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Quarterly Investment Report Copyrighted February 4, 2020 City of Dubuque Consent Items # 5. ITEM TITLE: Quarterly Investment Report SUMMARY: City Manager transmitting the Quarterly Investment Report for the quarter ending December 31 , 2019. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type December 31, 2019 Quarterly I n�strnent Report City Manager Memo 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 � AIFAaeiea Cfh DuB E 'ill �' Maste iece on tlie Mississi i zoo�•zo�z•zo�3 YP pP zoi�•zoi9 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: December31 , 2019 Quarterly Investment Report DATE: January 27, 2020 Director of Finance and Budget Jennifer Larson is transmitting the December 31 , 2019 Quarterly Investment Report. �� �� ��� Mic ael C. Van Milligen �� � MCVM:as 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: December 31, 2019 Quarterly Investment Report DATE: January 23, 2020 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, 2019 through December 31, 2019. The report includes: Cash Investments and Investment Earnings Summary for quarter ended December 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. JL/eml Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended December 31, 2019 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 248,031 248,031 - Checking/Savings Accounts 50,580,851 50,580,851 - Unspent Bond Proceeds 9,244,525 9,244,525 - Certificates Of Deposit 14,100,005 14,296,424 196,419 US Treasury Securities 2,015,125 2,794,693 779,568 Corporate Stock (EB Lyons Trust) 11 ,514 109,666 98,152 Investment Advisor Accounts 27,670,555 27,807,650 137,095 ReserveAccounts 2,605,200 2,656,352 51 ,152 Total Funds 106,475,806 107,738,192 1,262,386 Breakdown City 96,811 ,534 98,000,358 1 ,188,824 Metro 9,664,272 9,737,834 73,562 Total Combined Funds 106,475,806 107,738,192 1,262,386 Cash Basis Quarter Year-To-Date Gross Earninas: City 517,918 1 ,057,809 Metro 66,851 130,628 Combined 584,769 1,188,436 Investment Fees: City 32,050 53,288 Metro 409 749 Combined 32,459 54,037 Net Earninas: City 485,868 1 ,004,521 Metro 66,441 129,879 Combined 552,310 1 ,134,400 City of Dubuque Schetlule of City Funtls As of December 31,2019 TOTAL COST CITYFUN0.S CITY MANAGED FUNDS snsis PERCENTAGE CASH: Change and Petty Cash Funds 12,031 Health Fund Deposit 14Q000 Prescription Fund Deposit 75,000 Workers Comp Deposit 1Q000 Hometown Bank 1,000 ShortTerm Disability 1Q000 Total 248,031 023% CHECKING 1 SAVINGS ACCOUNTS: MidWestOne Bank(General) 2,017,926 MidWestOne Bank(Sedion 8) 219,396 Dubuque Bank&Trust��e�eauMewicrem�7 17,943,701 Dubuque Bank&Trust�caeie Fa�m��se eq���pme��F��a7 781,859 Dubuque Bank&Trust�o�e�q�e m�oao�esiFie�neei esww7 1,291,182 US Bank ��e�eap 3,869 Prem ier�ueury7 2,262 Fidelity Bank&Trust�uoury7 3,660 Dubuque Bank&Trust Police Forteiture Funds 149,564 Collins Community Credit Union 26,682,693 Collins Community Credit Union (Metro) 1,484,738 Total SQ58Q851 47.50% UNSPENTBONDPROCEEDINVES7MENTACCOUNTS: DB&T Series 2012B 208,888 DB&T Series 2012C 778,334 DB&T Series 2012D 507,045 DB&T Series 2012E 0 MWO Series 2012F 355,647 DB&T Series 2012H 28,444 MWO Series 2014B 1,355,171 MWO Series 2014C 40Q853 MWO 2014 DMASWA 0 Fidelity Series 2015A 1,794,368 MWO 2016 DMASWA 34Q958 Fidelity Series 2016C 1,229,950 Collins CCU Series 2019A 1,991,710 Collins CCU Series 2019B 253,156 Total 9,244,525 8.68% CERTIFICAlES OF DEPOSIT: . MWO 1,40Q000 DB&T 40Q000 CCCU SOQ000 Dutrac 9,80Q005 FB&T 2,000,000 Total 14,10Q005 1324% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 1.89% RESERVES: Sales Tae Increment Rev Bond Reserve�seneszmsA7 2,08Q000 Water Debt Bond Reserve �soioo7 525,200 Total 2,605,200 2.45% CORPORAlE STOCK(Lyons Peony Tmst): 11,514 Total 11,514 0.01% TOTAL CITY MANAGED FUNDS 78,805,251 74.01% P�et City of Dubuque Schetlule of City Funtls As of December 31,2019 PORTFOLIO TOTAL COMPOSITION COST CITYFUN0.S FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE snsis PERCENTAGE DANA INVESTMENTADVISORS,INC: Cash and Equivalents 1.4% 84,065 US Treasury Obligations 0.0% 0 US Agencies 13.5% 825,000 Mortgaged Backed Sewrities 85.1% 5,209,200 Total 100.0% 6,118,265 575% DUBUQUE BANK&7F2UST: Cash and Equivalents 1.0% 76,916 US Treasury Obligations 99.0% 7,85Q680 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 100.0% 7,927,596 7.45% FIRST COMMUNITY 7F2UST: Cash and Equivalents 0.1% 7,085 US Treasury Obligations 0.0% 0 US Agencies 99.0% 6,293,442 Mortgaged Backed Sewrities 0.9% 55,182 Total 100.0% 6,355,709 5.97% US BANK: Cash and Equivalents 10.3% 748,903 US Treasury Obligations 0.0% 0 US Agencies 897% 6,52Q083 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,268,986 6.83% TOTALFINANCIALADVISORSMANAGEDWNDS 27,670,555 25.99% BREAKDOWN BY TYPE OF SECURIN: Cash&Equivalents 3.3% 916,968 US Treasury Obligations 28.4% 7,85Q680 US Agencies 49.3% 13,638,525 Mortgage Backed Sewrities 19.0% 5,264,382 Unsettled Trades 0.0% 0 Total 100.0% 27,67Q555 TOTAL CITY FUNDS 106,475,805 100.00% RECHP OF PORTFOLIO PERCENTHGES Managed Ciry Combined C4SH&EQUIVALENTS O88% 023% 108% CHECKING/SAVINGSACCTS 000% 5883% 5883% MORTGAGEBACKEOSECURITIES 484% 000% 484% ceRnFicnresoFoeaosir 000i iazai iazai US.TREASURVOBLIGATIONS ]3]% 188% 89% FEOERALAGENCIES 1281% 000% 1281% OTHER 000% 001% 001% To[al 25.996 ]0.016 100.006 P�ez arr oF ousucaue MONTHLY INVESTMENTSUMMARY Month Ending: 12/31/19 First Total Community Managed Combined Dana DB&T Trust USBank Accounts CitvFinance Total COST BASIS ANALYSIS Cost Basis Prior Month 6,108,507 7,909,667 6,333,076 7,262,565 27,613,814 84,063,171 111,676,985 Additions: Interest Earnings 14,994 17,926 17,807 8,314 59,040 175,669 234,709 Realized Gains(Losses) (4,696) 2,442 6,699 206 4,651 4,651 TotalAdditions 1Q298 2Q368 24,506 8,520 63,691 175,669 239,360 Subtrections: Management Fees 0 (1,823) (1,323) (1,512) (4,658) (4,658) Custodian Fees (540) (616) (550) (588) (2,293) (2,293) Withdrawal 0 0 0 0 270 270 Total Subtrections (540) (2,438) (1,873) (2,100) (6,951) 270 (6,681) Cost Basis Current Month 6,118,265 7,927,596 6,355,708 7,268,986 27,67Q555 84,239,110 111,909,664 Net Cash Receipts&(Disbursements) (5,433,859) (5,433,859) Ending Cost Basis Balance 6,118,265 7,927,596 6,355,708 7,268,986 27,67Q555 78,805,251 106,475,805 MARKET VALUE ANALYSIS Investment Market Value Prior Month(Adjusted for Accn 6,142,911 7,95Q571 6,38Q626 7,291,738 27,765,845 84,013,483 111,779,328 Investment Market Value Current Month 6,129,513 7,939,980 6,367,055 7,274,854 27,711,403 78,391,788 106,103,192 Accrued Interest Current Month 20,472 28,552 18,837 28,387 96,247 269,004 365,250 Market Value Adjusted for Accruals 6,149,985 7,968,532 6,385,892 7,303,241 27,807,650 78,66Q792 106,468,442 Portfolio Retums��mp�r�aeym��me��Ma�ages7 Monthly Return Gross of Fees 0.11% (0.46%) 0.12% 0.20% Monthly Return Net of Fees 0.09% (0.49%) 0.09% 0.17% TotalRetumCalendarYeartoDate-Gross 2.84% 1.22% 2.91% 3.12% Effective Duretion in Years 070 1.54 174 1.19 Marketlntlices Averege Last Calentlar Last Last Monih Vearto Date 12 Monihs 3 Vears BBgBarc US Trsy Bellwethers 3Mon TR USD 0.15% 2.30% 2.30% 1.68% BBgBarcUSGovt1-3VrTRUSD 0.21% 3.59% 3.59% 1.86% BBgBarcUSGovtlntermTRUSD -0.03% 5.20% 5.20% 2.57% BBgBarc US Govt TR USD -0.55% 6.83% 6.83% 3.31% Current Prime 4.75% City of Dubuque Schedule of Certificates of Deposit,Accrued Interest, High Yield Savings Accounts&Unspent Bond Proceeds As of December 31,2019 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[ 2 DuTrac C 40Q000 01/10/19 01/10/20 2.910% 10 355 11,321.10 988965905560 DB&T M 400,000 07/31/19 01/31/20 2.270% 31 153 3,806.14 80 DuTrac M 40Q000 02/01/19 01/31/20 2.890% 31 333 1Q546.52 132219 Fidelity M 1,OOQ000 03/13/19 03/12/20 2790% 72 293 22,396.44 85 DuTrac M 1,OOQ000 04/10/19 04/08/20 2.670% 99 265 19,384.93 132532 Fidelity C 1,OOQ000 04/12/19 04/10/20 2.600% 101 263 18,73425 86 DuTrac C 1,OOQ000 04/15/19 04/17/20 2.640% 108 260 18,805.48 87 DuTrac C 1,OOQ000 04/26/19 04/24/20 2790% 115 249 19,033.15 05578314659/8 MWO C 1,OOQ000 04/26/19 04/24/20 2700% 115 249 18,419.18 88 DuTrac C 1,OOQ000 OS/10/19 OS/08/20 2.660% 129 235 17,126.03 90B DuTrac M SOQ000 OS/31/19 O6/01/20 2.640% 153 214 7,739.18 60002131691 Collins M 500,000 07/15/19 07/14/20 2.450% 196 169 5,671.92 740570216 MidWestOne M 400,000 10/15/19 10/14/20 1.970% 288 77 1,662.36 94 DuTrac M SOQ000 11/OS/19 11/04/20 1.870% 309 56 1,434.52 95 DuTrac C 1,OOQ000 12/02/19 12/01/20 1.850% 336 29 1,469.86 96 DuTrac C 1,OOQ000 12/02/19 12/01/20 1.870% 336 29 1,48575 97 DuTrac C 1,OOQ000 12/02/19 12/01/20 1.900% 336 29 1,509.59 98 DuTrac M 500,000 12/O6/19 12/OS/20 1.850% 340 25 633.56 99 DuTrac M 500,000 12/20/19 12/21/20 1.900% 356 11 286.30 To[als 14,10Q000 181,46626 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% 31,707.18 DMASWA 5,70q000 73,561.87 2010D DuTrac-CD R 525,200 2.97% 19,444.63 City 5,40q000 107,904.39 To[als 2,605,200 51,151.81 11,10q000 181,46626 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 2,794,693 325% 36,385.52 Weigh[edYield: 2.400% To[als 2,794,693 36,385.52 Weigh[ed Ma[uri[y in Days: 182.1 Unspen[Bond Proceed Accoun[s: Ending APR @ Accrued Bond Issue Ins[i[u[ion o Balance* Mon[h End In[eres[* 2012B DB&T C 208,888 0.75% 105.58 2012C DB&T C 778,334 0.60% 575.01 2012D DB&T C 507,045 0.60% 375.07 2012F MWO C 355,647 075% 233.85 2012H DB&T C 28,444 2.00% 17729 2014B MWO C 1,355,171 225% 3,112.05 2014C MWO C 40Q853 2.17% 1,094.45 2016DMASWA MWO M 34Q958 2.33% 1,772.47 Institution %ofTotal BondBalance 2015A FB&T C 1,794,368 1.51% 2,299.49 MWO 26.53 2,452,628.91 2016C FB&T C 1,229,950 128% 971.58 DB&T 16.47 1,522,71121 2019A Collins C 1,991,710 270% 1,12974 FB&T 32.71 3,024,318.00 2019B Collins C 253,268 270% 112.36 Collins 2428 2,244,97872 To[als 9,244,637 11,958.94 100.00% 9,244,637 �c�=arvFUNos �r�=oueuaueMErRoaourANAa�AsouowAsreA�eNcv �a�=ReseRveFUNos � � Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending December 31, 2019 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 6,149,985 $ 15,375 15,375 Avg 0.25% YTD Actual Fees $ 7,625 Dubuque Bank 8 Trust 0.25% No Tiers $ 7,968,532 $ 19,921 $ 19,921 Avg 0.25% YTD Actual Fees $ 10,906 First Community Trust 0.25% No Tiers $ 6,385,892 $ 15,965 $ 15,965 Avg 0.25% YTD Actual Fees $ 7,915 U.S.Bank 0.25% No Tiers $ 7,303,241 $ 18,258 $ 18,258 Avg 0.25% YTD Actual Fees $ 12,016 Custodian fee Schedule American Trust 8 Annual fee of$400 for each account plus... 27,807,650 $ 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 7,904 $ 27,504 Avg 0.10% YTD Actual Fees $ 13,726 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.