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Quarterly Investment Report for December 31, 2018 Copyrighted February 18, 2019 City of Dubuque Consent Items # 5. ITEM TITLE: Quarterly Investment Reportfor December 31, 2018 SUMMARY: City Manager transmitting the attached December 31, 2018 Quarterly Investment Report. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type December 31, 2018 Quarterly In�strnent Report-NNM Staff Memo Memo Memo Staff Memo Cash Investments and Investment Earnings Summary for quarter ended December 31, 2018 and fiscal year Supporting Documentation to date Schedule of City Funds Supporting Documentation Monthly InvestmentSummary Supporting Documentation Schedule of Certificates of Deposit and Accrued Supporting Documentation Interest Manager/Custodian Annual Fees Computation Supporting Documentation THE CITY OF Dubuque � AIFA�erlwGh UB E '�� III► Masterpiece on the Mississippi Z°°'�w'2 7A13 2017 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: December31 , 2018 Quarterly Investment Report DATE: January 31 , 2019 Finance Director Jean Nachtman is transmitting the attached December 31 , 2018 Quarterly Investment Report. �� Mic ael 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 CTTY OF Dubuque �" ui��eNe�ary DUB E 'il��i;' Masterpiece on the Mississippi Z°°' Z°'Z 2013 2017 TO: Michael C. Van Milligen, City Manager FROM: Jean Nachtman, Finance Director RE: December 31, 2018 Quarterly Investment Report DATE: February 1, 2019 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, 2018 through December 31, 2018. The report includes: Cash Investments and Investment Earnings Summary for quarter ended December 31, 2018 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 December 31, 2018 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 249,566 249,566 - Checking/Savings Accounts 22,380,773 22,380,773 - Unspent Bond Proceeds 13,903,556 13,903,556 - Certificates Of Deposit 1 ,000,000 1 ,027,900 27,900 US Treasury Securities 2,015,125 2,480,029 464,904 Corporate Stock (EB Lyons Trust) 11 ,514 86,338 74,825 InvestmentAdvisorAccounts 27,217,736 27,111 ,977 (105,759) Reserve Accounts 2,605,200 2,639,098 33,898 Total Funds 69,383,470 69,879,237 495,767 Breakdown City 56,636,446 57,052,082 415,636 Metro 12,747,024 12,827,155 80,131 Total Combined Funds 69,383,470 69,879,237 495,767 Cash Basis Quarter Year-To-Date Gross Earninqs: City 58,035 366,968 Metro 53,465 88,048 Combined 111,500 455,016 Investment Fees: City 25,431 41 ,404 Metro 304 595 Combined 25,734 41,999 Net Earninqs: City 32,604 325,564 Metro 53 161 87 453 Combined 85,766 413,017 City of Dubuque Schetlule of Ci[y Funtls As of December 31,2018 TOTAL COST CITYFUNDS CITY MANAGED FUNDS snsis PERCENTAGE CASH: Change and Petty Cash Funds 13,566 Health Fund Deposit 14Q000 Prescription Fund Deposit 75,000 Workers Comp Deposit 1Q000 Hometown Bank 1,000 ShortTerm Disability 1Q000 Total 249,566 024% CHECKING 1 SAVINGS ACCOUNTS: American Trust&Savings Bank��e�eap 259,283 American Trust&Savings Bank�Ho�s�g Renae a se�oo�e7 233,892 Dubuque Bank&Trust��e�eauMe��icrem�7 13,409,723 Dubuque Bank&Trust�caeie Fa��n�re eq��pme��F��a7 683,138 Dubuque Bank&Trust�o�e�q�e m�oae��iFiexirzei e��w7 966,707 US Bank ��e�eap 5,565 Prem ier�ueury7 5,507 Fidelity Bank&Trust�uoury7 6,490 Dubuque Bank&Trust Police Forteiture Funds 149,489 Collins Community Credit Union S,OSQ259 Collins Community Credit Union (Metro) 1,453,960 Total 22,224,014 21.80% UNSPENTBONDPROCEEDINVESTMENTACCOUNTS: DB&T Series 2012B 416,781 DB&T Series 2012C 793,671 DB&T Series 2012D 503,380 DB&T Series 2012E 42,901 AT&S Series 2012F 382,835 DB&T Series 2012H 105,897 AT&S Series 2014B 1,287,154 AT&S Series 2014C 558,487 AT&S 2014 DMASWA 973,526 Fidelity Series 2015A 5,524,318 AT&S 2016 DMASWA 1,934,559 Fidelity Series 2016C 1,38Q047 Total 13,903,556 13.64% CERTIFICAlES OF DEPOSIT: . AT&S 5,80Q000 CCCU 7,SOQ000 DuTrac 19,40Q005 US Bank 1,OOQ000 Total 33,70Q005 33.06% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 1.98% RESERVES: Sales Tae Increment Rev Bond Reserve�sen�zoisA7 2,08Q000 Water Debt Bond Reserve �zoioo7 525,200 Total 2,605,200 2.56% CORPORAlE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.01% TOTALCITYMANAGEDFUNDS 74,708,980 73.30% �ee+ City of Dubuque Schetlule of Ci[y Funtls As of December 31,2018 PORTFOLIO TOTAL COMPOSITION COST CITYFUNDS FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE DANA INVESTMENTADVISORS,INC: Cash and Equivalents 5.5% 328,468 US Treasury Obligations 0.0% 0 US Agencies 32.1% 1,922,665 Mortgaged Backed Sewrities 62.4% 3,741,598 Total 100.0% 5,992,730 5.88% DUBUQUE BANK&7F2UST: Cash and Equivalents 17% 132,128 US Treasury Obligations 98.3% 7,675,693 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 100.0% 7,807,820 7.66% FIRST COMMUNITY 7F2UST: Cash and Equivalents 0.5% 29,970 US Treasury Obligations 0.3% 2Q412 US Agencies 977% 6,107,128 Mortgaged Backed Sewrities 1.5% 93,919 Total 100.0% 6,251,429 6.13% US BANK: Cash and Equivalents 4.4% 314,732 US Treasury Obligations 0.0% 0 US Agencies 95.6% 6,851,023 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,165,755 7.03% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 27,217,736 26.70% BREAKDOWN BY TYPE OF SECURIN: Cash&Equivalents 3.0% 805,297 US Treasury Obligations 28.3% 7,696,105 US Agencies 547% 14,88Q817 Mortgage Backed Sewrities 14.1% 3,835,517 Unsettled Trades 0.0% 0 Total 100.0% 27,217,736 TOTAL CITY FUNDS 101,926,716 100.00% RECHP OF PORTFOLIO PERCENTHGES Managed Ciry Combined C4SH&EQUIVALENTS 0]8% 024% 103% CHECKING/SAVINGSACCTS 0.00% 38.00% 3800% MORTGAGEBACKEOSECURITIES 3]8% 0.00% 3]8% ceRnFicnresoFoeaosir o.00i aa.oei aaoei US.TREASURVOBLIGATIONS ]55% 1.88% 8.53% FeoeRn�A�eNaes iaeoi o.00i iaeoi orHeR 000i o.mi o.mi To[al 26.]06 ]3.306 100.006 �ee� arr oF ousucaue MONTHLY INVESTMENT SUMMARY Month Ending: 12/31/18 First Total Community Managed Combined Dana DB&T Trust US Bank Accounts Citv Finance Total COST BASIS ANALYSIS Cost Basis Prior Month 5,984,605 7,792,255 6,236,013 7,161,468 27,174,342 78,94Q506 106,114,848 Additions: Interest Earnings 14,917 17,943 17,528 8,242 58,631 27,899.96 86,531 Realized Gains(Losses) (3,764) 0 (286) (1,914) (5,964) (5,964) Total Additions 11,153 17,943 17,242 6,328 52,666 27,900 8Q566 Subtrections: Management Fees (2,495) (1,772) (1,284) (1,463) (7,013) (7,013) Custodian Fees (533) (606) (542) (579) (2,259) (2,259) Withdrawal 0 0 0 0 467 467 Total Subtrections (3,028) (2,378) (1,826) (2,041) (9,273) 467 (8,806) Cost Basis Current Month 5,992,731 7,807,820 6,251,429 7,165,755 27,217,736 78,968,873 106,186,609 Net Cash Receipts&(Disbursements) (4,259,893) (4,259,893) Ending Cost Basis Balance 5,992,731 7,807,820 6,251,429 7,165,755 27,217,736 74,708,980 101,926,716 MARKET VALUE ANALYSIS Investment Market Value Prior Month�Aa��neam�A��,ais7 5,988,990 7,716,057 6,19Q253 7,064,093 26,959,394 79,776,744 106,736,137 Investment Market Value Current Month 5,984,832 7,749,603 6,208,668 7,081,201 27,024,304 75,359,123 102,383,427 Accrued Interest Current Month 21,329 21,339 18,905 26,101 87,673 359,437 447,110 MarketValueAdjustedforAccruals 6,006,161 7,77Q941 6,227,572 7,107,302 27,111,977 75,718,560 102,83Q537 Portfolio Retums��mp�r�aeym��me��Ma�ages7 Monthly Return Gross of Fees 0.24% 0.71% 0.64% 0.64% Monthly Return Net of Fees 0.22% 0.68% 0.61% 0.62% Total Retum Calendar Year to Date-Gross 0.29% 1.60% 1.49% 1.17% Effective Duration in Years 0.75 1.63 1.46 1.39 Marketlntlices Averege Last Calentlar Last Last Monih Vearto Date 12 Monihs 3 Vears BBgBarc US Trsy Bellwethers 3Mon TR USD 0.19% 1.89% 1.89% 1.03% BBgBarcUSGovt1-3VrTRUSD 0.80% 1.58% 1.58% 0.96% BBgBarc US Govt Interm TR USD 1.49% 1.43% 1.43% 1.21% BBgBarcUSGoviTRUSD 2.13% 0.88% 0.88% 1.41% Current Prime 5.50% City of Dubuque Schetlule of Certifica[es of Deposi[,Accruetl IMeres[,High Yieltl Savings Accoun[s&UnspeM Bontl Proceetls As of December 31,2018 CertificatesofDe osit: Certificate � Cost Purchase Maturity Interest Daysto Accruetl Accruetl Number Institution � Basis Date Date Rate Maturi Da s Interest S/ DUTrac C 1,000,000 0]/20/18 01/04/19 2420% 4 164 10,8]342 58 DUTrac C 1,000,000 0]/20/18 01/18/19 24]0% 18 164 11,09808 61 DUTrac C 1,000,000 08/03/18 02/01/19 2490% 32 150 1023288 054683]304]/4 AT&S M 800,000 02/02/18 02/01/19 2.100% 32 332 1528110 62 DUTrac C 1,000,000 08/13/18 02/15/19 2490% 46 140 955068 63 DUTrac C 1,000,000 08/1]/18 03/01/19 2510% 60 136 935233 520 9 82265 8/1 AT&S M 1,000,000 09/14/18 03/13/19 2550% ]2 108 ]54521 054683]304]/5 AT&S M 500,000 03/13/18 03/14/19 2260% ]3 293 9,0]096 60001]1492] Collins C 1,000,000 08/31/18 03/15/19 2530% ]4 122 8,45644 64 DUTrac C 1,000,000 09/14/18 03/29/19 2590% 88 108 ],66356 4330]1359 USB M 1,000,000 04/09/18 04/09/19 2380% 99 266 1]34466 054683]304]/9 AT&S C 1,000,000 09/28/18 04/12/19 2.620% 102 94 6,]4]40 66 DUTrac C 1,000,000 10/OS/18 04/26/19 2]90% 116 8] 6,65014 05013396931/] AT&S C 1,000,000 10/22/18 04/26/19 2]00% 116 ]0 5,1]808 68 DUTrac C 1,000,000 10/12/18 OS/10/19 2]90% 130 80 6,1150] 69 DUTrac C 1,000,000 10/19/18 OS/24/19 2]90% 144 ]3 558000 4] DUTrac M 500,000 OS/31/18 OS/31/19 2560% 151 214 ]50466 60001586665 Collins C 1,000,000 06/15/18 OS/31/19 2.620% 151 199 1428438 600015866]3 Collins C 1,000,000 06/15/18 OS/31/19 2.620% 151 199 1428438 60001586681 Collins C 1,000,000 06/15/18 OS/31/19 2.620% 151 199 1428438 60001]65532 Collins C 1,000,000 10/02/18 OS/31/19 2]50% 151 90 6,]8082 60001]655]4 Collins C 1,000,000 10/02/18 OS/31/19 2]50% 151 90 6,]8082 60001]65582 Collins C 1,000,000 10/02/18 OS/31/19 2]50% 151 90 6,]8082 05013396931/6 AT&S C 1,000,000 10/22/18 OS/31/19 2]20% 151 ]0 521644 ]0 DUTrac C 1,000,000 10/22/18 OS/31/19 2]90% 151 ]0 535068 ]1 DUTrac C 1,000,000 10/22/18 OS/31/19 2]90% 151 ]0 535068 ]2 DUTrac C 1,000,000 10/22/18 OS/31/19 2]90% 151 ]0 535068 ]3 DUTrac C 1,000,000 10/22/18 OS/31/19 2]90% 151 ]0 535068 ]4 DUTrac C 1,000,000 10/22/18 OS/31/19 2]90% 151 ]0 535068 ]5 DUTrac C 1,000,000 10/22/18 06/0]/19 2810% 158 ]0 538904 52 DUTrac M 500,000 06/22/18 06/21/19 2.660% 1]2 192 699616 ]6 DUTrac C 1,000,000 10/22/18 06/21/19 2840% 1]2 ]0 5,44658 ]] DUTrac C 1,000,000 10/22/18 0]/01/19 2880% 182 ]0 552329 55 DUTrac M 500,000 0]/13/18 0]/12/19 2.660% 193 1]1 623096 60001]36301 Collins M 500,000 09/14/18 09/13/19 2960% 256 108 43]918 6] DUTrac M 400,000 10/12/18 10/14/19 29]0% 28] 80 2,60384 O55]8314659/3 AT&S M 500,000 11/06/18 11/OS/19 2900% 309 55 2,18493 ]8 DUTrac M 500,000 12/0]/18 12/06/19 3D10% 340 24 98959 Totals 33,]00,000 289,15368 Reserve Funtls Account p Entling FaceValue Accruetl Number Institution Balance InterestRate Interest c�cou�t C�Balance Accruetllnterest 2015A DUTrao-CD R 2,080,000 265% 30,051]3 �MASWA e,]00,000 80,13125 2010D DUTrao-CD R 525200 29]% 3,846.19 Ciry 2],000,000 208,02243 Totals 2,605200 33,89]92 33,]00,000 288,15388 U.S.Treasu Bontl - Account � Entling FaceValue Accruetl Number Institution � Balance InterestRate Interest 215&14]8 LPLFinancial C 2584282 369% 36,38552 WeightetlVieltl:2.665% Totals 2584282 36,38552 WeightetlMatuntyinDays: 128.0 UnspentBontl Proceetl Accounts: J Entling APR� Accruetl Bontl Issue Institution galance' Month Entl Interest' 2012B DB&T C 416,]81 045% 445.14 2012C DB&T C ]94,063 060% 392D8 2012D DB&T C 503,628 060% 24824 2012E DB&T C 42901 200% 1586 2012F AT&S C 383,0]9 0]5% 24386 2012H DB&T C 105,89] 200% 8262 2014B AT&S C 128],154 225% 238494 2014C AT&S C 558,48] 21]% 99432 Instiwoon %ofTobl BontlBalance 2014DMASWA AT&S M 9]3526 230% 1,83689 AT&S 3884 5,140,83408 2016DMASWA AT&S M 193838] 233% 3,82830 �B&T 1338 1,883,28880 2015A FB&T C 5531356 1S0% ],03].83 FB&T 488] 8,812,53880 2016C FB&T C 1381,183 093% 1135.83 100.00% 13,818,442 Totals 1458]902 18,64591 (C�=CIttFVN�B (M�=�VBV�VEMETROPOLITANAREABOLl�WA8TEA0EJCY (N=�BER/EFVN�B Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending December 31, 2018 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 5,984,832 $ 14,962 14,962 Avg 0.25% YTD Actual Fees $ 7,470 Dubuque Bank 8 Trust 0.25% No Tiers $ 7,749,603 $ 19,374 $ 19,374 Avg 0.25% YTD Actual Fees $ 10,593 First Community Trust 0.25% No Tiers $ 6,208,668 $ 15,522 $ 15,522 Avg 0.25% YTD Actual Fees $ 7,680 U.S.Bank 0.25% No Tiers $ 7,081,201 $ 17,703 $ 17,703 Avg 0.25% YTD Actual Fees $ 7,298 Custodian fee Schedule American Trust 8 Annual fee of$400 for each account plus... 27,024,304 $ 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 7,512 $ 27,112 Avg 0.10% YTD Actual Fees $ 13,523 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.