March 31, 2022 Quarterly Investment ReportCity of Dubuque
City Council Meeting
Consent Items # 04.
Copyrighted
May 16, 2022
ITEM TITLE: March 31, 2022 Quarterly Investment Report
SUMMARY: City Manager transmitting the March 31, 2022, 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: March 31, 2022 Quarterly Investment Report
DATE: May 9, 2022
Dubuque
WAWca 914
ii
2007-2012.2013
2017*2019
Director of Finance and Budget Jennifer Larson is transmitting the March 31, 2022,
Quarterly Investment Report.
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
Dubuque
THE CITY OF
AII•America City
DUB E
13
Masterpiece on the Mississippi Zoo�.o
�P pp 2017*20*2019
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
RE: March 31, 2022 Quarterly Investment Report
DATE: April 28, 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 January 1, 2022 through March 31, 2022.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended March 31, 2022 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 March 31, 2021 And Fiscal Year To Date
Market Value /
Carrying
Including
Description
Value
Accrued Interest
Change & Petty Cash Funds
900,944
900,944
Checking/Savings Accounts
78,399,790
78,399,790
Unspent Bond Proceeds
5,944,562
5,944,562
Certificates Of Deposit
45,100,000
45,127,820
US Treasury Securities
2,015,125
2,645,129
Corporate Stock (EB Lyons Trust)
11,514
83,867
Investment Advisor Accounts
28,216,450
27,186,982
Reserve Accounts
2,605,200
2,619,488
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
27,820
630,004
72,353
(1,029,468)
14,288
163,193,584 162,908,581 (285,003)
114,340,934
48,852,650
114,050,918
48,857,664
(290,016)
5,014
163,193,584
162,908,581
(285,003)
Quarter
Year -To -Date
406,322
17,063
406,322
17,063
423,385
423,385
42,490
823
42,490
823
43,313
43,313
363,832
16,240
363,832
16,240
380,072
380,072
City of Dubuque
Schedule of City Funds
As of
March 31, 2022
TOTAL
COST
CITY FUNDS
CITY MANAGED FUNDS
BASIS
PERCENTAGE
CASH:
Change and Petty Cash Funds
15,481
Health Fund Deposit
240,000
Prescription Fund Deposit
75,000
Hometown Bank
560,463
Short Term Disability
10,000
Total
900,944
0.55%
CHECKING I SAVINGS ACCOUNTS:
MidWestOne Bank (General)
15,206,598
MidWestOne Bank (Section 8)
657,026
Dubuque Bank & Trust (General/Metro/Credit)
28,965,942
Dubuque Bank & Trust (Cable Franchise Equipment Fund)
1,171,211
US Bank (General)
21,444
Fidelity Bank & Trust (utility)
31,481
Dubuque Bank & Trust Police Forfeiture Funds
150,148
Collins Community Credit Union
30,706,772
Collins Community Credit Union (Metro)
1,489,168
Total
78,399,790
48.04%
UNSPENT BOND PROCEED INVESTMENT ACCOUNTS:
(LESS ACCRUED INTEREST)
DB&T Series 2012C
590,848
DB&T Series 2012D
474,351
MWO Series 2012F
164,960
DB&T Series 2012H
21,575
MWO Series 2014B
666,671
MWO Series 2014C
55,154
Fidelity Series 2016C
1,160,783
Collins CCU Series 2019A
306,247
Collins CCU Series 2019B
253,819
MWO Series 2021A
1,838,228
MWO Series 2021B
411,927
Total
5,944,562
3.64%
CERTIFICATES OF DEPOSIT:
MWO
4,080, 000
DB&T
24,000,000
CCCU
0
Dupaco
0
Dutrac
14,020,005
FB&T
0
Premier
0
US Bank
3,000,000
Total
45,100,005
27.64%
U.S. TREASURY OBLIGATIONS:
Debt Service Reserve Fund Required for Port Ramp
2,015,125
Total
2,015,125
1.23%
RESERVES:
Sales Tax Increment Rev Bond Reserve (series 2015A)
2,080,000
Water Debt Bond Reserve (2010D)
525,200
Total
2,605,200
1.60%
CORPORATE STOCK (Lyons Peony Trust):
11,514
Total
11,514
0.01%
TOTAL CITY MANAGED FUNDS
134,977,139
82.71 %
Page 1
City of Dubuque
Schedule of City Funds
As of
MaMRTFO M
TOTAL
COMPOSITION
COST
CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS
PERCENTAGE
BASIS
PERCENTAGE
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents
4.8%
484,959
US Treasury Obligations
0.0%
0
US Agencies
45.3%
4,548,398
Mortgaged Backed Securities
49.9%
5,004,528
Total
100.0%
10,037,885
6.15%
DUBUQUE BANK & TRUST:
Cash and Equivalents
0.7%
58,329
US Treasury Obligations
99.3%
8,009,492
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Unsettled Trades
0.0%
0
Total
100.0%
8,067,821
4.94%
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
1.6%
157,040
US Treasury Obligations
0.0%
0
US Agencies
98.4%
9,944,539
Mortgaged Backed Securities
0.0%
9,164
Total
99.9%
10,110,743
6.20%
TOTAL FINANCIAL ADVISORS MANAGED FUNDS
28,216,450
17.29%
BREAKDOWN BY TYPE OF SECURITY:
Cash & Equivalents
2.5%
700,328
US Treasury Obligations
28.4%
8,009,492
US Agencies
51.4%
14,492,937
Mortgage Backed Securities
17.8%
5,013,693
Unsettled Trades
0.0%
0
Total
100.0%
28,216,450
TOTAL CITY FUNDS
163,193, 589 100.00%
RECAP OF PORTFOLIO PERCENTAGES
Managed
City
Combined
CASH & EQUIVALENTS
0.43%
0.55%
0.98%
CHECKING / SAVINGS ACCTS
0.00%
53.28 %
53.28%
MORTGAGE BACKED SECURITIES
3.07 %
0.00%
3.07 %
CERTIFICATES OF DEPOSIT
0.00%
27.64%
27.64
U.S. TREASURY OBLIGATIONS
4.91 %
1.23 %
6.14
FEDERAL AGENCIES
8.88 %
0.00%
8.88%
OTHER
0.00%
0.01 %
0.01 %
Total 17.29%
82.71 %
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
10,031,920
8,067,729
(0)
0
10,105,193
Additions:
Interest Earnings
9,853
2,063
0
0
6,097
Capital Addition
0
0
0
0
0
NonCash Activity
0
0
0
0
0
Realized Gains (Losses)
(3,474)
0
0
0
(81)
Total Additions
6,379
2,063
0
0
6,016
Subtractions:
Management Fees
0
(1,645)
0
0
0
Custodian Fees
(413)
(327)
0
0
(412)
Withdrawal
0
0
0
0
0
Capital Withdrawals
0
0
0
0
(54)
Total Subtractions
(413)
(1,972)
0
0
(466)
Cost Basis Current Month
10,037,886
8,067,821
(0)
0
10,110,743
Net Cash Receipts & (Disbursements)
Ending Cost Basis Balance
10,037,886
8,067,821
(0)
0
10,110,743
MARKET VALUE ANALYSIS
Investment Market Value Prior Month (Adjusted for Accrl
9,920,566
7,855,978
0
0
0
Investment Market Value Current Month
9,817,444
7,662,065
0
0
9,658,259
Accrued Interest Current Month
15,559
9,708
23,947
Market Value Adjusted for Accruals
9,833,003
7,671,774
0
0
9,682,206
Portfolio Returns (computed by Investment Managers)
Monthly Return Gross of Fees
(0.92%)
(2.34%)
0.00%
0.00%
Monthly Return Net of Fees
(0.94%)
(2.36%)
0.00%
0.00%
Total Return Calendar Year to Date - Gross
0.29%
(3.84%)
0.00%
0.00%
Effective Duration in Years
1.62
3.37
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
0.03 %
0.04 %
-0.06 %
0.81 %
BBgBarc US Govt 1-3 Yr TR USD
-1.41 %
-2.50 %
-3.03 %
0.84 %
BBgBarc US Govt Interm TR USD
-2.51 %
1
-4.19 %
-4.16 %
1.03 %
BBgBarc US Govt TR USD
-3.09 %
-5.53 %
-3.69 %
1.40 %
Current Prime
3.25 %
Total
Managed
Accounts
Month Ending: 03/31/22
Combined
City Finance Total
28, 204, 842 127, 283, 459
18,013
48,669
0
(3,555)
14,458
48,669
(1,645)
(1,151)
(730)
(54)
(2,850)
(730)
28,216,450
127,331,398
7,645,741
28,216,450
134,977,139
0 27,678,887
27,137,769
134,886,865
49,213
90,274
27,186,982
134,977,139
155,488,301
66,683
0
(3,555
63,127
(1,645)
(1,151)
(730)
(54)
I� 5Rm
7,645,741
163,193,589
0
162,U24,634
139,487
162,164,121
City of Dubuque
Schedule of Certificates of Deposit, Accrued Interest, High Yield Savings Accounts & Unspent Bond Proceeds
As of
March 31, 2022
Certificates of Deposit:
Certificate Cost Purchase Maturity Interest I Days to I Accrued Accrued
219056
DuTrac
M
1,000,000
10/11/21
04/11/22
0.330%
11
171
1,546.03
128
DuTrac
M
400,000
10/14/21
04/14/22
0.290%
14
168
533.92
129
DuTrac
M
500,000
11/03/21
05/04/22
0.290%
34
148
587.95
130
DuTrac
M
500,000
11/30/21
05/31/22
0.220%
61
121
364.66
131
DuTrac
M
500,000
12/06/21
06/06/22
0.270%
67
115
425.34
1 B
DuTrac
M
500,000
12/20/21
06/20/22
0.260%
81
101
359.73
988965905803
DB&T
C
24,000,000
01/03/22
07/03/22
0.250%
94
87
14,301.37
2A
DuTrac
M
400,000
01/11/22
07/13/22
0.300%
104
79
259.73
8B
DuTrac
M
500,000
01/12/22
07/13/22
0.300%
104
78
320.55
9C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
10C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
11C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
12C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
13C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
14C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
15C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
16C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
17C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
18C
DuTrac
C
1,000,000
02/01/22
08/01/22
0.400%
123
58
635.62
19A
DuTrac
M
400,000
02/02/22
08/03/22
0.300%
125
57
187.40
21A
DuTrac
M
400,000
02/02/22
08/03/22
0.300%
125
57
187.40
433085481
USB
C
1,000,000
02/28/22
08/29/22
0.500%
151
31
424.66
433085482
USB
C
1,000,000
02/28/22
08/29/22
0.500%
151
31
424.66
433085483
USB
C
1,000,000
02/28/22
08/29/22
0.500%
151
31
424.66
DDDD
MidWestOne
C
1,000,000
02/28/22
08/29/22
0.510%
151
31
433.15
EEEE
MidWestOne
C
1,000,000
02/28/22
08/29/22
0.520%
151
31
441.64
31B
DuTrac
M
1,000,000
03/15/22
09/13/22
0.550%
166
16
241.10
Totals
45,100,000
27,820.15
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%
10,360.11
DMASWA
6,100,000
5,013.81
201 OD
DuTrac - CD
R
525,200
0.50%
3,928.21
City
39,000,000
22,806.34
Totals
2,605,200
14,288.32
45,100,000
27,820.15
Totals 2,645,129 11,974.73
Bond Proceed Accounts:
Bond Issue
I Institution
I u I
Balance* I
Month End I
Interest`
2012C
DB&T
C
590,848
0.05%
22.67
2012D
DB&T
C
474,351
0.05%
18.19
2012F
MWO
C
164,960
0.75%
42.03
2012H
DB&T
C
21,575
0.55%
0.88
2014B
MWO
C
666,671
0.05%
1,625.64
2014C
MWO
C
55,154
0.60%
2.31
2016C
FB&T
C
1,160,783
0.25%
98.59
2019A
Collins
C
306,247
0.05%
13.01
2019E
Collins
C
253,819
0.05%
10.78
2021A
MWO
C
1,838,228
0.00%
-
2021B
MWO
C
411,927
0.00%
-
Totals
5,944,562
1,834.10
(C) = CITY FUNDS (M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R) = RESERVE FUNDS
Weighted Yield: 0.323%
Weighted Maturity in Days: 105.1
Institution
% of Total
Bond Balance
MWO
24.00
886,784.44
DB&T
29.42
1, 086, 773.55
FB&T
31.42
1,160, 782.70
Collins
15.16
560,066.12
100.00%
3,694,407
Manager/Custodian Annual Fees Computation
Fiscal YTD - Quarter Ending
March 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)
$ 9,833,003 $ 24,583
24,583
Avg
0.25%
YTD Actual Fees
$
8,348
$ 7,671,774
$
19,179
$
19,179
Avg
0.25%
YTD Actual Fees
$
14,965
$ 9,682,206
$
24,206
$
24,206
Avg
0.25%
YTD Actual Fees
$
6,036
Custodian fee Schedule
Annual fee of $400 for each account plus... 27,186,982 $ 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 7,593
$ 27,193
Avg 0.10%
YTD Actual Fees $ 10,513
Combined Avg Mgmt & Custodial 0.26%
Note: (1) Total market value includes accrued interest.
(2) Fees are listed on an annual basis.