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Quarterly Investment Report for June 30, 2019 Copyrighted August 5, 2019 City of Dubuque Consent Items # 6. ITEM TITLE: Quarterly Investment ReportforJune 30, 2019 SUMMARY: City Manager submitting the Quarterly Investment Report for the period April 1, 2019 through June 30, 2019. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type June 30, 2019 Quarterly Investment Report-MVM City Manager Memo Memo Staff Memo Staff Memo FY19 Cash, In�strnents& Investment Earning Supporting Documentation Summary FY19 Manager - Custodian Annual Fees Supporting Documentation FY 19 Monthly Investment Summary Supporting Documentation FY19 Schedule of CD's &Accrued Interst Supporting Documentation FY19 Schedule of City Funds Supporting Documentation Dubuque THE CITY OF � uI�AaMca cih DuB E � � I � � I Maste iece on the Mississi i Zoo�•zoiz•zois YP pp zoi�*zoi9 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: June 30, 2019 Quarterly Investment Report DATE: August 1, 2019 Director of Finance and Budget Jennifer Larson is transmitting the June 30, 2019 Quarterly Investment Report. v 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 ,�I��jl► 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: June 30, 2019 Quarterly Investment Report DATE: July 30, 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 April 1 , 2019 through June 30, 2019. The report includes: Cash Investments and Investment Earnings Summary for quarter ended June 30, 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/cm Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended June 30, 2019 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 252,781 252,781 - Checking/Savings Accounts 33,040,479 33,040,479 - Unspent Bond Proceeds 13,269,172 13,269,172 - Certificates Of Deposit 27,100,005 27,375,919 275,914 US Treasury Securities 2,015,125 2,661 ,918 646,793 Corporate Stock (EB Lyons Trust) 11 ,514 98,222 86,708 Investment Advisor Accounts 27,398,534 27,492,971 94,437 Reserve Accounts 564,286 600,476 36,190 Total Funds 103,651,896 104,791,939 1,140,043 Breakdown City 91 ,588,810 92,650,307 1 ,061 ,496 Metro 12,063,086 12,141 ,632 78,547 Total Combined Funds 103,651,896 104,791,939 1,140,043 Cash Basis Quarter Year-To-Date Gross Earninas: City 731 ,462 1 ,720,436 Metro 87,873 238,931 Combined 819,334 1,959,367 Investment Fees: City 19,941 91 ,780 Metro 220 1 155 Combined 20,160 92,935 Net Earninas: City 711 ,521 1 ,628,656 Metro 87,653 237,776 Combined 799,174 1 ,866,432 Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending June 30, 2019 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 6,080,709 $ 15,202 15,202 Avg 0.25% YTD Actual Fees $ 12,489 Dubuque Bank 8 Trust 0.25% No Tiers $ 7,871,556 $ 19,679 $ 19,679 Avg 0.25% YTD Actual Fees $ 21,358 First Community Trust 0.25% No Tiers $ 6,325,508 $ 15,814 $ 15,814 Avg 0.25% YTD Actual Fees $ 15,482 U.S.Bank 0.25% No Tiers $ 7,215,199 $ 18,038 $ 18,038 Avg 0.25% YTD Actual Fees $ 17,639 Custodian fee Schedule American Trust 8 Annual fee of$400 for each account plus... 27,492,972 $ 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 7,746 $ 27,346 Avg 0.10% YTD Actual Fees $ 27,154 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis. arr oF ousucaue MONTHLY INVESTMENTSUMMARY Month Ending: O6/30/19 First Total Community Managed Combined Dana DB&T Trust USBank Accounts CitvFinance Total COST BASIS ANALYSIS Cost Basis Prior Month 6,043,079 7,843,417 6,274,494 7,208,470 27,369,459 93,388,321 12Q757,780 Additions: Interest Earnings 15,253 2,257 17,799 4,580 39,889 485,69223 525,581 Realized Gains(Losses) (3,644) 0 (282) 0 (3,926) (3,926) Total Additions 11,609 2,257 17,517 4,580 35,963 485,692 521,655 Subtrections: Management Fees 0 (1,807) (1,309) (1,491) (4,607) (4,607) Custodian Fees (537) (612) (547) (585) (2,281) (2,281) Withdrawal 0 0 0 0 445 445 Total Subtrections (537) (2,419) (1,856) (2,075) (6,888) 445 (6,443) Cost Basis Current Month 6,054,150 7,843,255 6,29Q155 7,21Q975 27,398,534 93,874,459 121,272,993 Net Cash Receipts&(Disbursements) (15,58Q182) (15,58Q182) Ending Cost Basis Balance 6,054,150 7,843,255 6,29Q155 7,21Q975 27,398,534 78,294,276 105,692,810 MARKET VALUE ANALYSIS Investment Market Value Prior Month(Adjusted for Accn 6,067,129 7,886,176 6,302,609 7,209,719 27,465,633 94,744,461 122,21Q095 Investment Market Value Current Month 6,074,168 7,863,905 6,312,678 7,20Q901 27,451,652 76,365,859 103,817,511 Accrued Interest Current Month 6,541 7,651 12,830 14,298 41,320 343,495 384,815 MAYket Value Adjusted for Accruals 6,08Q709 7,871,556 6,325,508 7,215,199 27,492,971 76,709,355 104,202,326 Portfolio Retums��mp�r�aeym��me��Ma�ages7 Monthly Return Gross of Fees 0.39% 0.13% 0.35% 0.27% Monthly Return Net of Fees 0.37% 0.10% 0.32% 0.26% TotalRetumCalendarYeartoDate-Gross 171% 175% 1.85% 1.91% Effective Duration in Years 0.49 1.33 0.92 0.83 MAYket Intlices Averege Last Calentlar Last Last Monih Vearto Date 12 Monihs 3 Vears BBgBarc US Trsy Bellwethers 3Mon TR USD 0.22% 1.02% 2.26% 1.34% BBgBarcUSGovt1-3VrTRUSD 0.74% 1.94% 3.49% 1.33% BBgBarc US Govt Interm TR USD 1.46% 3.11% 5.27% 1.54% BBgBarcUSGoviTRUSD 2.33% 4.20% 6.26% 1.79% Current Prime 5.50% Ci[y of Dubuque Schedule of Certificates of Deposit,Accrued Interest,High Yield Savings Accounts&Unspent Bond Proceeds As of June 30,2019 CertificatesMDe osit: Certificate � Cost Purchase Maturity Interest Days to Accruetl Accruetl Nurtber Institution � Basis Date Date Rate Maturi D Interezt 77 DUTrec C 1,000,000 10/22/18 07/01/19 2.880% 1 251 19,804.93 05468373047/10 AT&SB C 1,000,000 03/01/19 07/05/19 2.740% 5 121 9,08329 9B DUTrec C 1,000,000 01/11/19 07/05/19 2.890% 5 170 13,46027 55 DUTrec M 500,000 07/13/18 07/12/19 2.660% 12 352 12,826.30 18B DUTrec C 1,000,000 01/18/19 07/19/19 2.470% 19 163 11,030.41 12B DUTrec C 1,000,000 01/11/19 07/19/19 2.890% 19 170 13,46027 79 DUTrec M 400,000 02/01/19 07/31/19 2.820% 31 149 4,604.71 15B DUTrec C 1,000,000 01/11/19 OB/02/19 2.910% 33 170 13,553.42 05578314659/4 AT&SB C 1,000,000 03/15/19 OB/09/19 2.730% 40 107 8,003.01 16B DUTrec C 1,000,000 01/11/19 OB/16/19 2.910% 47 170 13,553.42 05468373047/11 AT&SB C 1,000,000 03/OB/19 OB/23/19 2.750% 54 114 8,589.04 17B DUTrec C 1,000,000 01/11/19 OB/30/19 2.930% 61 170 13,646.58 82 DUTrec C 1,000,000 03/OB/19 09/06/19 2.770% 68 114 8,651.51 84 DUTrec M 500,000 03/14/19 09/13/19 2.770% 75 108 4,098.08 60001736301 Collins M 500,000 09/14/18 09/13/19 2.960% 75 289 11,718.36 83 DUTrec C 1,000,000 03/OB/19 09/20/19 2790% 82 114 8,713.97 67 DUTrec M 400,000 10/12/18 10/14/19 2.970% 106 261 8,495.01 05578314659/3 AT&S M 500,000 11/06/18 11/05/19 2.900% 128 236 9,375.34 05578314659/5 AT&SB C 1,000,000 03/15/19 11/30/19 2.770% 153 107 8,12027 05578314659/6 AT&SB C 1,000,000 03/15/19 11/30/19 2.770% 153 107 8,12027 05578314659l7 AT&SB C 1,000,000 03/15/19 11/30/19 2.770% 153 107 8,12027 78 DUTrec M 500,000 12/07/18 12/06/19 3.010% 159 205 8,452.74 2 DUTrec C 400,000 01/10/19 01/10/20 2.910% 194 171 5,45326 80 DUTrec M 400,000 02/01/19 01/31/20 2.890% 215 149 4,719.01 132219 Fitlelity M 1,000,000 03/13/19 03/1220 2.790% 256 109 8,331.78 85 DUTrec M 1,000,000 04/10/19 04/OB/20 2.670% 283 81 5,92521 91 DUTrec M 500,000 06/21/19 12/20/19 2.480% 173 9 305.75 90B DUTrec M 500,000 05/31/19 06/01/20 2.640% 337 30 1,084.93 132532 Fitlelity C 1,000,000 04/12/19 04/1020 2.600% 285 79 5,627.40 86 DUTrec C 1,000,000 04/15/19 04/17/20 2.640% 292 76 5,496.99 87 DUTrec C 1,000,000 04/26/19 04/24/20 2790% 299 65 4,968.49 05578314659/8 AT&S C 1,000,000 04/26/19 04/24/20 2.700% 299 65 4,80822 88 DUTrec C 1,000,000 05/10/19 05/OB/20 2.660% 313 51 3,71671 Totals 27,100,000 275,91922 Reserve Funtls AccourR p Entling Face Value Accruetl Nurtber Institution Balanee IntereztRate Interezt cmu t CD&alance Accmedlnterest 2015A DUTrec-CD R 2,080,000 2.60% 4,444.93 DMASWA 6,]00,000 ]9,93]22 2010D DUTrec-CD R 525,200 2.97% 11,581.31 Ory 20,400,000 195,982.00 Totals 2,605,200 16,02624 2]100,000 2]5,91922 U.S.Tr�su Bontl - AccourR � Entling Face Value Accruetl Nurtber Institution � Balance Interezt Rate Interezt 2152-1478 LPLFinancial C 2,777,261 3.51% 36,19028 WeigMetlYeltl:2.774% Totals 2,777,261 36,19028 WeightetlMaturityinDays: 133.5 Unspent Bontl Proceetl Accounts: � Entling APR� Accruetl Bontl Issue Institution ' galancN MorRh Entl IrReresC` 2012B DB&T C 217,769 0.75% 141.96 2012C DB&T C 785,367 0.60% 405.65 2012D DB&T C 505,137 0.60% 25729 2012E DB&T C 9,991 2.00% 73.48 2012F AT&S C 384,506 0.75% 236.88 2012H DB&T C 106,957 2.00% 181.37 2014B AT&S C 1,536,750 225% 2,561.18 2014C AT&S C 564,286 2.17% 1,334.54 Instimfion %ofTOGI BondBalance 2014DMASWA AT&S M 802,767 271% 2,259.99 ATR6 4915 4,9]1,]4031 2016DMASWA AT&S M 1,683,432 2.33% 4,151.10 DB&T 160] 1,625,22035 2015A FB&T C 2,209,479 1.51% 3,255.39 FB&T 34]8 3,51],960]9 2016C FB&T C 1,308,481 128% 99529 10000% 10114921 Totals 10,786,381 15,854.12 �q=alvFumos �m�=ouauoueMElaovouuuvnaensouownslencevcv �a�=aesEaveFumos City of Dubuque Schetlule of City Funtls As of June 30,2019 TOTAL COST CITYFUN0.S CITY MANAGED FUNDS snsis PERCENTAGE CASH: Change and Petty Cash Funds 16,781 Health Fund Deposit 14Q000 Prescription Fund Deposit 75,000 Workers Comp Deposit 1Q000 Hometown Bank 1,000 ShortTerm Disability 1Q000 Total 252,781 024% CHECKING 1 SAVINGS ACCOUNTS: American Trust&Savings Bank��e�eap 316,121 American Trust&Savings Bank�Ho�smg Renae a se�oo�e7 117,951 Dubuque Bank&Trust��e�eauMewicrem�7 19,059,017 Dubuque Bank&Trust�caeie Fa�m��se eq���pme��F��a7 747,424 Dubuque Bank&Trust�o�e�q�e m�oao�esiFie�neei esww7 983,525 US Bank ��e�eap 7,211 Prem ier�ueury7 6,822 Fidelity Bank&Trust�uoury7 8,312 Dubuque Bank&Trust Police Forteiture Funds 149,527 Collins Community Credit Union 1Q169,145 Collins Community Credit Union (Metro) 1,475,425 Total 33,04Q479 3126% UNSPENTBONDPROCEEDINVES7MENTACCOUNTS: DB&T Series 2012B 217,769 DB&T Series 2012C 784,961 DB&T Series 2012D 504,879 DB&T Series 2012E 9,991 AT&S Series 2012F 384,269 DB&T Series 2012H 106,957 AT&S Series 2014B 1,536,750 AT&S Series 2014C 564,286 AT&S 2014 DMASWA 802,767 Fidelity Series 2015A 2,209,479 AT&S 2016 DMASWA 1,679,281 Fidelity Series 2016C 1,308,481 Collins CW Series 2019A 2,282,072 Collins CW Series 2019B 877,229 Total 13,269,172 12.55% CERTIFICAlES OF DEPOSIT: . AT&S 7,SOQ000 CCCU SOQ000 Dutrac 17,10Q005 FB&T 2,OOQ000 Total 27,10Q005 25.64% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 1.91% RESERVES: Sales Tae Increment Rev Bond Reserve�seneszmsA7 2,08Q000 Water Debt Bond Reserve �zoioo7 525,200 Total 2,605,200 2.46% CORPORAlE STOCK(Lyons Peony Tmst): 11,514 Total 11,514 0.01% TOTALCITYMANAGEDFUNDS 78,294,276 74.08% P�et City of Dubuque Schetlule of City Funtls As of June 30,2019 PORTFOLIO TOTAL COMPOSITION COST CITYFUN0.S FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE snsis PERCENTAGE DANA INVESTMENTADVISORS,INC: Cash and Equivalents 5.0% 304,713 US Treasury Obligations 0.0% 0 US Agencies 27.6% 1,672,665 Mortgaged Backed Sewrities 67.3% 4,076,772 Total 100.0% 6,054,150 573% DUBUQUE BANK&7F2UST: Cash and Equivalents 0.0% 0 US Treasury Obligations 14.9% 1,167,562 US Agencies 0.0% 6,675,693 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 14.9% 7,843,255 7.42% FIRST COMMUNITY 7F2UST: Cash and Equivalents 1.4% 89,281 US Treasury Obligations 0.3% 2Q412 US Agencies 97.1% 6,107,128 Mortgaged Backed Sewrities 12% 73,334 Total 100.0% 6,29Q155 5.95% US BANK: Cash and Equivalents 47% 338,034 US Treasury Obligations 0.0% 0 US Agencies 95.3% 6,872,940 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,21Q975 6.82% TOTALFINANCIALADVISORSMANAGEDWNDS 27,398,534 25.92% BREAKDOWN BY TYPE OF SECURIN: Cash&Equivalents 27% 732,028 US Treasury Obligations 4.3% 1,187,974 US Agencies 77.8% 21,328,427 Mortgage Backed Sewrities 15.1% 4,15Q106 Unsettled Trades 0.0% 0 Total 100.0% 27,398,534 TOTAL CITY FUNDS 105,692,810 100.00% RECHP OF PORTFOLIO PERCENTHGES Managed Ciry Combined C4SH&EQUIVALENTS O88% 024% 083% CHECKING/SAVINGSACCTS 000% 4828% 4828% MORTGAGEBACKEOSECURITIES 383% 000% 383% ceRnFicnresoFoeaosir 000i zseai zseai us.rReAsuRvoeu�AnoNs i.iv ieii aoai FeoeRn�A�eNaes zo.iei 000i zo.iei orHeR 000i ooii ooii To[al 25.926 ]0.086 100.006 P�ez