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Item 3B2 - Monthly Financial Report
Item 3132 CITY OF S0UTHLA1<,..-E 0 MONTHLY FINANCIAL REPORT July 2025 PERFORMANCE AT A GLANCE Year to Date 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 = 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 8/12/2025 ECONOMIC INDICATORS NATIONAL ECONOMY GDP is defined as the output of goods and services produced by labor and property located in the United States, The Bureau of Labor and Economic Analysis reported that the "advanced" estimated GDP for the 2nd quarter of 2025 increased at a rate of 3.0%. In $iso,000,000 the 1st quarter of 2025, GDP decreased at a rate of 0.5%. $160,000,000 Housing Starts: 4 4.60% $140,000,000 Housing starts in June 2025 were at a seasonally $120,000,000 adjusted rate of 883,000, 4.6% below the previous month's figure of 926,000. $100,000,000 UNEMPLOYMENT RATES $80,000,000 National: d 4.2% The National Unemployment rate for July 2025 $60,000,000 slightly increased to 4.2% when compared to 4.1 % in June 2025. $40,000,000 State-wide: d 4.0% The Texas Unemployment rate for June 2025 $20,000,000 (preliminary) slightly decreased to 4.0% when compared to 4.1 % in May 2025. $- FINANCIAL ACTIVITY V Area: 1/ 3.8% 2021* 2022* 2023* 2024* 2025* Dallas/Fort Worth/Arlington Metropolitan Area *October -May ■ Construction permit values nployment rate forJune 2025 (preliminary) rased to 3.8% when compared to 3.7% in May City of Southlake Monthly Financial Report 2 8/12/2025 GENERAL FUND OVERALL FUND PERFORMANCE: GENERAL FUND REVENUE VS EXPENDITURES 2025 FY 2025 FY 2025 FY 2025 REVENUE FY 2025 EXPENDITURE 2024 EXPEND. REVENUE EXPENDITURE VARIANCE Oct $ 995,965 $ 3,045,596 $ (2,049,631) $18,000,000 Nov $ 2,899,854 $ 4,712,733 $ (1,812,879) $16,000,000 Dec $ 6,811,678 $ 4,042,253 $ 2,769,425 Jan $ 16,742,515 $ 4,736,543 $ 12,005,972 $14,000,000 Feb $ 9,551,595 $ 4,119,025 $ 5,432,570 $12,000,000 Mar $ 3,025,087 $ 3,771,340 $ (746,253) Apr May Jun $ 2,459,629 $ 3,880,915 $ 2,976,792 $ 4,233,724 $ 5,043,930 $ 3,851,863 $ $ $ (1,774,095) (1,163,015) (875,071) $10,000,000 $8,000,000 Jul $ 1,577,049 $ 3,671,498 $ (2,094,449) $6,000,000 . Aug $ $ $ $4,000,000 — — — Sep$ Tot Tot $ 50,921,079 $ 41,228,505 $ 9,692,574 $2,000,000 $- CHART OUTLOOK: POSITIVE Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep The outlook for the year is positive as overall revenues and expenditures are on target with budget. The expenditures are higher than revenues by almost $9.7M. The significant variance is due to the significant portion of property tax revenue collected (approximately 97%) of the budgeted property tax revenue sources for the general fund. REVENUE ANALYSIS GENERAL FUND SALES TAX 2025-2023 COMPARISON FY 2025 FY 2024 FY 2023 � FY 2025 � FY 2024 FY 2023 Oct $ 1,792,542 $ 1,639,596 $ 1,814,981 $3,000,000 Nov $ 1,815,114 $ 1,701,432 $ 1,813,575 Dec $ 2,552,523 $ 2,383,801 $ 2,507,299 $2,500,000 Jan $ 1,722,503 $ 1,643,095 $ 1,539,514 ' Feb $ 1,470,957 $ 1,458,994 $ 1,436,621 $2,000,000 Mar Apr $ 1,961,273 $ 1,828,118 $ 1,859,641 $ 1,749,381 $ $ 1,836,177 1,708,466 $1,500,000 P — May $ 1,836,616 $ 1,660,932 $ 1,745,742 Jun $ 1,837,179 $ 1,777,233 $ 1,819,551 $1,000,000 Jul $ - $ 1,653,109 $ 1,620,652 Aug $ $ 1,710,382 $ 2,618,139 $500,000 Sep $ $ 1,690,978 $ 1,968,439 Tot $ 16,816,825 $ 20,928,572 $ 22,429,154 $- Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep CHART OUTLOOK: POSITIVE Year-to-date collections are trending higher than FY 2024 (5.9%) and FY 2023 (3.7%) collections. June 2025 sales are higher than June 2024 (3.4%) and June 2023 (1.0%) collections. Year-to-date collections are above budget for the year and the proper budget amendment will be proposed during the budget process. Staff will continue to monitor collections closely. City of Southlake Monthly Financial Report 3 8/12/2025 GENERAL FUND REVENUE ANALYSIS (continued) PROPERTY TAX 3 YEAR TREND FY 2025 FY 2024 FY 2023 ■ FY 2025 ■ FY 2024 FY 2023 Oct $ 415,744 $ 577,913 $ 380,169 $16,000,000 Nov $ 2,389,817 $ 2,012,904 $ 2,011,080 $14,000,000 Dec $ 4,489,786 $ 8,236,314 $ 4,964,620 $12,000,000 Jan $ 14,130,006 $ 10,376,818 $ 12,756,146 $10,000,000 Feb $ 5,620,386 $ 5,623,897 $ 6,290,070 $5,000,000 Mar $ 640,868 $ 532,180 $ 560,775 Apr $ 295,560 $ 257,466 $ 221,968 $6,000,000 May $ 205,571 $ 198,604 $ 158,917 $4,000,000 Jun $ 460,606 $ 516,677 $ 502,789 $2,000,000 Jul * $ (1,089,408) $ (1,139,094) $ (1,226,605) $- - Aug $ - $ 88,418 $ 69,910 $(2,000,000) Oct Nov Dec Jan Feb Mar Apr May Jun JulAug Sep $ $ 16,945 $ 41,259 Tot $ 27,558,936 $ 27,299,042 $ 26,731,098 * Net transfer of TIF revenues to CHART OUTLOOK: POSITIVE TIF fund As of July, the 2025 YTD property tax collections ($27,558,936) are approximately 1.3% and 3.5% higher than the 2024 YTD ($27,193,679) and 2023 YTD ($26,619,929), 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, and the proper budget amendment will be proposed during the budget process. PERMIT REVENUE 2024-2022 COMPARISON FY 2025 FY 2024 FY 2023 � FY 2025 � FY 2024 FY 2023 Oct $ 332,221 $ 110,053 $ 137,332 $350,000 Nov $ 121,292 $ 284,653 $ 118,803 Dec $ 104,932 $ 69,759 $ 88,212 $300,000 Jan $ 133,336 $ 90,986 $ 231,884 Feb $ 145,396 $ 93,595 $ 249,097 $250,000 Mar $ 135,536 $ 226,182 $ 98,675 Apr $ 137,408 $ 121,572 $ 77,670 $200,000 May $ 192,289 $ 198,453 $ 187,731 Jun $ 152,593 $ 159,935 $ 143,738 $150,000 -� Jul $ 124,896 $ 135,053 $ 92,872 $100,000 LON Aug $ - $ 100,564 $ 136,528 Sep $ 156,642 $ 157,382 $50,000 Tot $ 1,579,899 $ 1,747,447 $ 1,719,924 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep CHART OUTLOOK: POSITIVE The value of new construction permits ($164.9M+) issued for FY 2025 YTD is approximately 8.2% and 36.1 % higher than in FY 2024 and FY 2023, respectively. FY 2025 YTD permit revenue is 6.0% and 10.8% higher than in FY 2024 and 2023, respectively. The permit revenue year to date is trending above budget, so the outlook is considered positive. City of Southlake Monthly Financial Report 4 8/12/2025 EXPENDITURE ANALYSIS DEPARTMENTAL EXPENDITURES SUMMARY FY 2025 ACTUAL FY 2024 ACTUAL FY 2025 BUDGET FY 2024/2025 YTD YTD (JULY) YTD (JULY) YTD (JULY) VARIANCE BUDGET VARIANCE FY 2025 % SPENT CIAO $ 971,823 $ 990,697 $ 1,079,522 $ (18,874) $ 107,699 90.02% COMM $ 702,040 $ 595,599 $ 702,041 $ 106,441 $ 1 100.00% CS $ 5,335,187 $ 5,765,764 $ 6,361,474 $ (430,577) $ 1,026,287 83.87% C5O $ 493,248 $ 496,961 $ 576,627 $ (3,713) $ 83,379 85.54% DPS $ 18,842,852 $ 18,129,233 $ 20,894,189 $ 713,619 $ 2,051,337 90.18% ED $ 391,379 $ 338,626 $ 483,990 $ 52,753 $ 92,611 80.87% FIN $ 2,575,313 $ 2,512,224 $ 2,764,039 $ 63,089 $ 188,726 93.17% HR $ 585,087 $ 735,706 $ 896,524 $ (150,619) $ 311,437 65.26% IT $ 3,203,490 $ 2,726,162 $ 3,989,820 $ 477,328 $ 786,330 80.29% PDS $ 1,932,449 $ 2,018,318 $ 2,260,550 $ (85,869) $ 328,101 85.49% PW $ 4,365,597 $ 4,449,584 $ 5,068,371 $ (83,987) $ 702,774 86.13% SS $ 1,830,040 $ 2,110,956 $ 2,164,431 $ (280,916) $ 334,391 84.55% Totals $ 41,228,505 $ 40,869,830 $ 47,241,578 $ 358,675 $ 6,013,073 87.27% FY 2025 ACTUAL YTD (JULY) FY 2024 ACTUAL YTD (JULY) FY 2025 BUDGET YTD (JULY) $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 jk $4,000,000 $2,000,000 $- CIAO COMM CS CSO DPS ED FIN HR IT PDS PW SS CHART OUTLOOK: POSITIVE As indicated above, 2025 expenditures are slightly higher than 2024 expenditures for the same period, with an increase of 0.88%. The outlook is positive, as expenditures are on pace to be within budgeted expenditures for the fiscal year. City of Southlake Monthly Financial Report 5 8/12/2025 EXPERIENCE � SOUTHLAKE The Marq Financial Review =CR excludes 115580-60" accounts MARQ CC ik73.76% 66.00% 107.08% 70.00% 105.37% Target ATT Target ATT 3.82M Ee' enue 250K 200K 150K 50K OK CEDC FINANCIAL DASHBOARD as of: g1412025 11:33 AM LH NET REVENUE: CURRENT & PREVIOUS YEAR 4" 200K 37.00% 126.75% Target ATT ]OOK 5.58M 3.31M 4.49M I 509.29K 1.O9M Expense E., enue Expense En-eme Expense THE MARQ MENIBERSHIPREVEN[TE (NET) 10/1/2024 9/3O2025 CD D &OCR • LHR —Total Revenue LY OK... .. ... .. .. ... ... ...................... Aug.11 Sep 2024 Oct 2024 Nw 2024 Dec 2024 lan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025 Jun 2025 lul 2025 Aug 2025 THE AIARQ RENTALS REVENUE (NET) ■CC -Rental -Revenue • LH-Rental-Revenue \ Sum Revenue LY .. .................. 80K ......... .. .................. 50K ■ 14 Aug Sep 2C24 Oct 2024 Nov Dec 2024 Jan 2025 Feb 2025 Mar Apr 2025 May Jun 2025 Jul 2025 Aug 2024 2024 2025 2025 2025 40K 20K OK Aug Sep 2024 Oct 2024 Nov Dec Jan 2025 Feb 2025 Mar Apr2025 May Jun 2025 Jul 2025 Aug 2024 2024 2024 2025 2025 2025 CHAMPIONS CLU IIEIIBERSHIP TRENDS 4K ------ 111111111P 3287 3358 3374 3414 3447 3537 3564 3587 3557 3K wk3236 OK 3634 3617 3664 3633 369�- 3730 3755 3674 3493 3485 3493 3541 3526 3472 3476 3517 3565 3535 3583 3579 35833574 lan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 20H Jul2025 CC AlIEAIBERSHH'S CHANGES BY FISC.AlYEAR & MO'STH - JOINS FscalYear FY22 f FY23 --*— FY24 # FY25 350 300 250 200 � r 0 150 100 50 0 2 4 6 8 10 Fiscal Mordh JOINS 350 300 250 200 E F 150 100 50 0 12 FY22 171 2115 2D9' 254 173 1921 239' 35D' 31D 253 292 185 FY22 FY23 216 258 244 236 206 212 204 326 268 266 294 203 FY23 FY24 188 182 236 318 236 225 245 290 296 291 273 221 FY24 FY25 236 2101 239 301 215 225 230 253 227 239 FY25 CC AlIEAIBERSHIPS CHANGES BY FISCAL YEAR & MO' 'TH - TERMS OscalYear FY22 f FY23 f FY2L f FY25 i[.. EVl BlY 11.7i1&1lik0.71 i .`.X 206 191' 181 213 201 171 175 240 2361 2531 320 263 197 184 1801 229 253 200 258 241 261 252 357 377 2941 205 1961 256250 196 209 257 233 256 1000 330 600 p 0 400 200 0 NIULTI-PEAR CC MEMBERSHIPS ANALYSIS BY MEMBERSHIP TYPE - JOINS MULTI -YEAR CC Al[EMBERSHMS ANALYSIS BY MEMBERSHIP TYPE - TERNIINATIONS ■Adult •Family •Family No Child Watch *Senior •Youth 0Adult &Family •Family No Child Watch •Senior 0Youth • N , p OW q 00 M1 M1 M1 O 800 M1 M1 ti 1 q t � ❑ N p f7 10 6 w ° 500 N O a � 400 m FY22 FY23 JOINS FY24 FY23 TERMINATIONS Adult 766 846 961 3D3 Adult 635 773 111 114 Family 111 171 660 489 Family 393 569 676 509 Family No Child Watch 10D6 965 892 7D4 Family No Child Watch 773 874 934 690 senior 274 313 316 262 Senior 169 2541 256 234 Youth 1981 191 134 133 Youth 176 182 200 125 FY25 1 1: w . .II` 11616 0 Family No Child WatEh &Adult 0 Farnily * Senior *Youth 11. KA&M.- 0. 5.45% 27.3 6% 34.15 EXPERIENCE SOUTHLAI<,.,.,E i Three Year Revenue Comparison by Month Fiscal Year 2023 .I Fiscal Year 2024 10 ,J O ■ Fiscal Year 2025 EXPERIENCE SOUTHLAI<,.,.,E i ©Hilltop Securities Asset Management, LLC. All rights reserved. Hilltop Securities J�* Contents 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 Famed Income.....................................12 Investment Transactions................................14 Investment Transactions Totals ............................15 Amortization and Accretion .............................16 Projected Cash Flows..................................17 Projected Cash Flows Totals..............................19 Disclosures & Disclaimers...............................20 Investment Management Team Scott McIntyre Senior Portfolio Manager 512.481.2009 ScottMclntyre@HilltopSecurities.com Greg Warner Senior Portfolio Manager 572.487.2072 Greg.WGmer@HilltopSecurities.com Jodi Jones Investment Reporting Manager 512.487.2076 Jodi.Jones@HilltopSecurities.com ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 2 Hilltop Securities J�* Market Recap The ominous soft data (survey) reports continued to accumulate in June, while the hard data reports held up surprisingly well. Bond market investors and Fed officials generally dismissed any signs of a solid economy and determined that it was simply a matter of time before tariff uncertainty pushed GDP growth lower June kicked off with the ISM services and manufacturing composite indexes both indicating contraction, common for the factory sector but rare for services. In fact, it was only the fourth time in the last 60 months that the services index had come in below 50.There was also an alarming drop in the new orders index, which fell into contraction territory for only the third time since 2020 at 46.5. Both prices paid indexes were well above 60 as purchasing managers had little choice but to pay higher prices for future shipments. But perhaps the most revealing part of the May ISM reports were in the comments, as one purchasing manager after another shared tariff frustrations:"no choice but to pass along price increases; ever -changing trade policies have wreaked havoc on the company's ability to remain profitable''and"tariffs alone have caused supply chain disruptions rivaling COVID-19" The May ISM surveys clearly signaled U.S. businesses were increasingly stressed, and there is no indication that the stress -evoking import taxes will disappear. In fact, the 25%tax on steel and aluminum was increased to 50%.This will have a detrimental effect on U.S. construction costs as half of all aluminum, and a quarter of all steel, is imported. Rather than pay the enormous tariff rate on construction materials, many builders are likely to postpone projects.To a lesser degree, other industries will face the same decisions. In addition, the massive"Liberation Day"tariffs, announced in early April (before being quickly postponed for 90 days) will reemerge on July 91h, further clouding the U.S. business outlook. In the meantime, a widely anticipated rise in inflationary pressure and deterioration of labor market conditions has yet to fully emerge. In fact, U.S. businesses added +139k jobs to company payrolls in May, exceeding forecasts for the third straightmonth. However, downward revisions to the prior two months quietly subtracted -95k, taking the shine off the May headline.The unemployment rate held steady at4.2%, although it would have City of Southlake As of June 30, 2025 been significantly higher if -626k Americans had not left the labor force in May, the largest monthly drop since 2023. Adding to those concerns, continuing claims for unemployment benefits climbed to the highest levels since November 2021.Thus, while headline labor numbers appeared healthy, underlying conditions worsened. Both CPI and PPI indicated extremely low inflation readings for May with overall and core rates upjust+0.1 %. For CPI, it was the fourth straight month in which the increase came in below the median forecast. On a year -over -year basis, headline CPI climbed from +2.3% to +2.4%, while the core rate held steady at +2.8%, matching a 50-month lowfrom the previous month. However, the three-month annualized consumer inflation rate was just +1.7%.This is almost entirely the result of lower energy costs, which can be attributed to falling global demand. Unlike the labor market, which is clearly signaling future stress, the current inflation readings are not pointing to higher future prices. Not yet anyway. In mid -June, the FOMC voted unanimously to maintain the overnight target range at 4.25% -4.50%for the fourth consecutive meeting.The updated summary of economic projection (SEP) indicated Fed officials expect inflation and unemployment to rise later this year, while GDP growth slows.The Fed's"dot plot, updated for the first time since March, continued to show two 25 basis point rate cuts in 2025. President Trump, eyeing the prospect of fading growth and dismissing the expected rise in inflationary pressure, grew increasingly frustrated with Fed Chairman Powell during the month, demanding that the overnight target rate be slashed by 200 to 300 basis points, immediately. The next FOMC meeting is at the end ofJuly.There has been no indication that Fed officials will announce a rate cut on that date, although twoTrump-appointed Fed Governors have recently suggested July should be in play.Yields moved lower in June as investors recalibrated future interest rate expectations. Even if the overnight funds target is lowered once or twice in 2025, the next Fed Chairman, expected to be nominated byTrump"very soon, will certainly mirror the president's push for dramatically lower interest rates next year. Oldilltop Securities Asset Management, LLC. All rights reserved. Page 3 Hilltop Securities J�* 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 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. City of Southlake As of June 30, 2025 Investment Officers Nicole Bradshaw Nicole Bradshaw Deputy Director of Finance Sharen Jackson Sharen Jackson Chief Financial Officer ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 4 Hilltop Securities J�* City of Southlake April 1, 2025 - June 30, 2025 Portfolio Overview Portfolio Summary Income Summary Portfolio Characteristics ParValue 319,727,056.02 338,972,588.57 Interest Income 3,395,951.55 Yield to Maturity 4.352% 4.289% Original Cost 318,668,490.00 338,038,995.17 Net Amortization/Accretion 131,665.68 Yield to Worst 4.352% 4.289% BookValue 318,926,623.02 338,227,426.68 Realized Gain/(Loss) 0.00 Days to Final Maturity 147 167 Market Value 319,166,471.52 338,587,908.99 Net Income 3,527,617.23 Days to Effective Maturity 147 167 Accrued Interest 930,919.83 1,374,327.39 Duration 1.25 1.15 BookValue Plus Accrued 319,857,542.85 339,601,754.06 D. • Market Value Plus Accrued 320,097,391.35 339,962,236.38 Net Income 9,443,559.52 Net Unrealized Gain/(Loss) 239,848.50 360,482.31 Asset Allocation Transaction Summary QuantityTransactionType Buy 40,000,000.00 (39,923,605.43) (406,944.01) (40,330,549.44) 0.00 Maturity (9,000,000.00) 9,000,000.00 0.00 9,000,000.00 0.00 AGCY 7.70% LGIP 60.46% Coupon 0.00 0.00 809,375.00 809,375.00 0.00 MMFUND 1.2% GOVIF � US GOVT 30.22% ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 5 Hilltop Securities. Portfolio Overview Maturity Distribution by Security Type ■ AGCY 7.70% LGIP 60.46% ■ MMFUND 1.62% ■ US GOVT 30.22% 75% 62.1 50% 25% 20.6 3.8 1.2 4.4 5.0 2.9 0% — �.� hoc hoc hoc hoc yea yea yea yea e Vol �1ti Maturity Distribution by Security Type City of Southlake As of June 30, 2025 Top Ten Holdings United States Department ofTheTreasury 30.22% TEXSTAR 22.82% TXCLASS 12.79% TEXPOOL 12.27% LON ESTRGOV 7.16% LON ESTRCRP 5.41 % Federal Home Loan Banks 4.14% Federal Farm Credit Banks Funding Corporation 3.56% Invesco 1.62% securitylype • . . AGCY 9,003,659.27 7,006,039.60 10,029,103.82 26,038,802.69 LGIP 204,479,906.35 204,479,906.35 MMFUND 5,492,682.22 5,492,682.22 US GOVT 3,990,829.88 3,983,937.43 15,036,453.06 9,965,672.68 59,478,924.54 9,760,217.83 102,216,035.42 Total 209,972,588.57 12,994,489.15 3,983,937.43 15,036,453.06 16,971,712.28 69,508,028.37 9,760,217.83 — — 338,227,426.68 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 6 Hilltop Securities J�* Asset Allocation Asset Allocation by Security Type as of 31-Mar-2025 AGCY 6.60% LGIP 58.39% MMFUND 11.13% US GOVT 23.88% Book Value Basis Security Distribution City of Southlake As of June 30, 2025 Asset Allocation by Security Type as of 30-Jun-2025 AGCY 7.70% LGIP 60.46% MMFUND 1.62% US GOVT 30.22% AGCY 21,038,375.76 6.60% 1.100/0 26,038,802.69 7.70% 4.537% LGIP 186,225,250.55 58.39% 2.07% 204,479,906.35 60.46% 4.325% MMFUND 35,501,805.47 11.13% (9.51%) 5,492,682.22 1.62% 4.220% USGOVT 76,161,191.24 23.88% 6.34% 102,216,035.42 30.22% 4.157% Portfolio Total 318,926,623.02 100.00% 338,227,426.68 100.000/0 4.289% ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 7 Hilltop Securities. Credit Rating Summary Rating Distribution Local Government Investment Pools & Money Market Funds AAA 209,972,588.57 62.08% Total Local Government Investment Pools & Money Market Funds Long Term Rating Distribution AA+ 209,972,588.57 128,254,838.11 62.08% 37.92% Total Long Term Rating Distribution 128,254,838.11 37.92% PortfolioTotal 338,227,426.68 100.000/0 City of Southlake As of June 30, 2025 Allocation by Rating ■ AAA 62.08% ■ AA+ 37.92% ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 8 Hilltop Securities J�* Benchmark Comparison - City of Southlake 6 Month CMT - 1 Year CMT - TexPool 6.00% 5.50% 5.00% 4.50' City of Southlake As of June 30, 2025 4.00% 06�� FeO�aPQ�'� Yield Overview City of Southlake 6 Month CMT 1 Year CMT TexPool 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 4.50 4.43 4.35 435 4.32 4.29 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 4.50 4.39 4.34 4.30 4.28 4.27 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 4.64 4.58 4.50 4.40 4.31 4.23 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 4.39 4.36 4.33 4.34 4.31 4.30 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 9 Hilltop Securities J�* Fund Overview General Operating City of Southlake April 1, 2025 - June 30, 2025 318,926,623.02 319,166,471.52 19,421,437.47 338,227,426.68 338,587,908,99 3,527,617.23 167 4.289% 4.289% Total 318,926,623.02 319,166,47152 19,421,437.47 338,227,426.68 338,587,908.99 3,527,617.23 167 4.289% 4.289% ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 10 Hilltop Securities J�* Detail of Security Holdings General Operating scoGov't&Agency INVSCSLAK MMFUND In LNSTCRP LGIP LoneStarCorpO/N LNSTGOV LGIP LoneStarGovO/N TEXPOOL LGIP TexPool TEXSTAR LGIP TexSTAR TXCLASS LGIP Texas CLASS 313061FH5 05/20/24 AGCY FHLB 91282CFE6 05/10/24 US GOVT U.S. Treasury Note 3130AWS92 08/09/24 AGCY FHLB 91282CGA3 06/24/24 US GOVT U.S.Treasury Note 91282CJV4 06/18/25 US GOVT U.S. Treasury Note 91282CGR6 03/13/25 US GOVT U.S.Treasury Note 91282CGV7 06/11/25 US GOVT U.S.Treasury Note 3133ERDZ1 05/10/24 AGCY FFCB 3133ERGA3 06/24/24 AGCY FFCB 91282CHM6 06/11/25 US GOVT U.S.Treasury Note 91282CLH2 02/21/25 USGOVT U.S. Treasury Note 91282CLS8 03/13/25 US GOVT U.S.Treasury Note 91282CME8 03/13/25 US GOVT U.S.Treasury Note 91282CMH1 03/13/25 USGOVT U.S. Treasury Note 3133EP6K6 02/21/25 AGCY FFCB 91282CKJ9 06/11/25 US GOVT U.S.Treasury Note 912828ZS2 03/13/25 US GOVT U.S. Treasury Note 3130AWBZ2 06/11/25 AGCY FHLB 91282CFB2 06/11/25 US GOVT U.S.Treasury Note 91282CFH9 02/21/25 USGOVT U.S. Treasury Note Total General Operating City of Southlake As of June 30, 2025 06/30/25 5,492,682.22 100.000 5,492,682.22 5,492,682.22 100.000 5,492,682.22 1 4.220 4.220 AAA 06/30/25 18,314,630.56 100.000 18,314,630.56 18,314,630.56 100.000 18,314,630.56 1 4.410 4.410 AAA 06/30/25 24,220,780.45 100.000 24,220,780.45 24,220,780.45 100.000 24,220,780.45 1 4.300 4.300 AAA 06/30/25 41,495,730.34 100.000 41,495,730.34 41,495,730.34 100.000 41,495,730.34 1 4.297 4.297 AAA 06/30/25 77,176,901.06 100.000 77,176,901.06 77,176,901.06 100.000 77,176,901.06 1 4.284 4.284 AAA 06/30/25 43,271,863.94 100.000 43,271,863.94 43,271,863.94 100.000 43,271,863.94 1 4.402 4.402 AAA 5.090 07/15/25 5,000,000.00 100.037 5,001,831.80 5,000,051.79 100.019 5,000,945.00 15 5.063 5.063 AA+ 3.125 08/15/25 4,000,000.00 97.703 3,908,125.00 3,990,829.88 99.816 3,992,656.24 46 5.015 5.015 AA+ 4.875 09/12/25 4,000,000.00 100.486 4,019,440.00 4,003,607.48 100.065 4,002,600.00 74 4A10 4.410 AA+ 4.000 12/15/25 4,000,000.00 98.730 3,949,218.75 3,983,937.43 99.914 3,996,562.48 168 4.902 4.902 AA+ 4.250 01/31/26 5,000,000.00 99.988 4,999,414.06 4,999,497.50 99.992 4,999,609.35 215 4.263 4.263 AA+ 4.625 03/15/26 10,000,000.00 100.523 10,052,343.75 10,036,955.56 100.340 10,033,984.40 258 4.088 4.088 AA+ 3.750 04/15/26 10,000,000.00 99.633 9,963,281.25 9,965,672.68 99.734 9,973,437.50 289 4.192 4.192 AA+ 4.750 05/08/26 3,000,000.00 99.820 2,994,588.00 2,997,628.75 100.541 3,016,227.00 312 4.846 4.846 AA+ 5.000 06/04/26 4,000,000.00 100.429 4,017,141.00 4,008,410.84 100.849 4,033,956.00 339 4.765 4.765 AA+ 4.500 07/15/26 10,000,000.00 100.367 10,036,718.75 10,035,092.42 100.520 10,051,953.10 380 4.150 4.150 AA+ 3.750 08/31/26 5,000,000.00 99.242 4,962,109.38 4,970,768.43 99.758 4,987,890.60 427 4.270 4.270 AA+ 4.125 10/31/26 10,000,000.00 100.164 10,016,406.25 10,013,777.46 100.281 10,028,125.00 488 4.018 4.018 AA+ 4.250 12/31/26 10,000,000.00 100.422 10,042,187.50 10,035,701.26 100.590 10,058,984.40 549 4.002 4.002 AA+ 4.125 01 /31 /27 10,000,000.00 100.227 10,022,656.25 10,019,339.51 100.465 10,046,484.40 580 3.997 3.997 AA+ 4.500 03/26/27 5,000,000.00 100.467 5,023,355.05 5,019,623.75 101.081 5,054,045.00 634 4.263 4.263 AA+ 4.500 04/15/27 5,000,000.00 100.832 5,041,601.56 5,040,436.67 101.242 5,062,109.35 654 4.025 4.025 AA+ 0.500 05/31/27 10,000,000.00 92.676 9,267,578.13 9,363,808.79 94.066 9,406,640.60 700 3.984 3.984 AA+ 4.125 06/11/27 5,000,000.00 100.195 5,009,738.25 5,009,480.07 100.570 5,028,485.00 711 4.023 4.023 AA+ 2.750 07/31/27 5,000,000.00 97.457 4,872,851.56 4,876,059.64 98.047 4,902,343.75 761 4.001 4.001 AA+ 3.125 08/31/27 5,000,000.00 97.316 4,865,820.31 4,884,158.19 98.766 4,938,281.25 792 4.260 4.260 AA+ 338,972,58857 338,038,995.17 338,227,426.68 338,587,908.99 167 4.289 4.289 Grand Total 338,972,588.57 338,038,995.17 338,227,426.68 338,587,908.99 167 4.289 4189 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 11 Hilltop Securities J�* Earned Income General Operating City of Southlake April 1, 2025 - June 30, 2025 912828XB1 US GOVT U.S. Treasury Note 32,168.51 10,331.49 42,500.00 0.00 0.00 11,949.25 0.00 22,280.74 91282CEU1 US GOVT U.S. Treasury Note 42,256.18 29,618.82 71,875.00 0.00 0.00 23,583.32 0.00 53,202.14 INVSCSLAK MMFUND I nvesco Gov't & Agency MM 188,748.25 323,246.50 452,231.30 0.00 59,763.45 0.00 0.00 323,246.50 LNSTCRP LGIP LoneStarCorp C/N 0.00 200,372.42 200,372.42 0.00 0.00 0.00 0.00 200,372.42 LNSTGOV LGIP LoneStar Gov O/N 0.00 258,368.03 258,368.03 0.00 0.00 0.00 0.00 258,368.03 TEXPOOL LGIP TexPool 0.00 450,156.56 450,156.56 0.00 0.00 0.00 0.00 450,156.56 TEXSTAR LGIP TexSTAR 0.00 715,299.91 715,299.91 0.00 0.00 0.00 0.00 715,299.91 TXCLASS LGIP Texas CLASS 0.00 473,684.78 473,684.78 0.00 0.00 0.00 0.00 473,684.78 313061 FH5 AGCY FHLB 53,727.78 63,625.00 0.00 0.00 117,352.78 (336.64) 0.00 63,288.36 91282CFE6 US GOVT U.S. Treasury Note 15,538.67 31,422.65 0.00 0.00 46,961.33 18,544.02 0.00 49,966.67 3130AWS92 AGCY FHLB 10,291.67 48,750.00 0.00 0.00 59,041.67 (4,497.00) 0.00 44,253.00 91282CGA3 US GOVT U.S. Treasury Note 47,032.97 39,961.57 80,000.00 0.00 6,994.54 8,618.78 0.00 48,580.35 91282CJV4 US GOVT U.S. Treasury Note 0.00 7,631.21 0.00 (81,008.29) 88,639.50 83.44 0.00 7,714.65 91282CGR6 US GOVT U.S. Treasury Note 21,365.49 114,368.21 0.00 0.00 135,733.70 (12,750.01) 0.00 101,618.20 91282CGV7 US GOVT U.S. Treasury Note 0.00 20,491.80 0.00 (58,401.64) 78,893.44 2,391.43 0.00 22,883.23 3133ERDZ1 AGCY FFCB 56,604.17 35,625.00 71,250.00 0.00 20,979.17 675.53 0.00 36,300.53 3133ERGA3 AGCY FFCB 65,000.00 50,000.00 100,000.00 0.00 15,000.00 (2,201.04) 0.00 47,798.96 91282CHM6 US GOVT U.S. Treasury Note 0.00 24,861.88 0.00 (182,734.81) 207,596.69 (1,626.33) 0.00 23,235.55 91282CLH2 US GOVT U.S. Treasury Note 16,304.35 46,365.49 0.00 0.00 62,669.84 6,033.71 0.00 52,399.19 91282CLS8 US GOVT U.S. Treasury Note 173,204.42 102,542.86 206,250.00 0.00 69,497.28 (2,262.90) 0.00 100,279.96 91282CME8 US GOVT U.S. Treasury Note 106,837.02 106,817.87 212,500.00 0.00 1,154.89 (5,366.68) 0.00 101,451.19 91282CMH1 USGOVT U.S. Treasury Note 68,370.17 103,694.75 0.00 0.00 172,064.92 (2,743.85) 0.00 100,950.90 3133EP6K6 AGCY FFCB 3,125.00 56,250.00 0.00 0.00 59,375.00 (2,693.99) 0.00 53,556.01 91282CKJ9 US GOVT U.S. Treasury Note 0.00 12,295.09 0.00 (35,040.98) 47,336.07 (1,164.89) 0.00 11,130.20 912828ZS2 US GOVT U.S. Treasury Note 16,758.24 12,476.73 25,000.00 0.00 4,234.97 79,645.59 0.00 92,122.32 3130AWBZ2 AGCY FHLB 0.00 11,458.33 0.00 0.00 11,458.33 (258.18) 0.00 11,200.16 91282CFB2 US GOVT U.S. Treasury Note 0.00 7,596.68 0.00 (49,758.29) 57,354.97 3,208.08 0.00 10,804.76 91282CFH9 US GOVT U.S. Treasury Note 13,586.96 38,637.91 0.00 0.00 52,224.86 12,834.04 0.00 51,471.94 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 12 Hilltop Securities. Earned Income City of Southlake April 1, 2025 - June 30, 2025 Total General 930,919.83 3,395,951.55 3,359,488.00 (406,944.01) 1,374,327.39 131,665.68 0.00 3,527,617.23 Operating Grand Total 930,919.83 3,395,951.55 3,359,488.00 (406,944.01) 1,374,327.39 131,665.68 0.00 3,527,617.23 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 13 Hilltop Securities J�* Investment Transactions General Operating Buy 91282CFB2 06/10/25 06/11/25 US GOVT U.S. Treasury Note 2.750 07/31/27 3130AWBZ2 06/10/25 06/11/25 AGCY FHLB 4.125 06/11/27 91282CKJ9 06/10/25 06/11/25 US GOVT U.S. Treasury Note 4.500 04/15/27 91282CHM6 06/10/25 06/11/25 US GOVT U.S. Treasury Note 4.500 07/15/26 91282CGV7 06/10/25 06/11/25 US GOVT U.S. Treasury Note 3.750 04/15/26 91282CJV4 06/17/25 06/18/25 US GOVT U.S. Treasury Note 4.250 01/31/26 City of Southlake April 1, 2025 - June 30, 2025 5,000,000.00 97.457 4,872,851.56 49,758.29 4,922,609.85 0.00 4.001 4.001 5,000,000.00 100.195 5,009,738.25 0.00 5,009,738.25 0.00 4.023 4.023 5,000,000.00 100.832 5,041,601.56 35,040.98 5,076,642.54 0.00 4.025 4.025 10,000,000.00 100.367 10,036,718.75 182,734.81 10,219,453.56 0.00 4.150 4.150 10,000,000.00 99.633 9,963,281.25 58,401.64 10,021,682.89 0.00 4.192 4.192 5,000,000.00 99.988 4,999,414.06 81,008.29 5,080,422.35 0.00 4.263 4.263 Total Buy 40, M,000.00 39,923,605.43 406,944.01 40,330,549.44 0.00 Coupon 91282CLS8 04/30/25 04/30/25 US GOVT U.S. Treasury Note 4.125 10/31/26 0.00 0.00 206,250.00 206,250.00 0.00 - - 3133ERDZ1 05/08/25 05/08/25 AGCY FFCB 4.750 05/08/26 0.00 0.00 71,250.00 71,250.00 0.00 - - 912828XB1 05/15/25 05/15/25 US GOVT U.S. Treasury Note 2.125 05/15/25 0.00 0.00 42,500.00 42,500.00 0.00 - - 912828ZS2 05/31/25 05/31/25 US GOVT U.S. Treasury Note 0.500 05/31/27 0.00 0.00 25,000.00 25,000.00 0.00 - - 3133ERGA3 06/04/25 06/04/25 AGCY FFCB 5.000 06/04/26 0.00 0.00 100,000.00 100,000.00 0.00 - - 91282CEU1 06/15/25 06/15/25 US GOVT U.S. Treasury Note 2.875 06/15/25 0.00 0.00 71,875.00 71,875.00 0.00 - - 91282CGA3 06/15/25 06/15/25 US GOVT U.S. Treasury Note 4.000 12/15/25 0.00 0.00 80,000.00 80,000.00 0.00 - - 91282CME8 06/30/25 06/30/25 US GOVT U.S. Treasury Note 4.250 12/31/26 0.00 0.00 212,500.00 212,500.00 0.00 - - Total Coupon 0.00 0.00 809,375.00 809,375.00 0.00 Maturity 912828XB1 05/15/25 05/15/25 US GOVT U.S. Treasury Note 2.125 05/15/25 (4,000,000.00) 100.000 4,000,000.00 0.00 4,000,000.00 0.00 - - 91282CEU1 06/15/25 06/15/25 USGOVT U.S. Treasury Note 2.875 06/15/25 (5,000,000.00) 100.000 5,000,000.00 0.00 5,000,000.00 0.00 - - Total Maturity (91000,000.00) 9,000,000.00 0.00 91000,000.00 0.00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 14 Hilltop Securities J�* Investment Transactions Totals City of Southlake April 1, 2025 - June 30, 2025 Total Buy 40,000,000.00 (39,923,605.43) (406,944.01) (40,330,549.44) 0.00 4.125 4.125 Total Maturity (9,000,000.00) 9,000,000.00 0.00 9,000,000.00 0.00 4.964 4.964 Total Coupon 0.00 0.00 809,375.00 809,375.00 0.00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 15 Hilltop Securities J�* Amortization and Accretion General Operating City of Southlake April 1, 2025 - June 30, 2025 912828X61 08/09/24 US GOVT U.S. Treasury Note 0.00 0.000 0.00 11,949.25 0.00 0.00 0.00 91282CEU1 05/02/24 USGOVT U.S. Treasury Note 0.00 0.000 0.00 23,583.32 0.00 0.00 0.00 313061FH5 05/20/24 AGCY FHLB 5,000,000.00 100.037 5,001,831.80 (336.64) (1,780.01) 51.79 5,000,051.79 91282CFE6 05/10/24 US GOVT U.S. Treasury Note 4,000,000.00 97.703 3,908,125.00 18,544.02 82,704.88 (9,170.12) 3,990,829.88 3130AWS92 08/09/24 AGCY FHLB 4,000,000.00 100.486 4,019,440.00 (4,497.00) (15,832.52) 3,607.48 4,003,607.48 91282CGA3 06/24/24 US GOVT U.S. Treasury Note 4,000,000.00 98.730 3,949,218.75 8,618.78 34,718.68 (16,062.57) 3,983,937.43 91282CJV4 06/18/25 US GOVT U.S. Treasury Note 5,000,000.00 99.988 4,999,414.06 83.44 83.44 (502.50) 4,999,497.50 91282CGR6 03/13/25 USGOVT U.S. Treasury Note 10,000,000.00 100.523 10,052,343.75 (12,750.01) (15,388.19) 36,955.56 10,036,955.56 91282CGV7 06/11/25 USGOVT U.S. Treasury Note 10,000,000.00 99.633 9,963,281.25 2,391.43 2,391.43 (34,327.32) 9,965,672.68 3133ERDZ1 05/10/24 AGCY FFCB 3,000,000.00 99.820 2,994,588.00 675.53 3,040.75 (2,371.25) 2,997,628.75 3133ERGA3 06/24/24 AGCY FFCB 4,000,000.00 100.429 4,017,141.00 (2,201.04) (8,730.16) 8,410.84 4,008,410.84 91282CHM6 06/11/25 USGOVT U.S. Treasury Note 10,000,000.00 100.367 10,036,718.75 (1,626.33) (1,626.33) 35,092.42 10,035,092.42 91282CLH2 02/21/25 US GOVT U.S. Treasury Note 5,000,000.00 99.242 4,962,109.38 6,033.71 8,659.05 (29,231.57) 4,970,768.43 91282CLS8 03/13/25 US GOVT U.S. Treasury Note 10,000,000.00 100.164 10,016,406.25 (2,262.90) (2,628.79) 13,777.46 10,013,777.46 91282CME8 03/13/25 US GOVT U.S. Treasury Note 10,000,000.00 100.422 10,042,187.50 (5,366.68) (6,486.24) 35,701.26 10,035,701.26 91282CMH1 03/13/25 US GOVT U.S. Treasury Note 10,000,000.00 100.227 10,022,656.25 (2,743.85) (3,316.74) 19,339.51 10,019,339.51 3133EP6K6 02/21/25 AGCY FFCB 5,000,000.00 100.467 5,023,355.05 (2,693.99) (3,731.30) 19,623.75 5,019,623.75 91282CKJ9 06/11/25 USGOVT U.S. Treasury Note 5,000,000.00 100.832 5,041,601.56 (1,164.89) (1,164.89) 40,436.67 5,040,436.67 912828ZS2 03/13/25 US GOVT U.S. Treasury Note 10,000,000.00 92.676 9,267,578.13 79,645.59 96,230.66 (636,191.21) 9,363,808.79 3130AWBZ2 06/11/25 AGCY FHLB 5,000,000.00 100.195 5,009,738.25 (258.18) (258.18) 9,480.07 5,009,480.07 91282CFB2 06/11/25 US GOVT U.S. Treasury Note 5,000,000.00 97A57 4,872,851.56 3,208.08 3,208.08 (123,940.36) 4,876,059.64 91282CFH9 02/21/25 US GOVT U.S. Treasury Note 5,000,000.00 97.316 4,865,820.31 12,834.04 18,337.88 (115,841.81) 4,884,158.19 Total General 129,000,000.00 128,066,406.60 131,665.68 188,43151 (745,161.89) 128,254,838.11 Operating Grand Total 129,000,000.00 128,066,406.60 131,665.68 188,431.51 (745,161.89) 128,254,838.11 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 16 Hilltop Securities J�* Projected Cash Flows General Operating City of Southlake June 30, 2025 to June 30, 2026 313061FH5 FHLB 07/15/25 127,250.00 127,250.00 313061FH5 FHLB 07/15/25 5,000,000.00 5,000,000.00 91282CHM6 U.S. Treasury Note 07/15/25 225,000.00 225,000.00 91282CFB2 U.S. Treasury Note 07/31/25 68,750.00 68,750.00 91282CJV4 U.S. Treasury Note 07/31/25 106,250.00 106,250.00 91282CMH1 U.S. Treasury Note 07/31/25 206,250.00 206,250.00 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 91282CFH9 U.S. Treasury Note 09/02/25 78,125.00 78,125.00 91282CLH2 U.S. Treasury Note 09/02/25 93,750.00 93,750.00 3130AWS92 FHLB 09/12/25 97,500.00 97,500.00 3130AWS92 FHLB 09/12/25 4,000,000.00 4,000,000.00 91282CGR6 U.S.Treasury Note 09/15/25 231,250.00 231,250.00 3133EP6K6 FFCB 09/26/25 112,500.00 112,500.00 91282CGV7 U.S. Treasury Note 10/15/25 187,500.00 187,500.00 91282CKJ9 U.S. Treasury Note 10/15/25 112,500.00 112,500.00 91282CLS8 U.S. Treasury Note 10/31/25 206,250.00 206,250.00 3133ERDZ1 FFCB 11/10/25 71,250.00 71,250.00 912828ZS2 U.S. Treasury Note 12/O1/25 25,000.00 25,000.00 3133ERGA3 FFCB 12/04/25 100,000.00 100,000.00 3130AWBZ2 FHLB 12/11/25 103,125.00 103,125.00 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 91282CME8 U.S. Treasury Note 12/31/25 212,500.00 212,500.00 91282CHM6 U.S. Treasury Note O1/15/26 225,000.00 225,000.00 91282CFB2 U.S. Treasury Note 02/02/26 68,750.00 68,750.00 91282CJV4 U.S. Treasury Note 02/02/26 106,250.00 106,250.00 91282CJV4 U.S. Treasury Note 02/02/26 5,000,000.00 5,000,000.00 91282CMH1 U.S. Treasury Note 02/02/26 206,250.00 206,250.00 91282CFH9 U.S. Treasury Note 03/02/26 78,125.00 78,125.00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 17 Hilltop Securities J�* Projected Cash Flows City of Southlake June 30, 2025 to June 30, 2026 91282CLH2 U.S. Treasury Note 03/02/26 93,750.00 93,750.00 91282CGR6 U.S. Treasury Note 03/16/26 231,250.00 231,250.00 91282CGR6 U.S. Treasury Note 03/16/26 10,000,000.00 10,000,000.00 3133EP6K6 FFCB 03/26/26 112,500.00 112,500.00 91282CGV7 U.S. Treasury Note 04/15/26 187,500.00 187,500.00 91282CGV7 U.S. Treasury Note 04/15/26 10,000,000.00 10,000,000.00 91282CKJ9 U.S. Treasury Note 04/15/26 112,500.00 112,500.00 91282CLS8 U.S.Treasury Note 04/30/26 206,250.00 206,250.00 3133ERDZ1 FFCB 05/08/26 71,250.00 71,250.00 3133ERDZ1 FFCB 05/08/26 3,000,000.00 3,000,000.00 912828ZS2 U.S. Treasury Note 06/01/26 25,000.00 25,000.00 3133ERGA3 FFCB 06/04/26 100,000.00 100,000.00 3133ERGA3 FFCB 06/04/26 4,000,000.00 4,000,000.00 3130AWBZ2 FHLB 06/11/26 103,125.00 103,125.00 91282CME8 U.S. Treasury Note 06/30/26 212,500.00 212,500.00 Grand Total 4,647,250.00 49,000,000.00 53,647,250.00 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 18 Hilltop Securities J�* Projected Cash Flows Totals City of Southlake June 30, 2025 to June 30, 2026 July 2025 733,500.00 5,000,000.00 5,733,500.00 August 2025 62,500.00 4,000,000.00 4,062,500.00 September 2025 613,125.00 4,000,000.00 4,613,125.00 October 2025 506,250.00 506,250.00 November 2025 71,250.00 71,250.00 December 2025 520,625.00 4,000,000.00 4,520,625.00 January 2026 225,000.00 225,000.00 February 2026 381,250.00 5,000,000.00 5,381,250.00 March 2026 515,625.00 10,000,000.00 10,515,625.00 April 2026 506,250.00 10,000,000.00 10,506,250.00 May 2026 71,250.00 3,000,000.00 3,071,250.00 June 2026 440,625.00 4,000,000.00 4,440,625.00 Total 4,647,250.00 49,OOQ000.00 53,647,250.00 ■ Interest ■ Principal $15,000,000 $10,000,000 $5,000,000 $U Jul-25 Aug- Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Apr-26 May-26 Jun-26 ©Hilltop Securities Asset Management, LLC. All rights reserved. Page 19 ake Hillto Securities City J Se30, 025 i� As of June 30, 2025 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. 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