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 �
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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.
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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
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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
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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
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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.