Quarterly Investment Report for September 30, 2017Copyrighted
November 20, 2017
City of Dubuque Consent Items # 4.
ITEM TITLE: Quarterly Investment Report for September 30, 2017
SUMMARY: City Manager transmitting the September 30, 2017
Quarterly Investment Report.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description
Quarterly Investment Report -MVM Memo
Staff Memo
Cash Investments and Investment Earnings Summary
Schedule of City Funds
Monthly Investment Summary
Schedule of Certificates of Deposit and Accrued
Interest
Manager/Custodian Annual Fees Computation
Type
City Manager Memo
Staff Memo
Supporting Documentation
Supporting Documentation
Supporting Documentation
Supporting Documentation
Supporting Documentation
THE CITY OF
Dui
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: September 30, 2017 Quarterly Investment Report
DATE: October 30, 2017
Dubuque
.nvw.rnx.irxz
�111F
2007.2012
2013.2017
Finance Director Jean Nachtman is transmitting the attached September 30, 2017
Quarterly Investment Report.
kL
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Crenna Brumwell, City Attorney
Teri Goodmann, Assistant City Manager
Cori Burbach, Assistant City Manager
Jean Nachtman, Finance Director
THE CITY OF
Dus
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jean Nachtman, Finance Director
RE: September 30, 2017 Quarterly Investment Report
DATE: October 30, 2017
INTRODUCTION
Dubuque
htexl
ui•1.edw City
11111
2007.2012
2013.2017
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 July 1, 2017 through September 30, 2017.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended September 30, 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 September 30, 2017 And Fiscal Year To Date
Description
Change & Petty Cash Funds
Checking/Savings Accounts
Unspent Bond Proceeds
Certificates Of Deposit
US Treasury Securities
Corporate Stock (EB Lyons Trust)
Investment Advisor Accounts
Total Funds
Breakdown
City
Metro
Total Combined Funds
Cash Basis
Gross Earninas:
City
Metro
Combined
Investment Fees:
City
Metro
Combined
Net Earninas:
City
Metro
Combined
Carrying
Value
17,485
18,280,901
20,327,862
19,219,505
2,015,125
11,514
26,814,767
86,687,159
54,934,443
31,752,716
86,687,159
Quarter
172,132
20,162
192,295
16,768
299
17,067
155,364
19,864
175,228
Market Value /
Including
Accrued Interest
17,485
18,280,901
20,327,862
19,287,684
2,693,916
103,699
26,824,399
87,535,946
55,757,118
31,778,829
87,535,946
Year -To -Date
172,132
20,162
192,295
16,768
299
17,067
155,364
19,864
175,228
Unrealized
Gain (Loss) /
Accrued Interest
68,179
678,791
92,185
9,633
848,787
822,675
26,112
848,787
CITY MANAGED FUNDS
CASH:
Change and Petty Cash Funds
Health Fund Deposit
Prescription Fund Deposit
Workers Comp Deposit
Hometown Bank
Short Term Disability
CHECKING 1 SAVINGS ACCOUNTS:
American Trust & Savings Bank iLener IJ
American Trust & Savings Bank iHoo_mg Penad & Section ai
Dubuque Bank & Trust oaener aimaeomcremn
Dubuque Bank & Trust le able Fiend -lice Equipment Fundi
Dubuque Bank & Trust 12[1174. 4.mbulanceJ
US Bank iLaenerap
Premier WIPP,
Fidelity Bank & Trust 0.megi
Dubuque Bank & Trust Police Forfeiture Funds
Frost Banking (previously BBVA Compass)
Dubuque Bank & Trust Lieber E_croi.!J
UNSPENT BOND PROCEED INVESTMENT ACCOUNTS:
DB&T Series 2011A
DB&T Series 2012B
DB&T Series 2012C
DB&T Series 2012D
DB&T Series 2012E
AT&S Series 2012F
DB&T Series 2012H
AT&S Series 2014B
AT&S Series 2014C
AT&S 2014 DMASWA
Fidelity Series 2015A
AT&S 2016 DMASWA
Fidelity Series 2016C
Total
Total
Total
City of Dubuque
Schedule of City Funds
As of
September 30, 2017
TOTAL
COST CITY FUNDS
BASIS PERCENTAGE
17,485
140,000
75,000
10,000
1,000
10,000
253,485
124,538
363,522
14,656,931
627,105
233,602
660,000
19,505
11,503
37,614
949,200
597,381
18,280,901
236,410
1,465,794
580,812
605,980
120,922
380,957
115,792
2,538,770
547,493
953,630
7,365,659
3,285,885
2,129,758
20,327,862
0 28%
20 40%
22 69%
CERTIFICATES OF DEPOSIT:
AT&S 3,100,000
DB&T 1,091,646
DuTrac 14,400,005
FB&T 627.854
Total 19,219,505 21 45%
U.S. TREASURY OBLIGATIONS:
Debt Service Reserve Fund Required for Port Ramp 2,015,125
Total 2,015,125 225%
RESERVES:
Sales Tax Increment Rev Bond Reserve isene__ol5-i 2,143,999
Water Debt Bond Reserve 12o co) 525,200
Total 2,669,199 298%
CORPORATE STOCK (Lyons Peony Trust) 11,514
Total 11,514 001%
TOTAL CITY MANAGED FUNDS 62,777,591 70 07%
Page 1
City of Dubuque
Schedule of City Funds
As of
September 30, 2017
PORTFOLIO TOTAL
COMPOSI71ON COST CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents 2 0% 119,235
US Treasury Obligations 0 0% 0
US Agencies 34 3% 2,018,806
Mortgaged Backed Securities 63 7% 3,747,771
Total 100 0% 5.885.811 6 57%
DUBUQUE BANK & TRUST:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
Unsettled Trades
FIRST COMMUNITY TRUST:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
US BANK:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
Total
Total
Total
TOTAL FINANCIAL ADVISORS MANAGED FUNDS
BREAKDOWN BY TYPE OF SECURITY:
Cash & Equivalents
US Treasury Obligations
US Agencies
Mortgage Backed Securities
Unsettled Trades
IRECAP OF PORTFOLIO PERCENTAGES
_-SH 8,E01_11.. LEIIT
HE, III, ?H.:5.11155 -COTS
M! PT, -,E B -C1 EL' SEL LIPITIES
CEPTIFIL-TES LE DEPOSIT
III g TPE-SLIP, r'BLI,-TI' AIS
FELPP-L-55EI1L IES
OTHER
Total
TOTAL CITY FUNDS
Total
Page=
1 3% 97,882
98 7% 7,611,336
0 0% 0
0 0% 0
0 0% 0
100 0% 7,709,219
0 8% 48,003
0 0% 0
96 6% 5,944,211
2 6% 162,437
100 0% 6.154.651
13 9% 981,349
0 0% 0
86 1% 6,083,737
0 0% 0
100 0% 7.065.086
26,814,766
4 6% 1,246,469
28 4% 7,611,336
52 4% 14,046,753
14 6% 3,910,208
0 0% 0
100 0% 26.814.766
Managed
1 39
000
A 35
000
9 50
1559
000
29936
8 60%
6 87%
7 89%
29 93%
89,592,357 100 00%
Gary
70 07%
Com bmed
1 57
4507
A 35
1 45
1074
1559
001
100 00%
COST BASIS ANALYSIS
Cost Basis Prior Month
Additions:
Interest Earnings
Realized Gains (Losses)
Total Additions
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY Month Ending: 09/30/17
First Total
Community Managed Combined
Dana DB&T Trust US Bank Accounts City Finance Total
5,880,831 7,706,345 6,151,382 7,053,599 26,792,157 60,552,201 87,344,358
11,598 5,067 5,638 12,734 35,037 36,57976 71,617
(_3.6211 0 (542) 790 53.3731 (3.373)
7,977 5,067 5,096 13,524 31,664 36,580 68,244
Subtractions:
Management Fees (2,467) (1,589) (1,285) (1,461) (6,802) (6,802)
Custodian Fees (531) (604) (541) (577) (2,253) (2,253)
Withdrawal 0 0 0 0 595 595
Total Subtractions (2,998) (2,193) (1,826) (2,038) (9,055) 595 (8,460)
Cost Basis Current Month 5,885,811 7,709,219 6,154,651 7,065,086 26,814,767 60,589,376 87,404,142
Net Cash Receipts & (Disbursements) 2,188,215 2,188,215
Ending Cost Basis Balance 5,885,811 7,709,219 6,154,651 7,065,086 26,814,767 62,777,591 89,592,357
MARKET VALUE ANALYSIS
Investment Market Value Prior Month i-diu_ted tor -arosci
Investment Market Value Current Month
Accrued Interest Current Month
Market Value Adjusted for Accruals
Portfolio Returns (computed b, In e:tment Managemj
Monthly Return Gross of Fees
Monthly Return Net of Fees
Total Return Calendar Year to Date 2017 Gross
Effective Duration in Years
Market Indices
BBgBarc US Trsy Bellwethers 3Mon TR USD
BBgBarc US Govt 1-3 Yr TR USD
BBgBarc US Govt Interm TR USD
BBgBarc US Govt TR USD
Current Prime
5,929,582 7,695,993 6,190,846 7,050,398 26,866,817
5,915,536
16.737
5,932,272
0.15%
0.13%
0.51%
0.68
7,654,451 6,154,282
23.724 24.004
7,678,175 6,178,286
(0.20%)
(0.23%)
1.04%
1.57
(0.21%)
(0.24%)
1.12%
1.92
7,013,321
22.345
7,035,666
(0.18%)
(0.20%)
1.19%
2.13
Average Last Calendar Last Last
Month Year to Date 12 Months 3 Years
0.08% 0.58% 0.67% 0.33%
-0.16% 0.72% 0.27% 0.78%
-0.58% 1.55% -0.66% 1.58%
-0.84% 2.25% -1.56% 2.01%
4.25%
26,737,589
86.810
26,824,399
61,460,386 88,327,204
63,548,567
86.361
63,634,928
90,286,156
173.171
90,459,327
City of Dubuque
Schedule of Certificates of Deposit, Accrued Interest, High Yield Savings Accounts & Unspent Bond Proceeds
As of
September 30, 2017
Certificates of Deposit:
Certificate ECost Purchase Y
Maturit Interest D s to Accrued Accrued
aY
Number Institution Basis Date Date Rate Maturity Days Interest
125793 FB&T C 119,500 10/03/16 10/03/17 0 700% 3 362 829 62
5013396931/1 AT&S M 1,000,000 10/10/16 10/10/17 0 850% 10 355 8,267 12
12 DuTrac M 400,000 07/14/17 10/13/17 1 300% 13 78 1,11123
5578314659/1 AT&S M 600,000 11/07/16 11/07/17 0 750% 38 327 4,031 51
126093 FB&T M 800,000 12/09/16 12/08/17 0 750% 69 295 4,849 32
2 DuTrac C 1,000,000 06/05/17 12/22/17 1 500% 83 117 4,808 22
3 DuTrac C 1,000,000 06/05/17 01/05/18 1 500% 97 117 4,808 22
4 DuTrac C 1,000,000 06/05/17 01/19/18 1 550% 111 117 4,968 49
54683730471 AT&S M 800,000 02/02/17 02/02/18 1 040% 125 240 5,470 68
5 DuTrac C 1,000,000 06/05/17 02/02/18 1 550% 125 117 4,968 49
6 DuTrac C 1,000,000 06/05/17 02/16/18 1 600% 139 117 5,12877
7 DuTrac C 1,000,000 06/05/17 03/02/18 1 600% 153 117 5,128 77
8 DuTrac C 1,000,000 06/05/17 03/16/18 1 650% 167 117 5,289 04
10 DuTrac C 1,000,000 07/14/17 03/30/18 1 600% 181 78 3,41918
13 DuTrac C 1,000,000 07/28/17 04/13/18 1 550% 195 64 2,717 81
11 DuTrac M 500,000 07/14/17 07/13/18 1 600% 286 78 1,709 59
15 DuTrac C 1,000,000 09/30/17 11/30/17 1 400% 61 0 -
16 DuTrac C 1,000,000 09/30/17 11/30/17 1 400% 61 0
17 DuTrac C 1,000,000 09/30/17 11/30/17 1 400% 61 0
18 DuTrac C 1,000,000 09/30/17 11/30/17 1 400% 61 0 -
19 DuTrac C 1,000,000 09/30/17 11/30/17 1 400% 61 0 -
54683730472 AT&S M 500,000 09/14/17 03/13/18 1 470% 164 16 32219
14 DuTrac M 500,000 09/14/17 09/14/18 1 600% 349 16 350 68
Totals 19,219,500 68,178 93
Reserve Funds
Account I I I Ending
Number Institution Balance Interest Rate
2015A FB&T R 2,146,201 1 24%
2010D FB&T R 525,200 0 70%
Totals 2,671,401
U.S. Treasury( Bond
I Account I I I Ending I Face Value
Number Institution Balance Interest Rate
2152-1478 LPL Financial C 2,693,916 3 36%
Totals 2,693,916
Unspent Bond Proceed Accounts:
Bond Issue I Institution I S. I Balance* I Month End
2011A DB&T C 236,410 055%
2012B DB&T C 1,465,794 0 32%
2012C DB&T C 580,812 0 20%
2012D DB&T C 605,980 0 20%
2012E DB&T C 120,822 0 30%
2012F AT&S C 381,148 0 30%
2012H DB&T C 115,792 0 55%
2014B AT&S C 2,538,770 1 04%
2014C AT&S C 547,493 1 04%
DMASWA AT&S M 954,101 0 60%
DMASWA AT&S M 3,289,747 1 15%
2015A FB&T C 7,371,803 0 68%
2016C FB&T C 2,131,425 0 95%
Totals 20,340,097
I
Accrued I
Interest
2,202 74
3,676 40
5,879 14
Accrued I
Interest
12,303 02
12,303 02
Interest* I
111 33
404 38
100 32
102 92
34 27
93 96
56 50
2,240 49
483 17
470 28
3,862 14
6,144 86
1,66679
15,771 41
(C)=CITY FUNDS (M)= DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R)= RESERVE FUNDS
Account CD Balance Accrued Interest
DMASWA 5,100,000 26,112 32
City 14,119,500 42,066 61
19,219,500 68,178 93
Weighted Yield: 1.393%
Weighted Maturity in Days: 111.8
Institution % of Total Bond Balance
AT&S 37 91 7,711,259 11
DB&T 15 37 3,125,609 82
FB&T 4672 9,503,22841
100 00% 20,340,097
Investment Manaaers
Manager/Custodian Annual Fees Computation
Fiscal YTD - Quarter Ending
September 30, 2017
Total Market Value Annual Fees
Manaaerial Fee Schedule (1) (2)
Dana 0 25% No Tiers $ 5,932,272 $ 14,831
Dubuque Bank 8 Trust 0 25% No Tiers
First Community Trust 0 25% No Tiers
Avg
YTD Actual Fees $
14,831
0 25%
6,166
$ 7,678,175 $ 19,195
$ 19,195
Avg 0 25%
YTD Actual Fees $ 4,759
$ 6,178,286 $ 15,446
$ 15,446
Avg 0 25%
YTD Actual Fees $ 3,849
U.S. Bank 0 25% No Tiers $ 7,035,666 $ 17,589
$ 17,589
Avg 0 25%
YTD Actual Fees $ 2,920
Custodian fee Schedule
American Trust & Annual fee of $400 for each account plus 26,824,399 $ 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 7,412
$ 27,012
Avg 0 10%
YTD Actual Fees $ 6,758
Combined Avg Mgmt & Custodial 0 35%
Note: (1) Total market value includes accrued interest.
(2) Fees are listed on an annual basis.