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December 31, 2020 Quarterly Investment Report Copyrig hted February 15, 2021 City of Dubuque Consent Items # 10. City Council Meeting IT EM T IT LE: December 31, 2020 Quarterly I nvestment Report SUM MARY: City Manager transmitting the December 31, 2020 Quarterly I nvestment Report. SUGGESTED Suggested Disposition: Receive and File DISPOSITION: ATTACHMENTS: Description Type December 31, 2020 Quarterly Investment Report-MVM City Manager Memo Memo Memo Staff Memo Cash Investments and Investment Earnings Summary Supporting Documentation Schedule of City Funds Supporting Documentation Monthly Investment Summary Supporting Documentation Schedule of Certificates of Deposit and Accrued Supporting Documentation I nterest Manager/Custodian Annual Fees Computation Supporting Documentation Dubuque THE CITY OF � ui-Aseria cih DuB E , . � . , � II � Maste iece on tj2e Mississi i zoo�•zoiz•zois YP pp zoi�*zoi9 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: December 31, 2020 Quarterly Investment Report DATE: February 8, 2021 Director of Finance and Budget Jennifer Larson is transmitting the December 31, 2020 Quarterly Investment Report. � Mic ael C. Van Milligen MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Jennifer Larson, Director of Finance and Budget Dubuque THE CTTY O� � D 1ll-America Ci� U B E w,�K�������,H,� 1II � I�r Maste iece on the Mississi i Z°°'.z°lz`z°13 �P pp �oi��2o�� TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Director of Finance and Budget RE: December 31, 2020 Quarterly Investment Report DATE: February 1, 2021 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, 2020 through December 31, 2020. The report includes: Cash Investments and Investment Earnings Summary for quarter ended December 31, 2020 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. JL/eml Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended December 31, 2020 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 348,461 348,461 - Checking/Savings Accounts 50,580,851 50,580,851 - Unspent Bond Proceeds 9,244,525 9,244,525 - Certificates Of Deposit 14,100,005 14,318,245 218,240 US Treasury Securities 2,015,125 3,198,718 1,183,593 Corporate Stock (EB Lyons Trust) 11,514 96,569 85,055 Investment Advisor Accounts 28,015,065 28,285,397 270,332 Reserve Accounts 2,605,200 2,619,917 14,717 Total Funds 106,920,746 108,692,683 1,771,938 Breakdown City 92,451,645 94,180,527 1,728,882 Metro 14,469,100 14,512,156 43,056 Total Combined Funds 106,920,746 108,692,683 1,771,938 Cash Basis Quarter Year-To-Date Gross Earninqs: City 176,566 414,233 Metro 37,864 51,290 Combined 214,430 465,523 Investment Fees: City 25,686 44,266 Metro 269 452 Combined 25,955 44,718 Net Earninqs: City 150,880 369,967 Metro 37,596 50,838 Combined 188,476 420,805 City of Dubuque Schedule of City Funds As of December 31,2020 TOTAL COST CITY FUNDS CITY MANAGED FUNDS BASIS PERCENTAGE CASH: Change and Petty Cash Funds 12,061 Health Fund Deposit 240,000 Prescription Fund Deposit 75,000 Workers Comp Deposit 0 Hometown Bank 1,000 Short Term Disability 10,000 Total 338,061 0.30% CHECKING I SAVINGS ACCOUNTS: MidWestOne Bank(General) 1,897,690 MidWestOne Bank(Section 8) 647,761 Dubuque Bank&T�ust(Genera��Metro�credit) 47,988,734 DUbUqU@ B811K$�TfUSt(Cable Franchise Equipment Fund) 978,467 US Bank (Genera�) 13,205 Premier�uerty� 11,050 Fidelity Bank&Trust�ut�rry� 28,930 Dubuque Bank&Trust Police Forfeiture Funds 150,129 Collins Community Credit Union 250,798 Collins Community Credit Union (Metro) 1,488,240 Total 53,455,003 47.58% UNSPENT BOND PROCEED INVESTMENT ACCOUNTS: DB&T Series 2012B 0 DB&T Series 2012C 164,315 DB&T Series 2012D 509,815 MWO Series 2012F 306,541 DB&T Series 2012H 21,554 MWO Series 2014B 1,272,089 MWO Series 2014C 264,711 Fidelity Series 2015A 76,280 MWO 2016 DMASWA 0 Fidelity Series 2016C 1,203,233 Collins CCU Series 2019A 747,230 Collins CCU Series 20196 253,661 Total 4,819,427 4.29% CERTIFICATES OF DEPOSIT: . M W O 500,000 DB&T 0 CCCU 0 Dupaco 0 Dutrac 19,600,005 FB&T 1,000,000 Premier 0 US Bank 0 Total 21,100,005 18.78% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 1.79% RESERVES: Sales Tax Increment Rev Bond Reserve�series zo�sn� 2,080,000 Water Debt Bond Reserve �zoioo� 525,200 Total 2,605,200 2.32% CORPORATE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.01% TOTAL CITY MANAGED FUNDS 84,344,335 75.07% Page 1 City of Dubuque Schedule of City Funds As of Dece��ieKrl��L10� TOTAL COMPOSITION COST CITY FUNDS FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE aasls PERCENTAGE DANA INVESTMENT ADVISORS,INC: Cash and Equivalents 2.8% 174,890 US Treasury Obligations 0.0% 0 US Agencies 9.7% 599,925 Mortgaged Backed Securities 87.5% 5,427,811 Total 100.0% 6,202,627 5.52% DUBUQUE BANK&TRUST: Cash and Equivalents 7.9% 631,499 US Treasury Obligations 92.1% 7,401,224 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 100.0% 8,032,723 7.15% FIRST COMMUNITY TRUST: Cash and Equivalents 0.2% 14,124 US Treasury Obligations 0.0% 0 US Agencies 99.4% 6,393,363 Mortgaged Backed Securities 0.4% 26,460 Total 100.0% 6,433,948 5.73°/o US BANK: Cash and Equivalents 9.2% 676,977 US Treasury Obligations 0.0% 0 US Agencies 90.8% 6,668,791 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,345,768 6.54% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 28,015,066 24.93% BREAKDOWN BY TYPE OF SECURITY: Cash&Equivalents 5.3% 1,497,490 US Treasury Obligations 26.4% 7,401,224 US Agencies 48.8% 13,662,079 Mortgage Backed Securities 19.5% 5,454,272 Unsettled Trades 0.0% 0 Total 100.0% 28,015,066 TOTAL CITYFUNDS 112,359,400 100.00% RECAP OF PORTFOLIO PERCENTAGES Managed City Combined CASH&EQUIVALENTS 1.33% 0.30% 1.63% CHECKING/SAVINGS ACCTS 0.00% 54.18% 54.18% MORTGAGE BACKED SECURITIES 4.85% 0.00% 4.85% CERTIFICATES OF DEPOSIT 0.00% 18.78% 18.78% U.S.TREASURY OBLIGATIONS 6.59% 1.79% 8.38% FEDERAL AGENCIES 12.16% 0.00% 12.16% OTHER 0.00% 0.01% 0.01% Total 24.93% 75.07% 100.00% Page 3 CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: 12/31/20 First Total Community Managed Combined Dana DB&T Trust US Bank Accounts Citv Finance Total COST BAS/S ANALYSIS Cost Basis Prior Month 6,196,124 8,034,993 6,424,139 7,342,419 27,997,674 93,969,258 121,966,932 Additions: Interest Earnings 11,330 (108) 11,850 5,474 28,546 99.713 128,259 Realized Gains(Losses) (4,283) 298 (116) 0 (4,102) (4,102) TotalAdditions 7,047 190 11,734 5,474 24,444 99,713 124,157 Subtractions: Management Fees 0 (1,839) (1,366) (1,533) (4,738) (4,738) Custodian Fees (544) (621) (558) (592) (2,314) (2,314) Withdrawal 0 0 0 0 263 263 Total Subtractions (544) (2,460) (1,925) (2,125) (7,053) 263 (6,790) Cost Basis Current Month 6,202,627 8,032,723 6,433,948 7,345,768 28,015,065 94,069,233 122,084,299 Net Cash Receipts&(Disbursements) (9,724,898) (9,724,898) Ending Cost Basis Balance 6,202,627 8,032,723 6,433,948 7,345,768 28,015,065 84,344,335 112,359,400 MARKET VALUE ANALYSIS Investment Market Value Prior Month(Adjusted for Accri 6,238,406 8,070,691 6,580,194 7,380,706 28,269,998 95,527,839 123,797,838 Investment Market Value Current Month 6,219,377 8,064,926 6,571,561 7,370,315 28,226,179 85,505,236 113,731,415 Accrued Interest Current Month 17,078 13,113 15,147 13,879 59,218 262,568 321,786 Market Value Adjusted for Accruals 6,236,455 8,078,039 6,586,708 7,384,194 28,285,397 85,767,804 114,053,201 POI'tf0�10 R2tU1'11S(computed by Investment Managers) Monthly Return Gross of Fees 0.04% 0.14% 0.13% 0.08% Monthly Return Net of Fees 0.02% 0.17% 0.10% 0.05% Total Return Calendar Year to Date-Gross 1.80% 1.06% 3.51% 1.46% Effective Duration in Years 1.06 1.51 2.49 1.83 Market Indices Average Last Calendar Last Last Month Year to Date 12 Months 3 Years BBgBarc US Trsy Bellwethers 3Mon TR USD 0.01% 0.67% 0.67% 1.62% BBgBarc US Govt 1-3 Yr TR USD 0.05% 3.14% 3.14% 2.77% BBgBarc US Govt Interm TR USD 0.03% 5.73% 5.73% 4.10% BBgBarcUSGovtTRUSD -0.22% 7.94% 7.94% 5.17% Current Prime 3.25% City of Dubuque Schedule of Certificates of Deposit,Accrued Interest,High Yield Savings Accounts&Unspent Bond Proceeds As of December 31,2020 Certificates of De osit: Certificate � Cost Purchase Maturity Interest Days to Accrued Accrued Number Institution � Basis Date Date Rate Maturit Da s Interest 3A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 4 363 19,890.41 4A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 4 363 19,890.41 5A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 4 363 19,890.41 6A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 4 363 19,890.41 7A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 4 363 19,890.41 20A DuTrac M 400,000 01/10/20 01/11/21 2.910% 11 356 11,352.99 22A DuTrac M 400,000 01/31/20 01/29/21 1.800% 29 335 6,608.22 23A DuTrac M 400,000 01/31/20 01/29/21 1.820% 29 335 6,681.64 24A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 60 307 12,952.88 25A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 60 307 12,952.88 26A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 60 307 12,952.88 27A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 60 307 12,952.88 28A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 60 307 12,952.88 132219 A Fidelity M 1,000,000 03/13/20 03/13/21 1.000% 72 293 8,027.40 29 A DuTrac M 1,000,000 04/OS/20 04/12/21 1.150% 102 267 8,412.33 32A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 6 178 2,194.52 33A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 6 178 2,194.52 34A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 6 178 2,194.52 35A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 6 178 2,194.52 36A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 6 178 2,194.52 740593304 MidWestOne M 500,000 07/14/20 07/14/21 0.450% 195 170 1,047.95 38A DuTrac M 400,000 10/14/20 04/15/21 0.380% 105 78 324.82 39A DuTrac M 500,000 11/04/20 05/05/21 0.380% 125 57 296.71 40A DuTrac M 500,000 12/01/20 06/01/21 0.380% 152 30 156.16 41A DuTrac M 500,000 12/07/20 06/07/21 0.300% 158 24 98.63 42A DuTrac M 500,000 12/21/20 06/21/21 0.360% 172 10 49.32 Totals 21,100,000 218,245.22 Reserve Funds Account � Ending Face Value Accrued Number Institution Balance Interest Rate Interest Account CD Balance Accrued Interest 2015A DuTrac-CD R 2,080,000 0.60% 7,282.85 DMASWA 6,100,000 43,056.17 2010D DuTrac-CD R 525,200 0.50% 654.70 City 15,000,000 175,189.05 Totals 2,605,200 7,937.55 21,100,000 218,245.22 U.S.Treasury Bond - Account � Ending Face Value Accrued Number Institution � Balance Interest Rate Interest 2152-1478 LPL Financial C 3,090,970 4.75% 36,385.52 Weighted Yield: 7.171% Totals 3,090,970 36,385.52 Weighted Maturity in Days: 26.1 Unspent Bond Proceed Accounts: � Ending APR @ Accrued Bond Issue Institution � Balance* Month End Interest* 2012C DB&T C 164,323 0.05% 777 2012D DB&T C 509,835 0.05% 20.89 2012F MWO C 306,619 0.75°/a 78.10 2012H DB&T C 21,564 0.55% 9.72 2014B MWO C 1,272,142 0.05% 53.44 2014C MWO C 264,725 0.60% 13.77 2015A FB&T C 76,290 1.51% 9.82 2016C FB&T C 1,203,488 1.28% 255.48 Institution %of Total Bond Balance 2019A Collins C 747,262 0.05% 32.03 MWO 38.25 1,843,485.78 2019B Collins C 253,672 0.05% 10.74 DB&T 14.43 695,722.27 Totals 4,819,919 491.76 FB&T 26.55 1,279,777.67 (C)=CITY FUNDS (M)=DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R)=RESERVE FUNDS COIIIf15 20.77 'I,000,933.38 100.00% 4,819,919 I I Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending December 31, 2020 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 6,219,377 $ 15,548 15,548 Avg 0.25% YTD Actual Fees $ 7,799 Dubuque Bank& Trust 0.25% No Tiers $ 8,064,926 $ 20,162 $ 20,162 Avg 0.25% YTD Actual Fees $ 11,032 First Community Trust 0.25% No Tiers $ 6,571,561 $ 16,429 $ 16,429 Avg 0.25% YTD Actual Fees $ 8,193 U.S. Bank 0.25% No Tiers $ 7,370,315 $ 18,426 $ 18,426 Avg 0.25% YTD Actual Fees $ 9,200 Custodian fee Schedule American Trust& Annual fee of$400 for each account plus... 28,226,179 $ 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 8,113 $ 27,713 Avg 0.10% YTD Actual Fees $ 13,883 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.