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Investment Report Quarterly
CITY OF DUBUQUE, IOWA MEMORANDUM January 12, 2000 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Quarterly Investment Report Finance Director Duane Pitcher is submitting the City's quarterly investment reports. MCVM/dd Attachment CC: Barry Lindahl, Corporation Counsel Tim Moerman, Assistant City Manager CITY OF DUBUQUE, IOWA MEMORANDUM January 7, 2000 TO: Michael Van Milllgen, City Manager FROM: Duane Pitcher, Finance Director SUBJECT: Quarterly Investment Report INTRODUCTION The purpose of the memorandum is to transmit the quarterly investmem report as prescribed within the City of Dubuque Investment Policy Section 17.0 "Reporting". DISCUSSION This report covers the period beginning July 1, 1999, and ending December 31, 1999. The report presents a summary of the investments on hand at the end of the quarter and indicates the earnings recorded for the period and fiscal year end. Also included are reports summarizing investment advisor performance and composition of the investment portfolio by type of investment and specific account. The valuation reflects the same basis that the assets are carded on the financial records of the city. The City is in compliance with the Investment Policy. REQUESTED ACTION This report is for your review and filing with the Honorable Mayor and City Council. Attachments CITY OF DUBUQUE, IOWA CASH AND INVESTMENTS SUMMARY AND SUMMARY OF INVESTMENT EARNINGS FOR THE QUARTER ENDED DECEMBER 31, 1999 AND THE ACCUMULATED YEAR-TO-DATE CARRYING DESCRIPTION VALUE MONEY FUND SAVINGS ACCOUNTS 7,124,364 MUTUAL FUNDS 0 INVESTMENT POOLS 0 CERTIFICATES OF DEPOSIT 2,081,019 REPURCHASE AGREEMENTS 0 US TREASURY SECURITIES 20,067,150 FEDERAL AGENCY SECURITIES 0 CORPORATE STOCK 6,825 INVESTMENT ADVISOR ACCOUNTS 21,180,948 INVESTMENTS 50,460,306 MARKET VALUE UNREALIZED (INCLUDING GAIN OR &CCRUED INTEREST (LOSS) 7,124,364 0 0 0 0 0 2,094,764 13,745 0 0 20,490,404 423,254 0 0 142,105 135,280 21,042,114 -138,834 50,893,751 433,445 CASH ACCOUNTS 1,732,255 1,732,255 0 TOTAL FUNDS AVAILABLE 52,192,561 52,626,006 433,445 CITY 45,166,077 45,446,677 280,600 METRO 7,026,484 7,179,329 152,845 COMBINED 52,192,561 52,626,006 433,445 CASH BASIS I QUARTER I YR-TO-DATE I GROSS EARNINGS: I CITY 504,2151 960,151 METRO 49,0041 139,134 COMBINED 553,219! 1,099,285 INVESTMENT FEES: I CITY 35,802 69,373 METRO 226[ 328 COMBINED 36,028~ 69,701 NET EARNINGS: I CITY 468,413 890,778 METRO 48,7781 138,806 COMBINED 517,1911 1,029,584 [BEGINNING BALANCE (COST BASIS) ADDITIONS: DIVIDENDS & iNTEREST REALIZED GAINS (LOSSES) TOTAL ADDITIONS SUBTIL4CTIONS: MANAGEMENT FEES CUSTODIAL FEES BAI',~K CHARGES TOTAL SUBTRACTIONS lENDING BALANCE (COST BASIS) MONTHLY INVESTMENT SUMMARY MONTHLY INCREASE (DECREASE) Month Ending: De~31-99 Managed Custodial Combined Dan~a DB&T Mercantile Accounts Account ~ity Finance Total 6,948,278.94 6,988,057.41 7,158,929.30 21,095,265.65 0.00 28,550,639.45 49,645,905.10 45,730.70 16,705.35 32,842.95 95,279.00 0.00 67,064.54 162,343.54 (3,568.07) (4,089.47) (100.80) (7,758.34) 0.00 0.00 (7,758.34) 42,162.63 12,615.88 32,742.15 87,520.66 0.00 67,064.54 154,585.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 609.67 612.72 615.59 1,837.98 0.00 0.00 1,837.98 0.00 0.00 0.00 0.00 0.00 1,972.76 1,972.76 609.67 612.72 615.59 1,837.98 0.00 1,972.76 3,810.74 6,989,831.90 7,000,060.57 7,191,055.86 21,180,948.33 0.00 28,615,731.23 49,796,679.56 41,552.96 12,003.16 32,126.56 85,682.68 0.00 65,091.78 150,774.46 0.00 0.00 0.00 0.00 0.00 2,395,881.77 2,395,881.77 0.00 0,00 0,00 0.00 0.00 0.00 0.00 6,989,831.90 7,000,060.57 7,191,055.86 21,180,948.33 0.00 31,011,613.00 52,192~561.33 CAPITAL DEPOSITS CAPI'FAL WITHDRAWALS COST BASIS CARRIED FORWARD COST BASIS CURRENrf MONTH LESS: Accrued Interest Prior Month PLUS: Accrued Interest Current Month Annualized Return: Current Month Annualized Return FYTD Totul Return FYTD Annualized Return FY99 6,989,831.90 7,000,060.57 7,191,055.86 21,180,948.33 0.00 28,615,731.23 49,796,679.56 60,587.43 68,798.15 59,137.23 188,522.81 0.00 382,035.07 570,557.88 53,045.12 87,066.89 68,091.88 208,203.89 0.00 436,998.91 645,202.80 6,982,289.59 7,018,329.31 7,200,010.51 21,200,629.41 0.00 28,670,695.07 49,871,324.48 5.87% 5.20% 6.89% 5.99% 0.00% 5.05% 5.45% 5.21% 5.16% 5.63% 5.34% 0.00% 4.59% 4.91% 4.83% 3.68% 1.88% 5.06% 5.46% 5.88% 5.41% 0.00% 6.28% 5.92% SECURITY MARKET VALUE ACCRUED iNTEREST MONTHLY INVESTMENT SUMMARY Dana DB&T Mercantile 6,867,919.81 6,898,085.35 7,067,904.99 53,045.12 87,066.89 68,091.88 Month Ending: Dec-31-99 Managed Custodial Combined Accounts Account City Finance Total 20,833,910.15 0.00 31,146,892.62 51,980,802.77 208,203.89 0.00 436,998.91 645,202.80 ENDING MARKET VALUE CAPITAL DEPOSITS CAPITAL WITHDRAWALS 6,920,964.93 6~985,152.24 7~135~996.87 21,042,114.04 0.00 31,583,891.53 52,626,005.57 0.00 0.00 0.00 0.00 0.00 2,395,881.77 2,395,881.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusted Ending Market Value 6,920,964.93 6,985,152.24 7,135,996.87 21,042,114.04 0.00 29,188,009.76 50,230,123.80 BEGINNING MARKET VALUE Perceutage Change in Market Value DURATION RANGE (YEARS) 6,892,592.43 6,974,071.93 7,133,181.50 20,999.845.86 0.00 29,070,487.14 50,070~333.00 0.4I°/o 0.16% 0.1)4% 0.20% 0.00% 0.40% 0.32% 2-3 4-5 4-5 0-1 Ave. Last Average Last Market Indices 12 Mo, 3 Months* 90 Day T-Bills 4,80% 5,08% Lehman Short 'I'em~ Govt. Bonds 3,28% 4.80% Lehman Agg. Govt. Bonds -0,40% 6.12% Consumer Price Index 2.63% 3.60% Carrenl Pri~ne Rate 8.25% *Annualized Treasury Prk~r Current YTD CMT Ra te,~ Month Month 2.68% 2-Year 5.86% -0.34% 3-Year 2.32% 5-Yom 5,97% 8.50%, U. S. Treasury Constant Maturity Rates From Federa/ Reserve Publication H. 15 11-30-99 5,84%I 6,10% 6.14%] 6.19%J SCHEDULE OF CITY FUNDS Month Ending: COMPOSITIO] COST PERCENTAGI BASIS Dec,-31-99 TOTAL CITY FUNDS PERCENTAGE [DANA INVESTMENT ADVISORS, INC.: CASH 0.00% 0.00 TRUST SAV1NGS ACCOUNT 0.00% 0.00 MUTUAL FUNDS (US GOVERNMENT) 0.73% 50,916.29 CERTIFICATES OF DEPOSIT 0.00% 0.00 US TREASURY OBLIGATIONS 0.00% 0.00 FEDERAL AGENCY OBLIGATIONS 99.27% 6,938,915.61 TOTAL 100.00% 6,989,831.90 13.39°/o [DUBUQUE BANK & TRUST COMPANY: I CASH 0.00% 0.00 TRUST SAVINGS ACCOUNT 0.00% 0.00 MUTUAL FUNDS (US GOVERNMENT) 14.34% 1,003,865.90 CERTIFICATES OF DEPOSIT 0.00% 0.00 US TREASURY OBLIGATIONS 21.51% 1,505,632.50 FEDERAL AGENCY OBLIGATIONS 64.15% 4,490,562.17 TOTAL 100.00% 7,000,060.57 13.41% L~RCA~'I', , ,~, BANK MIDWEST 1 CASH 0.00% 0.00 TRUST SAVINGS ACCOUNT 0.00% 0.00 MUTUAL FUNDS (US GOVERNMENT) 5.92% 425,555.86 CER'I'IFICATES OF DEPOSIT 4.17% 300,000.00 US TREASURY OBLIGATIONS 55.81% 4,012,985.15 FEDERAL AGENCY OBLIGATIONS 34.11% 2,452,514.85 TOTAL 100.00% 7,191,055.86 13.78% TOTAL MANAGED FUNDS 21,180,948.33 40.580/o LCUSTODIAL ACCOUNT: AT&S BANK 1 CASH 0.00% TRUST SAVINGS ACCOUNT 0.00% MUrUAL FUNDS (US GOVERNMENT) 0.00% CERTIFICATES OF DEPOSIT 0.00% US TREASURY OBLIGATIONS 0.00% FEDERAL AGENCY OBLIGATIONS 0.00% TOTAL 0.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00% [BREAKDOWN BY TYPE OF SECURITY: 1 CASH 0.00% 0.00 TRUST SAVINGS ACCOUNT 0.00% 0.00 MLrrUAL FUNDS (US GOVERNMENT) 6.99% 1,480,338.05 CERTIFICATES OF DEPOSIT 1.42% 300,000.00 US TREASURY OBLIGATIONS 26.05% 5,518,617.65 FEDERAL AGENCY OBLIGATIONS 65.54% t3,881,992.63 Total Managed Funds and Custodial Ace~ 100.00% 21,180,948.33 0.00% 0.00% 2.840/0 0.57°/o 10.57'/o 26.60% 40.58% lof3 SCHEDULE OF CITY FUNDS Month Ending: APPROXIMA~ COST IDENTIFICATION RETURN BASIS v cEs Dec-3 t -99 CITY FUNDS PERCENTAGE CHANGE FUNDS & PC ADVANCES N/A PETTY CASH PURCHASES N/A INSURANCE DEPOSITS N/A TOTAL 17,956.00 1,194.99 1,000.00 20,t50.99 0.04% I CASH t N/A 54,703.07 0.10% ]BANK N.O.W. ACCOUNTS: I AMERICAN TRUST & SAVINGS BANK 2.9500% DUBUQUE BANK & TRUST CO. 2.5000% FIRSTAR BANK IOWA, N.A. 2.0000% MERCANTILE BANK MIDWEST 2.00000/0 TOTAL 196,015.62 1,175,850.86 2,613.61 282,921.28 t,657,401.37 3.18% [BANK MONEY FUND SAVINGS ACCTS: [ AMERICAN TRUST & SAVINGS BANK 4.3800% DUBUQUE BANK & TRUST CO. 2.8500% TOTAL 6,088, t99.86 1,036,163.74 7,124,363.60 13.65% . -[ JSX mot,s: 1 IPAIT N/A TOTAL 0.00 0.00 0.00% { ~no~a~ vt~os cvs Gown: TOTAL N/A 0.00 0.00 0.00% [CERTIFICATES OF DEPOSIT: DUBUQUE BANK & TRUST COMPANY AMERICAN TRUST & SAVINGS BANK DUPACO COMMUNITY CREDIT UNION FIRSTAR BANK IOWA, N.A. TOTAL ] 5.3400% 790,045.69 N/A 0.00 5.2290% 1,290,972.90 0.00 2,081,018.59 3.99% [U.S. TREASURY OBLIGATIONS: CHICAGO FEDERAL RESERVE BANK 5.0990% 20,067,150.00 38.45% IR~URC~SE AGREEMENTS: 0.00 0.00% {CORPORAI3E SECUI~'riI~S: AT&T & REGIONAL STOCK N/A 6,825.38 0.01% TOTAL OTItER FUNDS TOTAL cYrY FUN])S 2 of 3 31,011,613.00 52,192,561.33 59.42% 100.00% SCHEDULE OF CITY FUNDS Month Ending: OTHER FUNDS Dec-31-99 COMBINED TOTAL EXPENSE ADVANCES CASH BANK N.O.W. ACCOUNTS BANK MONEY FUND SAVINGS ACCTS TRUST SAVINGS ACCOUNTS TRUST POOLS MUTUAL FUNDS (US GOVERNMENT) CEKflklCATES OF DEPOSIT REPURCHASE AGREEMENTS US TREASURY OBLIGATIONS FEDERAL AGENCY OBLIGATIONS CORPORATE SECURITIES 0.00% 0.04% 0.04% 0.00% 0.10% 0.10% 0.00% 3.18% 3.18% 0.00% 13.65% 13.65% 0.00%o 0.00% 0.00%o 0.00% 0.00% 0.00% 2.84% 0.00%0 2.840/0 0.57% 3.99% 4.56% 0.00% 0.00% 0.00% 10.57% 38.45% 49.02% 26.60% 0.00% 26.60% 0.00%0 0.01% 0.01% TOTAL 40.58% 59.42% 100.00% 3of3 As of.' City of Dubuque 12/31/1999 Schedule of Treasm'y Securities CUSIP No. Par Issue Maturity Value Date Date Price Cost Days to Accrued Basis Yield Matm4~ Interest 912795DE8 912795DF5 912795DG3 912795DP3 912795DT5 912795DT5 912795DW8 912795DX6 912795DX6 912795EA5 912795EB3 912795EB3 912795EE7 912795EF4 912795EF4 912795EG2 912795Ett0 912795EJ6 Total $1,000,000.00 07/29/1999 01/27/2000 97.715 $1,000,000.00 02/04/1999 02/03/2000 95.581 $1,000,000.00 08/12/1999 02/10/2000 97.515 $1,000,000.00 04/01/1999 03/30/2000 95.455 $1,000,000.00 04/29/1999 04/27/2000 95.460 $1,000,000.00 04/29/1999 04/27/2000 95.460 $1,000,000.00 11/18/1999 05/18/2000 97.364 $1,000,000~00 05/27/1999 05/25/2000 95.319 $1,000,000.00 05/27/1999 05/25/2000 95.319 $1,000,000.00 12/16/1999 06/15/2000 97.265 $1,000,000.00 06/24/1999 06/22/2000 95.056 $3,000,000.00 06/24/1999 06/22/2000 95.056 $1,000,000.00 08/19/1999 08/17/2000 95.000 $1,500,000.00 09/16/1999 09/14/2000 94.944 $1,500,000.00 09/16/1999 09/14/2000 94.944 $1,000,000.00 10/14/1999 10/12/2000 94.828 $1,000,000.00 11/12/1999 11/09/2000 94.787 $1,000,000.00 12/09/1999 12/07/2000 94.591 0 $21,000,000.00 $977,150.00 4.625% 26 ~00 19,334.62 $955,810.00 4.572% 33.00 39,940.96 $975,150.00 5.041% 40.00 19,115.38 $954,550.00 4.709% 89.00 34,087.50 $954,600.00 4.704% 117.00 30,557.69 $954,600.00 4.704% 117.00 30,557.69 $973,640.00 5.355% 138.00 6.083.08 $953,190.00 4.857% 145.00 27,905.96 $953,190.00 4.857% 145.00 27,905.96 $972,650.00 5.562% 166.00 2,103.85 $950,560.00 5.144% 173.00 25,670.77 $2,851,680.00 5.144% 173.00 77,012.31 $950,000.00 5.205% 229.00 18,269.23 $ 1,424,160.00 5.267% 257.00 21,876.92 $1,424,160.00 5,267% 257.00 21,876.92 $948,280.00 5.394% 285.00 10,940.77 $947,870.00 5.454% 313.00 6,893.22 $945,910.00 5.655% 341.00 3,120.58 $20,067,150.00 $423,253.41 Cost Basis: $20,067,150.00 Weighted Yield: 5.099% Weighted Maturity: 173.67 Days F:',,123DATA\FI NANCE\ TBILL INVEST\MONTH\ As of: 1213111999 ID Par Number Value City of Dubuque Schedule of Certificates of Deposit Purchase Maturity Date Date Last Interest Payment Date Cost Compounded Days to Accrued Basis Yield Maturity Interest 27698 $627,204.08 09/30/99 03/30/00 501112 $790,045.69 09/10/99 09/10/00 27862 $663,768.82 10/14/99 10/14/00 Totals $2,081,018.59 Cost Basis: $2,081,018.59 12/31/99 09/10/99 12/31/99 $627,204.08 5.833% 90.00 0.00 $790,045.69 5.833% 254.00 13,745.50 $663,768.82 5.833% 288.00 0.00 $2,081,018.59 $13,745.50 Weighted Yield: 5~833% Weighted Maturity: 215.42 Days Certificate Descriptions Certificate Purchased Number From Rate Compounded Basis Rate Yield 27698 Dupaeo 90/360 5.670% 5.833% 501112 D.B.& T. Co. 181/365 5.670% 5.833% 27862 Dupaco 90/360 5.670% 5.833% Interest Teru]s Eamiogs credited Quarterly and added to principal. Earnings credited Semi-Annually and added to principal, Earnings credited Quarterly and added to principal. F:\~.23DATA\FINANCE\ INVEST\MONTH CD