December 31, 2021 Quarterly Investment ReportCity of Dubuque
City Council Meeting
Consent Items # 5.
Copyrighted
February 7, 2022
ITEM TITLE: December31, 2021 Quarterly Investment Report
SUMMARY: City Manager transmitting the December 31, 2021 Quarterly Investment
Report.
SUGGESTED Suggested Disposition: Receive and File
DISPOSITION:
ATTACHMENTS:
Description Type
Quarterly Investment Report-MVM Memo City Manager 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
Interest
Manager/Custodian Annual Fees Computation Supporting Documentation
THE C
DUjIBQTE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: December 31, 2021 Quarterly Investment Report
DATE: January 27, 2022
Dubuque
WAWca 914
ii
2007-2012.2013
2017*2019
Director of Finance and Budget Jennifer Larson is transmitting the December 31, 2021
Quarterly Investment Report.
v
Mic ael C. Van Milligen
MCVM:sv
Attachment
CC' Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jenny Larson, Director of Finance and Budget
THE C
Dubuque
S DUUE
III -America City
' I'
Masterpiece on the Mississippi
� Pp
2fl02.20 13
zo17*��zo19
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
RE: December 31, 2021 Quarterly Investment Report
DATE: January 27, 2022
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, 2021 through December 31, 2021.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended December 31, 2021 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, 2021 And Fiscal Year To Date
Market Value /
Carrying
Including
Description
Value
Accrued Interest
Change & Petty Cash Funds
340,031
340,031
Checking/Savings Accounts
90,293,273
90,293,273
Unspent Bond Proceeds
6,891,801
6,891,801
Certificates Of Deposit
21,100,005
21,136,159
US Treasury Securities
2,015,125
2,857,751
Corporate Stock (EB Lyons Trust)
11,514
82,208
Investment Advisor Accounts
28,180,418
28,054,881
Reserve Accounts
2,605,200
2,615,764
Total Funds
Breakdown
City
Metro
Total Combined Funds
Cash Basis
Gross Earnings:
City
Metro
Combined
Investment Fees:
City
Metro
Combined
Net Earnings:
City
Metro
Combined
Unrealized
Gain (Loss) /
Accrued Interest
36,154
842,626
70,694
(125,537)
10,564
151,437,367 152,271,868 834,501
136,415,575
15,021,792
137,232,191
15,039,677
816,616
17,885
151,437,367
152,271,868
834,501
Quarter
Year -To -Date
242,934
9,035
242,934
9,035
251,969
251,969
31,920
665
31,920
665
32,585
32,585
211,014
8,370
211,014
8,370
219,384
219,384
CITY MANAGED FUNDS
CASH:
Change and Petty Cash Funds
Health Fund Deposit
Prescription Fund Deposit
Hometown Bank
Short Term Disability
Total
CHECKING I SAVINGS ACCOUNTS:
MidWestOne Bank (General)
MidWestOne Bank (Section 8)
Dubuque Bank & Trust (General/Metro/Credit)
Dubuque Bank & Trust (Cable Franchise Equipment Fund)
US Bank (General)
Fidelity Bank & Trust (utility)
Dubuque Bank & Trust Police Forfeiture Funds
Collins Community Credit Union
Collins Community Credit Union (Metro)
Total
UNSPENT BOND PROCEED INVESTMENT ACCOUNTS:
DB&T Series 2012C
DB&T Series 2012D
MWO Series 2012F
DB&T Series 2012H
MWO Series 2014B
MWO Series 2014C
Fidelity Series 2016C
Collins CCU Series 2019A
Collins CCU Series 2019B
MWO Series 2021A
MWO Series 2021B
Total
CERTIFICATES OF DEPOSIT:
MWO
DB&T
CCCU
Dupaco
Dutrac
FB&T
Premier
US Bank
Total
U.S. TREASURY OBLIGATIONS:
Debt Service Reserve Fund Required for Port Ramp
Total
RESERVES:
Sales Tax Increment Rev Bond Reserve (series 201eA)
Water Debt Bond Reserve (2010D)
Total
CORPORATE STOCK (Lyons Peony Trust):
Total
TOTAL CITY MANAGED FUNDS
City of Dubuque
Schedule of City Funds
As of
December 31, 2021
COST
BASIS
TOTAL
CITY FUNDS
PERCENTAGE
14,031
240,000
75,000
1,000
10,000
340,031
0.22%
15,699,249
655,089
40,499,380
1,171,182
20,885
31,103
150,144
30,577,257
1,488, 984
90,293,273
59.62%
590,773
474,292
164,822
21,574
668,724
60,199
1,160,497
431,939
253,788
2,657,263
407,931
6,891, 801
4.55%
2,580,000
0
0
0
18,520,005
0
0
0
21,100,005
13.93%
2,015,125
2,015,125
1.33%
2,080,000
525,200
2,605,200
1.72%
11,514
11,514
0.01%
123,256,949
81.39%
Page 1
City of Dubuque
Schedule of City Funds
As of
Dece)PbieKrTFOL10 1
TOTAL
COMPOSITION
COST
CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS
PERCENTAGE
BASIS
PERCENTAGE
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents
5.4%
539,083
US Treasury Obligations
0.0%
0
US Agencies
44.4%
4,446,358
Mortgaged Backed Securities
50.3%
5,039,941
Total
100.0%
10,025,383
6.62%
DUBUQUE BANK & TRUST:
Cash and Equivalents
0.6%
46,240
US Treasury Obligations
99.4%
8,009,492
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Unsettled Trades
0.0%
0
Total
100.0%
8,055,732
5.32%
FIRST COMMUNITY TRUST:
Cash and Equivalents
0.0%
0
US Treasury Obligations
0.0%
0
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Total
0.0%
0
0.00%
US BANK:
Cash and Equivalents
0.0%
0
US Treasury Obligations
0.0%
0
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Total
0.0%
0
0.00%
BTC CAPITAL:
Cash and Equivalents
3.7%
377,170
US Treasury Obligations
0.0%
0
US Agencies
96.1 %
9,710,200
Mortgaged Backed Securities
0.0%
11,932
Total
99.9%
10,099,303
6.67%
TOTAL FINANCIAL ADVISORS MANAGED FUNDS
28,180,418
11.94%
BREAKDOWN BY TYPE OF SECURITY:
Cash & Equivalents
3.4%
962,494
US Treasury Obligations
28.4%
8,009,492
US Agencies
50.2%
14,156,558
Mortgage Backed Securities
17.9%
5,051,873
Unsettled Trades
0.0%
0
Total
100.0%
28,180,418
TOTAL CITY FUNDS
151,437,367 93.33%
RECAP OF PORTFOLIO PERCENTAGES
Managed
City
Combined
CASH & EQUIVALENTS
0.64%
0.22%
0.86%
CHECKING / SAVINGS ACCTS
0.00%
65.90 %
65.90%
MORTGAGE BACKED SECURITIES
3.34 %
0.00%
3.34
CERTIFICATES OF DEPOSIT
0.00%
13.93%
13.93%
U.S. TREASURY OBLIGATIONS
5.29%
1.33%
6.62%
FEDERAL AGENCIES
9.35 %
0.00%
9.35%
OTHER
0.00%
0.01 %
0.01
Total 18.61%
81.39%
100.00%
Page 2
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
First
Community
Dana DB&T Trust US Bank BTC Capital
COST BASIS ANALYSIS
Cost Basis Prior Month
10,020,770
8,059,370
(0)
0
10,088,264
Additions:
Interest Earnings
10,863
15
0
0
13,331
Capital Addition
0
0
0
0
0
NonCash Activity
0
0
0
0
0
Realized Gains (Losses)
(5,833)
0
0
0
(87)
Total Additions
5,030
15
0
0
13,244
Subtractions:
Management Fees
0
(3,320)
0
0
0
Custodian Fees
(417)
(332)
0
0
(420)
Withdrawal
0
0
0
0
0
Capital Withdrawals
0
0
0
0
(1,785)
Total Subtractions
(417)
(3,652)
0
0
(2,205)
Cost Basis Current Month
10,025,383
8,055,732
(0)
0
10,099,303
Net Cash Receipts & (Disbursements)
Ending Cost Basis Balance
10,025,383
8,055,732
(0)
0
10,099,303
MARKET VALUE ANALYSIS
Investment Market Value Prior Month (Adjusted for Accrl
10,023,890
7,985,633
0
0
0
Investment Market Value Current Month
9,993,333
' 7,964,477
0
0
10,049,831
Accrued Interest Current Month
15,838
13,824
0
17,578
Market Value Adjusted for Accruals
10,009,171
7,978,301
0
0
10,067,409
Portfolio Returns (computed by Investment Managers)
Monthly Return Gross of Fees
(0.25%)
(0.09%)
0.00%
0.00%
Monthly Return Net of Fees
(0.27%)
(0.92%)
0.00%
0.00%
Total Return Calendar Year to Date - Gross
(0.25%)
(1.23%)
0.00%
0.00%
Effective Duration in Years
1.19
3.27
N/A
N/A 3.70
Market Indices
Average Last
Calendar
Last
Last
Month
Year to Date
12 Months
3 Years
BBgBarc US Trsy Bellwethers Won TR USD
0.01 %
0.04 %
0.05 %
1.07 %
BBgBarc US Govt 1-3 Yr TR USD
-0.04 %
-0.39 %
-0.34 %
2.37%
BBgBarc US Govt Interm TR USD
0.25 %
1
-1.44 %
-1.40 %
3.62 %
BBgBarc US Govt TR USD
0.74 %
-1.78 %
-1.99 %
4.97%
Current Prime
3.25 %
Total
Managed
Accounts
Month Ending: 12/31/21
Combined
City Finance Total
28,168,404 133,685,414
24,209
13,062
0
(5,921)
18,288
13,062
(3,320)
(1,169)
(314)
(1,785)
(6,274)
(314)
28,180,418
133,698,162
(10,441,214)
28,180,418
123,256,949
0
28,095,004
28,007,640
123,197,735
47,240
59,213
28,054,881
123,256,949
161,853,818
37,271
0
(5,921
31,350
(3,320)
(1,169)
(314)
(1,785)
/R r,RRI
(10,441,214)
151,437,366
0
151,2U5,37b
106,453
151,311,829
City of Dubuque
Schedule of Certificates of Deposit, Accrued Interest, High Yield Savings Accounts & Unspent Bond Proceeds
As of
December 31, 2021
Certificates of Deposit:
Certificate
I
Cost
Purchase
Maturity
Interest
Days to
I Accrued
Accrued
Number
Institution
Basis
Date
Date
Rate
Maturity
Days
Interest
43A
DuTrac
M
400,000
01/11/21
01/11/22
2.910%
11
354
11,289.21
105
DuTrac
M
1,000,000
03/15/21
03/15/22
0.400%
74
291
3,189.04
740593304A
MidWestOne
M
500,000
07/14/21
01/12/22
0.300%
12
170
698.63
109
DuTrac
M
400,000
07/30/21
02/02/22
0.320%
33
154
540.05
110
DuTrac
M
400,000
07/30/21
02/02/22
0.320%
33
154
540.05
111
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
112
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
113
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
114
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
115
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
116
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
117
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
118
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
119
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
120
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
32
151
1,323.84
121
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
59
123
1,044.66
122
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
59
123
1,044.66
123
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
59
123
1,044.66
124
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
59
123
1,044.66
125
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
59
123
1,044.66
219056
DuTrac
M
1,000,000
10/11/21
04/11/22
0.330%
101
81
732.33
128
DuTrac
M
400,000
10/14/21
04/14/22
0.290%
104
78
247.89
129
DuTrac
M
500,000
11/03/21
05/04/22
0.290%
124
58
230.41
130
DuTrac
M
500,000
11/30/21
05/31/22
0.220%
151
31
93.42
129
DuTrac
M
500,000
11/03/21
05/04/22
0.290%
124
58
230.41
130
DuTrac
M
500,000
11/30/21
05/31/22
0.220%
151
31
93.42
Totals
21,100,000
36,346.56
Reserve Funds
Account
Ending
Face Value
Accrued
Number
Institution
Balance
Interest Rate
Interest
Account
CD Balance
Accrued Interest
2015A
MidWestOne - CD
R
2,080,000
0.60%
7,282.85
DMASWA
6,100,000
17,884.86
2010D
DuTrac - CD
R
525,200
0.50%
3,280.70
City
15,000,000
18,461.70
Totals
2,605,200
10,563.55
21,100,000
36,346.56
U.S. Treasury Bond
-
Account
Ending
Face Value
Accrued
Number
Institution
L)
Balance
Interest Rate
Interest
2152-1478
LPL Financial
C
2,857,751
0.01%
12,303.02
Weighted Yield:
0.364%
Totals
2,857,751
12,303.02
Weighted Maturity in Days:
54.2
Unspent Bond Proceed Accounts:
Ending
APR @
Accrued
Bond Issue
Institution
Balance*
Month End
Interest*
2012C
DB&T
C
590,797
0.05%
24.27
2012D
DB&T
C
474,311
0.05%
19.49
2012F
MWO
C
164,880
0.75%
57.53
2012H
DB&T
C
21,574
0.55%
0.88
2014B
MWO
C
668,752
0.05%
27.48
2014C
MWO
C
60,201
0.60%
2.62
2016C
FB&T
C
1,160,595
0.25%
98.57
2019A
Collins
C
431,959
0.05%
19.58
Institution
% of Total
Bond Balance
2019B
Collins
C
253,799
0.05%
10.78
MWO
23.36
893,832.41
2021A
MWO
C
2,665,348
0.00%
8,084.55
DB&T
28.40
1,086,682.20
2021B
MWO
C
412,135
0.00%
4,204.38
FB&T
30.33
1,160,595.09
Totals
6,904,350
12,550.13
Collins
17.92
685,757.34
(C) = CITY FUNDS (M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R) = RESERVE FUNDS
100.00%
3,826,867
Manager/Custodian Annual Fees Computation
Fiscal YTD - Quarter Ending
December 31, 2021
Investment Managers Managerial Fee Schedule
Dana 0.25% No Tiers
Dubuque Bank & Trust 0.25% No Tiers
BTC Capital
Midwest One
Bank
0.25% No Tiers
Total Market Value Annual Fees
(1) (2)
$ 10,009,171 $ 25,023
25,023
Avg
0.25%
YTD Actual Fees
$
5,221
$ 7,978,301
$
19,946
$
19,946
Avg
0.25%
YTD Actual Fees
$
11,664
$ 10,067,409
$
25,169
$
25,169
Avg
0.25%
YTD Actual Fees
$
3,524
Custodian fee Schedule
Annual fee of $400 for each account plus... 28,054,881 $ 1,600
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 8,027
$ 27,627
Avg 0.10%
YTD Actual Fees $ 7,038
Combined Avg Mgmt & Custodial 0.26%
Note: (1) Total market value includes accrued interest.
(2) Fees are listed on an annual basis.