City of Canyon Commission Meetings

AGENDA NOTICE OF MEETING Notice is hereby given that the governing body of the City of Canyon will meet at 3:00 p.m. on the 20th day of July, 2015, in the Commission Chambers of City Hall at 301 16th Street in the City of Canyon to discuss the following agenda items: 1. Call to Order. 2. Invocation. 3. Pledge of Allegiance. 4. Approval of the Minutes of the Meeting of July 6, 2015. 5. Public Forum – Comments from Interested Citizens. 6. Budget Presentation Workshop. 7. Consider and Take Appropriate Action on Resolution No. 14-2015, Adopting Guidelines and Criteria for Tax Abatement Within Reinvestment Zones for the City of Canyon. 8. First Reading of Resolution No. 15-2015, Considering the Job Creation Incentive Package for Lone Star Dairy Producers, LLC. 9. Report on Available Funding Sources for Aquatic Center. 10. City Hall Study Presentation from Lavin Architects. 11. Consider and Take Appropriate Action on Plat for Ranch Hand Acres Unit No. 1. 12. Consider and Take Appropriate Action on Quarterly Finance Report by Finance Director Chris Sharp. 13. Consider and Take Appropriate Action on Quarterly Investment Report by Finance Director Chris Sharp 14. Executive Session Pursuant to Texas Government Code §551.072 Real Property, §551.087 Economic Development Negotiations and §551.071 Consultation with Attorney. 15. Consider and Take Appropriate Action on Items Discussed in Executive Session. 16. Consider Meeting Dates for July, August and September, 2015. 17. Adjournment. Randy Criswell, City Manager I certify that the above Notice of Meeting was posted on the bulletin board of the Civic Complex of the City of Canyon, Texas on the 17th day of July 2015. Gretchen Mercer, City Clerk City of Canyon City Commission Meeting July 6, 2015 The City Commission of the City of Canyon met in regular session at 5:30 p.m. in the City Commission Chambers of the Civic Complex. Mayor Quinn Alexander presided over the meeting with the following Commissioners in attendance: David Logan, Justin Richardson, and Joe Shehan. Mayor Pro-Tem Gary Hinders was unable to attend. Also present were the following City Staff: City Manager Randy Criswell, Assistant City Manager Chris Sharp, Assistant City Manager for Special Projects Jon Behrens, Business and Community Development Director Evelyn Ecker, and City Attorney Chuck Hester. Item 1. Call to Order. Mayor Alexander called the meeting to order at 5:34 p.m. Mayor Alexander invited Mr. Owen Anthony, grandson of Dwight and Mary Ellen Brandt to serve as Deputy Mayor for the meeting. Mayor Alexander explained that when he was the Co-Chair of last year’s United Way campaign for Amarillo/Canyon, he put together a package that included some “City” related honors. One was serving as Deputy Mayor, and another was the proclamation to be presented. Item 2. Invocation. Commissioner Richardson gave the invocation. Item 3. Pledge of Allegiance. Lauren Brandt, granddaughter of Dwight and Mary Ellen Brandt led the Pledge of Allegiance. Item 4. Approval of Minutes of the Meeting of June 23, 2015. Commissioner Shehan moved, duly seconded by Commissioner Logan, to approve the minutes of June 23, 2015. Motion carried unanimously. Item 5. Public Forum – Comments from Interested Citizens. Randy Croslin, owner of Canyon Insurance located on the north side of the square addressed a growing issue east of his business. Mr. Croslin stated the tobacco store and both Reuze It second hand stores have so much merchandise for sale on their sidewalks that it creates all kinds of problems such as access, safety, and poor aesthetics. He said it was a real problem on the 4th of July. He said our square looks great, and he hated that visitors have to see this clutter on the north side. He asked if the City Commission would consider developing some regulations to address this issue. Commissioner Logan publicly thanked the Canyon Chamber of Commerce, Lions Club, City of Canyon Police Department, City of Canyon Fire Department, all City of Canyon employees, Randall County Sheriff’s Department, and all involved in the Fourth of July festivities making it a great success. City Commission Meeting July 6, 2015 Page 2 of 3 Item 6. Proclamation Honoring Brandt Engineers. Mayor Alexander presented a proclamation to Mary Ellen and Dwight Brandt of Brandt Engineers. Item 7. Consider and Take Appropriate Action on Second and Final Reading of Resolution No. 13-2015, Pertaining to the CEDC Purchase of Property Owned by Randall County, Located at 1512 5th Avenue, Canyon, Texas. Business and Community Development Director Evelyn Ecker presented Resolution No. 13-2015 for its second and final reading. Commissioner Logan moved, duly seconded by Commissioner Richardson to approve Resolution No. 13-2015 as presented. Motion carried unanimously. RESOLUTION NO. 13-2015 RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CANYON APPROVING THE PURCHASE OF PROPERTY AT 1512 5TH AVENUE, CANYON, TEXAS, NOW OWNED BY RANDALL COUNTY, BY THE CANYON ECONOMIC DEVELOPMENT CORPORATION (“CEDC”). Item 8. Consider and Take Appropriate Action on an Update of Repairs to a Substandard Structure at 1615 4th Avenue. Code Enforcement Director Danny Cornelius presented an update on the ongoing repairs and improvements made to the property located at 1615 4th Ave. Mr. Cornelius stated the property is looking much better. Property owner, Sarah Kay Brent presented a list of final repairs scheduled to be completed. Mr. Cornelius said the hard part has been done and Mrs. Brent has been very cooperative. Commissioner Logan moved, duly seconded by Commissioner Shehan to allow repairs to be made with an update in 60 days. Motion carried unanimously. Item 9. Executive Session Pursuant to Texas Government Code §551.072 Real Property, §551.087 Economic Development Negotiations, and §551.074 Personnel (Canyon Economic Development Corporation Board of Directors). Mayor Alexander indicated the Commission would adjourn into executive session at 5:54 pm. Item 10. Consider and Take Appropriate Action on Items Discussed in Executive Session. Upon returning from executive session at 6:45 pm, Commissioner Richardson moved, duly seconded by Commissioner Shehan, to reappoint Jill Shelton, Doug Cowan and Bridget Johnson to the Canyon Economic Development Corporation Board of Directors. Motion carried unanimously. City Commission Meeting July 6, 2015 Page 3 of 3 Item 11. Consider Meeting Dates for July and August. After discussion, it was decided to meet Monday July 20 beginning at 5:30 pm, Monday July 27 beginning at 3 pm, Monday August 3 at 5:30 pm, Monday August 17 beginning at 5:30 pm and adopt the budget on Tuesday September 8, 2015 at 5:30 pm. The meeting dates could change as progress is made on the budget. Item 12. Adjournment There being no further business, Commissioner Logan moved this meeting be adjourned. ______________________________ Quinn Alexander, Mayor ATTEST: ________________________________ Gretchen Mercer, City Secretary  AGENDA To: Mayor and City Commission From: Chuck Hester, City Attorney Date: July 14, 2015 Re: Consider and Take Appropriate Action on Resolution No. 14-2015, Adopting Guidelines and Criteria for Tax Abatement Within Reinvestment Zones for the City of Canyon. ________________________________________________________________________ As part of the economic incentives to be considered in connection with the Lone Star Dairy Products Economic Development Package, the creation of a Reinvestment Zone for purposes of a tax abatement agreement with the developer was suggested. As you know, discussions have been ongoing for some time regarding a Tax Abatement Agreement with the City of Canyon. The first step in creation of a Reinvestment Zone is the adoption of guidelines and criteria by way of Resolution. For this purpose we have proposed Resolution No. 14-2015 which is based upon the requirements of SUBCHAPTER A AND B OF CHAPTER 312 OF THE TEXAS TAX CODE which will permit us to go forward with the adoption of an Ordinance to create Reinvestment zone 1 in the City of Canyon. We cannot issue a Notice of Public Hearing or place the Ordinance to create the zone on the agenda for action until we have the guidelines and criteria in place. It is my recommendation that Resolution No. 14-2015 be adopted as presented. City of Canyon  RESOLUTION NO. 14-2015 RESOLUTION OF THE CITY OF CANYON ADOPTING GUIDELINES AND CRITERIA FOR TAX ABATEMENT WITHIN REINVESTMENT ZONES FOR THE CITY OF CANYON; PROVIDING A SEVERANCE CLAUSE; AND PROVIDING AN EFFECTIVE DATE. ________________________________________________________________ WHEREAS, the City of Canyon desires to participate in tax abatements from time to time as the City Commission may find appropriate, in accordance with the criteria and guidelines herein adopted; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CANYON, TEXAS; SECTION 1. That for tax abatements in reinvestment zones adopted by the City of Canyon, the fundamental purpose is to stimulate growth and create jobs, and the following guidelines and general criteria will apply: A. Tax abatements may be provided for both new facilities and structures and for the expansion or modernization of existing facilities and structures. Each project proposed for tax abatement shall be considered individually on its own merits, benefit to the public, and in context of any other economic incentives for the project or existing in the reinvestment zone. B. The developer, property owner, project owner, or other recipient of a tax abatement must annually certify in writing to the governing body of each participating taxing unit that the developer, owner or recipient is in compliance with each applicable term of the tax abatement agreement. C. Only the taxable value of improvements to real property or tangible personal property that is brought to the real property after the execution of a tax abatement agreements will qualify for tax abatement. D. A tax abatement agreement must ensure that the periods of abatement are directly proportional to the capital expenditures for improvements and the number of permanent full-time jobs created. E. Expansion or modernization of existing facilities qualifies for tax abatement if the expansion meets the qualifications for capital expenditures and nets new jobs. The number of jobs created must be new jobs and not replacement of jobs which were in the payroll within the year immediately prior to application for tax abatement. A tax abatement shall not be granted if the facility has been the subject of or included in a prior (resolution.0__-2015)  tax abatement agreement. F. If a new facility is constructed to replace an existing facility, and the existing facility is abandoned by the developer, property owners, project owner, or other recipient of a tax abatement, only the difference in taxable value of the new facility over the existing facility will qualify for tax abatement. G. An agreement will be executed by the developer, property owner, project owner, or other recipient of a tax abatement which incorporates the terms of this resolution and includes any other site and development specific terms which might be found applicable at the time. H. The tax abatement agreement will require, among other things, that the City of Canyon will have the right of access to the site and books and records of the applicant for tax abatement to determine compliance with statutory requirements and the agreement. Failure to fulfill any of the requirements of the agreement will result in cancellation of the agreement and retroactive loss of tax abatement. SECTION 2. If any provision, section, subsection, sentence, clause or the application of same to any person or set of circumstances for any reason is held to be unconstitutional, void or invalid or for any reason unenforceable, the validity of the remaining portions of this ordinance or the application thereby shall remain in effect, it being the intent of the City Commission of the City of Canyon, Texas in adopting this ordinance, that no portion thereof or provision contained herein shall become inoperative or fail by any reasons of unconstitutionality of any other portion or provision. SECTION 3. This resolution shall become and be effective on and after its date of adoption. INTRODUCED AND PASSED by the City Commission of the City of Canyon, Texas on the 20th day of July, 2015. QUINN J. ALEXANDER, MAYOR ATTEST: Gretchen Mercer, City Clerk (resolution.0__-2015)  AGENDA To: Randy Criswell, City Manager, Mayor and City Commission From: Evelyn Ecker, Executive Director, Canyon Economic Development Corp. Date: July 13, 2015 Re: First Reading of Resolution No. 15-2015 Considering the Job Creation Incentive Package for Lone Star Dairy Producers, LLC. During the June 11, 2015 meeting of the Canyon Economic Development Corporation action was taken to approve a job incentive package for Lone Star Dairy Producers. A public hearing was held on June 11, 2015 and there was not any opposition. The job incentive shall consist of ten(10) total installments over a 10 year period, not to exceed $850,000. The first installment will be payable when the plant opens for production, with subsequent installments being payable on the anniversary date of the first installment. The employee model for Lone Star Dairy Producers is to have sixty (60) full time employees with a projected annual payroll of $3.9 million. If the work force drops below 60, the incentive shall be reduced accordingly to the approved language in Project Funding Agreement No. 2. The second and final reading of Resolution No. 15-2015 is scheduled Monday, July 27, 2015. City of Canyon  RESOLUTION NO. 15-2015 RESOLUTION APPROVING PROJECT FUNDING AGREEMENT NO. 2 BETWEEN LONE STAR DAIRY PRODUCTS LLC AND CANYON ECONOMIC DEVELOPMENT CORPORATION (“CEDC”) FOR THE PURPOSE OF FUNDING FINANCIAL INCENTIVES FOR NEW JOBS IN CANYON, TEXAS. WHEREAS, on June 11, 2015, the Board of the CEDC held a public hearing regarding the use of sales and use tax revenues collected pursuant to the Development Corporation Act of 1979, TEX. LOC. GOVT. CODE CH 505 (“the Act”), pursuant to a request from LONE STAR DAIRY PRODUCTS LLC, for the purpose of securing employee financial incentives in connection with construction of a plant for production of milk products. The Board of the CEDC has recommended approval of the agreement: and, WHEREAS, the City Commission of the City of Canyon, Texas, finds it to be in the public interest to approve Project Funding Agreement No. 2 between the CEDC and LONE STAR DAIRY PRODUCTS LLC for financial incentives to create new jobs; and, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CANYON, TEXAS; That the Project Funding Agreement No. 2 above-described is approved and the officers designated by the CEDC Board of Directors are authorized to execute Project Funding Agreement No. 2 with LONE STAR DAIRY PRODUCTS LLC and fund the job incentives pursuant to such agreement. INTRODUCED at the First Reading on the 20th day of July. 2015, and Adopted on the Second Reading on the 27th day of July , 2015. QUINN J. ALEXANDER, MAYOR ATTEST: Gretchen Mercer, City Clerk (resolution.___-2015)  AGENDA To: Mayor and City Commission From: Jon Behrens, ACM – Special Projects Date: July 6, 2015 Re: Funding Sources for Aquatic Center In May I was asked by the City Commission to look into additional funding sources for a Family Aquatic Center. I have made the following contacts related to the pursuit of additional funds: 1. Communicated with Kyle Ingham, Local Government Services Director at PRPC, regarding any possible funding source from the State of Texas. The available Texas Parks and Wildlife programs are generally associated with funding of projects associated with recreation occurring on naturally occurring bodies of water. It is my impression from our conversation that our project would have no chance of receiving any funding from this source. 2. I communicated with Shane Stokes, City Manager of Pampa, related to the funding of their aquatic facility. Shane stated that Pampa did put in a great deal of work applying for a TP&W grant and received no funding. In Pampa the community raised a small amount of money, 4B EDC committed $1 million and the City used revenue bonds to fund the remainder of the cost. The City did not take the project to the voters through a bond election. 3. Evelyn Ecker and I met with Charlotte Rhodes of the Amarillo Area Foundation to discuss possible assistance. Charlotte seemed optimistic that the Foundation might be interested in participating in the project. Until the Commission has demonstrated interest in the project, through the commitment to fund or calling for a bond election, we would not be in a positon to submit an application for consideration. City of Canyon  AGENDA To: City Commission From: Danny Cornelius, Director of Code Enforcement Date: July 14, 2015 Re: Consider and Take Appropriate Action on Plat for Ranch Hand Acres Unit No. 1. Mark Hughes has submitted the attached plat for Ranch Hand Acres Unit No. 1. Although the property is not within our city limits, the city does have the authority to approve plats within our 1 mile Extraterritorial Jurisdiction (ETJ). This property is less than a mile west of town, north of Hwy 60. The property will have 3 lots, each having apartment buildings with 8 to 13 units. The Planning and Zoning Commission voted unanimously to approve the plat. City of Canyon  AGENDA TO: Honorable Mayor and Members of City Commission FROM: Chris Sharp, Assistant City Manager DATE: July 13, 2015 SUBJECT: Consider and Take Appropriate Action on Quarterly Finance Report by Finance Director Chris Sharp. A summary of all deposits for the City of Canyon as of June 30, 2015 are submitted. All funds are deposited with the City’s depository bank, Happy State Bank. Also included, is a summary of the City’s major funds and where they stand as of the same date. Total deposits needing security pledge, including checking accounts are $_1,837,815. Total securities pledged by Happy State Bank including the FDIC insurance is $_5,860,823. Also included in this report is our estimated fund balance. As of June, it is $8,648,735. Additionally, I have include a list of projects that will come out of this year’s budget but wasn’t included in our budget. We will do a budget adjustment for these in September. This report is to comply with legislation requiring periodic reports to be made to the governing body for approval. RECOMMENDED ACTION Approval of the Quarterly Finance Report for the Quarter Ending June 30, 2015. City of Canyon  City of Canyon QUARTERLY FINANCE REPORT Quarter ending: 03/31/15 06/30/2015 Interest Rate EMERGENCY MANAGEMENT 0.02 $ 66,122.13 $ 66,125.44 LIBRARY GIFT & MEMORIAL 0.02 $ 7,509.47 $ 6,579.55 GENERAL FUND DEMAND ACCT 0.02 $ 303,020.64 $ 516,141.64 WW/SS FUND DEMAND ACCT. 0.33 $ 1,125,714.06 $ 772,965.19 BCD 0.02 $ 35,961.99 $ 54,799.79 LEOSE 0.02 $ 11,337.47 $ 11,737.84 C.E.D.C (ECONOMIC DEVELOPMEN 0.02 $ 314,668.92 $ 33,361.20 C.E.D.C. MARKETING ACCOUNT 0.02 $ 105,330.07 $ 77,858.46 EMPLOYEES FLOWER FUND 0.02 $ 495.46 $ 1,295.62 D-FI-IT PROGRAM 0.02 $ 6,592.64 $ 6,592.97 Palo Duro Golf Administration 0.02 $ 368,443.62 $ 75,644.13 Capital Improvement Account 0.33 $ 243,115.95 $ 214,713.33 CHECKING / SAVINGS ACCOUNTS BALANCES $ 2,588,312.42 $ 1,837,815.16 TOTAL FUNDS FOR SECURITY PLEDGES $ 2,588,312.42 $ 1,837,815.16 WW/SS Utility Insured Cash Sweep Account (CDARS) Interest 0.33 $ 3,894,525.53 $ 3,797,837.47 TOTAL AMOUNT OF FUNDS IN BANK $ 6,482,837.95 $ 5,635,652.63 SECURITIES PLEDGED HAPPY STATE BANK RECEIPT DATE DESC. AMOUNT MARKET NUMBER MATURED VALUE 151717LH6 02/15/2016 Center TX $100,000.00 $104,516.00 31410KPU2 01/01/2023 MBS FNMA $26,560,738.00 $3,778,278.67 552410ER9 08/15/1930 Lytle TX ISD $555,000.00 $601,842.00 667825YM9 02/15/1932 Northwest TX ISD $980,000.00 $1,126,186.60 FDIC INSURANCE $100,000.00 $250,000.00 Total Security Pledges $28,295,738.00 $5,860,823.27 Total Outstanding debt from 2012 issued CO's and 2013 refunded CO's $14,420,000 Summary of funds spent outside of budget: CDBG Project $ 113,000.00 Quiet Zone Project $ 33,000.00 Hunsley Street Project $ 80,000.00 Downtown Parking Lot $ 642,000.00 Probable EDA Grant Match $ 560,000.00 City of Canyon Fund Balance/Net Position Rollforward as of June 30, 2015 Water Works & Golf General Sewer System Course Fund Fund Fund Total FYE 9/30/2014 (Unrestricted) 2,568,050.00 6,611,978.00 (447,546.00) 8,732,482.00 Total Revenue - YTD 6,695,928.00 4,264,235.00 418,793.00 11,378,956.00 Total Expenditures - YTD 6,208,346.00 4,385,822.00 868,535.00 11,462,703.00 Revenue Over (Under) Expenditures - YTD 487,582.00 (121,587.00) (449,742.00) (83,747.00) Fund Balance/Net Position as of 6/30/2015 3,055,632.00 6,490,391.00 (897,288.00) 8,648,735.00  Summary of Revenues General Fund Summary of Month Ending June 2015 Percentage to Major Revenues 06/30/2015 Budgeted Amount Budget Sales Tax General Fund 75% into Budget Year 793067 Franchise Taxes Sales Tax $ 1,476,871.00 $ 1,670,000.00 88.44% Mixed Beverage Tax Franchise Taxes $ 546,511.00 $ 600,000.00 91.09% 2227101 348920 Municipal Court Fines Mixed Beverage Tax $ 7,064.00 $ 9,000.00 78.49% 5657 Other Income Municipal Court Fines $ 228,340.00 $ 300,000.00 76.11% Other Income $ 31,083.00 $ 40,000.00 77.71% Fire Service Randall County 168631 Fire Service Randall 2585 Randall County, Library Funding County $ 189,504.00 $ 252,673.00 75.00% 588979 Commercial Solid Waste 126336 Randall County, Library Residential Solid Waste Funding $ 37,500.00 $ 50,000.00 75.00% Ad Valorem Taxes 25000 Commercial Solid Waste $ 272,255.00 $ 348,500.00 78.12% 182251 Residential Solid Waste $ 881,923.00 $ 1,115,400.00 79.07% Ad Valorem Taxes $ 2,244,353.00 $ 2,227,963.00 100.74% Total General Fund Revenues $ 6,695,928.00 $ 8,398,841.00 79.72% Total General Fund Summary of Revenues Utility Fund Expenses $ 6,208,346.00 $ 8,398,841.00 73.92% 35641 Water Receipts 6000 8445 20100 Utility Fund Waste Water Receipts Water Receipts $ 2,669,020.00 $ 3,900,000.00 68.44% Waste Water Receipts $ 1,450,181.00 $ 2,123,000.00 68.31% Lease Income Lease Income $ 6,000.00 $ 48,700.00 12.32% 968904 Penalties Penalties $ 51,625.00 $ 60,000.00 86.04% T-on & Reconnection T‐on & Reconnection Revenue 1799869 Revenue $ 14,570.00 $ 18,000.00 80.94% Water Taps Water Taps $ 28,100.00 $ 30,000.00 93.67% Total Utility Fund Revenues $ 4,264,235.00 $ 6,238,200.00 68.36% Total Utility Fund Expenses $ 4,385,822.00 $ 6,238,200.00 70.31% Palo Duro Creek Golf Course Budgeted Amount Percentage to Budget Revenues to Date $418,793.00 $1,125,130.00 37.22% Exenditures to Date $868,535.00 $1,057,632.00 82.12%  CITY OF CANYON SALES TAX COLLECTION HISTORY FISCAL YEAR 2014-2015 % INCREASE/ % INCREASE/ 2014-2015 TOTAL 2012-2013 2013-2014 DECREASE 13-14 2014-2015 DECREASE 14-15 YEAR-TO-DATE YEAR-TO-DATE MONTH COLLECTIONS COLLECTIONS OVER 12-13 COLLECTIONS OVER 13-14 COLLECTIONS TAXABLE SALES ** OCTOBER $185,559 $188,929 1.82% $223,456 18.28% $223,456 $14,897,067 NOVEMBER $215,256 $225,885 4.94% $216,081 -4.34% $439,537 $29,302,467 DECEMBER $213,461 $292,194 36.88% $185,766 -36.42% $625,303 $41,686,867 JANUARY $175,328 $184,408 5.18% $214,709 16.43% $840,012 $56,000,800 FEBRUARY $219,822 $242,684 10.40% $217,411 -10.41% $1,057,423 $70,494,867 MARCH $175,680 $182,850 4.08% $177,351 -3.01% $1,234,774 $82,318,267 APRIL $155,201 $169,113 8.96% $226,391 33.87% $1,461,165 $97,411,000 MAY $212,356 $215,922 1.68% $249,330 15.47% $1,710,495 $114,033,000 JUNE $200,922 $173,509 -13.64% $193,998 11.81% $1,904,493 $126,966,200 JULY $178,860 $164,186 -8.20% $187,474 14.18% $2,091,967 $139,464,467 AUGUST $209,872 $204,038 -2.78% -100.00% $0 SEPTEMBER $185,585 $185,479 -0.06% -100.00% $0 TOTALS $2,327,902 $2,429,197 $2,091,967 YEAR-TO-DATE TOTAL TAX COLLECTIONS REVENUES % CHANGE 2012-2013 $1,340,307 56.08% 2013-2014 $1,486,063 40.77%  AGENDA TO: Honorable Mayor and Members of City Commission FROM: Chris Sharp, Assistant City Manager DATE: July 15, 2015 SUBJECT: Consider and Take Appropriate Action on Quarterly Investment Report by Finance Director Chris Sharp. A summary of all investments for the City of Canyon as of June 30, 2015 are submitted as an attachment to this agenda item. All funds are invested with the City’s depository bank, Happy State Bank. Total amount of investments for the City is $3,013,249. These funds have been invested in the CDARS program and in CDs through Happy State Bank. The Canyon EDC also has investments in the CDARS program in the amount of $174,188. The City’s 2012 certificates of obligation funds have been invested into a CDARS investment account and has a balance of $7,087,029. Total funds on hand, which includes funds in depository accounts as well as funds in investments total $9,496,087. This report is to comply with legislation requiring periodic reports to be made to the governing body for approval. RECOMMENDED ACTION Approval of the Quarterly Investment Report for the Quarter Ending June 30, 2015. City of Canyon  QUARTERLY INVESTMENT REPORT Quarter ending: 03/31/2015 06/30/2015 Interest Rate Interest earned CERTIFICATE OF DEPOSITS: for quarter CD# Interest Rate 6611 CEDC CD 0.24969 $ 57,285.19 $ 57,303.75 $ 18.56 6646 CEDC CD 0.24969 $ 58,414.18 $ 58,433.11 $ 18.93 14897 CEDC CD 0.05 $ 58,444.40 $ 58,451.44 $ 7.04 CDARS CERTIFICATES OF DEPOSIT $ 174,143.77 $ 174,188.30 14674 GENERAL FUND CD 0.10% $ 249,211.63 $ 249,274.44 $ 62.81 15076 GENERAL FUND CD 0.10% $ 148,963.78 $ 148,999.69 $ 35.91 14895 GENERAL FUND CD 0.15% $ 505,697.35 $ 505,776.33 $ 78.98 6718 GENERAL FUND CD 0.15% $ 148,686.25 $ 148,723.73 $ 37.48 14970 GENERAL FUND CD 0.35% $ 150,199.30 $ 150,324.84 $ 125.54 9952 GENERAL FUND CD 0.25% $ 611,996.24 $ 612,507.22 $ 510.98 14675 WW/SS FUND CD 0.15% $ 596,193.00 $ 596,344.23 $ 151.23 14971 WW/SS FUND CD 0.35% $ 601,176.00 $ 601,299.00 $ 123.00 TOTAL AMOUNT IN CDARS $3,012,123.55 $ 3,013,249.48 TOTAL AMOUNT OF FUNDS IN BANK $6,955,868.75 $ 6,482,837.95 TOTAL FUNDS ON HAND $9,967,992.30 $ 9,496,087.43 2012 Certificates of Obligations (Invested in CDARS account) .33% $8,260,019.68 $ 7,087,029.43 $ 12,133.83 July 2015 Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 August 2015 Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 September 2015 Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 8 9 10 11 12 Labor Day 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30