Quarterly Investment Report of March 31, 2017 Copyrighted
May 15, 2017
City of Dubuque Consent Items # 7.
ITEM TITLE: Quarterly Investment Reportof March 31, 2017
SUMMARY: City Manager transmitting the March 31 , 2017 Quarterly
Investment Report.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description Type
March 31, 2017 Quarterly Investment Report-MVM City Manager Memo
Memo
Staff Memo Staff Memo
Cash Investments & Investment Earnings Summary Supporting Documentation
Schedule of City Funds Supporting Documentation
Monthly Investment Summary Supporting Documentation
Monthly Investment Summary Supporting Documentation
Schedule of Certificates of Deposit and Accrued Supporting Documentation
Interest
Manager—Custodian Annual Fees Comp Supporting Documentation
THE CITY OF Dubuque
DUB E i"
Masterpiece on the Mississippi 2007.2012.2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: March 31, 2017 Quarterly Investment Report
DATE: May 5, 2017
Finance Director Jean Nachtman is transmitting the March 31, 2017 Quarterly
Investment Report.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Jean Nachtman, Finance Director
THE CITY OF DUkyftbugquue
DUB E
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jean Nachtman, Finance Director
RE: March 31, 2017 Quarterly Investment Report
DATE: May 1, 2017
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, 2017 through March 31, 2017.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended March 31, 2017 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, 2016 And Fiscal Year To Date
Market Value / Unrealized
Carrying Including Gain (Loss) /
Description Value Accrued Interest Accrued Interest
Change & Petty Cash Funds 15,033 15,033
Checking/Savings Accounts 36,360,624 36,360,624
Unspent Bond Proceeds 22,980,912 22,980,912 -
Certificates Of Deposit 5,106,602 5,124,602 18,000
US Treasury Securities 2,015,125 2,648,920 633,795
Corporate Stock (EB Lyons Trust) 11 ,514 106,849 95,335
Investment Advisor Accounts 25,702,734 25,697,279 (5,455)
Total Funds 92,192,543 92,934,218 741,675
Breakdown
City 78,537,712 79,261 ,387 723,675
Metro 13,654,831 13,672,831 18,000
Total Combined Funds 92,192,543 92,934,218 741,675
Cash Basis Quarter Year-To-Date
Gross Earnings:
City 375,514 510,932
Metro 21 ,323 31 ,810
Combined 396,837 542,742
Investment Fees:
City 47,970 63,173
Metro 293 401
Combined 48,263 63,574
Net Earnings:
City 327,544 447,760
Metro 21 ,030 31 ,409
Combined 348,574 479,168
City of Dubuque
Schedule of City Funds
As of
March 31,2017
TOTAL
COST CITYFUNDS
CITY MANAGED FUNDS BASIS PERCENTAGE
CASH:
Change and Petty Cash Funds 15,033
Health Fund Deposit 150,000
Prescription Fund Deposit 75,000
Workers Comp Deposit 10,000
Ambulance Deposit 1,000
Total 251,033 0.26%
CHECKING I SAVINGS ACCOUNTS:
American Trust&Savings Bank(General) 780,532
American Trust&Savings Bank(Housing Rehab§ion al 109,311
Dubuque Bank&Trust(GeneraVMetm/credit) 34,193,746
Dubuque Bank&Trust(cable Franchise Equipment Fund) 616,958
US Bank (General) 10,559
Premier(utility) 6,161
Fidelity Bank&Trust(utility) 8,761
Dubuque Bank&Trust Police Forfeiture Funds 37,610
BBVA Compass 0
Dubuque Bank&Trust(zaber Escrow) 596,985
Total 36,360,624 38.20%
UNSPENT BOND PROCEED INVESTMENT ACCOUNTS:
AT&S Series 2010A 4,502
DB&T Series 2011A 129,509
DB&T Series 2012B 1,812,715
DB&T Series 2012C 594,390
DB&T Series 2012D 789,970
DB&T Series 2012E 122,206
AT&S Series 2012F 383,647
DB&T Series 2012H 612,758
AT&S Series 2014B 4,038,811
AT&S Series 2014C 701,634
AT&S DMASWA 951,095
AT&S Series 2015A 381,325
Fidelity Series 2015A 9,825,979
Fidelity Series 2016C 2,632,372
Total 22,980,912 24.14%
CERTIFICATES OF DEPOSIT:
AT&S 2,506,602
DB&T 0
FB&T 2,600,000
Total 5,106,602 5.36%
U.S.TREASURY OBLIGATIONS:
Debt Service Reserve Fund Required for Port Ramp 2,015,125
Total 2,015,125 2.12%
RESERVES:
Sales Tax Increment Rev Bond Reserve(cedes zoisA) 2,130,538
Water Debt Bond Reserve(Series 2008D&zotoD) 644,700
Total 2,775,238 2.92%
CORPORATE STOCK(Lyons Peony Trust): 11,514
Total 11,514 0.01%
TOTAL CITY MANAGED FUNDS 69,501,047 73.02%
Payer
City of Dubuque
Schedule of City Funds
As of
March 31,2017
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE
DANA INVESTMENT ADVISORS,INC:
Cash and Equivalents 3.6% 213,673
US Treasury Obligations 0.0% 0
US Agencies 18.7% 1,093,806
Mortgaged Backed Securities 77.7% 4,555,384
Total 100.0% 5,862,862 22.83%
DUBUQUE BANK&TRUST:
Cash and Equivalents 0.8% 64,197
US Treasury Obligations 99.2% 7,611,732
US Agencies 0.0% 0
Mortgaged Backed Securities 0.0% 0
Unsettled Trades 0.0% 0
Total 100.0% 7,675,929 29.88%
FIRST COMMUNITY TRUST:
Cash and Equivalents 1.3% 66,308
US Treasury Obligations 0.0% 0
US Agencies 94.7% 4,855,179
Mortgaged Backed Securities 4.0% 204,800
Total 100.0% 5,126,287 19.96%
US BANK:
Cash and Equivalents 18.3% 1,287,067
US Treasury Obligations 0.0% 0
US Agencies 81.7% 5,733,153
Mortgaged Backed Securities 0.0% 0
Total 100.0% 7,020,219 27.33%
TOTAL FINANCIAL ADVISORS MANAGED FUNDS 25,685,297 26.98%
BREAKDOWN BY TYPE OF SECURITY:
Cash& Equivalents 6.4% 1,631,244
US Treasury Obligations 29.6% 7,611,732
US Agencies 45.5% 11,682,137
Mortgage Backed Securities 18.5% 4,760,184
Unsettled Trades 0.0% 0
Total 100.0% 25,685,297
TOTAL CITY FUNDS 95,186,344 100.00%
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH&EQUIVALENTS 1]1% 026% 198%
CHECKING/SAVINGS ACCTS 000% 6526% 6526%
MORTGAGE BACKED SECURITIES 500% 000% 5.00%
CERTIFICATES OF DEPOSIT 000% 536% 536%
U.S.TREASURY OBLIGATIONS 800% 212% 10.11%
FEDERAL AGENCIES 1227% 000% 1227%
OTHER 000% 001% 0.01%
Total 26.98% 73.02% 100.00%
Page
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY Month Ending: 03/31/17
First Total
Community Managed Combined
Dana DB&T Trust US Bank Accounts City Finance Total
COST BASIS ANALYSIS
Cost Basis Prior Month 5,862,862 7,675,929 5,126,287 7,020,219 25,685,297 60,822,971 86,508,268
Additions:
Interest Earnings 10,343 5,018 5,504 11,693 32,557 19,709 52,266
Realized Gains(Losses) (4,546) 0 (351) 0 (4,897) (4,897)
Total Additions 5,797 5,018 5,153 11,693 27,660 19,709 47,369
Subtractions:
Management Fees (2,467) (1,580) (1,068) (2,903) (8,018) (8,018)
Custodian Fees (531) (602) (498) (575) (2,205) (2,205)
Withdrawal 0 0 0 0 0 442 442
Total Subtractions (2,997) (2,182) (1,566) (3,478) (10,223) 442 (9,781)
Cost Basis Current Month 5,865,662 7,678,765 5,129,873 7,028,434 25,702,734 60,843,122 86,545,855
Net Cash Receipts&(Disbursements) 8,657,925 8,657,925
Ending Cost Basis Balance 5,865,662 7,678,765 5,129,873 7,028,434 25,702,734 69,501,047 95,203,780
MARKET VALUE ANALYSIS
Investment Market Value Prior Month(Adjusted for Accruals) 5,929,110 7,631,687 5,146,137 6,984,093 25,691,026 61,597,184 87,288,210
Investment Market Value Current Month 5,905,567 7,615,033 5,128,039 6,971,727 25,620,366 70,230,177 95,850,542
Accrued Interest Current Month 15,762 21,933 19,333 19,885 76,913 38,120 115,033
Market Value Adjusted for Accruals 5,921,329 7,636,966 5,147,372 6,991,612 25,697,279 70,268,296 95,965,575
Portfolio Returns(computed by Investment Managers)
Monthly Return Gross of Fees 0.00% 0.10% 0.05% 0.15%
Monthly Return Net of Fees (0.02%) 0.07% 0.02% 0.11%
Total Return Calendar Year to Date 2017 Gross 0.12% 0.32% 0.40% 0.40%
Effective Duration in Years 0.62 1.23 2.33 2.39
Market Indices
Average Last Calendar Last Last
Month Year to Date 12 Months 3Years
Barclays 90 Day T-Bills 0.01% 0.11% 0.37% 0.18%
Barclays Short Term 1-3 Yr Govt.bonds 0.04% 0.28% 0.25% 0.74%
Barclays Intermediate Govt bonds 0.05% 0.54% -0.67% 1.55%
Barclays Government Bonds -0.04% 0.68% -1.34% 2.04%
Current Prime Rate 4.00%
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY Month Ending: 03/31/17
First Total
Community Managed Combined
Dana DB&T Trust US Bank Accounts City Finance Total
COST BASIS ANALYSIS
Cost Basis Prior Month 5,862,862 7,675,929 5,126,287 7,020,219 25,685,297 60,822,971 86,508,268
Additions:
Interest Earnings 10,343 5,018 5,504 11,693 32,557 19,709 52,266
Realized Gains(Losses) (4,546) 0 (351) 0 (4,897) (4,897)
Total Additions 5,797 5,018 5,153 11,693 27,660 19,709 47,369
Subtractions:
Management Fees (2,467) (1,580) (1,068) (2,903) (8,018) (8,018)
Custodian Fees (531) (602) (498) (575) (2,205) (2,205)
Withdrawal 0 0 0 0 0 442 442
Total Subtractions (2,997) (2,182) (1,566) (3,478) (10,223) 442 (9,781)
Cost Basis Current Month 5,865,662 7,678,765 5,129,873 7,028,434 25,702,734 60,843,122 86,545,855
Net Cash Receipts&(Disbursements) 8,657,925 8,657,925
Ending Cost Basis Balance 5,865,662 7,678,765 5,129,873 7,028,434 25,702,734 69,501,047 95,203,780
MARKET VALUE ANALYSIS
Investment Market Value Prior Month(Adjusted for Accruals) 5,929,110 7,631,687 5,146,137 6,984,093 25,691,026 61,597,184 87,288,210
Investment Market Value Current Month 5,905,567 7,615,033 5,128,039 6,971,727 25,620,366 70,230,177 95,850,542
Accrued Interest Current Month 15,762 21,933 19,333 19,885 76,913 38,120 115,033
Market Value Adjusted for Accruals 5,921,329 7,636,966 5,147,372 6,991,612 25,697,279 70,268,296 95,965,575
Portfolio Returns(computed by Investment Managers)
Monthly Return Gross of Fees 0.00% 0.10% 0.05% 0.15%
Monthly Return Net of Fees (0.02%) 0.07% 0.02% 0.11%
Total Return Calendar Year to Date 2017 Gross 0.12% 0.32% 0.40% 0.40%
Effective Duration in Years 0.62 1.23 2.33 2.39
Market Indices
Average Last Calendar Last Last
Month Year to Date 12 Months 3Years
Barclays 90 Day T-Bills 0.01% 0.11% 0.37% 0.18%
Barclays Short Term 1-3 Yr Govt.bonds 0.04% 0.28% 0.25% 0.74%
Barclays Intermediate Govt bonds 0.05% 0.54% -0.67% 1.55%
Barclays Government Bonds -0.04% 0.68% -1.34% 2.04%
Current Prime Rate 4.00%
City of Dubuque
Schedule of Certificates of Deposit,Accrued Interest,High Yield Savings Accounts&Unspent Bond Proceeds
As of
March 31, 2017
Certificates of Deposi[:
Certificate Cos[ Purchase Maturity Interest Days to Accrued Accrued
Number Institution " Basis Date Date Rate Maturity DM Interest
53439321992 AT&S M 906,602 07/14/16 07/14/17 0.760% 105 260 4,908.07
125730 FB&T M 1,000,000 09/13/16 09/13/17 0.765% 166 199 4,170.82
5013396931/1 AT&S M 1,000,000 10/10/16 10/10/17 0.850% 193 172 4,005.48
5578314659/1 AT&S M 600,000 11/07/16 11/07/17 0.750% 221 144 1,775.34
126093 FB&T M 800,000 12/09/16 12/08/17 0.750% 252 112 1,841.10
54683730471 AT&S M 800,000 02/02/17 02/02/18 1.040% 308 57 1,299.29
Totals 5,106,602 18,000.10
Reserve Funds
Account Ending Face Value Accrued
Number Institution Balance Interest Rate Interest Account co Balance Accmed Interest
2015A FB&T R 2,132,800 1.50% 2,261.87 DMASWA 5,106,602 18,000.10
2008D FB&T R 119,500 0.61% 1,090.43 City 0
2010D FB&T R 525,200 0.61% 4,792.41 5,106,602 18,000.10
Totals 2,777,500 8,144.71
U.S.Treasuryon
Account Ending Face Value Accrued
Number Institution Balance Interest Rate Interest Weighted Yield: 0.820%
2152-1478 LPL Financial C 2,648,920 3.36% 11,974.73 Weighted Maturity in Days: 202.6
Totals 2,648,920 11,974.73
Unspent Bond Proceed Accounts:
Ending APR @ Accrued
Bondissue Institution 6 Balance* Month End Interest-
201 OA
nterest*2010A AT&S C 4,483 0.10% 0.38
2011A DB&T C 129,509 0.30% 70.05
2012B DB&T C 1,812,717 0.32% 413.13
2012C DB&T C 594,595 0.33% 205.18
2012D DB&T C 790,243 0.34% 272.00
2012E DB&T C 122,195 0.17% 43.17
2012F AT&S C 383,744 0.30% 97.75
2012H DB&T C 612,758 0.17% 400.31
2014B AT&S C 4,038,811 1.04% - **
2014C AT&S C 701,634 1.04% - ** Institution %ofToot Bond Balance
DMASWA AT&S M 951,095 0.60% 437.45 AT&S 28.14 6,461,428.65
2015A AT&S C 381,662 0.50% 336.71 BB&T 17.69 4,062,01670
2015A FB&T C 9,834,531 0.68% 8,551.73 FB&T 54.17 12 438466 13
2016C FB&T M 2,603,936 0.95% 2,093.84 10000% 22961,911
Totals 22,961,911 12,921.70
(q=CITY FUNDS IMI=DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY IRI=RESERVE FUNDS
*
Ending balancesand accrued Interests retrieved from bank statement received for month ending February 28,2017.
**Bonds were renewed at 1.04%In Februaryand allocated Interest has not been applied as of April 18 2017.
Manager/Custodian Annual Fees Computation
Fiscal YTD -Quarter Ending
March 31, 2017
Total Market Value Annual Fees
Investment Managers Managerial Fee Schedule (1) (2)
Dana 0.25% No Tiers $ 5,921,329 $ 14,803
14,803
Avg 0.25%
YTD Actual Fees $ 11,222
Dubuque Bank& Trust 0.25% No Tiers $ 7,636,966 $ 19,092
$ 19,092
Avg 0.25%
YTD Actual Fees $ 14,489
First Community Trust 0.25% No Tiers $ 5,147,372 $ 12,868
$ 12,868
Avg 0.25%
YTD Actual Fees $ 9,668
U.S.Bank 0.25% No Tiers $ 6,991,612 $ 17,479
$ 17,479
Avg 0.25%
YTD Actual Fees $ 14,778
Custodian fee Schedule
American Trust& Annual fee of$400 for each account plus... 25,697,279 $ 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 6,849
$ 26,449
Avg 0.10%
YTD Actual Fees $ 19,953
Combined Avg Mgmt&Custodial 0.35%
Note:(1)Total market value includes accrued interest.
(2) Fees are listed on an annual basis.