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Quarterly Investment Report for March 31, 2019 Copyrighted May 6, 2019 City of Dubuque Consent Items # 6. IT E M T IT L E: Quarterly I nvestment Report for March 31 , 2019 SUMMARY: City Manager transmitting the March 31 , 2019 Quarterly Investment Report. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type March 31, 2019 Quarterly Investrnent Report-MVM City Manager Memo Memo Staff Memo Staff Memo Cash Investments and Investment Earnings Summary Supporting Documentation 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: March 31 , 2019 Quarterly Investment Report DATE: April 28, 2019 Director of Finance and Budget Jennifer Larson is transmitting the March 31 , 2019 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 Jennifer Larson, Director of Finance and Budget 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: Jennifer Larson, Director of Finance and Budget RE: March 31 , 2019 Quarterly Investment Report DATE: April 25, 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 January 1, 2019 through March 31 , 2019. The report includes: Cash Investments and Investment Earnings Summary for quarter ended March 31 , 2019 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. J L/eml Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended March 31, 2019 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 249,592 249,592 - Checki ng/Savings Acco unts 18,171 ,291 18,171 ,291 - Unspent Bond Proceeds 10,730,339 10,730,339 - Certificates Of Deposit 44,100,000 45,316,060 1 ,216,060 US Treasury Securities 2,015,125 2,661 ,918 646,793 Corporate Stock (EB Lyons Trust) 11 ,514 94,853 83,339 Investment Advisor Accounts 27,315,674 27,329,079 13,405 Reserve Accounts 2,605,200 2,649,005 43,805 Total Funds 105,198,735 107,202,137 2,003,402 Breakdown City 92,002,770 93,922,840 1 ,920,070 Metro 13,195,965 13,279,297 83,333 Total Combined Funds 105,198,735 107,202,137 2,003,402 Cash Basis Quarter Year-To-Date Gross Earninqs: City 622,006 988,975 Metro 63,011 151 ,058 Combined 685,017 1,140,033 Investment Fees: City 30,435 71 ,839 Metro 340 935 Combined 30,775 72,775 Net Earninqs: City 591 ,571 917,135 Metro 62 671 150 123 Combined 654,242 1 ,067,259 City of Dubuque Schetlule of Ci[y Funtls As of March 31,2019 TOTAL COST CITYFUNDS CITY MANAGED FUNDS snsis PERCENTAGE CASH: Change and Petty Cash Funds 13,031 Health Fund Deposit 14Q000 Prescription Fund Deposit 75,000 Workers Comp Deposit 1Q561 Hometown Bank 1,000 ShortTerm Disability 1Q000 Total 249,592 024% CHECKING 1 SAVINGS ACCOUNTS: American Trust&Savings Bank��e�eap 293,877 American Trust&Savings Bank�Ho�s�g Renae a se�oo�e7 198,047 Dubuque Bank&Trust��e�eauMe��icrem�7 9,289,567 Dubuque Bank&Trust�caeie Fa��n�re eq���pme��F��a7 722,471 Dubuque Bank&Trust�o�e�q�e m�oae��iFiexirzei e��w7 966,707 US Bank ��e�eap 9,033 Prem ier�ueury7 8,097 Fidelity Bank&Trust�uoury7 12,705 Dubuque Bank&Trust Police Forteiture Funds 149,508 Collins Community Credit Union 5,062,912 Collins Community Credit Union (Metro) 1,458,368 Total 18,171,291 1728% UNSPENTBONDPROCEEDINVESTMENTACCOUNTS: DB&T Series 2012B 224,707 DB&T Series 2012C 795,238 DB&T Series 2012D 504,373 DB&T Series 2012E 43,112 AT&S Series 2012F 383,544 DB&T Series 2012H 106,420 AT&S Series 2014B 1,156,232 AT&S Series 2014C 561,314 AT&S 2014 DMASWA 977,473 Fidelity Series 2015A 2,734,937 AT&S 2016 DMASWA 1,935,838 Fidelity Series 2016C 1,307,151 Total 1Q73Q339 1020% CERTIFICAlES OF DEPOSIT: . AT&S 9,SOQ000 US Bank 1,OOQ000 CCCU 6,SOQ000 DuTrac 26,10Q005 US Bank 1,000,000 Total 44,10Q005 41.94% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 1.92% RESERVES: Sales Tae Increment Rev Bond Reserve�sen�zoisA7 2,08Q000 Water Debt Bond Reserve �zoioo7 525,200 Total 2,605,200 2.48% CORPORAlE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.01% TOTALCITYMANAGEDFUNDS 77,883,066 74.06% �ee+ City of Dubuque Schetlule of Ci[y Funtls As of March 31,2019 PORTFOLIO TOTAL COMPOSITION COST CITYFUNDS FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE DANA INVESTMENTADVISORS,INC: Cash and Equivalents 4.6% 274,673 US Treasury Obligations 0.0% 0 US Agencies 32.0% 1,922,665 Mortgaged Backed Sewrities 63.5% 3,814,806 Total 100.0% 6,012,144 572% DUBUQUE BANK&7F2UST: Cash and Equivalents 0.0% 0 US Treasury Obligations 1.9% 148,130 US Agencies 0.0% 7,675,693 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 1.9% 7,823,823 7.44% FIRST COMMUNITY 7F2UST: Cash and Equivalents 0.8% 48,369 US Treasury Obligations 0.3% 2Q412 US Agencies 97.5% 6,107,128 Mortgaged Backed Sewrities 1.4% 86,549 Total 100.0% 6,262,458 5.96% US BANK: Cash and Equivalents 4.5% 323,550 US Treasury Obligations 0.0% 0 US Agencies 95.5% 6,851,023 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,174,573 6.82% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 27,272,999 25.94% BREAKDOWN BY TYPE OF SECURIN: Cash&Equivalents 2.4% 646,592 US Treasury Obligations 0.6% 168,542 US Agencies 827% 22,556,510 Mortgage Backed Sewrities 14.3% 3,901,355 Unsettled Trades 0.0% 0 Total 100.0% 27,272,999 TOTAL CITY FUNDS 105,156,065 100.00% RECHP OF PORTFOLIO PERCENTHGES Managed Ciry Combined C4SH&EQUIVALENTS 0.81% 024% 085% CHECKING/SAVINGSACCTS 0.00% 28.88% 2888% MORTGAGEBACKEOSECURITIES 3]i% 0.00% 3]i% ceRnFicnresoFoeaosir o.00i ai.eai aieai US.TREASURVOBLIGATIONS 0]8% 1.82% 2.08% FeoeRn�A�eNaes zi asi o.00i zi asi orHeR 000i o.mi o.mi To[al 25.906 ]0.066 100.006 �ee� arr oF ousucaue MONTHLY INVESTMENT SUMMARY Month Ending: 03/31/19 First Total Community Managed Combined Dana DB&T Trust US Bank Accounts Citv Finance Total COST BASIS ANALYSIS Cost Basis Prior Month 6,012,145 7,823,823 6,262,458 7,174,573 27,272,999 78,853,731 106,126,730 Additions: Interest Earnings 15,652 1Q241 5,367 19,559 5Q818 94,272.91 145,091 Realized Gains(Losses) (2,851) 0 (246) 0 (3,097) (3,097) TotalAdditions 12,800 1Q241 5,121 19,559 47,721 94,273 141,994 Subtrections: Management Fees 0 0 (1,298) (1,478) (2,776) (2,776) Custodian Fees (535) (609) (544) (581) (2,270) (2,270) Withdrawal 0 0 0 0 448 448 Total Subtrections (535) (609) (1,842) (2,059) (5,046) 448 (4,597) Cost Basis Current Month 6,024,410 7,833,455 6,265,736 7,192,073 27,315,674 78,948,452 106,264,126 Net Cash Receipts&(Disbursements) (1,065,387) (1,065,387) Ending Cost Basis Balance 6,024,410 7,833,455 6,265,736 7,192,073 27,315,674 77,883,066 105,198,740 MARKET VALUE ANALYSIS Investment Market Value Prior Month�Aa��neam�A��,ais7 6,03Q649 7,797,478 6,251,058 7,135,303 27,214,487 79,938,476 107,152,963 Investment Market Value Current Month 6,026,863 7,813,607 6,252,452 7,137,482 27,23Q404 78,624,550 105,854,954 Accrued Interest Current Month 21,917 25,397 23,778 27,583 98,675 488,708 587,383 MarketValueAdjustedforAccruals 6,048,780 7,839,003 6,276,231 7,165,065 27,329,079 79,113,258 106,442,337 Portfolio Retums��mp�r�aeym��me��Ma�ages7 Monthly Return Gross of Fees 0.22% 0.20% 0.43% 0.43% Monthly Return Net of Fees 0.20% 0.18% 0.40% 0.41% Total Retum Calendar Year to Date-Gross 0.77% 0.40% 0.87% 0.89% Effective Duretion in Years 0.60 1.50 1.18 1.15 Marketlntlices Averege Last Calentlar Last Last Monih Vearto Date 12 Monihs 3 Vears BBgBarc US Trsy Bellwethers 3Mon TR USD 0.21% 0.61% 2.14% 1.21% BBgBarc US Govt 1-3 Vr TR USD 0.62% 0.99% 2.74% 1.00% BBgBarcUSGovtlntermTRUSD 1.22% 1.58% 3.79% 0.97% BBgBarcUSGoviTRUSD 1.89% 2.10% 4.20% 1.07% Current Prime 5.50% City of Dubuque Schetlule of Certificates of DeposiQ Accruetl InteresQ High Vieltl Savings Accounts&Unspent Bontl Proceetls As of March 31,2019 Certifca[ez of De ozi[: Certifca[e € Coz[ PurcM1aze Ma[uriry In[erez[ Dayz[o Hccrued Hccrued Number Inz[i[u[ion Baziz Da[e Da[e Ra[e Ma[uri Da z In[erez[ 4330]1358 USB M 1,000,000 04/OB/18 04/OB/18 2380% 8 358 23,213.15 054883]304]/8 AT&S C 1,000,000 OB/28/18 04/14/18 2820% 12 184 13,20].8] 218058 OUTac C 1,000,000 01/04/18 04/15/18 2420% 15 88 5,]0182 88 OUTac C 1,000,000 10/05/18 04/28/18 2]80% 28 P] 13,528.58 05 013 388 831/] AT&S C 1,000,000 10/22/18 04/28/18 2]00% 28 180 11,835.82 88 OUTac C 1,000,000 10/12/18 05/10/18 2]80% 40 PO 12,884.52 88 OUTac C 1,000,000 10/18/18 05/24/18 2]80% 54 183 12,45845 4] OUTac M 500,000 05/31/18 05/31/18 2580% 81 304 10,880.82 80 001 588 885 Collins C 1,000,000 OB/15/18 05/31/18 2820% 81 288 20,]44.88 80 001 588 8]3 Collins C 1,000,000 OB/15/18 05/31/18 2820% 81 288 20,]44.88 80 001 588 881 Collins C 1,000,000 OB/15/18 05/31/18 2820% 81 288 20,]44.88 BOOOP85532 Collins C 1,000,000 10/02/18 05/31/18 2]50% 81 180 13,581.84 BOOOP855]4 Collins C 1,000,000 10/02/18 05/31/18 2]50% 81 180 13,581.84 BOOOP85582 Collins C 1,000,000 10/02/18 05/31/18 2]50% 81 180 13,581.84 05 013 388 831/8 AT&S C 1,000,000 10/22/18 05/31/18 2]20% 81 180 11,82328 ]0 OUTac C 1,000,000 10/22/18 05/31/18 2]80% 81 180 12,230.14 ]1 OUTac C 1,000,000 10/22/18 05/31/18 2]80% 81 180 12,230.14 ]2 OUTac C 1,000,000 10/22/18 05/31/18 2]80% 81 180 12,230.14 ]3 OUTac C 1,000,000 10/22/18 05/31/18 2]80% 81 180 12,230.14 ]4 OUTac C 1,000,000 10/22/18 05/31/18 2]80% 81 180 12,230.14 81 OUTac C 1,000,000 02/15/18 OB/05/18 2]00% 88 44 3,254]8 i8B OUTac C 1,000,000 02/01/18 OB/05/18 2830% 88 58 4,48888 ]5 OUTac C 1,000,000 10/22/18 OB/0]/18 2810% 88 180 12,3P.81 52 OUTac M 500,000 OB/22/18 OB/21/18 2880% 82 282 10,2]5.82 ]8 OUTac C 1,000,000 10/22/18 OB/21/18 2840% 82 180 12,448.32 ]] OUTac C 1,000,000 10/22/18 0]/01/18 2880% 82 180 12,824.88 054883]304]/10 AT&SB C 1,000,000 03/01/18 0]/05/18 2]40% 88 30 2,25205 BB OUTac C 1,000,000 01/11/18 0]/05/18 2880% 88 ]8 8,2550] 55 OUTac M 500,000 0]/13/18 0]/14/18 2880% 103 281 8,51041 i8B OUTac C 1,000,000 01/18/18 0]/18/18 24]0% 110 ]2 4,8]233 12B OUTac C 1,000,000 01/11/18 0]/18/18 2880% 110 ]8 8,2550] ]8 OUTac M 400,000 02/01/18 0]/31/18 2820% 122 58 1,]8244 15B OUTac C 1,000,000 01/11/18 OB/O4/18 2810% 124 ]8 8,28838 055]8 314 8 5 8/4 AT&SB C 1,000,000 03/15/18 OB/OB/18 2]30% 131 18 1,188]i i8B OUTac C 1,000,000 01/11/18 OB/18/18 2810% 138 ]8 8,28838 054883]304]/11 AT&SB C 1,000,000 03/OB/18 OB/23/18 2]50% 145 23 1,]3288 PB OUTac C 1,000,000 01/11/18 OB/30/18 2830% 152 ]8 8,34184 82 OUTac C 1,000,000 03/OB/18 OB/OB/18 2P0% 158 23 1,]4548 84 OUTac M 500,000 03/14/18 OB/13/18 2P0% 188 P 845.0] BOOOP38301 Collins M 500,000 OB/14/18 OB/13/18 2880% 188 188 8,02848 83 OUTac C 1,000,000 03/OB/18 OB/20/18 2]80% P3 23 1,]5808 8] OUTac M 400,000 10/12/18 10/14/18 28]0% iW PO 5,533]5 055]8314858/3 AT&S M 500,000 11/OB/18 11/05/18 2800% 218 145 5,]809 055]8314858/5 AT&SB C 1,000,000 03/15/18 11/30/18 2P0% 244 18 1,21425 055]8314858/8 AT&SB C 1,000,000 03/15/18 11/30/18 2P0% 244 18 1,21425 055]8314858/] AT&SB C 1,000,000 03/15/18 11/30/18 2P0% 244 18 1,21425 ]8 OUTac M 500,000 12/0]/18 14/OB/18 3010% 250 114 4,]0055 2 OUTac C 400,000 01/10/18 01/10/20 2810% 285 80 2,55123 80 OUTac M 400,000 02/01/18 01/3V20 2880% 308 58 1,83883 132218 Fitleliry M 1,000,000 03/13/18 03/14/20 2]80% 34] 18 1,3]588 To[alz 44100000 425398.03 Rezerve Fundz Hccoun[ Ending FaceValue Hccrued Number Inz[i[u[ion Balance In[erez[Ra[e In[erez[ c�mud C���ce Acwuetllnteres 2015A OUTao-CO R 2,080,000 2.85% 43,84288 �MASNA 6]OOp00 83,332]9 20100 OUTao-CO R 525,200 2.W% ],88238 City 3]p00p00 3A2,0652A To[als 2805200 5133534 AAJOOp00 A25,39803 U.S.Treazu Bond - Hccoun[ € Ending FaceValue Hccrued Number Inz[i[u[ion Balance In[erez[Ra[e In[erez[ 215&14]8 LPLFinanoal C 2,881,818 3]i% 11,W4]3 WeigMedYield: 2]58% To[alz 2 fifi1.918 11 9]4]3 WeigMed Ma[uriry in Dayz: 106.3 Unzpen[Bond Proceed Hccoun[z: € Ending HPR� Hccrued Bondlzzue Inz[i[u[ion Balance' Mon[M1End In[erezC zoize oear c zza,�o� oasi ias.ia zoizc oear c �es,zae o.eoi aesee zoizo oear e soa,a�a o.soi zazoa zoize oear c aa,nz z.00i eeoa 2012F AT&S C 383,]88 0]5% 24431 zoizH oear c ioepzo zooi ieaoa zoiae Aras c i,ise,zaz z.zsi z,a�ize zoiac Aras c sei,aia zn% �eeae rwro LLL�J eo�ae��� 20140MASWA AT&S M W],4]3 2]i% 1,]2250 AT&5 A6]0 5P1A,6Aa66 20180MASWA AT&S M 1,835,838 2.33% 8,85]05 �B&T 159 15�3,&5086 2015A FB&T C 2,]41,35] 1.50% 8,41885 FB&T 3]]i A 0.9R85b 2018C FB&T C 1808.P1 0.83% 1,02048 10000% 10]38 2A To[alz 11409484 234]409 �q=arvrurvos �M1y=oueuoueMereoaourerveaensvuowwsreroervcv ppreesee�rurvos Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending March 31, 2019 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 6,048,780 $ 15,122 15,122 Avg 0.25% YTD Actual Fees $ 8,720 Dubuque Bank 8 Trust 0.25% No Tiers $ 7,839,003 $ 19,598 $ 19,598 Avg 0.25% YTD Actual Fees $ 14,163 First Community Trust 0.25% No Tiers $ 6,276,231 $ 15,691 $ 15,691 Avg 0.25% YTD Actual Fees $ 11,566 U.S.Bank 0.25% No Tiers $ 7,165,065 $ 17,913 $ 17,913 Avg 0.25% YTD Actual Fees $ 13,181 Custodian fee Schedule American Trust 8 Annual fee of$400 for each account plus... 27,329,079 $ 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 7,665 $ 27,265 Avg 0.10% YTD Actual Fees $ 20,324 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.