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March 31, 2018 Quarterly Investment Report Copyrighted May 21 , 2018 City of Dubuque Consent Items # 6. ITEM TITLE: March 31 , 2018 Quarterly Investment Report SUMMARY: City Manager transmitting the March 31 , 2018 Quarterly Investment Report. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type March 31, 2018 Quarterly Investrnent Report-NNM City Manager Memo Memo March 31, 2018 Quarterly Investrnent Report Memo Staff Memo Cash Investments and Investment Earnings Summary for quarter ended March 31, 2018 and fiscal year to Supporting Documentation date 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: March 31 , 2018 Quarterly Investment Report DATE: May 17, 2018 Finance Director Jean Nachtman is transmitting the attached March 31 , 2018 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: March 31 , 2018 Quarterly Investment Report DATE: May 3, 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 January 1, 2018 through March 31 , 2018. The report includes: Cash Investments and Investment Earnings Summary for quarter ended March 31 , 2018 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 March 31, 2018 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 20,916,700 20,916,700 - Unspent Bond Proceeds 16,127,856 16,127,856 - Certificates Of Deposit 26,800,005 26,925,939 125,934 US Treasury Securities 2,015,125 2,684,813 669,688 Corporate Stock (EB Lyons Trust) 11 ,514 105,703 94,189 Investment Advisor Accounts 26,967,610 26,736,597 (231 ,014) Total Funds 92,853,745 93,512,543 658,798 Breakdown City 86,759,549 87,380,680 621 ,131 Metro 6,094,196 6,131 ,864 37,667 Total Combined Funds 92,853,745 93,512,543 658,798 Cash Basis Quarter Year-To-Date Gross Earninqs: City 306,059 701 ,563 Metro 20,834 80,346 Combined 326,893 781,909 Investment Fees: City 25,774 67,201 Metro 210 783 Combined 25,985 67,984 Net Earninqs: City 280,285 634,362 Metro 20,624 79,563 Combined 300,909 713,926 City of Dubuque Schetlule of Ci[y Funtls As of March 31,2018 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 026% CHECKING 1 SAVINGS ACCOUNTS: American Trust&Savings Bank��e�eap 24,143 American Trust&Savings Bank�Ho�s�g Renae a se�oo�e7 212,115 Dubuque Bank&Trust��e�eauMe��icrem�7 14,311,899 Dubuque Bank&Trust�caeie Fa��n�re eq���pme��F��a7 649,937 Dubuque Bank&Trust�o�e�q�e m�oae��iFiexirzei e��w7 66Q000 US Bank ��e�eap 6,514 Prem ier�ueury7 5,841 Fidelity Bank&Trust�uoury7 8,629 Dubuque Bank&Trust Police Forteiture Funds 37,621 Total 2Q916,700 21.84% UNSPENTBONDPROCEEDINVESTMENTACCOUNTS: DB&T Series 2012B 1,439,710 DB&T Series 2012C 346,219 DB&T Series 2012D 501,862 DB&T Series 2012E 121,281 AT&S Series 2012F 381,621 DB&T Series 2012H 105,142 AT&S Series 2014B 1,727,337 AT&S Series 2014C 549,439 AT&S 2014 DMASWA 956,471 Fidelity Series 2015A 6,059,278 AT&S 2016 DMASWA 1,936,783 Fidelity Series 2016C 1,775,027 DB&T 2017A Ambulance 227,686 Total 16,127,856 16.84% CERTIFICAlES OF DEPOSIT: . AT&S 5,80Q000 CCCU 1,OOQ000 DuTrac 20,000,005 Total 26,80Q005 27.98% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 2.10% RESERVES: Sales Tae Increment Rev Bond Reserve�sen�zoisA7 2,157,323 Water Debt Bond Reserve �zoioo7 525,200 Total 2,682,523 2.80% CORPORAlE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.01% TOTALCITYMANAGEDFUNDS 68,804,658 71.84% �ee+ City of Dubuque Schetlule of Ci[y Funtls As of March 31 2018 PORT�OLIO TOTAL COMPOSITION COST CITYFUNDS FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE DANA INVESTMENTADVISORS,INC: Cash and Equivalents 2.9% 17Q569 US Treasury Obligations 0.0% 0 US Agencies 32.5% 1,924,815 Mortgaged Backed Sewrities 64.6% 3,829,916 Total 100.0% 5,925,300 6.19% DUBUQUE BANK&7F2UST: Cash and Equivalents 0.9% 69,419 US Treasury Obligations 99.1% 7,675,693 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 100.0% 7,745,112 8.09% FIRST COMMUNITY 7F2UST: Cash and Equivalents 0.5% 32,721 US Treasury Obligations 0.0% 0 US Agencies 97.3% 6,027,437 Mortgaged Backed Sewrities 2.1% 132,789 Total 100.0% 6,192,946 6.47% US BANK: Cash and Equivalents 10.1% 72Q515 US Treasury Obligations 0.0% 0 US Agencies 89.9% 6,383,737 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,104,252 7.42% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 26,967,610 28.16% BREAKDOWN BY TYPE OF SECURIN: Cash&Equivalents 37% 993,224 US Treasury Obligations 28.5% 7,675,693 US Agencies 532% 14,335,989 Mortgage Backed Sewrities 147% 3,962,705 Unsettled Trades 0.0% 0 Total 100.0% 26,967,610 TOTAL CITY FUNDS 95,772,268 100.00% RECHP OF PORTFOLIO PERCENTHGES Managed Ciry Combined C4SH&EQUIVALENTS 1.04% 028% 130% CHECKING/SAVINGSACCTS 0.00% 4148% 4148% MORTGAGEBACKEOSECURITIES 4.14% 0.00% 4]4% CERTIFlC4TESOFOEPOSIT 0.00% 2].88% 2]88% US.TREASURVOBLIGATIONS 801% 2.10% ID]2% FeoeRn�A�eNaes ia.wi o.00i iae�i orHeR o.00i o.mi ooii To[al 28.166 ]1.806 100.006 �ee� arr oF ousucaue MONTHLY INVESTMENT SUMMARY Month Ending: 03/31/18 First Total Community Managed Combined Dana DB&T Trust US Bank Accounts Citv Finance Total COST BASIS ANALYSIS Cost Basis Prior Month 5,911,047 7,741,172 6,189,627 7,095,759 26,937,606 63,271,613 9Q209,219 Additions: Interest Earnings 11,660 6,301 5,506 1Q519 33,987 67,29424 101,281 Realized Gains(Losses) 3,123 0 (374) 0 2,749 2,749 TotalAdditions 14,783 6,301 5,133 1Q519 36,736 67,294 104,031 Subtrections: Management Fees 0 (1,760) (1,274) (1,452) (4,486) (4,486) Custodian Fees (531) (602) (539) (575) (2,247) (2,247) Withdrawal 0 0 0 0 481 481 Total Subtrections (531) (2,362) (1,813) (2,027) (6,732) 481 (6,251) Cost Basis Current Month 5,925,300 7,745,112 6,192,946 7,104,252 26,967,610 63,339,389 9Q306,999 Net Cash Receipts&(Disbursements) 5,465,269 5,465,269 Ending Cost Basis Balance 5,925,300 7,745,112 6,192,946 7,104,252 26,967,610 68,804,658 95,772,268 MARKET VALUE ANALYSIS Investment Market Value Prior Month�Aa��neam�A��,ais7 5,929,374 7,627,239 6,136,094 6,985,808 26,678,515 64,684,838 91,363,353 Investment Market Value Current Month 5,912,583 7,629,441 6,123,651 6,978,851 26,644,526 7Q133,774 96,778,300 Accrued Interest Current Month 21,370 21,860 23,601 25,241 92,071 144,537 236,608 MarketValueAdjustedforAccruals 5,933,953 7,651,300 6,147,252 7,004,091 26,736,597 7Q278,311 97,014,908 Portfolio Retums��mp�r�aeym��me��Ma�ages7 MonthlyReturnGrossofFees 0.21% 0.31% 0.21% 0.29% Monthly Return Net of Fees 0.19% 0.28% 0.18% 0.27% Total Retum Calendar Year to Date 2017 Gross 0.02% (0.18%) (0.09%) (0.10%) Effective Duration in Years 0.86 2.26 1.79 2.01 Marketlntlices Averege Last Calentlar Last Last Monih Vearto Date 12 Monihs 3 Vears BBgBarc US Trsy Bellwethers 3Mon TR USD 0.14% 0.36% 1.13% 0.55% BBgBarcUSGovt1-3VrTRUSD 0.20% -0.15% 0.02% 0.40% BBgBarcUSGovtlntermTRUSD 0.52% -0.73% -0.14% 0.46% BBgBarcUSGoviTRUSD 0.93% -1.15% 0.94% 0.48% Current Prime 4.50% City of Dubuque Schedule of Certificates of Deposit,Accrued Interest,High Yield Savings Accounts&Unspent Bond Proceeds As of March 31, 2018 Certifica[es of De osi[: Certifica[e � Cos[ Purchase Ma[urity IMeres[ Days[o Accruetl Accruetl Number Ins[i[u[ion " Basis Da[e Da[e Ra[e Ma[urity Days IMeres[ 05013396931/2 AT&S M 1,OOQ000 10/10/17 04/09/18 1.560% 9 172 7,35123 13 DuTrac C 1,OOQ000 07/28/17 04/13/18 1.550% 13 246 iQ446.58 20 DuTrac C 1,OOQ000 10/W/17 04/27/18 1.600% 27 179 7,846.58 21 DuTrac C 1,OOQ000 10/W/17 OS/11/18 1.600% 41 179 7,846.58 22 DuTrac C 1,OOQ000 10/W/17 OS/25/18 1.600% 55 179 7,846.58 23 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 61 121 4,641.10 24 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 61 121 4,641.10 25 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 61 121 4,641.10 26 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 61 121 4,641.10 27 DuTrac C 1,OOQ000 11/30/17 OS/31/18 1.400% 61 121 4,641.10 28 DuTrac M 1,OOQ000 12/01/17 OS/31/18 1.900% 61 120 Q246.58 30 DuTrac C 1,OOQ000 01/OS/18 OS/31/18 1.900% 61 85 4,424.66 31 DuTrac C 1,OOQ000 01/19/18 OS/31/18 1.820% 61 71 3,54027 33 DuTrac C 1,OOQ000 02/09/18 OS/31/18 1.860% 61 50 2,547.95 34 DuTrac C 1,OOQ000 02/09/18 OS/31/18 1.860% 61 50 2,547.95 35 DuTrac C 1,OOQ000 02/09/18 OS/31/18 1.860% 61 50 2,547.95 36 DuTrac C 1,OOQ000 02/09/18 OS/31/18 1.860% 61 50 2,547.95 29 DuTrac C 1,OOQ000 12/22/17 O6/OB/18 1.900% 69 99 5,153.42 32 DuTrac C 1,OOQ000 02/02/18 O6/OB/18 1.820% 69 57 2,842.19 05013396931/5 AT&S C 1,OOQ000 02/i6/18 O6/22/18 1.950% 83 43 2,29726 46 251 300 6 Collins C 1,OOQ000 W/02/18 07/O6/18 2200% 97 29 1,747.95 11 DuTrac M SOQ000 07/14/17 07/13/18 1.600% 104 260 5,698.63 05468373047/6 AT&S C 1,OOQ000 W/i6/18 07/20/18 2.010% 111 15 826.03 37 DuTrac C 1,OOQ000 W/30/18 OB/03/18 2.060% 125 1 56.44 14 DuTrac M SOQ000 09/14/17 09/14/18 1.600% 167 198 4,33973 05013396931/3 AT&S M 400,000 07/14/17 10/13/18 1.300h 196 260 3,704.11 05578314659/2 AT&S M 600,000 11/07/17 11/O6/18 1.770h 220 144 4,189.81 05013396931/4 AT&S M 500,000 12/OB/17 12/07/18 1.910h 251 113 2,956.58 05468373047/4 AT&S M 800,000 02/02/18 02/01/19 2.100h 307 57 2,623.56 05468373047/5 AT&S M 500,000 03/13/18 03/14/19 2260h 348 18 557.26 To[als 26,800,000 125,939.33 Reserve Funtls Accoun[ � Entling Face Value Accruetl Number Ins[i[u[ion Balance In[eres[Ra[e IMeres[ ccou t co eaiance Acaued interest 2015A FB&T R 2,159,613 124% 2,290.31 DMASwA 5,800,000 3�,66�49 2010D AT&S R 525,200 1.65% 4,332.90 ary 21,000,000 882�184 TO[a15 2,684,813 6,62321 26,800,000 12593933 U.S.heasu Bontl - Accoun[ � Entling Face Value Accruetl Number Ins[i[u[ion � Balance In[eres[Ra[e IMeres[ 2152-1478 LPL Financial C 2,59Q954 3.69% 11,97473 Weigh[etl Yieltl: 1748% To[als 2,596,954 11,97473 Weigh[etl Ma[urity in Days: 86.6 UnspeM Bontl Proceetl AccouMs: Bontl Issue Ins[i[u[ion � Entling APR @ Accruetl Balance* NbMh Entl IMeresl* 2012B DB&T C 1,439,710 0.32% 360.02 2012C DB&T C 34Q219 020% 53.11 2012D DB&T C 501,862 020% 89.46 2012E DB&T C 121,281 0.30% 6974 2012F AT&S C 381,729 0.30% 107.69 2012H DB&T C 105,142 0.55% 77.71 2014B AT&S C 1,727,337 1.04% 3,075.15 2014C AT&S C 549,439 1.04% 913.11 DMASWA AT&S M 956,817 O.60h 345.90 DMASWA AT&S M 1,93Q783 1.15% 1,769.67 Institution %ofTotal Bond Balance 2015A FB&T C Q064,424 0.68% 5,14624 AT&S 3490 5,552,10455 2016C FB&T C 1,77Q422 0.95% 1,395.65 DB&T 1581 2,51421434 2017A DB&T C 227,692 0.00% 5.80 FB&T 4929 �840,84686 To[als 16,134,858 13,403.45 100.00/ 1590�166 �q=alvFumos �m�=ouauoueMElaovoulmm�aensouownslencemcv �a�=aeseaveFumos Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending March 31, 2018 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 5,933,953 $ 14,835 14,835 Avg 0.25% YTD Actual Fees $ 12,350 Dubuque Bank 8 Trust 0.25% No Tiers $ 7,651,300 $ 19,128 $ 19,128 Avg 0.25% YTD Actual Fees $ 14,466 First Community Trust 0.25% No Tiers $ 6,147,252 $ 15,368 $ 15,368 Avg 0.25% YTD Actual Fees $ 11,518 U.S.Bank 0.25% No Tiers $ 7,004,091 $ 17,510 $ 17,510 Avg 0.25% YTD Actual Fees $ 11,677 Custodian fee Schedule American Trust 8 Annual fee of$400 for each account plus... 26,736,597 $ 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 7,368 $ 26,968 Avg 0.10% YTD Actual Fees $ 20,253 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.