Quarterly Investment Report December 31, 2009Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: December 31, 2009 Quarterly Investment Report
DATE: January 28, 2010
Finance Director Ken TeKippe is transmitting the attached December 31, 2009
Quarterly Investment Report.
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Michael C. Van Milligen
Dubuque
katell
All- Amedcatfty
2007
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
RE:
DATE: January 27, 2010
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 October 1, 2009 through December 31, 2009.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended December 31, 2009 and fiscal year to date
Schedule of City Funds
Monthly Investment Summary
Schedule of Accrued Interest
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
December 31, 2009 Quarterly Investment Report
Dubuque
AI- Amiicacly
1
2007
6-e -$/)*
Quarter
Year -To -Date I
255,475
695,927
23,615
62,702
279,090
758,629
33,756
66,888
195
320
33,951
67,208
221,719
629,039
23,420
62,382
245,139
691,421
Description
Carrying
Value
Market Value / Unrealized
Including Gain (Loss) /
Accrued Interest Accrued Interest
Deposits, Change & Petty Cash Funds
Checking /Savings Accounts
Certificates Of Deposit
US Treasury Securities
Corporate Stock
Investment Advisor Accounts
Total Funds
Breakdown
City
Metro
Total Combined Funds
Cash Basis
Gross Earnings:
City
Metro
Combined
Investment Fees:
City
Metro
Combined
Net Earnings:
City
Metro
Combined
CITY OF DUBUQUE
Cash, Investments and Investment Earnings Summary
For The Quarter Ended December 31, 2009 & Fiscal 2010 YTD
96,656
24,190, 053
13, 550, 000
2,015,125
11,514
25, 973, 265
65,836,613
54,977,229
10, 859, 384
65,836,613
96,656
24,199,104
13, 569, 980
2,109,607
64,562
26,140, 714
66,180,624
55, 306, 014
10, 874, 610
66,180,624
9,051
19, 980
94,482
53,048
167,449
344,011
328,785
15,225
344,010
City Managed Funds
City of Dubuque
Schedule of City Funds
Dec 09
CASH
Change and Petty Cash Funds 11,656
Prescriptions & Workers Comp Deposits 85,000
Total 96,656
CHECKING / SAVINGS ACCOUNTS:
American Trust & Savings Bank (General & Health) 417,664
American Trust & Savings Bank (Housing Rehab & Section 8) 337,786
Dubuque Bank & Trust (General /Metro/Leisure) 1,768,769
Dubuque Bank & Trust (Comml/Ind Bldg Rehab & Econ Dev) 103,466
Dubuque Bank & Trust (Cable Franchise Equipment Fund) 240,648
US Bank (General /Ambulance) 22,067
Premier (Utility) 11,695
Liberty (utility) 16,155
East Dubuque Savings Bank (Utility) 19,956
State Central (Utility) 4,017
Total 2,942,223
BOND PROCEEDS:
US Bank Series 2007A 306,095
DB &T GO Stormwater Series 2008A 561,638
DB &T Series 2009A 2,905,650
DB &T Series 2009B 9,507,586
Total 13, 280, 968
CERTIFICATES OF DEPOSIT:
American Trust & Savings Bank
Dubuque Bank & Trust 6,000,000
East Dubuque Savings Bank 3,000,000
Liberty Bank 2,550,000
Premier Bank 2,000,000
State Central
Total 13, 550, 000
HIGH YIELD SAVINGS ACCOUNTS
Dubuque Bank & Trust (Premium Savings) 4,013,423
East Dubuque Savings Bank (Advantage Savings) 1,505,643
5,519,065
PORT OF DUBUQUE PARKING RAMP
Project Construction Fund US Bank (Bond Proceeds) 1029 1,981,781
Capitalized Interest Fund EDSB (Bond Proceeds) 1028 466,016
Debt Service Reserve u.s. Treasury Obligations (Bond Proceeds) 2,015,125
Total 4,462,921
CORPORATE STOCK (Lyons Peony Trust) 11,514
Page 1
FY10
TOTAL
COST CITY FUNDS
BASIS PERCENTAGE
0.2%
4.5%
20.2%
20.6%
8.4%
3.0%
0.7%
3.1%
6.8%
0.0%
TOTAL CITY MANAGED FUNDS 39,863,348 60.6%
FINANCIAL ADVISORS MANAGED FUNDS
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
DUBUQUE BANK & TRUST:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
Mutual Funds
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 CITY FUNDS
City of Dubuque
Schedule of City Funds
Dec 09
Total
Total
Total
Total
GRAND TOTAL
Page 2
2.4% 155,277
4.0% 259,735
93.7% 6,133, 884
0.0%
100.0% 6,548,895
3.1% 254,339
82.7% 6,896,585
0.3% 24,527
0.0%
13.9% 1,159,405
100.0% 8,334,856
3.7% 116,221
0.0%
35.6% 1,128,719
60.8% 1,928,915
100.0% 3,173,855
12.7% 1,007,866
2.5% 200,781
63.8% 5,048,942
20.9% 1,658,070
100.0% 7,915,659
FYI 0
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
PERCENTAGE BASIS PERCENTAGE
10.0%
12.7%
4.8%
12.0%
25,973,265 39.5%
BREAKDOWN BY TYPE OF SECURITY:
Cash 5.9% 1,533,702 2.3%
Mortgage Backed Securities 13.8% 3,586,985 5.4%
Mutual Funds 4.5% 1,159,405 1.8%
US Treasury Obligations 28.3% 7,357,101 11.2%
US Agency Obligations 47.5% 12,336,072 18.7%
TOTAL FINANCIAL ADVISOR MANAGED FUNDS 100.0% 25,973,265 39.5%
65,836,612 100.0%
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH 2% 0% 2%
CHECKING / SAVINGS ACCTS 0% 28% 28%
MUTUAL FUNDS (U.S. GOVERNMENT) 2% 0% 2%
MORTGAGE BACKED SECURITIES 5% 0% 5%
CERTIFICATES OF DEPOSIT 0% 21% 21%
U.S. TREASURY OBLIGATIONS 11% 3% 14%
FEDERAL AGENCY OBLIGATIONS 19% 0% 19%
Total 39% 52% 92%
COST BASIS ANALYSIS
Cost Basis Prior Month
Additions:
Interest Earnings
Realized Gains (Losses)
Capital Deposits
Subtractions:
Management Fees
Custodian Fees
Bank Charges
Capital Withdrawals
Cost Basis Current Month
Net Cash Receipts & (Disbursements)
Ending Cost Basis Balance
MARKET VALUE ANALYSIS
Investment Market Value Prior Month (Adjusted for Accruals)
Investment Market Value Current Month
Accrued Interest Current Month
Market Value Adjusted for Accruals
Portfolio Returns*" (computed by Investment Managers)
Monthly Return
Total Return Calendar Year 2009
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
Total Additions
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
Month Ending:
First
Community Managed
Dana DB &T Trust US Bank Accounts Citv Finance
6,531,692.64 8,302,955.93 3,178,639.13 7,905,360.66 25,918,648.36 47,241,592.17
18,546.77 27,751.63 (2,051.71) 10,919.48 55,166.17 34,840.35
(786.97) 7,879.92 (2,317.38) (5.67) 4,769.90
0.00
0.00
17,759.80
(557.31)
35,631.55 (4,369.09) 10,913.81 59,936.07 34,840.35
(3,096.77)
(635.01)
(3,096.77)
(415.04) (615.63) (2,222.99)
0.00
Total Subtractions (557.31) (3,731.78) (415.04) (615.63) (5,319.76)
(407.82)
(407.82)
6,548,895.13 8,334,855.70 3,173,855.00 7,915,658.84 25,973,264.67 47,276,024.70
6,548,895.13 8,334,855.70 3,173,855.00 7,915,658.84 25,973,264.67 39,863,347.72
6,607,996.74 8,480,214.47 3,189,925.37 8,030,667.55 26,308,804.13 47,508,678.62 73,817,482.75
6,592,892.57 8,333,770.37 3,116,248.11 7,934,378.70 25,977,289.75 39,974,754.76 65,952,044.51
32,840.54 24,880.80 42,932.52 62,770.10 163,423.96 65,154.87 228,578.83
6,625,733.11 8,358,651.17 3,159,180.63 7,997,148.80 26,140,713.71 40,039,909.63 66,180,623.34
0.30%
6.91%
(1.39 %)
1.93%
(0.97 %)
2.32%
Average Last Last Calendar Last
Month 12 Months Year to Date 3 Years
(0.41%)
1.82%
0.00%
(0.27 %)
(8.14 %)
(1.84 %)
0.40%
0.21%
(2.20 %)
1.41%
(0.32 %)
2.68%
0.21%
(2.20 %)
1.41%
(0.32 %)
2.68%
3.25%
2.40%
6.10%
5.03%
6.09%
6.86%
"* Retums prior to fees
(7,412,676.98)
12/31/09
Combined
Total
73,160, 240.53
90,006.52
4,769.90
0.00
94,776.42
(3,096.77)
(2,222.99)
(407.82)
0.00
(5,727.58)
73,249,289.37
(7,412,676.98)
65,836,612.39
Account
Ending
APR @
Accrued
Number
Institution
Balance
Month End
Interest
Certificates of Deposit:
Certificate
Number
Institution
Cost
Basis
Purchase
Date
Maturity
Date
Interest
Rate
Days to
Maturity
Accrued
Days
Accrued
Interest
24508
24536
1321
773
1022
4421745
919
4421779
231472
978
231706
1143
231979
24481
Weighted Yield: 0.541%
Weighted Maturity in Days: 88.4
Savings Accounts
671460
44444116
EDSB
EDSB
DB &T
DB &T
DB &T
Premier
DB &T
Premier
Liberty
DB &T
Liberty
DB &T
Liberty
EDSB
Totals 13,550,000
DB &T
EDSB
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
1,000,000
M 1,000,000
1,000,000
M 800,000
1,000,000
M 750,000
M 1,000,000
4,013,423
1,505,643
5,519,065
City of Dubuque
Schedule of Accrued Interest
As of
December 31, 2009
11/25/09
12/10/09
12/17/09
07/14/09
09/17/09
08/05/09
08/20/09
08/26/09
09/10/09
09/09/09
10/01/09
10/21/09
10/29/09
11/12/09
05/27/10
06/10/10
06/17/10
01/14/10
01/21/10
02/04/10
02/18/10
02/25/10
03/10/10
03/11/10
04/01/10
04/23/10
04/29/10
05/13/10
0.442%
0.451%
0.440%
0.770%
0.400%
0.850%
0.750%
0.590%
0.450%
0.590%
0.450%
0.450%
0.400%
0.483%
1.190%
1.490%
(M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY
147
161
168
14
21
35
49
56
69
70
91
113
119
133
36
21
14
170
105
148
133
127
112
113
91
71
63
49
435.95
259.48
168.77
3,586.30
1,150.68
3,446.58
2,732.88
2,052.88
1,380.82
1,826.58
897.53
875.34
517.81
648.41
19,980.01
Account CD Balance Acrued Interest
DMASWA 10,550,000 15,225.21
City 3.000.000 4.754.80
13, 550, 000 19, 980.01
6,962
2,089
9,051.11