Item 3B C I TY O
SOUTHLAKE
Finance Department's
Quarterly Review
For the p eriod ended
March 31 2013
•
� y
SOUTHLAKE
tr: TEXAS
Finance Department's
Q uarterly
For the period ended March 31, 2013
City of Southlake
May 2013
Integrity a Innovation • Accountability a Commitment to Excellence • Teamwork
To: Shana Yelverton, City Manager
From: Sharen Jackson, Chief Financial Officer
Re: Second Quarter
FY 2013 Financial Report
Date: May 1, 2013
The finance department is pleased to submit a financial report for the second quarter of
FY 2013 for the period ended March 31, 2013. This report contains financial statements
for the City's operating funds and selected special revenue funds, status reports of the
Capital Projects and a report of the City's Investment portfolio.
GENERAL FUND REVENUES
Property tax. In the General Fund, $17,864,129 of $18,305,319 or 97.6% of budgeted
property tax has been collected. Since property tax bills are delinquent as of February 1,
most tax collections are received in the first four months of the fiscal year. It is
anticipated that collections will meet projections. Tarrant County has collected the City's
taxes since 1982.
Sales tax. Sales tax budgeted for Fiscal Year 2013 is $9,190,000. For FY 2013 second
quarter (October through February) the City has collected $4,634,146 in sales tax. This is
29.6% or $1,059,146 above the projected amounts to date. The increase is due to budget
collections are net Grand Avenue 380 agreement and actual collections include 100% of
Grand Avenue collections sales tax. Net the Grand Avenue 380 payments, sales tax
collections are 15.0% above budget. City staff will continue to monitor the economic
environment and make any necessary budget amendments during the budget process this
summer. 1
Franchise fees. Franchise fees include amounts received for use of public rights of way
from utility companies. To date the City has received $1,049,716 of $2,704,856
budgeted. FY 2013 collections are comparable to prior year's collections. A large
portion of the franchise fees are collected in the fourth quarter of the fiscal year. Tri-
County pays their second semi - annual payment in July.
1
Fines/Forfeitures. Revenues from Fines and Forfeitures are $683,403, which is 74.7% of
the $915,000 budgeted. This revenue source depends on many variables, such as the
number of citations issued, warrants issued and collected, plus the number of cases
assigned to deferred adjudication. Citation volume is higher for second quarter FY 2013
compared to second quarter FY 2012. Citation volume is expected to remain consistent
and revenues from fines are anticipated to meet budget.
Charges for services. This category includes revenue from ambulance transport,
recreation class fees, and amounts received from the Cities of Grapevine and Colleyville
for participation in the Teen Court program. Revenues to date total $467,550, compared
with $424,724 collected for the same period in the prior year. The majority of the
revenue for this category is seasonal and collected during the summer months. It is
anticipated that revenue from Charges for Services will be within budgeted amounts.
Permits /fees. Revenues from permits and fees are $855,223 or 76.5% of the budgeted
amount of $1,117,300. This is more than $738,998 collected as of March 31, 2012. 70
residential permits have been issued to date compared to 40 issued in the prior fiscal year.
The largest increase in permits /fees revenue is due to the increased number of residential
and commercial permits issued during FY 2013. 12 and 6 commercial permits were
issued as of March 31, 2013 and March 31, 2012, respectively.
Miscellaneous. This category includes amounts from tower leases, the 10%
administrative fee retained from Municipal Court State taxes remitted quarterly to the
Comptroller, and library fees /fines. The City has received $453,847 to date. Revenues
from miscellaneous income will meet the $775,500 budgeted.
Interest income. Interest earnings to date total $7,581. It is anticipated that interest
income will be below budgeted amounts, staff will continue to monitor revenues and
make the necessary budget amendments during the budget process.
GENERAL FUND EXPENDITURES
For the second quarter ended March 31, 2013 of the fiscal year, General Fund total
expenditures are $15,233,891 or 45.2% of the $33,717,954 budget. A brief discussion of
each department will follow, providing a summary explanation of major expenditure
trends.
General government department. Department expenditures for the City Secretary's
Office, Human Resources, City Manager's Office, Information Technology and Support
Services total $2,455,554 which is 51.6% of budget. Personnel, contract services and
utility expenditures are on target with budget. Therefore it is anticipated that
expenditures in General Government will be within the amount budgeted.
2
Finance department. For the Finance, Municipal Court, Teen Court Divisions, total
expenditures to date are $986,229 or 50.6% of the $1,949,988 budgeted. Personnel,
operations and capital expenditures are within budget.
Public safety department. Total expenditures for Police Services, Fire Services, and
Public Safety Support, are $6,294,535, which is 43.4% of the $14,512,732 budgeted.
Currently, public safety expenditures are within budget and on target for the fiscal year.
Public works department. Budgeted within this department are Streets /Drainage,
Facility Maintenance and Public Works Administration. Expenditures to date are
$1,980,689 or 44.9% of the $4,406,635 budgeted. Personnel, operations and capital
expenditures are within budget.
Planning and development department. Total expenditures for Planning and Building
Inspections are $785,202 or 43.1% of the $1,823,859 budgeted for the year.
Expenditures in the Department are within budget.
Economic development department. The department has expended $81,732, or 37.2%
of the $219,660 budgeted for the year. Expenditures in the Department are within
budget.
Community services department. Total expenditures for Community Services, Parks
and Recreation, and Library Services are $2,649,950 or 43.8% of the $6,048,714
budgeted. Personnel expenditures are on target with budget. There is $616,800 allocated
for contract landscape /mowing for parks and municipal sites with the majority of the
mowing during the summer months, consequently minimal expenditures have been made
on this line item. Many of the recreation programs are planned for the summer months,
therefore minimum expenditures for revenue - supported contract instructors have been
spent through March. Expenditures in the Department are expected to be within budget
projections.
WATER AND SEWER ENTERPRISE FUND
Revenues. As of March 31, 2013, the City has received $10,742,293 or 51.5% in
revenues of the $20,855,500 estimated. This is higher than $8,811,059 received through
March of last year. Year to date the city has experienced over a 15% increase in
consumption; the increase can be attributed to the previous winter (December 2011
through February 2012) is ranked among the top 10 wettest season for the DFW area.
Total revenues for the year will most likely be within budget.
Expenses. The City has expended $10,789,379 or 53.2% of the $20,265,189 budgeted for
personnel, operations, capital, and debt services. Of the total expenses, $2,395,491 has
been paid to the City of Fort Worth for treated water.
3
1
STORMWATER ENTERPRISE FUND
Revenues. On October 17, 2006, City Council approved Ordinance No. 900 and 901
establishing the Storm Water Drainage Utility System and establishing the fee
respectively. As of March 31, 2013, the City has received $690,680 or 53.4% in revenue
of the $1,293,500 estimated.
Expenses. The City has expended $176,765 or 29.0% of the $596,425 budgeted for
personnel and operations. $71,343 expended for drainage materials and contract services.
DEBT SERVICE FUND
Revenues. The City has received $6,199,701 in current and delinquent property taxes
through March 31, 2013. This fund pays the property tax supported debt requirements
for the City. The first semi - annual payments were paid February 2013 totaling
$10,865,740.
SOUTHLAKE PARKS DEVELOPMENT CORPORATION (SPDC)
Operating Fund. As of March 31, 2013, $2,282,490 in the %2 cent sales tax has been
collected. SPDC sales tax receipts are 14.7% above estimates, or $292,490.
CRIME CONTROL AND PREVENTION DISTRICT (CCPD)
Operating Fund. As of March 31, 2013, $2,263,795 in the %2 cent sales tax has been
collected. Sales tax receipts are 14.0% above estimates, or $278,795.
PARK DEDICATION FEE FUND
Revenues. The City collected $11,755 park dedication funds as of March 31, 2013. This
revenue source varies depending on the number of developments during a fiscal year, and
the park dedication fee credits given, if any, for open space and amenities. Staff will
continue to monitor revenues and make any necessary budget amendments this summer
during the budget process.
4
TAX INCREMENT FINANCIAL DISTRICT (TIF)
Revenues. To date TIF has not received any revenues for the fiscal year. Historically,
the TIF revenues are not collected until the third quarter of the fiscal year.
STRATEGIC INITIATIVE FUND
Expenditures. As of March 31, 2013, the expenditures were $1,129,019 for community
enhancement (2030 plan), technology infrastructure (council chamber video equipment)
and capital acquisition (Menzi muck and partial payment for fire engine).
HOTEL OCCUPANCY FUND
Revenues. The City has collected $366,494 or 46.4% in revenue of the $789,700
budgeted for the year. The Hotel Occupancy Tax is authorized under the Texas Tax
Code, Chapter 351. The City of Southlake adopted Ordinance No. 769 in February 2000,
levying a 7% tax on room receipts. The Hilton Hotel in Town Square opened in June
2007.
Expenditures. As of March 31, 2013, the expenditures were $225,147 for personnel,
advertising and marketing and promotion.
5
1
GENERAL FUND
Statement of Revenues, Expenditures and Changes in Fund Balance
for the period ended March 31, 2013
with comparative actual amounts for the period ended March 31, 2012
(fiscal month 6- 50.00 %)
Percent
Year to Date 2013 Collected/ Year to Date
REVENUES 3/31/13 Budget Ex•ended 3/31/12
Ad Valorem Taxes $17,864,129 $18,305,319 97.6% $16,576,702
Sales Tax 4,634,146 9,190,000 50.4% 4,064,769
Franchise Fees 1,049,716 2,704,856 38.8% 1,301,375
Fines 683,403 915,000 74.7% 585,888
Charges for Services 467,550 1,162,850 40.2% 424,724
Permits/Fees 855,223 1,117,300 76.5% 738,998
Miscellaneous 453,847 775,500 58.5% 420,428
Interest Income 7,581 70.000 10.8% 42,207
Total Revenues $26,015,595 $34,240,825 76.0% $24,155,091
EXPENDITURES
City Secretary $166,767 $394,133 42.3% $180,146
Human Resources 202,660 533,676 38.0% 184,199
City Manager 294,685 621,444 47.4% 293,021
Information Technology 1,009,865 2,020,539 50.0% 949,408
Support Services 781.577 1,186,574 65.9% 564,356
General Government Total 2,455,554 4,756,366 51.6% 2,171,130
Finance 665,255 1,167,251 57.0% 667,622
Municipal Court 265,002 637,301 41.6% 281,981
Municipal Court-Teen Court 55,972 145,436 38.5% 69,661
Finance Total 986,229 1,949,988 50.6% 1,019,264
Fire 2,902,776 7,096,707 40.9% 2,639,547
Police 2,591,081 5,856,498 44.2% 2,842,036
Public Safety Support 800,678 1,559,527 51.3% 804,063
Public Safety Total 6,294,535 14,512,732 43.4% 6,285,646
Streets/Drainage 821,221 1,665,783 49.3% 752,167
Facility Maintenance 696,277 1,620,678 43.0% 1,072,031
Public Works Administration 463,191 1,120,174 41.3% 490,224
Public Works Total 1,980,689 4,406,635 44.9% 2,314,422
Building Inspections 389,075 894,182 43.5% 410,484
Planning 396,127 929,677 42.6% 408,562
Planning and Dev Total 785,202 1,823,859 43.1% 819,046
Economic Development 81,732 219,660 37.2% 95,911
Economic Development Total 81,732 219,660 37.2% 95.911
Community Services 338,217 621,557 54.4% 284,579
Parks and Recreation 1,992,957 4,695,701 42.4% 1,851,785
Library Services 318.776 731,456 43.6% 346,017
Community Services Total 2,649,950 6,048,714 43.8% 2,482,381
Total Expenditures $15,233,891 $33,717,954 45.2% $15,187,800
Excess (deficiency) of
Revenue over Expenditures $10,781,704 $522,871 $8,967,291
OTHER FINANCING
SOURCES AND (USES)
Proceeds from lease /CO (net) $0 $0 $0
Transfer In -Other Funds 1,324,541 1,324,541 1,254,387
Transfer To -Other Funds (1,500,000) (1,500,000) (1,200,000)
Total Other Sources /(Uses) ($175,459) ($175,459) $54,387
Excess (deficiency) of
Revenues /other sources over Exp. $10,606,245 $347,412 $9,021,678
FUND BALANCE OCT 1 $8,298,496
Change in reserved fund balance $0
ENDING FUND BALANCE $8,645,908
fund balance percentage 25.64%
WATER AND SEWER ENTERPRISE FUND
Comparative Statement of Revenues and Expenses
for the period ended March 31, 2013 and March 31, 2012
(fiscal month 6- 50.00 %)
E
Percent
Year to Date 2013 Collected/ Year to Date
REVENUES 3/31/13 Budget Ex 'ended 3/31/12
Water Sales- residential $5,563,937 $11,200,000 49.7% $4,294,526
Water Sales- commercial 1,559,234 2,900,000 53.8% 1,280,358
Sewer Sales 2,582,052 4,850,000 53.2% 2,314,646
Sanitation Sales 741,764 1,490,000 49.8% 700,484
Other utility charges 222,765 353,500 63.0% 202,226
Miscellaneous 63,535 37,000 171.7% 14,912
Interest Income 9,006 25,000 36.0% 3,907
Total Revenues $10,742,293 $20,855,500 51.5% $8,811,059
EXPENSES
Water $3,925,728 $9,992,795 39.3% $3,585,443
Utility Billing 178,526 472,442 37.8% 198,040
Sewer 1,128,904 2,334,031 48.4% 1,083,102
Sanitation 443,198 1,080,000 41.0% 546,444
Debt Service 1 5,113,023 6,385,921 80.1% 4,179,088
Total Expenses $10,789,379 $20,265,189 53.2% $9,592,117
Excess (deficiency) of
Revenue over Expenses ($47,086) $590,311 ($781,058)
OTHER FINANCING
i IL SOURCES AND (USES)
Transfer In -Other Funds $0 $0
Developer Contributions $0 $50,000 $0
Transfer Out -Other Funds (836,220) (836,220) (811,050)
Total Other Sources /(Uses) ($836,220) ($786,220) ($811,050)
Excess (deficiency) of
Revenues and other sources
over Expenses ($883,306) ($195,909) ($1,592,108)
STRATEGIC INITIATIVE FUND
Comparative Statement of Revenues and Expenditures
for the period ended March 31, 2013 and March 31, 2012
(fiscal month 6- 50.00 %)
Percent
Year to Date 2013 Collected/ Year to Date
REVENUES 3/31/13 Budget Ex 3/31/12
Interest Income $1,200 $8,000 15.0% $2,289
Total Revenues $1,200 $8,000 15.0% $2,289
EXPENDITURES
Infrastructure Maintenance $0 $0 0.0% $0
Community Enhancement 10,250 350,000 2.9% 67,677
Technology Infrastructure 189,966 190,000 100.0% 58,011
Capital Acquisition 928.803 1,415,000 65.6% 0
Total Expenditures $1,129,019 $1,955,000 57.8% $125,688
Excess (deficiency) of
Revenue over Expenses ($1,127,819) ($1,947,000) ($123,399)
OTHER FINANCING
SOURCES AND (USES)
Transfer In -Other Funds $1,300,000 $1,300,000 $1,200,000
Transfer Out -Other Funds (3,400,000) (3,400,000) (3,375,000)
Total Other Sources /(Uses) ($2,100,000) ($2,100,000) ($2,175,000)
Excess (deficiency) of
Revenues and other sources
over Expenses ($3,227,819) ($4,047,000) ($2,298,399)
FUND BALANCE OCT 1 $6,386,822
Change in reserved fund balance $0
ENDING FUND BALANCE $2,339,822
SOUTHLAKE PARKS DEVELOPMENT CORPORATION
Comparative Statement of Revenues and Expenditures
for the period ended March 31, 2013 and March 31, 2012
(fiscal month 6- 50.00 %)
Percent
Year to Date 2013 Collected/ Year to Date
REVENUES 3/31/13 Budget E tended 3/31/12
Sales Tax $2,282,490 $5,000,000 45.6% $2,002,051
Rental Income 76,912 153,816 50.0% 76,912
Interest Income 3,297 7,500 44.0% 7,446
Total Revenues $2,362,699 $5,161,316 45.8% $2,086,409
EXPENDITURES
Personnel $24,641 $51,091 48.2% $49,929
Operations 27,987 202,000 13.9% 12,319
Capital 152,824 193,000 79.2% 23,501
Total Expenditures $205,452 $446,091 46.1% $85,749
Excess (deficiency) of
Revenue over Expenses $2,157,247 $4,715,225 $2,000,660
OTHER FINANCING
SOURCES AND (USES)
Transfer In -Other Funds $0 $0 $0
Transfer Out -Other Funds (4,296,433) (4,296,433) (4,899,788)
Total Other Sources /(Uses) ($4,296,433) ($4,296,433) ($4,899,788)
Excess (deficiency) of
Revenues and other sources
over Expenses ($2,139,186) $418,792 ($2,899,128)
FUND BALANCE OCT 1 $5,944,596
Change in reserved fund balance $0
ENDING FUND BALANCE $6,363,388
CRIME CONTROL AND PREVENTION DISTRICT
Comparative Statement of Revenues and Expenditures
for the period ended March 31, 2013 and March 31, 2012
(fiscal month 6- 50.00 %)
Percent
Year to Date 2013 Collected/ Year to Date
REVENUES 3/31/13 Budget Ex ended 3/31/12
Sales Tax $2,263,795 $4,950,000 45.7% $1,990,099
Interest Income 681 13,500 5.0% 8,220
Total Revenues $2,264,476 $4,963,500 45.6% $1,998,319
EXPENDITURES
Personnel $22,852 $50,530 45.2% $0
Operations 15,404 34,000 45.3% 44,979
Capital 296,016 981,725 30.2% 0
Total Expenditures $334,272 $1,066,255 31.4% $44,979
Excess (deficiency) of
Revenue over Expenses $1,930,204 $3,897,245 $1,953,340
OTHER FINANCING
SOURCES AND (USES)
Transfer In -Other Funds $0 $0 $0
Transfer Out -Other Funds (5,176,740) (5,176,740) (2,149,600)
Total Other Sources /(Uses) ($5,176,740) ($5,176,740) ($2,149,600)
Excess (deficiency) of
Revenues and other sources
over Expenses ($3 ,246,536) ($1,279,495) ($196,260)
FUND BALANCE OCT 1 $5,240,120
Change in reserved fund balance $0
ENDING FUND BALANCE $3,960,625
HOTEL OCCUPANCY TAX
Comparative Statement of Revenues and Expenditures
for the period ended March 31, 2013 and March 31, 2012
(fiscal month 6- 50.00 %)
Percent
Year to Date 2013 Collected/ Year to Date
REVENUES 3/31/13 Budget Ex.ended 3/31/12
Taxes $365,816 $784,700 46.6% $343,116
Interest Income 678 5,000 13.6% 1,718
Total Revenues $366,494 $789,700 46.4% $344,834
EXPENDITURES
Personnel $67,218 $147,588 45.5% $68,929
Operations $157,929 498,571 31.7% $192,827
Capital 0 0 0.0% 0
Total Expenditures $225,147 $646,159 34.8% $261,756
Excess (deficiency) of
Revenue over Expenses $141,347 $143,541 $83,078
OTHER FINANCING
SOURCES AND (USES)
Transfer In -Other Funds $0 $0 $0
Transfer Out -Other Funds (150,043) (150,043) (141,760)
Total Other Sources /(Uses) ($150,043) ($150,043) ($141,760)
Excess (deficiency) of
Revenues and other sources
over Expenses ($8,696) ($6,502) ($58,682)
FUND BALANCE OCT 1 $1,154,348
Change in reserved fund balance $0
ENDING FUND BALANCE $1,147,846
CITY OF SOUTHLAKE
1% SALES TAX REPORT
2013 Collected Budget Balance
Budget to Date Balance Percent
$ 8,970,000 $4,634,146 ($4,335,854) - 48.34%
FISCAL FISCAL FISCAL
YEAR % Inc YEAR % Inc YEAR % Inc
MONTH 2011 -Dec 2012 -Dec 2013 -Dec
October 703,770 2.5% 639,737 -9.1% 848,376 32.6%
November 756,991 -5.7% 790,535 4.4% 837,828 6.0%
December 1,112,965 -5.2% 1,246,867 12.0% 1,293,838 3.8%
January 688,448 -9.4% 691,298 0.4% 837,172 21.1%
February 571,598 -7.8% 696,332 21.8% 816,932 17.3%
March 942,332 10.1% 957,766 1.6% - 100.0%
April 744,210 -0.7% 823,333 10.6% - 100.0%
May 723,593 -8.1% 818,901 13.2% - 100.0%
June 946,628 3.2% 947,763 0.1% - 100.0%
July 728,864 -3.0% 892,534 22.5% - 100.0%
August 745,067 13.3% 789,664 6.0% - 100.0%
September 915,961 6.0% 980,649 7.1% - 100.0%
TOTAL $9,580,428 $10,275,380 $4,634,146
Three Year Revenue Comparison
by Month
1,400,000 -
I
1,200,000
G
1,000,000 - c o m o
0 I � C
800,000 f- �. - - - ..-:. G G
600,000
1 400,000 - J
200,000 /
p ° ��e oe a �� q � `� , fi � ,,, ,�\� P ; ticc :
■FISCAL YEAR 2011 OFISCAL YEAR 2012 FISCAL YEAR 2013
Actual Budget Actual Estimated (budget -est.) %
2012 2013 2013 2013 Difference Change
October( *) $639,737 $560,000 $848,376 $ 848,376 $ 288,376 51.50%
November( *) $790,535 $700,000 $837,828 $ 837,828 $ 137,828 19.69%
December( *) $1,246,867 $1,100,000 $1,293,838 $ 1,293,838 $ 193,838 17.62%
January( *) $691,298 $605,000 $837,172 $ 837,172 $ 232,172 38.38%
February( *) $696,332 $610,000 $816,932 $ 816,932 $ 206,932 33.92%
March() $957,766 $835,000 $0 $ 835,000 $ - 0.00%
April ( *) $823,333 $720,000 $0 $ 720,000 $ - 0.00%
May ( *) $818,901 $715,000 $0 $ 715,000 $ - 0.00%
June ( *) $947,763 $830,000 $0 $ 830,000 $ - 0.00%
July ( *) $892,534 $785,000 $0 $ 785,000 $ - 0.00%
August( *) $789,664 $690,000 $0 $ 690,000 $ - 0.00%
September( *) $980,649 $820,000 $ $ 820,000 $ - 0.00%
TOTAL $ 10,275,380 $ 8,970,000 $ 4,634,146 $ 10,029,146 $ 1,059,146
* Beginning April 2006 includes Grand Avenue sales tax collections per 380 agreement
80% of collections will be distributed to Cooper & Stebbins
SOUTHLAKE PARKS DEVELOPMENT CORPORATION
1/2% SALES TAX REPORT
2013 Collected Budget Balance
Budget to Date Balance Percent
$ 5,000,000 $2,282,490 ($2,717,510) - 54.35%
FISCAL FISCAL FISCAL
YEAR % Inc YEAR % Inc YEAR % Inc
MONTH 2011 -Dec 2012 -Dec 2013 -Dec
October $346,633 2.5% $315,095 -9.1% $417,857 32.6%
November $372,847 -5.7% $389,368 4.4% $412,661 6.0%
December $548,177 -5.2% $614,129 12.0% $637,264 3.8%
January $339,087 -9.4% $340,490 0.4% $412,338 21.1%
February $281,534 -7.8% $342,969 21.8% $402,370 17.3%
March $464,134 10.1% $471,735 1.6% - 100.0%
April $366,551 -0.7% $405,522 10.6% - 100.0%
May $356,396 -8.1% $403,340 13.2% - 100.0%
June $466,250 3.2% $466,809 0.1% - 100.0%
July $358,992 -3.0% $439,607 22.5% - 100.0%
August $366,973 13.3% $388,939 6.0% - 100.0%
September $451,145 6.0% $483,006 7.1% - 100.0%
TOTAL $ 4,718,718 $5,061,008 $2,282,490
Three Year Revenue Comparison
by Month
$700,000 �'
$600,000 - .
$500,000 - _
$400,000
$300,000 . -
11 . j .
$200,000 j I 11 . . H I
$100,000 -I 1
I+J FISCAL YEAR 2011 0 FISCAL YEAR 2012 FISCAL YEAR 2013
Actual Budget Actual Estimated (budget -est.) %
2012 2013 2013 2013 Difference Change
MONTH
October $315,095 $315,000 $417,857 $ 417,857 $ 102,857 32.65%
November $389,368 $385,000 $412,661 $ 412,661 $ 27,661 7.18%
December $614,129 $610,000 $637,264 $ 637,264 $ 27,264 4.47%
January $340,490 $340,000 $412,338 $ 412,338 $ 72,338 21.28%
February $342,969 $340,000 $402,370 $ 402,370 $ 62,370 18.34%
March $471,735 $465,000 $0 $ 465,000 $ - 0.00%
April $405,522 $400,000 $0 $ 400,000 $ - 0.00%
May $403,340 $405,000 $0 $ 405,000 $ - 0.00%
June $466,809 $460,000 $0 $ 460,000 $ - 0.00%
July $439,607 $420,000 $0 $ 420,000 $ - 0.00%
August $388,939 $385,000 $0 $ 385,000 $ - 0.00%
September $483,006 $475,000 $0 $ 475,000 $ - 0.00%
TOTAL $ 5,061,008 $ 5,000,000 $ 2,282,490 $ 5,292,490 $ 292,490
SOUTHLAKE CRIME CONTROL AND PREVENTION DISTRICT
1/2% SALES TAX REPORT
2013 Collected Budget Balance
Budget to Date Balance Percent
$ 4,950,000 $2,263,795 (2,686,205) - 54.27%
Fiscal Year Percent Fiscal Year Percent Fiscal Year Percent
2011 Increase! 2012 Increase/ 2013 Increase/
MONTH Actual (Decrease) Actual (Decrease) Actual (Decrease)
October $351,298 5.13% $319,722 - 8.99% $413,388 29.30%
November 370,998 - 1.39% 390,919 5.37% 410,740 5.07%
December 529,531 - 1.29% 600,491 13.40% 624,361 3.98%
January 336,342 - 7.26% 336,540 0.06% 415,721 23.53%
February 281,634 -5.91% 342,427 21.59% 399,585 16.69%
March 440,772 15.15% 456,232 3.51% - 100.00%
April 366,425 0.93% 406,820 11.02% - 100.00%
May 360,191 - 7.22% 402,611 11.78% - 100.00%
June 451,427 7.11% 447,319 -0.91% - 100.00%
July 356,866 -1.51% 432,748 21.26% - 100.00%
August 371,318 16.46% 381,654 2.78% - 100.00%
September 428,005 8.14% 453,470 5.95% - 100.00%
TOTAL $4,644,807 $4,970,953 $2,263,795
Three Year Revenue Comparison
by Month
$700,000
$600,000
$500,000 1
$400,000
$300,000 . . II ® ■ II
$200,000 ,. . . . ■ ,
$100,000 -
I
O ,Oc) e e c G e , `J ,,, , s,- �a� ,, ). ,J � P
- wo 0 c6 � 0) �e Qe
■Fiscal Year 2011 Actual l7 Fiscal Year 2012 Actual Fiscal Year 2013 Actual
Actual Budget Actual Estimated (budget -est.)
MONTH 2012 2013 2013 2013 Difference Change
October $ 319,722 $ 320,000 $ 413,388 $ 413,388 $ 93,388 29.18%
November $ 390,919 $ 390,000 $ 410,740 $ 410,740 $ 20,740 5.32%
December $ 600,491 $ 600,000 $ 624,361 $ 624,361 $ 24,361 4.06%
January $ 336,540 $ 335,000 $ 415,721 $ 415,721 $ 80,721 24.10%
February $ 342,427 $ 340,000 $ 399,585 $ 399,585 $ 59,585 17.53%
March $ 456,232 $ 450,000 $ $ 450,000 $ 0.00%
April $ 406,820 $ 405,000 $ - $ 405,000 $ 0.00%
May $ 402,611 $ 400,000 $ - $ 400,000 $ 0.00%
June $ 447,319 $ 445,000 $ $ 445,000 $ 0.00%
July $ 432,748 $ 430,000 $ $ 430,000 $ 0.00%
August $ 381,654 $ 390,000 $ - $ 390,000 $ 0.00%
September $ 453,470 $ 445,000 $ - $ 445,000 $ - 0.00%
TOTAL $ 4,970,953 $ 4,950,000 $ 2,263,795 $ 5,228,795 $ 278,795
Firstsouthwest .
A Plains Capital Company,
Investment Portfolio Summary
City of Southlake
CITY OF
SOUTHLAKE
For the Quarter Ended
March 31, 2013
Prepared by
FirstSouthwest Asset Management
al
FirstSouthwest Table of Contents
A PlainsCapital Company
MARKET RECAP:
Report Name
For the moment, modest economic growth coupled with aggressive Fed monetary policy is
Certification Page overpowering a number of headwinds, including higher taxes, lower government spending and a
renewed concern about the situation in Europe. The so called sequester spending cuts officially
Executive Summary went into effect on March 1st, as Congress failed to reach agreement on an alternative.
Benchmark Comparison Economists expect these cuts to be a significant drag on economic growth as the year
progresses, but they also generally believe the economy is now strong enough to overcome it.
Detail of Security Holdings Instead of 3% growth, perhaps we are looking at something closer to 2 %. Headlines in Europe
have entered the fray once again as plans to rescue the Cyprus banking system included the
Change in Value confiscation of depositors' funds. This has raised the prospect that similar plans could be
applied to banks in other troubled Euro -zone nations, called into question the safety of the
Earned Income system, and fanned fears of crippling bank runs.
Investment Transactions Here in the U.S., the month kicked off with a somewhat better than expected February
Amortization and Accretion employment report, which showed an increase of 236k jobs and a decline in the unemployment
rate from 7.9% to 7.7 %., Unfortunately, January data was revised lower and about half of the
Projected Fixed Income Cash Flows decrease in the unemployment rate was attributed to a decline in the workforce, taking some of
the luster off the report. Retail sales, boosted by higher gas prices, jumped 1.1% in February,
the largest rise in five months. While the headline was impressive, if gas prices had not risen so
sharply, the increase would have been about half as large. The final revision to fourth quarter
2012 GDP boosted economic growth to 0.4 %, a definite improvement from the originally
reported minus 0.1 %. Encouragingly, optimism seems to be on the rise, leading both the DOW
and the S &P 500 to record highs in March. While economic conditions have improved, growth is
tepid at best, unemployment remains unacceptably high, and risks abound. That has led the
Fed to reaffirm its commitment to current monetary policy, and despite a more lively internal
debate, there is no real indication that policy is likely to change anytime soon.
Page 2 of 16
TIP City of South lake
FirstSouthwest Investment Officers' Certification
A PlainsCapital Company
For the Quarter Ended
March 31, 2013
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. To the extent possible, market prices have been obtained from independent pricing sources.
The investment portfolio complied with the PFIA and the Entity's approved Investment Policy and Strategy throughout the period. All investment transactions
made in the portfolio during this period were made on behalf of the Entity and were made in full compliance with the PFIA and the approved Investment Policy.
Officer Nam es and Titles:
4ta . � 1ilGt {ti�llG. ) '
Page 3 of 16
f
4741? City of Southlake
FirstSouthwest Executive Summary
A Plainscapital company As of 03/31/13
Account Summary Allocation by Security Type
Beginning Values as of 12131112 Ending Values as of 03131/13
Par Value 98,388,791.88 106,237,069.52
Market Value 98,530,575.38 106,467,216.12
Book Value 98,558,356.79 106,396,767.76 AGCY CALL 36%
AGCY STEP 8%
Unrealized Gain I Loss (27,781.41) 70,448.36 • CD 12%
Market Value % 100.14% 100.22% ft CP 8%
;:.:..•:..
• LGIP 31%
MUNICIPAL 5%
Total: 100%
Weighted Avg. YTW 0.392% 0.482%
Weighted Avg. YTM 0.455% 0.532%
Allocation by Issuer Maturity Distribution % Credit Quality
50% 49%
40%
IM FNMA 34% 31%
TEXSTAR 18% 30%
• TEXPOOL 13% :
• COMERICA 12% AAA 80%
• FHLB 9% 20% + ' • Collateralized 12%
Ili ' FCAR 8% f " Total: 100%
• Other Issuers 5%
Total: 100% 10% 8% Asym' !
.
5% 5 %
3%
0%
Overnight 2 - 90 Days 91 - 180 8 - 12 1 - 2 Years 2 Years or
Days Months More
Weighted Average Days to Maturity: 694
Print Date: 4/26/2013 Print Time: 1:30 pm
Page 4 of 16
TIP City of Southlake
FirstSouthwest Benchmark Comparison
A PlainsCapital Company As of 03/31/2013
0.60%
0.50%
0.40%
0.30%
0.20% --
0.10% --
mg
0.00% - - .... m .
Nov -11 Dec -11 Jan -12 Feb -12 Mar -12 Apr -12 May -12 Jun -12 Jul -12 Aug -12 Sep -12 Oct -12 Nov -12 Dec -12 Jan -13 Feb -13 Mar -13
- - 3 -MO CMT 6 -MO CMT it 1 -YR CMT - . TEXPOOL - --City of Southlake
Note 1: CMT stands for Constant Maturity Treasury. This data is published in Federal Reserve Statistical Release H.15 and represents an average of all actively traded Treasury securities having that time remaining until maturity. This is a
standard industry benchmark for Treasury securities. The CMT benchmarks are moving averages. The 3 -month CMT is the daily average for the previous 3 months, the 6 -month CMT is the daily average for the previous 6 months, and the
1 -year and 2 -year CMT's are the daily averages for the previous 12- months.
Note 2: Benchmark data for TexPool is the monthly average yield.
Print Date: 4/26/2013 Print Time: 1:30 pm
Page 5 of 16
TS ? City of Southlake
FirstSouthwest Detail of Security Holdings
A PlainsCapital Company
As of 03/31/2013
Settle Purch Mkt Days Days
CUSIP Date Sec. Type Sec. Description CPN Mty Date Next Call Call Type Par Value Price Orig Cost Book Value Price Market Value to Mty to Call YTM YTW
General Operating
TEXPOOL LGIP TexPool 8,123,496.90 100.000 8,123,496.90 8,123,496.90 100.000 8,123,496.90 1 0.105 0.105
TEXSTAR LGIP TexSTAR 17,580,701.43 100.000 17,580,701.43 17,580,701.43 100.000 17,580,701.43 1 0.113 0.113
3024AORG2 07/20/12 CP - DISC FCAR Owner Trust 04/16/13 5,000,000.00 99.558 4,977,875.00 4,998,770.85 99.991 4,999,535.00 16 0.593 0.593
3024AOSA4 08/14/12 CP - DISC FCAR Owner Trust 05/10/13 3,000,000.00 99.574 2,987,222.49 2,998,147.50 99.976 2,999,268.00 40 0.572 0.572
CD- 0403 -3 02/25/13 CD -IAM Comerica Bk CD 0.150 08/26/13 5,077,607.92 100.000 5,077,607.92 5,077,607.92 100.000 5,077,607.92 148 0.150 0.150
CD- 3414 -3 10/03/12 CD Comerica Bk CD 0.420 10/03/13 5,008,693.71 100.000 5,008,693.71 5,008,693.71 100.000 5,008,693.71 186 0.420 0.420
CD- 7910 -1 03/15/13 CD Comerica Bk CD 0.360 09/15/14 3,031,391.07 100.000 3,031,391.07 3,031,391.07 100.000 3,031,391.07 533 0.361 0.361
3136GOAT8 04/17/12 AGCY STEP FNMA 0.875 04/17/15 04/17/13 QRTLY 3,000,000.00 100.000 3,000,000.00 3,000,000.00 100.010 3,000,300.00 747 17 0.914 0.500
3135000R7 10/30/12 AGCY CALL FNMA 0.460 10/30/15 04/30/13 QRTLY 2,500,000.00 99.960 2,499,000.00 2,499,139.00 99.990 2,499,750.00 943 30 0.473 0.473
3135G0US0 02/26/13 AGCY CALL FNMA 0.550 02/26/16 02/26/14 ONETIME 3,000,000.00 99.970 2,999,100.00 2,999,128.95 100.150 3,004,500.00 1,062 332 0.560 0.560
8827226Y2 12/19/12 MUNICIPAL TX Trans Comm Hwy Impt 1.500 04/01/16 5,650,000.00 103.023 5,820,799.50 5,806,172.67 102.734 5,804,493.60 1,097 0.569 0.569
GO
3135GOQN6 10/29/12 AGCY CALL FNMA 0.550 04/29/16 04/29/13 QRTLY 5,000,000.00 99.875 4,993,750.00 4,994,497.35 100.030 5,001,500.00 1,125 29 0.586 0.586
3135GORZ8 11/27/12 AGCY CALL FNMA 0.550 05/26/16 11/26/14 ONETIME 3,000,000.00 99.950 2,998,500.00 2,998,646.52 100.010 3,000,300.00 1,152 605 0.564 0.564
3135GOSR5 12/27/12 AGCY CALL FNMA 0.560 06/27/16 12/27/13 QRTLY 5,000,000.00 99.950 4,997,500.00 4,997,684.90 99.950 4,997,500.00 1,184 271 0.574 0.574
3136FTH36 09/26/12 AGCY STEP FNMA 1.000 02/14/17 02/14/14 ORTLY 5,000,000.00 100.688 5,034,400.00 5,021,649.15 100.710 5,035,500.00 1,416 320 1.314 0.500
3135GOPL1 02/21/13 AGCY CALL FNMA 1.050 10/04/17 10/04/13 MTHLY 5,000,000.00 99.915 4,995,750.00 4,995,861.35 100.300 5,015,000.00 1,648 187 1.069 1.069
3133813R4 01/17/13 AGCY CALL FHLB 1.000 11/09/17 05/09/13 MTHLY 10,000,000.00 100.000 10,000,000.00 10,000,000.00 100.110 10,011,000.00 1,684 39 1.000 0.998
3135GOUX9 03/12/13 AGCY CALL FNMA 1.200 02/28/18 08/28/13 QRTLY 5,000,000.00 100.000 5,000,000.00 5,000,000.00 100.230 5,011,500.00 1,795 150 1.200 1.199
Total for General Operating 98,971,891.03 100.160 99,125,788.02 99,131,589.27 100.237 99,202,037.63 745 0.563 0.509
Parks Development Corporation
TEXPOOL LGIP TexPool 5,251,429.68 100.000 5,251,429.68 5,251,429.68 100.000 5,251,429.68 1 0.105 0.105
TEXSTAR LGIP TexSTAR 2,013,748.81 100.000 2,013,748.81 2,013,748.81 100.000 2,013,748.81 1 0.113 0.113
Total for Parks Development Corporation 7,265,178.49 100.000 7,265,178.49 7,265,178.49 100.000 7,265,178.49 1 0.107 0.107
Total for City of Southlake 106,237,069.52 100.149 106 390 966.51 106 100.220 106,467,216.12 694 0.532 0.482
Print Date: 4/26/2013 Print Time: 1:30 pm Page 6 of 16
TIP City of Southlake
Change in Value
FirstSouthwest From 12/31/2012 to 03/31/2013
A PlainsCapital Company
CUSIP Security Type Security Description 12131112 Cost of Maturities I Amortization I Realized 03131/13 12/31112 03131113 Change in
Book Value Purchases Calls 1 Sales Accretion Gainl(Loss) Book Value Market Value Market Value Mkt Value
General Operating
TEXPOOL LGIP TexPool 7,296,053.53 827,443.37 0.00 0.00 0.00 8,123,496.90 7,296,053.53 8,123,496.90 827,443.37
TEXSTAR LGIP TexSTAR 18,575,806.26 3,158.88 (998,263.71) 0.00 0.00 17,580,701.43 18,575,806.26 17,580,701.43 (995,104.83)
89233GNA0 CP - DISC Toyota Mtr Cr 0.000 01/10/13 2,999,580.00 0.00 (3,000,000.00) 420.00 0.00 0.00 2,999,859.00 0.00 (2,999,859.00)
89233GNN2 CP - DISC Toyota Mtr Cr 0.000 01/22/13 4,998,250.00 0.00 (5,000,000.00) 1,750.00 0.00 0.00 4,999,480.00 0.00 (4,999,480.00)
36959HPB7 CP - DISC GE Capital Corp 0.000 02/11/13 2,998,906.68 0.00 (3,000,000.00) 1,093.32 0.00 0.00 2,999,580.00 0.00 (2,999,580.00)
CD- 0403 -2 CD -IAM Comerica Bk CD 0.200 02/25/13 5,072,479.08 0.00 (5,072,479.08) 0.00 0.00 0.00 5,072,479.08 0.00 (5,072,479.08)
CD -6013 CD Comerica Bk CD 0.510 03/15/13 3,027,582.18 2,623.37 (3,030,205.55) 0.00 0.00 0.00 3,027,582.18 0.00 (3,027,582.18)
3024A0RG2 CP - DISC FCAR Owner Trust 0.000 04/16/13 4,991,395.85 0.00 0.00 7,375.00 0.00 4,998,770.85 4,995,140.00 4,999,535.00 4,395.00
3024A0SA4 CP - DISC FCAR Owner Trust 0.000 05/10/13 2,993,872.50 0.00 0.00 4,275.00 0.00 2,998,147.50 2,995,992.00 2,999,268.00 3,276.00
CD- 0403 -3 CD -IAM Comerica Bk CD 0.150 08/26/13 0.00 5,077,607.92 0.00 0.00 0.00 5,077,607.92 0.00 5,077,607.92 5,077,607.92
CD- 3414 -3 CD Comerica Bk CD 0.420 10/03/13 5,003,510.21 5,183.50 0.00 0.00 0.00 5,008,693.71 5,003,510.21 5,008,693.71 5,183.50
CD- 7910 -1 CD Come rice BkCD 0.360 09/15/14 0.00 3,031,391.07 0.00 0.00 0.00 3,031,391.07 0.00 3,031,391.07 3,031,391.07
3136G0AT8 AGCY STEP FNMA 0.875 04/17/15 3,000,000.00 0.00 0.00 0.00 0.00 3,000,000.00 3,002,400.00 3,000,300.00 (2,100.00)
3135GOQR7 AGCY CALL FNMA 0.460 10/30/15 2,499,056.15 0.00 0.00 82.85 0.00 2,499,139.00 2,500,500.00 2,499,750.00 (750.00)
3133EADK1 AGCY CALL FFCB 0.850 02/22/16 4,001,465.28 0.00 (4,000,000.00) (1,465.28) 0.00 0.00 4,004,000.00 0.00 (4,004,000.00)
3135G0US0 AGCY CALL FNMA 0.550 02/26/16 0.00 2,999,100.00 0.00 28.95 0.00 2,999,128.95 0.00 3,004,500.00 3,004,500.00
8827226Y2 MUNICIPAL TX Trans Comm Hwy lmptGO 1.500 04/01, 5,819,078.68 0.00 0.00 (12,906.01) 0.00 5,806,172.67 5,757,632.50 5,804,493.60 46,861.10
3135G0QN6 AGCY CALL FNMA 0.550 04/29/16 4,994,054.85 0.00 0.00 442.50 0.00 4,994,497.35 5,003,000.00 5,001,500.00 (1,500.00)
3135GORZ8 AGCY CALL FNMA 0.550 05/26/16 2,998,540.17 0.00 0.00 106.35 0.00 2,998,646.52 2,998,200.00 3,000,300.00 2,100.00
3135G0SR5 AGCY CALL FNMA 0.560 06/27/16 4,997,507.85 0.00 0.00 177.05 0.00 4,997,684.90 4,993,500.00 4,997,500.00 4,000.00
3136FTH36 AGCY STEP FNMA 1.000 02/14/17 5,027,856.90 0.00 0.00 (6,207.75) 0.00 5,021,649.15 5,042,500.00 5,035,500.00 (7,000.00)
3135GOPL1 AGCY CALL FNMA 1.050 10/04/17 0.00 4,995,750.00 0.00 111.35 0.00 4,995,861.35 0.00 5,015,000.00 5,015,000.00
3133813R4 AGCY CALL FHLB 1.000 11/09/17 0.00 10,000,000.00 0.00 0.00 0.00 10,000,000.00 0.00 10,011,000.00 10,011,000.00
3135G0UX9 AGCY CALL FNMA 1.200 02/28/18 0.00 5,000,000.00 0.00 0.00 0.00 5,000,000.00 0.00 5,011,500.00 5,011,500.00
Total for General Operating 91,294,996.17 31,942,258.11 (24,100,948.34) (4,716.67) 0.00 99,131,589.27 91,267,214.76 99,202,037.63 7,934,822.87
Parks Development Corporation
TEXPOOL LGIP TexPool 5,250,146.55 1,283.13 0.00 0.00 0.00 5,251,429.68 5,250,146.55 5,251,429.68 1,283.13
TEXSTAR LGIP TexSTAR 2,013,214.07 534.74 0.00 0.00 0.00 2,013,748.81 2,013,214.07 2,013,748.81 534,74
Total for Parks Development Corporation 7,263,360.62 1,817.87 0.00 0.00 0.00 7,265,178.49 7,263,360.62 7,265,178.49 1,817.87
Print Date: 4/26/2013 Print Time: 1:30 pm Page 7 of 16
fa ' City of Southlake
F Change in Value
irstSouthwest
A PlainsCapital Company From 12/31/2012 to 03/31/2013
CUSIP Security Type Security Description 12/31112 Cost of Maturities! Amortization I Realized 03!31113 12131112 03131/13 Change in
Book Value Purchases Calls 1 Sales Accretion Gain!(Loss) Book Value Market Value Market Value Mkt Value
Total for City of Southlake 98,558,356.79 31,944,075.98 (24,100,948.34) (4,716.67) 0.00 106,396,767.76 98,530,575.38 106,467,216.12 7,936,640.74
Print Date: 4/26/2013 Print Time: 1:30 pm Page 8 of 16
City of Southlake
Earned Income
FirstSouthwest
A PlainsCapital Company.
From 12/31/2012 to 03/31/2013
CUSIP Security Type Security Description Beg. Accrued Interest Earned Interest Recd I Interest Purchased Ending Accrued Disc Accr I Net Income
Sold 1 Matured Prom Amort
General Operating
TEXPOOL LGIP TexPool 0.00 1592.30 1,892.30 0.00 0.00 0.00 1,892.30
TEXSTAR LGIP TexSTAR 0.00 4,895.17 4,895.17 0.00 0.00 0.00 4,895.17
89233GNA0 CP - DISC Toyota Mtr Cr 0.000 01/10/13 0.00 0.00 0.00 0.00 0.00 420.00 420.00
89233GNN2 CP - DISC Toyota MtrCr 0.000 01/22/13 0.00 0.00 0.00 0.00 0.00 1,750.00 1,750.00
36959HPB7 CP - DISC GE Capital Corp 0.000 02/11/13 0.00 0.00 0.00 0.00 0.00 1,093.32 1,093.32
CD- 0403 -2 CD-IAM Comerica Bk CD 0.200 02/25/13 3,520.24 1508.60 5,128.84 0.00 0.00 0.00 1,608.60
CD -6013 CD Comerica Bk CD 0.510 03/15/13 717.19 3,091.70 3,808.89 0.00 0.00 0.00 3,091.70
3024A0RG2 CP - DISC FCAR Owner Trust 0.000 04/16/13 0.00 0.00 0.00 0.00 0.00 7,375.00 7,375.00
3024A0SA4 CP - DISC FCAR Owner Trust 0.000 05/10/13 0.00 0.00 0.00 0.00 0.00 4,275.00 4,275.00
CD- 0403 -3 CD -IAM Comerica Bk CD 0.150 08/26/13 0.00 730.34 0.00 0.00 730.34 0.00 730.34
CD- 3414 -3 CD Corner/ca Bk CD 0.420 10/03/13 1,669.66 5,185.23 5,183.50 0.00 1,671.39 0.00 5,185.23
CD- 7910 -1 CD Comerica Bk CD 0.360 09/15/14 0.00 508.28 0.00 0.00 508.28 0.00 508.28
3136GOAT8 AGCY STEP FNMA 0.875 04/17/15 3,083.33 3,750.00 0.00 0.00 6,833.33 0.00 3,750.00
3135000R7 AGCY CALL FNMA 0.460 10/30/15 1,948.61 2,875.00 0.00 0.00 4,823.61 82.85 2,957.85
3133EADK1 AGCY CALL FFCB 0.850 02/22/16 12,183.33 4,816.67 17,000.00 0.00 0.00 (1,465.28) 3,351.39
3135G0US0 AGCY CALL FNMA 0.550 02/26/16 0.00 1,604.17 0.00 0.00 1,604.17 28.95 1,633.12
8827226Y2 MUNICIPAL TX Trans Comm Hwy Impt GO 1.500 04/01/16 3,060.42 21,187.50 0.00 0.00 24,247.92 (12,906.01) 8,281.49
3135G00N6 AGCY CALL FNMA 0.550 04/29/16 4,736.11 6,875.00 0.00 0.00 11,611.11 442.50 7,317.50
3135GORZ8 AGCY CALL FNMA 0.550 05/26/16 1,604.17 4,125.00 0.00 0.00 5,729.17 106.35 4,231.35
3135GOSR5 AGCY CALL FNMA 0.560 06/27/16 311.11 7,000.00 0.00 0.00 7,311.11 177.05 7,177.05
3136FTH36 AGCY STEP FNMA 1.000 02/14/17 19,027.78 12,500.00 25,000.00 0.00 6,527.78 (6,207.75) 6,292.25
3135GOPL1 AGCY CALL FNMA 1.050 10/04/17 0.00 5,833.33 0.00 (19,979.17) 25,812.50 111.35 5,944.68
3133813R4 AGCY CALL FHLB 1.000 11/09/17 0.00 20,555.55 0.00 (18,:::.89) 39,444.44 0.00 20,555.55
3135GOUX9 AGCY CALL FNMA 1.200 02/28/18 0.00 3,166.67 0.00 (2,333.33) 5,500.00 0.00 3,166.67
Total for General Operating 51,861.95 112,200.51 62,908.70 (41,201.39) 142,355.15 (4,716.67) 107,483.84
Parks Development Corporation
TEXPOOL LGIP TexPool 0.00 1,283.13 1,283.13 0.00 0.00 0.00 1,283.13
TEXSTAR LGIP TexSTAR 0.00 534.74 534.74 0.00 0.00 0.00 534.74
Total for Parks Development Corporation 0.00 1,817.87 1,817.87 0.00 0.00 0.00 1,817.87
Print Date: 4/26/2013 Print Time: 1:30 pm Page 9 of 16
TIP City of Southlake
Earned Income
FirstSouthwest
A PlainsCapital company From 12/31/2012 to 03/31/2013
CUSIP Security Type Security Description Beg. Accrued Interest Earned Interest Rec'd 1 Interest Purchased Ending Accrued Disc Accrl Net Income
Sold I Matured Prem Amort
Total for City of Southlake 51,861.95 114,018.38 64,726.57 (41,201.39) 142,355.15 (4,716.67) 109,301.71
Print Date: 4 /26/2013 Print Time: 1:30 pm
Page 10 of 16
Pi lit? City of Southlake
FirstSouthwest Investment Transactions
A Piainscapital Company From 01/01/2013 to 03/31/2013
Trade Settle Security Principal Int Purchased 1 Realized
Date Date CUSIP Type Security Description Coupon Mty Date Call Date Par Value Price Amount Received Total Amount Gain I Loss YTM YIN/
General Operating
Calls
02/22/13 02/22/13 3133EADK1 AGCY CALL FFCB 0.850 02/22/16 02/22/13 4000,000.00 100.000 4,000,000.00 0.00 4,000,000.00 0.807 0.850
Total tor Calls 4,000,000.00 4,000,000.00 0.00 4,000,000.00 0.807 0.850
Maturities
01/10/13 01/10/13 89233GNA0 CP - DISC Toyota Mtr Cr 01/10/13 3,000,000.00 100.000 3,000,000.00 0.00 3,000,000.00 0.562
01/22/13 01/22113 89233GNN2 CP - DISC Toyota Mtr Cr 01/22/13 5,000,000.00 100.000 5,000,000.00 0.00 5,000,000.00 0.603
02/11/13 02/11/13 36959HPB7 CP - DISC GE Capital Corp 02/11/13 3,000,000.00 100.000 3,000,000.00 0.00 3,000,000.00 0.321
02/25/13 02/25/13 CD- 0403 -2 CD -IAM Comerica Bk CD 0.200 02/25/13 5,072,479.08 100.000 5,072,479.08 5,048.94 5,077,528.02 0.200
03/15/13 03/15/13 CD -6013 CD Comerica Bk CD 0.510 03/15/13 3,030,205.55 100.000 3,030,205.55 0.00 3,030,205.55 0.507
Total for: Maturities 19,102,684.63 19,102,684.63 5,048.94 19,107,733.57 0.430
Purchases
01/16/13 01/17/13 3133813R4 AGCY CALL FHLB 1.000 11/09/17 05/09/13 10,000,000.00 100.000 10,000,000.00 18,888.89 10,018,888.89 1.000 0.998
02/13/13 02/26/13 3135G0US0 AGCY CALL FNMA 0.550 02/26/16 02/26/14 3,000,000.00 99.970 2,999,100.00 0.00 2,999,100.00 0.560 0.560
02/20/13 02/21/13 3135G0PL1 AGCY CALL FNMA 1.050 10/04/17 10/04/13 5,000,000.00 99.915 4,995,750.00 19,979.17 5,015,729.17 1.069 1.069
02/25/13 02/25/13 CD- 0403 -3 CD -IAM Comerica Bk CD 0.150 08/26/13 5,077,607.92 100.000 5,077,607.92 0.00 5,077,607.92 0.150 0.150
03/11/13 03/12/13 3135G0UX9 AGCY CALL FNMA 1.200 02/28/18 08/28/13 5,000,000.00 100.000 5,000,000.00 2,333.33 5,002,333.33 1.200 1.199
03/15/13 03/15/13 CD- 7910 -1 CD Comerica BkCD 0.360 09/15/14 3,031,391.07 100.000 3,031,391.07 0.00 3,031,391.07 0.361 0.361
Total for: Purchases 31,108,998.99 31,103,848.99 41,201.39 31,145,05038 0.800 0.799
Income Payments
01/04/13 02/03/13 CD- 3414 -3 CD Comerica BkCD 0.420 10/03/13 0.00 1,784.81 1,784.81
01/04/13 02/03/13 CD- 3414 -3 CD Comerica BkCD 0.420 10/03/13 0.00 (1,784.81) (1,784.81)
01/04/13 01/03/13 CD- 3414 -3 CD Comerica BkCD 0.420 10/03/13 0.00 1,784.81 1,784.81
01/15/13 01/15/13 CD -6013 CD Comerica BkCD 0.510 03/15/13 0.00 1,311.40 1,311.40
02/04/13 02/03/13 CD- 3414 -3 CD ComericaBkCD 0.420 10/03/13 0.00 1,785.45 1,785.45
02/14/13 02/14/13 3136FTH36 AGCY STEP FNMA 1.000 02/14/17 0.00 25,000.00 25,000.00
02/15/13 02/15/13 CD -6013 CD Comerica Bk CD 0.510 03/15/13 0.00 1,311.97 1,311.97
02/22/13 02/22/13 3133EADK1 AGCY CALL FFCB 0.850 02/22/16 0.00 17,000.00 17,000.00
Print Date: 4/26/2013 Print Time: 1:30 pm
Page 11 of 16
40 City of Southlake
FirstSouthwest Investment Transactions
A Plains Capital Company From 01/01/2013 to 03/31/2013
Trade Settle Security Principal Int Purchased I Realized
Date Date CUSIP Type Security Description Coupon Mty Date Call Date Par Value Price Amount Received Total Amount Gain /Loss YTM YTW
General Operating
Income Payments
02/25/13 02/25/13 CD 0403 - CD -IAM Comerica Bk CD 0.200 02/25/13 0.00 78.90 78.90
02/25/13 02/25/13 CD- 0403 -2 CD -IAM Comenca Bk CD 0.200 02/25/13 0.00 1.00 1.00
03/04/13 03/03/13 CD- 3414 -3 CD ComericaBkCD 0.420 10/03/13 0.00 1,613.24 1,613.24
03/15/13 03/15/13 CD -6013 CD ComericaBkCD 0.510 03/15/13 0.00 1,185.52 1,185.52
Total for: Income Payments 0.00 51,072.29 51,072.29
Capitalized Interest
01/04/13 01/04/13 CD- 3414 -3 CD ComericaBkCD 0.420 10/03/13 1,784.81 100.000 1,784.81 0.00 1,784.81
01/15/13 01/15/13 CD -6013 CD ComericaBkCD 0.510 03/15/13 1,311.40 100.000 1,311.40 0.00 1,311.40
02/04/13 02/04/13 CD- 3414 -3 CD ComericaBkCD 0.420 10/03/13 1,785.45 100.000 1,785.45 0.00 1,785.45
02/15/13 02/15/13 CD -6013 CD ComericaBkCD 0.510 03/15/13 1,311.97 100.000 1,311.97 0.00 1,311.97
03/04/13 03/04/13 CD- 3414 -3 CD ComericaBkCD 0.420 10/03/13 1,613.24 100.000 1,613.24 0.00 1,613.24
Total for: Capitalized Interest 7,806.87 7,806.87 0.00 7,806.87
Print Date: 4/26/2013 Print Time: 1:30 pm
Page 12 of 16
jlia) City of Southlake
FirstSouthwest Investment Transactions
A PlainsCapital Company From 01/01/2013 to 03/31/2013
Trade Settle Security Principal Int Purchased I Realized
Date Date CUSIP Type Security Description Coupon Mty Date Call Date Par Value Price Amount Received Total Amount Gain I Loss YTM YTW
Total for All Portfolios
Transaction Type Quantity Total Amount Realized GIL YTM YTW
Total Calls 4,000,000.00 4,000,000.00 0.807 0.850
Total Maturities 19,102,684.63 19,107,733.57 0.430
Total Purchases 31,108,998.99 31,145,050.38 0.800 0.799
Total Income Payments 0.00 51,072.29
Total Capitalized Interest 7,806.87 7,806.87
Print Date: 4/2612013 Print Time: 1:30 pm
Page 13 of 16
fa° City of Southlake
First5outhwest Amortization and Accretion
A Pla6nsCapiCal Company
From 12/31/2012 to 03/31/2013
Orig AmrtlAccr Total AmrtlAccr Remaining
CUSIP Settle Date Security Type Security Description Next Call Date Purchase Qty Price Original Cost for Period Since Purch Disc 1 Prem Book Value
General Operating
89233GNA0 04/19/12 CP - DISC Toyota Mtr Cr 0.000 01/10/13 0.00 99.586 0.00 420.00 0.00 0.00 0.00
89233GNN2 04/27/12 CP - DISC Toyota Mtr Cr 0.000 01/22/13 0.00 99.550 0.00 1,750.00 0.00 0.00 0.00
36959HPB7 08/14/12 CP - DISC GE Capital Corp 0.000 02/11/13 0.00 99.839 0.00 1,093.32 0.00 0.00 0.00
CD- 0403 -2 08/27/12 CD -IAM Comerica Bk CD 0.200 02/25/13 0.00 100.000 0.00 0.00 0.00 0.00 0.00
CD -6013 03/15/12 CD Comerica Bk CD 0.510 03/15/13 0.00 100.000 0.00 0.00 0.00 0.00 0.00
3024A0RG2 07/20/12 CP - DISC FCAR Owner Trust 0.000 04/16/13 5,000,000.00 99.558 4,977,875.00 7,375.00 20,895.85 1229.15 4,998,770.85
3024AOSA4 08/14/12 CP - DISC FCAR Owner Trust 0.000 05/10/13 3,000,000.00 99.574 2,987,222.49 4,275.00 10,925.01 1,852.50 2,998,147.50
CD- 0403 -3 02/25/13 CD -IAM Comerica Bk CD 0.150 08/26/13 5,077,607.92 100.000 5,077,607.92 0.00 0.00 0.00 5,077,607.92
CD- 3414 -3 10/03/12 CD Comerica Bk CD 0.420 10/03/13 5,008,693.71 100.000 5,008,693.71 0.00 0,00 0.00 5,008,693.71
CD- 7910 -1 03/15/13 CD ComericaBkCD 0.360 09/15/14 3,031,391.07 100.000 3,031,391.07 0.00 0.00 0.00 3,031,391.07
3136G0AT8 04/17/12 AGCY STEP FNMA 0.875 04/17/15 04/17/13 3,000,000.00 100.000 3,000,000.00 0.00 0.00 0.00 3,000,000.00
3135GOQR7 10/30/12 AGCY CALL FNMA 0.460 10/30/15 04/30/13 2,500,000.00 99.960 2,499,000.00 82.85 139.00 861.00 2,499,139.00
3133EADK1 07/23/12 AGCY CALL FFCB 0.850 02/22/16 0.00 100.150 0.00 (1,465.28) 0.00 0.00 0.00
3135G0US0 02/26/13 AGCY CALL FNMA 0.550 02/26/16 02/26/14 3,000,000.00 99.970 2,999,100.00 28.95 28.95 871.05 2,999,128.95
8827226Y2 12/19/12 MUNICIPAL TX Trans Comm Hwy Imp( GO 1.500 04/01/16 5,650,000.00 103.023 5,820,799.50 (12,906.01) (14,626.83) (156,172.67) 5,806,172.67
3135G00N6 10/29/12 AGCY CALL FNMA 0.550 04/29/16 04/29/13 5,000,000.00 99.875 4,993,750.00 442.50 747.35 5,502.65 4,994,497.35
3135G0RZ8 11/27/12 AGCY CALL FNMA 0.550 05/26/16 11/26/14 3,000,000.00 99.950 2,998,500.00 106.35 146.52 1,353.48 2,998,646.52
3135G0SR5 12/27/12 AGCY CALL FNMA 0.560 06/27/16 12/27/13 5,000,000.00 99.950 4,997,500.00 177.05 184.90 2,315.10 4,997,684.90
3136FTH36 09/26/12 AGCY STEP FNMA 1.000 02/14/17 02/14/14 5,000,000.00 100.688 5,034,400.00 (6,207.75) (12,750.85) (21,649.15) 5,021,649.15
3135GOPL1 02/21/13 AGCY CALL FNMA 1.050 10/04/17 10/04/13 5,000,000.00 99.915 4,995,750.00 111.35 111.35 4,138.65 4,995,861.35
3133813R4 01/17/13 AGCY CALL FHLB 1.000 11/09/17 05/09/13 10,000,000.00 100.000 10,000,000.00 0.00 0.00 0.00 10,000,000.00
3135GOUX9 03/12/13 AGCY CALL FNMA 1.200 02/28/18 08/28/13 5,000,000.00 100.000 5,000,000.00 0.00 0.00 0.00 5,000,000.00
Total for General Operating 73,267,692.70 73,421,589.69 (4,716.67) 5,801.25 (159,698.24) 73,427,390.94
Total for City of Southlake 73,267,692.70 73,421,589.69 (4,716.67) 5,801.25 (159,698.24) 73,427,390.94
Print Date: 4/26/2013 Print Time: 1:30 pm Page 14 of 16
Ira? City of Southlake
Projected Cash Flows
FirstSouthwest
A PlainsCapital Company. Cash Flows for next 180 days from 03/31/2013
CUSIP Security Type Security Description Pay Date Interest Principal Total Amount
General Operating
8827226Y2 MUNICIPAL TX Trans Comm Hwy Impt GO 1.500 04/01/16 04/01/13 24,247.91 0.00 24,247.91
CD- 3414 -3 CD Comerica Bk CD 0.420 10/03/13 04/03/13 1786.66 0.00 1,786.66
3135GOPL1 AGCY CALL FNMA 1.050 10/04/17 04/04/13 26,250.00 0.00 26,250.00
CD- 7910 -1 CD Comerica Bk CD 0.360 09/15/14 04/15/13 926.85 0.00 926.85
3024A0RG2 CP - DISC FCAR Owner Trust 0.000 04/16/13 04/16/13 0.00 5,000,000.00 5,000,000.00
3136G0AT8 AGCY STEP FNMA 0.875 04/17/15 04/17/13 7,500.00 0.00 7,500.00
3135G00N6 AGCY CALL FNMA 0.550 04/29/16 04/29/13 13,750.00 0.00 13,750.00
3135G0QR7 AGCY CALL FNMA 0.460 10/30/15 04/30/13 5,750.00 0.00 5,750.00
CD- 3414 -3 CD Comerica Bk CD 0.420 10/03/13 05/03/13 1,729.02 0.00 1,729.02
3133813R4 AGCY CALL FHLB 1.000 11/09/17 05/09/13 50,000.00 0.00 50,000.00
3024AOSA4 CP - DISC FCAR Owner Trust 0.000 05/10/13 05/10/13 0.00 3,000,000.00 3,000,000.00
CD- 7910 -1 CD Comerica Bk CD 0.360 09/15/14 05/15/13 896.95 0.00 896.95
3135G0RZ8 AGCY CALL FNMA 0.550 05/26/16 05/26/13 8,250.00 0.00 8,250.00
CD- 3414 -3 CD Comerica Bk CD 0.420 10/03/13 06/03/13 1,786.66 0.00 1,786.66
CD- 7910 -1 CD Comerica Bk CD 0.360 09/15/14 06/15/13 926.85 0.00 926.85
3135GOSR5 AGCY CALL FNMA 0.560 06/27/16 06/27/13 14,000.00 0.00 14,000.00
CD- 3414 -3 CD Comerica Bk CD 0.420 10/03/13 07/03/13 1,729.02 0.00 1,729.02
CD- 7910 -1 CD Comerica Bk CD 0.360 09/15/14 07/15/13 896.95 0.00 896.95
CD- 3414 -3 CD Comerica BkCD 0.420 10/03/13 08/03/13 1,786.66 0.00 1,786.66
3136FTH36 AGCY STEP FNMA 1.000 02/14/17 08/14/13 25,000.00 0.00 25,000.00
CD- 7910 -1 CD Comerica Bk CD 0.360 09/15/14 08/15/13 926.85 0.00 926.85
3135G0US0 AGCY CALL FNMA 0.550 02/26/16 08/26/13 8,250.00 0.00 8,250.00
CD- 0403 -3 CD-IAM Comerica Bk CD 0.150 08/26/13 08/26/13 3,797.77 5,077,607.92 5,081,405.69
3135GOUX9 AGCY CALL FNMA 1.200 02/28/18 08/28/13 30,000.00 0.00 30,000.00
CD- 3414 -3 CD Comerica Bk CD 0.420 10/03/13 09/03/13 1,786.66 0.00 1,786.66
CD- 7910 -1 CD Comerica Bk CD 0.360 09/15/14 09/15/13 926.85 0.00 926.85
Total for General Operating 232,901.66 13,077,607.92 13,310,509.58
Print Date: 4/26/2013 Print Time: 1:31 pm
Page 15 of 16
fa ' City of Southlake
FirstSouthwest Projected Cash Flows
A PlainsCapital Company
Cash Flows for next 180 days from 03/31/2013
CUSIP Security Type Security Description Pay Date Interest Principal Total Amount
Total for All Portfolios
April 2013 80,211.42 5,000,000.00 5,080,211.42
May 2013 60,875.97 3,000,000.00 3,060,875.97
June 2013 16,713.51 0.00 16,713.51
July 2013 2,625.97 0.00 2,625.97
August 2013 69,761.28 5,077,607.92 5,147,369.20
September 2013 2,713.51 0.00 2,713.51
Total Projected Cash Flows for City of Southlake 232,901.66 13,077,607.92 13,310,509.58
Print Date: 4/26/2013 Print Time: 1:31 pm Page 16 of 16
CITY C -
SOUTHLAKE
FINANCE DEPARTMENT
CITY OF SOUTHLAKE CAPITAL IMPROVEMENTS PROGRAM
QUARTERLY STATUS REPORT
March 31, 2013
The Capital Improvements Plan (CIP) establishes a five (5) year funding schedule for
the purchase, construction or replacement of physical assets of the City. Capital
improvements typically have a useful life of over ten (10) years and a value greater than
$10,000. Most CIP projects typically involve major infrastructure development and
improvement. CIP projects are primarily funded through General Obligation (GO) bonds
and Revenue Certificates of Obligation.
The City of Southlake's CIP Quarterly Status Report has been designed as a resource
tool to be utilized by City staff, citizens of Southlake, and the community at large. The
objective of this report is to provide timely and accurate information in a user friendly
format regarding construction and other improvement projects in the City of Southlake.
Projects within the City's CIP are categorized as follows: Street and Drainage
Improvements, Traffic Management Projects, Water System Improvements, Sewer
System Improvements, Crime Control Projects and Southlake Parks Development Corp.
Improvement Projects.
1400 Main Street Suite 440 • Southlake, TX 76092
(817) 748 -8042 • www.ci.southlake.tx.us
TABLE OF CONTENTS
Page
Street and Drainage Improvements 1
Water System Improvements 4
Sewer System Improvements 6
Crime Control Projects 7
Southlake Parks Development Corp Improvements 8
0
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Street & Drainage Improvement Projects --
Report Date: March 31, 2013
Title: Location: Project Description:
FM 1938 Phase II Randol Mill Road from The project involves paving, utility and drainage
FM 1709 north to the city limits improvements along the existing Randol Mill Road from
FM1709 to SH114 to its ultimate pavement section of four
lanes divided. Construction of FM1938 will be in two phases.
Phase I is from the bend in Randol Mill Road to SH114.
Phase II is from the intersection of FM1709 and Randol Mill
Road /Davis Blvd. to the bend in Randol Mill.
Available Funding: Expenditures: Balance:
$ 2,726,449 $ 1,780,082 $ 946,367
Funding Source(s): Status:
G.O. Bonds, G.O. Bond Interest Phase I of the project was awarded in August 2009 with a
contract time of 448 working days and is essentially
complete. Phase II right of way and easement appraisals
began in January 2011 for acquisition by Tarrant County
and are approximately 97% complete. Clearing of the ROW
franchise utilities (gas, electric, cable, telephone, etc.) are
anticipated to begin early 2013 and will be in progress
throughout 2013. Funding and construction are scheduled
for FY2014 -15.
Completion Date: FY2014 -15
Title: Location: Project Description:
N. White Chapel Ultimate N. White Chapel from Emerald This project is for the design of the ultimate roadway
Roadway to State Hwy. 114 section (4 lanes divided) as depicted by the Thoroughfare
Plan. This project also includes necessary drainage and
utility improvements.
Available Funding: Expenditures: Balance:
$ 8,640,000 $ 1,184,782 $ 7,455,218
Funding Source(s): Status:
G.O. Bonds, G.O. Bond Interest, Roadway Impact funds This project has been divided into two phases. Phase I
extends from Emerald Blvd. to Highland St. and is currently
at 95% design. Phase II is the continuation of the widening
from Highland St. to SH114 including a dual -lane roundabout
at the N. White Chapel Blvd /Highland St. intersection, and
the design is currently 90% complete. Right of way
acquisition is currently underway.
Completion Date: FY 2013 -14
Page 1
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Street & Drainage Improvement Projects --
Report Date: March 31, 2013
Title: Location: Project Description:
Sidewalks throughout the city Various locations Construction of sidewalks in areas where staff has received
requests for the installation of sidewalks, primarily around
schools and areas where sidewalks would improve
pedestrian safety. This project also consists of the
installation of sidewalks along FM1709 to fill in existing gaps
not being constructed in conjunction with the deceleration
lanes. In addition to support from TxDOT, federal matching
funds from the State Transportation Enhancement Program
supports this project as well.
Available Funding: Expenditures: Balance:
$ 2,607,168 $ 1,480,027 $ 1,127,142
Funding Source(s): Status:
G.O. Bonds, Strategic Initiative Fund transfer TxDOT construction of FM1709 sidewalks began in early
2013 and is expected to be completed in Summer 2013.
Completion Date: When funds are depleted
Title: Location: Project Description:
N. Kimball Avenue N. Kimball Ave from SH 114 to This project involves paving, utility, and drainage
Dove Rd. improvements for the widening of North Kimball Avenue from
SH 114 to Dove Road to its ultimate four lane divided
pavement section with center landscaped medians and six
foot sidewalks on both sides of the street. The construction
of this project will be divided into two Phases. Phase I is
along N. Kimball Ave. from SH 114 to Kirkwood Blvd. and
Phase II is the continuation along N. Kimball Ave. from
Kirkwood Blvd. up to Dove Rd.
Available Funding: Expenditures: Balance:
8,569,399 $ 7,581,600 $ 987,800
Funding Source(s): Status:
Roadway Impact fees, G.O. Bonds Phase I is complete. Right of way acquisition north of East
Highland St. is nearing completion. Phase II construction will
resume in summer 2013 once right of way acquisition is
complete and the existing gas line and other franchise
utilities are relocated to the new right of way.
Completion Date: FY2013 -14
Page 2
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Street & Drainage Improvement Projects --
Report Date: March 31, 2013
Title: Location: Project Description:
PMA - Citywide Various locations The PMA is an on -going program which consists of the
Pavement Rehabilitation major repair and /or rehabilitation of local streets throughout
the City of Southlake to improve pavement condition and ride
ability after the completion of neighborhood utility projects.
One -third of the City's streets are surveyed annually with the
Pavement Management Application (PMA) software
designed by Stantec, which generates a pavement quality
report. The PMA scores each street on the surface condition
of the road (SDI), the riding quality of pavement (RCI), and
the structural adequacy of the pavement (SAO. These scores
are then averaged to calculate the Pavement Quality Index
(PQI) for the roadway. The overall PQI for the City is the
average of all the road's PQIs. The Department has
established a minimum overall PQI of 7.8 out of a possible
10.0. The FY2012 overall PQI was 8.4.
Available Funding: Expenditures: Balance:
$ 2,043,923 $ 1,192,010 $ 851,913
Funding Source(s): Status:
G.O. Bonds Construction status varies
Completion Date: When funds are depleted
Title: Location: Project Description:
FM1709 Illuminated Street Signs At all signals along FM1709 from This project includes the installation of backlit intersection
SH114 to Pearson Lane signage at up to 13 major intersections along Southlake
Blvd. similar to the existing signage at Kimball Ave. and
SH114. This project includes the intersections of FM1709
at SH114, Commerce St., Nolen Dr., Kimball Ave., Village
Center Dr., Carroll Ave., Byron Nelson Parkway, White
Chapel Blvd., Shady Oaks Dr., Waterford Dr., Peytonville
Ave., Randol Mill Rd., and Pearson Ln. This project will
improve safety for the driving public by improving the
visibility of major intersection signage.
Available Funding: Expenditures: Balance:
$ 300,000 $ 44,062 $ 255,938
Funding Source(s): Status:
Strategic Initiative Fund The project is at 100% design. Construction is anticipated
to begin FY2012 -13.
Completion Date: FY2012 -13
Page 3
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Water System Improvement Projects --
Report Date: March 31, 2013
Title: Location: Project Description:
30" water supply line to serve TW Segment A thru F This project includes the installation of a 30" water
King Pump Station #2 TW King Pump Station #2 transmission line as well as the design and construction of a
meter station to supply enough water to support the City's
ultimate demand.
Available Funding: Expenditures: Balance:
$ 14,110,260 $ 9,745,484 $ 4,364,776
Funding Source(s): Status:
Tax & Revenue Certificates of Obligation Segments A and F are complete. Design of Segments
B, C, D and E and the meter station is complete. Right of
way acquisition is complete. Segments C and D require
both an interlocal agreement and a license agreement with
the Town of Westlake. The construction contract was
awarded in February 2012 and is nearing completion.
Completion Date: FY2013 -14
Title: Location: Project Description:
T.W. King meter station T.W. King pump This project consists of the design and construction of a new
station #2 meter station for the purpose of meeting the city's future
water demand. This project is a companion to the 30 -inch
water supply line to serve the T.W. King pump station #2.
Available Funding: Expenditures: Balance:
$ 525,600 $ 272,954 $ 252,646
Funding Source(s): Status:
Tax & Revenue Certificates of Obligation The construction contract was awarded in February 2012
and is nearing completion.
Completion Date: FY2012 - 13
Title: Location: Project Description:
Emergency generator Pearson Pump station This project includes funding for a permanent backup
generator with an auto - transfer switch to be located at the
Pearson ground storage and Pump station No. 1 location.
The generator will have the ability to run two 400 hp pumps
and one 200 hp pump in the event of an emergency such
as a natural disaster which cuts off electricity to the water
pumps. A generator at this location would help distribute
water to residents in the event of such a disaster by allowing
the City to maintain water distribution capabilities in
accordance with TCEQ requirements; however, Drought
Contingency implementation will still be required for the
duration of the power failure.
Page 4
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Water System Improvement Projects --
Report Date: March 31, 2013
Available Funding: Expenditures: Balance:
$ 1,558,302 $ 827,234 $ 731,068
Funding Source(s): Status:
Tax & Revenue Certificates of Obligation The project design is complete. The project was awarded
to Kennedy Electric and is expected to be completed
May 2013.
Completion Date: FY2012 -13
Page 5
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Sewer System Improvement Projects --
Report Date: March 31, 2013
Title: Location: Project Description:
Sanitary sewer system Throughout the city This project was the result of a three year Sanitary Sewer
rehabilitation program Evaluation Study conducted by RJN from FY2008 to
FY2010. The final report from the SSES recommended
the rehabilitation of 358 sewer manholes including
replacing manhole rings /lids, corbel, invert, clean -out and
point repairs, as well as street and pavement repairs
resulting from activities associated with conducting the
manhole repairs. These repairs were recommended in
order to prevent inflow and infiltration of storm water and
ground water which should lower the City's treatment costs
to Trinity River Authority.
Available Fundinq: Expenditures: Balance:
$ 230,000 $ 161,932 $ 68,068
Funding Source(s): Status:
Tax & Revenue Certificates of Obligation The project is in year two of three
Completion Date: FY2013 -14
Page 6
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Crime Control Fund Projects --
Report Date: March 31, 2013
Title: Location: Proiect Description:
North DPS Facility Dove Road and Design and construction of a Police and Fire station to
White Chapel support fire and EMS services for the north part of the city.
The facility will also double as a Police and Fire Services
training facility.
Available Funding: Expenditures: Balance:
$ 13,231,259 $ 8,225,466 $ 5,005,793
Funding Source(s): Status:
Crime Control sales tax Design is essentially complete. A contract has been
awarded and construction began in July 2012. Construction
is approximately 50% complete.
Completion Date: FY13 -14
Page 7
CITY OF SOUTHLAKE, TEXAS
FY 2012 -13 CAPITAL IMPROVEMENTS PLAN
-- Southlake Parks Development Corp. Improvement Projects --
Report Date: March 31, 2013
Title: Location: Proiect Description:
Bicentennial Park design and Bicentennial Park Phase II improvements include baseball fields, concession/
development, Phase II restroom facility, playground, batting cages, park boulevard
connection to White Chapel Blvd., satellite parks
maintenance facility, parking, trails, landscaping and
irrigation.
Available Funding: Expenditures: Balance:
$ 9,995,740 $ 973,185 $ 9,022,555
Funding Source(s): Status:
SPDC Operating Fund Design is currently underway.
Sales Tax Revenue Bonds
Completion Date: Summer 2015
Page 8
-
FirstSouthwest TIP
sset Management Economic Summary — 1st Quarter 2013
In each of the previous two years, the U.S. economy had enjoyed Unemployment Rare (Left Hand Scale) Change in Non -farm Payrolls (Right Hand Scale)
6 350
a solid first quarter, before retreating in the second. Last year, the
quarter -to- quarter volatility was partially blamed on unseasonably 8 300
warm weather during the winter months, which allowed shoppers 8.2 250
to get out early and spend money in January, February and March 3.0
that they normally would have spent later in the spring. For the
7.8 200
most part, weather conditions in 2013 have been similar, raising 150
7.6
concerns that the pattern of the last two years may repeat itself. 100 The sequester induced federal budget cuts have added to this ' 4
concern. Nonetheless, the housing sector continued to recover and 7.2 50
construction jobs added to improved company payrolls. Consumer 7 C 0
spending, although not exactly brisk, was solid during the quarter. m m _ ° o °
Auto sales held steady at prerecession levels, providing some fuel N N ti N N N N N N R N w w
to the factory sector. It's too early to tell for sure, but it appears first I Unemployment Rate ISM Change in Nonfarm Payrolls I
quarter annualized GDP growth was somewhere between 2.5% and
3.0 %, not too far from the 3.2% average over the past 65 years. With lvl P C % i n NT
Change in Non -Farm Payrolls
a foundation of pessimism laying a rocky base for 2013, any pick-
up in economic growth would have seemed unlikely. However, the "participation rate" (the percentage of working -age people who
series of seemingly insurmountable problems the economy has either have a job or would like to have a job) declined by 2 /10ths
faced over the years haven't derailed the plodding growth, so it's of a percentage point and now stands at 63.3 %, the lowest level
possible that fewer and fewer are paying attention. In fact, the Wall since May 1979. If the participation rate had simply remained the
°et Journal recently wrote that one of the reasons consumers same, the unemployment rate would have risen to 7.9 %. Another
_ven't shown more of a reaction to January's payroll tax increase point worth mentioning is that those receiving disability benefits
is that 48% reportedly didn't even notice. Lingering problems in are not included in the unemployment rate. As of February, the
Europe were also largely ignored. A shallow Europe -wide recession total number of Americans receiving a disability check had swelled
continues and unemployment hit a record high of 12 %. The tiny to a record 8.9 million. There were a few bright spots amid the
island nation of Cyprus, which admittedly constitutes a mere disappointment. Payrolls in January and February were revised
fraction of the European Union, was the latest to flare up. The upward by a total of 61k, bringing February payroll gains to a very
Cyprus banking system, loaded with debt from neighboring Greece, solid 268k, while the broader U6 unemployment measure, which
became insolvent and in desperate need of a bailout. The rescue includes involuntary part -time workers, those who have stopped
terms, which involved wealthier depositors surrendering 40% of looking for work, for whatever reason, and in short, everyone who
their balances, may have quietly established a troubling precedent would accept a full -time position if one were offered, declined from
for depositors in fragile economies. Nevertheless, the effect on the 14.3% to 13.8 %, the lowest level since December 2008.
U.S. financial markets was limited, and any residual global market
effects over the unpopular bailout aren't yet apparent. CONSUMER SPENDING
Retail sales climbed 1.1% in February, the biggest rise in five months,
E M P L O Y M 1- N 1 after a tiny 0.2% gain in January. Unfortunately, half of the February
Before the March employment report was released, it appeared as gain was due to higher gas station receipts, which is good for gas
though the labor lull had reached an end. The four -month period station owners, but not consumers in general. The Energy Department
between November and February showed average payroll gains of reported in February that the average household had spent nearly
more than 200k per month, and the unemployment rate had declined $3,000 on gasoline in 2012, the largest share of household income
to 7.7 %, the lowest in more than four years. Unfortunately, March in 30 years. Sales of bigger ticket items were stronger. Vehicle sales
nonfarm payrolls rose by just 88k, the smallest gain in nine months, have picked up in recent months with sales of cars and light trucks
and well below the 190k median forecast. The unemployment averaging 15.3 million annualized units over the last 3 months,
rate, by contrast, actually showed improvement, at least on the very near last November's recovery high of 15.5 million annualized
—trface. However, the drop in the official unemployment rate to units. Oddly enough, in the midst of all this spending, consumer
cur - year low of 7.6% was misleading, as the actual household confidence unexpectedly dropped by 8.3 points in March to 59.7.
survey numbers used to calculate the rate showed a loss of 206k The future expectations index was the main culprit, plunging 11.5
jobs. The rate itself fell as a result of the labor force shrinking by points to 60.9. With stocks at new record highs and gasoline prices
another 496k workers, the biggest drop since December 2009. The slowly retreating, it isn't clear why spirits might be dampening.
FirstSouthwest Asset Management
)USING - for 2012, which more than doubled its previous high of $8 billion
Unempleyre Sate (La -:anc: Scale; Change in Non -Farm Payrolls (Right Hand Scale) from 2003. And the good times are expected to continue. CFO
35° Susan McFarland said the once disgraced company "e x pects to
300
250
remain profitable for the foreseeable future and return s i gn i ficant
fil value to taxpayers?' Part of this significant value is represented by
$59 billion in deferred tax assets which could be released now that
200
i5o
100
Fannie has returned to profitability, raising the prospect of a very
large payment to the Treasury in 2013. Fannie Mae has already
returned $36 billion of its $116 billion in draws. Freddie Mac,
which required $66 billion in rescue funds, has now paid nearly
so $24 billion back to the Treasury. The combined remaining balance
of the two is about $120 billion. At one point, analysts believed
.0 tv m , m o Z o m g ° combined losses could top $300 billion. An article in the Wall
Street Journal suggested the improved outlook could change the
N N N n N N N W
privatization debate. Suddenly, there's a steady stream of cash
Unemployment Rate II= Change in Nonfarm Payrolls
flowing in, which significantly improves the Federal deficit picture.
NEW AND EXISTING HOME SALES Presumably, this halts any rush toward housing finance reform.
Annualized by Month Unfortunately, investors in short agencies won't see any benefit to
The housing market continues to recover, and in fact, seems to be the improved financial positions. In many cases, agency yields are
gaining momentum despite a gradual rise in mortgage rates. Freddie equivalent to Treasury yields with comparable maturity dates.
Mac's 30 -yr mortgage index crept up to 3.57% in March from a
record low of 3.35% in both November and December, but home THE FED
sales were resilient. Existing home sales rose by 0.8% in February It's worth repeating that in December, Fed officials replaced the date
to an annualized rate of 4.98 million, the fastest pace in more than specific timeframe for eventual rate hikes with hard data targets.
ee years, while new home sales reached a five -year high of 431k Under the new structure, the FMOC will hold the fed funds rate at
.nualized units in January, before retreating 4.6% in February. the current range of 0.00% to 0.25% until the unemployment rate
The healthy sales have accomplished several positive things. The dips below 6.5% and /or future inflation expectations rise above
first is a whittling down of the available market supply. In January, 2.5 %. The official unemployment rate was 7.6% as of March, but
the months' supply of existing homes at the prevailing sales rate the broader U6 rate is 13.8 %. The days of 6.5% unemployment are
was 4.3 months, the leanest in eight years. In February, housing still likely years away, as the number of Americans actually seeking
inventory increased by 9.6% boosting supply up to 4.7 months, work is near a 30 -year low. As far as inflation is concerned, the
but median time on the market fell to 74 days from 97 days a year Fed's favorite measure, the personal consumption expenditure
earlier, suggesting the days of lean supply will continue. The second (PCE) index, is currently increasing at a benign 1.3% rate, well
is higher home prices - the S &P /Case - Shiller 20 -city home price below the Fed's 2.5% trigger point.
index rose by 8.1% year- over -year in January, the fastest pace since
August 2006. Although the median price for an existing home was Although the overnight funds rate is expected to remain in the
up 11.6% year-over-year in February to $173,600, the median price current 0.00% to 0.25% target range for at least another couple
for a new home was a much pricier $246,800. All of this provides years, investors have begun speculating on exactly when the Fed
renewed incentive for new construction. As a result, December will end the latest round of quantitative easing. This speculation
starts reached a 5 -year high of 982k, before falling big in January, had helped drive up longer -term interest rates during the quarter.
and then rebounding back to an annual pace of 917k in February. Several Fed members weighed in with their thoughts in March
Optimism is generally high. The Wells Fargo /National Association and early April and there seemed to be a wide variety of opinions.
of Homebuilders housing index declined to 44 in March, but is still Philadelphia Fed President Charles Plosser thinks the Fed should
up 57% from a year ago, and the 47 recorded in February was the quickly begin tapering, so it can wind down by the end of the
highest since April 2006. year. San Francisco Fed President John Williams believes it's too
early to start tapering, but thought if the economy continued to
FANNIE AND FREDDIE UPDATE gain momentum, QE could be curtailed during the summer and
Two of the primary beneficiaries of the revived housing market are concluded by year end. Atlanta Fed President Dennis Lockhart
he same two that were crushed when the bubble burst. In February, thinks the Fed will continue keep buying bonds throughout the
ddie Mac reported profits of $11 billion in 2012. This equaled year and into 2014, while St Louis Fed President James Bullard
total profits booked from 1990 to 1999, and easily eclipsed the $7.3 believes as long as inflation remains in check, the Fed will be in
billion total profits during the 2004 -2006 housing bubble /boom. no hurry to end QE. March's weak employment report supports
Fannie Mae later announced its own record profit of $17.2 billion the views of Lockhart and Bullard.
UITY MARKETS S &P
With the fiscal cliff scare leaving just a bump in the road, the U.S. DOW 500 NASDAQ
stock markets rose to new highs. The DOW and the S &P 500 both 12/31/12 13,104 1,426 3,020
ended the quarter at their highest level in history, with the DOW 3/31/13 14,579 1,569 3,268
up over 11% since the beginning of the year and the S &P up 10%. % Change for Q1-2013 +11.3% +10.0% +8.2%
After reaching an unnerving low point in March 2009, the DOW
has climbed more than 123% or 8,030 points. Although this might
seem a lofty level given the moderate pace of economic growth and Fed 3 mo 6 mo 2 yr 5 yr 10 yr
the likelihood of significant budget cuts in the near future, U.S. Funds T - bill T - bill T - note T - note T - note
companies seem to be in relatively good shape. Fourth quarter 2012 Last 12/31/12 0.00% 0.04% 0.11% 0.25% 0.63% 1.63%
corporate profits were $1.565 trillion. By comparison, they were just
below $750 billion in the fourth quarter of 2008. Generally speaking, High _ 0.00% 0.12% 0.13% 0.28% 0.91 % 2.06%
PE ratios have increased to the point where few might argue stocks Low _ 0.00% 0.04% 0.09% 0.24% 0.72% 1.76%
are particularly cheap, but the prospect of double digit equity returns End 3/31/13 0.00% 0.07% 0.10% 0.24% 0.76% 1.85%
trumps the negative inflation - adjusted return on cash, and the
expected flat to negative return on government bonds.
ECONOMIC AND INTEREST RATE OUTLOOK
The recovery is now almost four years old, and there has been 1.1 percentage points away from the Fed's 6.5% target, it would
significant progress. The annual budget deficit has gradually seem reasonable to expect the Fed might have to raise rates as
dropped from $1.5 trillion in 2009 to $845 billion (CBO projection) soon as 2014. Janet Yellen, the Fed Vice Chairman and possible
in FY 2013. While the national debt has grown from $11.9 trillion replacement for Ben Bernanke, addressed this particular thought
$16.8 trillion in the past three years, the size of the economy, as in February. In a speech entitled "A Painfully Slow Recovery for
:asured by GDP, has grown from $14 trillion to $15.8 trillion. America's Workers: Causes, Implications and the Federal Reserve's
After what is expected to be fairly healthy GDP growth in the Response;' Yellen said the Fed's unemployment rate target of
first quarter, a deceleration of economic growth should reflect 6.5% and the maximum 2.5% inflation rate were "thresholds
the effects of the Federal budget cuts. The sequestration is having for possible action, not triggers that will necessarily prompt an
a negative impact on government spending, but no one is talking immediate increase" in the overnight funds rate. She went on
recession. Congress seems to be taking a rare positive, albeit tiny, to say that "when one of these thresholds is crossed, action is
step forward, with both the House and Senate passing budgets late possible, but not assured." These words suggest FOMC tightening
in the quarter by the narrowest of margins. The Senate version, the is probably further away than market participants perceive. At
first in four years, passed by a 50 to 49 count with no Republicans the March FOMC meeting, 14 of 19 committee members thought
voting in favor, while the House version passed 221 to 207, with it would be most appropriate for the Fed to begin raising the
not a single Democrat showing support. President Obama also overnight funds rate no sooner than 2015. Long -term rates should
presented his own budget, which Tennessee Senator Lindsey also remain low as a result of the Fed's ongoing commitment to
Graham referred to as "encouraging." At least, with multiple purchase $85 billion in Treasury and mortgage- backed securities
proposals on the table, there's a starting point for discussion. each month for an unspecified period of time. In short, very little
has changed. The Fed is still in a super- accommodative easing
Economic growth in the second half of 2013 is expected to pick mode in hopes of sparking economic growth capable of sustaining
back up to an average of roughly 2.5 %. Inflation, at least by the itself. So, we patiently wait.
Fed's measuring stick, is well within its 2.5% comfort level. The
housing sector, in many parts of the country, is thriving. Auto Scott McIntyre, CFA
sales have returned to prerecession levels. Private sector job Senior Portfolio Manager
growth is generally expected to increase throughout the year, as April 5, 2013
companies begin to hire after postponing the decision for as long
as they were able. Despite this, the latest Bloomberg economist
survey shows an average unemployment rate for 2013 of 7.6 %,
% for 2014 and 6.7% for 2015. Of course, the biggest question
on investor's minds continues to be how long will rates stay
low? With the official unemployment rate falling 1.4 percentage
points from 9.0% to 7.6% in the past 18 months, leaving it just
10L8L may `uTisny
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FirstSouthwest 4
t_ _
Asset Management Economic Summary — 1st Quarter 2013
"The sequestration is having a negative impact on government
spending, but no one is talking recession. Congress seems
to be taking a rare positive, albeit tiny, step forward.
Read more inside.
The paper was prepared by First Southwest Asset Management (FSA M , and Is intended for educational and informational purposes only and does not constitute
legal or rm`estment .advice. not is it si offer or a solicitation oran oiler to bin or sell any investment or other specific product. Information provided in this
C)
oer was obtained from sources that are believed to be reliable; however, it is not guaranteed to be correct, complete, or current, and is not intended to imply
estshlr.h stanch ds of ea re applicable to any attorney or ad' isor in an paru,ular circumstances The statements within constitute the views of FSA '4 as of
the date of the report and ma differ from the views of other divisions departments of First Southwest Company. In addition, the views are subject to change
ithoui notice i his paper represents historical information only and is not an Indication of future performance
2)22)t3 r tSouth'.ves:Cornpanv AI. '_,sresewed.T(250,113053