07.22.25 Town Council Regular Meeting PacketPage 1 of 4
]
Welcome to the Prosper Town Council Meeting.
Citizens may watch the meeting live by using the following link: www.prospertx.gov/livemeetings
Addressing the Town Council:
Those wishing to address the Town Council must complete the Public Comment Request Form
located on the Town's website or in the Council Chambers.
If you are attending in person, please submit this form to the Town Secretary or the person
recording the minutes for the Board/Commission prior to the meeting. When called upon, please
come to the podium, and state your name and address for the record.
If you are watching online, please submit this form to the Town Secretary prior to 4:00 p.m. on
the day of the meeting in order for your comments to be read into the record. The Town assumes
no responsibility for technical issues beyond our control.
In compliance with the Texas Open Meetings Act, the Town Council/Board/Commission may not
deliberate or vote on any matter that does not appear on the agenda. The
Council/Board/Commission, however, may provide statements of fact regarding the topic, request
the topic be included as part of a future meeting, and/or refer the topic to Town staff for further
assistance.
Citizens and other visitors attending Town Council meetings shall observe the same rules of
propriety, decorum, and good conduct applicable to members of the Town Council. Any person
making personal, impertinent, profane or slanderous remarks or who becomes boisterous while
addressing the Town Council or while attending the meeting shall be removed from the room, if
so directed by the Mayor or presiding officer, and the person shall be barred from further audience
before the Town Council during that session. Disruption of a public meeting could constitute a
violation of Section 42.05 of the Texas Penal Code.
Call to Order/ Roll Call.
Invocation, Pledge of Allegiance and Pledge to the Texas Flag.
Announcements of recent and upcoming events.
Presentations.
1. Recognition of participants in the Mayor's Fitness Challenge. (TH)
2. Proclamation declaring the month of August 2025 as Gun Safety Awareness Month.
(MLS)
CONSENT AGENDA:
Items placed on the Consent Agenda are considered routine in nature and non-controversial. The
Consent Agenda can be acted upon in one motion. Items may be removed from the Consent
Agenda by the request of Council Members or staff.
Agenda
Prosper Town Council Meeting
Prosper Town Hall, Council Chambers
250 W. First Street, Prosper, Texas
Tuesday, July 22, 2025
6:15 PM
Page 1
Page 2 of 4
3. Consider and act upon the minutes of the June 24, 2025, Town Council Work Session
meeting. (MLS)
4. Consider and act upon the minutes of the June 24, 2025, Town Council Regular
meeting. (MLS)
5. Consider acceptance of the June monthly financial report for fiscal year 2025. (CL)
6. Receive the Quarterly Investment Reports for the First Two Quarters. (CL)
7. Consider and act upon a resolution approving the Town of Prosper Investment Policy
and Investment Strategy and approving the list of qualified brokers/dealers and
financial institutions that are authorized to engage in investment transactions with the
Town of Prosper. (CL)
8. Consider and act upon a resolution designating various individuals as authorized
representatives for the Town’s banking accounts. (CL)
9. Consider and act upon approving the expenditure for the annual software assurance
of the Town’s computer-aided dispatch and record management systems for Public
Safety, from Integrated Computer Systems, Inc., a sole source provider for $126,215.
(LJ)
10. Consider and act upon a resolution suspending the July 31, 2025, effective date of
Oncor Electric Delivery Company’s requested rated change to permit the Town time
to study the request and to establish reasonable rates; approving Cooperation with the
Steering Committee of Cities Served by Oncor to hire legal and consulting services
and to negotiate with the company and direct any necessary litigation and appeals;
finding that the meeting at which this resolution is passed is open to the public as
required by law; and requiring notice of this resolution to the company and legal
counsel for the Steering Committee. (TW)
11. Consider and act upon an ordinance amending the Code of Ordinances by adding a
definition of “Electric Bicycle” to Section 1.09.001, “Definitions”; amending Section
1.09.008, “Bicycle Riding and Skating in Parks and on Bike Trails” and Subsection (5)
of Section 1.09.023, “Outdoor Areas and Facilities;” all contained in Article 1.09, “Parks
and Recreation,” of Chapter 1, “General Provisions,” to include the operation of electric
bicycles. (TW)
12. Consider and act upon a Professional Services Agreement between Axene Continuing
Education and the Town of Prosper for Medical Control and Continuing Education
Services in an amount not to exceed $99,340. (SB)
13. Consider and act upon an ordinance amending Article 4.05, “Alarm Systems”, of
Chapter 4, “Business Regulations”, of the Town’s Code of Ordinances and amending
fees contained in Section XVI, “Alarm Systems” of Appendix A, “Fee Schedule”. (DK)
14. Consider and act upon an ordinance amending Section 12.09.004 "School Traffic
Zones" of Chapter 12 "Traffic and Vehicles" of the Town's Code of Ordinances by
modifying the limits and hours of operation of such zones. (HW)
15. Consider and act upon a Joint Resolution with Aubrey, Celina, Pilot Point, Providence
Village and Prosper urging the Texas Department of Transportation to expedite
funding for critical infrastructure projects. (CE)
Page 2
Page 3 of 4
CITIZEN COMMENTS
The public is invited to address the Council on any topic. However, the Council is unable to
discuss or take action on any topic not listed on this agenda. Please complete a “Public Comment
Request Form” and present it to the Town Secretary prior to the meeting. Please limit your
comments to three minutes. If multiple individuals wish to speak on a topic, they may yield their
three minutes to one individual appointed to speak on their behalf. All individuals yielding their
time must be present at the meeting, and the appointed individual will be limited to a total of 15
minutes.
REGULAR AGENDA:
Pursuant to Section 551.007 of the Texas Government Code, individuals wishing to address the
Council for items listed as public hearings will be recognized when the public hearing is opened.
[If you wish to address the Council, please fill out a “Public Comment Request Form” and present
it to the Town Secretary, preferably before the meeting begins.]
Items for Individual Consideration:
16. Receive and discuss the Bond Committee recommendation for a November 4, 2025,
Bond Election. (RBS)
17. Consider and act upon authorizing the Town Manager to execute a Construction
Agreement awarding Competitive Sealed Bid No. 2025-13-B to DDM Construction
Corporation, related to construction services for the Coit Road (First -Prosper Trail)
Paving and Drainage Improvements project in the amount of $10,377,272 and
authorize $500,000 for construction phase contingencies. The total purchase order
amount is $10,877,272. (LH)
18. Consider and act upon authorizing the Town Manager to execute a Professional
Services Agreement between Geotex Engineering, LLC, and the Town of Prosper,
Texas, related to professional construction materials testing and observation services
for the Coit Road (First - Prosper Trail) Paving and Drainage Improvements project for
$239,028. (LH)
19. Consider and act upon authorizing the Town Manager to execute an agreement
between the Town of Prosper and the Prosper Athletic Soccer Association (PASO) to
accept a donation in the amount of $950,000 to be used to supplement the costs for
the addition of field lighting for the multipurpose fields at Raymond Community Park.
(DB)
20. Consider and act upon authorizing the Town Manager to execute Change Order No.
3 to Dean Construction to include field lighting for the multipurpose fields and all
required appurtenances, new electrical service, labor, and materials required to
construct and install the multipurpose lighting at Raymond Community Park in the
amount of $1,932,621. (DB)
21. Discuss and consider Town Council Subcommittee reports. (DFB)
Possibly direct Town staff to schedule topic(s) for discussion at a future meeting.
EXECUTIVE SESSION:
Recess into Closed Session in compliance with Section 551.001 et seq. Texas Government Code,
as authorized by the Texas Open Meetings Act, to deliberate regarding:
Page 3
Page 4 of 4
Section 551.087 – To discuss and consider economic development incentives and all
matters incident and related thereto.
Section 551.072 – To discuss and consider the purchase, exchange, lease, or value
of real property for municipal purposes and all matters incident and related thereto.
Section 551.074 – To discuss and consider personnel matters and all matters incident
and related thereto.
Section 551.071 - To consult with the Town Attorney regarding legal matters
associated with amendments to the Town's Code of Ordinances regarding recent
legislation, and all matters incident and related thereto.
Section 551.071 - To consult with the Town Attorney regarding legal matters
associated with amendments to Article 1.02 of Chapter 1 of the Town's Code of
Ordinances, and all matters incident and related thereto.
Reconvene in Regular Session and take any action necessary as a result of the Closed
Session.
Adjourn.
CERTIFICATION
I, the undersigned authority, do hereby certify that this Notice of Meeting was posted at Prosper
Town Hall, located at 250 W. First Street, Prosper, Texas 75078, a place convenient and readily
accessible to the general public at all times, and said Notice was posted by 5:00 p.m., on
Friday, July 18, 2025, and remained so posted at least 72 hours before said meeting was
convened.
________________________________ _________________________
Michelle Lewis Sirianni, Town Secretary Date Notice Removed
Pursuant to Section 551.071 of the Texas Government Code, the Town Council reserves the right to consult
in closed session with its attorney and to receive legal advice regarding any item listed on this agenda.
NOTICE OF ASSISTANCE AT PUBLIC MEETINGS: The Prosper Town Council meetings are wheelchair
accessible. For special services or assistance, please contact the Town Secretary’s Office at (972) 569 -
1073 at least 48 hours prior to the meeting time.
Page 4
Page 1 of 2
]
Call to Order/ Roll Call.
The meeting was called to order at 5:02 p.m.
Council Members Present:
Mayor David F. Bristol
Mayor Pro-Tem Amy Bartley
Deputy Mayor Pro-Tem Chris Kern
Councilmember Craig Andres
Councilmember Jeff Hodges
Councilmember Cameron Reeves
Staff Members Present:
Mario Canizares, Town Manager
Terry Welch, Town Attorney
Michelle Lewis Sirianni, Town Secretary
Bob Scott, Deputy Town Manager
Chuck Ewings, Assistant Town Manager
Robyn Battle, Executive Director
Larenz Taylor, Management Analyst
Hulon Webb, Director of Engineering
Pete Anaya, Assistant Director of Engineering – Capital Projects
Carrie Jones, Public Works Director
Dan Baker, Parks and Recreation Director
Tony Luton, Human Resources Director
Chris Landrum, Finance Director
Colin Ashby, Budget Officer & Grants Administrator
Marcus Northcutt, Accounting Manager
David Hoover, Development Services Director
Harold Keith, IT Manager
Todd Rice, Communications Director
Shaw Eft, Assistant Fire Chief
Doug Kowalski, Police Chief
Items for Individual Consideration:
1. Discuss the preliminary 2025-2026 fiscal year budget. (CL)
Mr. Luton presented an overview of the compensation study results received from the
consultant.
Mr. Landrum presented an overview of where staff is in the budget process including
property valuations, tax rate, benchmarking, sales tax, and General Fund summary of
revenues and expenditures.
MINUTES
Prosper Town Council Work Session
Prosper Town Hall – Council Chambers
250 W. First Street, Prosper, Texas
Tuesday, June 24, 2025
Page 5
Item 3.
Page 2 of 2
The Town Council discussed looking at all components of benefits for compensation,
a phased approach for applying recommendation(s), and reviewing permit fees, etc.
for adjustments.
EXECUTIVE SESSION:
Recess into Closed Session in compliance with Section 551.001 et seq. Texas Government Code,
as authorized by the Texas Open Meetings Act, to deliberate regarding:
Section 551.087 – To discuss and consider economic development incentives and all matters
incident and related thereto.
Section 551.072 – To discuss and consider the purchase, exchange, lease, or value of real
property for municipal purposes and all matters incident and related thereto.
Section 551.074 – To discuss and consider personnel matters and all matters incident and
related thereto.
Section 551.071 – Consultation with the Town Attorney to discuss legal issues associated
with any agenda item.
Reconvene into Work Session.
No Executive Session took place. No action was taken.
Adjourn.
The meeting was adjourned at 6:02 p.m.
These minutes were approved on the 22nd day of July 2025.
APPROVED:
David F. Bristol, Mayor
ATTEST:
Michelle Lewis Sirianni, Town Secretary
Page 6
Item 3.
Page 1 of 6
]
Call to Order/ Roll Call.
The meeting was called to order at 6:15 p.m.
Council Members Present:
Mayor David F. Bristol
Mayor Pro-Tem Amy Bartley
Deputy Mayor Pro-Tem Chris Kern
Councilmember Craig Andres
Councilmember Chris Kern
Councilmember Jeff Hodges
Councilmember Cameron Reeves
Staff Members Present:
Mario Canizares, Town Manager
Terry Welch, Town Attorney
Michelle Lewis Sirianni, Town Secretary
Bob Scott, Deputy Town Manager
Chuck Ewings, Assistant Town Manager
Robyn Battle, Executive Director
Mary Ann Moon, Economic Development Director
Larenz Taylor, Management Analyst
Hulon Webb, Director of Engineering
Pete Anaya, Assistant Director of Engineering – Capital Projects
Robert Gey, Senior Traffic Engineer
Carrie Jones, Public Works Director
Dan Baker, Parks and Recreation Director
Trevor Helton, Recreation Manager
Chris Landrum, Finance Director
David Hoover, Development Services Director
Skyler Sparks, Help Desk Technician I
Todd Rice, Communications Director
Myrissa Petty, Communications Engagement Coordinator
Shaw Eft, Assistant Fire Chief
Doug Kowalski, Police Chief
Invocation, Pledge of Allegiance and Pledge to the Texas Flag.
Mike Martin with Hope Fellowship Church led the invocation. The Pledge of Allegiance and the
Pledge to the Texas Flag were recited.
An nouncements of recent and upcoming events.
Councilmember Reeves made the following announcements:
Donations of school supplies and backpacks are being collected for the Cornerstone Assistance
Network of North Central Texas Back to School Bash 2025. Drop off your contributions at the
MINUTES
Prosper Town Council Meeting
Prosper Town Hall, Council Chambers
250 W. First Street, Prosper, Texas
Tuesday, June 24, 2025
Page 7
Item 4.
Page 2 of 6
Prosper Police Department, 801 Safe-ty Way, and Prosper Town Hall, 250 W. First St., by July 10
or you can make a direct donation through their Amazon or Target wish lists.
The annual Pride in the Sky Independence Day Celebration held by Cedarbrook Media will take
place on Tuesday, July 1 at Frontier Park. Festivities begin at 5:00 p.m. and will include live music,
Kid Zones, food, games, and fireworks set to music. Come out for a night of celebration and fun.
The Prosper Community Library will hold its annual July 4th parade on Thursday, July 3 at 10:00
a.m. around Town Hall. The event is open to families of all ages. Come join in on the fun with the
library.
A reminder that Town Hall Offices will be closed on Friday, July 4 for the Independence Day
Holiday. There will be no delays in trash services and will run as normally scheduled.
Presentations.
1. Recognition regarding the 1,000 Miles Mayor's Challenge with the Town of Little
Elm. (TH)
Mr. Helton introduced the item with an overview of the friendly competition between the
two towns to engage residents in physical activity.
Mayor Cornelious, Town of Little Elm presented the traveling trophy to Mayor Bristol.
2. Recognition of the inaugural 2025 Mayor's Teen Government Academy. (TR)
Mayor Bristol gave an introduction and overview of the program. Certificates were
presented to the graduates.
CONSENT AGENDA:
Items placed on the Consent Agenda are considered routine in nature and non-controversial. The
Consent Agenda can be acted upon in one motion. Items may be removed from the Consent
Agenda by the request of Council Members or staff.
3. Consider and act upon the minutes of the June 10, 2025, Town Council Work
Session meeting. (MLS)
4. Consider and act upon the minutes of the June 10, 2025, Town Council Regular
meeting. (MLS)
5. Consider and act upon the minutes of the June 11, 2025, Town Council,
Economic Development Corporation, and Planning and Zoning Commission
Joint Work Session meeting. (MLS)
6. Consider and act upon canceling the July 8, 2025, Town Council Work Session
and Regular meeting. (MLS)
7. Consider acceptance of the May monthly financial report for fiscal year 2025. (CL)
8. Consider and act upon authorizing the Town Manager to execute an audit
engagement letter between Weaver and Tidwell, L.L.P., and the Town of Prosper,
Texas, related to the fiscal year 2025 annual audit. (CL)
Page 8
Item 4.
Page 3 of 6
9. Consider and act upon authorizing the Town Manager to execute a contract
between TDC2, L.L.C., and the Town of Prosper, Texas, related to relocating the
fiber network infrastructure located on the Public Works site in an amount not to
exceed $76,621. (LJ)
10. Consider and act upon authorizing the Town Manager to execute a contract
between Astound Business Solutions and the Town of Prosper, Texas, related to
establishing fiber network connectivity from Town Hall to Fire Station 4. (LJ)
11. Consider and act upon a contract between the Town of Prosper and ZapStand,
LLC for the equipment lease, installation, maintenance, and management of four
emergency kiosks with AEDs to be placed in Frontier, Lakewood, and Raymond
Community Parks. (DB)
12. Consider and act upon a Park Improvement Fee Agreement between the Town of
Prosper and PPP 100 DEV LLC, for the Park Place Phase 1 development. (DB)
13. Consider and act upon a Park Improvement Fee Agreement between the Town of
Prosper and Shaddock-Prosper Park Place 2, LLC, for the Park Place Phase 2
development. (DB)
14. Consider and act upon a upon Resolution 2025-25 calling for a Public Hearing on
Tuesday, August 12, 2025, on the Water, Wastewater, & Roadway Impact Fee,
Land Use Assumptions, and Capital Improvements Plan. (DLH)
15. Consider and act upon authorizing the Town Manager to enter into an agreement
with Mels Electric LLC, related to the construction of a temporary and permanent
traffic signal at the intersection of First Street and Legacy Drive for $691,566.
(RG)
16. Consider and act upon authorizing the Town Manager to execute a Professional
Engineering Service Agreement between Freese and Nichols, Inc., and the Town
of Prosper, Texas, related to the design of the Craig Street Elevated Storage Tank
Rehabilitation project for $368,950. (PA)
17. Conduct a Public Hearing and consider and act upon a request for a Planned
Development to create two single-family lots by subdividing a residential lot on
Haiman Addition, Block A, Lot 1, on 0.6± acre, located on the north side of
Seventh Street and 120± feet west of Church Street. (ZONE-24-0002) (DH)
18. Consider and act upon a request for a Waiver for Lot Frontage on Frontier South,
Block A, Lot 3, on 1.7± acres, located on the west side of Preston Road and 500±
feet north of Coleman Street. (WAIV-25-0003) (DH)
19. Consider and act upon a request for a Waiver for Lot Frontage on Victory at
Frontier, Block A, Lots 3 and 9, on 13.3± acres, located on the south side of
Frontier Parkway and 345± feet west of Preston Road. (WAIV-25-0001) (DH)
20. Consider and act upon whether to direct staff to submit a written notice of
appeals on behalf of the Town Council to the Development Services Department,
pursuant to Chapter 4, Section 1.5(C)(7) and 1.6(B)(7) of the Town’s Zoning
Ordinance, regarding action taken by the Planning & Zoning Commission on
Preliminary Site Plans and Site Plans. (DH)
Page 9
Item 4.
Page 4 of 6
Councilmember Andres requested to pull item 16.
Mayor Bristol requested to pull item 15.
Councilmember Andres made a motion to approve consent agenda items 3 through 14
and 17 through 20. Councilmember Kern seconded the motion. Motion carried
unanimously.
Agenda Item 16, Councilmember Andres asked for clarification on whether it would be
a full rehab or a flushing of the tank. Mr. Anaya commented that it will include a full
rehab of the exterior and interior of the tank.
Agenda Item 15, Mayor Bristol stated there is no issue with the item. He wanted to
introduce Mr. Gey, the town’s new Senior Traffic Engineer.
Councilmember Hodges made a motion to approve consent agenda items 15 and 16.
Councilmember Ray seconded the motion. Motion carried unanimously.
CITIZEN COMMENTS
Neeraj Agrawal, 1021 Crystal Falls Drive, invited the Town Council and staff to the International
Day of Yoga event on June 21 and offered yoga workshops to support the Mayor’s Fitness
Challenge.
Kent Elliot, 108 N. Parvin Street, stated that he lives in the Downtown District and noted how
residences can be converted to commercial businesses with several there already. He expressed
concerns about these changes and requested the Council concentrate on the older part of town,
sidewalks, and the increased traffic along Coleman by the school.
Tim Holden, 2204 Georgetown Blvd. stated he lives in Artesia. He expressed concerns about not
having a traffic signal at their entrance with the new high school opening in the fall. It is a dangerous
intersection and requests assistance for the Town to work with the ISD and the County.
Whitney Levano, 2013 Long Park Ave. stated she lives in Artesia. She expressed safety concerns
about the intersection for students crossing to the new high school in the fall.
Mike Perry, 2204 Commons Way, stated he lives in Artesia and is the current President of the Elm
Ridge Homeowners Association. He expressed his concerns and frustrations with the Town on
the assistance with the purchase of the signal and installation, previous interactions regarding fire
protective services, and an emergency water transmission line. He invited the Council and staff
to have further discussions.
Items for Individual Consideration:
21. Discuss and consider Town Council Subcommittee reports. (DFB)
No comments were made.
Possibly direct Town staff to schedule topic(s) for discussion at a future meeting.
Councilmember Ray requested staff to check who is responsible for maintaining the sidewalks and
streets along US 380 from Custer to Richland Blvd. due to the tall weeds and debris, and
Page 10
Item 4.
Page 5 of 6
maintenance of the canopies along the hike and bike trails, more specifically along Coleman and
Prosper Trail.
Mayor Pro-Tem Bartley requested staff to check on the vacant lots that may need attention with
overgrown grass, weeds, and shrubs next to sidewalks, curbs, etc. that are affecting neighbors
and businesses.
EXECUTIVE SESSION:
Recess into Closed Session in compliance with Section 551.001 et seq. Texas Government Code,
as authorized by the Texas Open Meetings Act, to deliberate regarding:
Section 551.087 – To discuss and consider economic development incentives and all
matters incident and related thereto.
Section 551.072 – To discuss and consider the purchase, exchange, lease, or value of
real property for municipal purposes and all matters incident and related thereto.
Section 551.074 – To discuss and consider personnel matters and all matters incident
and related thereto.
Section 551.071 - To consult with the Town Attorney regarding legal advice relative to
historical uses and historical designations of property in the Town, and all matters
incident and related thereto.
Section 551.071 - To consult with the Town Attorney regarding legal issues associated
with code enforcement and law enforcement activities and all matters incident and
related thereto.
Section 551.074 - To discuss appointments to the Board of Adjustment/Construction
Board of Appeals, Parks & Recreation Board, Library Board, Prosper Economic
Development Corporation Board, Planning & Zoning Commission, Community
Engagement Committee, Downtown Advisory Committee and the Bond Committee,
and all matters incident and related thereto.
The Town Council recessed into Executive Session at 6:59 p.m.
Reconvene in Regular Session and take any action necessary as a result of the Closed
Session.
The Town Council reconvened into Regular Session at 9:27 p.m.
Mayor Pro-Tem Bartley made a motion to authorize the Prosper Economic Development
Corporation to proceed with the purchase of Lots 1 and 2 of Bryant’s First Addition, Town of
Prosper, Collin County, Texas pursuant to the terms discussed in closed session, and ratify any
expenditures incurred to date by the Prosper Economic Development Corporation relative to the
purchase of said property. Councilmember Kern seconded the motion. Motion carried
unanimously.
Adjourn.
The meeting was adjourned at 9:28 p.m.
These minutes were approved on the 22nd day of July 2025.
Page 11
Item 4.
Page 6 of 6
APPROVED:
David F. Bristol, Mayor
ATTEST:
Michelle Lewis Sirianni, Town Secretary
Page 12
Item 4.
Page 1 of 1
To: Mayor and Town Council
From: Chris Landrum, Finance Director
Through: Mario Canizares, Town Manager
Bob Scott, Deputy Town Manager
Re: Consider acceptance of the June Monthly Financial Report for Fiscal
Year 2025 (CL)
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider acceptance of the June monthly financial report for fiscal year 2025. (CL)
Description of Agenda Item:
The Town Charter requires the submission of monthly financial reports to the Town Council. In
summary, both revenues and expenditures are within the expected ranges, except where
otherwise noted in the financial statements.
The attached monthly financial report for fiscal year 2025 were put in a new order to better align
with the fund types (governmental, business-type, multi-year, etc.).
Budget Impact:
There is no budgetary impact affiliated with this item.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Monthly Financial Report – June 30, 2025
2. Third Quarter Summary
Town Staff Recommendation:
Town staff recommends Town Council vote to accept submission of the monthly financial report
for the period of June for fiscal year 2025 in compliance with the requirements of the Town Charter.
Proposed Motion:
I move to accept the June Monthly Financial Report for Fiscal Year 2025 in compliance with charter
requirements.
FINANCE
Page 13
Item 5.
MONTHLY FINANCIAL REPORT
as of June 30, 2025
Cash/Budgetary Basis
Prepared by
Finance Department
July 22, 2025
Page 14
Item 5.
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 2025
Table of Contents
General Fund 3
General Fund Charts 4 - 6
Debt Service Fund 7
East Thoroughfare Impact Fees Fund 8
West Thoroughfare Impact Fees Fund 9
Water Impact Fees Fund 10
Wastewater Impact Fees Fund 11
Impact Fee Chart 12
TIRZ #1 - Blue Star 13
TIRZ #2 14
Crime Control and Prevention Special Purpose District 15
Fire Control, Prevention, and Emergency Medical Services Special Purpose District 16
Park Dedication and Improvement Fund 17
Special Revenue Fund 18
Hotel Occupancy Tax Fund 19
Water-Sewer Fund 20 - 21
Water-Sewer Fund Charts 22 - 24
Storm Drainage Utility Fund 25
Solid Waste Fund 26
Vehicle and Equipment Replacement Fund 27
Health Insurance Fund 28
Capital Projects Fund-General 29 - 31
Capital Projects Fund-Water/Sewer 32
Page 15
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actuals Encumbrances Budget Balance YTD Percent Note YTD Actuals Prior Year
REVENUES
Property Taxes 23,332,018$ -$ 23,332,018$ 22,730,796$ -$ 601,222$ 97%1 20,456,111$ 11%
Sales Taxes 12,903,535 - 12,903,535 8,569,623 - 4,333,912 66%8,358,154 3%
Franchise Fees 3,334,932 - 3,334,932 2,434,779 - 900,153 73%2 2,146,278 13%
Building Permits 3,700,000 - 3,700,000 2,665,001 - 1,034,999 72%3,286,850 -19%
Other Licenses, Fees & Permits 2,290,520 - 2,290,520 1,443,485 - 847,035 63%1,355,877 6%
Charges for Services 1,342,523 - 1,342,523 1,283,268 - 59,255 96%1,106,207 16%
Fines & Warrants 352,050 - 352,050 403,144 - (51,094) 115%316,282 27%
Intergovernmental Revenue (Grants)611,781 - 611,781 23,106 - 588,675 4%43,250 -47%
Interest Income 950,000 - 950,000 534,289 - 415,711 56%781,561 -32%
Miscellaneous 144,351 - 144,351 256,563 - (112,212) 178%166,655 54%
Park Fees 767,400 - 767,400 483,041 - 284,359 63%469,045 3%
Transfers In 1,478,696 - 1,478,696 1,109,022 - 369,674 75%972,827 14%
Total Revenues 51,207,806$ -$ 51,207,806$ 41,936,117$ -$ 9,271,689$ 82%39,459,097$ 6%
EXPENDITURES
Administration 10,928,574$ -$ 10,928,574$ 8,020,800$ 352,765$ 2,555,008$ 77%7,789,130$ 3%
Police 11,538,858 - 11,538,858 9,097,894 281,556 2,159,408 81%7,202,138 26%
Fire/EMS 10,379,914 - 10,379,914 8,493,642 155,170 1,731,102 83%8,033,322 6%
Public Works 5,108,876 - 5,108,876 2,885,076 743,625 1,480,175 71%2,391,921 21%
Community Services 8,170,637 - 8,170,637 5,436,917 709,586 2,024,134 75%5,010,677 9%
Development Services 4,119,971 - 4,119,971 2,825,043 182,271 1,112,656 73%2,381,896 19%
Engineering 2,572,798 - 2,572,798 1,778,964 23,807 770,026 70%1,896,403 -6%
Transfers Out - - - - - - 0%446,389 -100%
Total Expenses 52,819,628$ -$ 52,819,628$ 38,538,337$ 2,448,780$ 11,832,511$ 78%35,151,875$ 10%
REVENUE OVER (UNDER) EXPENDITURES (1,611,822)$ -$ (1,611,822)$ 3,397,780$ 4,307,222$
Beginning Fund Balance October 1 13,231,361 13,231,361 18,777,035
Ending Fund Balance 11,619,539$ 16,629,141$ 23,084,257$
Notes
1 Property taxes are billed in October and the majority of collections occur December through February.
2 Franchise fees and other various license and fees are paid quarterly or annually.
3 Fund Balance Contingency per Charter and Reserve for FY25 = $10,750,376 (21%).
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
GENERAL FUND
Page 16
Item 5.
$22,730,796
$8,569,623
$2,434,779 $2,665,001
$20,456,111
$8,358,154
$2,146,278
$3,286,850
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
Property Taxes Sales Taxes Franchise Fees Building Permits
GENERAL FUND REVENUE
Current YTD to Prior Year YTD Actual Comparison
Current Year Prior Year
Page 17
Item 5.
97%
66%
73%72%
63%
96%
56%
Property Taxes Sales Taxes Franchise Fees Building Permits Other Licenses, Fees &
Permits
Charges for Services Interest Income
0%
20%
40%
60%
80%
100%
120%
GENERAL FUND
YTD REVENUE % OF ANNUAL BUDGET
Page 18
Item 5.
0
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept
Town of Prosper, Texas
Sales Tax Revenue by Month
FY 20/21 FY 21/22 FY22/23 FY23/24 FY24/25
Page 19
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Property Taxes-Delinquent 75,000$ -$ 75,000$ (23,128)$ -$ 98,128$ -31%3 213,962$ -111%
Property Taxes-Current 18,113,251 - 18,113,251 17,925,644 - 187,607 99%1 15,092,280 19%
Taxes-Penalties 40,000 - 40,000 51,508 - (11,508) 129%56,929 -10%
Interest Income 195,000 - 195,000 183,851 - 11,149 94%215,942 -15%
Transfer In - - - - - - 0%- 0%
Total Revenues 18,423,251$ -$ 18,423,251$ 18,137,876$ -$ 285,375$ 98%15,579,113$ 16%
EXPENDITURES
Professional Services -$ -$ -$ -$ -$ -$ 0%2,500$ -100%
Bond Administrative Fees 20,000 - 20,000 1,015 - 18,985 5%1,500 -32%
2014 GO Bond Payment 600,000 - 600,000 - - 600,000 0%- 0%
2015 GO Bond Payment 1,436,700 - 1,436,700 1,436,700 - - 100%1,365,700 5%
2015 CO Bond Payment 495,000 - 495,000 495,000 - - 100%475,000 4%
2016 GO Debt Payment - - - - - - 0%- 0%
2016 CO Debt Payment 105,000 - 105,000 105,000 - - 100%90,000 17%
2017 CO Debt Payment 480,000 - 480,000 480,000 - - 100%450,000 7%
2018 GO Debt Payment 160,000 - 160,000 160,000 - - 100%2 150,000 7%
2018 CO Debt Payment 520,000 - 520,000 520,000 - - 100%500,000 4%
2019 CO Debt Payment 549,266 - 549,266 549,266 - - 100%340,022 62%
2019 GO Debt Payment 170,000 - 170,000 170,000 - - 100%165,000 3%
2020 CO Debt Payment 430,000 - 430,000 430,000 - - 100%265,000 62%
2021 CO Debt Payment 265,000 - 265,000 265,000 - - 100%260,000 2%
2021 GO Debt Payment 1,355,000 - 1,355,000 1,355,000 - - 100%1,290,000 5%
2022 GO Debt Payment 1,020,000 - 1,020,000 1,020,000 - - 100%970,000 5%
2023 GO Debt Payment 1,055,000 - 1,055,000 1,055,000 - - 100%
2024 GO Debt Payment 2,100,000 - 2,100,000 2,100,000 - - 100%
Bond Interest Expense 8,082,589 - 8,082,589 4,078,331 - 4,004,258 50%3,414,404 19%
Total Expenditures 18,843,555$ -$ 18,843,555$ 14,220,311$ -$ 4,623,243$ 75%9,739,125$ 46%
REVENUE OVER (UNDER) EXPENDITURES (420,304)$ -$ (420,304)$ 3,917,564$ 5,839,988$
Beginning Fund Balance October 1 1,245,232 1,245,232 1,302,520
Ending Fund Balance Current Month 824,928$ 5,162,796$ 7,142,508$
Notes
1 Property taxes are billed in October and the majority of collections occur December through February.
2 Annual debt service payments are made in February and August.
3 Refunds for prior year delinquent property tax revenue have caused this to become negative.
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
DEBT SERVICE FUND
Page 20
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Years Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
REVENUES
East Thoroughfare Impact Fees 1,000,000$ -$ 1,000,000$ 924,618$
East Thoroughfare Other Revenue - - - -
Interest Income 120,000 - 120,000 100,032
Total Revenues 1,120,000$ -$ 1,120,000$ 1,024,650$
EXPENDITURES
Developer Reimbursements
FM 1461 (SH289-CR 165)385,368$ 77,074$ -$ 77,074$ 77,074$ -$ -$ 308,294$ -$
Cambridge Park Estates 880,361 160,001 - 160,001 24,348 - 135,653 774,795 81,218
Total Developer Reimbursements 1,265,728$ 237,074$ -$ 237,074$ 101,422$ -$ 135,653$ 1,083,089$ 81,218$
Transfer to Capital Project Fund 1,820,000$ 2,500,000$ -$ 2,500,000$ 2,529,491$ (29,491)$ (709,491)$
Total Transfers Out 1,820,000$ 2,500,000$ -$ 2,500,000$ 2,529,491$ -$ (29,491)$ -$ (709,491)$
Total Expenditures 3,085,728$ 2,737,074$ -$ 2,737,074$ 2,630,912$ -$ 106,162$ 1,083,089$ (628,273)$
REVENUE OVER (UNDER) EXPENDITURES (1,617,074)$ (1,606,263)$
Beginning Fund Balance October 1 3,376,848 3,376,848
Ending Fund Balance Current Month 1,759,774$ 1,770,585$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
EAST THOROUGHFARE IMPACT FEES FUND
Page 21
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Years Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
REVENUES
West Thoroughfare Impact Fees 4,500,000$ -$ 4,500,000$ 3,257,358$
West Thoroughfare Other Revenue - - - -
Interest Income 200,000 - 200,000 297,332
Total Revenues 4,700,000$ -$ 4,700,000$ 3,554,691$
EXPENDITURES
Developer Reimbursements
Parks at Legacy Developer Reimb 6,573,981$ -$ -$ -$ -$ -$ -$ 6,521,933$ 52,048$
Pk Place, Prosper Hills, Prosper Meadow 4,014,469 1,200,000 - 1,200,000 - - 1,200,000 - 4,014,469
Star Trail Developer Reimb 6,315,000 2,000,000 - 2,000,000 - - 2,000,000 5,635,232 679,768
Legacy Garden Developer Reimb 3,407,300 1,000,000 - 1,000,000 - - 1,000,000 485,648 2,921,652
DNT Frontier Retail 2,154,348 800,000 - 800,000 1,262,833 - (462,833) - 891,515
Westside Developer Reimb 156,016 86,548 - 86,548 - - 86,548 69,468 86,548
Total Developer Reimbursements 22,621,114$ 5,086,548$ -$ 5,086,548$ 1,262,833$ -$ 3,823,715$ 12,712,281$ 8,646,000$
Transfer to Capital Project Fund 5,000,000$ 5,000,000$ -$ 5,000,000$ 5,029,491$ (29,491)$ (29,491)$
Total Transfers Out 5,000,000$ 5,000,000$ -$ 5,000,000$ 5,029,491$ -$ (29,491)$ -$ (29,491)$
Total Expenditures 28,271,114$ 10,086,548$ -$ 10,086,548$ 6,292,323$ -$ 3,794,225$ 12,712,281$ 9,266,509$
REVENUE OVER (UNDER) EXPENDITURES (5,386,548)$ (2,737,633)$
Beginning Fund Balance October 1 9,564,029 9,564,029
Ending Fund Balance Current Month 4,177,481$ 6,826,396$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
WEST THOROUGHFARE IMPACT FEES FUND
Page 22
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Years Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
REVENUES
Impact Fees Water 3,500,000$ -$ 3,500,000$ 2,094,794$
Interest Income 290,000 - 290,000 266,069
Total Revenues 3,790,000$ -$ 3,790,000$ 2,360,863$
EXPENDITURES
Developer Reimbursements
DNT Frontier Retail 343,542$ 200,000$ -$ 200,000$ 237,916$ -$ (37,916)$ 54,252$ 51,374$
Star Trail 2,811,923 500,000 - 500,000 - - 500,000 2,399,731 412,192
Victory at Frontier 215,402 68,031 - 68,031 - - 68,031 168,869 46,533
Westside Developer Reimb 438,235 222,502 - 222,502 - - 222,502 215,733 222,502
Pk Place, Prosper Hills, Prosper Meadow 1,406,859 800,000 - 800,000 - - 800,000 - 1,406,859
Parks at Legacy Developer Reimb 594,140 - - - 270,739 - (270,739) 594,140 (270,739)
Total Developer Reimbursements 5,810,101$ 1,790,533$ -$ 1,790,533$ 508,656$ -$ 1,281,877$ -$ 1,868,721$
Transfer to Capital Project Fund -$ 2,000,000$ -$ 2,000,000$ 2,007,309$ -$ (7,309)$ -$
Total Transfers Out -$ 2,000,000$ -$ 2,000,000$ 2,007,309$ -$ (7,309)$ -$ -$
Total Expenditures 5,810,101$ 3,790,533$ -$ 3,790,533$ 2,515,965$ -$ 1,274,568$ -$ 1,868,721$
REVENUE OVER (UNDER) EXPENDITURES (533)$ (155,102)$
Beginning Fund Balance October 1 7,882,804 7,882,804
Ending Fund Balance Current Month 7,882,271$ 7,727,702$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
WATER IMPACT FEES FUND
Page 23
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Years Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
REVENUES
Impact Fees Wastewater 2,000,000$ -$ 2,000,000$ 1,070,832$
Interest Income 125,000 - 125,000 130,066
Upper Trinity Equity Fee 300,000 - 300,000 154,000
Total Revenues 2,425,000$ -$ 2,425,000$ 1,354,898$
EXPENDITURES
Developer Reimbursements
LaCima Developer Reimb 228,630$ 125,000$ -$ 125,000$ -$ -$ 125,000$ 103,630$ 125,000$
Brookhollow Developer Reimb 1,178,194 120,452 - 120,452 - - 120,452 1,057,742 120,452
All Storage Developer Reimb 204,180 150,000 - 150,000 - - 150,000 54,180 150,000
Legacy Garden Developer Reimb 274,438 63,274 - 63,274 5,464 - 57,810 211,164 57,810
Pk Place, Prosper Hills, Prosper Meadow 186,169 100,000 - 100,000 - - 100,000 - 186,169
Total Developer Reimbursements 2,071,611$ 558,726$ -$ 558,726$ 5,464$ -$ 553,262$ 1,426,716$ 639,431$
Transfer to Capital Project Fund 3,531,622$ 3,531,622$ -$ 3,531,622$ 3,538,931$ -$ (7,309)$ -$ (7,309)$
Total Transfers Out 3,531,622$ 3,531,622$ -$ 3,531,622$ 3,538,931$ -$ (7,309)$ -$ (7,309)$
Total Expenditures 5,603,233$ 4,090,348$ -$ 4,090,348$ 3,544,395$ -$ 545,953$ 1,426,716$ 632,122$
REVENUE OVER (UNDER) EXPENDITURES (1,665,348)$ (2,189,497)$
Beginning Fund Balance October 1 4,248,161 4,248,161
Ending Fund Balance Current Month 2,582,813$ 2,058,664$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
WASTEWATER IMPACT FEES FUND
Page 24
Item 5.
EAST THOROUGHFARE WEST THOROUGHFARE WATER WASTEWATER
ANNUAL BUDGET $1,000,000 4,500,000 $3,500,000 $2,000,000
YTD ACTUAL $924,618 $3,257,358 $2,094,794 $1,070,832
% OF BUDGET 92%72%60%54%
92%
72%
60%
54%
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$5,000,000
IMPACT FEE REVENUE
YTD Actual to Annual Budget
Page 25
Item 5.
Original Budget Amended Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Impact Fee Revenue:
Water Impact Fees 50,000$ -$ 50,000$ 280,526$ (230,526)$ 561%80,996$ 246%
Wastewater Impact Fees 700,000 - 700,000 429,299 270,701 61%460,550 -7%
East Thoroughfare Impact Fees 50,000 - 50,000 269,645 (219,645) 539%65,244 313%
Property Taxes - Town (Current)1,269,687 - 1,269,687 1,256,338 13,349 99%1,108,174 13%
Property Taxes - Town (Rollback)- - - 165,155 (165,155) 0%486,411 -66%
Property Taxes - County (Current)268,202 - 268,202 265,382 2,820 99%231,790 14%
Sales Taxes - Town 1,293,986 - 1,293,986 926,593 367,393 72%873,862 6%
Sales Taxes - EDC 1,086,948 - 1,086,948 776,022 310,926 71%731,860 6%
Interest Income 75,000 - 75,000 137,746 (62,746) 184%96,290 43%
Transfer In - - - - - 0%- 0%
Total Revenue 4,793,823$ -$ 4,793,823$ 4,506,706$ 287,117$ 94%4,135,176$ 9%
EXPENDITURES
Professional Services 6,000$ -$ 6,000$ -$ 6,000$ 0%-$ 0%
Developer Reimbursement 4,787,823 - 4,787,823 - 4,787,823 0%- 0%
Transfers Out - - - - - 0%- 0%
Total Expenses 4,793,823$ -$ 4,793,823$ -$ 4,793,823$ 0%-$ 0%
REVENUE OVER (UNDER) EXPENDITURES -$ 4,506,706$ 4,135,176$
Beginning Fund Balance October 1 2,542,101 2,542,101 991,447
Ending Fund Balance Current Month 2,542,101$ 7,048,807$ 5,126,623$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
TIRZ #1 - BLUE STAR
Page 26
Item 5.
Original Budget Amended Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Property Taxes - Town (Current)117,783$ -$ 117,783$ 114,647$ 3,136$ 97%39,537$ 190%
Property Taxes - Town (Rollback)- - - - - 0%44,560 -100%
Property Taxes - County (Current)8,441 - 8,441 24,217 (15,776) 287%8,270 193%
Sales Taxes - Town 2,000 - 2,000 1,221 779 61%3,547 -66%
Sales Taxes - EDC 2,000 - 2,000 1,221 779 61%3,547 -66%
Interest Income 1,500 - 1,500 2,738 (1,238) 183%2,344 17%
Total Revenue 131,724$ -$ 131,724$ 144,044$ (12,320)$ 109%101,806$ 41%
EXPENDITURES
Professional Services -$ -$ -$ -$ -$ 0%-$ 0%
Developer Reimbursement 131,724 - 131,724 - 131,724 0%- 0%
Transfers Out - - - - - 0%- 0%
Total Expenditures 131,724$ -$ 131,724$ -$ 131,724$ 0%-$ 0%
REVENUE OVER (UNDER) EXPENDITURES -$ 144,044$ 101,806$
Beginning Fund Balance October 1 25,751 25,751 25,650
Ending Fund Balance Current Month 25,751$ 169,795$ 127,456$
TIRZ #2
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
Page 27
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Sales Tax - Town 3,478,456$ -$ 3,478,456$ 2,272,422$ -$ 1,206,034$ 65%2,247,480$ 1%
Interest Income 1,200 - 1,200 7,605 - (6,405) 634%- 0%
Other - - - - - - 0%- 0%
Total Revenue 3,479,656$ -$ 3,479,656$ 2,280,027$ -$ 1,199,629$ 66%2,247,480$ 1%
EXPENDITURES
Personnel 3,344,835$ -$ 3,344,835$ 1,739,928$ -$ 1,604,907$ 52%2,269,532$ -23%
Other 1,200 - 1,200 1,357 - (157) 113%8,604 -84%
Total Expenditures 3,346,035$ -$ 3,346,035$ 1,741,285$ -$ 1,604,750$ 52%2,278,136$ -24%
REVENUE OVER (UNDER) EXPENDITURES 133,621$ -$ 133,621$ 538,742$ (30,656)$
Beginning Fund Balance October 1 398,065 398,065 422,055
Ending Fund Balance Current Month 531,686$ 936,807$ 391,399$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
CRIME CONTROL AND PREVENTION SPECIAL PURPOSE DISTRICT
Page 28
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Sales Tax - Town 3,478,456$ -$ 3,478,456$ 2,290,214$ -$ 1,188,242$ 66%2,249,230$ 2%
Interest Income 1,200 - 1,200 748 - 452 62%3,411 -78%
Other - - - - - - 0%- 0%
Total Revenue 3,479,656$ -$ 3,479,656$ 2,290,961$ -$ 1,188,695$ 66%2,252,642$ 2%
EXPENDITURES
Personnel 3,541,860$ -$ 3,541,860$ 2,198,768$ -$ 1,343,092$ 62%2,145,895$ 2%
Other 2,400 - 2,400 1,357 - 1,043 57%8,604 -84%
Total Expenditures 3,544,260$ -$ 3,544,260$ 2,200,125$ -$ 1,344,135$ 62%2,154,499$ 2%
REVENUE OVER (UNDER) EXPENDITURES (64,604)$ -$ (64,604)$ 90,836$ 98,143$
Beginning Fund Balance October 1 382,940 382,940 455,295
Ending Fund Balance Current Month 318,336$ 473,776$ 553,438$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
FIRE CONTROL, PREVENTION, AND EMERGENCY MEDICAL SERVICES SPECIAL PURPOSE DISTRICT
Page 29
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
60-4 Park Dedication Fees 600,000$ -$ 600,000$ 1,303,973$ -$ (703,973)$ 217%737,375$ 77%
60-4 Park Improvement Fees 800,000 - 800,000 1,217,000 - (417,000) 152%646,146 88%
60-4 Interest - Park Dedication 36,000 - 36,000 43,728 - (7,728) 121%26,334 66%
60-4 Interest - Park Improvement 38,000 - 38,000 19,954 - 18,046 53%33,809 -41%
Contributions/Grants - - - - - - 0%- 0%
Transfers In - - - - - - 0%- 0%
Total Revenue 1,474,000$ -$ 1,474,000$ 2,584,655$ -$ (1,110,655)$ 175%1,443,664$ 79%
EXPENDITURES
Transfers Out - Park Dedication 1,810,050$ -$ 1,810,050$ 1,115,050$ -$ 695,000$ 62%-$ 0%
Park Dedication - - - - - - 0%- 0%
Transfers Out - Park Improvement 465,000 - 465,000 465,000 - - 100%- 0%
Park Improvement 50,000 - 50,000 - 47,174 2,826 94%- 0%
Total Expenditures 2,325,050$ -$ 2,325,050$ 1,580,050$ 47,174$ 697,826$ 70%-$ 0%
REVENUE OVER (UNDER) EXPENDITURES (851,050)$ -$ (851,050)$ 1,004,605$ 1,443,664$
Beginning Fund Balance October 1 1,232,192 1,232,192 2,316,978
Ending Fund Balance Current Month 381,142$ 2,236,797$ 3,760,642$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
PARK DEDICATION AND IMPROVEMENT FUNDS
Page 30
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Interest Income 52,550$ -$ 52,550$ 253,131$ -$ (200,581)$ 482%78,543$ 222%
Interest Income CARES/ARPA Funds - - - - - - 0%108,867 -100%
Police Donation Revenue 15,500 - 15,500 22,373 - (6,873) 144%15,601 43%
Cash Seizure Forfeit - - - 16,204 - (16,204) 0%6,130 164%
Fire Donation Revenue 15,500 - 15,500 12,467 - 3,033 80%14,551 -14%
Child Safety Revenue 28,000 - 28,000 18,947 - 9,053 68%13,894 36%
Court Technology Revenue 8,198 - 8,198 10,009 - (1,811) 122%7,801 28%
Court Security Revenue 8,525 - 8,525 12,287 - (3,762) 144%9,460 30%
Municipal Jury revenue - - - 317 - (317) 0%190 67%
Tree Mitigation 300,000 - 300,000 56,858 - 243,143 19%105,014 -46%
Escrow Income - - - - - - 0%167,514 -100%
LEOSE Revenue 3,000 - 3,000 10,288 - (7,288) 343%8,756 18%
Transfer In - - - - - - 0%- 0%
Total Revenue 431,273$ -$ 431,273$ 412,881$ -$ 18,392$ 96%536,321$ -23%
EXPENDITURES
Police Donation Expense 5,000$ -$ 5,000$ 3,989$ -$ 1,011$ 80%423$ 843%
Police Seizure Expense 12,995 - 12,995 6,621 - 6,374 51%867 664%
Fire Donation Expense 10,000 - 10,000 34,210 - (24,210) 342%2,980 1048%
Child Safety Expense 3,000 - 3,000 - - 3,000 0%264 -100%
Court Technology Expense 10,000 - 10,000 - - 10,000 0%- 0%
Court Security Expense 16,860 - 16,860 - - 16,860 0%- 0%
Tree Mitigation Expense - - - - - - 0%- 0%
LEOSE Expenditure 6,500 - 6,500 75 - 6,425 1%3,955 -98%
Transfer Out (Escrow Funds)1,150,000 - 1,150,000 1,650,000 - (500,000) 143%200,000 725%
Total Expenses 1,214,355$ -$ 1,214,355$ 1,694,896$ -$ (480,541)$ 140%208,489$ 713%
REVENUE OVER (UNDER) EXPENDITURES (783,082)$ -$ (783,082)$ (1,282,015)$ 327,832$
Beginning Fund Balance October 1 2,296,614 2,296,614 2,104,365
Ending Fund Balance Current Month 1,513,532$ 1,014,599$ 2,432,197$
Notes
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
SPECIAL REVENUE FUNDS
Page 31
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Sales Taxes 57,125$ -$ 57,125$ -$ -$ 57,125$ 0%-$ 0%
Interest Income 2,000 - 2,000 - - 2,000 0%- 0%
Other - - - - - - 0%- 0%
Total Revenue 59,125$ -$ 59,125$ -$ -$ 59,125$ 0%-$ 0%
EXPENDITURES
Personnel -$ -$ -$ -$ -$ -$ 0%-$ 0%
Development Agreement 28,563 - 28,563 - - 28,563 0%- 0%
Other - - - - - - 0%- 0%
Total Expenditures 28,563$ -$ 28,563$ -$ -$ 28,563$ 0%-$ 0%
REVENUE OVER (UNDER) EXPENDITURES 30,562$ -$ 30,562$ -$ -$
Beginning Fund Balance October 1 - - -
Ending Fund Balance Current Month 30,562$ -$ -$
Notes
The Town's first hotel is expected to open in May 2025.
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
HOTEL OCCUPANCY TAX FUND
Page 32
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Water Charges for Services 24,470,841$ -$ 24,470,841$ 14,123,241$ -$ 10,347,600$ 58%11,900,928$ 19%
Sewer Charges for Services 14,674,289 - 14,674,289 10,236,241 - 4,438,048 70%8,358,591 22%
Licenses, Fees & Permits 377,705 - 377,705 355,194 - 22,511 94%329,898 8%
Utility Billing Penalties 186,900 - 186,900 191,263 - (4,363) 102%164,454 16%
Interest Income 510,000 - 510,000 379,481 - 130,519 74%386,393 -2%
Other 3,224,690 - 3,224,690 502,972 - 2,721,718 16%547,573 -8%
Transfer In - - - - - - 0 - 0%
Total Revenues 43,444,425$ -$ 43,444,425$ 25,788,393$ -$ 17,656,032$ 59%21,687,837$ 19%
EXPENDITURES
Administration 1,063,187$ -$ 1,063,187$ 982,493$ 56,687$ 24,007$ 98%840,619$ 17%
Debt Service 6,753,424 - 6,753,424 2,853,759 - 3,899,665 42%1 2,164,788 32%
Water Purchases 13,563,295 - 13,563,295 9,989,631 - 3,573,665 74%8,654,581 15%
Sewer Management Fee 5,270,599 - 5,270,599 4,640,384 - 630,215 88%3,812,063 22%
Franchise Fee 1,136,854 - 1,136,854 852,641 - 284,213 75%517,388 65%
Public Works 9,601,940 - 9,601,940 6,353,418 794,865 2,453,657 74%5,352,647 19%
Transfer Out 1,218,340 - 1,218,340 990,525 - 227,815 81%5,362,780 -82%
Total Expenses 38,607,639$ -$ 38,607,639$ 26,662,850$ 851,552$ 10,178,809$ 71%26,704,866$ 0%
REVENUE OVER (UNDER) EXPENDITURES 4,836,786$ -$ 4,836,786$ (874,457)$ (5,017,029)$
Beginning Working Capital October 1 12,399,855 12,399,855 18,777,035
Ending Working Capital 17,236,641$ 11,525,398$ 13,760,006$
Notes
1 Annual debt service payments are made in February and August.
2 Minimum Ending Working Capital balance for FY25 = $9,349,700 (25%).
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
WATER-SEWER FUND
Page 33
Item 5.
Jun-25 Jun-24 Growth %
WATER SEWER WATER SEWER Change
# of Accts Residential 14,064 13,362 13,335 12,632 5.62%
# of Accts Commercial 499 453 452 407 10.83%
Consumption-Residential 190,711,090 93,087,968 137,597,220 87,779,970 25.92%
Consumption-Commercial 27,735,620 19,730,220 21,827,200 15,093,560 28.56%
Consumption-Commercial Irrigation 31,476,310 19,418,240 62.10%
Avg Total Res Water Consumption 13,536 10,310 31.29%
Billed ($) Residential 1,364,372$ 966,464$ 948,728$ 786,537$ 43.81%
Billed ($) Commercial 289,064$ 204,971$ 218,342$ 151,534$ 32.39%
Billed ($) Commercial Irrigation 299,736$ 174,219$ 72.05%
Total Billed ($)1,953,172$ 1,171,435$ 1,341,288$ 938,072$ 37.08%
Five Year Cumulative
Month Avg. Temp (°F)# Rain Days Rainfall (in)Avg. Temp (°F)# Rain Days Rainfall (in)Month FY2025 FY2024 Average Average
October 75°1 0.41 68°8 11.30 October 17,490 19,061 17,751 17,751
November 61°9 4.09 58°2 0.57 November 14,260 10,540 10,991 28,742
December 61°13 5.91 53°5 4.09 December 9,080 8,003 7,405 36,148
January 43°6 5.94 43°10 3.86 January 6,340 7,400 6,862 43,009
February 49°10 2.12 58°5 1.56 February 6,090 6,200 6,344 50,487
March 64°7 1.31 61°12 6.57 March 6,308 7,600 6,669 56,023
April 69°10 4.65 69°9 9.07 April 10,638 8,900 9,246 65,269
May 74°10 6.07 77°11 9.71 May 11,310 9,510 11,778 77,046
June 82°6 3.09 84°5 4.35 June 13,536 10,310 12,720 89,767
July 85°8 1.84 July 22,740 18,856 108,623
August 89°2 0.96 August 22,120 22,856 131,478
September 79°6 3.02 September 24,400 20,423 151,902
Annual 72 33.59 83 56.90 TOTAL (gal)95,052 162,724 151,902
Weather Data:https://www.wunderground.com/history/monthly/KDAL/date/2025-04
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
WATER-SEWER FUND
Average Total Residential Water Consumption by Month
FY2025 FY2024
Page 34
Item 5.
58%
70%
94%
102%
74%
16%
0%
20%
40%
60%
80%
100%
120%
WATER SEWER FUND
REVENUE YTD % OF ANNUAL BUDGET
Page 35
Item 5.
$14,123,241
$9,989,631
$11,900,928
$8,654,581
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
Water Charges for Services Water Purchases
WATER REVENUE AND EXPENSE
Current YTD to Prior Year YTD Actual Comparison
Current Year Prior Year
Page 36
Item 5.
$10,236,241
$4,640,384
$8,358,591
$3,812,063
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
Sewer Charges for Services Sewer Management Fee
SEWER REVENUE AND EXPENSE
Current YTD to Prior Year YTD Actual Comparison
Current Year Prior Year
Page 37
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
45-4 Storm Drainage Utility Fee 950,000$ -$ 950,000$ 736,586$ -$ 213,414$ 78%697,528$ 6%
Drainage Review Fee 3,500 - 3,500 - - 3,500 0%3,150 -100%
45-4 Interest Income 8,000 - 8,000 7,167 - 833 90%9,588 -25%
Other Revenue - - - - - - 0%- 0%
Transfer In - - - - - - 0%- 0%
Total Revenue 961,500$ -$ 961,500$ 743,754$ -$ 217,746$ 77%710,266$ 5%
EXPENDITURES
Personnel Services 426,032$ (3,475)$ 422,557$ 308,185$ -$ 114,372$ 73%236,713$ 30%
Debt Service 215,263 - 215,263 133,388 - 81,876 62%2 150,531 -11%
45-7 Operating Expenditures 49,117 3,475 52,592 19,594 580 32,418 38%26,833 -27%
Capital 177,812 - 177,812 157,169 142 20,501 88%- 0%
Transfers Out 107,996 - 107,996 168,497 - (60,501) 156%1 310,046 -46%
Total Expenses 976,220$ -$ 976,220$ 786,833$ 722$ 188,665$ 81%724,123$ 9%
REVENUE OVER (UNDER) EXPENDITURES (14,720)$ -$ (14,720)$ (43,079)$ (13,857)$
Beginning Working Capital October 1 251,393 251,393 380,410
Ending Working Capital Current Month 236,673$ 208,314$ 366,553$
Notes
1 Capital project funds are transferred as needed; General fund transfers are made monthly.
2 Annual debt service payments are made in February and August.
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
STORMWATER DRAINAGE UTILITY FUND
Page 38
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Sanitation Charges for Services 3,295,173$ -$ 3,295,173$ 2,725,132$ -$ 570,041$ 83%2,157,181$ 26%
Interest Income 4,500 - 4,500 6,136 - (1,636) 136%5,114 20%
Transfer In - - - - - - 0%- 0%
Total Revenues 3,299,673$ -$ 3,299,673$ 2,731,267$ -$ 568,406$ 83%2,162,295$ 26%
EXPENDITURES
Administration 96,753$ -$ 96,753$ 50,202$ 89$ 46,462$ 52%45,816$ 10%
Sanitation Collection 2,830,789 - 2,830,789 2,072,194 - 758,595 73%1,800,666 15%
Capital Expenditure - - - - - - 0%1,933,413 -100%
Debt Service 257,501 - 257,501 193,125 - 64,376 75%73,125 164%
Transfer Out - - - - - - 0%- 0%
Total Expenses 3,185,043$ -$ 3,185,043$ 2,315,521$ 89$ 869,433$ 73%3,853,021$ -40%
REVENUE OVER (UNDER) EXPENDITURES 114,630$ -$ 114,630$ 415,746$ (1,690,726)$
Beginning Working Capital October 1 120,426 120,426 5,985
Ending Working Capital 235,056$ 536,172$ (1,684,741)$
Notes
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
SOLID WASTE FUND
Page 39
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Grant Revenue -$ -$ -$ -$ -$ -$ 0%-$ 0%
Other Reimbursements 150,000 - 150,000 22,325 - 127,675 15%- 0%
Interest Income 250,000 - 250,000 190,082 - 59,918 76%210,219 -10%
Charges for Services 1,572,064 - 1,572,064 1,048,043 - 524,021 67%1,109,224 -6%
Auction Proceeds - - - 107,500 - (107,500) 0%- 0%
Total Revenue 1,972,064$ -$ 1,972,064$ 1,367,950$ -$ 604,114$ 69%1,319,443$ 4%
EXPENDITURES
Vehicle Replacement 1,866,493$ -$ 1,866,493$ 1,551,099$ 497,608$ (182,214)$ 110%236,659$ 555%
Equipment Replacement 526,908 - 526,908 445,942 282,748 (201,782) 138%212,392 110%
Technology Replacement 145,200 - 145,200 - - 145,200 0%53,925 -100%
Total Expenditures 2,538,601$ -$ 2,538,601$ 1,997,041$ 780,356$ (238,796)$ 109%502,976$ 297%
REVENUE OVER (UNDER) EXPENDITURES (566,537)$ -$ (566,537)$ (629,092)$ 816,468$
Beginning Fund Balance October 1 16,755,136 16,755,136 8,477,146
Ending Fund Balance Current Month 16,188,599$ 16,126,044$ 9,293,614$
Notes
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
VEHICLE AND EQUIPMENT REPLACEMENT FUND
Page 40
Item 5.
Original Budget Amended Current Year Current Year Current Remaining Prior Year Change from
Budget Adjustment Budget YTD Actual Encumbrances Budget Balance YTD Percent Note YTD Actual Prior Year
REVENUES
Health Charges 5,142,517$ -$ 5,142,517$ 3,780,412$ -$ 1,362,105$ 74%3,388,137$ 12%
Cobra and Stop Loss Reimbursements 300,000 - 300,000 653,778 - (353,778) 218%110,033 494%
Interest Income 20,000 - 20,000 2,876 - 17,124 14%26,106 -89%
Total Revenue 5,462,517$ -$ 5,462,517$ 4,437,065$ -$ 1,025,452$ 81%3,524,277$ 26%
EXPENDITURES
Contractual Services 176,000$ -$ 176,000$ 70,371$ -$ 105,629$ 40%105,894$ -34%
Employee Health Insurance 5,196,948 - 5,196,948 5,899,751 - (702,803) 114%1 3,513,030 68%
Total Expenditures 5,372,948$ -$ 5,372,948$ 5,970,122$ -$ (597,174)$ 111%3,618,924$ 65%
REVENUE OVER (UNDER) EXPENDITURES 89,569$ -$ 89,569$ (1,533,056)$ (94,648)$
Beginning Fund Balance October 1 148,135 148,135 609,058
Ending Fund Balance Current Month 237,704$ (1,384,921)$ 514,410$
Notes
1 The Town has experienced several large claims
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
Expected Year to Date Percent 75%
HEALTH INSURANCE FUND
Page 41
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Years Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
REVENUES
Grants 2,378,000$ -$ 2,378,000$ -$
Property Taxes-Delinquent - - - -
Property Taxes-Current 9,600,000 - 9,600,000 9,600,000
Taxes-Penalties - - - -
Contributions/Interlocal Revenue - - - 75,300
Bond Proceeds 19,450,000 - 19,450,000 -
Interest Income 3,000,000 - 3,000,000 2,730,227
Other Revenue - - - -
Transfers In - - - 10,789,032
Transfers In - Impact Fee Funds - - - -
Transfers In - Escrows - - - -
Transfers In - Park Dedication/Improvement - - - -
Total Revenues 34,428,000$ -$ 34,428,000$ 23,194,558$
EXPENDITURES
Street & Traffic Projects
Street Projects
First St (DNT to Coleman)24,786,567$ -$ (28,500)$ 24,758,067$ 260,163$ 156,754$ 24,341,150$ 3,148,264$ 21,221,386$
Coit Rd (First-Frontier) 4 Lns 27,789,900 20,000,000 - 27,789,900 58,756 254,446 27,476,699 1,790,055 25,686,643
DNT Main Lane (US 380 - FM 428)7,671,186 5,114,124 - 7,671,186 2,557,062 - 5,114,124 - 5,114,124
Prosper Trail (Coit-Custer) 2 - - - - 10,625 - - - -
Gee Road (First Street - Windsong)5,414,933 - (4,927,692) 487,242 - - 487,242 4,927,692 487,242
First Street (Elem-DNT) 4 Lanes 31,604,929 709,000 - 31,604,929 9,190,076 2,343,391 20,071,462 20,697,265 (625,803)
First St (Coit-Custer) 4 Lanes 27,269,101 - (500,000) 26,769,101 856,437 17,000 25,895,665 25,515,599 880,066
Preston Road / First Street Dual Left Turns 900,000 - - 900,000 - 22,077 877,923 71,523 806,400
Craig Street (Preston-Fifth)750,000 300,000 - 750,000 235,112 24,443 490,445 381,053 109,393
Coleman (Gorgeous - Prosper Trail)1,500,000 - - 1,500,000 2,020,739 281,444 (802,183) 741,017 (1,543,200)
Coleman (Prosper Trail - PHS)2,220,000 1,500,000 - 2,220,000 160 - 2,219,840 100 2,219,740
Legacy (Prairie - First Street)11,425,000 800,000 - 11,425,000 1,842,597 129,665 9,452,738 8,275,307 1,177,431
Teel Parkway (US 380 - First Street Rd) NB 2 Lanes 5,850,000 - - 5,850,000 1,128,336 16,169 4,705,494 4,896,723 (191,229)
Parvin (FM 1385 - Legacy)500,000 - - 500,000 - - 500,000 500,000 -
Street Impact Fee Analysis - - - - 7,881 51,101 (58,982) - (58,982)
US 380 Deceleration Lanes - Denton County 500,000 - - 500,000 - - 500,000 43,600 456,400
Safety Way 800,000 - - 800,000 454,085 - 345,915 - 345,915
Gorgeous/McKinley 700,000 - - 700,000 - - 700,000 - 700,000
First Street (Coleman)2,500,000 2,000,000 - 2,500,000 - 95,409 2,404,591 468,049 1,936,542
Gee Road (US 380--FM 1385)3,900,000 1,700,000 - 3,900,000 413,565 324,956 3,161,479 975,019 2,186,460
Frontier (Legacy-DNT)300,000 - - 300,000 - - 300,000 300,000 -
Star Trail, Phase 5: Street Repairs 1,450,000 - - 1,450,000 - 300,000 1,150,000 - 1,150,000
Prosper Trail (Coit - Custer) - 2 WB lanes 1,400,000 500,000 - 1,400,000 282,012 451,765 666,223 29,223 637,000
Windsong Parkway/US 380 Dual Left T 152,800 - - 152,800 6,147 64,947 81,706 12,400 69,306
Legacy Drive (Prosper Tr. to P)10,000 - - 10,000 167 - 9,833 9,833
Coleman St (First-Georgeous)660,000 - - 660,000 212,319 337,752 109,930 110,530 (600)
Teel Parkway (First-Freeman)800,000 - - 800,000 332,648 474,093 (6,740) - (6,740)
Legacy (First St. - Prosper Tr 200,000 200,000 - 200,000 - - 200,000 - 200,000
Legacy (First St. - Prosper Tr 550,000 550,000 - 550,000 - - 550,000 - 550,000
Prosper Trail (Legacy - DNT)1,200,000 1,200,000 - 1,200,000 70,092 910,908 219,000 - 219,000
Roundabout Peer Review and Tho 28,500 - - 28,500 24,038 4,463 - - -
Prairie Dr Accelerated Opening 27,167 - - 27,167 27,166 - 1 - 1
West Gorgeous (McKinley-Coleman)230,000 - 230,000 27,554 195,442 7,004 - 7,004
Unprogrammed Future Projects 800,000 800,000 - 800,000 - - 800,000 - 800,000
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
CAPITAL PROJECTS FUND
Page 42
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Years Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
CAPITAL PROJECTS FUND
Traffic Projects
Fifth Street Quiet Zone 500,000 - - 500,000 - - 500,000 - 500,000
Traffic Signal - Fishtrap & Artesia Boulevard 525,000 460,000 - 525,000 16,523 279,560 228,917 32,350 196,567
Median Lighting US 380 (Mahard-Lovers)300,000 - - 300,000 - - 300,000 - 300,000
Traffic Signal - DNT/Frontier 281,500 - - 281,500 170,487 83,585 27,428 16,125 11,303
Traffic Signal - Teel Pkway & Prairie Drive 525,000 460,000 - 525,000 11,022 5,928 508,050 23,800 484,250
Traffic Signal Acacia Parkway/Gee R 503,480 - 146,874 650,354 576,916 39,608 33,830 38,339 (4,509)
Traffic Signal First Street/Legacy 578,333 - - 578,333 26,400 256,720 295,213 16,133 279,080
Opticom Repair/ Installation - - - - - 82,557 (82,557) - (82,557)
Gee/Lockwood Pedestrian Hybrid 259,200 - - 259,200 13,000 89,188 157,012 16,250 140,762
First/Copper Canyon Pedestrian 259,200 - - 259,200 13,000 84,317 161,883 16,250 145,633
First/Chaucer Pedestrian Hybri 259,200 - - 259,200 13,000 82,108 164,092 16,250 147,842
Tr. Signal (Denton-Fishtrap)349,500 - 40,928 390,428 306,456 28,808 55,164 38,000 (23,764)
Traffic Improvement Projects 1,500,000 1,500,000 (187,802) 1,312,198 - - 1,312,198 - 1,500,000
Traffic Signal Comunications Program Ph 2 495,000 495,000 - 495,000 - - 495,000 - 495,000
Traffic Signal - Legacy & Prai 525,000 525,000 - 525,000 - - 525,000 - 525,000
School Zone Flashers 97,504 43,040
Traffic Equipment 15,928 -
Capital Expenditures - - - - - - - - -
Total Street & Traffic Projects 170,750,497$ 38,813,124$ (5,456,192)$ 165,294,306$ 21,277,971$ 7,531,643$ 136,651,788$ 73,096,915$ 69,157,939$
Park Projects
Neighborhood Park
Windsong Park #3 750,000$ -$ -$ 750,000$ -$ -$ 750,000$ -$ 750,000$
Lakewood Preserve, Phase 2 5,587,255 485,000 - 5,587,255 704,023 170,819 4,712,413 4,577,929 134,484
Downtown Park (Broadway/ Parvin)1,158,240 750,000 - 1,158,240 16,995 45,290 1,095,955 43,415 1,052,540
Pecan Grove Park, Trail - Grant Matching 248,798 248,798 - 248,798 169,738 - 79,061 - 79,061
Playground Shade Structures (Various)160,000 160,000 - 160,000 155,732 3,191 1,077 - 1,077
Whitley Place Meadow Park - Grant Matching 218,130 218,130 - 218,130 - - 218,130 - 218,130
Trails
Doe Branch Trail Connections 2,184,000 500,000 - 2,184,000 33,899 127,778 2,022,323 75,582 1,946,741
Various Hike and Bike Trails 580,680 - - 580,680 - - 580,680 - 580,680
Downtown Improvements
Downtown Improvements 1,553,389 1,000,000 (319,806) 1,233,583 174,723 29,559 1,029,301 8,508 1,020,793
Downtown Monumentation 66,500 - - 66,500 69,566 29,024 (32,090) 66,110 (98,200)
Prosper Parking Lot and Alley Improvements 122,500 - - 122,500 22,590 27,710 72,200 - 72,200
Broadway/ Town Hall Connection 221,106 - 221,106 221,106 214,105 7,000 - 221,106
Downtown Lighted Bollards 98,700 - 98,700 98,700 98,700 - - 98,700
Community Park
Raymond Community Park 21,900,000 2,100,000 - 21,900,000 6,051,469 6,271,642 9,576,889 8,245,363 1,331,526
Raymond Community Park - Trail/ Bridge Grant 848,122 848,122 - 848,122 - 916,535 (68,413) - (68,413)
Froniter Park Pond Repairs 473,000 - - 473,000 420,123 33,768 19,109 - 19,109
Frontier Park Concrete Repairs 120,000 120,000 - 120,000 - - 120,000 - 120,000
Parks & Rec Admin Facility Parking Lot Paving 80,000 80,000 - 80,000 - 61,534 18,466 - 18,466
Doe Branch Property Masterplan 140,000 140,000 - 140,000 31,300 103,300 5,400 - 5,400
Doe Branch Property - Six Creek Crossings 650,000 650,000 - 650,000 - - 650,000 - 650,000
Median/ Landscape Screening
US 380 Green Ribbon Project 2,295,000 - - 2,295,000 479,149 1,340,283 475,567 - 475,567
Prosper Trail Screening (Preston - Deer Run)750,000 - - 750,000 77,000 425,236 247,764 46,326 201,439
Parks, Recreation, & Open Space Master Plan 140,000 - - 140,000 40,384 - 99,616 92,323 7,293
Unprogrammed Future Projects 800,000 800,000 - 800,000 - - 800,000 - 800,000
Total Park Projects 41,145,420$ 8,100,050$ -$ 40,825,614$ 8,759,495$ 9,592,670$ 22,473,448$ 13,155,556$ 9,637,699$
Page 43
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Years Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
CAPITAL PROJECTS FUND
Facility Projects
Public Safety
Fire Station #4 - Design 965,855$ -$ -$ 965,855$ 127,543$ 144,845$ 693,466$ 693,467$ (0)$
Fire Station #4 - Other Costs 708,250 700,000 - 708,250 57,419 56,558 594,273 8,250 586,023
Fire Station #4 - Construction 11,225,000 1,025,000 - 11,225,000 3,890,734 7,571,666 (237,401) - (237,401)
Fire Station #4 - FF&E 775,000 775,000 - 775,000 - - 775,000 - 775,000
Public Safety Fiber Ring 1,000,000 1,000,000 - 1,000,000 - - 1,000,000 - 1,000,000
Fire Station #3 - Upgrades and Repairs 190,000 190,000 - 190,000 170,150 30,000 (10,150) - (10,150)
PD Needs Assessment 78,500 - - 78,500 60,596 17,904 - - -
PD Station Improvements 366,235 - - 366,235 14,370 - 351,865 351,865 (0)
Unprogrammed Future Projects 592,935 592,935 - 592,935 - - 592,935 - 592,935
Public Safety Equipment
Fire Station #4 - Engine 1,250,000 - - 1,250,000 - - 1,250,000 1,246,481 3,519
Fire Station #4 - Ambulance 552,000 - - 552,000 416,316 - 135,684 135,283 401
Central Fire - Ambulance 495,000 - - 495,000 32,497 - 462,503 461,427 1,076
PD Car Camera and Body worn Camera System 387,225 - - 387,225 - - 387,225 16,900 370,325
Parks, Public Works, Town Hall
Parks and Public Works 5,802,938 2,352,938 - 5,802,938 447,447 2,501,471 2,854,019 120,521 2,733,498
Library Master Plan 130,000 - - 130,000 62,538 13,989 53,474 53,474 -
Finish Out Interior Spaces Town Hall 650,000 - - 650,000 53,331 - 596,669 366,394 230,275
Town Hall Repairs - Parking Lot, Steps, Fountain 273,000 273,000 - 273,000 45,874 7,660 219,466 - 219,466
Public Works Modular Buildings 712,224 712,224 641,002 71,222 - - -
Total Facility Projects 26,154,162$ 6,908,873$ -$ 26,154,162$ 6,019,817$ 10,415,317$ 9,719,028$ 3,454,063$ 6,264,965$
Transfer Out - - - - 0 - - - -
Total Expenditures 238,050,079$ 53,822,047$ (5,456,192)$ 232,274,082$ 36,057,284$ 27,539,630$ 168,844,264$ 89,706,534$ 85,060,603$
REVENUE OVER (UNDER) EXPENDITURES (197,846,082)$ (12,862,726)$
Beginning Fund Balance (Restricted for Capital Projects) October 1 79,149,405 79,149,405
Ending Fund Balance (Restricted for Capital Projects) Current Month (118,696,677)$ 66,286,679$
Page 44
Item 5.
Current Year Current Year Current Year Project
Project Original Budget Amended Current Year Current Year Current Remaining Prior Year Budget
Budget Budget Adjustment Budget Actual Encumbrances Budget Balance Expenditure Balance
REVENUES
Interest Income 800,000$ -$ 800,000$ 1,194,030$
Bond Proceeds 33,896,633 - 33,896,633 -
Grant Revenue 214,081 - 214,081 -
Capital Contributions
Transfers In - - - 225,294
Transfers In - ARPA Funds - - - -
Transfers In - Impact Fee Funds 5,531,622 - 5,531,622 5,546,241
Transfers In - Drainage Fund 50,000 - 50,000 50,000
Transfers In - Bond Funds - - - -
Total Revenues 40,442,336$ -$ 40,442,336$ 7,015,565$
EXPENDITURES
Water Projects
Lower Pressure Plane Pump Station Design 18,931,100$ -$ -$ -$ 1,501,139$ 365,133$ (1,866,273)$ 16,599,784$ 465,044$
LPP Water Line Phase, 2A 9,000,000 - - - 5,478,735 552,745 (6,031,479) 2,164,870 803,650
Water Line Relocation Frontier 6,900,000 3,500,000 - 3,500,000 428,838 4,677,286 (1,606,124) 490,232 1,303,645
Parks & Public Works, Phase 1 5,600,000 5,000,000 - 5,000,000 223,368 725,673 4,050,959 59,889 4,591,070
Ground Storage 6 MG Tank 8,100,000 2,560,993 - 2,560,993 275,014 302,154 1,983,826 22,333 7,500,500
DNT (Prosper Trail - Frontier Parkw - - - - - 31,688 (31,688) - (31,688)
Water Impact Fee Analysis - - - - 7,170 139 (7,309) - (7,309)
DNT Water Line Relocation - - - - 5,527 31,493 (37,019) - (37,019)
Craig Street 2 MG EST Rehabilitation 460,000 460,000 - 460,000 - - 460,000 - 460,000
Unprogrammed Future Water/Wastewater 286,463 286,463 - 286,463 - - 286,463 - 286,463
Wastewater Projects
Doe Branch Parallel Interceptor 16,253,327 8,853,327 - 8,853,327 3,750,000 - 5,103,327 - 12,503,327
Upper Doe Branch WW Line (Teel-PISD Stadium)8,025,000 3,000,000 - 3,000,000 2,270,686 4,430,904 (3,701,591) 675,836 647,573
Doe Branch, Phase 3 WWTP 104,946,277 49,946,277 - 49,946,277 27,500,000 38,180 22,408,097 6,102,367 71,305,730
Wilson Creek WW Line 400,000 - - - 290,328 10,035 (300,362) 8,841 90,796
Denton ISD WW Line Reimbursement 531,622 531,622 - 531,622 - - 531,622 - 531,622
Sewer Impact Fee Analysis - - - - 7,170 139 (7,309) - (7,309)
Total Water & Wastewater Projects 179,433,789$ 74,138,682$ -$ 74,138,682$ 41,737,974$ 11,165,569$ 21,235,139$ 26,124,152$ 100,406,094$
Drainage Projects
Doe Branch Creek Erosion Control 225,000$ -$ -$ -$ 183,560$ 14,472$ (198,032)$ -$ 26,968$
Old Town Regional Pond #2 98,386 50,000 - 50,000 - 231 49,769 48,092 50,063
Total Drainage Projects 323,386$ 50,000$ -$ 50,000$ 183,560$ 14,703$ (148,263)$ 48,092$ 77,031$
Transfer out - - - - - - - -
Total Expenses 179,757,175$ 74,188,682$ -$ 74,188,682$ 41,921,534$ 11,180,272$ 21,086,876$ 26,172,244$ 100,483,125$
REVENUE OVER (UNDER) EXPENDITURES (33,746,346)$ (34,905,970)$
Beginning Fund Balance (Restricted for Capital Projects) October 1 95,644,027 95,644,027
Ending Fund Balance (Restricted for Capital Projects) Current Month 61,897,681$ 60,738,057$
TOWN OF PROSPER, TEXAS
MONTHLY FINANCIAL REPORT
June 30, 2025
CAPITAL PROJECTS FUND-WATER/SEWER
Page 45
Item 5.
TOWN OF PROSPER
REPORT TO TOWN COUNCIL
FY 2025 RESULTS OF THIRD QUARTER ENDING JUNE 30, 2025
In compliance with the Town Charter, Town Management presents to the Council the following
summary of the third quarter financial results. These results are presented on a cash/budgetary
basis in which certain accruals including property taxes, sales tax, payroll, accounts payable etc. are
recorded on a cash basis month by month to facilitate more timely financial reporting and then at
year end are recorded for the purposes of reporting in the audited financial statements to reduce
the difference between budget basis and GAAP (Generally Accepted Accounting Principles) basis.
In summary, both revenues and expenditures are within the expected ranges and no unexpected
events have occurred that require significant changes in original projections, with the exception of
the health fund (discussed below). With 75% of the year now complete, results for the major
operations of the funds with related commentary are:
GENERAL FUND
Revenues total $41,936,117 or 82% of annual budget
Property Tax Collections are 97% of annual budget
Sales Tax Revenues are 66% of annual budget
Franchise Fees are 73% of annual budget
Building Permit Revenues are 72% of annual budget, a decrease of 19% from the prior year.
Expenditures total $38,538,337, or 78% of annual budget
Revenues:
It is common for a disproportionate percentage of General Fund revenues to be received early in
the year as our largest revenue-property taxes are due January 31st with many paying by the end of
December to receive the income tax deduction in the current calendar year. Sales tax revenue is
3% higher than the previous year’s revenue, but is projected to be about 3% under budget
expectations. Many franchise fees are paid on a quarterly basis, which creates a lag early in the
year, but a 13% increase in receipts from the prior year is indicative of the growing sales tax base.
Building Permits are slightly below the 75% reference point due to the seasonality of building
activity. Finally, the decrease of 19% from the previous year is due to several large building permits
being issued early in the prior fiscal year.
Expenditures
The General Fund budget includes a large amount of non-recurring items such as patrol vehicles
computers, radios, and other equipment for new police officer positions. The annual property and
liability insurance premium is paid in the first quarter and covers the entire year. Encumbrances for
items that are paid throughout the year contributes to expenditures in multiple departments being
higher than the 75% reference point. Encumbrances add an additional 5% to the year-to-date
expenditures.
Page 46
Item 5.
IMPACT FEE REVENUES
Street Impact Fees for East Thoroughfare Impact Fees total $924,618 which is 92% of annual
budget
Street Impact Fees for West Thoroughfare Impact Fees total $3,257,358 which is 72% of
annual budget
Water Impact Fees total $2,094,794 which is 60% of annual budget
Wastewater Impact Fees total $1,070,832 which is 54% of annual budget
Due to their nature, impact fees can vary significantly throughout the year. West impact fees are
primarily single family residential and are generated when a home builder takes out a permit for a
single home. As such they will occur more evenly throughout the year. Large multi-family will be
collected all at once.
WATER & SEWER FUND
Revenues total $25,788,393 or 59% of annual budget which is up 19% from prior year
Expenditures total $26,662,850 which is 71% of annual budget and flat from prior year
Revenues
This year, increased consumption in the third quarter was driven by lower rainfall and the addition
of new customer accounts, contributing to higher revenues. Approximately 60% of annual
consumption typically occurs during the first three quarters of the year, with the remaining 40% in
the final quarter. Along with the scheduled water rate increases, these factors have resulted in 59%
of total revenues recognized year-to-date, keeping us on track to meet budget expectations.
Expenditures
Because of the “take or pay” fee structures with regional suppliers, water and sewer expenditures
typically show less seasonal fluctuation than revenues. Sewer management fees are above the 75%
target due to the timing of payments. Both expenditures reflect year-over-year increases driven by
rising rates from regional suppliers. Administration expenditures are well above the 75% mark,
primarily due to an increase in one-time annual payments made early in the fiscal year.
HEALTH FUND
Expenditures total $5,970,122 which is 111% of annual budget and up 65% from prior year
While revenues are in line with budget projections, expenditures are well above the 75% mark. This
is due to many high-dollar claims that have come in under the individual stop-loss limit. This is being
addressed as part of mid-year budget adjustments.
Mario Canizares
Town Manager
Page 47
Item 5.
Page 1 of 1
To: Mayor and Town Council
From: Chris Landrum, Finance Director
Through: Mario Canizares, Town Manager
Bob Scott, Deputy Town Manager
Re: Quarterly Investment Report for the First Two Quarters
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Receive the Quarterly Investment Reports for the First Two Quarters. (CL)
Description of Agenda Item:
As required by the Public Funds Investment Act, staff is required to report activities of its cash and
investment holdings on a quarterly basis. Information as required by the act includes investment
results for the quarter, economic summary and investment strategy, investment holdings, and
book vs. market comparisons.
Budget Impact:
There is no budget impact affiliated with this item.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Quarterly Investment Report – Q1
2. Quarterly Investment Report – Q2
Town Staff Recommendation:
Town Staff recommends the Town Council receive the Quarterly Investment Reports for the First
Two Quarters, as submitted.
Proposed Motion:
I move to receive the Quarterly Investment Reports for the First Two Quarters, as submitted.
FINANCE
Page 48
Item 6.
INVESTMENT PORTFOLIO SUMMARY
For the Quarter Ended
December 31, 2024
Prepared by
Prosper Finance Department
The investment portfolio of the Town of Prosper is in compliance with the Public Funds Investment Act
and the Town of Prosper Investment Policy and Strategies.
Robert B. Scott
Bob Scott, Deputy Town Manager
Chris Landrum
Chris Landrum, Finance Director
Ryan Patterson
Ryan Patterson, Assistant Finance Director
Page 49
Item 6.
Summary
Quarter End Results by Investment Category:
September 30, 2024 December 31, 2024
Asset Type Ave. Yield Book Value Market Value Ave. Yield Book Value Market Value
MMA/NOW 4.49% $ 31,509,385 $ 31,509,385 4.17% $ 20,703,668 $ 20,703,668
MMF/Pools 5.07% 174,433,724 174,433,724 4.64% 139,371,183 139,371,183
Securities 4.65% 13,000,000 12,993,870 4.67% 39,990,188 39,918,240
Certificates of Deposit - - - - - -
Total 4.96% $ 218,943,110 $ 218,936,980 4.60% $ 200,065,039 $ 199,993,091
Interest Earnings (Approximate)
Quarter $ 2,243,759
Fiscal Year-to-date $ 2,243,759
(1) Quarter End Average Yield - based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is
used for bank, pool, and money market balances.
(2) Fiscal Year-to-Date Average Yield - calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.
Average Yield - Current Quarter (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 4.60% Total Portfolio 4.60%
Rolling Three Month Treasury 4.58% Rolling Three Month Treasury 4.58%
Rolling Six Month Treasury 4.40% Rolling Six Month Treasury 4.40%
TexPool 4.73% TexPool 4.73%
Page 50
Item 6.
Economic Overview 12/31/2024
The Federal Open Market Committee (FOMC) lowered the Fed Funds target range twice more since September - by 25 basis points in November and another 25 basis points in December,
bringing it to 4.25-4.50%. Effective Fed Funds are now trading near the midpoint, around 4.35%-4.40%. Despite progress in reducing inflation, it remains above the 2% target, with Core PCE at
approximately 2.7% year-over-year in November 2024 and Core CPI at roughly 3.0%, though Fed materials highlight ongoing disinflation. The FOMC emphasized a cautious stance, expecting
just two additional 25 basis points cut in 2025. December added 256k non-farm payrolls, bringing the 2024 average monthly gain to 186k jobs. The three-month payroll average ending December
was approximately 206k, slightly softer than mid-year. Q4 real GDP grew at a 2.3-2.4% annualized rate. Full-year 2024 GDP growth was new 2.8%, slightly down from the ~3.0% in 2023. Oil
prices cooled late in the quarter amid expectations of supply surplus, with Brent near $72/bbl. Global OPEC+ production increases are putting pressure on the U.S. crude prices. The yield curve
began to uncross in late 2024, ending the long-standing inversion between the 2-year and 10-year treasuries. Global growth is slowing, inflation tapering, and geopolitical tensions remain, all
contributing to lingering market volatility.
0
1000
2000
3000
4000
5000
6000
7000
S&P 500
0.00
1.00
2.00
3.00
4.00
5.00
6.00
1 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr
Treasury Yield Curves
December 31, 2023 September 30, 2024 December 31, 2024
(2.00)
(1.00)
-
1.00
2.00
3.00
4.00
5.00
6.00
US Historical Yields Since 2006
6-month T-Bill 2-Year T-Note 10-Year T-Note
(2.00)
(1.00)
-
1.00
2.00
3.00
4.00
5.00
6.00
US Historical Yields Since 2016
6-month T-Bill 2-Year T-Note 10-Year T-Note
Page 51
Item 6.
Investment Holdings
December 31, 2024
Coupon/ Maturity Settlement Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Days) Yield
Independent DDA 1.90% 01/01/25 12/31/24 4,235,830 4,235,830 100.00 4,235,830 1 1.90%
Independent DDA #2 4.73% 01/01/25 12/31/24 4,758,754 4,758,754 100.00 4,758,754 1 4.73%
Independent DDA #3 4.70% 01/01/25 12/31/24 6,030,013 6,030,013 100.00 6,030,013 1 4.70%
NexBank MMA 4.82% 01/01/25 12/31/24 5,679,072 5,679,072 100.00 5,679,072 1 4.82%
TexSTAR 4.56% 01/01/25 12/31/24 53,019,355 53,019,355 100.00 53,019,355 1 4.56%
TexPool 4.69% 01/01/25 12/31/24 86,351,828 86,351,828 100.00 86,351,828 1 4.69%
FFCB S&P-AA+ 4.67% 12/15/27 12/18/24 5,000,000 4,992,293 99.75 4,987,350 1,079 4.73%
FHLB Moodys-Aaa 4.38% 10/15/27 10/22/24 2,000,000 2,000,000 99.16 1,983,120 1,018 4.38%
FHLB NR 4.55% 10/23/25 10/23/24 10,000,000 10,000,000 99.94 9,994,300 296 4.55%
FHLB NR 5.00% 10/22/27 10/24/24 10,000,000 10,000,000 99.88 9,988,000 1,025 5.00%
FHLMC NR 4.50% 12/17/27 12/19/24 5,000,000 5,000,000 99.87 4,993,650 1,081 4.50%
FHLMC NR 4.60% 10/23/26 10/24/24 5,000,000 5,000,000 99.79 4,989,550 661 4.60%
FNMA S&P-AA+ 4.50% 10/15/27 10/22/24 3,000,000 2,997,895 99.41 2,982,270 1,018 4.53%
Total Portfolio $ 200,074,851 $ 200,065,040 $ 199,993,091 163 4.60%
(1) Weighted average life - For purposes of calculating weighted average life, overnight bank and pool balances are assumed to have a one-day maturity.
(2) Weighted average yield to maturity - The weighted average yield to maturity is based on Book Value, realized and unrealized gains/losses and investment advisory fees are not included. The yield for
the reporting month is used for overnight bank and pool balances.
(1) (2)
Page 52
Item 6.
MMA/DDA/NOW, 14%
Pools, 80%
Securities, 6%
COMPOSITION -PRIOR QUARTER
MMA/DDA/NOW, 10%
Pools, 70%
Securities, 20%
COMPOSITION -CURRENT QUARTER
M
50M
100M
150M
200M
250M
Total Portfolio
Quarter End Book Value
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Portfolio Perfomance
Town WAY Rolling 3 mo T-Bill TexPool Rolling 6 mo T-Bill
Page 53
Item 6.
Book and Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
09/30/24 Increases Decreases Book Value
12/31/24
Market Value
09/30/24
Change in
Market Value
Market Value
12/31/24
Independent DDA 1.90% 01/01/25 $ 10,149,306 $ 5,913,476) $ 4,235,830 $ 10,149,306 $ (5,913,476) $ 4,235,830
Independent DDA #2 4.73% 01/01/25 6,413,373 (1,654,619) 4,758,754 6,413,373 (1,654,619) 4,758,754
Independent DDA #3 4.70% 01/01/25 9,336,632 (3,306,619) 6,030,013 9,336,632 (3,306,619) 6,030,013
NexBank MMA 4.82% 01/01/25 5,610,074 68,997 5,679,071 5,610,074 68,997 5,679,071
TexSTAR 4.56% 01/01/25 90,567,830 (37,548,475) 53,019,355 90,567,830 (37,548,475) 53,019,355
TexPool 4.69% 01/01/25 83,865,895 2,485,934 86,351,829 83,865,895 2,485,934 86,351,829
FFCB 4.73% 12/15/27 - 4,992,293 4,992,293 - 4,987,350 4,987,350
FHLB 4.38% 10/15/27 - 2,000,000 2,000,000 - 1,983,120 1,983,120
FHLB 4.48% 10/03/24 10,000,000 (10,000,000) - 9,998,400 (9,998,400) -
FHLB 4.55% 10/23/25 - 10,000,000 10,000,000 - 9,994,300 9,994,300
FHLB 5.00% 10/22/27 - 10,000,000 10,000,000 - 9,988,000 9,988,000
FHLB 5.25% 02/10/26 3,000,000 (3,000,000) - 2,995,470 (2,995,470) -
FHLMC 4.50% 12/17/27 - 5,000,000 5,000,000 - 4,993,650 4,993,650
FHLMC 4.60% 10/23/26 - 5,000,000 5,000,000 - 4,989,550 4,989,550
FNMA 4.53% 10/15/27 - 2,997,895 2,997,895 - 2,982,270 2,982,270
TOTAL / AVERAGE 4.60% $ 218,943,110 $ 42,545,119 $ (61,423,189) $ 200,065,040 $ 218,936,980 $ (18,943,888) $ 199,993,092
Page 54
Item 6.
Allocation December 31, 2024
Book Value Yield Maturity Date Total Pooled Funds Debt Service Fund
Independent Financial DDA 1.90% $ 4,235,830 $ 4,235,830 $ –
Independent Financial DDA #2 4.73% 4,758,754 4,758,754 –
Independent Financial DDA #3 4.70% 6,030,013 6,030,013 –
NexBank MMA 4.82% 5,679,071 5,679,071 –
TexSTAR 4.56% 53,019,355 53,019,355 –
TexPool 4.69% 86,351,829 75,369,272 10,982,557
FFCB 4.73% 12/15/27 4,992,293 4,992,293 –
FHLB 4.38% 10/15/27 2,000,000 2,000,000 –
FHLB 4.55% 10/23/25 10,000,000 10,000,000 –
FHLB 5.00% 10/22/27 10,000,000 10,000,000 –
FHLMC 4.50% 12/17/27 5,000,000 5,000,000 –
FHLMC 4.60% 10/23/26 5,000,000 5,000,000 –
FNMA 4.53% 10/15/27 2,997,895 2,997,895 –
Totals $ 200,065,040 $ 189,082,483 $ 10,982,557
Allocation September 30, 2024
Book Value Yield Maturity Date Total Pooled Funds Debt Service Fund
Independent Financial DDA 2.52% $ 7,068,406 $ 7,068,406 $ –
Independent Financial DDA #2 5.41% 6,413,373 6,413,373 –
Independent Financial DDA #3 5.41% 9,336,632 9,336,632 –
NexBank MMA 5.46% 5,610,074 5,610,074 –
TexSTAR 5.13% 90,567,830 90,567,830 –
TexPool 5.01% 83,865,895 82,620,618 $ 1,245,277
FHLB 4.48% 10/03/2024 10,000,000 10,000,000 –
FHLB 5.25% 2/10/2026 3,000,000 3,000,000 –
Totals $ 215,862,210 $ 214,616,933 $ 1,245,277
Page 55
Item 6.
INVESTMENT PORTFOLIO SUMMARY
For the Quarter Ended
March 31, 2025
Prepared by
Prosper Finance Department
The investment portfolio of the Town of Prosper is in compliance with the Public Funds Investment Act
and the Town of Prosper Investment Policy and Strategies.
Robert B. Scott
Bob Scott, Deputy Town Manager
Chris Landrum
Chris Landrum, Finance Director
Ryan Patterson
Ryan Patterson, Assistant Finance Director
Page 56
Item 6.
Summary
Quarter End Results by Investment Category:
December 31, 2024 March 31, 2025
Asset Type Ave. Yield Book Value Market Value Ave. Yield Book Value Market Value
MMA/NOW 4.17% $ 20,703,668 $ 20,703,668 4.13% $ 29,684,669 $ 29,684,669
MMF/Pools 4.64% 139,371,183 139,371,183 4.40% 138,727,411 138,727,411
Securities 4.67% 39,990,188 39,918,240 4.57% 19,991,017 19,961,900
Certificates of Deposit - - - - - -
Total 4.60% $ 200,065,039 $ 199,993,091 4.37% $ 188,403,097 $ 188,373,980
Interest Earnings (Approximate)
Quarter $ 1,831,201
Fiscal Year-to-date $ 4,074,960
(1) Quarter End Average Yield - based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not considered. The yield for the reporting month is
used for bank, pool, and money market balances.
(2) Fiscal Year-to-Date Average Yield - calculated using quarter end report yields and adjusted book values and does not reflect a total return analysis or account for advisory fees.
Average Yield - Current Quarter (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 4.37% Total Portfolio 4.49%
Rolling Three Month Treasury 4.34% Rolling Three Month Treasury 4.46%
Rolling Six Month Treasury 4.28% Rolling Six Month Treasury 4.34%
TexPool 4.36% TexPool 4.55%
Page 57
Item 6.
Economic Overview 3/31/2025
The Federal Open Market Committee (FOMC) maintained the federal funds target range at 4.25-4.50% throughout Q1 2025. Effective Fed Funds are now trading near the midpoint, around
4.35%-4.40%. Despite progress in reducing inflation, it remains above the 2% target, with Core PCE at approximately 2.6% year-over-year as of March, down modestly from Q4. Core CPI
remained elevated around 3.2%. The FOMC reiterated its commitment to a data-dependent approach, signaling that further rate cuts are possible later in 2025. March non-farm payrolls rose by
228k, with a Q1 average of approximately 180k jobs/month. The unemployment rate held at 4.2%, while labor force participation dipped slightly. Real GDP contracted at an annualized rate of -
0.2% in Q1 2025, following a strong +2.4% growth in Q4 2024. The decline was driven by weaker consumer spending, inventory drawdowns, and export volatility linked to global trade
disruptions. Oil prices declined during Q1, averaging $63-$65 per barrel, down from $70 at year-end. This reflected increased global supply and lower demand expectations, easing some
inflationary pressure. The treasury yield curve remained inverted, with the 2-year around 4.35% and the 10-year slightly lower, reflecting ongoing recession concerns and investor expectations
for future Fed cuts. Global uncertainties and geopolitical risks remain elevated, though market volatility was relatively contained through Q1.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
1 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr
Treasury Yield Curves
March 31, 2024 December 31, 2024 March 31, 2025
0
1000
2000
3000
4000
5000
6000
7000
S&P 500
(2.00)
(1.00)
-
1.00
2.00
3.00
4.00
5.00
6.00
US Historical Yields Since 2006
6-month T-Bill 2-Year T-Note 10-Year T-Note
(2.00)
(1.00)
-
1.00
2.00
3.00
4.00
5.00
6.00
US Historical Yields Since 2016
6-month T-Bill 2-Year T-Note 10-Year T-Note
Page 58
Item 6.
Investment Holdings
March 31, 2025
Coupon/ Maturity Settlement Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Days) Yield
Independent DDA 1.76% 04/01/25 03/31/25 4,654,398 4,654,398 100.00 4,654,398 1 1.76%
Independent DDA #2 4.59% 04/01/25 03/31/25 15,002,970 15,002,970 100.00 15,002,970 1 4.59%
Independent DDA #3 4.59% 04/01/25 03/31/25 4,284,326 4,284,326 100.00 4,284,326 1 4.59%
NexBank MMA 4.50% 04/01/25 03/31/25 5,742,975 5,742,975 100.00 5,742,975 1 4.50%
TexSTAR 4.40% 04/01/25 03/31/25 44,431,653 44,431,653 100.00 44,431,653 1 4.40%
TexPool 4.43% 04/01/25 03/31/25 94,295,758 94,295,758 100.00 94,295,758 1 4.43%
FHLMC NR 4.60% 10/23/27 10/24/24 5,000,000 5,000,000 99.931 4,996,550 571 4.60%
FNMA S&P-AA+ 4.50% 10/15/27 10/22/24 3,000,000 2,998,081 99.722 2,991,660 928 4.53%
FHLB Moodys-Aaa 4.38% 10/15/27 10/22/24 2,000,000 2,000,000 99.652 1,993,040 928 4.38%
FFCB S&P-AA+ 4.67% 12/15/27 12/18/24 5,000,000 4,992,936 99.618 4,980,900 989 4.73%
FHLMC NR 4.50% 12/17/27 12/19/24 5,000,000 5,000,000 99.995 4,999,750 991 4.50%
Total Portfolio $ 188,412,080 $ 188,403,097 $ 188,373,980 93 4.37%
(1) Weighted average life - For purposes of calculating weighted average life, overnight bank and pool balances are assumed to have a one-day maturity.
(2) Weighted average yield to maturity - The weighted average yield to maturity is based on Book Value, realized and unrealized gains/losses and investment advisory fees are not included. The yield for
the reporting month is used for overnight bank and pool balances.
(1) (2)
Page 59
Item 6.
MMA/DDA/NOW, 10%
Pools, 70%
Securities, 20%
COMPOSITION -PRIOR QUARTER
MMA/DDA/NOW,
16%
Pools, 74%
Securities, 10%
COMPOSITION -CURRENT QUARTER
M
50M
100M
150M
200M
250M
Total Portfolio
Quarter End Book Value
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Portfolio Perfomance
Town WAY Rolling 3 mo T-Bill TexPool Rolling 6 mo T-Bill
Page 60
Item 6.
Book and Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
12/31/24 Increases Decreases Book Value
3/31/25
Market Value
12/31/24
Change in
Market Value
Market Value
3/31/25
Independent DDA 1.76% 04/01/25 $ 4,235,830 $ 418,568 $ 4,654,398 $ 4,235,830 $ 418,568 $ 4,654,398
Independent DDA #2 4.59% 04/01/25 4,758,754 10,244,216 15,002,970 4,758,754 10,244,216 15,002,970
Independent DDA #3 4.59% 04/01/25 6,030,013 (1,745,687) 4,284,326 6,030,013 (1,745,687) 4,284,326
NexBank MMA 4.50% 04/01/25 5,679,071 63,904 5,742,975 5,679,071 63,904 5,742,975
TexSTAR 4.40% 04/01/25 53,019,355 (8,587,702) 44,431,653 53,019,355 (8,587,702) 44,431,653
TexPool 4.43% 04/01/25 86,351,829 7,943,929 94,295,758 86,351,829 7,943,929 94,295,758
FHLMC 4.60% 10/23/26 5,000,000 5,000,000 4,989,550 7,000 4,996,550
FNMA 4.53% 10/15/27 2,997,895 186 2,998,081 2,982,270 9,390 2,991,660
FHLB 4.38% 10/15/27 2,000,000 2,000,000 1,983,120 9,920 1,993,040
FFCB 4.73% 12/15/27 4,992,293 643 4,992,936 4,987,350 (6,450) 4,980,900
FHLMC 4.50% 12/17/27 5,000,000 5,000,000 4,993,650 6,100 4,999,750
FHLB 4.55% 10/23/25 10,000,000 (10,000,000) - 9,994,300 (9,994,300) -
FHLB 5.00% 10/22/27 10,000,000 (10,000,000) - 9,988,000 (9,988,000) -
TOTAL / AVERAGE 4.60% $ 200,065,040 $ 18,671,447 $ (30,333,389) $ 188,403,097 $ 199,993,092 $ (11,619,111) $ 188,373,980
Page 61
Item 6.
Allocation March 31, 2025
Book Value Yield Maturity Date Total Pooled Funds Debt Service Fund
Independent DDA 1.76% $ 4,654,398 $ 4,654,398 $ –
Independent DDA #2 4.59% 15,002,970 15,002,970 –
Independent DDA #3 4.59% 4,284,326 4,284,326 –
NexBank MMA 4.50% 5,742,975 5,742,975 –
TexSTAR 4.40% 44,431,653 44,431,653 –
TexPool 4.43% 94,295,758 89,472,901 4,822,857
FHLMC 4.60% 10/23/26 5,000,000 5,000,000 –
FNMA 4.53% 10/15/27 2,998,081 2,998,081 –
FHLB 4.38% 10/15/27 2,000,000 2,000,000 –
FFCB 4.73% 12/15/27 4,992,936 4,992,936 –
FHLMC 4.50% 12/17/27 5,000,000 5,000,000 –
Totals $ 188,403,097 $ 183,580,240 $ 4,822,857
Allocation December 31, 2024
Book Value Yield Maturity Date Total Pooled Funds Debt Service Fund
Independent Financial DDA 1.90% $ 4,235,830 $ 4,235,830 $ –
Independent Financial DDA #2 4.73% 4,758,754 4,758,754 –
Independent Financial DDA #3 4.70% 6,030,013 6,030,013 –
NexBank MMA 4.82% 5,679,071 5,679,071 –
TexSTAR 4.56% 53,019,355 53,019,355 –
TexPool 4.69% 86,351,829 75,369,272 10,982,557
FHLMC 4.60% 10/23/26 5,000,000 5,000,000 –
FNMA 4.53% 10/15/27 2,997,895 2,997,895 –
FHLB 4.38% 10/15/27 2,000,000 2,000,000 –
FFCB 4.73% 12/15/27 4,992,293 4,992,293 –
FHLMC 4.50% 12/17/27 5,000,000 5,000,000 –
FHLB 4.55% 10/23/25 10,000,000 10,000,000 –
FHLB 5.00% 10/22/27 10,000,000 10,000,000 –
Totals $ 200,065,040 $ 189,082,483 $ 10,982,557
Page 62
Item 6.
Page 1 of 2
To: Mayor and Town Council
From: Robert B. Scott, Deputy Town Manager
Through: Mario Canizares, Town Manager
Re: Town Investment Policy
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon a resolution approving the Town of Prosper Investment Policy and
Investment Strategy and approving the list of qualified brokers/dealers and financial institutions
that are authorized to engage in investment transactions with the Town of Prosper. (CL)
Description of Agenda Item:
In accordance with PFIA requirements, the Town Council shall review and adopt the Investment
Policy annually. This policy was last reviewed, revised, or adopted in May 2024. The Town’s
investment program and investment strategy remain the same under the policy and there are no
changes to the allowed investments, investment maturity limits or staff responsibilities for Town
investments. The only change to the policy is adding two brokers to the authorized broker/dealer
list. The attached redline version highlights proposed changes.
Under the Public Funds Investment Act, investment officers must attend at least eight hours of
instruction relating to the treasurer's or officer's responsibilities not less than once in a two-year
period. Currently, the Town Manager, Deputy Town Manager, Finance Director, and Assistant
Finance Director are designated for the Town.
Budget Impact:
N/A
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Resolution for Investment Policy and Investment Strategy.
2. Investment Policy redline version.
3. Investment Policy clean version
FINANCE
Page 63
Item 7.
Page 2 of 2
Town Staff Recommendation:
Town Staff recommends approval of a resolution approving the Town of Prosper Investment Policy
and Investment Strategy.
Proposed Motion:
I move to approve a resolution approving the Town of Prosper Investment Policy and Investment
Strategy.
Page 64
Item 7.
TOWN OF PROSPER, TEXAS RESOLUTION NO. 2025-XX
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, REVIEWING, UPDATING AND ADOPTING THE TOWN OF PROSPER
INVESTMENT POLICY AND INVESTMENT STRATEGY; MAKING FINDINGS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Texas Public Funds Investment Act (“the Act”), contained in Chapter 2256
of the Texas Government Code, as amended, provides in Section 2256.005(e) thereof that the
governing body of an investing entity shall review its investment policy and investment strategies
not less than annually; and
WHEREAS, said section of the Act further provides that the governing body shall adopt a
written instrument by rule, order, ordinance, or resolution stating that it has reviewed the
investment policy and investment strategies; and
WHEREAS, the Act requires the written instrument so adopted shall record any changes
made to either the investment policy or the investment strategies.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The Prosper Town Council hereby confirms that it has reviewed the Town of Prosper
Investment Policy and Investment Strategy and adopts the Investment Policy dated July 22, 2025,
with changes incorporated and recorded, attached hereto as Exhibit “A”.
SECTION 2
This Resolution shall take effect from and after the date of its passage.
DULY PASSED, APPROVED, AND ADOPTED BY THE TOWN COUNCIL OF THE
TOWN OF PROSPER, TEXAS, ON THIS 22nd DAY OF JULY 2025.
APPROVED:
___________________________________
David F. Bristol, Mayor
ATTEST:
_________________________________
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
_________________________________
Terrence S. Welch, Town Attorney Page 65
Item 7.
Resolution No. 20254-XX, Page 3
TOWN OF PROSPER, TEXAS
INVESTMENT POLICY
Exhibit “A”
Page 66
Item 7.
Resolution No. 20254-XX, Page 4
INVESTMENT POLICY
TABLE OF CONTENTS
PREFACE 5
I. INVESTMENT POLICY 6
II. INVESTMENT OBJECTIVES 7
III. AUTHORIZED INVESTMENTS 8
IV. COLLATERAL 9
V. INTERNAL CONTROLS 10
VI. COUNTER-PARTIES 12
VII. DELEGATION OF RESPONSIBILTY 13
VIII. REPORTING 15
IX. INVESTMENT STRATEGY STATEMENT 16
X. POLICY ADOPTION 17
APPENDIX A – GLOSSARY OF TERMS 18
APPENDIX B – AUTHORIZED BROKER/DEALER LIST 23
APPENDIX C – PUBLIC FUNDS INVESTMENT ACT 24
Page 67
Item 7.
Resolution No. 20254-XX, Page 5
PREFACE
It is the policy of the Town of Prosper (“PROSPER”) that the administration of its funds and the
investment of those funds shall be handled as its highest public trust. The Town of Prosper adheres to
its own governing documents and the Public Funds Investment Act (Texas Government Code
Chapter 2256, the “ACT”) to safely and effectively manage the funds under its control. To achieve
those requirements, the Town Council annually reviews and adopts this Investment Policy.
The receipt of yield will be secondary to the requirements for safety and liquidity. The earnings from
investments will be used in a manner that best serves the interests of the Town.
It is the policy of PROSPER that, giving due regard to the safety and risk of investments, all
available funds shall be invested in conformance with the Town Charter and Ordinances, State and
Federal Regulations, Bond Resolution requirements, and the adopted Investment Policy and Investment
Strategy. The purpose of this Policy is to set specific Town investment policy and strategy guidelines
within the investment parameters for the investment of public funds in Texas found in the ACT. The
Public Funds Collateral Act (Chapter 2257, Texas Government Code) specifies collateral requirements
for all public Texas depository funds and is incorporated herein.
Effective cash management is recognized as essential to good fiscal management. Cash management
is the process of managing funds to ensure necessary cash availability and provide reasonable yield on
investments. PROSPER shall strive for a complete cash management program which includes timely
collection of accounts receivable, vendor payments in accordance with invoice terms, and prudent
investment of assets.
Page 68
Item 7.
Resolution No. 20254-XX, Page 6
I. INVESMENT POLICY
A. Formal Adoption
This Investment Policy shall be reviewed and adopted annually by the Town Council in
accordance with the ACT.
B. Scope
This Investment Policy applies to all of the investment activities of PROSPER. These
funds are accounted for in the Town’s Annual Comprehensive Financial Report
(ACFR) and include:
• General Fund
• Debt Service Funds
• Special Revenue Funds
• Capital Project Funds
• Enterprise Funds
• Internal Service Funds, and
• Any new fund created by PROSPER
This Policy establishes guidelines for:
1. Who can invest PROSPER funds,
2. How PROSPER funds will be invested, and
3. When and how a periodic review of investments will be made.
In addition to this Policy, bond funds (as defined by the Internal Revenue Service) shall
be managed in accordance with their issuing documentation and all applicable State
and Federal Law.
C. Policy Review and Amendment
This Policy shall be reviewed and adopted by resolution annually by the
Town Council. The resolution shall record any changes made to the Policy.
D. Investment Strategy
In conjunction with the annual Policy review, the Town Council shall
annually review and adopt a separate written Investment Strategy for each of
PROSPER’s fund types. PROSPER may consolidate cash balances from multiple funds
for investment purposes to maximize investment earnings while recognizing the unique
characteristics of these funds. Investment income will be allocated to the various funds
based on their respective participation and in accordance with generally accepted
accounting principles.
Page 69
Item 7.
Resolution No. 20254-XX, Page 7
The Investment Strategy, found in Section IX of this Policy, describes the investment
objectives for each particular fund type according to the following priorities:
1. Investment suitability,
2. Preservation and safety of principal,
3. Liquidity,
4. Marketability prior to maturity of each investment,
5. Diversification, and
6. Yield.
II. INVESTMENT OBJECTIVES
It is the policy of PROSPER that all funds shall be managed and invested with four primary
objectives, listed in order of their priority: safety, liquidity, diversification, and yield.
Investments are to be chosen in a manner which promotes diversity to spread risks. The
maximum weighted average maturity (WAM) of the overall portfolio may not exceed two
years.
All participants in the investment process will seek to act responsibly as custodians of the
public trust. Investment officials will avoid any transactions that might impair public
confidence in the Town’s ability to govern effectively. The Town Council recognizes that in a
diversified portfolio, occasional measured losses due to market volatility are inevitable, and
must be considered within the context of the overall portfolio’s investment return, provided
that the adequate diversification has been implemented and the terms of this policy have
been followed.
A. Safety of Principal
The primary objective of all investment activity is the preservation of capital and the
safety of principal. Each investment transaction shall seek to ensure first that capital
losses are avoided, whether they are from security defaults, safekeeping or erosion of the
market value. Investment in high credit quality securities and decisions based on
anticipated cash flow needs are the primary factors in providing safety.
PROSPER shall seek to control the risk of loss due to default of a security issuer by
investing only in the highest credit quality securities; by collateralization as required by
law and policy; and portfolio diversification.
B. Liquidity
The investment portfolio will remain sufficiently liquid to meet the cash flow
requirements that might be reasonably anticipated. Liquidity shall be achieved by
matching investment maturities with forecasted cash flow requirements; investing in
securities with active secondary markets; and maintaining appropriate portfolio
diversification.
Page 70
Item 7.
Resolution No. 20254-XX, Page 8
C. Diversification
The portfolio shall be diversified by institution, market sector and maturity within cash
flow needs to spread risk.
D. Yield
The investment portfolio shall be designed with the objective of attaining a reasonable
market yield throughout budgetary and economic cycles, taking into account the
investment risk constraints and liquidity needs. Yield is of secondary importance
compared to safety and liquidity objectives. All investments are limited to high credit
quality, low risk securities in anticipation of earning a fair return relative to the risk being
assumed.
The benchmark for the consolidated portfolio shall be the one-year US Treasury Bill for
the comparable period designated for its comparability to the expected investments,
liquidity needs, and average cash flow patterns.
III. AUTHORIZED INVESTMENTS
Assets of PROSPER may be invested only in the following investment types as further defined
by the ACT.
1. Obligations of the US Government, its agencies and instrumentalities, excluding
mortgage-backed securities, with a stated maximum maturity of three years.
2. General debt obligations of any US state or political subdivision rated A+ or better with a
stated maximum maturity of three years.
3. Fully insured or collateralized certificates of deposit from banks in Texas with a
maximum maturity of three years, insured by the Federal Deposit Insurance Corporation
(FDIC), or its successor, or collateralized in accordance with this Policy to include spread
products within these banks.
4. Share certificates from credit unions in Texas insured by the National Credit Union Share
Insurance Fund with a maximum stated maturity of two years.
5. Fully insured or collateralized demand deposits in any bank in Texas insured by the
FDIC or its successor or collateralized in accordance with this Policy to include spread
products within these banks.
6. FDIC insured brokered certificate of deposit securities from a bank in any US state,
delivered versus payment to the Town’s safekeeping/custody account and not to exceed
one year to stated final maturity.
Page 71
Item 7.
Resolution No. 20254-XX, Page 9
7. AAA-rated, SEC registered, money market mutual funds striving to maintain a $1 net asset
value (NAV).
8. AAA-rated Texas local government investment pools which strive to maintain a $1 net
asset value (NAV) operated in accordance with the ACT and authorized by resolution of
the Town Council.
9. A1/P1 commercial paper with a maximum stated maturity of 270 days.
10. Fully collateralized repurchase agreements as defined by the ACT with a defined
termination date, executed with a primary dealer under an industry standard master
repurchase agreement, and collateralized in accordance with this Policy.
IV. COLLATERALIZATION
A. Time and Demand Deposits – Pledged Collateral
All bank time and demand deposits shall be collateralized above FDIC coverage by secured,
pledged collateral. To anticipate market changes and provide the required level of security
for all funds, collateral will be maintained and monitored by the pledging depository at a
market value of 102% of the total principal and accrued interest on deposit. The institution
shall monitor and maintain the margins on a daily basis.
Collateral pledged to secure deposits shall be held by an independent financial institution
outside the holding company of the depository. The collateral agreement with the
depository shall be approved by resolution of the Bank Board or Bank Loan Committee
for compliance with FIRREA. The custodian or bank shall provide a monthly report of
collateral directly to the City.
Substitution rights may be granted but new collateral must be pledged before existing
collateral is released. All collateral shall be subject to inspection and audit by the City or
its independent auditors.
B. Collateral Owned Under a Repurchase Agreement
Collateral securing a repurchase agreement is owned by the Town. It shall be held by an
independent third-party financial institution approved by PROSPER under the terms of an
executed Bond Market Master Agreement. Collateral with a market value of 102% of
principal and interest is required at all times and is the responsibility of the counter-party.
C. Authorized Collateral
Only the following securities are authorized as collateral for time and demand deposits:
1. FDIC insurance coverage.
2. Obligations of the United States, its agencies or instrumentalities, or evidence of
Page 72
Item 7.
Resolution No. 20254-XX, Page 10
indebtedness of the United States guaranteed as to principal and interest including
MBS and CMO which pass the bank test.
3. Obligations of any US state or of a county, City or other political subdivision of any US
state having been rated as investment grade (investment rating no less than “A” or its
equivalent) by two nationally recognized rating agencies.
4. Irrevocable letter of credit from a FHLB regional bank.
Collateral for repurchase agreements may also include cash. Preference will be given to
pledged collateral securities.
V. INTERNAL CONTROLS
The Investment Officer(s) are responsible for establishing and maintaining internal controls to
reasonably assure that assets are protected from loss, theft, or misuse. The concept of
reasonable assurance recognizes that the cost of a control should not exceed the benefit likely
to be derived.
Internal controls shall address the following at a minimum:
• Control of collusion,
• Separation of transaction authority from accounting and record keeping,
• Safekeeping/custody of owned and pledged collateral.
• Clear delegation of authority,
• Written confirmation and recording of all transactions, and
• Review, maintenance and monitoring of security procedures both manual and
automated.
Annually the Investment Officer(s) shall perform an internal compliance audit to assure
compliance with requirements of this policy and the ACT. Annually the Town’s auditor shall
review the quarterly investment reports.
1. Delivery versus Payment. The purchase of individual securities shall be executed
solely on a “Delivery versus Payment” (DVP) basis and cleared into PROSPER’s
designated safekeeping/custody account. Funds shall not be released until PROSPER
has received, through its agent, the securities purchased.
2. Competitive Quotes. All security transactions require at least three competitive quotes
(bid or offer) to assure competitive market value. Securities purchased “at issue price”
must be compared to other similar offerings to determine competitive value. Investment
bids/offers may be solicited orally, in writing, electronically, or any combination of these
methods.
3. Monitoring of Credit Ratings. On no less than a monthly basis, the credit rating on all
investments which require a credit rating shall be verified by the Investment Officer(s). If
the security falls below the minimum rating required by Policy the Investment Officer
shall notify the Finance Director of the loss of rating, conditions affecting the rating and
Page 73
Item 7.
Resolution No. 20254-XX, Page 11
possible loss of principal including liquidation options available. PROSPER will monitor
changes in the credit ratings including rating agencies, broker/dealers, or financial
publications. PROSPER shall take all prudent measures that are consistent with its
investment policy to liquidate an investment that does not have the minimum rating.
4. Monitoring of Authorized Investments. Should an investment become unauthorized in
the ACT or by this policy, the existing investment need not be liquidated, at maturity or
sale however the funds must be reinvested in then authorized investments.
5. Monitoring FDIC Status. On no less than a weekly basis the FDIC status and bank
status of all brokered certificates of deposit must be verified. If any bank has been
acquired or merged with another bank from which brokered certificates of deposit are held
in the portfolio, all affected brokered certificates of deposit shall be immediately
liquidated to retain the required FDIC insurance level.
6. Prior Held Investments. All investments made with PROSPER funds prior to the
adoption of this Investment Policy may be held or liquidated in accordance with the ACT and
in the best interest of PROSPER’s financial position.
7. Diversification by Investment Type. Diversification by investment type shall be
maintained ensuring multiple active and efficient secondary markets in the portfolio
thereby controlling the market and credit risks associated with an overconcentration in one
specific investment type or issuer.
Bond proceeds may be invested in a single security or investment if PROSPER
determines that such an investment is necessary to comply with Federal arbitrage
restrictions or to facilitate arbitrage record keeping and calculation.
8. Diversification by Investment Maturity. In order to minimize risk of loss due to
interest rate fluctuations, investment maturities will not exceed the anticipated cash
flow requirements of the funds. Generally, PROSPER will not directly invest in
securities maturing more than three years from the date of purchase.
9. Ensuring Liquidity. Liquidity shall be achieved by anticipating cash flow requirements,
by investing in securities with active secondary markets and by investing in eligible
financial institution deposit accounts, money market mutual funds, and local government
investment pools.
A security may be liquidated to meet unanticipated cash requirements, to redeploy cash
into other investments expected to outperform current holdings, or otherwise to adjust the
portfolio.
10. Cash Flow Forecasting. Cash flow analysis is designed to protect and sustain the cash
flow requirements of the Town. The Investment Officer(s) will analyze needs and maintain
a cash flow plan to monitor and forecast high-level cash positions for investment purposes.
Page 74
Item 7.
Resolution No. 20254-XX, Page 12
VI. COUNTER-PARTIES
1. Broker/Dealers
The Town Council shall, at least annually, review and adopt a list of broker/dealers
authorized to engage in investment transactions with PROSPER. Transactions may be
executed only with authorized broker/dealers. In order to be considered, firms that desire
to transact business will be required to provide information regarding their
creditworthiness, experience, market sector involvement, and reputation.
Authorized firms may include primary and regional dealers and brokers and qualified
depositories as established by Chapter 105 of the Local Government Code.
A list of no less than five broker/dealers shall be maintained. Before investments are
made all broker/dealers must supply the following at a minimum:
• Current year and annual financial statements
• Financial Industry Regulatory Association (FINRA) certification and the FINRA
Central Depository Registration number (CRD)
• Proof of Texas States Securities registration
• Completion of a brief questionnaire detailing contacts
A written copy of the current Investment Policy shall be provided to all authorized
broker/dealers and pools. Local government investment pools shall certify to a review of
the policy in accordance with the ACT.
2. Depositories
Consistent with the requirements of State Law, PROSPER requires all bank deposits to be
federally FDIC insured or collateralized in accordance with this policy. At least every five
years PROSPER will designate one banking institution through a competitive process, as
its central banking services provider. Additional banks may be used for time and demand
deposits under the same conditions.
Any financial institution providing depository services which require
collateral shall sign a depository agreement under the terms of FIRREA
(Financial Institutions Resource, Recovery and Enforcement Act). The
conditions of such an agreement shall define PROSPER’s rights
in case of default, bankruptcy, or closing to establish a perfected security interest.
FIRREA conditions require that:
a. The Agreement must be in writing;
b. The Agreement must be approved by the Board of Directors or its Bank Loan
Committee with a copy of the resolution delivered to PROSPER;
c. The Agreement must be part of the Depository’s “official record” continuously
Page 75
Item 7.
Resolution No. 20254-XX, Page 13
since its execution.
d. The Agreement must be executed by the Depository and PROSPER
contemporaneously with the acquisition of the asset without listing the collateral
securities.
3. Safekeeping Agent/Custodian
PROSPER shall contract with a independent bank or banks for the safekeeping/custody of
securities owned by PROSPER. All securities (pledged or owned) shall be delivered
delivery versus payment. The safekeeping agent/custodian shall be independent from the
trade.
4. Investment Advisers
Any investment adviser contracted by the Town will act on a non-discretionary basis so that
all final transaction decisions are made by the Town Investment Officer(s). Non-
discretionary investment advisers under contract to the Town shall adhere to the
spirit, philosophy and specific terms of this Policy.
The selection of Investment Advisers will be performed by the Investment Officers. The
Investment Officers will establish criteria to evaluate Investment Advisers including:
• Adherence to PROSPER’s policies and strategies,
• Investment performance within accepted risk constraints,
• Responsiveness to PROSPER’s request for services,
• Availability of information and open communication,
• Understanding of the inherent fiduciary responsibility of public funds, and
• Similarity in philosophy and strategy with PROSPER’s objectives.
Selected Investment Advisers must be registered under the Investment Advisers Act of
1940. An initial contract with an Investment Adviser may not be for a term longer than
two years and any contract, renewal or extension must be approved by Town Council.
VII. DELIGATION OF RESPONSIBILITY
1. Investment Officer(s)
The Town Manager or designee, Deputy Town Manager, Finance Director, and Assistant
Finance Director will be designated as “Investment Officers” of the Town of Prosper
by resolution of the Town Council. The Investment Officers are responsible for
investment decisions and investment activities, reporting, and
creating/maintaining the portfolio(s) in accordance with this
Policy. Officers are authorized to deposit, withdraw, invest, transfer, execute
documentation, and otherwise manage PROSPER’s funds according to this Policy.
The Investment Officers may utilize finance staff to deposit, withdraw or transfer funds
Page 76
Item 7.
Resolution No. 20254-XX, Page 14
out of or into an investment pool or money market mutual fund in order to meet daily
operating needs of PROSPER in compliance with established controls and procedures.
All Officers shall attend at least ten (10) hours of investment training, from sources
approved by the Town Council by resolution, within twelve (12) months of designation as
an Investment Officer and shall attend eight (8) hours of investment training every two
successive fiscal years. Training under this section must include education in
investment controls, security risks, strategy risks, market risks, diversification of
investment portfolio and compliance with PFIA.
The designated Investment Officers shall act as custodians of the public trust
avoiding any transactions which might involve a conflict of interest, the appearance of a
conflict of interest, or any activity which might otherwise discourage public confidence.
Investment Officers shall refrain from personal business activity that could conflict with
proper execution of the investment program, or which could impair their ability to
make impartial investment decisions.
Additionally, in accordance with the ACT under certain
conditions, Investment Officers shall file with the Texas Ethics Commission and the
Town Council a statement disclosing any personal business relationship with a business
organization seeking to sell investments to PROSPER with which they maintain a
relationship within the second degree by affinity or consanguinity to an individual/firm
seeking to sell investments to PROSPER. Disclosure to the Ethics
Commission is required only if the Investment Officer has a personal
business relationship with business organization in which:
• The Investment Officer owns 10 percent or more of the voting stock or shares of the
business organization or owns $5,000 or more of the fair market value of the business
organization;
• Funds received by the Investment Officer from the business organization exceed 10
percent of the Investment Officer’s gross income for the previous year; or
• The Investment Officer has acquired from the business organization during the
previous year investments with a book value of $2,500 or more for the personal
account of the Investment Officer.
2. Town Council Responsibilities
The Town Council holds the ultimate fiduciary responsibility for the portfolio under the
ACT. It will designate investment officer(s), receive and review quarterly investment
reports, approve and provide for investment officer training, annually approve
broker/dealers, and annually review and adopt the Investment Policy and Investment
Strategy.
3. Prudence and Standard of Care
The designated Investment Officer(s) shall perform their duties in accordance with the
Page 77
Item 7.
Resolution No. 20254-XX, Page 15
Investment Policy and internal procedures. In determining whether an Investment Officer
has exercised prudence with respect to an investment decision, the investment of all funds
over which the Investment Officer(s) had responsibility, rather than the prudence of a
single investment shall be considered.
Investment Officers acting in good faith and in accordance with these policies and
procedures shall be relieved of personal liability.
The standard of care used by PROSPER shall be that as defined by the ACT stating:
“Investments shall be made with judgment and care, under prevailing circumstances,
that a person of prudence, discretion and intelligence would exercise in the management
of the person’s own affairs, not for speculation, but for investment, considering the probable
safety of capital and the probable income to be derived.”
VIII. REPORTING
The Investment Officer(s) shall prepare and submit a signed quarterly investment report to the
Town Council in accordance with the ACT providing detail information on each investment
and bank position and summary information to permit an informed outside reader to evaluate
the performance and risk in the portfolio. Every designated Investment Officer shall sign the
report.
This investment report shall include:
a. A full description of each individual security and bank/pool position held at the end of the
reporting period including amortized book and market values at the beginning and end of the
period,
b. Summary information prepared in compliance with generally accepted accounting
principles, of each pooled fund group that states the:
1. beginning book and market value for the reporting period;
2. ending book and market value for the reporting period; and
3. fully accrued interest and amortized earnings for the reporting period;
c. Classification of each separately invested asset by the type of asset (market sector);
d. The maturity date (and call date, if applicable) of each separately invested asset that has a maturity
or call date;
e. The account or fund or pooled group fund for which each individual investment was
acquired;
f. The weighted average yield and weighted average maturity of the total portfolio; and
Page 78
Item 7.
Resolution No. 20254-XX, Page 16
g. A compliance statement that the report is prepared in compliance with PROSPER’s
Investment Policy, Strategy, and the ACT.
Market values shall be calculated from market values obtained from independent sources.
Consideration will be given to GASB Statement No. 31 and reporting for GASB 31, 40 and
72 shall be completed on a timely basis.
In conjunction with its annual financial audit, the Investment Officer(s) shall
perform a compliance audit to the Policy and the ACT. The quarterly
investment reports shall be formally reviewed at least annually by an
independent auditor, and the result of the review shall be reported to the Town Council by
that auditor.
IX. INVESTMENT STRATEGY STATEMENT
The investment portfolio shall be designed with the objective of attaining a reasonable market
yield at all times, taking into account the investment risk constraints and liquidity needs of the
Town. Yield is of lesser importance compared to the Town’s safety and liquidity objectives.
The Town shall pursue a pro-active but conservative portfolio management strategy. This may
be accomplished by creating a laddered maturity structure with some maturity extension for yield
enhancement.
PROSPER may maintain one commingled portfolio for investment purposes which incorporates
the specific uses and unique characteristics of the funds in the portfolio.
The maximum maturity of any investment shall be three (3) years and the maximum weighted
average maturity of the total portfolio will not exceed two (2) years calculated using the stated
final maturity of each security.
To minimize risk of loss due to interest rate fluctuations, investment maturities will not exceed
the anticipated cash flow requirements of the fund. Basic investment guidelines by fund-type
are as follows:
A. General, Enterprise, or Operating Funds
Operating funds shall have as their primary objective assurance that anticipated cash
outflows are matched with the adequate investment liquidity. These funds require the
greatest short-term liquidity and laddered strategy of all fund types. The
secondary objective is to create a portfolio structure that will experience minimal volatility
during changing economic cycles. Investments will be of high credit quality for
safety, available liquidity and marketability. Managing the weighted average
maturity of the portfolio to less than two years and restricting the maximum allowable
maturity to three years will minimize the price volatility of the portfolio.
Page 79
Item 7.
Resolution No. 20254-XX, Page 17
Financial institution deposit accounts, short-term investment pools and money market
mutual funds will provide daily liquidity and may be utilized as a competitive yield
alternative to fixed maturity investments.
B. Capital Project Funds and Special Purpose Funds
Capital project funds and special purpose funds shall have as their primary objective
assurance that anticipated cash outflows are matched with investment liquidity. The
portfolios shall be invested based on cash flow estimates. Most capital projects programs
have reasonably predictable draw down schedules. Therefore, investment maturities
should generally follow the anticipated planned cash flow requirements.
All investments will be of high credit quality to limit default risk. Market price fluctuations
will occur. However, by managing Capital Projects Funds to not exceed the anticipated
expenditure schedule, the market risk of the overall portfolio will be minimized. No stated
final investment maturity shall exceed the shorter of the anticipated expenditure schedule.
Funds invested for capital projects may be from bond proceeds that are subject to arbitrage
rebate regulations.
C. Debt Service Funds
Debt service funds shall have as their primary objective the assurance of investment
liquidity adequate to cover each debt service obligation on the required payment date.
Investments purchased shall not have a stated final maturity date which exceeds the debt
service payment date and successive debt service dates will be fully funded before any
extensions are made. By managing Debt Service Funds to not exceed the debt service
payment schedule the market risk of the overall portfolio will be minimized.
X. POLICY ADOPTION
The Town’s Investment Policy shall be reviewed and adopted by resolution of the Town
Council no less than annually. Any changes made to the Policy must be noted in the adopting
resolution.
Page 80
Item 7.
Resolution No. 20254-XX, Page 18
Appendix “A”
Glossary of Cash Management Terms
Accretion –The book value of securities purchased at a discount are written up on a straight-line basis
toward maturity to the par value (100). The accretion reflects earnings to the portfolio.
Accrued Interest – Interest earned, but not yet paid, on an investment based on the interest percentage.
Accrued interest must be purchased from prior owners of a security if applicable.
Active Management/Investing- A portfolio management strategy in which investments
are made on the basis of market timing and market conditions and designed to increase
yield, This method depends partially on projected cash flows and actively monitored
market conditions for advantageous risk/return options.
Agency –See Federal Agency. An agency supported by the US Government.
Amortization –Investment accounting entry in which the book value of securities purchased at
a premium are written down on a straight-line basis to equal par at maturity. The amortization represents
an expense to the portfolio.
Arbitrage – Dealing simultaneously in two markets to take advantage of temporary price
distortions at minimal risk. Also related to IRS regulations governing tax-exempt debt proceeds.
Basis Point – A unit of measurement used in the valuation of fixed-income securities equal to
1/100 of 1 percent of yield; e.g., “1/4” of 1 percent is equal to 25 basis points.
Benchmark – An index used to compare risk and performance to a managed portfolio.
Bid – The indicated price at which a buyer is willing to purchase a security or commodity. The Town
selling the security would ask for a bid.
Book Value – The original acquisition cost of an investment plus or minus the accrued accretion
or amortization over time.
Broker – In institutional markets, a financial firm that brings securities buyers and sellers together . All
trades in the institutional markets are priced as a net yield and do not include single transaction fees.
Callable Bond – A bond issue in which all or part of its outstanding principal amount may be
redeemed before maturity by the issuer under specified conditions.
Cash Settlement – A transaction which calls for delivery and payment of securities on the same
day that the transaction is initiated.
Collateralization – Process by which a borrower pledges securities, property, or other obligations
for the purpose of securing the repayment of a loan, deposit and/or security.
Page 81
Item 7.
Resolution No. 20254-XX, Page 19
Collateralized Mortgage Obligation (CMO) – A derivative mortgage-backed security (MBS)
created from pools of home mortgage loans. A single pass-through MBS is divided into multiple
classes, each class containing unique risk profiles and security characteristics. A number of CMO
classes are expressly prohibited by Texas State law.
Commercial Paper – An unsecured short-term promissory note issued by corporations, with
maturities ranging from 1 to 270 days. Commercial paper must carry a minimum rating of A1/P1 in
order to be eligible under the Texas Public Funds Investment Act. Commercial paper with maturities
from 271 to 365 are ‘private placement’ and need not be backed by any credit or commodity.
Constant Maturity Treasury (CMT) – A calculated average released by the Federal Reserve of all
Treasury yields along a specific maturity point. This calculation is frequently used as a
benchmark for conservative government portfolios.
Coupon Rate – The annual rate of accrued interest received by an investor on certain types of fixed-
income securities. Also known as the “interest rate.”
Credit Risk – The risk to an investor that an issuer will default in the payment of interest and/or
principal on a security.
Derivative – Financial instruments whose value is derived from the movement of an underlying
index or security. Any security which is derived from a ‘bullet’ security without conditions. A
derivative security is created from, or whose value depends upon, one or more underlying assets or
indices of asset values.
Dealer – A dealer, as opposed to a broker, may act as a principal in all securities transactions, buying
and selling for their own account. The dealer may also act as a broker only matching a buyer and
seller.
Delivery Versus Payment (DVP) – A type of securities transaction in which payment for a security
is not made until delivery to the independent safekeeping agent or custodian.
Discount – The amount by which the par value of a security exceeds the price paid for the security.
Diversification – A process of investing assets among a range of investment types by sector, maturity,
and quality rating to spread risk.
Dollar Weighted Average Maturity (WAM) – The average maturity of all the investments that
comprise a portfolio weighted by the book value of each investment.
Fair Market Rate – A documented and verifiable rate of interest which approximates the average
rate which could have been earned on similar investments at the time of the transaction.
Federal Agency – A sub-division of the Federal Government with implicit credit from the US.
Federal Deposit Insurance Corporation (FDIC) – A federal agency that insures bank deposits,
Page 82
Item 7.
Resolution No. 20254-XX, Page 20
currently up to $250,000 per account. Texas Public Funds deposits that exceed this amount must
be properly collateralized.
Financial Industry Regulatory Authority (FINRA) – A self-regulatory private corporation that
focuses on regulatory oversight of all securities firms; professional training, testing and licensing
of registered persons; arbitration and mediation; market regulation by contract for the New York
Stock Exchange, the NASDAQ Stock Market, Inc., the American Stock Exchange LLC, and the
International Securities Exchange.
FIRREA – The Financial Institution Resource, Recovery and Enforcement Act used by the FDIC to
determine asset ownership in the event of an institution’s default.
Interest Rate – See “Coupon Rate.”
Internal Controls – An internal structure designed to ensure that the assets of the entity are
protected from loss, theft, or misuse. The internal control structure is designed to provide
reasonable assurance that these objectives are met.
Interlocal Cooperation Act – State law permitting joint participation by local governments
providing one or more government functions within the State. This law [Section 891.001 et seq. of
the Texas Government Code ] has allowed for the creation of investment pools in Texas.
Investment Advisers Act of 1940 – Law which requires all Investment Advisers to be registered
with the SEC in order to protect the public from fraud. Specific requirements must be met.
Investment Policy – A concise and clear statement of the objectives and parameters formulated by
an investor for a specific portfolio of investment securities. The Texas Public Funds Investment
Act requires that public entities have a written and annually approved investment policy.
Liquidity – An investment that can be easily and quickly converted to cash. Investment pools,
financial institution deposits and money market funds, which allow for same day withdrawal of cash,
are considered extremely liquid.
Local Government Investment Pool – An entity created under the Interlocal Cooperation Act to
invest public funds jointly on behalf of the entities that participate in the pool. An investment by
local governments in which their money is pooled as a method for managing local funds.
Market Risk – The risk that the value of an investment will rise or decline as a result of changes
in market conditions.
Market Value – An investment’s par amount multiplied by its market price.
Maturity – The date on which payment of a financial obligation is due. The final stated maturity is
the date on which the issuer must retire a debt and pay the face value to the debtholder.
Page 83
Item 7.
Resolution No. 20254-XX, Page 21
Money Market Mutual Fund – Mutual funds that invest in accordance with SEC regulations and
guidelines requiring a net asset value of $1 to protect that liquidity.
Mortgage-Backed Security (MBS) – Security backed by a pool of mortgages.
Net Asset Value (NAV) – The value of a mutual fund or investment pool at the end of the business
day. NAV is calculated by adding the market value of all investments in a fund or pool, deducting
expenses, and dividing by the number of shares in the fund or pool.
Offer – An indicated price at which market participants are willing to sell a security. Also referred to
as the “Ask Price.” The Town would ask for offers to buy securities.
Par Value – Face value or principal value of a bond. A security’s par value is multiplied by its
coupon rate to determine coupon payment amount.
Passive Management – Management of a portfolio which involves building a ladder of securities to meet
expected liabilities. Often based on a specific index The goal is stability not yield enhancement.
Premium – The amount by which the price paid for a security exceeds the security’s par value.
Primary Government Securities Dealer (Primary Dealer) – D esignated government securities
dealers regulated by the SEC who are required to submit daily reports of market activity
and monthly financial statements to the New York Federal Reserve Bank. Primary Dealers are
required to continually “make a market” in Treasury securities, buying or selling when asked,
thereby creating a liquid secondary market for US debt obligations.
Principal – The face value or par value of a debt instrument. Also may refer to the amount of
capital invested in a given investment.
Prudent Person Rule –An investment principle emphasizing the fiduciary responsibilities of
investor as an investor and not a speculator. The Standard of Care set by the ACT.
Repurchase Agreement (repo or RP) – An agreement of one party to sell securities at a specified
price to a second party and a simultaneous agreement of the first party to repurchase the securities at
a specified price or at a specified later date.
Reverse Repurchase Agreement (Reverse Repo) – An agreement of one party to purchase
securities at a specified price from a second party and a simultaneous agreement by the first party to
resell the securities at a specified price to the second party on demand or at a specified date.
Safekeeping/Custody – Holding of assets (e.g., securities) by a financial institution on behalf of a
client. Custody involves a higher level of fiduciary responsibility.
Total Return – The sum of all investment income plus changes in the market value of the portfolio.
For mutual funds, return on an investment is composed of share price appreciation plus any
realized dividends or capital gains. This is calculated by taking the following components during a
certain time period: (Price Appreciation) + (Dividends Paid) + (Capital Gains) = (Total Return).
Page 84
Item 7.
Resolution No. 20254-XX, Page 22
Treasury Bills – Short term U.S. government non-interest bearing, debt securities with maturities of
one year or shorter which carry the full faith and credit of the US. T -Bills are always sold at a
discount and pay at maturity. The accretion (earnings) is equal to the face value minus the
book value over time.
Treasury Notes – Intermediate U.S. government debt securities with maturities of one to 30 years.
Treasury notes, or T-notes, are generally issued in terms of 2, 3, 5, 7, 10 and 30 years. The longest
currently being issued is called the “T-Bond.” They have a fixed coupon rate and pay interest every
six months until they mature.
Volatility – A degree of fluctuation in the price or valuation of securities. A key measure of risk.
Yield – The current rate of return on an investment generally expressed as an annual percentage.
Yield-to-Call (YTC) – The rate of return an investor earns from a bond assuming the bond is
redeemed (called) prior to its nominal maturity date.
Yield Curve – A graphic representation that depicts the yields on the current Treasury
issues in the market at a given point in time. A normal yield curve may be alternatively
referred to as an upwardly sloping yield curve.
Yield-to-Maturity – The yield generated by an investment held to maturity when both interest
payments and the investor’s purchase price discount or premium are included in the calculation of
return.
Page 85
Item 7.
Resolution No. 20254-XX, Page 23
Appendix “B”
Town of Prosper Authorized Broker/Dealer List
Adopted 07/22/2505/14/24
FHN Financial
Great Pacific Securities
Mischler Financial Group
Oppenheimer & Co., Inc.
Multi-Bank Securities, Inc.
RBC Capital Markets
SAMCO Capital Markets
Stifel Nicolas & Co.
Wells Fargo Securities
Page 86
Item 7.
Resolution No. 20254-XX, Page 24
Appendix “C”
Texas Government Code Chapter 2256. Public Funds Investment Act, the “ACT”
The most up to date version of the Public Funds Investment Act may be found online at:
https://statutes.capitol.texas.gov/Docs/GV/htm/GV.2256.htm
Page 87
Item 7.
Resolution No. 2025-XX, Page 3
TOWN OF PROSPER, TEXAS
INVESTMENT POLICY
Exhibit “A”
Page 88
Item 7.
Resolution No. 2025-XX, Page 4
INVESTMENT POLICY
TABLE OF CONTENTS
PREFACE 5
I. INVESTMENT POLICY 6
II. INVESTMENT OBJECTIVES 7
III. AUTHORIZED INVESTMENTS 8
IV. COLLATERAL 9
V. INTERNAL CONTROLS 10
VI. COUNTER-PARTIES 12
VII. DELEGATION OF RESPONSIBILTY 13
VIII. REPORTING 15
IX. INVESTMENT STRATEGY STATEMENT 16
X. POLICY ADOPTION 17
APPENDIX A – GLOSSARY OF TERMS 18
APPENDIX B – AUTHORIZED BROKER/DEALER LIST 23
APPENDIX C – PUBLIC FUNDS INVESTMENT ACT 24
Page 89
Item 7.
Resolution No. 2025-XX, Page 5
PREFACE
It is the policy of the Town of Prosper (“PROSPER”) that the administration of its funds and the
investment of those funds shall be handled as its highest public trust. The Town of Prosper adheres to
its own governing documents and the Public Funds Investment Act (Texas Government Code
Chapter 2256 , the “A CT”) to safely and effectively manage the funds under its control. To achieve
those requirements, the Town Council annually reviews and adopts this Investment Policy.
The receipt of yield will be secondary to the requirements for safety and liquidity. The earnings from
investments will be used in a manner that best serves the interests of the Town.
It is the policy of PROSPER that, giving due regard to the safety and risk of investments, all
available funds shall be invested in conformance with the Town Charter and Ordinances , State and
Federal Regulations, Bond Resolution requirements, and the adopted Investment Policy and Investment
Strategy. The purpose of this Policy is to set specific Town investment policy and strategy guidelines
within the investment parameters for the investment of public funds in Texas found in the ACT. The
Public Funds Collateral Act (Chapter 2257, Texas Government Code) specifies collateral requirements
for all public Texas depository funds and is incorporated herein.
Effective cash management is recognized as essential to good fiscal management. Cash management
is the process of managing funds to ensure necessary cash availability and provide reasonable yield on
investments. PROSPER shall strive for a complete cash management program which includes timely
collection of accounts receivable, vendor payments in accordance with invoice terms, and prudent
investment of assets.
Page 90
Item 7.
Resolution No. 2025-XX, Page 6
I. INVESMENT POLICY
A. Formal Adoption
This Investment Policy shall be reviewed and adopted annually by the Town Council in
accordance with the ACT.
B. Scope
This Investment Policy applies to all of the investment activities of PROSPER. These
funds are accounted for in the Town’s Annual Comprehensive Financial Report
(ACFR) and include:
General Fund
Debt Service Funds
Special Revenue Funds
Capital Project Funds
Enterprise Funds
Internal Service Funds, and
Any new fund created by PROSPER
This Policy establishes guidelines for:
1. Who can invest PROSPER funds,
2. How PROSPER funds will be invested, and
3. When and how a periodic review of investments will be made.
In addition to this Policy, bond funds (as defined by the Internal Revenue Service) shall
be managed in accordance with their issuing documentation and all applicable State
and Federal Law.
C. Policy Review and Amendment
This Policy shall be reviewed a n d a d o p t e d b y r e s o l u t i o n annually by the
Town Council. The resolution shall record any changes made to the Policy.
D. Investment Strategy
In conjunction with the annual Policy review, the Town Council shall
a n n u a l l y review and adopt a separate written Investment Strategy for each of
PROSPER’s fund types. PROSPER may consolidate cash balances from multiple funds
for investment purposes to maximize investment earnings while recognizing the unique
characteristics of these funds. Investment income will be allocated to the various funds
based on their respective participation and in accordance with generally accepted
accounting principles.
Page 91
Item 7.
Resolution No. 2025-XX, Page 7
The Investment Strategy, found in Section IX of this Policy, describes the investment
objectives for each particular fund type according to the following priorities:
1. Investment suitability,
2. Preservation and safety of principal,
3. Liquidity,
4. Marketability prior to maturity of each investment,
5. Diversification, and
6. Yield.
II. INVESTMENT OBJECTIVES
It is the policy of PROSPER that all funds shall be managed and invested with four primary
objectives, listed in order of their priority: safety, liquidity, diversification , and yield.
Investments are to be chosen in a manner which promotes diversity to spread risks. The
maximum weighted average maturity (WAM) of the overall portfolio may not exceed two
years.
All participants in the investment process will seek to act responsibly as custodians of the
public trust. Investment officials will avoid any transactions that might impair public
confidence in the Town’s ability to govern effectively. The Town Council recognizes that in a
diversified portfolio, occasional measured losses due to market volatility are inevitable, and
must be considered within the context of the overall portfolio’s investment return, provided
that the adequate diversification has been implemented and the terms of this policy have
been followed.
A. Safety of Principal
The primary objective of all investment activity is the preservation of capital and the
safety of principal. Each investment transaction shall seek to ensure first that capital
losses are avoided, whether they are from security defaults, safekeeping or erosion of the
market value. Investment in high credit quality securities and decisions based on
anticipated cash flow needs are the primary factors in providing safety.
PROSPER shall seek to control the risk of loss due to default of a security issuer by
investing only in the highest credit quality securities; by collateralization as required by
law and policy; and portfolio diversification.
B. Liquidity
The investment portfolio will remain sufficiently liquid to meet the cash flow
requirements that might be reasonably anticipated. Liquidity shall be achieved by
matching investment maturities with forecasted cash flow requirements; investing in
securities with active secondary markets; and maintaining appropriate portfolio
diversification.
Page 92
Item 7.
Resolution No. 2025-XX, Page 8
C. Diversification
The portfolio shall be diversified by institution, market sector and maturity within cash
flow needs to spread risk.
D. Yield
The investment portfolio shall be designed with the objective of attaining a reasonable
market yield throughout budgetary and economic cycles, taking into account the
investment risk constraints and liquidity needs. Yield is of secondary importance
compared to safety and liquidity objectives. All investments are limited to high credit
quality, low risk securities in anticipation of earning a fair return relative to the risk being
assumed.
The benchmark for the consolidated portfolio shall be the one-year US Treasury Bill for
the comparable period designated for its comparability to the expected investments,
liquidity needs, and average cash flow patterns.
III. AUTHORIZED INVESTMENTS
Assets of PROSPER may be invested only in the following investment types as further defined
by the ACT.
1. Obligations of the US Government, its agencies and instrumentalities, excluding
mortgage-backed securities, with a stated maximum maturity of three years.
2. General debt obligations of any US state or political subdivision rated A+ or better with a
stated maximum maturity of three years.
3. Fully insured or collateralized certificates of deposit from banks in Texas with a
maximum maturity of three years, insured by the Federal Deposit Insurance Corporation
(FDIC), or its successor, or collateralized in accordance with this Policy to include spread
products within these banks.
4. Share certificates from credit unions in Texas insured by the National Credit Union Share
Insurance Fund with a maximum stated maturity of two years.
5. Fully insured or collateralized demand deposits in any bank in Texas insured by the
FDIC or its successor or collateralized in accordance with this Policy to include spread
products within these banks.
6. FDIC insured brokered certificate of deposit securities from a bank in any US state,
delivered versus payment to the Town’s safekeeping/custody account and not to exceed
one year to stated final maturity.
Page 93
Item 7.
Resolution No. 2025-XX, Page 9
7. AAA-rated, SEC registered, money market mutual funds striving to maintain a $1 net asset
value (NAV).
8. AAA-rated Texas local government investment pools which strive to maintain a $1 net
asset value (NAV) operated in accordance with the ACT and authorized by resolution of
the Town Council.
9. A1/P1 commercial paper with a maximum stated maturity of 270 days.
10. Fully collateralized repurchase agreements as defined by the ACT with a defined
termination date, executed with a primary dealer under an industry standard master
repurchase agreement, and collateralized in accordance with this Policy.
IV. COLLATERALIZATION
A. Time and Demand Deposits – Pledged Collateral
All bank time and demand deposits shall be collateralized above FDIC coverage by secured,
pledged collateral. To anticipate market changes and provide the required level of security
for all funds, collateral will be maintained and monitored by the pledging depository at a
market value of 102% of the total principal and accrued interest on deposit. The institution
shall monitor and maintain the margins on a daily basis.
Collateral pledged to secure deposits shall be held by an independent financial institution
outside the holding company of the depository. The collateral agreement with the
depository shall be approved by resolution of the Bank Board or Bank Loan Committee
for compliance with FIRREA. The custodian or bank shall provide a monthly report of
collateral directly to the City.
Substitution rights may be granted but new collateral must be pledged before existing
collateral is released. All collateral shall be subject to inspection and audit by the City or
its independent auditors.
B. Collateral Owned Under a Repurchase Agreement
Collateral securing a repurchase agreement is owned by the Town. It shall be held by an
independent third-party financial institution approved by PROSPER under the terms of an
executed Bond Market Master Agreement. Collateral with a market value of 102% of
principal and interest is required at all times and is the responsibility of the counter-party.
C. Authorized Collateral
Only the following securities are authorized as collateral for time and demand deposits:
1. FDIC insurance coverage.
2. Obligations of the United States, its agencies or instrumentalities, or evidence of
Page 94
Item 7.
Resolution No. 2025-XX, Page 10
indebtedness of the United States guaranteed as to principal and interest including
MBS and CMO which pass the bank test.
3. Obligations of any US state or of a county, City or other political subdivision of any US
state having been rated as investment grade (investment rating no less than “A” or its
equivalent) by two nationally recognized rating agencies.
4. Irrevocable letter of credit from a FHLB regional bank.
Collateral for repurchase agreements may also include cash. Preference will be given to
pledged collateral securities.
V. INTERNAL CONTROLS
The Investment Officer(s) are responsible for establishing and maintaining internal controls to
reasonably assure that assets are protected from loss, theft, or misuse. The concept of
reasonable assurance recognizes that the cost of a control should not exceed the benefit likely
to be derived.
Internal controls shall address the following at a minimum:
Control of collusion,
Separation of transaction authority from accounting and record keeping,
Safekeeping/custody of owned and pledged collateral.
Clear delegation of authority,
Written confirmation and recording of all transactions, and
Review, maintenance and monitoring of security procedures both manual and
automated.
Annually the Investment Officer(s) shall perform an internal compliance audit to assure
compliance with requirements of this policy and the ACT. Annually the Town’s auditor shall
review the quarterly investment reports.
1. Delivery versus Payment. The purchase of individual securities shall be executed
solely on a “Delivery versus Payment” (DVP) basis and cleared into PROSPER’s
designated safekeeping/custody account. Funds shall not be released until PROSPER
has received, through its agent, the securities purchased.
2. Competitive Quotes. All security transactions require at least three competitive quotes
(bid or offer) to assure competitive market value. Securities purchased “at issue price”
must be compared to other similar offerings to determine competitive value. Investment
bids/offers may be solicited orally, in writing, electronically, or any combination of these
methods.
3. Monitoring of Credit Ratings. On no less than a monthly basis, the credit rating on all
investments which require a credit rating shall be verified by the Investment Officer(s). If
the security falls below the minimum rating required by Policy the Invest ment Officer
shall notify the Finance Director of the loss of rating, conditions affecting the rating and
Page 95
Item 7.
Resolution No. 2025-XX, Page 11
possible loss of principal including liquidation options available. PROSPER will monitor
changes in the credit ratings including rating agencies, broker/dealers, or financial
publications. PROSPER shall take all prudent measures that are consistent with its
investment policy to liquidate an investment that does not have the minimum rating.
4. Monitoring of Authorized Investments. Should an investment become unauthorized in
the ACT or by this policy, the existing investment need not be liquidated, at maturity or
sale however the funds must be reinvested in then authorized investments.
5. Monitoring FDIC Status. On no less than a weekly basis the FDIC status and bank
status of all brokered certificates of deposit must be verified. If any bank has been
acquired or merged with another bank from which brokered certificates of deposit are held
in the portfolio, all affected brokered certificates of deposit shall be immediately
liquidated to retain the required FDIC insurance level.
6. Prior Held Investments. All investments made with PROSPER funds prior to the
adoption of this Investment Policy may be held or liquidated in accordance with the ACT and
in the best interest of PROSPER’s financial p o s i t i o n .
7. Diversification by Investment Type. Diversification by investment type shall be
maintained ensuring multiple active and efficient secondary markets in the portfolio
thereby controlling the market and credit risks associated with an overconcentration in one
specific investment type or issuer.
Bond proceeds may be invested in a single security or investment if PROSPER
determines that such an investment is necessary to comply with Federal arbitrage
restrictions or to facilitate arbitrage record keeping and calculation.
8. Diversification by Investment Maturity. In order to minimize risk of loss due to
interest rate fluctuations, investment maturities will not exceed the anticipated cash
flow requirements of the funds. Generally, PROSPER will not directly invest in
securities maturing more than three years from the date of purchase.
9. Ensuring Liquidity. Liquidity shall be achieved by anticipating cash flow requirements,
by investing in securities with active secondary markets and by investing in eligible
financial institution deposit accounts, money market mutual funds, and local government
investment pools.
A security may be liquidated to meet unanticipated cash requirements, to redeploy cash
into other investments expected to outperform current holdings, or otherwise to adjust the
portfolio.
10. Cash Flow Forecasting. Cash flow analysis is designed to protect and sustain the cash
flow requirements of the Town. The Investment Officer(s) will analyze needs and maintain
a cash flow plan to monitor and forecast high-level cash positions for investment purposes.
Page 96
Item 7.
Resolution No. 2025-XX, Page 12
VI. COUNTER-PARTIES
1. Broker/Dealers
The Town Council shall, at least annually, review and adopt a list of broker/dealers
authorized to engage in investment transactions with PROSPER. Transactions may be
executed only with authorized broker/dealers. In order to be considered, firms that desire
to transact business will be required to provide information regarding their
creditworthiness, experience, market sector involvement, and reputation.
Authorized firms may include primary and regional dealers and brokers and qualified
depositories as established by Chapter 105 of the Local Government Code.
A list of no less than five broker/dealers shall be maintained. Before investments are
made all broker/dealers must supply the following at a minimum:
Current year and annual financial statements
Financial Industry Regulatory Association (FINRA) certification and the FINRA
Central Depository Registration number (CRD)
Proof of Texas States Securities registration
Completion of a brief questionnaire detailing contacts
A written copy of the current Investment Policy shall be provided to all authorized
broker/dealers and pools. Local government investment pools shall certify to a review of
the policy in accordance with the ACT.
2. Depositories
Consistent with the requirements of State Law, PROSPER requires all bank deposits to be
federally FDIC insured or collateralized in accordance with this policy. At least every five
years PROSPER will designate one banking institution through a competitive process, as
its central banking services provider. Additional banks may be used for time and demand
deposits under the same conditions.
Any financial institution providing depository services which require
collateral shall sign a depository agreement under the terms of FIRREA
(Financial Institutions Resource, Recovery and Enforcemen t Act). The
c o n d i t i o n s o f s u c h a n a g r e e m e n t shall define PROSPER’s rights
in case of default, bankruptcy, or closing to establish a perfected security interest.
FIRREA conditions require that:
a. The Agreement must be in writing;
b. The Agreement must be approved by the Board of Directors or its Bank Loan
Committee with a copy of the r e s o l u t i o n delivered to PROSPER;
c. The Agreement must be part of the Depository’s “official record” continuously
Page 97
Item 7.
Resolution No. 2025-XX, Page 13
since its execution.
d. The Agreement must be executed by the Depository and PROSPER
contemporaneously with the acquisition of the asset without listing the collateral
securities.
3. Safekeeping Agent/Custodian
PROSPER shall contract with a independent bank or banks for the safekeeping/custody of
securities owned by PROSPER. All securities (pledged or owned) shall be delivered
delivery versus payment. The safekeeping agent/custodian shall be independent from the
trade.
4. Investment Advisers
Any investment adviser contracted by the Town will act on a non-discretionary basis so that
all final transaction decisions are made by the Town Investment Officer(s). Non-
discretionary investment advisers under contract to the Town shall adhere to the
spirit, philosophy and specific terms of this Policy.
The selection of Investment Advisers will be performed by the Investment Officers. The
Investment Officers will establish criteria to evaluate Investment Advisers including:
Adherence to PROSPER’s policies and strategies,
Investment performance within accepted risk constraints,
Responsiveness to PROSPER’s request for services,
Availability of information and open communication,
Understanding of the inherent fiduciary responsibility of public funds, and
Similarity in philosophy and strategy with PROSPER’s objectives.
Selected Investment Advisers must be registered under the Investment Advisers Act of
1940. An initial contract with an Investment Adviser may not be for a term longer than
two years and any contract, renewal or extension must be approved by Town Council.
VII. DELIGATION OF RESPONSIBILITY
1. Investment Officer(s)
The Town Manager or designee, Deputy Town Manager, Finance Director, and Assistant
Finance Director will be designated as “Investment Officers” of the Town of Prosper
by resolution of the Town Council. The Investment Officers are responsible for
investment decisions and investment activities, reporting, and
creating /maintaining the portfolio(s) in accordance with this
Policy. Officers are authorized to deposit, withdraw, invest, transfer, execute
documentation, and otherwise manage PROSPER’s funds according to this Policy.
The Investment Officers may utilize finance staff to deposit, withdraw or transfer funds
Page 98
Item 7.
Resolution No. 2025-XX, Page 14
out of or into an investment pool or money market mutual fund in order to meet daily
operating needs of PROSPER in compliance with established controls and procedures.
All Officers shall attend at least ten (10) hours of investment training, from sources
approved by the Town Council by resolution, within twelve (12) months of designation as
an Investment Officer and shall attend eight (8) hours of investment training every two
successive fiscal years. Training under this section must include education in
investment controls, security risks, strategy risks, market risks, diversification of
investment portfolio and compliance with PFIA.
The designated Investment Officers shall act as custodians of the public trust
avoiding any transactions which might involve a conflict of interest, the appearance of a
conflict of interest, or any activity which might otherwise discourage public confidence.
Investment Officers shall refrain from personal business activity that could conflict with
proper execution of the investment program, or which could impair their ability to
make impartial investment decisions.
Additionally, i n a c c o r d a n c e w i t h t h e A C T u n d e r c e r t a i n
c o n d i t i o n s , Investment Officers shall file with the Texas Ethics Commission and the
Town Council a statement disclosing any personal business relationship with a business
organization seeking to sell investments to PROSPER with which they maintain a
relationship within the second degree by affinity or consanguinity to an individual/firm
seeking to sell investments to PROSPER. Disclosure to the Ethics
Commission is required only if the Investment Officer has a personal
business relationship with business organization in which:
The Investment Officer owns 10 percent or more of the voting stock or shares of the
business organization or owns $5,000 or more of the fair market value of the business
organization;
Funds received by the Investment Officer from the business organization exceed 10
percent of the Investment Officer’s gross income for the previous year; or
The Investment Officer has acquired from the business organization during the
previous year investments with a book value of $2,500 or more for the personal
account of the Investment Officer.
2. Town Council Responsibilities
The Town Council holds the ultimate fiduciary responsibility for the portfolio under the
ACT. It will designate investment officer(s), receive and review quarterly investment
reports, approve and provide for investment officer training, annually approve
broker/dealers, and annually review and adopt the Investment Policy and Investment
Strategy.
3. Prudence and Standard of Care
The designated Investment Officer(s) shall perform their duties in accordance with the
Page 99
Item 7.
Resolution No. 2025-XX, Page 15
Investment Policy and internal procedures. In determining whether an Investment Officer
has exercised prudence with respect to an investment decision, the investment of all funds
over which the Investment Officer(s) had responsibility, rather than the prudence of a
single investment shall be considered.
Investment Officers acting in good faith and in accordance with these policies and
procedures shall be relieved of personal liability.
The standard of care used by PROSPER shall be that as defined by the ACT stating:
“Investments shall be made with judgment and care, under prevailing circumstances,
that a person of prudence, discretion and intelligence would exercise in the management
of the person’s own affairs, not for speculation, but for investment, considering the probable
safety of capital and the probable income to be derived.”
VIII. REPORTING
The Investment Officer(s) shall prepare and submit a signed quarterly investment report to the
Town Council in accordance with the ACT providing detail information on each investment
and bank position and summary information to permit an informed outside reader to evaluate
the performance and risk in the portfolio. Every designated Investment Officer shall sign the
report.
This investment report shall include:
a. A full description of each individual security and bank/pool position held at the end of the
reporting period including amortized book and market values at the beginning and end of the
period,
b. Summary information prepared in compliance with generally accepted accounting
principles, of each pooled fund group that states the:
1. beginning book and market value for the reporting period;
2. ending book and market value for the reporting period; and
3. fully accrued interest and amortized earnings for the reporting period;
c. Classification of each separately invested asset by the type of asset (market sector);
d. The maturity date (and call date, if applicable) of each separately invested asset that has a maturity
or call date;
e. The account or fund or pooled group fund for which each individual investment was
acquired;
f. The weighted average yield and weighted average maturity of the total portfolio; and
Page 100
Item 7.
Resolution No. 2025-XX, Page 16
g. A compliance statement that the report is prepared in compliance with PROSPER’s
Investment Policy, Strategy, and the ACT.
Market values shall be calculated from market values obtained from independent sources.
Consideration will be given to GASB Statement No. 31 and reporting for GASB 31, 40 and
72 shall be completed on a timely basis.
In conjunction with its annual financial audit, the Investment Officer(s) shall
perform a compliance audit to the Policy and the ACT. The q u a r t e r l y
i n v e s t m e n t reports shall be formally reviewed at least annually by an
independent auditor, and the result of the review shall be reported to the Town Council by
that auditor.
IX. INVESTMENT STRATEGY STATEMENT
The investment portfolio shall be designed with the objective of attaining a reasonable market
yield at all times, taking into account the investment risk constraints and liquidity needs of the
Town. Yield is of lesser importance compared to the Town’s safety and liquidity objectives.
The Town shall pursue a pro-active but conservative portfolio management strategy. This may
be accomplished by creating a laddered maturity structure with some maturity extension for yield
enhancement.
PROSPER may maintain one commingled portfolio for investment purposes which incorporates
the specific uses and unique characteristics of the funds in the portfolio.
The maximum maturity of any investment shall be three (3) years and the maximum weighted
average maturity of the total portfolio will not exceed two (2) years calculated using the stated
final maturity of each security.
To minimize risk of loss due to interest rate fluctuations, investment maturities will not exceed
the anticipated cash flow requirements of the fund. Basic investment guidelines by fund-type
are as follows:
A. General, Enterprise, or Operating Funds
Operating funds shall have as their primary objective assurance that anticipated cash
outflows are matched with the adequate investment liquidity. These funds require the
greatest short -term liquidity and laddered strategy of all fund types . The
secondary objective is to create a portfolio structure that will experience minimal volatility
during changing economic cycles. Investments will be of high credit quality for
safety, available liquidity and marketability. Managing the weighted average
maturity of the portfolio to less than two years and restricting the maximum allowable
maturity to three years will minimize the price volatility of the portfolio.
Page 101
Item 7.
Resolution No. 2025-XX, Page 17
Financial institution deposit accounts, short-term investment pools and money market
mutual funds will provide daily liquidity and may be utilized as a competitive yield
alternative to fixed maturity investments.
B. Capital Project Funds and Special Purpose Funds
Capital project funds and special purpose funds shall have as their primary objective
assurance that anticipated cash outflows are matched with investment liquidity. The
portfolios shall be invested based on cash flow estimates. Most capital projects programs
have reasonably predictable draw down schedules. Therefore, investment maturities
should generally follow the anticipated planned cash flow requirements.
All investments will be of high credit quality to limit default risk. Market price fluctuations
will occur. However, by managing Capital Projects Funds to not exceed the anticipated
expenditure schedule, the market risk of the overall portfolio will be minimized. No stated
final investment maturity shall exceed the shorter of the anticipated expenditure schedule.
Funds invested for capital projects may be from bond proceeds that are subject to arbitrage
rebate regulations.
C. Debt Service Funds
Debt service funds shall have as their primary objective the assurance of investment
liquidity adequate to cover each debt service obligation on the required payment date.
Investments purchased shall not have a stated final maturity date which exceeds the debt
service payment date and successive debt service dates will be fully funded before any
extensions are made. By managing Debt Service Funds to not exceed the debt service
payment schedule the market risk of the overall portfolio will be minimized.
X. POLICY ADOPTION
The Town’s Investment Policy shall be reviewed and adopted by resolution of the Town
Council no less than annually. Any changes made to the Policy must be noted in the adopting
resolution.
Page 102
Item 7.
Resolution No. 2025-XX, Page 18
Appendix “A”
Glossary of Cash Management Terms
Accretion –The book value of securities purchased at a discount are written up on a straight-line basis
toward maturity to the par value (100). The accretion reflects earnings to the portfolio.
Accrued Interest – Interest earned, but not yet paid, on an investment based on the interest percentage.
Accrued interest must be purchased from prior owners of a security if applicable.
Active Management/Investing - A portfolio management strategy i n w h i c h investments
are made on the basis of market timing a n d market conditions and designed to increase
yield, This m e t h o d d e p e n d s partially on projected cash flows and actively monitored
market conditions for advantageous risk/return options.
Agency –See Federal Agency. An agency supported by the US Government.
Amortization –Investment accounting entry in which the book value of securities purchased at
a premium are written down on a straight-line basis to equal par at maturity. The amortization represents
an expense to the portfolio.
Arbitrage – Dealing simultaneously in two markets to take advantage of temporary price
distortions at minimal risk. Also related to IRS regulations governing tax-exempt debt proceeds.
Basis Point – A unit of measurement used in the valuation of fixed-income securities equal to
1/100 of 1 percent of yield; e.g., “1/4” of 1 percent is equal to 25 basis points.
Benchmark – An index used to compare risk and performance to a managed portfolio.
Bid – The indicated price at which a buyer is willing to purchase a security or commodity. The Town
selling the security would ask for a bid.
Book Value – The original acquisition cost of an investment plus or minus the accrued accretion
or amortization over time.
Broker – In institutional markets, a financial firm that brings securities buyers and sellers together . All
trades in the institutional markets are priced as a net yield and do not include single transaction fees.
Callable Bond – A bond issue in which all or part of its outstanding principal amount may be
redeemed before maturity by the issuer under specified conditions.
Cash Settlement – A transaction which calls for delivery and payment of securities on the same
day that the transaction is initiated.
Collateralization – Process by which a borrower pledges securities, property, or other obligations
for the purpose of securing the repayment of a loan, deposit and/or security.
Page 103
Item 7.
Resolution No. 2025-XX, Page 19
Collateralized Mortgage Obligation (CMO) – A derivative mortgage-backed security (MBS)
created from pools of home mortgage loans. A single pass-through MBS is divided into multiple
classes, each class containing unique risk profiles and security characteristics. A number of CMO
classes are expressly prohibited by Texas State law.
Commercial Paper – An unsecured short-term promissory note issued by corporations, with
maturities ranging from 1 to 270 days. Commercial paper must carry a minimum rating of A1/P1 in
order to be eligible under the Texas Public Funds Investment Act. Commercial paper with maturities
from 271 to 365 are ‘private placement’ and need not be backed by any credit or commodity.
Constant Maturity Treasury (CMT) – A calculated average released by the Federal Reserve of all
Treasury yields along a specific maturity point. This calculation is frequently used as a
benchmark for conservative government portfolios.
Coupon Rate – The annual rate of accrued interest received by an investor on certain types of fixed-
income securities. Also known as the “interest rate.”
Credit Risk – The risk to an investor that an issuer will default in the payment of interest and/or
principal on a security.
Derivative – Financial instruments whose value is derived from the movement of an underlying
index or security. Any security which is derived from a ‘bullet’ security without conditions. A
derivative security is created from, or whose value depends upon, one or more underlying assets or
indices of asset values.
Dealer – A dealer, as opposed to a broker, may act as a principal in all securities transactions, buying
and selling for their own account. The dealer may also act as a broker only matching a buyer and
seller.
Delivery Versus Payment (DVP) – A type of securities transaction in which payment for a security
is not made until delivery to the independent safekeeping agent or custodian.
Discount – The amount by which the par value of a security exceeds the price paid for the security.
Diversification – A process of investing assets among a range of investment types by sector, maturity,
and quality rating to spread risk.
Dollar Weighted Average Maturity (WAM) – The average maturity of all the investments that
comprise a portfolio weighted by the book value of each investment.
Fair Market Rate – A documented and verifiable rate of interest which approximates the average
rate which could have been earned on similar investments at the time of the transaction.
Federal Agency – A sub-division of the Federal Government with implicit credit from the US.
Federal Deposit Insurance Corporation (FDIC) – A federal agency that insures bank deposits,
Page 104
Item 7.
Resolution No. 2025-XX, Page 20
currently up to $250,000 per account. Texas Public Funds deposits that exceed this amount must
be properly collateralized.
Financial Industry Regulatory Authority (FINRA) – A self -regulatory private corporation that
focuses on regulatory oversight of all securities firms; professional training, testing and licensing
of registered persons; arbitration and mediation; market regulation by contract for the New York
Stock Exchange, the NASDAQ Stock Market, Inc., the American Stock Exchange LLC, and the
International Securities Exchange.
FIRREA – The Financial Institution Resource, Recovery and Enforcement Act used by the FDIC to
determine asset ownership in the event of an institution’s default.
Interest Rate – See “Coupon Rate.”
Internal Controls – An internal structure designed to ensure that the assets of the entity are
protected from loss, theft, or misuse. The internal control structure is designed to provide
reasonable assurance that these objectives are met.
Interlocal Cooperation Act – State law permitting joint participation by local governments
providing one or more government functions within the State. This law [Section 891.001 et seq. of
the Texas Government Code ] has allowed for the creation of investment pools in Texas.
Investment Advisers Act of 1940 – Law which requires all Investment Advisers to be registered
with the SEC in order to protect the public from fraud. Specific requirements must be met.
Investment Policy – A concise and clear statement of the objectives and parameters formulated by
an investor for a specific portfolio of investment securities. The Texas Public Funds Investment
Act requires that public entities have a written and annually approved investment policy.
Liquidity – An investment that can be easily and quickly converted to cash. Investment pools,
financial institution deposits and money market funds, which allow for same day withdrawal of cash,
are considered extremely liquid.
Local Government Investment Pool – An entity created under the Interlocal Cooperation Act to
invest public funds jointly on behalf of the entities that participate in the pool. An investment by
local governments in which their money is pooled as a method for managing local funds.
Market Risk – The risk that the value of an investment will rise or decline as a result of changes
in market conditions.
Market Value – An investment’s par amount multiplied by its market price.
Maturity – The date on which payment of a financial obligation is due. The final stated maturity is
the date on which the issuer must retire a debt and pay the face value to the debtholder.
Page 105
Item 7.
Resolution No. 2025-XX, Page 21
Money Market Mutual Fund – Mutual funds that invest in accordance with SEC regulations and
guidelines requiring a net asset value of $1 to protect that liquidity.
Mortgage-Backed Security (MBS) – Security backed by a pool of mortgages.
Net Asset Value (NAV) – The value of a mutual fund or investment pool at the end of the business
day. NAV is calculated by adding the market value of all investments in a fund or pool, deducting
expenses, and dividing by the number of shares in the fund or pool.
Offer – An indicated price at which market participants are willing to sell a security. Also referred to
as the “Ask Price.” The Town would ask for offers to buy securities.
Par Value – Face value or principal value of a bond. A security’s par value is multiplied by its
coupon rate to determine coupon payment amount.
Passive Management – Management of a portfolio which involves building a ladder of securities to meet
expected liabilities. Often based on a specific index The goal is stability not yield enhancement.
Premium – The amount by which the price paid for a security exceeds the security’s par value.
Primary Government Securities Dealer (Primary Dealer) – D esignated government securities
dealers regulated by the SEC who are required to submit daily reports of market activity
and monthly financial statements to the New York Federal Reserve Bank. Primary Dealers are
required to continually “make a market” in Treasury securities, buying or selling when asked,
thereby creating a liquid secondary market for US debt obligations.
Principal – The face value or par value of a debt instrument. Also may refer to the amount of
capital invested in a given investment.
Prudent Person Rule –An investment principle emphasizing the fiduciary responsibilities of
investor as an investor and not a speculator. The Standard of Care set by the ACT.
Repurchase Agreement (repo or RP) – An agreement of one party to sell securities at a specified
price to a second party and a simultaneous agreement of the first party to repurchase the securities at
a specified price or at a specified later date.
Reverse Repurchase Agreement (Reverse Repo) – An agreement of one party to purchase
securities at a specified price from a second party and a simultaneous agreement by the first party to
resell the securities at a specified price to the second party on demand or at a specified date.
Safekeeping/Custody – Holding of assets (e.g., securities) by a financial institution on behalf of a
client. Custody involves a higher level of fiduciary responsibility.
Total Return – The sum of all investment income plus changes in the market value of the portfolio.
For mutual funds, return on an investment is composed of share price appreciation plus any
realized dividends or capital gains. This is calculated by taking the following components during a
certain time period: (Price Appreciation) + (Dividends Paid) + (Capital Gains) = (Total Return).
Page 106
Item 7.
Resolution No. 2025-XX, Page 22
Treasury Bills – Short term U.S. government non-interest bearing, debt securities with maturities of
one year or shorter which carry the full faith and credit of the US. T -Bills are always sold at a
discount and pay at maturity. The accretion (earnings) is equal to the face value minus the
book value over time.
Treasury Notes – Intermediate U.S. government debt securities with maturities of one to 30 years.
Treasury notes, or T-notes, are generally issued in terms of 2, 3, 5, 7, 10 and 30 years. The longest
currently being issued is called the “T-Bond.” They have a fixed coupon rate and pay interest every
six months until they mature.
Volatility – A degree of fluctuation in the price or valuation of securities. A key measure of risk.
Yield – The current rate of return on an investment generally expressed as an annual percentage.
Yield-to-Call (YTC) – The rate of return an investor earns from a bond assuming the bond is
redeemed (called) prior to its nominal maturity date.
Yield Curve – A graphic representation that depicts the yields on the current Treasury
issues in the market at a given point in time. A normal yield curve may be alternatively
referred to as an upwardly sloping yield curve.
Yield-to-Maturity – The yield generated by an investment held to maturity when both interest
payments and the investor’s purchase price discount or premium are included in the calculation of
return.
Page 107
Item 7.
Resolution No. 2025-XX, Page 23
Appendix “B”
Town of Prosper Authorized Broker/Dealer List
Adopted 07/22/25
FHN Financial
Great Pacific Securities
Mischler Financial Group
Oppenheimer & Co., Inc.
Multi-Bank Securities, Inc.
RBC Capital Markets
SAMCO Capital Markets
Stifel Nicolas & Co.
Wells Fargo Securities
Page 108
Item 7.
Resolution No. 2025-XX, Page 24
Appendix “C”
Texas Government Code Chapter 2256. Public Funds Investment Act, the “ACT”
The most up to date version of the Public Funds Investment Act may be found online at:
https://statutes.capitol.texas.gov/Docs/GV/htm/GV.2256.htm
Page 109
Item 7.
Page 1 of 1
To: Mayor and Town Council
From: Chris Landrum, Finance Director
Through: Mario Canizares, Town Manager
Bob Scott, Deputy Town Manager
Re: Resolution Designating Various Individuals as Authorized Representatives
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon a resolution designating various individuals as authorized representatives
for the Town’s banking accounts.
Description of Agenda Item:
SouthState Bank has acquired Independent Financial Bank, the Town’s current depository
institution. As such, the resolution reflects SouthState Bank as the new depository. Additionally,
the Accounting Manager is being added as an authorized representative on the Town’s local
government investment pool accounts to ensure operational efficiency and appropriate coverage.
Budget Impact:
There is no budget impact.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Prosper Resolution
Town Staff Recommendation:
Town staff recommends Town Council approve the Resolution designating various individuals as
authorized representatives for the Town’s banking accounts.
Proposed Motion:
I move to approve the Resolution designating various individuals as authorized representatives
for the Town’s banking accounts.
FINANCE
Page 110
Item 8.
TOWN OF PROSPER, TEXAS RESOLUTION NO. 2025-27
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, AUTHORIZING VARIOUS INDIVIDUALS AS SIGNATORIES ON
SPECIFIC ACCOUNTS AND CERTAIN INVESTMENT MATTERS; REPEALING
RESOLUTION NO. 2024-33, ADOPTED ON OR ABOUT MAY 14, 2024; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, periodically the Town updates the list of specific individuals authorized to
perform certain financial transactions on the Town’s behalf; and
WHEREAS, it is the intent of the Town Council of the Town of Prosper, Texas, to authorize
the following individuals to be signatories and take all appropriate and necessary actions relative
to the following Town accounts.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
Town-approved signatories for current and possible future SouthState Bank accounts and
those of any other depository of the Town are hereby authorized to include the Town Manager,
Deputy Town Manager, Assistant Town Manager, Executive Director, Finance Director and
Assistant Finance Director. Presently the incumbents for each position hereby authorized are
Mario Canizares, Robert B. Scott, Charles R. Ewings, Robyn D. Battle, John C. Landrum and
Ryan Patterson respectively.
SECTION 2
The Town-approved signatories authorized to perform wire and ACH transfers include the
Town Manager, Deputy Town Manager, Assistant Town Manager, Executive Director, Finance
Director and Assistant Finance Director. Presently the incumbents for each position hereby
authorized are Mario Canizares, Robert B. Scott, Charles R. Ewings, Robyn D. Battle, John C.
Landrum and Ryan Patterson respectively.
SECTION 3
The Town-approved signatories authorized to make financial transactions for TexPool,
TexSTAR, and LOGIC local government investment pools, to include the Town Manager, Deputy
Town Manager, Assistant Town Manager, Executive Director, Finance Director, Assistant Finance
Director, and Accounting Manager. Presently the incumbents for each position hereby authorized
are Mario Canizares, Robert B. Scott, Charles R. Ewings, Robyn D. Battle, John C. Landrum,
Ryan Patterson and Marcus Northcutt respectively.
SECTION 4
The Town-approved signatories authorized to make financial transactions for current and
possible future investment accounts to include the Town Manager, Deputy Town Manager,
Assistant Town Manager, Executive Director, Finance Director and Assistant Finance Director.
Presently the incumbents for each position hereby authorized are Mario Canizares, Robert B.
Scott, Charles R. Ewings, Robyn D. Battle, John C. Landrum and Ryan Patterson respectively.
Page 111
Item 8.
Resolution No. 2025-27, Page 2
SECTION 5
Resolution No. 2024-33 approved on or about May 14, 2024, is hereby repealed in its
entirety.
SECTION 6
This Resolution shall be effective from and after its passage by the Town Council.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 22ND DAY OF JULY, 2025.
___________________________________
David F. Bristol, Mayor
ATTEST:
____________________________________
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
____________________________________
Terrence S. Welch, Town Attorney
Page 112
Item 8.
Page 1 of 2
To: Mayor and Town Council
From: Leigh Johnson, Director of Information Technology
Through: Mario Canizares, Town Manager
Bob Scott, Deputy Town Manager
Re: Annual Software Assurance
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon approving the expenditure for the annual software assurance of the Town’s
computer-aided dispatch and record management systems for Public Safety, from Integrated
Computer Systems, Inc., a sole source provider for $126,215.
Description of Agenda Item:
On or about May 26, 2009, the Town Council approved Resolution No. 09-065 to execute a service
agreement between the Town and Integrated Computer Systems, Inc., for the purpose of providing
computer-aided dispatch and record management systems, in order to provide effective and
efficient dispatch services to residents.
This contract auto-renews on October 1 of each year upon payment of the invoice. This purchase
falls within the definition of a procurement that is available from only one source (Chapter 252 of
the Local Government Code) and is exempt from competitive bidding requireme nts. Integrated
Computer Systems, Inc., is the sole manufacturer and provider of their specialized hardware and
software products.
Budget Impact:
The amount of this renewal is $126,214.89. This is a budgeted item and will be funded from
Information Technology account 11014010-56640 (IT Licenses). Subsequent annual expenditures
will be subject to appropriations granted in future fiscal years.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Annual Renewal Invoice
INFORMATION
TECHNOLOGY
Page 113
Item 9.
Page 2 of 2
Town Staff Recommendation:
Town staff recommend the Town Council approve the expenditure for the annual software
assurance of the Town’s computer-aided dispatch and record management systems for Public
Safety, from Integrated Computer Systems, Inc., a sole source provider for $126,215.
Proposed Motion:
I move to approve the expenditure for annual software assurance of the Town’s computer aided
dispatch and record management systems for Public Safety, from Integrated Computer Systems,
Inc., a sole source provider for $126,215.
Page 114
Item 9.
Integrated Computer Systems Software Assurance Program
7300 SH 121, Suite 470
McKinney, TX 75070
214-544-0022
Annual Renewal Quotation
Number:ICSQ2764
Date:Mar 8, 2024kyle@icspublicsafety.com
Bill To Contact
Town of Prosper Prosper Police Dept.Roxanna JohnsonAttn: Accounts Payable PO Box 307
Prosper, TX 75078P.O. Box 307
Prosper, TX 75078
972.569.1017
accounts_payable@prospertx.gov Roxanna_Johnson@prospertx.gov
ANNUAL SOFTWARE ASSURANCE 2024/25
Period Covered Terms Expiration Date
-Net 30 11/1/2024
Product and Description Qty SAP Price
1 11,564.89SAP-CAD: Software Assurance Program Renewal for CAD
Renewal for three (3) CAD software licenses including advanced maps, paging, ProQA,
911, and TLETS.
1 14,974.81SAP-LAW: Software Assurance Program Renewal for Law
Renewal for twenty (20) Law records licenses for arrest, incident, calls for service, and
master indexes. One (1) license for alarm maintenance and one (1) for property room.
1 30,127.93SAP-MDC: Software Assurance Program Renewal for Mobile Data Clients
Renewal for twenty-one (21) MDC software licenses with advanced mapping for police
(12), fire (8), and courts (1).
1 12,055.22SAP-INT: Software Assurance Program Renewal for Interfaces
Renewal for Gateway and Interface licenses for Emerigidata and USDD
1 2,742.84SAP-INT: Software Assurance Program Renewal for Interfaces
Renewal for Brazos interface license for handhelds
1 434.73CAD-STAT-WEB: CAD Web/Smart Phone/Tablet Status Monitor
(5) Web-based status monitor licenses for the display of resources and calls.
1 260.84SAP-INT: Software Assurance
PRO-QA Medical Interface
1 434.73SAP-CAD: Software Assurance Program Renewal for CAD
Renewal to allow the setup, test and maintenance of geofiles, running orders, units, and
other tables, for the efficient use of CAD.
:
:
Upon approval by your agency, this document will become a purchase agreement by and between LICENSEE and Integrated Computer Systems Inc., located at 7300 SH 121,
Suite 470, McKinney, Texas 75070, and is subject to all terms and conditions or user license agreements executed at an earlier date.
03/08/24 18:44:31
10/01/2024. 09/30/2025
Page 115
Item 9.
Product and Description Qty SAP Price
:
Additional purchases in 2021::
SAP for Add-on purchases Invoice ICSI2310:
1 2,864.43SAP-CAD: Software Assurance Program Renewal for CAD
Software Assurance Program Renewal for CAD (1 CAD)
1 26,476.88SAP-MDC: Software Assurance Program Renewal for Mobile Data Clients
Software Assurance Program Renewal for Mobile Data Clients (11 MDC)
1 5,908.15SAP-LAW: Software Assurance Program Renewal for Law records
Software Assurance Program Renewal for Law records (3 LAW)
:
Additional purchases in 2021::
SAP for Add-on purchases Invoice ICSI2488:
1 6,229.44SAP-MDC: Software Assurance Program Renewal for Mobile Data Clients
Software Assurance Program Renewal for Mobile Data Clients (4 MDC) and Law Licenses
(4 LAW)
:
Additional purchases in 2021::
SAP for Add-on purchases Invoice ICSI2506:
1 2,000.00SAP-LAW: Software Assurance Program Renewal for Law records
Software Assurance Program Renewal for K-9 and Drone modules
:
Additional purchases in 2021::
SAP for Add-on purchases Invoice ICSI2665:
1 5,400.00SAP-MDC: Software Assurance Program Renewal for Mobile Data Clients
Software Assurance Program Renewal for Mobile Data Clients (5 MDC) for Fire
department
:
Additional purchases in 2021::
SAP for Add-on purchases Invoice ICSI2663:
1 4,740.00SAP-MDC: Software Assurance Program Renewal for Mobile Data Clients
Software Assurance Program Renewal for Mobile Data Clients (4 MDC)
Upon approval by your agency, this document will become a purchase agreement by and between LICENSEE and Integrated Computer Systems Inc., located at 7300 SH 121,
Suite 470, McKinney, Texas 75070, and is subject to all terms and conditions or user license agreements executed at an earlier date.
03/08/24 18:44:31
Page 116
Item 9.
Product and Description Qty SAP Price
Annual Amount $126,214.89
Signature or valid purchase order number
Upon approval by your agency, this document will become a purchase agreement by and between LICENSEE and Integrated Computer Systems Inc., located at 7300 SH 121,
Suite 470, McKinney, Texas 75070, and is subject to all terms and conditions or user license agreements executed at an earlier date.
03/08/24 18:44:31
Page 117
Item 9.
Page 1 of 2
To: Mayor and Town Council
From: Terry Welch, Town Attorney
Through: Mario Canizares, Town Manager
Re: Suspending Oncor Electric Delivery Company’s Requested Rate Change
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon a resolution suspending the July 31, 2025, effective date of Oncor Electric
Delivery Company’s requested rated change to permit the Town time to study the request and to
establish reasonable rates; approving Cooperation with the Steering Committee of Cities Served
by Oncor to hire legal and consulting services and to negotiate with the company and direct any
necessary litigation and appeals; finding that the meeting at which this resolution is passed is open
to the public as required by law; and requiring notice of this resolution to the company and legal
counsel for the Steering Committee.
Description of Agenda Item:
The Town, along with 170 similarly situated cities served by Oncor Electric Delivery Company, is
a member of the Steering Committee Served by Oncor. On or about June 26, 2025, Oncor filed
with the Town of Prosper a Statement of Intent to increase electric transmission and distribution
rates effective July 31, 2025. The Town is a member of the Steering Committee of Cities Served
by Oncor (“Steering Committee”) and will cooperate with the 170 similarly situated city members
and other city participants in conducting a review of Oncor’s application and to hire and direct legal
counsel and consultants and to prepare a common response and to negotiate with Oncor and
direct any necessary litigation. In the past the Town has cooperated with the Steering Committee
and through negotiation between the Steering Committee and Oncor, rate reductions have been
achieved.
Budget Impact:
There is no budgetary impact affiliated with this item.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Resolution
TOWN ATTORNEY
Page 118
Item 10.
Page 2 of 2
Town Staff Recommendation:
The Town Attorney recommends the Town Council approve the resolution and upon adoption,
forward executed copied of the resolution to both Oncor and the attorney for the Steering
Committee.
Proposed Motion:
I move to approve a resolution suspending the July 31, 2025, effective date of Oncor Electric
Delivery Company’s requested rated change to permit the Town time to study the request and to
establish reasonable rates; approving Cooperation with the Steering Committee of Cities Served
by Oncor to hire legal and consulting services and to negotiate with the Company and direct any
necessary litigation and appeals; finding that the meeting at which this Resolution is passed is
open to the public as required by law; and requiring notice of this Resolution to the Company and
legal counsel for the Steering Committee.
Page 119
Item 10.
TOWN OF PROSPER, TEXAS RESOLUTION NO. 2025-32
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, SUSPENDING THE JULY 31, 2025, EFFECTIVE DATE OF ONCOR
ELECTRIC DELIVERY COMPANY’S REQUSTED RATE CHANGE TO PERMIT
THE TOWN TIME TO STUDY THE REQUEST AND TO ESTABLISH
REASONABLE RATES; APPROVING COOPERATION WITH THE STEERING
COMMITTEE OF CITIES SERVED BY ONCOR TO HIRE LEGAL AND
CONSULTING SERVICES AND TO NEGOTIATE WITH THE COMPANY AND
DIRECT ANY NECESSARY LITIGATION AND APPEALS; FINDING THAT THE
MEETING AT WHICH THIS RESOLUTION IS PASSED IS OPEN TO THE
PUBLIC AS REQUIRED BY LAW; REQUIRING NOTICE OF THIS
RESOLUTION TO THE COMPANY AND LEGAL COUNSEL; MAKING
FINDINGS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on or about June 26, 2025, Oncor Electric Delivery Company (“Oncor” or
“Company”), pursuant to PURA §§ 33.001 and 36.001, filed with the Town of Prosper a Statement
of Intent to increase electric transmission and distribution rates in all municipalities exercising
original jurisdiction within its service area effective July 31, 2025; and
WHEREAS, the Town of Prosper, Texas, is a member of the Steering Committee of Cities
Served by Oncor (“Steering Committee”) and will cooperate with the 170 similarly situated city
members and other city participants in conducting a review of the Company’s application and to
hire and direct legal counsel and consultants and to prepare a common response and to negotiate
with the Company and direct any necessary litigation; and
WHEREAS, PURA § 36.108 grants local regulatory authorities the right to suspend the
effective date of proposed rate changes for ninety (90) days after the date the rate change would
otherwise be effective; and
WHEREAS, PURA § 33.023 provides that costs incurred by cities in ratemaking activities
are to be reimbursed by the regulated utility.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
All of the above premises are hereby found to be true and correct legislative and factual
findings of the Town of Prosper and they are hereby approved and incorporated into the body of
this Resolution as if copied in their entirety.
SECTION 2
The Town of Prosper, Texas (“Town”), hereby makes the following findings and adopts
the following:
1. The July 31, 2025, effective date of the rate request submitted by Oncor on or
about June 26, 2025, be suspended for the maximum period allowed by law to permit adequate
time to review the proposed changes and to establish reasonable rate.
Page 120
Item 10.
Resolution 2025-32, Page 2
2. As indicated in the Town’s Resolution approving membership in the Steering
Committee, the Executive Committee of the Steering Committee is authorized to hire and direct
legal counsel and consultants, negotiate with the Company, make recommendations regarding
reasonable rates, and to intervene and direct any necessary administrative proceedings or court
litigation associated with an appeal of a rate ordinance and the rate case filed with the Town or
Public Utility Commission.
3. The Town’s reasonable rate case expenses shall be reimbursed by Oncor.
4. It is hereby officially found and determined that the meeting at which this
Resolution is passed is open to the public as required by law and the public notice of the time,
place, and purpose of said meeting was given as required.
5. A copy of this Resolution shall be sent to Oncor Electric Delivery Company, LLC,
1616 Woodall Rogers Freeway, Dallas, Texas 75202 and to Thomas Brocato, Counsel to the
Steering Committee, at Lloyd Gosselink Rochelle & Townsend, P.C., P.O. Box 1725, Austin,
Texas 78767-1725.
SECTION 3
This Resolution shall take effect immediately upon passage.
DULY PASSED, APPROVED AND ADOPTED BY THE TOWN COUNCIL OF THE
TOWN OF PROSPER, TEXAS, ON THIS 22ND DAY OF JULY, 2025.
_________________________________
David F. Bristol, Mayor
ATTEST:
__________________________________
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
___________________________________
Terrence S. Welch, Town Attorney
Page 121
Item 10.
Page 1 of 2
To: Mayor and Town Council
From: Terrence S. Welch, Town Attorney
Through: Mario Canizares, Town Manager
Doug Kowalski, Chief of Police
Re: Electric Bicycles in Parks
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon an ordinance amending the Code of Ordinances by adding a definition of
“Electric Bicycle” to Section 1.09.001, “Definitions”; amending Section 1.09.008, “Bicycle Riding
and Skating in Parks and on Bike Trails” and Subsection (5) of Section 1.09.023, “Outdoor Areas
and Facilities;” all contained in Article 1.09, “Parks and Recreation,” of Chapter 1, “General
Provisions,” to include the operation of electric bicycles.
Description of Agenda Item:
On April 8, 2025, the Town Council amended the Code of Ordinances to address electric bicycles
in its traffic regulations. In conjunction with the Police Department, it was determined that existing
ordinances addressing park operations should be similarly amended to regulate electric bicycles
on park property. Consequently, this ordinance provides for the regulation of electric bicycles in
parks and on bike trails as well as in outdoor areas and facilities. This ordinance provides another
tool for addressing the proliferation of electric bicycles in the Town. The April 2025 amendment
and this amendment are in addition to possible Penal Code violations that may be charged in the
event that criminal activity exceeds the jurisdictional levels of Class C misdemeanors that are
prosecuted in Prosper Municipal Court.
Budget Impact:
There is no budgetary impact affiliated with this item.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached Ordinance as to form
and legality.
Attached Documents:
1. Ordinance
TOWN ATTORNEY
Page 122
Item 11.
Page 2 of 2
Town Staff Recommendation:
The Town Attorney recommends that the Town Council adopt the attached Ordinance amending
the Code of Ordinances.
Proposed Motion:
I move to approve an Ordinance amending the Code of Ordinances by adding a definition of
“Electric Bicycle” to Section 1.09.001, “Definitions”; amending Section 1.09.008, “Bicycle Riding
and Skating in Parks and on Bike Trails” and Subsection (5) of Section 1.09.023, “Outdoor Areas
and Facilities;” all contained in Article 1.09, “Parks and Recreation,” of Chapter 1, “General
Provisions,” to include the operation of electric bicycles.
Page 123
Item 11.
TOWN OF PROSPER, TEXAS ORDINANCE NO. 2025-___
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, AMENDING THE CODE OF ORDINANCES BY ADDING A DEFINITION
OF “ELECTRIC BICYCLE” TO SECTION 1.09.001, “DEFINITIONS,” OF
ARTICLE 1.09, “PARKS AND RECREATION,” OF CHAPTER 1, “GENERAL
PROVISIONS”; AMENDING SECTION 1.09.008, “BICYCLE RIDING AND
SKATING IN PARKS AND ON BIKE TRAILS,” AND SUBSECTION (5) OF
SECTION 1.09.023, “OUTDOOR AREAS AND FACILITIES,” BOTH
CONTAINED IN ARTICLE 1.09, “PARKS AND RECREATION,” OF CHAPTER
1, “GENERAL PROVISIONS,” TO INCLUDE THE OPERATION OF ELECTRIC
BICYCLES; MAKING FINDINGS; PROVIDING A PENALTY FOR THE
VIOLATION OF THIS ORDINANCE; PROVIDING FOR AN EFFECTIVE DATE
OF THIS ORDINANCE; AND PROVIDING FOR THE PUBLICATION OF THE
CAPTION HEREOF.
WHEREAS, the Town of Prosper, Texas (“Town”), is a home-rule municipal corporation
duly organized under the laws of the State of Texas; and
WHEREAS, the Town has determined that electric bicycles have proliferated in the Town
and on numerous occasions electric bicycles have been used in such a manner as to seriously
damage parks and/or parkland in the Town; and
WHEREAS, it is the desire of the Town Council to define and prohibit the operation of
electric bicycles in parks, to the extent referenced in this Ordinance; and
WHEREAS, the Town Council of the Town of Prosper, Texas, has determined that it is in
the public’s best interest and in furtherance of the health, safety, morals, and general welfare of
the citizens of the Town to provide for such regulation of electric bicycles.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
All of the above premises are hereby found to be true and correct legislative and factual
findings of the Town of Prosper, and they are hereby approved and incorporated into the body of
this Ordinance as if restated herein in their entirety.
SECTION 2
From and after the effective date of this Ordinance, Section 1.09.001, “Definitions,” of
Article 1.09, “Parks and Recreation,” of Chapter 1, “General Provisions,” of the Town’s Code of
Ordinances is hereby amended by adding a definition of “Electric Bicycle,” to read as follows:
Ҥ 1.09.001. Definitions.
For the purpose of this article, the following terms, phrases, words and their derivations shall have
the meaning given below:
Page 124
Item 11.
Ordinance 2025-XX, Page 2
* * *
Electric bicycle. Any bicycle that is equipped with fully operable pedals; an electric motor of fewer
than 750 watts; and with a top assisted speed of 28 miles per hour or less. Pursuant to Chapter
664 of the Texas Transportation Code, as amended, an electric bicycle may be classified as either
a Class 1 electric bicycle, a Class 2 electric bicycle, or a Class 3 electric bicycle. A “Class 1
electric bicycle” means an electric bicycle equipped with a motor that assists the rider only when
the rider is pedaling and with a top assisted speed of 20 miles per hour or less. A “Class 2 electric
bicycle” means an electric bicycle equipped with a motor that may be used to propel the bicycle
without the pedaling of the rider and with a top assisted speed of 20 miles per hour or less. A
“Class 3 electric bicycle” means an electric bicycle equipped with a motor that assists the rider
only when the rider is pedaling and with a top assisted speed of more than 20 but less than 28
miles per hour. For purposes of this definition, “top assisted speed” means the speed at which
the bicycle’s motor ceases propelling the bicycle or assisting the rider. A label or decal on an
electric bicycle identifying it as a Class 1, Class 2 or Class 3 electric bicycle shall be prima facie
evidence of same.
* * *”
SECTION 3
From and after the effective date of this Ordinance, Section 1.09.008, “Bicycle Riding and
Skating In Parks and on Bike Trails,” of Article 1.09, “Parks and Recreation,” of Chapter 1,
“General Provisions,” of the Town’s Code of Ordinances is hereby amended to read as follows:
Ҥ 1.09.008. Bicycle and Electric Bicycle Riding and Skating in Parks and on Bike Trails.
Bicycle and electric bicycle riding and skating shall include peddled and bicycles of one, two or
more wheels, whether electric or not, push type or motorized scooters, roller skates, in-line skates,
in-shoe skates, skate boards, or any similar vehicle or apparatus. Bicycle and electric bicycle
riding and skating shall be governed by safe riding/skating practices and consideration for use of
parks by others. Where special parking provisions have been made for bicycles, parking for
electric bicycles is permissible, and parking for bicycles and electric bicycles shall be limited to
that area. Bicycle and electric bicycle riding and skating shall be prohibited in playgrounds,
flowerbeds, pedestrian-only sidewalks, open space areas of parks, tennis courts, athletic courts,
athletic fields, picnic pavilions and/or any other areas designated by the town.
* * *”
SECTION 4
From and after the effective date of this Ordinance, Subsection (5) of Section 1.09.023,
“Outdoor Areas and Facilities,” of Article 1.09, “Parks and Recreation,” of Chapter 1, “General
Provisions,” of the Town’s Code of Ordinances is hereby amended to read as follows:
Ҥ 1.09.023. Outdoor Areas and Facilities.
It shall be unlawful for any person or persons to do any of the acts specified below, except as
otherwise provided, in all outdoor areas and facilities owned, leased, or otherwise controlled by
the Town:
Page 125
Item 11.
Ordinance 2025-XX, Page 3
* * *
(5) To use in-line skates, skates, skateboards, bicycles, electric bicycles, motorized or
nonmotorized vehicles and any other type of recreational or nonrecreational product that
may destroy the surfaces of tennis courts or any other type of painted concrete or laminate
surfaces.
* * *”
SECTION 5
Any person, firm, corporation or business entity violating this Ordinance shall be deemed
guilty of a misdemeanor, and upon conviction thereof shall be fined in an amount as provided in
§ 1.01.009 of the Town of Prosper’s Code of Ordinances for each offense, and each day shall
constitute a separate offense.
SECTION 6
All provisions of any ordinance in conflict with this Ordinance are hereby repealed to the
extent they are in conflict, and any remaining portions of said ordinances shall remain in full force
and effect.
SECTION 7
This Ordinance shall become effective from and after its adoption and publication as
required by law.
DULY PASSED, APPROVED, AND ADOPTED BY THE TOWN COUNCIL OF THE
TOWN OF PROSPER, TEXAS, ON THIS 22ND DAY OF JULY, 2025.
___________________________________
David F. Bristol, Mayor
ATTEST:
____________________________________
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
_________________________________
Terrence S. Welch, Town Attorney
Page 126
Item 11.
Page 1 of 2
To: Mayor and Town Council
From: Stuart Blasingame, Fire Chief
Through: Mario Canizares, Town Manager
Re: Axene Continuing Education, Medical Control and Continuing Education
Agreement
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon a Professional Services Agreement between Axene Continuing Education
and the Town of Prosper for Medical Control and Continuing Education Services in an amount not
to exceed $99,340. (SB)
Description of Agenda Item:
This agreement is for Texas Department State Health Services mandated EMS Medical Direction
and Continuing Education Services. The agreement will commence on October 1, 2025, aligning
with the conclusion of the current agreement with Medical City of Plano on September 30, 2025.
While the parent organization is changing, the Town will retain its incumbent Medical Director.
This transition period allows adequate time to finalize and implement revised medical control
protocols, ensure distribution of all necessary materials, and put all operational components in
place prior to the October 1 start date.
Budget Impact:
The total agreement amount shall not exceed $99,340 and is budgeted in account number
13030010-56000.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. License Agreement
2. EMS Medical Direction Duties
Town Staff Recommendation:
Town Staff recommend the Town Council approve of a Professional Services Agreement between
Axene Continuing Education and the Town of Prosper for Medical Control and Continuing
Education Services in an amount not to exceed $99,340.
FIRE DEPARTMENT
Page 127
Item 12.
Page 2 of 2
Proposed Motion:
I move to approve a Professional Services Agreement between Axene Continuing Education and
the Town of Prosper for Medical Control and Continuing Education Services in an amount not to
exceed $99,340.
Page 128
Item 12.
Axene Continuing Education License Agreement – LMS Access
This Agreement is between Axene Continuing Education, LLC a Texas limited liability
company (“ACE”) and ___Prosper Fire Department_______________ (“Licensee”).
ACE owns, maintains and administers certain continuing education courses, course
materials, and accompanying documents (collectively, “Content”). This Agreement
governs the terms upon which Licensee and certain Licensee personnel can access and
use such Content.
1. Term. The Term of this Agreement is: one year. This Agreement begins on [10/1/25]
(the “Start Date”) and expires on [9/30/26] (the “End Date”).
2. License Grant. Subject to the following limitations, ACE hereby grants to Licensee a
non-exclusive, non-transferrable license to load the Content onto the Vector/Target
Solutions Learning Management System (the “LMS”) only, and to access, interact
with, and view such Content via the LMS during the Term of this Agreement.
a. Seats. This License provides 84 “Seats”. Each Seat corresponds to, and is
assigned to, one Registered User. This License only applies to Registered Users
that have been assigned to a Seat.
b. Registered User. A Registered User must be an individual employed by or
otherwise under contract to work for Licensee.
c. LMS Interaction. Upon execution of this Agreement, ACE will provide to
Licensee an electronic version of the Content, which Content Licensee may
load onto its own account on the LMS. Licensee agrees to establish a login
with administrator privileges on Licensee’s account; or provide a dedicated
point of contact with administrator privilege in order to assist with content
upload.
3. Additional Seats. Additional Seats can be obtained at a cost of $95 per Seat and
will be prorated based on the remaining amount of time left in the agreement.
4. Updates. It is anticipated that ACE will periodically prepare updates of the Content
(e.g., additional courses, etc.). Upon ACE’s sole discretion, such updates may be
added to the Content, and electronic files having such updates may be provided
to Licensee for Licensee to load on the LMS consistent with this Agreement.
Page 129
Item 12.
5. Reasonability of Content. Publicly available data and resources have been used to
develop this product. ACE has reviewed information for reasonability but does not
guarantee the information to be free from error or interpretation.
6. Auto-Renewal. Unless either party provides written notice of its intent not to renew
at least sixty (60) days prior to the end of the current Subscription Term, this
Agreement will automatically renew for successive renewal terms equal in duration
to the expiring Subscription Term. However, the total term of this Agreement,
including all renewal periods, shall not exceed five (5) years from the Effective
Date, unless otherwise agreed in writing. Renewal will be at the then-current pricing
unless otherwise agreed, and all other terms of this Agreement shall remain in effect
during any renewal term. If payment is not received within 30 days of renewal
invoice, access to content will be suspended and a reactivation fee may be
charged.
7. Termination and Breach. A multi-year Agreement can be terminated by the
Licensee in writing delivered to ACE. An early termination fee will apply, which
early termination fee will be equal to the average yearly base cost (plus additional
Seats purchased) between the Start Date and End Date. ACE can terminate this
Agreement upon ninety (90) days notice in writing delivered to Licensee. If Licensee
fails to make payments according to the terms of an Invoice or Multi-year Plan, or if
Licensee allows users to access the Content on the LMS that aren’t Registered Users
for which it has purchased Seats. ACE can terminate this Agreement thirty (30) days
after providing Licensee written notice of such failures if Licensee fails to cure the
deficiency within the thirty (30) days. In the event of termination, ACE shall be
entitled to suspend access to or disable operability of the Content.
8. Protection. Licensee is advised that the Content is protected by U.S. and
international copyright laws and may contain copyrighted material of third parties
provided under license. Unauthorized copying or disclosure of any of the Content is
strictly forbidden, and Licensee agrees to take reasonable steps to prevent such
unauthorized use, copying or disclosure.
a. Intellectual Property Indemnification. Licensee shall defend, indemnify, and
hold harmless ACE, its Affiliates and their officers, directors, agents,
employees, and other authorized users from and against any liability, claim,
action, loss, damage, or expense (including court costs and attorney's fees)
arising out of, or relating to, any unauthorized copying or disclosure of the
Content. Licensee agrees to notify ACE promptly when it is apprised of any
third-party claim and agrees to cooperate in a reasonable manner with ACE
with respect to the defense and disposition of such claim.
9. Warranties. ACE represents and warrants that:
a. ACE owns the Content, including all associated intellectual property rights, or
otherwise has the right to grant Licensee the right and license provided in this
Agreement free and clear of any liens and encumbrances; and
Page 130
Item 12.
b. ACE has used commercially reasonable efforts to ensure that the Content
contains no "computer viruses" or "time bombs" as those terms are commonly
understood in the information process industry, specifically, ACE warrants
that the Content contains no code or instructions (including any code or
instructions provided by third parties) that is designed to delete, disable,
deactivate, interfere with, or otherwise harm the deliverables or Licensee’s
hardware, data, or other programs, or that is intended to provide access or
product modifications not authorized by Licensee.
As noted above, although ACE believes it has used reasonable care in developing
the Content, ACE does not warranty the data and information used in the Content,
as it is public in nature.
Notwithstanding the above, ACE reserves the right to include features in the Content
configured to disable the usability of the Content after a period of time and/or if the
Agreement is terminated.
10. Indemnification. To the extent authorized by Texas law, each party agrees to
indemnify, hold harmless and defend the other and its affiliates, officers, directors,
agents and employees from and against any claims, damages, liabilities, expenses,
or losses (including attorneys' fees) arising from the performance or breach of this
Agreement by the indemnifying party or the acts or omissions of the indemnifying
party or its employees or agents; provided that neither party shall assume any
liability for any act or omission of the other party or its employees or agents.
11. Limitation of Liability. In no event shall ACE’s total cumulative liability to Licensee
(from all causes of action of any kind, including contract, tort or otherwise) arising
out of or related to the Services exceed the amount actually paid by Licensee to
ACE under this Agreement. If ACE is working on a multi-year engagement for
Licensee, ACE’s liability shall be limited to the amount paid for that particular time
period that gives rise to the liability.
Neither party shall be liable for consequential, incidental, indirect, punitive or
special damages (including loss of profits, data, business or goodwill), even if
advised of the likelihood of such damages occurring. Licensee's recourse with
respect to any liability or obligation of ACE hereunder shall be limited to the assets
of ACE, and Licensee shall have no recourse against, and shall bring no claim
against, any member owner or employee of the ACE or any of the assets thereof.
12. Confidentiality. During the course of this Agreement it can be anticipated that the
parties may obtain certain Confidential Information about one another. For
example, the terms of this Agreement and certain business practices of ACE can
be considered Confidential Information. Also, ACE may obtain certain Confidential
Information of Licensee including non-public or proprietary information regarding
Licensee’s business or its patients, including individually identifiable health
information. Each party agrees not to disclose such Confidential Information to
third parties or use it for itself for any purpose other than performing under this
Agreement, without the other party’s prior written approval. Except as otherwise
Page 131
Item 12.
expressly provided in this Section, ACE and Licensee hereby mutually covenant and
agree:
a. to keep the Confidential Information strictly confidential; and
b. not to disclose the Confidential Information to any third party.
Notwithstanding anything to the contrary in the Agreement, each party may
disclose the Confidential Information to any entity with which it is affiliated and in
the usual and customary operation of the party’s business, including, but not limited
to, disclosure to auditors, attorneys and any third party entities with whom the party
has an agreement requiring the third party entity to maintain the confidentiality of
such Confidential Information in a manner no less restrictive than this provision. In
addition, the foregoing confidentiality obligation shall not apply to information that
is or becomes public knowledge other than through the unauthorized disclosure by
the receiving party, nor shall it apply to information that is required to be disclosed
by law; provided, however, that the receiving party so required to disclose shall first
notify the disclosing party to enable it to seek relief from such requirement, and
render reasonable assistance requested by the disclosing party in connection
therewith. This Section and the confidentiality obligations contained herein shall
survive the expiration or earlier termination of this Agreement.
13. Independent Contractor. It is mutually understood and agreed that ACE at all times
is acting and performing as an independent contractor. Nothing in this Agreement
is intended to create an employer/employee relationship or a joint venture
relationship between the parties or either party being the agent or representative
of the other party. If using this product under the guidance of a preferred partner /
consultant, their work and liability is covered under their own coverages.
14. Governing Law. The terms and conditions of this Agreement shall be governed,
construed, interpreted and enforced in accordance with the domestic laws of the
state of Texas, excluding choice of law principles. No waiver by either party of any
right or remedy under this Agreement, or delay in the exercise thereof, will
constitute a waiver of any other right or remedy.
15. Notice. Any notice or other communication between the parties regarding the
matters contemplated by this Agreement may be sent by U.S. mail (first-class or
express mail), commercial courier or electronic mail as follows:
If to ACE:
Attn: Jason Touhy
Address: 8430 W University Drive Ste. 213
McKinney, TX 75071
email: jason.touhy@axenece.com
If to Licensee:
Attn:_________________
Address: ________________
email:_________________
Page 132
Item 12.
16. Survival. Agreement terms and rights under the Sections of this document titled
Indemnification, Limitation of Liability and Confidentiality will survive any termination
or expiration of this Agreement.
17. Use of Parties’ Names. Neither party will use the names, trademarks, service marks or
logos of the other party or any of its affiliates in any written materials, including
without limitation, press releases, advertisements, websites or other promotional
materials, without the other party’s prior written consent.
18. Entire Contract; Modification; Counterparts. The Agreement constitutes the entire
agreement between the parties with respect to its subject matter and supersedes
any prior oral or written agreements. This Agreement may be modified only by a
writing executed by both parties. No statement, representation, warranty,
covenant or agreement of any kind, including without limitation, any terms
included in or located on a website, accessed through a URL, provided as an end
user license agreement, or provided in a click-wrap, shrink-wrap or other similar
format, not expressly set forth in this Agreement shall affect, or be used to interpret,
change or restrict, the express terms and provisions of this Agreement. The
Agreement may be executed in two or more counterparts (including by means of
faxed or e-mailed signature pages), each of which will be deemed an original, and
all of which together will constitute one and the same instrument. Photocopies,
facsimile transmissions and other reproductions of this executed original (with
reproduced signatures) will be deemed original counterparts of this Agreement.
Electronic signatures and electronically transmitted documents are binding.
Page 133
Item 12.
AGREED AND ACCEPTED:
Prosper Fire Department (“Licensee”)
911 Safety Way
Prosper, TX 75078
By:
(Signature)
(Type or Print Name)
Its:
(Type or Print Title)
Date:
AXENE CONTINUING EDUCATION, LLC (“ACE”)
8430 W UNIVERSITY DR. STE 213
MCKINNEY, TX 75071
By:
(Signature)
Jason Touhy
(Type or Print Name)
Its: COO
(Type or Print Title)
Date:
This Agreement may be signed electronically, in which case signatures may appear
above or on the last page.
7/11/2025
Page 134
Item 12.
EMS Medical Direction Prosper Fire Department
Fee Structure October 1, 2025 - September 30, 2026
Medical Control: Online/Offline Functions: $73,260
- EMS Medical Control is comprised of multiple functions represented by two categories,
Online/Offline medical Control and Education/Quality assurance activities. Below is a
summary of the activities by category.
- Medical Control:
- Quarterly continuing education (Live broadcast 3-hour class)
- Monthly physician field observation/training/EMS Rideout
- Ongoing review/development of new equipment medications, practices/protocols, and
SOPs with emphasis on evidence-based practices
- QI/QA, including internal review of EMS documentation
- 24/7/365 On-line (radio and telephone support) by Dr Axene (Board Certified emergency
physician) and assistant medical directors (MD or PA)
- 24/7/365 Off-line availability of Dr Axene (or assistant medical director and or designee
in his absence) to Fire administration and field personnel to review issues/concerns.
- Requested meetings with Fire administration and field personnel to review
issues/concerns.
- Guaranteed access to the monthly cadaver lab for two paramedics (there is an additional
fee for additional attendees)
- Attendance at City Council and other City Government meetings at the request of fire
administration
- Paramedic shadowing/acute care hospital rotation to enhance assessment techniques
and practical skills
- Final Review and authorization of the paramedic intern prior to being released for field
practice
- Oversight of quarterly peer review committee meetings
- Annual protocol testing, mega code testing, and advanced airway management testing
by biennial ALS and BLS skills credentialing
Education/Quality Assurance Functions: $26,080
- In-person continuing education by EMS Educator every quarter
- Internet-based training (Axene CE) once per quarter
- Recording of monthly CE and utilizing the educational tracking platform to allow for
make-up CE for those not able to attend
- QA program:
Page 135
Item 12.
o 100% review of all transported lights and siren runs
o 10% review of all transported no lights and siren runs
o 100% review of all no transports
o Monthly protocol-specific reviews, including ACS, stroke, intubations, CPR,
trauma, and airway management
- Internship program:
o Each intern is assigned to a specific educator
o EMS educator to ride out at shift 3 and EMS medical director ride out at shift 4 or
5
o ECG testing, protocol testing, and mega code evaluation
- Monthly CA dashboards tracking various metrics to include protocol compliance, airway
management, CE hours, internship progress, hospital destination stats, and department-
wide success rates for advanced airway and IV/IO
- Access to an internet-based education platform to allow for make-up CE, quarterly
internet-based CE, and tracking of CE hours offered by Axene CE
- Access to an internet-based education platform to allow completion of AHA BLS and
ACLS, followed by a live check-off with an EMS instructor
- Quarterly field observation/training (i.e. EMS ride outs)
- Annual required infection control and anaphylaxis CE to meet government standards
- Tracking and communication of ride administration regarding CE attendance
- Direct involvement in resolution of addendum to EMS run report
- Preparation of cases for quarterly peer review Committee meetings
- Annual protocol meeting, megacode testing, and advanced airway management testing
and biennial ALS and BLS skills credentialing
Page 136
Item 12.
Pricing Methodology:
Medical Control: $73,260 (33 hrs/month at $185/hr)
- Quarterly live education: $22,200 (2 sites x 3 days, 3 hrs per day + 4 hrs of prep per
lecture = 120hrs/yr @ $185/hr )
- On-line Medical Control: $26,640 (12 hr ride out every month = 144 hrs @ 185/hr)
- Off-line Medical Control: $24,420 (One check-off per month, one FTO meeting per
month, one fire admin meeting per month, and 6 hours of QI/QA)
Education/Quality Assurance Functions: $26,080
- Quarterly in-person/Live education: $8,400 (2 sites x 3 days, 3 hrs/day + 1 hr drive time=
72hrs/yr @ $100/hr )
- Quarterly internet-based CE (Axene CE): $10,480 (84 users at $95/year + 2,500 admin
fee for integration with LMS)
- QIQA program: $7,200 (2 designated specialists to monitor and report all data at $50/hr
for total of 6 hrs/month)
Total: $99,340
Page 137
Item 12.
Page 1 of 2
To: Mayor and Town Council
From: Doug Kowalski, Chief of Police
Through: Mario Canizares, Town Manager
Re: Alarm Ordinance Amendments
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon an ordinance amending Article 4.05, “Alarm Systems”, of Chapter 4,
“Business Regulations”, of the Town’s Code of Ordinances and amending fees contained in
Section XVI, “Alarm Systems” of Appendix A, “Fee Schedule”.
Description of Agenda Item:
This item is being submitted to update our existing alarm and false alarm ordinance to align with
Texas State Law. Amendments to Town of Prosper Code of Ordinances, Article 4.05, "Alarm
Systems," include amending Subsection 4.05.001, "Definitions," by adding definitions of "Duress
Alarm" and "Panic Alarm"; amending Subsection (a) of Section 4.05.003, "Other Types of Alarms,"
to include panic and duress alarms, and amending Section 4.05.004, "Service Charges," by
revising the ordinance to be consistent with Texas Local Government Code, Chapter 214.
Budget Impact:
There is no budgetary impact affiliated with this item.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Ordinance
Town Staff Recommendation:
Town Staff recommend that the Town Council approve an ordinance amending Article 4.05,
“Alarm Systems”, of Chapter 4, “Business Regulations”, of the Town’s Code of Ordinances and
amending fees contained in Section XVI, “Alarm Systems” of Appendix A, “Fee Schedule”.
POLICE DEPARTMENT
Page 138
Item 13.
Page 2 of 2
Proposed Motion:
I move to approve an ordinance amending Article 4.05, “Alarm Systems”, of Chapter 4, “Business
Regulations”, of the Town’s Code of Ordinances and amending fees contained in Section XVI,
“Alarm Systems” of Appendix A, “Fee Schedule”.
Page 139
Item 13.
TOWN OF PROSPER, TEXAS ORDINANCE NO. 2025-XX
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PROSPER,
TEXAS, AMENDING SECTION 4.05.001, “DEFINITIONS,” OF ARTICLE 4.05,
“ALARM SYSTEMS,” OF CHAPTER 4, “BUSINESS REGULATIONS,” OF THE
CODE OF ORDINANCES OF THE TOWN OF PROSPER, TEXAS, BY ADDING
NEW DEFINITIONS OF “DURESS ALARM” AND “PANIC ALARM”;
AMENDING SUBSECTION (a) OF SECTION 4.05.003, “OTHER TYPES OF
ALARMS,” OF ARTICLE 4.05, “ALARM SYSTEMS,” OF CHAPTER 4,
“BUSINESS REGULATIONS,” OF THE CODE OF ORDINANCES OF THE
TOWN OF PROSPER, TEXAS, BY INCLUDING DURESS AND PANIC;
AMENDING SECTION 4.05.004, “SERVICE CHARGES,” OF ARTICLE 4.05,
“ALARM SYSTEMS,” OF CHAPTER 4, “BUSINESS REGULATIONS,” OF THE
CODE OF ORDINANCES OF THE TOWN OF PROSPER, TEXAS, BY REVISING
FEES TO BE CONSISTENT WITH CHAPTER 214 OF THE TEXAS LOCAL
GOVERNMENT CODE; AMENDING FEES CONTAINED IN SECTION XVI,
“ALARM SYSTEMS,” OF APPENDIX A, “FEE SCHEDULE,” TO THE TOWN’S
CODE OF ORDINANCES; PROVIDING A PENALTY; PROVIDING FOR THE
REPEAL OF CONFLICTING ORDINANCES; PROVIDING A SEVERABILITY
CLAUSE; PROVIDING FOR PUBLICATION; AND PROVIDING FOR AN
EFFECTIVE DATE
WHEREAS, the Town of Prosper, Texas (the “Town”), is a home-rule municipality
possessing the full power of local self-government pursuant to Article 11, Section 5 of the Texas
Constitution, Section 51.072 of Texas Local Government Code and its Home Rule Charter; and
WHEREAS, the Town Council possesses, pursuant to Subchapter F-1 of Chapter 214 of
the Texas Local Government Code, as amended, the authority to regulate and permit burglar
alarm systems in the Town; and
WHEREAS, in 2011, the Town Council adopted an ordinance, after providing notice and
holding hearings as required under Chapter 214, regarding alarm systems whereby an alarm at
a location without a permit would not be responded to by the Town; and
WHEREAS, the Town Council hereby finds that there has been and continues to be a
large number of false alarms within the Town; and
WHEREAS, false alarms are a financial burden on all the citizens and a drain of Town
resources; and
WHEREAS, the Town Council desires to amend its alarm system ordinance to be
consistent with state law and further determines that the following amendments to the Town’s
regulation of alarm systems is in the best interest of the health, safety and welfare of the citizens
of the Town.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
All of the above premises are found to be true and correct and are incorporated into the
body of this Ordinance as if copied in their entirety.
Page 140
Item 13.
Ordinance No. 2025-___, Page 2
SECTION 2
From and after the effective date of this Ordinance, Section 4.05.001, “Definitions,” of
Article 4.05, “Alarm Systems,” of Chapter 4, “Business Regulations,” of the Code of Ordinances
of the Town of Prosper is hereby amended to read as follows:
“Sec. 4.05.001. Definitions.
The following definitions shall apply in the interpretation and enforcement of this article and shall
have the meanings ascribed to them in this section, except where the context clearly indicates a
different meaning:
* * *
Duress alarm means a silent alarm system signal generated by the entry of a designated code
into an arming station in order to signal that the alarm user is being forced to turn off the system
and requires law enforcement response.
* * *
Panic alarm means an audible alarm generated by the deliberate activation of a panic device.
* * *”
SECTION 3
From and after the effective date of this Ordinance, Article 4.05, “Alarm Systems,” of
Chapter 4, “Business Regulations,” of the Code of Ordinances of the Town of Prosper is hereby
amended by amending subsection (a) of Section 4.05.003, “Other Types of Alarms,” to read as
follows:
“Sec. 4.05.003. Other Types of Alarms.
(a) A person shall not install or maintain an alarm system except for the purpose of eliciting
responses to burglaries, robberies, panic/distress, fires or medical emergencies unless
specifically authorized by the Director.
* * *”
SECTION 4
From and after the effective date of this Ordinance, Article 4.05, “Alarm Systems,” of
Chapter 4, “Business Regulations,” of the Code of Ordinances of the Town of Prosper is hereby
amended by amending Section 4.05.004, “Service Charges,” to read as follows:
“Sec. 4.05.004. Service Charges.
(a) If, within a 12-month permit period, six or more burglar false alarm notifications are emitted
from an alarm site, the Director shall revoke or refuse to renew the permit of the alarm
site.
Page 141
Item 13.
Ordinance No. 2025-___, Page 3
(b) The Director shall assess the permit holder a fee for each robbery false alarm notification
emitted from the alarm site. W ithin a 12-month permit period, the fee for each robbery
false alarm after three robbery false alarms shall be as specified in Appendix A.
(c) The Director shall assess the permit holder a fee for each panic/duress false alarm
notification emitted from the alarm site. W ithin a 12-month permit period, the fee for each
panic/duress false alarm after three panic/duress false alarms shall be as specified in
Appendix A.
(d) The Director shall assess the permit holder a fee for each fire/medical false alarm
notification emitted from the alarm site. W ithin a 12-month permit period, the fee for each
fire/medical false alarm after three fire/medical false alarms shall be as specified in
Appendix A.
(e) A permit holder shall pay a fee assessed under this section within 30 days after receipt of
notice that it has been assessed.
(f) A permit holder will be exempt from any fee charged for a false alarm notification which is
later shown to have been, in the Director’s sole determination, justified or which was due
to a natural or manmade catastrophe or other situation specifically exempted by the
Director.”
SECTION 5
From and after the effective date of this Ordinance, existing Section XVI, “Alarm Systems,”
of Appendix A, “Fee Schedule,” to the Town’s Code of Ordinances is hereby repealed in its
entirety and replaced with a new Section XVI, “Alarm Systems,” to read as follows:
“Sec. XVI. Alarm Systems.
(a) Annual, permit or renewal fee (nonrefundable).
(1) Private residence: Fifty dollars ($50.00).
(2) Business: One hundred dollars ($100.00).
(b) False alarms service charge (preceding 12 month period).
(1) Fee for each false burglar alarm:
(a) More than three but fewer than six: $50.00.
(b) More than five but fewer than eight: $75.00.
(c) Eight or more: $100.00.
(2) Each false robbery/panic/duress alarm service charge.
(a) More than three but fewer than eight: $75.00.
(b) Eight or more: $100.00.
Page 142
Item 13.
Ordinance No. 2025-___, Page 4
* * *”
SECTION 6
All provisions of any ordinance in conflict with this Ordinance are hereby repealed to the
extent they are in conflict. Any remaining portion of conflicting ordinances shall remain in full force
and effect.
SECTION 7
If any section, subsection, sentence, clause or phrase of this Ordinance is for any reason,
held to be unconstitutional or invalid by a court of competent jurisdiction, such decision shall not
affect the validity of the remaining portions of this Ordinance. The Town of Prosper hereby
declares that it would have passed this Ordinance, and each section, subsection, clause or phrase
thereof, irrespective of the fact that any one or more sections, subsections, sentences, clauses,
and phrases be declared unconstitutional.
SECTION 8
Any person, firm, corporation or business entity violating this Ordinance shall be deemed
guilty of a misdemeanor, and upon conviction thereof shall be subject to a fine not to exceed the
sum of Five Hundred Dollars ($500.00), and each and every day such violation shall continue
shall constitute a separate offense.
SECTION 9
This Ordinance shall become effective after its passage and publication.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS THE 22ND DAY OF JULY, 2025.
APPROVED:
___________________________________
David F. Bristol, Mayor
ATTEST:
_____________________________________
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
_____________________________________
Terrence S. Welch, Town Attorney
Page 143
Item 13.
Page 1 of 3
To: Mayor and Town Council
From: Hulon T. Webb, Jr., P.E., Director of Engineering Services
Through: Mario Canizares, Town Manager
Chuck Ewings, Assistant Town Manager
Re: School Zone Ordinance Amendment
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 4. Provide Excellent Municipal Services
Agenda Item:
Consider and act upon an ordinance amending Section 12.09.004 "School Traffic Zones" of
Chapter 12 "Traffic and Vehicles" of the Town's Code of Ordinances by modifying the limits and
hours of operation of such zones.
Description of Agenda Item:
For the upcoming 2025-2026 school year, the Prosper Independent School District (PISD) will
open its nineteenth elementary (Thomson), sixth middle school (Moseley) and fourth high school
(Richland). The PISD recently announced new start and end times for all elementary, middle and
high schools for the 2025-2026 school year as shown below. The Denton Independent School
District (DISD) is changing the end times for Cheek Middle School, located on Denton Way just
east of FM 1385 as shown below.
Elementary School Hours – PISD Start End
Current 7:42 AM 3:00 PM
New 7:50 AM 3:10 PM
Middle School Hours – PISD Start End
Current 8:15 AM 3:30 PM
New 8:20 AM 3:40 PM
High School Hours – PISD Start End
Current 8:45 AM 4:10 PM
New 8:50 AM 4:15 PM
Cheek Middle School Hours – DISD Start End
Current 8:15 AM 3:35 PM
New 8:15 AM 3:45 PM
ENGINEERING
SERVICES
Page 144
Item 14.
Page 2 of 3
Typical hours of operation for school zones are from approximately 30 minutes before to
approximately 15 minutes after the start of school and from approximately 15 minutes before to
approximately 30 minutes after the end of school. The change this year will require the Town to
revise the hours of operation for school zones associated with all PISD campuses, and DISD
Cheek Middle School as follows:
Elementary School Hours – PISD (Current) School Zone Hours
7:42 AM to 3:00 PM 7:15 AM to 8:00 AM
2:45 PM to 3:30 PM
Elementary School Hours – PISD (New) School Zone Hours
7:50 AM to 3:10 PM 7:20 AM to 8:05 AM
2:55 PM to 3:40 PM
Middle School Hours – PISD (Current) School Zone Hours
8:15 AM to 3:30 PM 7:45 AM to 8:30 AM
3:15 PM to 4:00 PM
Middle School Hours – PISD (New) School Zone Hours
8:20 AM to 3:40 PM 7:50 AM to 8:35 AM
3:25 PM to 4:10 PM
High School Hours – PISD (Current) School Zone Hours
8:45 AM to 4:10 PM 8:15 AM to 9:00 AM
3:55 PM to 4:40 PM
High School Hours – PISD (New) School Zone Hours
8:50 AM to 4:15 PM 8:20 AM to 9:05 AM
4:00 PM to 4:45 PM
Cheek Middle School Hours – DISD (Current) School Zone Hours
8:15 AM to 3:35 PM 7:45 AM to 8:30 AM
3:20 PM to 4:05 PM
Cheek Middle School Hours – DISD (New) School Zone Hours
8:15 AM to 3:45 PM 7:45 AM to 8:30 AM
3:30 PM to 4:15 PM
Previously approved deviations from the typical hours of operation include the following:
Rushing Middle School – PISD (August 25, 2020): – Town Council approved extending the
morning and afternoon school zone time along First Street for Rushing Middle School to start
at the same time as the start of the morning and afternoon school zone hours for Stuber
Elementary. This allows the school zone flashers along First Street to be active when the
Stuber Elementary School students are crossing at First Street and Chaucer Drive. The PISD
has a crossing guard placed at this intersection.
Folsom Elementary School – PISD (July 23, 2019): – Town Council approved extending the
afternoon school zone time along La Cima Boulevard at Amistad Drive to end 70 minutes after
Folsom Elementary ends to allow students walking home from Rogers Middle School
additional time to cross La Cima Boulevard. This corresponds to the July 25, 2017, approved
deviation along La Cima Boulevard at Arrowhead Drive.
Folsom Elementary School – PISD (July 25, 2017): – Town Council approved extending the
afternoon school zone time on La Cima Boulevard at Arrowhead to end 70 minutes after
Folsom Elementary ends to allow students walking home from Rogers Middle School
additional time to cross La Cima Boulevard.
Rogers Middle School – PISD (December 9, 2014): – Town Council approved extending the
morning school zone time for Rogers Middle School to start 45 minutes before school due to
the significant volume of early pedestrian traffic.
Page 145
Item 14.
Page 3 of 3
Budget Impact:
The cost for the replacement of the school zone time placards is approximately $2,600 and will be
funded by Account Number 15050010-54300 (Public Works Streets - Signs and Hardware), and
installed by the Public Works Department.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has reviewed the ordinance as to form and legality.
Attached Documents:
1. Ordinance
Town Staff Recommendation:
Town staff recommends that the Town Council approve an ordinance amending Section 12.09.004
"School Traffic Zones" of Chapter 12 "Traffic and Vehicles" of the Town's Code of Ordinances by
modifying the limits and hours of operation of such zone.
Proposed Motion:
I move to approve an ordinance amending Section 12.09.004 "School Traffic Zones" of Chapter
12 "Traffic and Vehicles" of the Town's Code of Ordinances by modifying the limits and hours of
operation of such zones.
Page 146
Item 14.
TOWN OF PROSPER, TEXAS ORDINANCE NO. 2025 - ___
AN ORDINANCE OF THE TOWN OF PROSPER, TEXAS, AMENDING
SECTION 12.09.004, “SCHOOL TRAFFIC ZONES,” OF CHAPTER 12,
“TRAFFIC AND VEHICLES,” OF THE CODE OF ORDINANCES OF THE
TOWN OF PROSPER BY MODIFYING THE LIMITS ON WHICH SCHOOL
ZONES ARE ESTABLISHED; MODIFYING THE HOURS OF OPERATION OF
SUCH ZONES; PROVIDING FOR REPEALING, SAVINGS AND
SEVERABILITY CLAUSES; PROVIDING FOR A PENALTY FOR THE
VIOLATION OF THIS ORDINANCE; PROVIDING FOR AN EFFECTIVE DATE
OF THIS ORDINANCE; AND PROVIDING FOR THE PUBLICATION OF THE
CAPTION HEREOF.
WHEREAS, the Town of Prosper, Texas (“Town”), is a home-rule municipal corporation
duly organized under the laws of the State of Texas; and
WHEREAS, Section 541.302 of the Texas Transportation Code defines a "school crossing
zone" as a reduced-speed zone designated on a street by a local authority to facilitate safe
crossing of the street by children going to or leaving a public or private elementary or secondary
school during the time the reduced speed limit applies; and
WHEREAS, Section 545.356 of the Texas Transportation Code provides that the
governing body of a municipality may alter prima facie speed limits by ordinance based on the
results of an engineering and traffic investigation; and
WHEREAS, the Town Council has investigated and finds that it is necessary for the
protection and safety of children going to and leaving public elementary and secondary schools
within Prosper to amend Section 12.09.004, "School Traffic Zones," of the Code of Ordinances to
modify the reduced speed school zones on certain public streets as set forth herein.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, THAT:
SECTION 1
The findings set forth above are incorporated into the body of this Ordinance as if fully set
forth herein.
SECTION 2
Existing Section 12.09.004, “School Traffic Zones,” of Chapter 12, “Traffic and Vehicles,”
of the Code of Ordinances of the Town of Prosper, Texas, is hereby amended by modifying the
limits on which school zones are established, and the hours of operation of such zones, to read
as follows:
Page 147
Item 14.
Ordinance No. 2025-__, Page 2
Street Name Limits Hours of
Operation
Speed
Limit
Bryant Elementary School
Falling Leaves Drive From 200 feet north of Ironwood Drive
to Ironwood Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Freeman Way From 200 feet west of Goldenrod Lane
to Teel Parkway
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Goldenrod Lane From 200 feet south of Freeman Way
to Ironwood Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Ironwood Drive From 200 feet west of Goldenrod Lane
to Teel Parkway
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Old Rosebud Lane From 200 feet west of Goldenrod Lane
to Goldenrod Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Rock Springs Drive From 200 feet north of Ironwood Drive
to Ironwood Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Seven Oaks Drive From 220 feet south of Freeman Way
to Freeman Way
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Teel Parkway From 300 feet north of Ironwood Drive
to 300 feet south of Freeman Way
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Cockrell Elementary School
Cliff Creek Drive From 130 feet southwest of PISD school property
to Evergreen Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Escalante Trail From Whitley Place Drive
to Prosper Trail
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Evergreen Drive From 130 feet southwest of Orchard Grove Drive
to Cliff Creek Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Fisher Road From Escalante Drive
to 205 feet east of Escalante Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Mesa Drive From Escalante Drive
to 200 feet east of Escalante Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Orchard Grove Drive From Evergreen Drive
to Escalante Trail
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Prosper Trail From 750 feet west of Escalante Trail
to 300 feet east of Escalante Trail
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Red Wing Drive From Escalante Drive
to 215 feet east of Escalante Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Whitley Place Drive From 150 feet southwest of Escalante Trail
to 150 feet northeast of Escalante Trail
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Page 148
Item 14.
Ordinance No. 2025-__, Page 3
Folsom Elementary School
Amistad Drive From La Cima Boulevard
to 100 feet northwest of La Cima Boulevard
7:20 AM to 8:00 AM
2:55 PM to 4:20 PM 20
Amistad Drive From La Cima Boulevard
to 190 feet southeast of La Cima Boulevard
7:20 AM to 8:00 AM
2:55 PM to 4:20 PM 20
Arrowhead Drive From La Cima Boulevard
to 120 feet southeast of La Cima Boulevard
7:20 AM to 8:00 AM
2:55 PM to 4:20 PM 20
Arrowhead Drive From 270 feet northwest of Sommerville Drive
to Sommerville Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Buffalo Springs Drive From 200 feet north of Cedar Lake Drive
to 185 feet south of Cedar Lake Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Calaveras Court From 260 feet northwest of Sommerville Drive
to Sommerville Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Cedar Lake Drive From 135 feet west of Buffalo Springs Drive
to White River Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
La Cima Boulevard From 255 feet southwest of Amistad Drive
to 260 feet northeast of Amistad Drive
7:20 AM to 8:00 AM
2:55 PM to 4:20 PM 20
La Cima Boulevard From 300 feet southwest of Arrowhead Drive
to 300 feet northeast of Arrowhead Drive
7:20 AM to 8:00 AM
2:55 PM to 4:20 PM 20
Livingston Drive From 180 feet northwest of Salada Drive
to Twin Buttes Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Monticello Drive From 130 feet northwest of La Cima
Boulevard to La Cima Boulevard
7:20 AM to 8:00 AM
2:55 PM to 4:20 PM 20
Salada Drive From Livingston Drive
to 175 feet northeast of Livingston Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Sommerville Drive From White River Drive
to Livingston Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Texana Drive From Livingston Drive
to 180 feet northeast of Livingston Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Twin Buttes Drive From Livingston Drive
to 170 feet northeast of Livingston Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
White River Drive From 190 feet south of Cedar Lake Drive
to 280 feet north of Sommerville Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Hall Elementary School
Big Sky Drive From Edgewood Lane
to 130 feet west of Edgewood Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Edgewood Lane From Kessler Drive
to 130 feet south of Big Sky Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Gentle Knoll Lane From Star Meadow Drive
to 200 feet north of Star Meadow Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Glendover Drive From Kessler Drive
to 240 feet south of Kessler Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Kessler Drive From Star Trail Parkway
to Edgewood Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Legacy Drive From 300 feet north of Star Meadow Drive
to 850 feet south of Star Meadow Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Page 149
Item 14.
Ordinance No. 2025-__, Page 4
Star Meadow Drive From Legacy Drive
to 200 feet east of Gentle Knoll Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Star Trail Parkway From 200 feet northeast of Kessler Drive
to 200 feet southwest of Kessler Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Rucker Elementary School
Craig Road From 100 feet north of Preston Road
to 100 feet south of First Street
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Stuber Elementary School
Clearwater Drive From 210 feet west of Village Park Lane
to Village Park Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
First Street From 300 feet west of Village Park Lane
to 610 feet east of Village Park Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Highland Street From 160 feet west of Village Park Lane
to Village Park Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Shadow Ridge Drive From 215 feet west of Village Park Lane
to Village Park Lane
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Village Park Lane From First Street
to Highland Street
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Zilker Parkway From 160 south of Highland Street
to Highland Street
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Thomson Elementary School
Bancroft Drive From 200 feet west of Beverly Drive
to 100 east of Binkley Avenue
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Beverly Drive From 200 feet south of Bancroft Drive
to Bancroft Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Binkley Avenue From 200 feet south of Bancroft Drive
to Bancroft Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Fairmont Drive From 200 feet south of Bancroft Drive
to Bancroft Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Shawnee Trail From 300 feet north of Bancroft Drive
to 1,000 feet north of Bancroft Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Windsong Elementary School
Copper Canyon Drive From 115 feet south of Marigold Lane
to First Street
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
First Street From 300 feet west of Redstem Drive
to 300 feet east of Copper Canyon Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
First Street From 260 feet west of Windsong Parkway
to 220 feet east of Windsong Parkway
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Lantana Lane From 200 feet east of Copper Canyon Drive
to Copper Canyon Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Marigold Lane From 145 feet west of Redstem Drive
to 135 feet east of Copper Canyon Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Paddock Lane From 265 feet west of Redstem Drive
to Redstem Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Page 150
Item 14.
Ordinance No. 2025-__, Page 5
Pine Leaf Lane From 265 feet east of Copper Canyon Drive
to Copper Canyon Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Porosa Lane From 200 feet west of Redstem Drive
to Redstem Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Prairie Clover Lane From 265 feet east of Copper Canyon Drive
to Copper Canyon Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Redstem Drive From 125 feet south of Marigold Lane
to First Street
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Sweet Clover Drive From 265 feet east of Copper Canyon Drive
to Copper Canyon Drive
7:20 AM to 8:05 AM
2:55 PM to 3:40 PM 20
Cheek Middle School
Denton Way From 1,500 east of FM 1385
to 1,850 north of Gee Road
7:45 AM to 8:30 AM
3:30 PM to 4:15 PM 20
Moseley Middle School
Avocet Lane From 225 feet west of Eider Road
to Teel Parkway
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Chickadee Street From 200 feet south of Avocet Lane
to Avocet Lane
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Crescent Lane From 200 feet south of Avocet Lane
to Avocet Lane
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Eider Road From Parvin Road
to Avocet Lane
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Kestrel Street From 200 feet west of Eider Road
to Eider Road
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Lupine Road From 200 feet south of Avocet Lane
to Avocet Lane
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Manfreda Street From 200 feet south of Avocet Lane
to Avocet Lane
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Parvin Road From 300 feet west of Eider Road
to 525 feet west of Teel Parkway
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Raftel Road From 200 feet south of Avocet Lane
to Avocet Lane
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Teel Parkway From Parvin Road
to 300 feet south of Avocet Lane
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Reynolds Middle School
Church Street From 30 feet north of Eighth Street
to PISD school property
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Coleman Street From 160 feet north of Gorgeous Drive
to 60 feet south of Wilson Drive
7:50 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Page 151
Item 14.
Ordinance No. 2025-__, Page 6
Rogers Middle School
Coit Road From 300 feet south of Richland Boulevard
to 1,150 feet north of Richland Boulevard
7:35 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Richland Boulevard From 300 feet west of Coit Road
to 1,150 feet east of Coit Road
7:35 AM to 8:35 AM
3:25 PM to 4:10 PM 20
Rushing Middle School
Chaucer Drive From First Street
to Clearwater Drive
7:20 AM to 8:35 AM
2:55 PM to 4:10 PM 20
Clearwater Drive From 300 feet east of Chaucer Drive
to Grove Vale Drive
7:20 AM to 8:35 AM
2:55 PM to 4:10 PM 20
First Street From 300 feet west of Chaucer Drive
to 190 feet west of Winsor Dr.
7:20 AM to 8:35 AM
2:55 PM to 4:10 PM 20
Grove Vale Drive From 30 feet south of Clearwater Drive
to Clearwater Drive
7:20 AM to 8:35 AM
2:55 PM to 4:10 PM 20
Prosper High School
Coleman Street From 110 feet east of Talon Lane
to 1,900 feet east of Talon Lane
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Frontier Parkway From 3,930 feet west of SH 289 (Preston Road)
to 3,305 feet west of SH 289 (Preston Road)
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Prince William Lane From Coleman Street
to 100 feet south of Coleman Street
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Richland High School
First Street From 300 feet west of Artesia Boulevard
to 300 feet east of Artesia Boulevard
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Pine Leaf Lane From 200 feet west of Teel Parkway
to Teel Parkway
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Prairie Drive From 450 feet east of Teel Parkway
to 3,125 feet east of Teel Parkway
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Teel Parkway From 300 feet south of Prairie Drive
to 300 feet north of Pine Leaf Lane
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
White Clover Lane From 200 feet west of Teel Parkway
to Teel Parkway
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Walnut Grove High School
First Street From 1,300 west of Granite Shoal Drive
to 300 feet east of Wildcat Way
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Granite Shoal Drive From First Street
to 200 feet north of First Street
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Wildcat Way From 200 feet north of First Street
to south end of roadway
8:20 AM to 9:05 AM
4:00 PM to 4:45 PM 20
Page 152
Item 14.
Ordinance No. 2025-__, Page 7
SECTION 3
All provisions of any ordinance in conflict with this Ordinance are hereby repealed to the
extent they are in conflict; but such repeal shall not abate any pending prosecution for violation of
the repealed ordinance, nor shall the repeal prevent a prosecution from being commenced for
any violation if occurring prior to the repeal of the ordinance. Any remaining portion of conflicting
ordinances shall remain in full force and effect.
SECTION 4
If any section, subsection, sentence, clause or phrase of this Ordinance is for any reason,
held to be unconstitutional or invalid by a court of competent jurisdiction, such decision shall not
affect the validity of the remaining portions of this Ordinance. The Town of Prosper hereby
declares that it would have passed this Ordinance, and each section, subsection, clause or phrase
thereof, irrespective of the fact that any one or more sections, subsections, sentences, clauses,
and phrases be declared unconstitutional.
SECTION 5
Any person, firm or corporation violating any of the provisions or terms of this Ordinance
shall be deemed guilty of a misdemeanor and, upon conviction, shall be punished by fine not to
exceed the sum of five hundred dollars ($500.00) for each offense.
SECTION 6
This Ordinance shall become effective after its passage and publication, as required by
law.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 22ND DAY OF JULY, 2025.
APPROVED:
___________________________________
David F. Bristol, Mayor
ATTEST:
____________________________________
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
_____________________________________
Terrence S. Welch, Town Attorney
Page 153
Item 14.
Page 1 of 2
To: Mayor and Town Council
From: Chuck Ewings, Assistant Town Manager
Through: Mario Canizares, Town Manager
Re: Joint Resolution Critical TxDOT Infrastructure Projects
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 1. Acceleration of Infrastructure
Agenda Item:
Consider and act upon a Joint Resolution with Aubrey, Celina, Pilot Point, Providence Village and
Prosper urging the Texas Department of Transportation to expedite funding for critical
infrastructure projects.
Description of Agenda Item:
The City of Aubrey is requesting several jurisdictions, including the Town of Prosper, approve a
joint resolution urging the Texas Department of Transportation (TxDOT) to expedite funding for
expansion projects for FM 1385, FM 2931, and US 377. These roadways are experiencing severe
congestion and funding is not anticipated to be available for construction until 2030 at the earliest.
These projects are currently in design and could conceivably be ready for construction prior to
2030. Since congestion is expected to only worsen, the joint resolution asks TxDOT to consider
advancing these projects sooner.
Budget Impact:
There are no budgetary impacts affiliated with this item.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved as to form and legality.
Attached Documents:
1. Joint Resolution
Town Staff Recommendation:
Town Staff recommend that the Town Council approve the Joint Resolution as proposed.
ADMINISTRATION
Page 154
Item 15.
Page 2 of 2
Proposed Motion:
I move to approve a Joint Resolution with Aubrey, Celina, Pilot Point, Providence Village and
Prosper urging the Texas Department of Transportation to expedite funding for critical
infrastructure projects.
Page 155
Item 15.
TOWN OF PROSPER, TEXAS RESOLUTION 2025-XX
A JOINT RESOLUTION OF THE CITY AND TOWN COUNCILS OF THE CITIES
OF AUBREY, CELINA, PILOT POINT, AND THE TOWNS OF PROVIDENCE
VILLAGE AND PROSPER URGING THE TEXAS DEPARTMENT OF
TRANSPORTATION AND STATE LEADERS TO EXPEDITE FUNDING FOR
CRITICAL TRANSPORTATION PROJECTS.
WHEREAS, the Cities of Aubrey, Celina, Pilot Point, and the Towns of Providence Village
and Prosper are among the fastest-growing communities in North Texas, experiencing rapid
residential and commercial development that is placing extraordinary demand on local and
regional transportation infrastructure; and
WHEREAS, Farm-to-Market Roads 1385 and 2931, and U.S. Highway 377 are essential
transportation corridors that serve the commuting, educational, commercial, and emergency
response needs of our collective populations; and
WHEREAS, existing roadway conditions along these corridors—originally designed to
accommodate rural traffic volumes—have become increasingly unsafe and inefficient due to high
congestion, extended delays, and hazardous traffic conditions; and
WHEREAS, the Texas Department of Transportation (TxDOT) is actively advancing
improvement projects for:
FM 1385 (Phases 1–3), to widen the roadway from a 2-lane rural section to a 6-lane urban
facility;
FM 2931, to widen from a 2-lane rural section to a 6-lane urban arterial (interim 4 lanes);
and
U.S. 377 North, to reconstruct and widen the existing facility to a 6-lane divided urban
arterial with raised median; and
WHEREAS, each of these projects has received environmental clearance and is
progressing through the design, engineering, and right-of-way acquisition phases; however, all
remain unfunded for construction and have “ready to let” dates set far into the future—some
extending to the year 2030—due to the lack of construction funding; and
WHEREAS, the continued deferral of construction funding threatens the safety, mobility,
and economic vitality of the region, and demands urgent action to prevent further deterioration of
traffic conditions.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCILS OF THE CITIES OF
AUBREY, CELINA, PILOT POINT, AND THE TOWN COUNCILS OF PROVIDENCE VILLAGE
AND PROSPER, TEXAS THAT:
SECTION 1
The governing bodies hereby express their joint and unified support for the immediate
prioritization and expedited funding of the FM 1385, FM 2931, and U.S. 377 improvement
projects.
SECTION 2
The governing bodies respectfully urge the Texas Department of Transportation, the
Texas Transportation Commission, and State Representative Leaders to work
Page 156
Item 15.
Resolution 2025-XX, Page 2
collaboratively to accelerate the construction timelines for these essential regional transportation
improvements.
SECTION 3
The governing bodies affirm that these transportation projects are of critical regional
importance and represent a top priority for our communities. We remain committed to working
collaboratively to raise public awareness, support planning efforts, and ensure that the
urgency of these improvements is clearly communicated to state decision-makers and the
broader public.
SECTION 4
A copy of this Resolution will be forwarded to the Texas Department of Transportation, the
Texas Transportation Commission, and Legislative Representatives, along with supporting
documentation summarizing the scope and status of the referenced projects.
SECTION 5
This Resolution shall be effective from and after its passage by the Town Council.
DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, ON THIS 22ND DAY OF JULY, 2025.
______________________________
David F. Bristol, Mayor
ATTEST:
__________________________________
Michelle Lewis Sirianni, Town Secretary
APPROVED AS TO FORM AND LEGALITY:
___________________________________
Terrence S. Welch, Town Attorney
Page 157
Item 15.
Resolution 2025-XX, Page 3
CITY OF AUBREY RESOLUTION NO. _________
PASSED AND APPROVED by the City Council of the City of Aubrey this _____ day of
__________, 2025.
APPROVED:
_________________________
Chris Rich, Mayor
ATTEST:
__________________________
Jenny Hicks, City Secretary
Page 158
Item 15.
Resolution 2025-XX, Page 4
CITY OF CELINA RESOLUTION NO. _________
PASSED AND APPROVED by the City Council of the City of Celina this _____ day of
__________, 2025.
APPROVED:
_________________________
Ryan Tubbs, Mayor
ATTEST:
__________________________
Ashley Owens, City Secretary
Page 159
Item 15.
Resolution 2025-XX, Page 5
CITY OF PILOT POINT RESOLUTION NO. _________
PASSED AND APPROVED by the City Council of the City of Pilot Point this _____ day of
__________, 2025.
APPROVED:
_________________________
Chad Major, Mayor
ATTEST:
__________________________
Lenette Cox, City Secretary
Page 160
Item 15.
Resolution 2025-XX, Page 6
TOWN OF PROVIDENCE VILLAGE RESOLUTION NO. _________
PASSED AND APPROVED by the Town Council of the Town of Providence Village this _____
day of ________, 2025.
APPROVED:
_________________________
Linda Inman, Mayor
ATTEST:
__________________________
Hilary McConnell, City Secretary
Page 161
Item 15.
Page 1 of 2
To: Mayor and Town Council
From: Bob Scott, Deputy Town Manager & Chris Landrum, Finance Director
Through: Mario Canizares, Town Manager
Re: Bond Committee Recommendation for a November Bond Election
Town Council Meeting –July 22, 2025
Strategic Visioning Priority: 1. Acceleration of Infrastructure
4. Provide Excellent Municipal Services
Agenda Item:
Receive and discuss the Bond Committee recommendation for a November 4, 2025, Bond
Election.
Description of Agenda Item:
On September 24, 2024, the Town Council appointed ten Prosper residents and three Council
Members to work with Town staff to identify capital improvement projects in line with the Town’s
Strategic Vision to place on the November 4th ballot. The $210 million debt approved in the 2020
bond election is expected to be issued by 2026 with a 2025 Bond Election allowing the Town to
continue its capital project initiatives without delay.
Since that time, the committee has met seven times to review possible projects. Their work
included touring existing Town facilities hearing and discussing detailed presentations by Town
staff regarding capital needs and touring facilities of other municipalities. At this time, Bond
Committee Chair Kevin Greene will be presenting the Committee’s recommendation for
consideration by the Town Council. Following consideration by the Council including any Council
directed modifications to the recommendation, the Council will be asked to call the Bond Election
at the August 12, 2025, meeting.
Budget Impact:
Per Council instructions, these recommendations have been developed as a “no tax rate increase
election” meaning that only debt issuance that can be made within the current debt service tax
rate will be made. However, as the Town’s Assessed Valuation increases debt service
requirements will also increase over time. In addition to these debt service impacts, bonds for
additional facilities will also eventually impact the Town’s Maintenance and Operations (M & O)
budget. Staff will incorporate these impacts into its multi-year budget projection and include
projections of both debt service and M & O for each proposed project for consideration by the
committee.
TOWN MANAGER’S OFFICE
Page 162
Item 16.
Page 2 of 2
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. Draft Referendums
Staff Recommendation
Town Staff requests feedback regarding the recommendation from the Bond Committee.
Page 163
Item 16.
Possible Referendum Questions and Amounts
$183,800,000 Total Election
Referendum Question 1-Streets
$84,300,000 for the purpose of designing, constructing, reconstructing, improving, extending, expanding,
upgrading and developing streets, roads, sidewalks, thoroughfares and related improvements in the Town,
including pedestrian right of ways, related drainage, utility relocation, signalization, landscaping, lighting,
and signage, and the purchase of land, any necessary rights-of-way and other costs related to such street
and road projects
Referendum Question 2-Police
$29,000,000 for the purpose of constructing, installing, acquiring and equipping additions, extensions,
renovations and improvements to the police headquarters, with any surplus proceeds remaining after
completion of such project to be used for the construction, acquisition, renovation and equipment of other
public safety facilities in the Town
Referendum Question 3-Library
$34,200,000 for the purpose of constructing and equipping a new library facility separate from Town Hall
with any excess funds used to assist in the relocation of existing library from Town Hall.
Referendum Question 4-Parks and Recreation
$24,000,000 for the purpose of enhancing current Parks and Recreation offerings by designing,
constructing, improving, equipping of parks, trails, bridges and sports fields and courts and other
recreational facilities
Referendum Question 5- Public Works/Parks Service Center
$10,000,000 for the purpose of designing, constructing and equipping a permanent public works and parks
service center at the current service center location
Referendum Question 6- Historic Silo Renovations
$2,300,000 for the purpose of repairing, preserving and improving the three historic silos located west of
the railroad tracks and to the southwest of the end of Broadway Street
Page 164
Item 16.
Page 1 of 2
To: Mayor and Town Council
From: Lindy M. Higginbotham, P.E., Senior Engineer
Through: Mario Canizares, Town Manager
Chuck Ewings, Assistant Town Manager
Hulon T. Webb, Jr., P.E., Director of Engineering Services
Pete Anaya, P.E., Assistant Director of Engineering – Capital Projects
Re: Bid Award: Coit Road (First - Prosper Trail) Paving and Drainage Improvements
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 1. Acceleration of Infrastructure
Agenda Item:
Consider and act upon authorizing the Town Manager to execute a Construction Agreement
awarding CSP No. 2025-13-B to DDM Construction Corporation, related to the Coit Road (First -
Prosper Trail) Paving and Drainage Improvements project, for $10,377,272 and authorize $500,000
for construction phase contingencies. The total purchase order amount is $10,877,272.
Description of Agenda Item:
On June 12, 2025, at 2:00 PM, eight (8) Competitive Sealed Proposals were received for the Coit
Road (First - Prosper Trail) Paving and Drainage Improvements project (1710-ST). This project is
the first of two phases of the overall planned improvements to Coit Road from First to Frontier
Parkway. With utility relocations complete between First and Prosper Trail ahead of the current
relocations underway between Prosper Trail and Frontier Parkway, along with the coordination of
the traffic signal relocation at Frontier Parkway with the Texas Department of Transportation, the
project was split into two phases to accelerate the construction between First and Prosper Trail. The
second phase, between Prosper Trail and Frontier Parkway, is anticipated to be bid by the end of
this year with construction underway the first of 2026.
The project was advertised using the Competitive Sealed Proposal Construction alternative
procurement method to allow the Town to award the project to the contractor that offers the best
value proposal based on the following criteria, which include standard percentages based on
direction from the Town Council:
Qualifications and Experience (10%)
o Outline contractor and subcontractor experience with similar projects.
o Outline qualifications of key personnel assigned to this project.
o Provide references.
Project Timeline (25%)
Cost Proposal (65%)
ENGINEERING
SERVICES
Page 165
Item 17.
Page 2 of 2
The verified proposal totals ranged between $10,377,271.50 and $14,055,384.39. The Engineer's
Estimate was $10,684,645. The proposal’s final completion times ranged from 240 calendar days to
645 calendar days.
DDM Construction Corporation was the firm that ranked the highest after consideration of Costs,
Time, and Qualifications with a cost of $10,377,271.50, and a project timeline of 360 calendar days.
DDM Construction Corporation successfully completed the Teel/ US 380 Intersection Improvements
project, and the Preston Road/Prosper Trail, Coit Road/US 380 Dual Left Turn Lane projects. Staff
checked the references provided and received positive feedback.
Budget Impact:
The construction budget for both phases of the overall planned improvements to Coit Road from
First Street to Frontier Parkway is $24,000,000 in Account No. ST201710-CONST-CONST and
includes the $2,800,000 grant from Collin County for the project. The cost for the construction of this
phase of the project is $10,377,271.50. The contingency amount of $500,000 will be used during the
construction phase to address field changes or adjust quantities during construction. The use of the
contingency fund will be documented with change order requests negotiated between staff and the
contractor as construction progresses.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the standard construction agreement
as to form and legality.
Attachments:
1. Location Map
2. Bid Tabulation Summary
3. Construction Agreement
Town Staff Recommendation:
Town staff recommend that the Town Council authorize the Town Manager to execute a Construction
Agreement awarding CSP No. 2025-13-B to DDM Construction Corporation, related to the Coit Road
(First - Prosper Trail) Paving and Drainage Improvements project, for $10,377,272 and authorize
$500,000 for construction phase contingencies. The total purchase order amount is $10,877,272.
Proposed Motion:
I move to authorize the Town Manager to execute a Construction Agreement awarding CSP No.
2025-13-B to DDM Construction Corporation, related to the Coit Road (First - Prosper Trail) Paving
and Drainage Improvements project, for $10,377,272 and authorize $500,000 for construction phase
contingencies. The total purchase order amount is $10,877,272.
Page 166
Item 17.
LOCATION MAP
Coit Road (First—Prosper Trail) Paving and Drainage Improvements
FIRST STREET
PROSPER TRAIL COIT ROAD Page 167
Item 17.
TOWN OF PROSPER
PROPOSAL TABULATION SUMMARY
Solicitation Number
Solicitation Title
Close Date
Responding Supplier City State Response Submitted Response Total Total Days
Axis Contracting, Inc.Dallas TX 6/12/2025 11:06:07 AM (CT)$13,966,682.06 480
DDM Construction Corporation Addison TX 6/12/2025 01:19:08 PM (CT)$10,377,271.50 360
Mario Sinacola & Sons Excavating, Inc.Frisco TX 6/12/2025 01:14:21 PM (CT)$10,981,152.21 330
McMahon Contracting LP Grand Prairie TX 6/12/2025 12:42:50 PM (CT)$10,823,851.75 293
Texas Sterling Construction Co.Euless TX 6/12/2025 12:53:24 PM (CT)$14,055,384.39 645
Tiseo Paving Co.Mesquite TX 6/12/2025 12:00:41 PM (CT)$11,333,044.70 365
Urban Infraconstruction LLC FORT WORTH TX 6/12/2025 01:51:53 PM (CT)$11,033,992.83 365
Zachry Construction Corporation Grand Prairie TX 6/12/2025 01:51:42 PM (CT)$12,961,267.00 240
Certified by: Jay Carter, NIGP-CPP, CPPB, C.P.M. Certified on:June 12, 2025
Purchasing Manager
Town of Prosper, Texas
**All bids/proposals submitted for the designated project are reflected on this tabulation sheet. However, the listing of the bid/proposal on this tabulation sheet shall not be construed
as a comment on the responsiveness of such bid/proposal or as any indication that the agency accepts such bid/proposal as being responsive. The agency will make a determination
as to the responsiveness of the vendor responses submitted based upon compliance with all applicable laws, purchasing guidelines and project documents, including but not limited to
the project specifications and contract documents. The agency will notify the successful vendor upon award of the contract and, as according to the law, all bid/proposal responses
received will be available for inspection at that time.
CSP No. 2025-13-B
Coit Road Paving and Drainage Improvements
6/12/2025 at 2:00PM
Page 168
Item 17.
Page 169Item 17.
Page 170Item 17.
Page 171Item 17.
Page 172Item 17.
Page 173Item 17.
Page 174Item 17.
Page 175Item 17.
Page 176Item 17.
Page 177Item 17.
Page 178Item 17.
Page 179Item 17.
Page 180Item 17.
Page 181Item 17.
Page 182Item 17.
Page 1 of 2
To: Mayor and Town Council
From: Lindy M. Higginbotham, P.E., Senior Engineer
Through: Mario Canizares, Town Manager
Chuck Ewings, Assistant Town Manager
Hulon T. Webb, Jr., P.E., Director of Engineering Services
Pete Anaya, P.E., Assistant Director of Engineering – Capital Projects
Re: Professional Services Agreement
Coit Road (First-Prosper Trail) Paving and Drainage Improvements
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 1. Acceleration of Infrastructure
Agenda Item:
Consider and act upon authorizing the Town Manager to execute a Professional Services Agreement
between Geotex Engineering, LLC, and the Town of Prosper, Texas, related to professional
construction materials testing and observation services for the Coit Road (First - Prosper Trail)
Paving and Drainage Improvements project for $239,028.
Description of Agenda Item:
At the July 22, 2025, Town Council meeting, the Town Council awarded DDM Construction
Corporation the construction contract for the Coit Road (First - Prosper Trail) Paving and Drainage
Improvements project (1710-ST). In conformance with standard practice for governmental entities,
the Town of Prosper is contracting with an independent firm for professional construction materials
testing and observation services instead of the selected contractor including these services in their
proposals.
Construction materials testing and observation services are typically 1% to 5% of a project’s
construction cost depending on its scope. The proposal from Geotex Engineering, LLC, for
construction materials testing and observation services is 2.30% of the CIP project’s construction
cost. The proposed services will be delivered on an as-needed basis and invoiced based on the
actual quantity of work performed during construction. After establishing a fee schedule, the scope
of services has been estimated based on standard practices and requirements for materials testing
frequencies within the construction industry.
At the October 24, 2023, Town Council meeting, the Town Council approved a list of qualified firms,
which included services for Geotechnical Engineering and Material Testing. Geotex Engineering,
LLC (previously known as D&S Engineering Labs, Inc.) is included on the approved list.
ENGINEERING
SERVICES
Page 183
Item 18.
Page 2 of 2
Budget Impact:
The estimated cost for professional construction materials testing and observation services is
$239,028. Funding to be provided from the $24,000,000 construction budget for the Coit Road (First
- Frontier Parkway) Paving and Drainage Improvements project in Account No. ST201710-CONST-
CONST. The approved construction contract with DDM Construction Corporation is $10,877,271.50
and including the professional construction materials testing and observation services agreement,
there is $12,883,700.50 remaining in the construction budget for the second phase of the overall
improvements to Coit Road between Prosper Trail to Frontier Parkway.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the standard Professional Services
Agreement as to form and legality.
Attachments:
1. Professional Services Agreement
2. Location Map
Town Staff Recommendation:
Town staff recommend that the Town Council authorize the Town Manager to execute a Professional
Services Agreement between Geotex Engineering, LLC, and the Town of Prosper, Texas, related to
professional construction materials testing and observation services for the Coit Road (First - Prosper
Trail) Paving and Drainage Improvements project for $239,028.
Proposed Motion:
I move to authorize the Town Manager to execute a Professional Services Agreement between
Geotex Engineering, LLC, and the Town of Prosper, Texas, related to professional construction
materials testing and observation services for the Coit Road (First - Prosper Trail) Paving and
Drainage Improvements project for $239,028.
Page 184
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 1 OF 15
PROFESSIONAL SERVICES AGREEMENT BETWEEN THE TOWN OF PROSPER, TEXAS, AND GEOTEX ENGINEERING LLC
FOR THE COIT ROAD (FIRST-PROSPER TRAIL) PAVING AND DRAINAGE IMPROVEMENTS PROJECT
(1710-ST)
This Agreement for Professional Services, hereinafter called “Agreement,” is entered into by the Town of
Prosper, Texas, a municipal corporation, duly authorized to act by the Town Council of said Town, hereinafter called
“Town,” and GEOTEX ENGINEERING LLC, a company authorized to do business in Texas, acting through a duly
authorized officer, hereinafter called “Consultant,” relative to Consultant providing professional construction materials
testing & observation services to Town. Town and Consultant when mentioned collectively shall be referred to as the
“Parties.”
W I T N E S S E T H:
WHEREAS, Town desires to obtain professional construction materials testing & observation services in
connection with the COIT ROAD (FIRST-PROSPER TRAIL) PAVING AND DRAINAGE IMPROVEMENTS
PROJECT (1710-ST) hereinafter called “Project”;
For the mutual promises and benefits herein described, Town and Consultant agree as follows:
1. Term of Agreement. This Agreement shall become effective on the date of its execution by both
Parties, and shall continue in effect thereafter until terminated as provided herein.
2. Services to be Performed by Consultant. The Parties agree that Consultant shall perform such
services as are set forth and described in Exhibit A - Scope of Services and incorporated herein as if written word
for word. All services provided by Consultant hereunder shall be performed in accordance with the degree of care
and skill ordinarily exercised under similar circumstances by competent members of their profession. In case of
conflict in the language of Exhibit A and this Agreement, this Agreement shall govern and control. Deviations from
the Scope of Services or other provisions of this Agreement may only be made by written agreement signed by all
Parties to this Agreement.
3. Prompt Performance by Consultant. Consultant shall perform all duties and services and make
all decisions called for hereunder promptly and without unreasonable delay as is necessary to cause Consultant’s
services hereunder to be timely and properly performed. Notwithstanding the foregoing, Consultant agrees to use
diligent efforts to perform the services described herein and further defined in any specific task orders, in a manner
consistent with these task orders; however, the Town understands and agrees that Consultant is retained to perform
a professional service and such services must be bound, first and foremost, by the principles of sound professional
judgment and reasonable diligence.
4. Compensation of Consultant. Town agrees to pay to Consultant for satisfactory completion of all
services included in this Agreement an amount not-to-exceed Two Hundred Thirty-nine Thousand, Twenty-eight
Dollars and Zero Cents ($239,028.00) for the Project as set forth and described in Exhibit B - Compensation Schedule and incorporated herein as if written word for word. Hourly not to exceed fees shall be billed monthly
based on hours of work that have been completed. All other not to exceed fees shall be billed monthly based on the
units of work that have been completed.
Consultant agrees to submit statements to Town for professional services no more than once per month.
These statements will be based upon Consultant's actual services performed and Town shall endeavor to make
prompt payments. Each statement submitted by Consultant to Town shall be reasonably itemized to show the amount
of work performed during that period. If Town fails to pay Consultant within sixty (60) calendar days of the receipt of
Page 185
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 2 OF 15
Consultant's invoice, Consultant may, after giving ten (10) days written notice to Town, suspend professional services
until paid.
Nothing contained in this Agreement shall require Town to pay for any work that is unsatisfactory as
reasonably determined by Town or which is not submitted in compliance with the terms of this Agreement.
The Scope of Services shall be strictly limited. Town shall not be required to pay any amount in excess of
the original proposed amount unless Town shall have approved in writing in advance (prior to the performance of
additional work) the payment of additional amounts.
5. Town’s Obligations. Town agrees that it will (i) designate a specific person as Town’s
representative, (ii) provide Consultant with any previous studies, reports, data, budget constraints, special Town
requirements, or other pertinent information known to Town, when necessitated by a project, (iii) when needed, assist
Consultant in obtaining access to properties necessary for performance of Consultant’s work for Town, (iv) make
prompt payments in response to Consultant’s statements and (v) respond in a timely fashion to requests from
Consultant. Consultant is entitled to rely upon and use, without independent verification and without liability, all
information and services provided by Town or Town’s representatives.
6. Ownership and Reuse of Documents. Upon completion of Consultant’s services and receipt of
payment in full therefore, Consultant agrees to provide Town with copies of all materials and documents prepared or
assembled by Consultant under this Agreement and that Town may use them without Consultant's permission for
any purpose relating to the Project. Any reuse of the documents not relating to the Project shall be at Town's risk.
Consultant may retain in its files copies of all reports, drawings, specifications and all other pertinent information for
the work it performs for Town.
7. Town Objection to Personnel. If at any time after entering into this Agreement, Town has any
reasonable objection to any of Engineer’s personnel, or any personnel, professionals and/or consultants retained by
Engineer, Engineer shall promptly propose substitutes to whom Town has no reasonable objection, and Engineer’s
compensation shall be equitably adjusted to reflect any difference in Engineer’s costs occasioned by such
substitution.
8. Insurance. Consultant shall, at its own expense, purchase, maintain and keep in force throughout
the duration of this Agreement applicable insurance policies as described in Exhibit C - Insurance Requirements
and incorporated herein as if written word for word. Consultant shall submit to Town proof of such insurance prior to
commencing any work for Town.
9. Indemnification. CONSULTANT DOES HEREBY COVENANT AND AGREE TO RELEASE,
INDEMNIFY AND HOLD HARMLESS TOWN AND ITS OFFICIALS, OFFICERS, AGENTS, REPRESENTATIVES,
EMPLOYEES AND INVITEES FROM AND AGAINST LIABILITY, CLAIMS, SUITS, DEMANDS AND/OR CAUSES
OF ACTION, (INCLUDING, BUT NOT LIMITED TO, REASONABLE ATTORNEY’S FEES AND COSTS OF
LITIGATION), WHICH MAY ARISE BY REASON OF DEATH OR INJURY TO PROPERTY OR PERSONS BUT ONLY TO THE EXTENT OCCASIONED BY THE NEGLIGENT ACT, ERROR OR OMISSION OF CONSULTANT,
ITS OFFICIALS, OFFICERS, AGENTS, EMPLOYEES, INVITEES OR OTHER PERSONS FOR WHOM
CONSULTANT IS LEGALLY LIABLE WITH REGARD TO THE PERFORMANCE OF THIS AGREEMENT.
IN THE EVENT THAT TOWN AND CONSULTANT ARE CONCURRENTLY NEGLIGENT, THE PARTIES
AGREE THAT ALL LIABILITY SHALL BE CALCULATED ON A COMPARATIVE BASIS OF FAULT AND
RESPONSIBILITY AND THAT NEITHER PARTY SHALL BE REQUIRED TO DEFEND OR INDEMNIFY THE
OTHER PARTY FOR THAT PARTY’S NEGLIGENT OR INTENTIONAL ACTS, ERRORS OR OMISSIONS.
Page 186
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 3 OF 15
10. Notices. Any notices to be given hereunder by either Party to the other may be affected either by
personal delivery, in writing, or by registered or certified mail to the following addresses:
Geotex Engineering LLC
Amy Brothers, P.E., President / Owner
P.O. Box 855
Collinsville, TX 76233
ABrothers@geotex-engineering.com
Town of Prosper
Mario Canizares, Town Manager
PO Box 307
Prosper, TX 75078
mcanizares@prospertx.gov
11. Termination. The obligation to provide further services under this Agreement may be terminated by
either Party in writing upon thirty (30) calendar days notice. In the event of termination by Town, Consultant shall be
entitled to payment for services rendered through receipt of the termination notice.
12. Sole Parties and Entire Agreement. This Agreement shall not create any rights or benefits to
anyone except Town and Consultant, and contains the entire agreement between the Parties. Oral modifications to
this Agreement shall have no force or effect.
13. Assignment and Delegation. Neither Town nor Consultant may assign its rights or delegate its
duties without the written consent of the other Party. This Agreement is binding on Town and Consultant to the extent
permitted by law. Nothing herein is to be construed as creating any personal liability on the part of any Town officer,
employee or agent.
14. Texas Law to Apply; Successors; Construction. This Agreement shall be construed under and
in accordance with the laws of the State of Texas. It shall be binding upon, and inure to the benefit of, the Parties
hereto and their representatives, successors and assigns. Should any provisions in this Agreement later be held
invalid, illegal or unenforceable, they shall be deemed void, and this Agreement shall be construed as if such provision
had never been contained herein.
15. Conflict of Interest. Consultant agrees that it is aware of the prohibited interest requirement of the
Town Charter, which is repeated in Exhibit D - Conflict of Interest Affidavit and incorporated herein as if written
word for word, and will abide by the same. Further, a lawful representative of Consultant shall execute the Affidavit
included in the exhibit. Consultant understands and agrees that the existence of a prohibited interest during the term
of this Agreement will render the Agreement voidable.
Consultant agrees that it is further aware of the vendor disclosure requirements set forth in Chapter 176,
Local Government Code, as amended, and will abide by the same. In this connection, a lawful representative of
Consultant shall execute the Conflict of Interest Questionnaire, Form CIQ, attached hereto as Exhibit E - Conflict of
Interest Questionnaire and incorporated herein as if written word for word.
16. Venue. The Parties herein agree that this Agreement shall be enforceable in Prosper, Texas, and if
legal action is necessary to enforce it, exclusive venue shall lie in Collin County, Texas.
17. Mediation. In the event of any disagreement or conflict concerning the interpretation of this
Agreement, and such disagreement cannot be resolved by the signatories hereto, the signatories agree to submit
such disagreement to non-binding mediation.
18. Prevailing Party. In the event a Party initiates or defends any legal action or proceeding to enforce
or interpret any of the terms of this Agreement, the prevailing party in any such action or proceeding shall be entitled
to recover its reasonable costs and attorney’s fees (including its reasonable costs and attorney’s fees on any appeal).
Page 187
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 4 OF 15
19. “Anti-Israel Boycott” Provision. In accordance with Chapter 2270, Texas Government Code, a
Texas governmental entity may not enter into a contract with a company for the provision of goods or services unless
the contract contains a written verification from the company that it: (1) does not boycott Israel; and (2) will not boycott
Israel during the term of the contract. Chapter 2270 does not apply to a (1) a company that is a sole proprietorship;
(2) a company that has fewer than ten (10) full-time employees; or (3) a contract that has a value of less than One
Hundred Thousand Dollars ($100,000.00). Unless the company is not subject to Chapter 2270 for the reasons stated
herein, the signatory executing this Agreement on behalf of the company verifies by its signature to this Agreement
that the company does not boycott Israel and will not boycott Israel during the term of this Agreement.
20. IRAN, SUDAN AND FOREIGN TERRORIST ORGANIZATIONS. If § 2252.153 of the Texas
Government Code is applicable to this Contract, by signing below Contractor does hereby represent, verify and
warrant that (i) it does not engage in business with Iran, Sudan or any foreign terrorist organization and (ii) it is not
listed by the Texas Comptroller under § 2252.153, Texas Government Code, as a company known to have contracts
with or provide supplies or services to a “foreign terrorist organization” as defined in § 2252.151 of the Texas
Government Code.
21. PROHIBITION ON CONTRACTS WITH CERTAIN COMPANIES PROVISION. In accordance with
Section 2252.152 of the Texas Government Code, the Parties covenant and agree that Contractor is not on a list
maintained by the State Comptroller’s Office prepared and maintained pursuant to Section 2252.153 of the Texas
Government Code.
22. Signatories. Town warrants and represents that the individual executing this Agreement on behalf
of Town has full authority to execute this Agreement and bind Town to the same. Consultant warrants and represents
that the individual executing this Agreement on its behalf has full authority to execute this Agreement and bind
Consultant to same.
IN WITNESS WHEREOF, the Parties, having read and understood this Agreement, have executed such in
duplicate copies, each of which shall have full dignity and force as an original, on the _______ day of
_______________________, 20____.
GEOTEX ENGINEERING LLC
By:
Signature
Printed Name
Title
Date
TOWN OF PROSPER, TEXAS
By:
Signature
Mario Canizares
Printed Name
Town Manager
Title
Date
Director of Engineering
Bret Fischer, P.E.
7/10/2025
Page 188
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 5 OF 15
EXHIBIT A SCOPE OF SERVICES
PROFESSIONAL SERVICES AGREEMENT
BETWEEN THE TOWN OF PROSPER, TEXAS, AND GEOTEX ENGINEERING LLC
FOR THE COIT ROAD (FIRST-PROSPER TRAIL) PAVING AND DRAINAGE IMPROVEMENTS PROJECT
(1710-ST)
<<<REFERENCE NEXT THREE (3) PAGES FOR DETAILS>>>
Page 189
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 6 OF 15 Page 190
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 7 OF 15 Page 191
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 8 OF 15
Page 192
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 9 OF 15
EXHIBIT B COMPENSATION SCHEDULE
PROFESSIONAL SERVICES AGREEMENT
BETWEEN THE TOWN OF PROSPER, TEXAS, AND GEOTEX ENGINEERING LLC
FOR THE FOR THE COIT ROAD (FIRST-PROSPER TRAIL) PAVING AND DRAINAGE IMPROVEMENTS
PROJECT (1710-ST)
<<<REFERENCE NEXT TWO (2) PAGES FOR DETAILS>>>
Page 193
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 10 OF 15 Page 194
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 11 OF 15
Page 195
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 12 OF 15
EXHIBIT C INSURANCE REQUIREMENTS
Service provider shall procure and maintain for the duration of the contract, insurance against claims for injuries to persons or
damages to property which may arise from or in connection with the performance of the work hereunder by the vendor, his
agents, representatives, employees or subcontractors. The cost of such insurance shall be borne by the service provider. A
certificate of insurance meeting all requirements and provisions outlined herein shall be provided to the Town prior to any
services being performed or rendered. Renewal certificates shall also be supplied upon expiration.
A. MINIMUM SCOPE OF INSURANCE
Coverage shall be at least as broad as:
1. ISO Form Number GL 00 01 (or similar form) covering Commercial General Liability. “Occurrence” form only,
“claims made” forms are unacceptable, except for professional liability.
2. Workers Compensation insurance as required by the Labor Code of the State of Texas, including Employers’
Liability Insurance.
3. Automobile Liability as required by the State of Texas, covering all owned, hired, or non-owned vehicles.
Automobile Liability is only required if vehicle(s) will be used under this contract.
4. Professional Liability, also known as Errors and Omissions coverage.
B. MINIMUM LIMITS OF INSURANCE
Service Provider shall maintain throughout contract limits not less than:
1. Commercial General Liability: $500,000 per occurrence /$1,000,000 in the aggregate for third party bodily
injury, personal injury and property damage. Policy will include coverage for:
a. Premises / Operations
b. Broad Form Contractual Liability
c. Products and Completed Operations
d. Personal Injury
e. Broad Form Property Damage
2. Workers Compensation and Employer’s Liability: Workers Compensation limits as required by the Labor Code
of the State of Texas and Statutory Employer’s Liability minimum limits of $100,000 each accident, $300,000
Disease- Policy Limit, and $100,000 Disease- Each Employee.
3. Automobile Liability: $500,000 Combined Single Limit. Limits can only be reduced if approved by the Town.
Automobile liability shall apply to all owned, hired, and non-owned autos.
4. Professional Liability aka Errors and Omissions: $500,000 per occurrence and in the aggregate.
C. DEDUCTIBLES AND SELF-INSURED RETENTIONS
Any deductible or self-insured retentions in excess of $10,000 must be declared to and approved by the Town.
Page 196
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 13 OF 15
D. OTHER INSURANCE PROVISIONS
The policies are to contain, or be endorsed to contain the following provisions:
1. General Liability and Automobile Liability Coverages
a. The Town, its officers, officials, employees, boards and commissions and volunteers are to be added
as “Additional Insured’s” relative to liability arising out of activities performed by or on behalf of the
provider, products and completed operations of the provider, premises owned, occupied or used by
the provider. The coverage shall contain no special limitations on the scope of protection afforded to
the Town, its officers, officials, employees or volunteers.
b. The provider’s insurance coverage shall be primary insurance in respects to the Town, its officers,
officials, employees and volunteers. Any insurance or self-insurance maintained by the Town, its
officers, officials, employees or volunteers shall be in excess of the provider’s insurance and shall
not contribute with it.
c. Any failure to comply with reporting provisions of the policy shall not affect coverage provided to the
Town, its officers, officials, employees, boards and commissions or volunteers.
d. The provider’s insurance shall apply separately to each insured against whom the claim is made or
suit is brought, except to the insured’s limits of liability.
2. Workers Compensation and Employer’s Liability Coverage:
The insurer shall agree to waive all rights of subrogation against the Town, its officers, officials, employees
and volunteers for losses arising from work performed by the provider for the Town.
3. All Coverages:
Each insurance policy required by this clause shall be endorsed to state that coverage shall not be suspended,
voided, canceled or non-renewed by either party, reduced in coverage or in limits except after 30 days written
notice to the Town for all occurrences, except 10 days written notice to the Town for non-payment.
4. Professional Liability and / or Errors and Omissions:
“Claims made” policy is acceptable coverage, which must be maintained during the course of the project, and
up to two (2) years after completion and acceptance of the project by the Town.
E. ACCEPTABILITY OF INSURERS
The Town prefers that Insurance be placed with insurers with an A.M. Best’s rating of no less than A- VI, or better.
F. VERIFICATION OF COVERAGE
Service Provider shall provide the Town with certificates of insurance indicating the coverages required. The certificates
are to be signed by a person authorized by that insurer to bind coverage on its behalf. Certificates of insurance similar
to the ACORD Form are acceptable. Town will not accept Memorandums of Insurance or Binders as proof of insurance.
The Town reserves the right to require complete, certified copies of all required insurance policies at any time.
Certificate holder to be listed as follows: Town of Prosper
P.O. Box 307
Prosper, TX 75078
Page 197
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 14 OF 15
EXHIBIT D CONFLICT OF INTEREST AFFIDAVIT
PROFESSIONAL SERVICES AGREEMENT
BETWEEN THE TOWN OF PROSPER, TEXAS, AND GEOTEX ENGINEERING LLC FOR THE COIT ROAD (FIRST-PROSPER TRAIL) PAVING AND DRAINAGE IMPROVEMENTS PROJECT (1710-ST)
THE STATE OF TEXAS §
§
COUNTY OF ________________ §
I, _________________________, a member of the Consultant team, make this affidavit and hereby on oath state the following:
I, and/or a person or persons related to me, have the following interest in a business entity that would be affected by the work
or decision on the Project (Check all that apply):
_____ Ownership of 10% or more of the voting shares of the business entity.
_____ Ownership of $25,000.00 or more of the fair market value of the business entity.
_____ Funds received from the business entity exceed 10% of my income for the previous year.
_____ Real property is involved, and I have an equitable or legal ownership with a fair market value of at least $25,000.00.
_____ A relative of mine has substantial interest in the business entity or property that would be affected by my decision
of the public body of which I am a member.
_____ Other: _________________________________________________.
_____ None of the Above.
Upon filing this affidavit with the Town of Prosper, Texas, I further affirm that no relative of mine, in the first degree by
consanguinity or affinity, as defined in Chapter 573 of the Texas Government Code, is a member of the public body which took
action on the agreement.
Signed this ___________________ day of _________________________, 20____.
________________________________
Signature of Official / Title
BEFORE ME, the undersigned authority, this day personally appeared _______________________________________ and
on oath stated that the facts hereinabove stated are true to the best of his / her knowledge or belief.
Sworn to and subscribed before me on this _____ day of ________________________, 20 .
Notary Public in and for the State of Texas
My Commission expires:
Page 198
Item 18.
PROFESSIONAL SERVICES AGREEMENT VERSION 05/22 PAGE 15 OF 15
EXHIBIT E CONFLICT OF INTEREST QUESTIONNAIRE
Page 199
Item 18.
LOCATION MAP
Coit Road (First—Prosper Trail) Paving and Drainage Improvements
FIRST STREET
PROSPER TRAIL COIT ROAD Page 200
Item 18.
Page 1 of 2
To: Mayor and Town Council
From: Dan Baker, Director of Parks and Recreation
Through: Mario Canizares, Town Manager
Robyn Battle, Executive Director
Re: PASO Funding Agreement for RCP Field Lighting
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 1 & 4. Acceleration of Infrastructure
Continue to Provide Excellent Municipal Services
Agenda Item:
Consider and act upon authorizing the Town Manager to execute an agreement between the Town
of Prosper and the Prosper Athletic Soccer Association (PASO) to accept a donation in the amount
of $950,000 to be used to supplement the costs for the addition of field lighting for the multipurpose
fields at Raymond Community Park.
Description of Agenda Item:
The proposed agreement will make the addition of lighting for the multipurpose fields at Raymond
Community Park much more affordable and provide an opportunity for use of the fields once it
becomes dark during typical field use times which also will provide more practice and game
opportunities for the growing youth leagues.
Multipurpose field lighting was not included in the original GMP for the Raymond Community Park
project; however, a PASO request for the lighting and subsequent donation offer of $950,000 was
presented to the CIP Subcommittee and Parks and Recreation Board. Staff were directed to move
forward and identify funding for the remainder of the project during the CIP Subcommittee Meeting
on May 6, 2025. The Parks and Recreation Board members have also approved the acceptance
of PASO’s donation. PASO is not asking for any preferential treatment related to field use, and
no special accommodation is being offered by the Town in exchange for the donation.
Budget Impact:
The total cost of Change Order #3 for the Multipurpose Field Lighting is $1,932,621. PASO has
donated $950,000, leaving a balance of $982,621. If the agreement is approved, staff have
identified sources to fund the remaining balance of $982,621 through other project savings, bond
interest, park improvement fees, and / or project contingency dollars.
PARKS AND RECREATION
DEPARTMENT
Page 201
Item 19.
Page 2 of 2
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. 1. PASO Agreement
2.
Town Staff Recommendation
Town Staff recommends that the Town Council authorize the Town Manager to execute an
agreement between the Town of Prosper and the Prosper Athletic Soccer Association to accept a
donation in the amount of $950,000 to be used to supplement the costs for the addition of field
lighting for the multipurpose fields at Raymond Community Park.
Proposed Motion
I move to authorize the Town Manager to execute an agreement between the Town of Prosper and
the Prosper Athletic Soccer Association to accept a donation in the amount of $950,000 to be used
to supplement the costs for the addition of field lighting for the multipurpose fields at Raymond
Community Park.
Page 202
Item 19.
RECEIPT AND ACKNOWLEDGMENT
The Town of Prosper, Texas (“Town”), hereby acknowledges the receipt of Nine
Hundred Fifty Thousand and no/100 Dollars ($950,000.00) from the Prosper Area Soccer
Association (“PASO”) on this ___ day of __________, 2025. The Town and PASO agree
and acknowledge that the funds received from PASO shall be utilized to assist the Town
in the funding of athletic field lighting at Raymond Community Park in the Town.
The Town and PASO further agree and acknowledge that the foregoing donation
by PASO is to be utilized for the athletic field lighting and does not confer upon PASO any
priority in the usage of facilities or fields at Raymond Community Park by PASO. To the
extent further documentation may be needed by PASO to verify PASO’s donation to the
Town for the purposes stated herein, the Town agrees that it shall endeavor to provide
such documentation to PASO.
TOWN OF PROSPER, TEXAS, a Texas home-rule municipality
By: ____________________________
Printed Name: Mario Canizares
Title: Town Manager
Date: _________________________
PROSPER AREA SOCCER ORGANIZATION, a Texas non-profit corporation
By: ____________________________
Printed Name: Robert Patrick
Title: President
Date: _________________________ May 27, 2005
27th May
Page 203
Item 19.
Page 1 of 2
To: Mayor and Town Council
From: Dan Baker, Director of Parks and Recreation
Through: Mario Canizares, Town Manager
Robyn Battle, Executive Director
Re: Raymond Community Park Change Order No. 3
Town Council Meeting – July 22, 2025
Strategic Visioning Priority: 1 & 4. Acceleration of Infrastructure
Continue to Provide Excellent Municipal Services
Agenda Item:
Consider and act upon authorizing the Town Manager to execute Change Order No. 3 to Dean
Construction to include field lighting for the multipurpose fields and all required appurtenances, new
electrical service, labor, and materials required to construct and install the multipurpose lighting at
Raymond Community Park in the amount of $1,932,621.
Description of Agenda Item:
The proposed Change Order No. 3 will provide field lighting for the multipurpose fields in Raymond
Community Park. Town staff proposed the installation of the lighting system allowing use of the
fields once it becomes dark during typical field use times.
Multipurpose field lighting was not included in the original GMP; however, a PASO request for the
lighting and subsequent donation offer of $950,000 was presented to the CIP Subcommittee and
Parks and Recreation Board. Staff were directed to move forward and identify funding during the
CIP Subcommittee Meeting on May 6, 2025. The Parks and Recreation Board members have also
approved the acceptance of PASO’s donation. PASO is not asking for any preferential treatment
related to field use, and no special accommodation is being offered by the Town in exchange for
the donation.
Information on this agenda item was presented to the CIP Subcommittee at their meeting on
Tuesday, July 15, 2025, and they also approved moving forward with Change Order #3. Another
Change Order will be brought forward at a future Council meeting to include the water well and
pump, playground pavilion and additional hydromulch and/or sod for the common areas of the park.
Budget Impact:
Change Order No. 3 is for $1,932,621. Additional funds for Change Order No. 3 have been identified
through other project savings, bond interest, park improvement fees, project contingency dollars,
and the PASO donation, if approved.
PARKS AND RECREATION
DEPARTMENT
Page 204
Item 20.
Page 2 of 2
Below is a summary of the all-in project costs to date:
All-In Project Costs:
Design, Testing, & Project Mgmt. $2,080,911
CMAR's Original GMP Contract Amount $17,906,950
Change Order #1 - MP Field Irrigation, Trail (approved 12/10/2024) $1,350,756
Change Order #2 - Tennis Courts (approved 1/14/2025 $536,146
Change Order #3 – Multipurpose Field Lighting $1,932,621
CMAR’s GMP Contract Amount after Change Order #3 $21,726,473
Total: $23,807,384
The total Project Budget is now $26,257,000.
Legal Obligations and Review:
Terrence Welch of Brown & Hofmeister, L.L.P., has approved the attached documents as to form
and legality.
Attached Documents:
1. 1. Change Order #3
2. 2. PASO Agreement
3. 3. CIP Subcommittee Presentation
Town Staff Recommendation
Town Staff recommends that the Town Council authorize the Town Manager to execute Change
Order No. 3 to Dean Construction to include field lighting for the multipurpose fields and all required
appurtenances, new electrical service, labor, and materials required to construct and install the
multipurpose lighting at Raymond Community Park in the amount of $1,932,621.
Proposed Motion
I move to authorize the Town Manager to execute Change Order No. 3 to Dean Construction to
include field lighting for the multipurpose fields and all required appurtenances, new electrical
service, labor, and materials required to construct and install the multipurpose lighting at Raymond
Community Park in the amount of $1,932,621.
Page 205
Item 20.
7/17/2025Page 206Item 20.
Page 207Item 20.
Page 208Item 20.
Page 209Item 20.
Page 210Item 20.
Page 211Item 20.
Page 212Item 20.
Page 213Item 20.
Page 214
Item 20.
Page 215
Item 20.
Page 216
Item 20.
Page 217
Item 20.
RECEIPT AND ACKNOWLEDGMENT
The Town of Prosper, Texas (“Town”), hereby acknowledges the receipt of Nine
Hundred Fifty Thousand and no/100 Dollars ($950,000.00) from the Prosper Area Soccer
Association (“PASO”) on this ___ day of __________, 2025. The Town and PASO agree
and acknowledge that the funds received from PASO shall be utilized to assist the Town
in the funding of athletic field lighting at Raymond Community Park in the Town.
The Town and PASO further agree and acknowledge that the foregoing donation
by PASO is to be utilized for the athletic field lighting and does not confer upon PASO any
priority in the usage of facilities or fields at Raymond Community Park by PASO. To the
extent further documentation may be needed by PASO to verify PASO ’s donation to the
Town for the purposes stated herein, the Town agrees that it shall endeavor to provide
such documentation to PASO.
TOWN OF PROSPER, TEXAS, a Texas home-rule municipality
By: ____________________________
Printed Name: Mario Canizares
Title: Town Manager
Date: _________________________
PROSPER AREA SOCCER ORGANIZATION, a Texas non-profit corporation
By: ____________________________
Printed Name: Robert Patrick
Title: President
Date: _________________________
Page 218
Item 20.
Multipurpose Field Lighting at Raymond Community Park
•Total projected cost is $ 2.2 Million
•PASO Funding Confirmed -$950,000
•Present signed PASO Agreement on July 22 to Council
•Change Order #3 for MP Field Lighting on July 22 Council Agenda
Page 219
Item 20.
Multipurpose Fields Update
•No sod or hydromulch can be installed until after MP field lights are installed
•MP field lights are a 14 week lead time after order placed; estimate completion
by October 31
•MP fields available for play in Spring of 2026
Page 220
Item 20.
RCP Opening Schedule
•Tennis, Pickleball, Playground Open October 2025
•Baseball Complex Open Spring 2026
•Multipurpose Fields Open Spring 2026
Page 221
Item 20.
Funding Sources for New Raymond Park Work
Current RCP Project Budget:$22,900,000
PASO Contribution $950,000 Contribution for MP Field Lights; will execute
Agreement 7/22
Project Savings $400,000 Windsong Park #3 / PK202245
Project Savings $200,000 Prosper Trail Screening Wall / PK 202328
Project Savings $512,000 Various Hike & Bike Trails / PK202337
Project Savings $650,000 Doe Branch Property Six Creek Bridges / PK202514
Bond Interest October 2024 -May 2025 $445,000
Estimated Bond Interest June-September
2025 $200,000 Approximately $50,000 per month for four months
New Project Budget $26,257,000
Anticipate using up to $128,000 in FY 25-26 Park Fees to cover remaining costs.
Page 222
Item 20.