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EDC reviews quarterly investment report; staff outlines accounts and upcoming audit bids
Summary
EDC staff presented a quarterly investment report showing bank accounts, CDs (two at Bandera Bank, one at Techstar for wastewater) and a low weighted average to maturity because Techstar account is liquid; staff said city audit bids will appear on next agenda.
EDC staff (S2) walked the board through the quarterly investment report that mirrors the city's reporting format, noting balances as of June 30 and September 30 and explaining the composition of bank accounts and CDs. S2 said two CDs are at Bandera Bank and one at Techstar tied to the wastewater treatment plant and explained why the weighted average to maturity appeared low: "The reason for that is because your Techstar account is considered fluid," S2 said, noting the Techstar account has no maturity date and funds are readily accessible.
The staff member also told the board the city received multiple audit bids and that an audit item will be on the next agenda so the EDC can decide whether to use the same firm or seek separate bids. The board asked procedural questions and S2 offered to include audit materials and to coordinate on next steps.
