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Quarterly Investment Report Copyrighted November4, 2019 City of Dubuque Consent Items # 5. ITEM TITLE: Quarterly Investment Report SUMMARY: City Manager transmitting the September 30, 2019 Quarterly Investment Report. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type September 30, 2019 Quarterly I n�strnent Report-MVM City Manager Memo Memo Staff Memo Staff Memo Cash In�strnents and In�strnent Earnings Summary Supporting Documentation Schedule of City Funds Supporting Documentation Monthly In�strnentSummary Supporting Documentation Schedule of Certificates of Deposit and Accrued Supporting Documentation Interest Manager/Custodian Annual Fees Computation 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: September 30, 2019 Quarterly Investment Report DATE: October 28, 2019 Director of Finance and Budget Jennifer Larson is transmitting the September 30, 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 Dubuque THE CITY OF � All America City DuB E ;,���i�� �, MGlStE leCE 011 t�lE M2SSZSS2 1 zao��zoiz•zois � pp 2017+2019 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Director of Finance and Budget RE: September 30, 2019 Quarterly Investment Report DATE: October 24, 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 July 31, 2019 through September 30, 2019. The report includes: Cash Investments and Investment Earnings Summary for quarter ended September 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. JL/eml Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended September 30, 2019 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 251 ,581 251 ,581 - Checking/Savings Accounts 44,622,335 44,622,335 - Unspent Bond Proceeds 12,103,518 12,103,518 - Certificates Of Deposit 14,100,005 14,296,424 196,419 US Treasury Securities 2,015,125 2,907,182 892,057 Corporate Stock (EB Lyons Trust) 11 ,514 107,528 96,014 InvestmentAdvisorAccounts 27,535,164 27,691 ,404 156,240 Reserve Accounts 2,605,200 2,638,789 33,589 Total Funds 103,244,442 104,618,761 1,374,319 Breakdown City 89,136,950 90,426,907 1 ,289,957 Metro 14,107,492 14,191 ,854 84,363 Total Combined Funds 103,244,442 104,618,761 1,374,319 Cash Basis Quarter Year-To-Date Gross Earninas: City 539,891 539,891 Metro 63,777 63,777 Combined 603,668 603,668 Investment Fees: City 21 ,239 21 ,239 Metro 339 339 Combined 21,578 21,578 Net Earninas: City 518,652 518,652 Metro 63,438 63,438 Combined 582,090 582,090 City of Dubuque Schetlule of City Funtls As of Sep[ember 30,2019 TOTAL COST CITYFUN0.S CITY MANAGED FUNDS snsis PERCENTAGE CASH: Change and Petty Cash Funds 15,581 Health Fund Deposit 14Q000 Prescription Fund Deposit 75,000 Workers Comp Deposit 1Q000 Hometown Bank 1,000 ShortTerm Disability 1Q000 Total 251,581 024% CHECKING 1 SAVINGS ACCOUNTS: MidWestOne Bank(General) 922,277 MidWestOne Bank(Sedion 8) 118,788 Dubuque Bank&Trust��e�eauMewicrem�7 13,546,114 Dubuque Bank&Trust�caeie Fa�m��se eq���pme��F��a7 791,635 Dubuque Bank&Trust�o�e�q�e m�oao�esiFie�neei esww7 1,288,799 US Bank ��e�eap 12,027 Prem ier�ueury7 9,457 Fidelity Bank&Trust�uoury7 13,512 Dubuque Bank&Trust Police Forteiture Funds 149,546 Collins Community Credit Union 26,289,990 CollinsCommunityCreditUnion (Metro) 1,480,190 Total 44,622,335 4322% UNSPENTBONDPROCEEDINVES7MENTACCOUNTS: DB&T Series 2012B 217,590 DB&T Series 2012C 787,150 DB&T Series 2012D 506,283 DB&T Series 2012E 1Q074 MWO Series 2012F 354,983 DB&T Series 2012H 107,497 MWO Series 2014B 1,431,314 MWO Series 2014C 52Q260 MWO 2014 DMASWA 806,406 Fidelity Series 2015A 1,914,696 MWO 2016 DMASWA 1,69Q840 Fidelity Series 2016C 1,31Q939 Collins CW Series 2019A 2,205,646 Collins CW Series 2019B 239,840 Total 12,103,518 1172% CERTIFICAlES OF DEPOSIT: . MWO 4,SOQ000 DB&T 40Q000 CCCU SOQ000 Dutrac 6,70Q005 FB&T 2,000,000 Total 14,10Q005 13.66% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 1.95% RESERVES: Sales Tae Increment Rev Bond Reserve�seneszmsA7 2,08Q000 Water Debt Bond Reserve �soioo7 525,200 Total 2,605,200 2.52% CORPORAlE STOCK(Lyons Peony Tmst): 11,514 Total 11,514 0.01% TOTALCITYMANAGEDFUNDS 75,709,277 73.33% P�et City of Dubuque Schetlule of City Funtls As of Sep[ember 30,2019 PORTFOLIO TOTAL COMPOSITION COST CITYFUN0.S FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE snsis PERCENTAGE DANA INVESTMENTADVISORS,INC: Cash and Equivalents 1.5% 88,253 US Treasury Obligations 0.0% 0 US Agencies 19.3% 1,175,000 Mortgaged Backed Sewrities 792% 4,822,308 Total 100.0% 6,085,561 5.89% DUBUQUE BANK&7F2UST: Cash and Equivalents 8.4% 661,393 US Treasury Obligations 91.6% 7,225,552 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 100.0% 7,886,945 7.64% FIRST COMMUNITY 7F2UST: Cash and Equivalents 0.6% 36,617 US Treasury Obligations 0.0% 0 US Agencies 98.4% 6,217,868 Mortgaged Backed Sewrities 1.0% 63,473 Total 100.0% 6,317,958 6.12% US BANK: Cash and Equivalents 5.8% 421,234 US Treasury Obligations 0.0% 0 US Agencies 942% 6,823,465 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,244,699 7.02% TOTALFINANCIALADVISORSMANAGEDFUNDS 27,535,164 26.67% BREAKDOWN BY TYPE OF SECURIN: Cash&Equivalents 4.4% 1,207,498 US Treasury Obligations 262% 7,225,552 US Agencies 51.6% 14,216,334 Mortgage Backed Sewrities 177% 4,885,781 Unsettled Trades 0.0% 0 Total 100.0% 27,535,164 TOTAL CITY FUNDS 103,244,442 100.00% RECHP OF PORTFOLIO PERCENTHGES Managed Ciry Combined C4SH&EQUIVALENTS 1.P% 024% 141% CHECKING/SAVINGSACCTS 000% 5]4]% 5]4]% MORTGAGEBACKEOSECURITIES 4]3% 000% 4]3% ceRnFicnresoFoeaosir 000i iaeei iaeei US.TREASURVOBLIGATIONS ]00% 185% 885% FeoeRn�A�eNaes iani 000i iani orHeR 000i ooii ooii To[al 26.6]6 ]3.336 100.006 P�ez arr oF ousucaue MONTHLY INVESTMENTSUMMARY Month Ending: 09/30/19 First Total Community Managed Combined Dana DB&T Trust USBank Accounts CitvFinance Total COST BASIS ANALYSIS Cost Basis Prior Month 6,069,536 7,887,620 6,295,681 7,23Q900 27,483,737 75,238,834 102,722,571 Additions: Interest Earnings 17,453 1,757 15,336 15,075 49,621 153,52925 203,150 Realized Gains(Losses) (890) 0 8,808 813 8,731 8,731 Total Additions 16,564 1,757 24,144 15,887 58,351 153,529 211,880 Subtrections: Management Fees 0 (1,819) (1,318) (1,502) (4,639) (4,639) Custodian Fees (538) (614) (548) (585) (2,285) (2,285) Withdrawal 0 0 0 0 317 317 Total Subtrections (538) (2,432) (1,866) (2,088) (6,924) 317 (6,608) Cost Basis Current Month 6,085,562 7,886,945 6,317,958 7,244,699 27,535,164 75,392,680 102,927,844 Net Cash Receipts&(Disbursements) 316,598 316,598 Ending Cost Basis Balance 6,085,562 7,886,945 6,317,958 7,244,699 27,535,164 75,709,277 103,244,441 MARKET VALUE ANALYSIS Investment Market Value Prior Month(Adjusted for Accn 6,113,187 7,939,588 6,35Q871 7,268,060 27,671,707 75,235,789 102,907,495 Investment Market Value Current Month 6,101,182 7,909,288 6,336,603 7,24Q541 27,587,615 75,408,549 102,996,163 Accrued Interest Current Month 21,878 28,299 23,477 30,135 103,789 242,316 346,106 Market Value Adjusted for Accruals 6,123,061 7,937,587 6,36Q080 7,27Q676 27,691,404 75,65Q865 103,342,269 Portfolio Retums��mp�r�aeym��me��Ma�ages7 Monthly Return Gross of Fees 0.10% 0.03% 0.18% 0.06% Monthly Return Net of Fees 0.08% 0.01% 0.15% 0.04% TotalRetumCalendarYeartoDate-Gross 2.51% 2.55% 2.40% 2.56% Effective Duration in Years 0.90 1.46 0.78 0.93 Marketlntlices Averege Last Calentlar Last Last Monih Vearto Date 12 Monihs 3 Vears BBgBarc US Trsy Bellwethers 3Mon TR USD 0.19% 1.83% 2.41% 1.56% BBgBarc US Govt 1-3 Vr TR USD -0.11% 3.07% 4.42% 1.54% BBgBarcUSGovtlntermTRUSD -0.44% 5.18% 7.52% 1.82% BBgBarcUSGoviTRUSD -0.83% 7.66% 10.40% 2.27% Current Prime 5.25% City of Dubuque Schedule of Certificates of Deposit,Accrued Interest, High Yield Savings Accounts&Unspent Bond Proceeds As of September 30,2019 Certifica[es of De osi[: Cer[ifica[e � Cos[ Purchase Ma[uri[y In[eres[ Days[o Accrued Accrued Number Ins[i[u[ion � Basis Da[e Da[e Ra[e Ma[uri[y Days In[eres[ 67 DuTrac M 40Q000 10/12/18 10/14/19 2.970% 14 353 11,489.42 05578314659/3 AT&S M 500,000 11/O6/18 11/OS/19 2.900% 36 328 13,030.14 05578314659/5 AT&SB C 1,OOQ000 03/15/19 11/30/19 2.770% 61 199 15,102.19 05578314659/6 AT&SB C 1,OOQ000 03/15/19 11/30/19 2.770% 61 199 15,102.19 05578314659/7 AT&SB C 1,OOQ000 03/15/19 11/30/19 2.770% 61 199 15,102.19 78 DuTrac M SOQ000 12/07/18 12/O6/19 3.010% 67 297 12,246.16 91 DuTrac M SOQ000 O6/21/19 12/20/19 2.480% 81 101 3,43123 2 DuTrac C 40Q000 01/10/19 01/10/20 2.910% 102 263 8,387.18 988965905560 DB&T M 400,000 07/31/19 01/31/20 2.270% 123 61 1,517.48 80 DuTrac M 40Q000 02/01/19 01/31/20 2.890% 123 241 7,632.77 132219 Fidelity M 1,OOQ000 03/13/19 03/12/20 2790% 164 201 15,364.11 85 DuTrac M 1,OOQ000 04/10/19 04/08/20 2.670% 191 173 12,655.07 132532 Fidelity C 1,OOQ000 04/12/19 04/10/20 2.600% 193 171 12,180.82 86 DuTrac C 1,OOQ000 04/15/19 04/17/20 2.640% 200 168 12,15123 87 DuTrac C 1,OOQ000 04/26/19 04/24/20 2790% 207 157 12,000.82 05578314659/8 AT&S C 1,OOQ000 04/26/19 04/24/20 2700% 207 157 11,61370 88 DuTrac C 1,OOQ000 OS/10/19 OS/08/20 2.660% 221 143 1Q421.37 90B DuTrac M SOQ000 OS/31/19 O6/01/20 2.640% 245 122 4,412.05 60002131691 Collins M 500,000 07/15/19 07/14/20 2.450% 288 77 2,584.25 43,738 - To[als 14,10Q000 196,424.37 Reserve Funds Accoun[ � Ending Face Value Accrued Number Ins[i[u[ion Balance In[eres[Ra[e In[eres[ Account CD Balance Accrued Interest 2015A DuTrac-CD R 2,08Q000 2.60% 18,076.05 DMASWA 5,70q000 84,362.68 2010D DuTrac-CD R 525,200 2.97% 15,512.97 City 8,40q000 112,061.69 To[als 2,605,200 33,589.02 14,10q000 196,424.37 U.S.Treasur Bond - Accoun[ � Ending Face Value Accrued Number Ins[i[u[ion � Balance In[eres[Ra[e In[eres[ 2152-1478 LPLFinancial C 2,907,182 325% 12,303.02 Weigh[edYield: 2.717% To[als 2,907,182 12,303.02 Weigh[ed Ma[uri[y in Days: 146.8 Unspen[Bond Proceed Accoun[s: � Ending APR @ Accrued Bond Issue Ins[i[u[ion � Balance* Mon[h End In[eres[* 2012B DB&T C 217,544 0.75% 138.64 2012C DB&T C 787,150 0.60% 60123 2012D DB&T C 506,283 0.60% 386.70 2012E DB&T C 1Q074 2.00% 17.08 2012F MWO C 355,209 075% 226.12 2012H DB&T C 107,497 2.00% 182.29 2014B MWO C 1,434,924 225% 3,610.67 2014C MWO C 52Q260 2.17% 1,343.15 Institution %ofTotal BondBalance 2014 DMASWA MWO M 808,262 2.71% 1,856.06 MWO 39.68 4,81q47073 2016DMASWA MWO M 1,691,814 2.33% 974.66 DB&T 13.43 1,628,54823 2015A FB&T C 1,917,118 1.51% 2,422.12 FB&T 26.64 3,229,053.66 2016C FB&T C 1,311,936 128% 996.84 Collins 2025 2,454,290.67 2019A Collins C 2,202,240 270% 4,89227 100.00% 12,122,363 2019B Collins C 252,051 270% 53570 To[als 12,122,363 18,183.53 � � �c�=arvFUNos �r�=oueuaueMErRoaourANAa�AsouowAsreA�eNcv �a�=ReseRveFUNos Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending September 30, 2018 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 6,123,061 $ 15,308 15,308 Avg 0.25% YTD Actual Fees $ 3,797 Dubuque Bank 8 Trust 0.25% No Tiers $ 7,937,587 $ 19,844 $ 19,844 Avg 0.25% YTD Actual Fees $ 5,441 First Community Trust 0.25% No Tiers $ 6,360,080 $ 15,900 $ 15,900 Avg 0.25% YTD Actual Fees $ 3,948 U.S.Bank 0.25% No Tiers $ 7,270,676 $ 18,177 $ 18,177 Avg 0.25% YTD Actual Fees $ 7,488 Custodian fee Schedule American Trust 8 Annual fee of$400 for each account plus... 27,691,404 $ 1,600 Savings Bank 0.2% on first$1,000,000 of assets for each account 8,000 0.15%on neM$1,000,000 of assets for each account 6,000 0.10%on neM$1,000,000 of assets for each account 4,000 0.05%on remaining assets for each account 7,846 $ 27,446 Avg 0.10% YTD Actual Fees $ 6,855 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.