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Investment Report, QtrlyMEMORANDUM October 29, 2002 TO:The Honorable Mayor and City Council Members FROM:Michael C. Van Milligen, City Manager SUBJECT:September 30, 2002 Quarterly Investment Report Finance Director Ken TeKippe is transmitting the September 30, 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 Pauline Joyce, Administrative Services Manager CITY OF DUBUQUE, IOWA MEMORANDUM TO:Michael Van Milligen, City Manager FROM:Kenneth J. TeKippe, Finance Director RE:September 30, 2002 Quarterly Investment Report DATE:October 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 July 1, 2002 through September 30, 2002. The report includes: Cash Investments and Investment Earnings Summary for quarter ended September 30, 2002 and fiscal year to date Schedule of City Funds (2 pages) Monthly investment Summary (2 pages) Schedule of Certificates of Deposit (2 pages) 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. KT/jg Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended September 30, 2002 & Fiscal 2002-03 YTD Market VMue / Unrealized Description DeposRs, Change & Petty Cash Funds Checking/Savings Accoums Certificates Of Deposlt US Treasury Securities Corporate Stock lnveslment Advisor Accounts Total Funds Carrying Iaclua~ Gain (Loss) / Value , Accrued Interest Accrued Interest 92,357 12,774,303 24,000,000 0 10,391 23,580,785 60,457,836 92,357 0 12,774,303 0 24,180,285 180,285 0 ~ 0 43,035 32,644 24,594,411 , 1,013,627 61,684,392 ' 1,226,556 Breakdown city Metro Total Comb'med Funds 51,245,157 52,417,422 1,172,265 9,212,679 9,266,970 54,291 60,457,836 61,684,392 1~226,556 Cash Basis Gross Earnines: City Metro Combined Investment Fees: city Metro Combined Net Earnines: city Comb'med 498,050 52,214 550~64 3~368 118 37,485 460,682 52,096 Year-To-Date [ 498,050 52,214 550,264 37,368 118 37,485 460,682 52,096 512,778 512,778 CITY OF DUBUQUE SCHEDULE OF CITY FUNDS FOR MONTH ENDING SEPTEMBER 30, 2002 MANAGED ~NDS PORTFOLIO COMPOSITION PERCENTAGE COST BASIS TOTAL CITY FUNDS PERCENTAGE DANA INVESTMENT ADVISORS, INC.: Cash Mutual Funds (US Govarnment) Certificates Of Deposit US Treasury Obligations Federal Agency Obligations Total 0.00% 18.95% 0.00% 0.00% 81.05% 0.00 1,349,883.70 0.00 0.00 5,773,024.37 100.00% 7,122,908.07 11.78% DUBUQUE BANK & TRUST COMPANY: Cash Mutual Funds (US Government) Certificates Of Deposit US Treasury Obligations Federal Agency Obligations Total 0.00% 13.85% 0.00O.4 0.00% 86.15% 100.00% 0.00 1,123,873.20 0.00 0.00 6,989,945.52 8,113,818.72 13.42% ~'IRSTAR: Cash Mutual Funds (US Government) Certificates Of Deposit US Treasury Obligations Federal Agency Obligations Total GRAND TOTAL 0.00% 12.26% 3.77% 10.32% 73.64% 100.00% 0.00 1,023,173.35 314,796.20 861,315.25 6,144,773.29 8,344,058.09 13.80% 23,580,784.88 39.00% BREAKDOWN BY TYPE OF SECURITY: Cash Mutual Funds (US Government) Certificates Of Deposit US Treasury Obligations Federal Agency Obligations TOTAL MANAGED FUNLkg 0.00% 0.00 0.00°.4 14.83% 3,496,930.25 5.78% 1.33% 314,796.20 0.52% 3.65% 861,315.25 1.42% 80.18% 18,907,743.18 31.27% 100.00% 23,580,784.88 39.00% Page 1 CITY OF DUBUQUE SCHEDULE OF CITY FUNDS FOR MONTH ENDING SEPTEMBER 30, 2002 CASH Change Funds and Petty Cash NPA & Workers Comp Deposit Total TOTAL COST CITY FUNDS BASIS PERCENTAGE 8,625.00 83,732.46 92,357.46 0.15% CltECKING / SAVINGS ACCO1JI~IFS: American Trust & Savings Bank (C~eral Sweep Aca) Americ~m Trust & Savings Bank (Am~iea's River-Bond Proceeds) American Trust & Savings Bank (mnerica's River-Vision Iowa) American Trust & Savings Bank ~ousi~ Dubuque Bank & Trust Co. (Oeneml/M~ro~e~ Sabritas) US Bank (C~aam~a~/Am~e~d5 Liberty ~) Premier 1,002,509.82 9,609,745.73 537.47 192,702.02 1,712,201.75 229,111.96 23,259.01 4,235.44 12,774,303.20 21.13% CERTIFICATES OF DEPOSIT: American Trust & Savings Bank Dapaco Community Credit Union Dubuque Bank & Trust Co. East Dubuque Savings Bank US Bank Lib~ty Bank Promier Bank 0.00 1,000,000.00 0.00 8,000,000.00 2,500,000.00 10,500,000.00 2000,000.00 Total 24,000,000.00 39.70% U.S. TREASURY OBLIGATIONS 0.00 0.00% CORPORATE STOCK (Lyons ?eo~y Trust) 10,390.71 0.02% 36,877,051.37 61.00% TOTAL CITY FUNDS 60,457,836.25 100.00% [RECAP OF PORTFOLIO PERCENTAGES CASH CHECKING / SAVINGS ACCTS MUTUAL FUNDS (U.S. GOVERNMENT) CERTIFICATES OF DEPOS1T U.S. TREASURY OBLIGATIONS FEDERAL AGENCY OBLIGATIONS CORPORATE STOCK MANAGED OTHER COMBINED FUNDS FUNDS TOTAL 0.00% 0.15% 0.15% 0.00% 21.13% 21.13% 5.78% 0.00% 5.78% 0.52% 39.70% 40.22% 1.42% 0.00% 1.42% 31.27% 0.00% 31.27% 0.00% 0.02% 0.02% Total 39.00% 61.00%, 100.00% Page 2 CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY COST BASIS ANALYSIS Cost Basis Prior Month Additions: Interest Earnings Realized Gains (Losses) Capital Deposits Subtractions: Management Fees Custodian Fees Bank Charges Capital Withdrawals Total Additions Total Subtractions Cost Basis Current Month Net C~h Receipts & (Disbursements) Ending Cost Basis Balance Month Ending: Sep-30-02 Managed Combined Dana DB&T Firstar Accounts City Finance Total 7,100,097.19 8,094,239.23 8,318,575.25 23,512,911.67 39,446,523.3t 62,959,434.98 35,617.42 23,993.14 25,759.28 85,369.84 74,133.18 159,503.02 (12,185.53) (3,729A6) (65.46) (15,980.15) 0.00 (15,980.15) 0.{30 0.00 509.59 509.59 0.00 509.59 23,431.89 20,263.98 26,203.41 69,899.28 74,133.18 l~4,032.46 0.00 0.00 0.00 0.00 0.00 0.00 (621.01) (684.49) (720.57) (2,026.07) 0.00 (2,026.07) 0,00 0.00 0.00 0.00 (2,216.39) (2,216.39) 0.00 0.00 0.00 0.00 0.00 0.00 (621.01) (684.49) (720.57) (2,026.07) (2,216.39) (4,242.46) 7,122,908.07 8,113,81&72 8,344,058.09 23,580,784.88 39,518,440.10 63,099,224.98 0.00 0.00 0.00 0.00 (2,641,388.73) (2,641,388.73) 7,122,908.07 8,113,818.72 8,344~058.09 23,580,784.88 36~877,051.37 60,457,836.25 CHANGE IN COST BASIS ADJUSTED FOR ACCRU.,4LS Cost Basis Current Month Plus: Accrued Interest Current Month Less: Accrued Interest Prior Month Cost Basis Adjusted for Accrnals Annualized: Current Month Annualized: Prior Month 7,122,908.07 8,113,818.72 8,344,058.09 23,580,784.88 39,518,440.10 63,099,224.98 44,812.58 88,770.42 76,668.96 210,251.96 180,284.78 390,536.74 (51,549.54) (82,457.18) (80,407.49) (214,414.21) (179,00t.24) (393,415.45) 7,116,171.11 8fl20,131.96 8~340,319.56 23,576,622.63 39,519t723,64 63,096,346.27 2. 72% 3.84% 3.14% 3.25% 2.23% 2.61% (133. t1%) 6.48% 5.74% (39.65%) 2.35% (13.15%) CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: Sep-30-02 Managed Combined Dana DB&T Firstar Accounts Ciw Finance Total M/~Pd~ET VALUE ANALY$I$ Investment Market Value Prior Month Investment Market Value Current Month Accrued Interest Current Month Market Value Adjusted for Accruals Net Cash Receipts & (Disbursements) Ending Investment Market Value Adjusted Market Value Percentage Change-Current Market Fal#e Percentage Change-Prior 7~155~819,50 8,710 210.58 8.573,758,94 24,439~789.02 39,6661533.89 64~106,322.91 7,137,501.98 8,706,067.84 8,540,589.64 24.384,159.46 39,551,084,54 63,935,244.00 44,812.58 88,770.42 76,668.96 210,251.96 180,284,78 390,536.74 7,182,314.56 8,794,838.26 8.617,258.60 24,594,411.42 39,731,369.32 64,325,780.74 0,00 0.00 0.00 0.00 (2,64t.388.73) (2,641,388.73) 7~182t314.56 8,794.838.26 8,617,258.60 24,594t411.42 37,089,980.59 61~684,392.01 0.37% 0.97% 0.51% 0.65% (6.$0%) (3. 78%) (11.06%) 0.81% 0.51% -3.08% (4.92%) (4.22%) Market Indices 90 Day T-Bills Lehman Aggregate Govt. Bonds Lehman Short Term Govt. Bonds Lehman Intermediate Govt. Bonds Consumer Price Index Current Prime Rate* Average Last Average Last Calendar 3 Months 12 Months Year to Date 0,43% 1,83% 6.66% 10.04% 2.44% 5.48% 4.82% 8.58% 0.50% 1.71% 1.29% 10.69% 5.04% 8.43% 1.61% 4.75% City of Dubuque Schedule of Certificates of Deposit As of September 30, 2002 Certificate Purchased Cost Purchase Maturity Last Interest Interest Days to Accrued Accrued I Number From Basis Date Date Payment Rate Maturi~ Days Interest I 404630 Premier(M) 1,000,000.00 12/20/01 12/20/02 07/10/02 2.475% 81 82 5,560.27 348010524 US Bank 1,500,000.00 12/26/01 12/26/02 12/26/01 2.160% 87 278 24,677.26 348011889 US Bank(Ivl) 1,000,000.00 04/09/02 04/09/03 04/09/02 2.610% 191 174 12,442.19 51155 Liberty 1,000,000.00 04/16/02 10/15/02 04/16/02 2.270% 15 167 10,386.03 7985 EDSB 1,000,000.00 04/17/02 10/23/02 04/17/02 2.150% 23 166 9,778.08 51169 Liberty 1,000,000.00 04/22/02 10/30/02 04/22/02 2.170% 30 161 9,571.78 8037 EDSB (M) 1,000,000.00 04/23/02 10/22/02 04/23/02 2.140% 22 160 9,380.82 51175 Liberty(M) 1,500,000.00 04/26/02 10/25/02 04/26/02 2.070% 25 157 13,355.75 51212 Liber~ 1,000,000~00 05/t7/02 11/15/02 05/17/02 2.320% 46 136 8,644.38 404997 Premier (M) 1,000,000.00 05/24/02 11/22/02 05/24/02 2.330% 53 129 8,234.79 8311 EDSB 1,000,000.00 05/28/02 11/26/02 05/28/02 2.060% 57 125 7,054.79 8313 EDSB 1,000,000.00 05/29/02 11/27/02 05/29/02 2.060% 58 124 6,998.36 51228 Liberty 1,000,000.00 05/31/02 11/29/02 05/31/02 2.070% 60 122 6,918.90 51271 Liberty 1,000,000.00 06/14/02 12/13/02 06/14/02 2.170% 74 108 6,420.82 51294 Liber~ 1,000,000.00 06/21/02 12/20/02 06/21/02 2.270% 81 101 6,281.37 51296 Liberty 1,000,000.00 06/21/02 06/23/03 06/21/02 2.870% 266 101 7,941.64 51298 Liberty 1,000,000.00 06/25/02 06/28/03 06/25/02 2.370% 271 97 6,298.36 8418 EDSB 1,000,000.00 06/26/02 12/26/02 06/26/02 2.100% 87 96 5,523.29 8437 EDSB 1,000,000.00 07/05/02 01/03/03 07/05/02 2.100% 95 87 5,005.48 8454 EDSB (M) 1,000,000.00 07/11/02 01/10/03 07/11/02 2.050%0 102 81 4,549.32 8468 EDSB 1,000,000.00 07/12/02 01/2 1/03 07/12/02 2,050% 113 80 4,493.15 51450 Liberty (M) 1,000,000.00 09/19/02 03/27/03 09/19/02 1.970% 178 11 593,70 36063 Dupaco (M) 1,000,000.00 09/26/02 04/03/03 09/26/02 1.590% 185 4 174,25 Totals $24,000,000.00 $180,284.78 Weighted Yield: 2.189% Welghted Maturity: 94.00 Days Certificate Purchased Interest Number From Rate Compounded Yield InterostTerm~ 404630 Me~o Premier 348010524 US Bank 348011889 Metro US Bank 2.48% 2.16% 2,61% 2.475% 2,160% 2.6t0% Earnings paid semi.annuaily by check. Earnings credited at matmity. Earrfmgs paid semi-annually by check, 51155 Liberty 7985 EDSB 51169 Liberty 8037 Metro EDSB 51175 Metm Liberty 51212 Liberty 404997 Metro Premier 8311 EDSB 8313 EDSB 51228 Liberty 51271 Liberty 51294 Liberty 51296 Liberty 51298 Liberty 8418 EDSB 8437 EDSB 8454 Metro EDSB 8468 EDSB 51450 Metro Liberty 36063 Melro Dupaec 2.27% 2.15% 2,17% 2.14% 2,07% 2.32% 2.33% 2,06% 2.06% 2.07% 2.17% 2.27% 2.87% 2.37% 2,t0% 2.10% 2,05% 2.05% 1~97% 1.59% 2,270% 2,150% 2.170% 2A40% 2.070',4 2.320% 2.330% 2.060% 2,060% 2,070% 2,170% 2.270% 2,870% 2,370% 2.100% 2.100% 2.O5O% 2.050% 1.970% 1.590% Eamings 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. Eam'mgs 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 paid semi-annually by check. Earnings credited at maturity. Earnings credited at maturity, Earnings credited at maturity. Eam'mgs credited at maturity, Earnings credited at maturity, Earnings credited at maturity.