Hewitt council approves quarterly investment report showing about $38.4 million in holdings
Loading...
Summary
The Hewitt City Council unanimously approved its quarterly investment report for the quarter ending Dec. 31, 2024, which shows an approximate market value of $38.4 million, a quarterly yield of about 4.58% and interest earnings of $444,273.
The Hewitt City Council on Jan. 21 approved the city’s quarterly investment report for the quarter ending Dec. 31, 2024, during its special meeting.
Finance Director Lee Garcia presented the report, saying the city’s portfolio had a total market value of “just short of $38,400,000” at quarter end, a quarterly yield of about 4.58% and interest earnings for the quarter of "$444,273." Garcia told council members the packet includes breakdowns by issuer, fund and maturity dates and noted the quarter’s growth was partly driven by beginning to receive property tax revenue.
The quarterly investment report is required by the city’s investment policy and the Public Funds Investment Act, and it lists holdings across cash-on-hand, money-market accounts, CDs and institutional pools. Garcia described fund-level allocations in the packet including the PEG fund, child safety fund, general fund capital projects fund, the 2023 certificate of obligation, hotel/motel fund, general fund reserves and utility funds.
Councilmember Potter moved to approve the quarterly investment report; the motion was seconded by Councilmember McCallie and passed on a 6-0 voice vote.
Why it matters: The report gives the council a regular review of where city funds are held and how they performed. The packet’s fund-level breakdowns show where reserves, debt-service and operating funds are invested, information the council can use for budgeting and cash-flow planning.
Supporting details: The finance presentation referenced portfolio groupings by issuer (Alliance Bank, East West Bank, First National Bank, Independent Bank, Southside Bank and TexPool) and noted the packet includes a book-to-market value comparison and an allocation by fund. Garcia said the report includes CD maturity dates and identifies amounts held in specific accounts and funds.
Votes at a glance
- Approval of minutes (Jan. 6, 2025 workshop/regular meeting): Motion to approve minutes made by Mister Minkali, seconded by Mister Potter; vote: 6-0, motion carried.
- Quarterly investment report (quarter ending Dec. 31, 2024): Motion to approve made by Mister Potter, seconded by Mister McCallie; vote: 6-0, motion carried.
- Purchase of replacement pickup truck (see separate article): Motion to approve made by Doctor Bruce, seconded by Mister Turner; vote: 6-0, motion carried.
No immediate follow-up actions were specified in open session beyond the routine review and acceptance of the report.
