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Quarterly Investment Report., December 31, 2017 Copyrighted February 5, 2018 City of Dubuque Consent Items # 5. ITEM TITLE: Quarterly Investment Report., December31, 2017 SUMMARY: City Manager transmitting the attached December 31, 2017 Quarterly Investment Report. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type December 31, 2017 Quarterly In�strnent Report-NNM City Manager Memo Memo December 31, 2017 Quarterly In�strnent Report Staff Memo Cash Investments and Investment Earnings Summary Supporting Documentation Schedule of City Funds Supporting Documentation Monthly InvestmentSummary Supporting Documentation Schedule of Certificates of Deposit and Accrued Supporting Documentation Interest Manager/Custodian Annual Fees Computation Supporting Documentation THE CITY OF Dubuque � AIFA�erlwGh UB E '�� III► Masterpiece on the Mississippi Z°°'�w'2 7A13 2017 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: December31 , 2017 Quarterly Investment Report DATE: February 1 , 2018 Finance Director Jean Nachtman is transmitting the attached December 31 , 2017 Quarterly Investment Report. �� �� ��� Mic ael C. Van Milligen �� � MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Teri Goodmann, Assistant City Manager Cori Burbach, Assistant City Manager Jean Nachtman, Finance Director THE CTTY OF Dubuque �" ui���eNe�ary DUB E �il��i;' Masterpiece on the Mississippi Z°°' Z°'Z 2013 2017 TO: Michael C. Van Milligen, City Manager FROM: Jean Nachtman, Finance Director RE: December 31, 2017 Quarterly Investment Report DATE: February 1 , 2018 INTRODUCTION The Finance Department is submitting the quarterly investment report as prescribed within the City of Dubuque Investment Policy Section 17.0 "Reporting." DISCUSSION This report covers the period from October 1 , 2017 through December 31 , 2017. The report includes: Cash Investments and Investment Earnings Summary for quarter ended December 31, 2017 and fiscal year to date Schedule of City Funds Monthly Investment Summary Schedule of Certificates of Deposit and Accrued Interest Manager/Custodian Annual Fees Computation The valuations reflect the same basis that the assets are carried on the financial records of the City. The City of Dubuque is in compliance with the Investment Policy. REQUESTED ACTION This report is for your review and filing with the Honorable Mayor and City Council. JN/eml Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended December 31, 2017 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 14,935 14,935 - Checking/Savings Accounts 18,448,437 18,448,437 - Unspent Bond Proceeds 16,868,888 16,868,888 - Certificates Of Deposit 22,800,005 22,911 ,802 111 ,797 US Treasury Securities 2,015,125 2,702,472 687,347 Corporate Stock (EB Lyons Trust) 11 ,514 105,703 94,189 Investment Advisor Accounts 26,884,928 26,775,041 (109,887) Total Funds 87,043,832 87,827,279 783,447 Breakdown City 75,731 ,816 76,428,957 697,141 Metro 11 ,312,017 11 ,398,322 86,305 Total Combined Funds 87,043,832 87,827,279 783,447 Cash Basis Quarter Year-To-Date Gross Earninqs: City 223,372 395,504 Metro 39,350 59,512 Combined 262,721 455,016 Investment Fees: City 24,659 41 ,427 Metro 274 573 Combined 24,932 41,999 Net Earninqs: City 198,713 354,077 Metro 39,076 58,939 Combined 237,789 413,017 City of Dubuque Schetlule of Ci[y Funtls As of December 31,2017 TOTAL COST CITYFUNDS CITY MANAGED FUNDS snsis PERCENTAGE CASH: Change and Petty Cash Funds 14,935 Health Fund Deposit 14Q000 Prescription Fund Deposit 75,000 Workers Comp Deposit 1Q000 Hometown Bank 1,000 ShortTerm Disability 1Q000 Total 25Q935 028% CHECKING 1 SAVINGS ACCOUNTS: American Trust&Savings Bank��e�eap 2Q411 American Trust&Savings Bank�Ho�s�g Renae a se�oo�e7 278,329 Dubuque Bank&Trust��e�eauMe��icrem�7 16,729,067 Dubuque Bank&Trust�caeie Fa��n�re eq���pme��F��a7 676,440 Dubuque Bank&Trust�o�e�q�e m�oae��iFiexirzei e��w7 66Q000 US Bank ��e�eap 22,887 Prem ier�ueury7 14,362 Fidelity Bank&Trust�uoury7 9,322 Dubuque Bank&Trust Police Forteiture Funds 37,618 Total 18,448,437 20.51% UNSPENTBONDPROCEEDINVESTMENTACCOUNTS: DB&T Series 2011A 78,875 DB&T Series 2012B 1,465,829 DB&T Series 2012C 346,049 DB&T Series 2012D 584,097 DB&T Series 2012E 121,057 AT&S Series 2012F 381,339 DB&T Series 2012H 106,458 AT&S Series 2014B 1,891,219 AT&S Series 2014C 572,654 AT&S 2014 DMASWA 955,057 Fidelity Series 2015A 6,177,037 AT&S 2016 DMASWA 2,168,972 Fidelity Series 2016C 1,792,574 DB&T 2017A Ambulance 227,669 Total 16,868,888 18]5% CERTIFICAlES OF DEPOSIT: . AT&S 3,80Q000 DuTrac 19,000,005 Total 22,80Q005 25.35% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 224% RESERVES: Sales Tae Increment Rev Bond Reserve�sen�zoisA7 2,15Q687 Water Debt Bond Reserve �zoioo7 525,200 Total 2,675,887 2.97% CORPORAlE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.01% TOTAL CITY MANAGED FUNDS 63,070,791 70.11% �ee+ City of Dubuque Schetlule of Ci[y Funtls As of December 31,2017 PORTFOLIO TOTAL COMPOSITION COST CITYFUNDS FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE DANA INVESTMENTADVISORS,INC: Cash and Equivalents 4.0% 237,745 US Treasury Obligations 0.0% 0 US Agencies 38.4% 2,268,806 Mortgaged Backed Sewrities 57.5% 3,397,125 Total 100.0% 5,903,676 6.56% DUBUQUE BANK&7F2UST: Cash and Equivalents 0.6% 44,732 US Treasury Obligations 99.4% 7,675,693 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 100.0% 7,720,425 8.58% FIRST COMMUNITY 7F2UST: Cash and Equivalents 0.1% 5,466 US Treasury Obligations 0.0% 0 US Agencies 97.5% 6,027,437 Mortgaged Backed Sewrities 2.4% 147,476 Total 100.0% 6,18Q379 6.87% US BANK: Cash and Equivalents 9.8% 696,713 US Treasury Obligations 0.0% 0 US Agencies 902% 6,383,737 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,08Q449 7.87% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 26,884,928 29.89% BREAKDOWN BY TYPE OF SECURIN: Cash&Equivalents 37% 984,656 US Treasury Obligations 28.6% 7,675,693 US Agencies 54.6% 14,679,979 Mortgage Backed Sewrities 132% 3,544,601 Unsettled Trades 0.0% 0 Total 100.0% 26,884,928 TOTAL CITY FUNDS 89,955,720 100.00% RECHP OF PORTFOLIO PERCENTHGES Managed Ciry Combined C4SH&EQUIVALENTS 1.08% 028% 13]% CHECKING/SAVINGSACCTS 0.00% 4224% 4224% MORTGAGEBACKEOSECURITIES 3.84% 0.00% 384% ceRnFicnresoFoeaosir o.00i zs.asi zsasi US.TREASURVOBLIGATIONS 853% 224% 10P% FeoeRn�A�eNaes ie.azi o.00i ieazi orHeR o.00i o.mi ooii To[al 29.896 ]0.116 100.006 �ee� arr oF ousucaue MONTHLY INVESTMENT SUMMARY Month Ending: 12/31/17 First Total Community Managed Combined Dana DB&T Trust US Bank Accounts Citv Finance Total COST BASIS ANALYSIS Cost Basis Prior Month 5,898,092 7,718,886 6,167,204 7,08Q237 26,864,418 65,933,092 92,797,510 Additions: Interest Earnings 9,601 3,731 11,071 2,248 26,651 63,762.62 9Q413 Realized Gains(Losses) (3,486) 0 3,923 2 439 439 Total Additions 6,115 3,731 14,994 2,250 27,090 63,763 9Q853 Subtrections: Management Fees 0 (1,589) (1,279) (1,461) (4,329) (4,329) Custodian Fees (531) (603) (540) (576) (2,251) (2,251) Withdrawal 0 0 0 0 461 461 Total Subtrections (531) (2,192) (1,819) (2,038) (6,580) 461 (6,119) Cost Basis Current Month 5,903,676 7,72Q425 6,18Q379 7,08Q449 26,884,929 65,997,315 92,882,244 Net Cash Receipts&(Disbursements) (2,926,525) (2,926,525) Ending Cost Basis Balance 5,903,676 7,72Q425 6,18Q379 7,08Q449 26,884,929 63,07Q791 89,955,720 MARKET VALUE ANALYSIS Investment Market Value Prior Month�Aa��neam�A��,ais7 5,933,611 7,671,897 6,159,937 7,02Q656 26,786,100 66,818,007 93,604,107 Investment Market Value Current Month 5,916,938 7,648,392 6,139,732 6,99Q865 26,695,926 63,852,327 9Q548,253 Accrued Interest Current Month 18,715 20,282 18,360 21,759 79,115 152,638 231,753 Market Value Adjusted for Accruals 5,935,653 7,668,674 6,158,092 7,012,623 26,775,041 64,004,965 9Q78Q006 Portfolio Retums��mp�r�aeym��me��Ma�ages7 MonthlyReturnGrossofFees 0.16% (0.01%) (0.01%) (0.09%) Monthly Return Net of Fees 0.14% (0.04%) (0.05%) (0.11%) Total Retum Calendar Year to Date 2017 Gross 0.84% 0.99% 0.83% 0.95% Effective Duration in Years 0.73 2.40 2.02 2.12 Marketlntlices Averege Last Calentlar Last Last Monih Vearto Date 12 Monihs 3 Vears BBgBarc US Trsy Bellwethers 3Mon TR USD 0.10% 0.87% 0.87% 0.43% BBgBarcUSGovt1-3VrTRUSD 0.01% 0.45% 0.45% 0.63% BBgBarcUSGovtlntermTRUSD 0.03% 1.14% 1.14% 1.12% BBgBarcUSGoviTRUSD 0.30% 2.30% 2.30% 1.40% Current Prime 4.50% City of Dubuque Schedule of Certifica[es of Deposi[,Accrued In[eres[,High Yield Savings Accoun[s&Unspen[Bond Proceeds As of December 31, 2017 Certifica[es of De osi[: Certifica[e � Cos[ Purchase Ma[urity In[eres[ Days[o Accruetl Accruetl Number Ins[i[u[ion " Basis Da[e Da[e Ra[e Ma[uri D In[eres[ 3 DuTrac C 1,OOQ000 O6/OS/17 01/OS/18 1.500% 5 209 Q589.04 4 DuTrac C 1,OOQ000 O6/OS/17 01/19/18 1.550% 19 209 Q875.34 05468373047/1 AT&S M 800,000 02/02/17 02/02/18 1.040h 33 332 7,567.78 5 DuTrac C 1,OOQ000 O6/OS/17 02/02/18 1.550% 33 209 Q875.34 6 DuTrac C 1,OOQ000 O6/OS/17 02/i6/18 1.600% 47 209 9,161.64 7 DuTrac C 1,OOQ000 O6/OS/17 W/02/18 1.600% 61 209 9,161.64 05468373047/2 AT&S M 500,000 09/14/17 03/13/18 1.470h 72 108 2,174.79 8 DuTrac C 1,OOQ000 O6/OS/17 W/i6/18 1.650% 75 209 9,447.95 10 DuTrac C 1,OOQ000 07/14/17 W/30/18 1.600% 89 170 7,452.05 0 5 01 3 39 6 931/2 AT&S M 1,OOQ000 10/10/17 04/09/18 1.560% 99 82 3,504.66 13 DuTrac C 1,OOQ000 07/28/17 04/13/18 1.550% iW 156 Q624.66 20 DuTrac C 1,OOQ000 10/03/17 04/27/18 1.600% 117 89 3,901.37 21 DuTrac C 1,OOQ000 10/03/17 OS/11/18 1.600% 131 89 3,901.37 22 DuTrac C 1,OOQ000 10/03/17 OS/25/18 1.600% 145 89 3,901.37 23 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 151 31 1,189.04 24 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 151 31 1,189.04 25 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 151 31 1,189.04 26 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 151 31 1,189.04 19 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 151 31 1,189.04 29 DuTrac C 1,OOQ000 12/22/17 O6/OB/18 1.900% 159 9 468.49 11 DuTrac M SOQ000 07/14/17 07/13/18 1.600% 194 170 3,726.W 14 DuTrac M SOQ000 09/14/17 09/14/18 1.600% 257 108 2,367.12 0 5 01 3 39 6 931/3 AT&S M 400,000 07/14/17 10/13/18 1.300h 286 170 2,421.92 05578314659/2 AT&S M 600,000 11/07/17 11/O6/18 1.770h 310 54 1,571.18 28 DuTrac M 1,OOQ000 12/01/17 OS/31/18 1.900% 151 30 1,561.64 126093 ATSB M 500,000 12/OB/17 12/07/18 1.910h 341 23 601.78 To[als 22,BOQ000 111,802.36 Reserve Funtls Accoun[ � Entling Face Value Accruetl Number Ins[i[u[ion Balance IMeres[Ra[e In[eres[ nccount co eaiance nccmed interest 2015A FB&T R 2,152,971 124% 2,28326 DMASwA 5,800,000 25,49690 2010D AT&S R 525,200 1.65% 2,166.45 Ciry 1�,000,000 86,30546 To[als 2,678,171 4,449.71 22,aoo,000 111,8o23s U.S.Treasu Bontl - Accoun[ � Entling Face Value Accruetl Number Ins[i[u[ion � Balance IMeres[Ra[e In[eres[ 2152-1478 LPLFinancial C 2,702,472 3.59% 36,385.52 Weigh[etlYieltl: 1.555% To[als 2,702,472 36,385.52 Weigh[etlMa[urityinDays: 114.8 Unspen[Bontl Proceetl AccouMs: � Entling APR @ Accruetl Bontl Issue Ins[i[u[ion S galance* MOMh Entl In[eresl* 2011A DB&T C 225,544 0.55% 10674 2012B DB&T C 1,465,829 0.32% 385.54 2012C DB&T C 34Q049 020% 5726 2012D DB&T C 584,097 020% 96.85 2012E DB&T C 121,057 0.30% 4476 2012F AT&S C 381,436 0.30% 97.16 2012H DB&T C 9Q968 0.55% 49.10 2014B AT&S C 1,891,219 1.04% 1,623.47 2014C AT&S C 572,654 1.04% 489.09 DMASWA AT&S M 955,544 O.60h 486.69 DMASWA AT&S M 2,171,157 1.15% 2,185.07 Institution �oo ota BondBalance 2015A FB&T C Q182,620 0.68% 5,58270 AT&S 355� 59�2,010]0 2016C FB&T C 1,793,983 0.95% 1,40875 DB&T 1691 2,839,544.62 2017A DB&T C 227,675 0.00% 5.83 FB&T 4�51 �9�6,60286 To[als 17,015,833 12,613.18 10000/ 1s�aa15a �q=alvFumos �m�=ouauoueMElaovoulmm�aensouownslencemcv �a�=aeseaveFumos Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending December 31, 2017 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 5,935,653 $ 14,839 14,839 Avg 0.25% YTD Actual Fees $ 7,401 Dubuque Bank 8 Trust 0.25% No Tiers $ 7,668,674 $ 19,172 $ 19,172 Avg 0.25% YTD Actual Fees $ 9,529 First Community Trust 0.25% No Tiers $ 6,158,092 $ 15,395 $ 15,395 Avg 0.25% YTD Actual Fees $ 7,691 U.S.Bank 0.25% No Tiers $ 7,012,623 $ 17,532 $ 17,532 Avg 0.25% YTD Actual Fees $ 7,308 Custodian fee Schedule American Trust 8 Annual fee of$400 for each account plus... 26,775,041 $ 1,600 Savings Bank 0.2%on first$1,000,000 of assets for each account 8,000 0.15% on next$1,000,000 of assets for each account 6,000 0.10% on next$1,000,000 of assets for each account 4,000 0.05% on remaining assets for each account 7,388 $ 26,988 Avg 0.10% YTD Actual Fees $ 13,512 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.