Investment Report, QuarterlyMEMORANDUM
April 14, 2003
TO:The Honorable Mayor and City Council Members
FROM:Michael C. Van Milligen, City Manager
SUBJECT:March 31,2003 Quarterly Investment Report
Finance Director Ken TeKippe is transmitting the attached March 31, 2003 Quarterly
Investment Report.
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
CITY OF DUBUQUE, IOWA
MEMORANDUM
TO:Michael Van Milligen, City Manager
FROM:Kenneth J. T eKippe, Finance Director
RE:March 31, 2003 Quarterly Investment Report
DATE:April 14, 2003
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 January 1, 2003 through March 31, 2003.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended March 31, 2003 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 March 31, 2003 & Fiscal 2002-03 YTD
Description
Market Value / Unrealized
Carrying Including Gain (Loss) /
Value Accrued Interest Accrued Interest
DeP°Sits, Change & Petty Cash Funds
Checking/Savings Accounts
Certificates Of Deposit ~
US Treasury Securities
Corporate Stock
Investment Advisor Accounts
Total Funds
89,075 89,075 0
11,315,104 11,315,104 0
27,000,000 27,148,432 148,432
0 0 0
10,391 49,287 38,897
24,028,252 24,998,509 970,257
62,442,822 63,600,408 1,157,586
Breakdown
city
Metro
Total Combined Funds
52,390,868 53,490,847 1,099,979
10,051,954 10,109,561 57,607
62,442,822 63,600,408 1,157,586
Cash Basis
Gross Earnings:
city
Metro
Combined
Investment Fees:
city
M~tro
Combined
Net Earnings:
city
Metro
Combined
I
Quarter I Year-To-Date I
I
373,8801 1,354,477
21,7821 137,297
395,6621 1,491,774
(40,328)I (116,533)
(143)I (433)
(40,471)1 (116,966)
333,5521 1,237,944
21,6391 136,863
355,1911 1,374,808
CITY OF DUBUQUE
SCllEDULE OF CITY FUNDS
FOR MONTH ENDING MARCH 31, 2003
MANAGED FUNDS
DANA INVESTMENT ADVISORS, INC.:
Cash
Mutual Funds (US Government)
Cerdlicates Of Deposit
US Treasmy Obligations
Federal Agency Obligations ~
DUBUQIJ~ BANK & TRUST COMPANY:
Cash
Mutual Funds (US Government)
Certificates Of Deposit
US Treasury Obligations
Federal Agency Obligations
FIRST COMMUNITY TRUST:
Cash
Mutual Funds (US Gov~t)
Certificates Of Deposit
US Treasm7 Obligations
Federal Agency Obligations
US BANK:
Cash
Mutual Funds (US Government)
Cert/fw. ates Of Deposit
'US Treasuw Obligations
Federal Agency Obligations
Total
Total
GRAND TOTAL
PORTFOLIO
COMPOSITION
PERCENTAGE
0.00%
0.75%
0.00°/6
0.00%
99.25%
100.00%
0.00%
5.75%
0.00%
0.00%
94.25%
100.00%
TOT,IL
COST CITY FUNDS
BASIS PERCENTAGE
0.00
46,554.59
0.00
0.00
6,186,991.47
6,233,546.06 9.98%
0.00
418,225.77
0.00
0.00
6,849~528.78
7,267,754.55 11.64%
0.00% 0.00
2.01% 60,840.54
0.00% 0.00
0.00% 0.00
97.99% 2,961,212.93
100.00% 3,022,053.47 4.84%
0.00°/6
7.54%
2.66%
9.47%
80.32%
100.00%
0.00
565,766.09
200,000.00
710,976.56
6,028,155.12
7,504,897.77 12.02%
24~028¢5135 38.48%
BREAKDOWN BY TYPE OF SECURITY:
Cash
Mutual Funds (US Government)
Certificates Of Deposit
US Treasury Obligations
Federal Agency Obligations
TOTAL MANAGED FUNDS
0.00°/6 0.00 0.00%
4.54% 1,091,386.99 1.75%
0.83% 200,000.00 0.32%
2.96% 710,976.56 1.14%
91.67% 22,025,888.30 35.27%
100.00°/6
24,028,251.85 38.48%
Page 1
CITY OF DUBUQUE
SCHEDULE OF CITY FUNDS
FOR MONTH ENDING MARCH 31, 2003
OTHER FL~DS ]
CASH
Change Funds and Perry Cash
Express Scripts & Workers Comp Deposits
TOTAL
COST CITY FUNDS
BASIS PERCENTAGE
9,075.00
80,000.00
89,075.00 0A4%
CI~,CKING / SAVINGS ACCOUNTS:
American Trust & Savings Bank (C~meral Sweep A~t & H~atth)
American Trust & Savings Bank (Am~:a's Rb~r-Bond Premeds)
American Trust & Savings Bank (America's R~r-Vision Iowa)
American Trust & Savings Bank Crlou~'mg Rehab
Dubuque Bank & Trust (GenemVM~'o/Le/sure
Dubuque Bank & Trust (Water Tov~x/Water Main-Bond Proceeds)
US Bank (Oener,~An-,~utan~5 Flags)
D'betty
Premier (U~y)
3,463,712.85
3,818,825.29
264,715.40
267,655.83
1,332,939.90
1,840,844.82
304,533.60
18,515.95
3,360.57
11,315,104.21
18.12%
CERTIFICATES OF DEPOSIT:
American Trust & Savings Bank
Dupaco Community Credit Union
Dubuque Bank & Tro~ Co.
East Dubuque Savings Baak
US Bank
Libby Bark
Premier Bank
0.00
1,000,000.00
1,000,000.00
8,000,000.00
8,000,000.00
8,000,000.00
1,000~000.00
27,000,000.00 43.24%
U.S. TREASURY OBLIGATIONS
0.00 0.00%
CORPORATE STOCK (Lyons Peony Trust)
10,390.71 0.02%
TOTAL OTHER FUNDS
38,414,569.92 61.52%
62,442,821.77 100.00%
TOTAL CITY FUNDS
IRECAP OF PORTFOLIO PERCENTAGES ]
CASH
CHECKING / SAVINGS ACCTS
MUTUAL FUNDS (U.S. GOVERNMENT)
CERTIFICATES OF DEPOSIT
U.S. TREASURY OBLIGATIONS
FEDERAL AGENCY OBLIGATIONS
CORPORATE STOCK
Total
MANAGED OTHER COMBINED
FUNDS FUNDS TOTAL
0.00% 0.14% 0.14%
0.00% 18.12% 18.12%
1.75% 0.00% 1.75%
0.32% 43.24% 43.56%
1.14% 0.00% 1.14%
35.27% 0.00% 35.27%
0.00% 0.02% 0.02%
38A8%
61.52% 100.00%
Pa~e 2
Monthly investment Summary
Cost Basis Prior Month
Additions:
Ioterest Eamings
Realized 0alas (Losses)
Capital l~pesits
Cost Basis Current Month
Net Cash Re~ipts & (Disbursements)
Ending Cost Basis Balance
Total Additions
Total Subtractions
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
DB&T
Month Ending: Mar-31-03
First
Community Managed Combined
Trast US Bank Account~ City Finance Total
6,213,932.06 7,252,533.03 3,015,015.65 7,465,956.13 23,947,436.87 39,872,365.18 63,819,802.05
24,247.52 21,536.55 13,726.93 48,176.45 107,687.45 ~ 30,717.52 138,404.97
(4,049.00) (5,663,16) (6,237.91) (213.64) (16,163.71) 0.00 (16,163.71)
0.00 0.00 0.00 460.28 460.28 0,~0 460.28
20,198.52 15,873.39 7,489.02 48,423.09 91,984.02 30,717.52 122,701.54
0,00 0.00 0.00 (8,841.42) (8,841.42) 0.00 (8,841.42)
(584.52) (651.87) (451.20) (640.03) (2,327.62) 0.00 (2,327.62)
0.(~ 0.00 0.00 0.00 0.00 (2,047.(:6) (2,047.66)
0.00 0.00 0,00 0.00 0.00 0.00 0.00
(5~4.52) (651.87) (451.20) (9,481.45) (11,169,04) (2,047.66) (13,216.70)
6,233,546.06 7,267,754.55 3,022,053.47 7,504,897.77 24,028,251.85 39,901,035.04 63,929,286.89
0.00 0.00 0.00 0,00 0.00 (1,486,465.12) (1,486,465.12)
6,233,546.06 712671754.55 3,0221053.47 71504,897.77 24,0281251.85 38,4141569'92 62,442,821,77
CH/#~G~ IN COST BASIS ADJUSTED FOR ACCRUALS
Cost Basis Current Month
Plus: Accrued Interest Current Month
Less: Accrued Interest Prior Month
Cost Basis Adjusted for Aecrnals
6,233,546.06 7,267,754.55 3,022,053.47 7,504,897.77 24,028,251.85 39,901,035.Cq 63,929,286.89
36,7~4.80 86,076.60 9,093.41 69,509,97 201,42A.78 148,432.08 349,856.86
(36,506.90) (71,499.96) (12,737.73) (87,192,39) (207,936.98) (123,985.24) (331,922.22)
6,2331783.96 7~282,331.19 31018,409,15 7,487,215,35 24,021,739.65 39,925~481.88 63~947,22 L53
Page 1
City of Dubuque
Monthly Investment Summary
Investment Market Value Prior Month
Investment Market Value Current Month
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
Dana DB&T
Month Ending: Mar-31-03
First
Community Managed Combined
Trust US Bank Accounts City Finance Total
6~264~953.15 7~916,319.47 3,~411427.02 7,747,941,20 24~970,640.84 40,035~866.86 65~006,507.70
6,248,715.98 7,830,741.63 3,033,567.15 7,684,059,63 ~1,797,084.39 39,939,931.65 64,737,016.04
36,744.80 86,076.60 9,093.41 69,509.97 201,424.78 148,432.08 349,856.86
6,285,460.78 7,916,818.23 3,042,660,56 7,753,569.60 24,998,509.17 40,088,363.73 65,086,872.90
0.00 0.00 0.~0 0.00 0,00 (1,486,465.12) (1,486,465.12)
6,2851460.78 7,916~818.23 3~042,660.56 7t753,569.60 241998,509.17 3%601,898.61 63,600,407.78
0.31% 0.01% 0.00% 0.20% 0.14%
0.86% 0.68% 0.55% 0,90% 0.7~%
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 Lo~t Average Last Calendar
3 Months 12 Months Year to Date
o.3o%I 1.57%oI o.3o%I
1.07%I 13.41%] 1.07%I
0.67%I 6.70%I 0.67%I
0.93% 10.95% 0.93%[
0.30%
1.10% 2,94%
4.25%
*Rate as of 03-31-03
Page 2
City of Dubuque
Schedule of Certificates of Deposit
As of March 31, 2003
Certificate
Number
348011889
51296
51298
36063
338027239
349001304
349001354
8867
8872
8876
405373
51634
349001518
362014838
51705
51706
51720
51721
51729
9193
349001675
9232
9258
9300
501248
Totals
us ~a~(M)
Liberty
Liberty
Dupaeo (M)
US Bank
US Bank
US Bank (M)
EDSB
EDSB
EDSB (M)
Premier
Liberty (M)
US Bauk
US Bank
Liberty
Liberty (M)
Liberty
Liberty
Liberty
EDSB
US Bank
EDSB (M)
EDSB
EDSB
DB&T (M)
Cost Purchase Maturity Last Interest Interest Days to Accrued
Basis Date Date Payment Rate Maturity Days
1,000,000.00 04/09/02 04/09/03 10/09/02 2.610% 9 173
1,000,000.00 06/21/02 06/23/03 12/23/02 2.870% 84 98
1,000,000.00 06/25/02 06/28/03 12/26/02 2.370% _~9 95
1,000,000.00 09/26/02 04/03/03 09/26/02 1.590% 3 186
1,000,000.00 10/15/02 04/16/03 10/15/02 1.710% 16 167
1,500,000.00 10/16/02 05/01/03 10/16/02 1.730% 31 166
1,500,000.00 10/22/02 06/05/03 10/22/02 1.800% 66 160
1,000,000.00 10/23/02 04/24/03 10/23/02 1.750% 24 159
1,000,000.00 t0/24/02 05/22/03 10/24/02 1.810% 52 158
1,500,000.00 10/25/02 06/25/03 10/25/02 1.800% 86 157
1,000,000.00 11/19/02 04/10/03 11/19/02 1.360% 10 132
1,000,000.00 11/22/02 05/22/03 11/22/02 1.370% 52 129
1,000,000.00 11/26/02 05/30/03 11/26/02 1.370% 60 125
1,000,000.00 12/13/02 07/01/03 12/13/02 1.300% 92 108
1,000,000.00 12/20/02 06/12/03 12/20/02 1.370% 73 101
1,000,000.00 12/20/02 07/09/03 12/20/02 1.470% 100 101
1,000,000.00 12/26/02 07/10/03 12/26/02 1.470% 101 95
1,000,000.00 12/26/02 12/11/03 12/26/02 1.770% 255 95
1,000,000.00 12/27/02 11/26/03 12/27/02 1.500% 240 94
1,000,000.00 01/02/03 11/13/03 01/02/03 1.460% 227 88
1,O00,O00.O0 01/03/03 08/07/03 01/03/03 1.360% 129 87
t,500,000.00 01/10/03 08/07/03 01/10/03 L410% 129 80
1,000,000.00 01/14/03 08/07/03 01/14/03 1.400% 129 76
1,000,000.00 01/21/03 08/21/03 01/21/03 1.400% 143 69
1,000,000.00 03/27/03 09/25/03 03/27/03 1.270% 178 4
$27,000,000.00
Weighted Yield: 1.655%
Weighted Maturity:
93.85 Days
Interest
12,370.68
7,705.75
6,168.49
8,102.47
7,823.84
11,801.92
11,835.62
7,623.29
7,835.07
11,613.70
4,918.36
4,841.92
4,691.78
3,846.58
3,790.96
4,067.67
3,826.03
4,606~85
3,863.01
3,520.00
3,241.64
4,635.62
2,915.07
2,646.58
139.18
$148,432.08
[Certificate Descriptions I
Certificate Purchased
Number From
City of Dubuque
Schedule of Certificates of Deposit
As of March 31, 2003
Interest
Rate
Interest Terms
348011889 Metro US Bank
51296 Liberty
51298 Liberty
36063 Metro Dupaco
338027239 US Bank
349001304 US Bank
349001354 Metro US Bank
8867 EDSB
8872 EDSB
8876 Metro EDSB
405373 Premier
51634 Metro Liberty
349001518 US Bank
362014838 US Bank
51705 Liberty
51706 Metro Liberty
51720 Liberty
51721 Liberty
51729 Liberty
9193 EDSB
349001675 US Bank
9232 Metro EDSB
9258 EDSB
9300 EDSB
501248 Metro DB&T
2.610%
2.870%
2.370%
1,590%
1.710%
1.730%
1.800%
1.750%
1.810%
1,800%
1.360%
1.370%
1.370%
1,300%
1,370%
1.470%
1.470%
1.770%
1.500%
1.460%
1.360%
1.410%
1.400%
1,400%
1.270%
Earnings paid semi-annuaily by check.
Earnings paid semi-annuaily by check.
Earnings paid semi-annually by check.
Earnings 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.
Earnings 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.
Earnings paid semi-annuaily by check.
Earnings paid semi-annually by cheek.
Earnings credited at maturity.
Earnings credited at maturity.
Earnings credited at maturity.
Earnings credited at maturity.
Earnings credited at maturity.
Earnings credited at maturity.