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Investment Report Qtrly 3 31 02MEMORANDUM May 1, 2002 TO: FROM: SUBJECT: The Honorable Mayor and City Council Members Michael C. Van Milligen, City Manager March 31, 2002 Quarterly Investment Report Finance Director Ken TeKippe is transmitting the March 31,2002 Quarterly Investment Report. Michael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager Kenneth J. TeKippe, Finance Director CITY OF DUBUQUE, IOWA MEMORANDUM TO: FROM: RE: DATE: Michael Van Milligen, City Manager Kenneth J. T eKippe, Finance Director March 31, 2002 Quarterly Investment Report April 17, 2002 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, 2002 through March 31, 2002. The report includes: Cash Investments and Investment Earnings Summary for quarter ended March 31, 2002 and fiscal year to date Schedule of City Funds (2 pages) Monthly Investment Summary (2 pages) Schedule of U.S. Treasury Securities Schedule of Certificates of Deposit 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. KJT/gmm Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended March 31, 2002 & Fiscal 2001-02 YTD Carrying Market Value / Unrealized Including Gain (Loss) / Accrued Interest Accrued Interest Description Value Deposits, Change & Petty Cash Funds Checking/Savings Accounts Certificates Of Deposit US Treasury Securities Corporate Stock investment Advisor Accounts Total Funds 86,775 86,775 0 17,342,810 17,342,810 0 31,000,000 31,205,540 205,540 2,969,820 2,987,281 17,461 10,391 76,680 66,289 23,901,633 24,518,393 616,760 75,311,428 76,217,479 906,050 Breakdown cig Me~ro Total Combined Funds 67,055,891 67,915,409 859,518 8,255,537 8,302,069 46,532 75,311,428 76~217,479 906,050 Cash Basis Gross Earnings: Metro Combined Investment Fees: cig M~tro Combined Net Earnings: c~ Metro Combined Quarter 563,264 54,118 Year-To-Date 2,032,076 221,042 617,382 2,253,119 39,645 116,574 129 408 39,775 116,982 523,619 1,915,502 53,989 220,635 577,608 2,136,136 CITY OF DUBUQUE SCHEDULE OF CITY FUNDS FOR MONTH ENDING MARCH 31, :2002 MANAGED FUNDS PORTFOLIO COMPOSITION PERCENTAGE COST BASIS TOTAL CITY FUNDS PERCF~TAGE DANA II~WESTMENT ADVISORS, INC.: Cash Mutual Funds (US Government) Cerfificatas Of Deposit US Trcasluy Obligations Federal Agency Oblig'mions Total 0.00% 0.57% 0.00% 0.00% 99.43% 100.00% 0.00 44,660.56 0.00 0.00 7,826,694.64 7,871,355.20 10.45% DUBUQUE BANK & TRUST COMPANY: Cash Mutual Funds (US Government) C~ Of Depos~ US Tnmsu~ Obligations Federal Agency Obligations 0.00% 0.00 6.51% 514,214.37 0.00% 0.00 0.00% 0.00 93.49% 7,382,225.34 Total 100.00% 7,896,439.71 10.49% US BANK: Cash Mutual Funds (US Govemmem) Certificmas Of Deposit US Treasury Obligations Federal Agency Obligations Total GP. AND TOTAL 0.00% 0.00 5.29OA 430,324.09 3.87% 3 t4,796.20 15A8% 1,259,065.69 75.36% 6,129,652.03 100.00% 8,133,838.01 10.80% 23,901,632.92 31.74% BREAKDOWN BY TYPE OF SECURITY: Mutual Funds (US Government) Cca~c~as Of Deposit US Trensmy Obligafior~s Federal Agency Obligations TOTAL MANAGED FUNDS 0.00% 0.00 0.00% 4.14% 989,199.02 1.31% 1.32% 314,796.20 0.42% 5.27% 1,259,065.69 1.67% 89.28% 21,338,572.01 28.33% 100.00% 23,901,632.92 31.74% Page CITY OF DUBUQUE SCHEDULE OF CITY FUNDS FOR MONTH ENDING MARCH 31, 2002 OTHER CASH Change Funds and Petty Cash NPA & Workers Comp Deposit TOTAL COST CITY FUNDS BASIS PERCENTAGE 8,775.00 78,000.00 86,775.00 0.12% CHECKING / SAVINGS ACCOUNTS: American Trust & Savings Bank (G~al Sv~p American Trust & Savings Bank (Bond Pro~s) American Trust & Savings Bank (Amc~ca's River) American Trust & Savings Bank ~ous~g Dubuque Bank & Trust Co. (Gen~a~etrceL~is~e US Bank (O~:~raVH~A~ba~nce~5 Flags) Liberty Premier Total 1,897,575.21 13,219,058.39 0.00 436,953.61 1,333,744.48 436,237.07 8,379.28 10,861.81 17,342,809.85 23.03% CER'rlFiCATES OF DEPOSIT: American Trust & Savings Bank Dupaeo Community Credit Union Dubuque Bank & Trust Co. East Dubuque Savings Bank US Bank Liberty Bank Premier Bank 1,000,000.00 0.00 2,000,000.00 4,500,000.00 6,500,000.00 14,000,000.00 3,000,000.00 31,000,000.00 41.16% U.S. TREASURY OBLIGATIONS 2,969,820.00 3.94% CORPORATE STOCK (Lyons P~ony Trust) 10,390.71 0.01% TOTAL OTHER FUNDS 51,409095.56 68.26% 7S,~H,428.48 ioo.0o% TOTAL CITY FUNDS [RECAP OF PORTFOLIO PERCENTAGES ] CASH CHECKING / SAVINGS ACCTS MUTUAL FUNDS (U.S. GOVEKNMENT) CERTIFICATES OF DEPOS1T U.S. TREASURY OBLIGATIONS FEDERAL AGENCY OBLIGATIONS CORPORATE STOCK MANAGED OTHER COMBINED FUNDS FUNDS TOTAL 0.00% 0.12% 0.12% 0.00% 23.03% 23.03% 1.31% 0.00% 1.31% 0.42% 41.16% 41.58% 1.67% 3.94% 5.62% 28.33% 0.00% 28.33% 0.00% 0.01% 0.01% 31.74% 68.26% 100.00% Pase 2 COST BASIS ANAL YSI$ Cost Basis Prior Month Additions: Interest Earnings Realized Gains (Losses) Subtractions: Management Fees Custodian Fees Bank Charges Total Additions Total Subtractions Cost Basis Current Month Net Cash Receipts & (Disbursements) Ending Cost Basis Balance CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: Mar-31-02 Managed Combined Dana DB&T US Bank Accounts City Finance Total 7,840,228.01 7,874,479.50 8,117,128.95 23,831,836.46 50,580,620.86 74,412,457.32 39,553.35 23,469.90 17,436.05 80,459.30 70,321.38 150,780.68 (7,774.86) (839.87) (62.12) (8,676.85) 0.00 (8,676.85) 31,778~49 22,630.03 17,373.93 71,782.45 70,321.38 142,103.83 0.00 0.00 0.00 0.00 0.00 0.00 (651.30) (669.82) (664,87) (1,985.99) 0.00 (1,985.99) 0.00 0.00 0.00 0.00 (1,794.04) (1,794.04) (651.30) (669.82) (664.87) (1,985.99) (1,794.04) (3,780.03) 7,871,355.20 7,896,439.71 8,133,838.01 23,901,632.92 50,649,148.20 74,550,781.12 0.00 0.00 0.00 0.00 760,647.36 760,647.36 7,871,355.20 7,896,439.71 8,133,838.01 23,901,632.92 51,409,795.56 75,311,428.48 CHANGE IN COST BASIS ADJUSTED FOR ACCRUALS Cost Basis Current Month Plus: Accrued Interest Current Month Less: Accrued Interest Prior Month Cost Basis Adjusted for Accruals Annualized: Current Month Annualized: Prior Month 7,871,355.20 7,896,439.71 8,133,838.01 23,901,632.92 50,649,148.20 74,550,781.12 60,435.78 101,968.49 96,209.93 258,614.20 223,001.04 481,615.24 (62,708.64) (87,925.92) (66,700.20) (217,334.76) (194,621.45) (411,956.21) 7,869,082.34 7,910,482.28 8,163,347.74 23,942,912.36 50,677,527.79 74,620t440.15 4.42% 5.49% 6.83% $.$9% 2.30% 3.35% 4.67% 5.44% 4.05% 4.71% 2.35% 3.09% Pase 1 MARKET E4LUE ANALYSIS Investment Market Value Prior Month Investment Market Value Current Month Acerucd Interest Current Month Market Value Adjusted for Accruals Net Cash Receipts & (Disbursements) Ending Investment Market Value Adjusted Market Value Percentage Change-Current Market Value Percentage Change-Prior CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: Mar-31-02 Managed Combined Dana DB&T US Bank Accounts CiW Finance Total 7,893,795.68 8,363,710.11 8,323,489.81 24,580,995.60 50,843,324.30 75,424,319.90 7~866,764.43 8,18%97&47 8,203,035.55 24,259,778.45 50,715,437.49 74,975,215~94 60,435.78 101,968.49 96,209.93 258,614.20 223,001.04 481,615.24 7,927,200.21 8,291,946.96 8,299,245.48 24,518,392.65 50,938,438.53 75,456,831.18 0.00 0.00 0.00 0.00 760,647.36 760,647.36 7,927,200~21 81291,946.96 8,299,245.48 24,518,392.65 51,69%085.89 76,217,478.54 Marketlndices Average Last Average Last Calendar 3 Months 12 Months Year to Date 90 Day T-Bills Lehman Aggregate Govt. Bonds Lehman Short Term Govt. Bonds Lehman Intermediate Govt, Bonds Consumer Price Index Current Prime Rate* 0.44% (0.63%) 0.02% (0.26%1 0.40% 3.11% 0.44% 3.94% (0.63%) 5.60% 0.02% 4.98% (0.26%) 1.01% 0.40% 4.75% *Ra~asof 03-31-02 Page 2 City of Dubuque Schedule of Certificates of Deposit As of March 31, 2002 I Certificate Descriptions I Certificate Purchased Interest Compounded Numl~c From Rate Yield Interest Terms 113324 A.T.&S. 4.01% 4,010% 50865 Metro Liberty 3.47% 3 A70% 50885 M~ro Liberty 2.67% 2,670% 404487 Premier 2.59% 2.590% 7053 EDSB 2.49% 2,490% 50893 Liberty 2.52% 2.520% 50896 Metro Liberty 2.47% 2,470% 505565 DB&T 2.40% 2.410% 501208 DB&T 1.80% 1.810% 3555204395 US Bank 1.90% 1.940% 348010139 Metro US Bank 1.93% 1.930% 3555204403 US Bank 2.00% 2.040% 348010188 US Bank 1.99% 1.990% 50985 Liberty 2.07% 2.070% 51010 Liberty 2.07% 2.070% 404630 Metro Premier 2,48% 2.475% 7334 EDSB 2.20% 2.200% 51020 Liberty 1.87% 1.870% 348010524 US Bank 2.16% 2.160% 51026 Liberty 1.77% 1.770% 404663 Premicr 1.83% 1.830% 7437 EDSB 1.85% 1.850% 51040 Liberty 1.87% 1.870% 7536 Metro EDSB 1.85% 1.850% 51046 Liberty 1,87% 1.870% 51066 Liberty 1.87% 1.870% 348011727 Metro US Bank 2.12% 2.120% Earnings paid semi-am~ually by che~k. Earnings paid semi-annually by check, Earnings credited at maturity. Earnings credited at maturity, Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity, Earnings credited at maturity. Earnings credited at maturity~ Earnings credited at maturity, Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings paid semi-annually by check. Earnings credited at maturity, Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity, Earnings credited at maturity. Earnings credited at maturity. City of Dubuque Schedule of Certificates of Deposit As of March 31, 2002 Certificate Purchased Cost Purchase Maturity Last Interest Compounded Days to Accrued Number From Basis Date Date Payment Yield Maturity Days 113324 50865 50885 404487 7053 50893 50896 505565 501208 3555204395 348010139 3555204403 348010188 50985 51010 404630 7334 51020 348010524 51026 404663 7437 51040 7536 51046 51066 348011727 Totals AT&S Liberty(M) Liberty(M) Premier EDSB Liber~ Libcrty0Vl) DB&T DB&T US Bank US ~an~(M) US Bank US Bank Liberty Liberty Premier(M) EDSB Liberty US Bank Liberty Premier EDSB Liberty EDS~(M) Liberty Liber~ US ~an~(M) 1,000,000~00 06/29/01 06/29/02 12/28/01 4.010% 1,000,000.00 09/19/01 09/19/02 03/19/02 3.470% 1,000,000.00 10/09/01 04/09/02 10/09/01 2.670% 1,000,000.00 10/16/01 04/16/02 10/16/01 2.590% 1,000,000.00 10/17/01 04/17/02 10/17/01 2.490% 2,000,000.00 10/22/01 04/22/02 10/22/01 2.520% 1,500,000.00 10/26/01 04/26/02 10/26/01 2.470% 1,000,000.00 11/01/01 05/02/02 11/01/01 2.410% 1,000,000.00 tl/07/01 05/08/02 11/07/01 1.810% 1,000,000.00 11/16/01 05/17/02 11/16/01 1.940% 1,000,000.00 11/21/01 05/22/02 11/21/01 1.930% 1,000,000.00 11/26/01 05/27/02 11/26/01 2.040% 1,000,000.00 11/27/01 05/28/02 11/27/01 1.990% 2,000,000.00 11/30/01 05/31/02 11/30/01 2.070% 1,000,000.00 12/17/01 06/17/02 12/17/01 2.070% 1,000,000.00 12/20/01 12/20/02 12/20/01 2.475% 1,500,000.00 12/21/01 06/21/02 12/21/01 2.200% 2,000,000.00 12/21/01 06/21/02 12/21/01 1.870% 1,500,000.00 12/26/01 12/26/02 12/26/01 2.160% 1,000,000.00 01/04/02 07/05/02 01/04/02 1.770% 1,000,000.00 01/10/02 07/11/02 01/10/02 1.830% 1,000,000.00 01/11/02 07/12/02 01/11/02 1.850% 500,000.00 0t/23/02 07/24/02 01/23/02 1.870% 1,000,000.00 01/31/02 08/01/02 01/31/02 1.850% 1,000,000.00 02/05/02 08/06/02 02/05/02 1.870% 1,000,000.00 02/19/02 08/20/02 02/19/02 1.870% 1,000,000.00 03/28/02 09/26/02 03/28/02 2.120% $31~00~00.00 Weighted Yield: 2.231% Weighted Maturity: 90 172 9 16 17 22 26 32 38 47 52 57 58 61 78 264 82 82 270 96 102 103 115 123 128 142 179 88.95 93 12 173 166 165 160 156 150 144 135 130 125 124 121 104 101 100 100 95 86 8O 79 67 59 54 40 3 Days Interest 10,217.26 1,t40.82 t2,655.07 11,779.18 11,256.16 22,093.t5 t5,835.07 9,863~01 7,101.37 7,027.40 6,873.97 6,849.32 6,760.55 13,724.38 5,898.08 6,862.47 9,041.10 10,246.58 8,432.88 4,170.41 4,010.96 4,004.11 1,716.30 2,990.41 2,766.58 2,049.32 174.25 $205,540.16 City of Dubuque Schedule of U.S. Treasury Securities As of March 31, 2002 Par Issue Maturity Cost Days to Accrued Accrued CUSIP No. Value Date Date Price Basis Yield Maturity Days Interest 912795JR3 1,000,000.00 10/25/2001 04/25/2002 98.923 989,230.00 2.183% 24 158 9,231.43 912795JW2 1,000,000.00 11/29/2001 05/30/2002 98.994 989,940.00 2.038% 59 123 6,688.24 912795KY6 1,000,000.00 02/28/2002 08/29/2002 99.065 990,650.00 1.893% 150 32 1,541.21 Totals $3,000,000.00 $2,969,820.00 $17,460.88 Weighted Yield: 2.038% Weighted Maturity: 77.67 Days