharen Jackson Chief Financial Officer Nicole Bradshaw Sharen Jackson Page 5 City of Southlake October 1, 2024 - December 31, 2024 ©Hilltop Securities Asset Management, LLC. All rights reserved.Page 5 Portfolio Overview Portfolio Summary Asset Allocation Prior 30 Sep-24 Current 31 Dec-24 Par Value 202,400,718�94 212,892,502�65 Original Cost 201,931,493�18 212,423,276�89 Book Value 202,110,460�60 212,715,647�04 Market Value 202,409,356�94 212,858,444�40 Accrued Interest 327,192�81 310,915�30 Book Value Plus Accrued 202,437,653�42 213,026,562�33 Market Value Plus Accrued 202,736,549�75 213,169,359�70 Net Unrealized Gain/(Loss)298,896�34 142,797�36 Prior 30 Sep-24 Current 31 Dec-24 Yield to Maturity 5�136%4�657% Yield to Worst 5�136%4�657% Days to Final Maturity 65 46 Days to Effective Maturity 65 46 Duration 0�91 0�67 Transaction Summary Transaction Type Quantity Principal Interest Total Amount Realized Gain/Loss Coupon 0�00 0�00 365,625�00 365,625�00 0�00 Current Period 1 Oct-24 to 31 Dec-24 Interest Income 2,341,131�19 Net Amortization/Accretion 113,402�72 Realized Gain/(Loss)0�00 Net Income 2,454,533�91 Fiscal Year-to-Date 1 Oct-24 to 31 Dec-24 Net Income 2,454,533�91 Portfolio CharacteristicsIncome Summary City of Southlake As of December 31, 2024 Page 6©Hilltop Securities Asset Management, LLC. All rights reserved. Maturity Distribution by Security Type Security Type Overnight 0-3 Months 3-6 Months 6-9 Months 9-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Portfolio Total AGCY ------9,013,252�79 --7,009,065�11 ------16,022,317.90 LGIP 174,892,502�65 ----------------174,892,502.65 US GOVT --4,967,962�07 8,911,725�78 3,954,315�81 3,966,822�82 --------21,800,826.49 Total 174,892,502.65 4,967,962.07 8,911,725.78 12,967,568.60 3,966,822.82 7,009,065.11 ------212,715,647.04 Portfolio Overview Top Ten Holdings Issuer Allocation TEXSTAR 28�28% TEXPOOL 21�35% TXCLASS 13�02% LONESTRGOV 11�15% United States Department of The Treasury 10�25% LONESTRCRP 8�42% Federal Home Loan Banks 4�24% Federal Farm Credit Banks Funding Corporation 3�30% Maturity Distribution by Security Type City of Southlake As of December 31, 2024 Page 7©Hilltop Securities Asset Management, LLC. All rights reserved. Book Value Basis Security Distribution Security Type Prior Balance 30-Sep-24 Prior Allocation 30-Sep-24 Change in Allocation Current Balance 31-Dec-24 Current Allocation 31-Dec-24 Yield to Maturity AGCY 16,028,618�34 7�93%(0�40%)16,022,317�90 7�53%4�784% LGIP 164,400,718�94 81�34%0�88%174,892,502�65 82�22%4�606% US GOVT 21,681,123�33 10�73%(0�48%)21,800,826�49 10�25%4�972% Portfolio Total 202,110,460.60 100.00%212,715,647.04 100.00%4.657% Asset Allocation Asset Allocation by Security Type as of Asset Allocation by Security Type as of 30-Sep-2024 31-Dec-2024 City of Southlake As of December 31, 2024 Page 8©Hilltop Securities Asset Management, LLC. All rights reserved. Credit Rating Summary Rating Distribution Allocation by Rating Book Value Portfolio Allocation Local Government Investment Pools & Money Market Funds AAA 174,892,502�65 82�22% Total Local Government Investment Pools & Money Market Funds 174,892,502.65 82.22% Long Term Rating Distribution AAA 37,823,144�39 17�78% Total Long Term Rating Distribution 37,823,144.39 17.78% Portfolio Total 212,715,647.04 100.00% City of Southlake As of December 31, 2024 Page 9©Hilltop Securities Asset Management, LLC. All rights reserved. Yield Overview Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 City of Southlake 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 5.19 5.31 5.29 5.29 5.25 5.14 4.93 4.78 4.66 6 Month CMT 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 5�34 5�29 5�16 5�00 4�84 4�66 1 Year CMT 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 5�12 5�04 4�93 4�82 4�75 4�69 TexPool 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 5�32 5�30 5�16 4�91 4�73 4�56 Benchmark Comparison Page 10 City of Southlake October 1, 2024 - December 31, 2024 ©Hilltop Securities Asset Management, LLC. All rights reserved. Fund Overview Fund Name Prior Book Value Prior Market Value Changes to Market Value Current Book Value Current Market Value Net Income Days to Final Mty YTM YTW General Operating 202,110,460�60 202,409,356�94 10,449,087�46 212,715,647�04 212,858,444�40 2,454,533�91 46 4�657%4�657% Total 202,110,460.60 202,409,356.94 10,449,087.46 212,715,647.04 212,858,444.40 2,454,533.91 46 4.657%4.657% City of Southlake As of December 31, 2024 Page 11©Hilltop Securities Asset Management, LLC. All rights reserved. Detail of Security Holdings CUSIP Settle Date Security Type Security Description CPN Maturity Date Next Call Date Call Type Par Value Purch Price Original Cost Book Value Mkt Price Market Value Days to Mty Days to Call YTM YTW Rating General Operating LNSTCRP LGIP LoneStar Corp O/N 12/31/24 17,914,969�20 100�000 17,914,969�20 17,914,969�20 100�000 17,914,969�20 1 4�730 4�730 AAA LNSTGOV LGIP LoneStar Gov O/N 12/31/24 23,707,792�03 100�000 23,707,792�03 23,707,792�03 100�000 23,707,792�03 1 4�540 4�540 AAA TEXPOOL LGIP TexPool 12/31/24 45,415,482�68 100�000 45,415,482�68 45,415,482�68 100�000 45,415,482�68 1 4�561 4�561 AAA TEXSTAR LGIP TexSTAR 12/31/24 60,155,349�96 100�000 60,155,349�96 60,155,349�96 100�000 60,155,349�96 1 4�564 4�564 AAA TXCLASS LGIP Texas CLASS 12/31/24 27,698,908�78 100�000 27,698,908�78 27,698,908�78 100�000 27,698,908�78 1 4�746 4�746 AAA 91282CED9 03/12/24 US GOVT U�S� Treasury Note 1�750 03/15/25 5,000,000�00 96�836 4,841,796�88 4,967,962�07 99�469 4,973,437�50 74 5�007 5�007 AAA 912828XB1 08/09/24 US GOVT U�S� Treasury Note 2�125 05/15/25 4,000,000�00 98�125 3,925,000�00 3,963,609�09 99�203 3,968,125�00 135 4�640 4�640 AAA 91282CEU1 05/02/24 US GOVT U�S� Treasury Note 2�875 06/15/25 5,000,000�00 97�473 4,873,632�81 4,948,116�68 99�391 4,969,531�25 166 5�224 5�224 AAA 3130B1FH5 05/20/24 AGCY FHLB 5�090 07/15/25 5,000,000�00 100�037 5,001,831�80 5,000,719�27 100�388 5,019,395�00 196 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 3,954,315�81 99�297 3,971,875�00 227 5�015 5�015 AAA 3130AWS92 08/09/24 AGCY FHLB 4�875 09/12/25 4,000,000�00 100�486 4,019,440�00 4,012,533�51 100�365 4,014,600�00 255 4�410 4�410 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 3,966,822�82 99�813 3,992,500�00 349 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 2,996,288�09 100�593 3,017,790�00 493 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 4,012,777�02 100�967 4,038,688�00 520 4�765 4�765 AAA Total General Operating 212,892,502.65 212,423,276.89 212,715,647.04 212,858,444.40 46 4.657 4.657 Grand Total 212,892,502.65 212,423,276.89 212,715,647.04 212,858,444.40 46 4.657 4.657 Page 12 City of Southlake October 1, 2024 - December 31, 2024 ©Hilltop Securities Asset Management, LLC. All rights reserved. Earned Income CUSIP Security Type Security Description Beginning Accrued Interest Earned Interest Rec'd/ Sold/Matured Interest Purchased Ending Accrued Disc Accr/Prem Amort Net Realized Gain/Loss Net Income General Operating LNSTCRP LGIP LoneStar Corp O/N 0�00 218,744�98 218,744�98 0�00 0�00 0�00 0�00 218,744�98 LNSTGOV LGIP LoneStar Gov O/N 0�00 278,733�36 278,733�36 0�00 0�00 0�00 0�00 278,733�36 TEXPOOL LGIP TexPool 0�00 446,529�89 446,529�89 0�00 0�00 0�00 0�00 446,529�89 TEXSTAR LGIP TexSTAR 0�00 709,387�63 709,387�63 0�00 0�00 0�00 0�00 709,387�63 TXCLASS LGIP Texas CLASS 0�00 338,387�85 338,387�85 0�00 0�00 0�00 0�00 338,387�85 91282CED9 US GOVT U�S� Treasury Note 3,867�40 22,237�57 0�00 0�00 26,104�97 40,376�57 0�00 62,614�14 912828XB1 US GOVT U�S� Treasury Note 32,105�98 21,429�93 42,500�00 0�00 11,035�91 24,631�63 0�00 46,061�56 91282CEU1 US GOVT U�S� Treasury Note 42,418�03 36,170�57 71,875�00 0�00 6,713�60 28,202�98 0�00 64,373�54 3130B1FH5 AGCY FHLB 53,727�78 63,625�00 0�00 0�00 117,352�78 (326�53)0�00 63,298�47 91282CFE6 US GOVT U�S� Treasury Note 15,964�67 31,250�00 0�00 0�00 47,214�67 17,990�96 0�00 49,240�96 3130AWS92 AGCY FHLB 10,291�67 48,750�00 0�00 0�00 59,041�67 (4,522�05)0�00 44,227�95 91282CGA3 US GOVT U�S� Treasury Note 47,213�11 40,259�41 80,000�00 0�00 7,472�53 8,501�02 0�00 48,760�43 3133ERDZ1 AGCY FFCB 56,604�17 35,625�00 71,250�00 0�00 20,979�17 670�72 0�00 36,295�72 3133ERGA3 AGCY FFCB 65,000�00 50,000�00 100,000�00 0�00 15,000�00 (2,122�58)0�00 47,877�42 Total General Operating 327,192.81 2,341,131.19 2,357,408.71 0.00 310,915.30 113,402.72 0.00 2,454,533.91 Grand Total 327,192.81 2,341,131.19 2,357,408.71 0.00 310,915.30 113,402.72 0.00 2,454,533.91 Page 13 City of Southlake October 1, 2024 - December 31, 2024 ©Hilltop Securities Asset Management, LLC. All rights reserved. Investment Transactions CUSIP Trade Date Settle Date Security Type Security Description Coupon Maturity Date Call Date Par Value Price Principal Amount Interest Purchased/ Received Total Amount Realized Gain/ Loss YTM YTW General Operating Coupon 3133ERDZ1 11/08/24 11/08/24 AGCY FFCB 4�750 05/08/26 0�00 0�00 71,250�00 71,250�00 0�00 ---- 912828XB1 11/15/24 11/15/24 US GOVT U�S� Treasury Note 2�125 05/15/25 0�00 0�00 42,500�00 42,500�00 0�00 ---- 3133ERGA3 12/04/24 12/04/24 AGCY FFCB 5�000 06/04/26 0�00 0�00 100,000�00 100,000�00 0�00 ---- 91282CEU1 12/15/24 12/15/24 US GOVT U�S� Treasury Note 2�875 06/15/25 0�00 0�00 71,875�00 71,875�00 0�00 ---- 91282CGA3 12/15/24 12/15/24 US GOVT U�S� Treasury Note 4�000 12/15/25 0�00 0�00 80,000�00 80,000�00 0�00 ---- Total Coupon 0.00 0.00 365,625.00 365,625.00 0.00 Page 14 City of Southlake October 1, 2024 - December 31, 2024 ©Hilltop Securities Asset Management, LLC. All rights reserved. Investment Transactions Totals Transaction Type Quantity Principal Amount Interest Total Amount Realized G/L YTM YTW Total Coupon 0�00 0�00 365,625�00 365,625�00 0�00 Page 15 City of Southlake October 1, 2024 - December 31, 2024 ©Hilltop Securities Asset Management, LLC. All rights reserved. Amortization and Accretion CUSIP Settle Date Security Type Security Description Purchase Qty Orig Price Original Cost Amort/Accr for Period Total Amort/Accr Since Purch Remaining Disc/ Premium Ending Book Value General Operating 91282CED9 03/12/24 US GOVT U�S� Treasury Note 5,000,000�00 96�836 4,841,796�88 40,376�57 126,165�19 (32,037�93)4,967,962�07 912828XB1 08/09/24 US GOVT U�S� Treasury Note 4,000,000�00 98�125 3,925,000�00 24,631�63 38,609�09 (36,390�91)3,963,609�09 91282CEU1 05/02/24 US GOVT U�S� Treasury Note 5,000,000�00 97�473 4,873,632�81 28,202�98 74,483�87 (51,883�32)4,948,116�68 3130B1FH5 05/20/24 AGCY FHLB 5,000,000�00 100�037 5,001,831�80 (326�53)(1,112�53)719�27 5,000,719�27 91282CFE6 05/10/24 US GOVT U�S� Treasury Note 4,000,000�00 97�703 3,908,125�00 17,990�96 46,190�81 (45,684�19)3,954,315�81 3130AWS92 08/09/24 AGCY FHLB 4,000,000�00 100�486 4,019,440�00 (4,522�05)(6,906�49)12,533�51 4,012,533�51 91282CGA3 06/24/24 US GOVT U�S� Treasury Note 4,000,000�00 98�730 3,949,218�75 8,501�02 17,604�07 (33,177�18)3,966,822�82 3133ERDZ1 05/10/24 AGCY FFCB 3,000,000�00 99�820 2,994,588�00 670�72 1,700�09 (3,711�91)2,996,288�09 3133ERGA3 06/24/24 AGCY FFCB 4,000,000�00 100�429 4,017,141�00 (2,122�58)(4,363�98)12,777�02 4,012,777�02 Total General Operating 38,000,000.00 37,530,774.24 113,402.72 292,370.15 (176,855.61)37,823,144.39 Grand Total 38,000,000.00 37,530,774.24 113,402.72 292,370.15 (176,855.61)37,823,144.39 Page 16 City of Southlake December 31, 2024 to December 31, 2025 Projected Cash Flows CUSIP Security Description Post Date Interest Principal Total Amount General Operating 3130B1FH5 FHLB 01/15/25 127,250�00 127,250�00 91282CFE6 U�S� Treasury Note 02/18/25 62,500�00 62,500�00 3130AWS92 FHLB 03/12/25 97,500�00 97,500�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 912828XB1 U�S� Treasury Note 05/15/25 42,500�00 42,500�00 912828XB1 U�S� Treasury Note 05/15/25 4,000,000�00 4,000,000�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 3130B1FH5 FHLB 07/15/25 127,250�00 127,250�00 3130B1FH5 FHLB 07/15/25 5,000,000�00 5,000,000�00 91282CFE6 U�S� Treasury Note 08/15/25 62,500�00 62,500�00 91282CFE6 U�S� Treasury Note 08/15/25 4,000,000�00 4,000,000�00 3130AWS92 FHLB 09/12/25 97,500�00 97,500�00 3130AWS92 FHLB 09/12/25 4,000,000�00 4,000,000�00 3133ERDZ1 FFCB 11/10/25 71,250�00 71,250�00 3133ERGA3 FFCB 12/04/25 100,000�00 100,000�00 91282CGA3 U�S� Treasury Note 12/15/25 80,000�00 80,000�00 91282CGA3 U�S� Treasury Note 12/15/25 4,000,000�00 4,000,000�00 Grand Total 1,235,125.00 31,000,000.00 32,235,125.00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 17 City of Southlake December 31, 2024 to December 31, 2025 Month and Year Interest Principal Total Amount January 2025 127,250�00 127,250�00 February 2025 62,500�00 62,500�00 March 2025 141,250�00 5,000,000�00 5,141,250�00 May 2025 113,750�00 4,000,000�00 4,113,750�00 June 2025 251,875�00 5,000,000�00 5,251,875�00 July 2025 127,250�00 5,000,000�00 5,127,250�00 August 2025 62,500�00 4,000,000�00 4,062,500�00 September 2025 97,500�00 4,000,000�00 4,097,500�00 November 2025 71,250�00 71,250�00 December 2025 180,000�00 4,000,000�00 4,180,000�00 Total 1,235,125.00 31,000,000.00 32,235,125.00 Projected Cash Flows Totals ©Hilltop Securities Asset Management, LLC. All rights reserved. City of Southlake As of December 31, 2024 Page 18©Hilltop Securities Asset Management, LLC. All rights reserved. Disclosures & Disclaimers 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 held away 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 of future 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 of fixed 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 of factors 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 of the 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 of the 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 of the 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 of the 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�