Benbrook  MINUTES OF THE MEETING OF THE BENBROOK CITY COUNCIL THURSDAY, JANUARY 18, 2024  The regular meeting of the Benbrook City Council was held on January 18, 2024 at 7:30 p.m. in the Council Chambers with the following Council members present:  Jason Ward, Mayor Renee Franklin Larry Marshall Dustin Phillips Gary Addison Keith Tiner  Also Present:  Andy' Wayman, City Manager Jim Hinderaker, Assistant City Manager Beth Fischer, Deputy City Secretary Rick Overgaard, Finance Director Pastor Matt Kindrick Joey Bernard  Others:  I.  CALL TO ORDER  Meeting called to order at 7:30 p. m. by Mayor Ward. NVOCATIONPLEDGE OF ALEGIANCE The Pledge of Allegiance was recited.  II.  Invocation was given by Pastor Matt Kendrick with Redemption City Church.  III. CITIZEN COMMENTS ON ANY AGENDAI ITEM  IV. MINUTES 1.  Approve minutes of the regular meeting held January 4, 2024  Motion by Dr. Marshall, seconded by Ms. Tiner to approve the minutes of the regular  meeting held January 4, 2024. Vote on the Motion:  1    Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mr. Addison, Mr. Tiner  Noes: None Abstain: Mayor Ward Motion carries 5-0-1.  V. REPORTS FROM CITY MANAGER  G-2644  Accept finance reportf for period ending December: 31, 2023  Rick Overgaard gave the following report: General Fund revenues for the month of December, the third month of the fiscal year, were $6,883,647. Major revenues collected for the month include Property taxes of $6,262,321, Franchise Taxes of $33,960, Permits of $26,084, Fines and Forfeitures of $35,338, Charges for Services of $75,143, and Interest of $94,760. Sales tax collected and recognized as revenue in December was $354,041. Fiscal year to date sales tax is $1,339,942, an increase of 24.9% over last year at this time. General Fund revenues collected through the General Fund expenditures fori the month of December were $1,625,598. Fiscal year todate expenditures were $4,902,985 and 20.0% oft the adopted budget. Fiscal year to date expenditures increased compared to last year because EMS salaries were reimbursed from the. American Rescue Plan Act (ARPA). The ARPAgrant expired in Total General Fund revenues of $9,802,952 were more than total General Fund Debt Service revenues for the month of December totaled $464,369 and were all from property tax. There were no expenditures in December. The next debt service EDC revenues for December were $211,086. EDC expenditures for Decemberwere Revenues received for December were $104,799 from stormwater utility fees, mineral lease revenue, and interest earnings. Expenditures for the Capital Projects Fund were $11,366 for December. December expenditures included the Dutch Branch Drainage Study. Revenues exceeded expenditures by $93,433. Sufficient funds are available in the current fund balances of the Capital Projects Fund. This On December 31, 2023, the City had $41,343,883 invested at varying interest rates; Motion by Mr. Addison, second by Dr. Marshall to accept the finance report forp period  end of December were $9,802,952 and 40.0% of the budget.  October 2023.  expenditures of $4,902,985 by $4,899,967.  payments are due February 1, 2024.  $31,291. Revenues exceeded expenditures by $179,795.  fund operates on a project basis rather than a specific fiscal year.  the EDC had $8,333,731 available. ending December 31, 2023.  2    Vote on the Motion:  Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner  Noes: None  Motion carries unanimously.  G-2645  Approve Investment Report for period ending December 31, 2023  Rick Overgaard gave the following report: The Public Funds Investment Act (PFIA), Texas Government Code and the City's Investment Policy require that an Investment The Investment Committee met on January 9, 2024, to review the report and  Report be presented to City Council.  ensure compliance with the City's investment policy.  The total portfolio for the City and EDC on December 31, 2023 is $49,677,614, with 83.2% or $41,343,883 belonging to the City, and 16.8% 41.0% of the combined portfolio is in bank accounts, with 42.4% in local government investment pools, 13.6% in certificates of deposit, and 3.0% The weighted average maturity on the combined portfolio is 47 days with a 2.89% average yield to maturity. In comparison, the 90-day T-Bill benchmark rate is 5.40% due to rising interest rates.  or $8,333,731 to the EDC. ina agency notes.  The City's yield decreased from the prior quarter because of a $5,000,000 withdrawal from a higher yielding investment pool for the construction of the Municipal Complex. Property tax revenue will be invested in higher yielding investment pools in January and February, which should increase the weighted Motion by Mr. Phillips, second by Ms. Franklin to accept the investment report for  average yield of the portfolio. quarter ending December 31, 2023. Vote on the Motion:  Ayes: Ms. Franklin, Dr. Marshall, Mr. Phillips, Mayor Ward, Mr. Addison, Mr. Tiner  Noes: None  Motion carries unanimously. VI. INFORMAL CITIZEN COMMENTS  VII. COUNCIL MEMBER AND STAFF COMMENTS  3    VIII. ADJOURNMENT  Meeting adjourned at 7:39 p.m.  APPROVED:  ATTEST:  R  K  Joanna King, Ciy Secretary  4