Quarterly Investment Report as of June 30, 2020 Copyrighted
August 17, 2020
City of Dubuque Consent Items # 5.
City Council Meeting
ITEM TITLE: June 30, 2020 Quarterly Investment Report
SUMMARY: City Managertransmitting the June 30, 2020 Quarterly Investment
Report.
SUGGESTED Suggested Disposition: Receive and File
DISPOSITION:
ATTACHMENTS:
Description Type
Quarterly Investment Report-MVM Memo City Manager Memo
Quarterly I nvestment Report Staff Memo
Cash Investments and Investment Earnings Summary Supporting Documentation
Schedule of City Funds Supporting Documentation
Monthly Investment Summary Supporting Documentation
Schedule of Certificates of Deposit and Accrued Supporting Documentation
I nterest
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: June 30, 2020 Quarterly Investment Report
DATE: August 10, 2020
Director of Finance and Budget Jennifer Larson is transmitting the June 30, 2020
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
Dubuque
THE CITY QF �
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Masterpiece on the Mississippi z°°'�z°iz
2013•2017
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
RE: June 30, 2020 Quarterly Investment Report
DATE: August 6, 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 April 1, 2020 through June 30, 2020.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended June 30, 2020 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 June 30, 2020 And Fiscal Year To Date
Market Value / Unrealized
Carrying Including Gain (Loss) /
Description Value Accrued Interest Accrued Interest
Change & Petty Cash Funds 248,461 248,461 -
Checking/Savings Accounts 38,586,015 38,586,015 -
Unspent Bond Proceeds 6,828,682 6,828,682 -
Certificates Of Deposit 29,100,005 29,329,848 229,843
US Treasury Securities 2,015,125 3,235,784 1,220,659
Corporate Stock (EB Lyons Trust) 11,514 89,727 78,213
Investment Advisor Accounts 27,882,294 28,264,150 381,856
Reserve Accounts 2,605,200 2,691,096 85,896
Total Funds 107,277,296 109,273,763 1,996,467
Breakdown
City 93,422,924 95,368,398 1,945,474
Metro 13,854,372 13,905,365 50,993
Total Combined Funds 107,277,296 109,273,763 1,996,467
Cash Basis Quarter Year-To-Date
Gross Earninqs:
City 355,932 1,763,999
Metro 44,107 240,090
Combined 400,039 2,004,089
Investment Fees:
City 25,423 97,008
Metro 221 1,139
Combined 25,643 98,147
Net Earninqs:
City 330,509 1,666,990
Metro 43,887 238,952
Combined 374,396 1,905,942
City of Dubuque
Schedule of City Funds
As of
June 30,2020
TOTAL
COST CITY FUNDS
CITY MANAGED FUNDS BASIS PERCENTAGE
CASH:
Change and Petty Cash Funds 12,461
Health Fund Deposit 140,000
Prescription Fund Deposit 75,000
Workers Comp Deposit 10,000
Hometown Bank 1,000
Short Term Disability 10,000
Total 248,461 0.24%
CHECKING I SAVINGS ACCOUNTS:
MidWestOne Bank(General) 2,543,570
MidWestOne Bank(Section 8) 632,496
Dubuque Bank&T�ust(Genera��Metro�credit) 28,065,951
DUbUqU@ B811K$�TfUSt(Cable Franchise Equipment Fund) 880,278
DUbUqU@ B811K H�TfUSt(Dubuque Initiatives/Flexsteel Escrow) �,291,�82
US Bank (Generaq 9,426
Premier�uei�ty� 6,473
Fidelity Bank&Trust�uerry� 14,361
Dubuque Bank&Trust Police Forfeiture Funds 149,589
Collins Community Credit Union 1,504,873
Collins Community Credit Union (Metro) 1,487,815
Total 36,586,015 34.75%
UNSPENT BOND PROCEED INVESTMENT ACCOUNTS:
DB&T Series 2012B 140,085
DB&T Series 2012C 697,218
DB&T Series 2012D 509,320
MWO Series 2012F 305,747
DB&T Series 2012H 21,495
MWO Series 2014B 1,320,925
MWO Series 2014C 384,056
Fidelity Series 2015A 656,375
MWO 2016 DMASWA 345,791
Fidelity Series 2016C 1,201,350
Collins CCU Series 2019A 992,731
Collins CCU Series 2019B 253,589
Total 6,828,682 6.49%
CERTIFICATES OF DEPOSIT: .
M W O 5,400,000
DB&T 0
CCCU 500,000
Dupaco 0
Dutrac 22,200,005
FB&T 1,000,000
Premier 0
US Bank 0
Total 29,100,005 27.64%
U.S.TREASURY OBLIGATIONS:
Debt Service Reserve Fund Required for Port Ramp 2,015,125
Total 2,015,125 1.91%
RESERVES:
Sales Tax Increment Rev Bond Reserve�se��e5 zoiea� 2,080,000
Water Debt Bond Reserve (2010D) 525,200
Total 2,605,200 2.47%
CORPORATE STOCK(Lyons Peony Trust): 11,514
Total 11,514 0.01%
TOTAL CITYMANAGED FUNDS 77,395,002 73.52%
Page 1
City of Dubuque
Schedule of City Funds
As of
June 30,2020
Page 2
City of Dubuque
Schedule of City Funds
As of
June 30,2020
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE
DANA INVESTMENT ADVISORS,INC:
Cash and Equivalents 6.1% 379,054
US Treasury Obligations 0.0% 0
US Agencies 13.4% 825,000
Mortgaged Backed Securities 80.5% 4,967,712
Total 100.0% 6,171,765 5.86°/o
DUBUQUE BANK&TRUST:
Cash and Equivalents 10.5% 835,300
US Treasury Obligations 89.5% 7,154,978
US Agencies 0.0% 0
Mortgaged Backed Securities 0.0% 0
Unsettled Trades 0.0% 0
Total 100.0% 7,990,278 7.59°/o
FIRST COMMUNITY TRUST:
Cash and Equivalents 0.5% 29,316
US Treasury Obligations 0.0% 0
US Agencies 98.9% 6,337,370
Mortgaged Backed Securities 0.6% 40,014
Total 100.0% 6,406,699 6.09%
US BANK:
Cash and Equivalents 9.8% 719,031
US Treasury Obligations 0.0% 0
US Agencies 90.2% 6,594,520
Mortgaged Backed Securities 0.0% 0
Total 100.0% 7,313,552 6.95°/o
TOTAL FINANCIAL ADVISORS MANAGED FUNDS 27,882,294 26.48%
BREAKDOWN BY TYPE OF SECURITY:
Cash&Equivalents 7.0% 1,962,700
US Treasury Obligations 25.7% 7,154,978
US Agencies 49.3% 13,756,890
Mortgage Backed Securities 18.0% 5,007,725
Unsettled Trades 0.0% 0
Total 100.0% 27,882,294
TOTAL CITYFUNDS 105,277,296 100.00%
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH&EQUIVALENTS 1.86% 0.24% 2.10%
CHECKING/SAVINGS ACCTS 0.00% 4371% 43.71%
MORTGAGE BACKED SECURITIES 4.76% 0.00% 4.76%
CERTIFICATES OF DEPOSIT 0.00% 27.64% 27.64%
U.S.TREASURY OBLIGATIONS 6.80% 1.91% 8.71%
FEDERAL AGENCIES 13.07% 0.00% 13.07%
OTHER 0.00% 0.01% 0.01%
Total 26.48% 73.52% 100.00%
Page 3
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY Month Ending: 06/30/20
First Total
Community Managed Combined
Dana DB&T Trust US Bank Accounts Citv Finance Total
COST BAS/S ANALYSIS
Cost Basis Prior Month 6,163,166 7,969,946 6,381,022 7,310,396 27,824,530 97,710,643 125,535,173
Additions:
Interest Earnings 12,801 22,468 18,115 5,279 58,664 60,473 119,137
Realized Gains(Losses) (3,657) 323 9,478 0 6,144 6,144
Total Additions 9,144 22,791 27,593 5,279 64,807 60,473 125,281
Subtractions:
ManagementFees 0 (1,839) (1,359) (1,533) (4,731) (4,731)
Custodian Fees (543) (621) (557) (591) (2,312) (2,312)
Withdrawal 0 0 0 0 361 361
Total Subtractions (543) (2,459) (1,916) (2,124) (7,043) 361 (6,682)
Cost Basis Current Month 6,171,766 7,990,278 6,406,699 7,313,551 27,882,294 97,771,478 125,653,772
Net Cash Receipts&(Disbursements) (20,376,476) (20,376,476)
Ending Cost Basis Balance 6,171,766 7,990,278 6,406,699 7,313,551 27,882,294 77,395,002 105,277,296
MARKET VALUE ANALYSIS
Investment Market Value Prior Month(Adjusted for Accri 6,229,182 8,063,394 6,550,795 7,377,985 28,221,355 99,261,264 127,482,619
Investment Market Value Current Month 6,217,160 8,049,550 6,550,967 7,355,321 28,172,997 78,693,874 106,866,871
Accrued Interest Current Month 21,666 30,283 15,408 23,796 91,153 351,995 443,148
Market Value Adjusted for Accruals 6,238,826 8,079,833 6,566,375 7,379,117 28,264,150 79,045,869 107,310,019
POI'tf0�10 R2tU1'11S(computed by Investment Managers)
Monthly Return Gross of Fees 0.13% 0.26% 0.27% 0.04%
Monthly Return Net of Fees 0.11% 0.29% 0.25% 0.02%
Total Return Calendar Year to Date-Gross 1.62% 1.97% 3.01% 1.21%
Effective Duration in Years 0.60 0.71 2.07 1.02
Market Indices
Average Last Calendar Last Last
Month Year to Date 12 Months 3 Years
BBgBarc US Trsy Bellwethers 3Mon TR USD 0.02% 0.61% 1.65% 1.78%
BBgBarc US Govt 1-3 Yr TR USD 0.04% 2.99% 4.12% 2.71%
BBgBarc US Govt Interm TR USD 0.09% 5.75% 7.01% 4.09%
BBgBarc US Govt TR USD 0.10% 8.61% 10.34% 5.54%
Current Prime 3.25%
City of Dubuque
Schedule of Certificates of Deposit,Accrued Interest,High Yield Savings Accounts&Unspent Bond Proceeds
As of
June 30,2020
Certificates of De osit:
Certificate � Cost Purchase Maturity Interest Days to Accrued Accrued
Number Institution � Basis Date Date Rate Maturity Days Interest
60002131691 Collins M 50Q000 07/15/19 07/14/20 2.450% 14 351 11,780.14
740570216 MidWestOne M 400,000 10/15/19 10/14/20 1.970% 106 259 5,591.56
94 DuTrac M 500,000 11/05/19 11/04/20 1.870% 127 238 6,096.71
95 DuTrac C 1,OOQ000 12/02/19 12/01/20 1.850°/ 154 211 10,694.52
96 DuTrac C 1,OOQ000 12/02/19 12/01/20 1.870°/ 154 211 10,810.14
97 DuTrac C 1,000,000 12/02/19 12/01/20 1.900°/ 154 211 10,983.56
98 DuTrac M 500,000 12/06/19 12/05/20 1.850°/ 158 207 5,245.89
99 DuTrac M 50Q000 12/20/19 12/21/20 1.900°/ 174 193 5,023.29
8A DuTrac C 1,000,000 01/03/20 07/06/20 1.880% 6 179 9,219.73
10A DuTrac C 1,OOQ000 01/03/20 07/06/20 1.880% 6 179 9,219.73
11A DuTrac C 1,OOQ000 01/03/20 07/06/20 1.880% 6 179 9,219.73
13A DuTrac C 1,OOQ000 01/03/20 07/06/20 1.880% 6 179 9,219.73
14A DuTrac C 1,OOQ000 01/03/20 07/06/20 1.880°/ 6 179 9,219.73
3A DuTrac C 1,OOQ000 01/03/20 01/04/21 2.000% 188 179 9,808.22
4A DuTrac C 1,OOQ000 01/03/20 01/04/21 2.000% 188 179 9,808.22
SA DuTrac C 1,OOQ000 01/03/20 01/04/21 2.000°/ 188 179 9,808.22
6A DuTrac C 1,OOQ000 01/03/20 01/04/21 2.000°/ 188 179 9,808.22
7A DuTrac C 1,OOQ000 01/03/20 01/04/21 2.000°/ 188 179 9,808.22
20A DuTrac M 400,000 01/10/20 01/11/21 2.910°/ 195 172 5,485.15
22A DuTrac M 400,000 01/31/20 01/29/21 1.800°/ 213 151 2,978.63
23A DuTrac M 400,000 01/31/20 01/29/21 1.820°/ 213 151 3,011.73
24A DuTrac C 1,OOQ000 02/28/20 03/01/21 1.540°/ 244 123 5,189.59
25A DuTrac C 1,OOQ000 02/28/20 03/01/21 1.540°/ 244 123 5,189.59
26A DuTrac C 1,OOQ000 02/28/20 03/01/21 1.540°/ 244 123 5,189.59
27A DuTrac C 1,OOQ000 02/28/20 03/01/21 1.540°/ 244 123 5,189.59
28A DuTrac C 1,OOQ000 02/28/20 03/01/21 1.540°/ 244 123 5,189.59
740586712 MidWestOne C 1,OOQ000 02/28/20 08/28/20 1.500°/ 59 123 5,054.79
740586728 MidWestOne C 1,OOQ000 02/28/20 08/28/20 1.500°/ 59 123 5,054.79
740586752 MidWestOne C 1,OOQ000 02/28/20 08/28/20 1.500°/ 59 123 5,054.79
740586760 MidWestOne C 1,OOQ000 02/28/20 08/28/20 1.500°/ 59 123 5,054.79
740586776 MidWestOne C 1,OOQ000 02/28/20 08/28/20 1.500°/ 59 123 5,054.79
132219A Fidelity M 1,OOQ000 03/13/20 03/13/21 1.000°/ 256 109 2,986.30
29 A DuTrac M 1,000,000 04/08/20 04/12/21 1.150% 286 83 2,615.07
31A DuTrac M 500,000 06/01/20 12/01/20 0.450% 154 29 178.77
Totals 29,100,000 229,843.11
Reserve Funds
Account � Ending Face Value Accrued
Number Institution Balance Interest Rate Interest Account CD Balance Accrued Interest
2015A DuTrac-CD R 2,080,000 2.60% 58,673.10 DMASWA 6,100,000 SQ993.24
2010D DuTrac-CD R 525,200 2.97% 27,222.48 Ciry 23,000,000 17$849.87
Totals 2,605,200 85,895.58 29,100,000 229,843.11
U.S.Treasury Bond -
Account � Ending Face Value Accrued
Number Institution � Balance Interest Rate Interest
2152-1478 LPL Financial C 3,235,784 325% 36,256.07 Weighted Yield: 1.712%
Totals 3,235,784 36,256.07 Weighted Maturity in Days: 138.0
Unspent Bond Proceed Accounts:
� Ending APR @ Accrued
Bond Issue Institution � galance* Month End Interest*
2012B DB&T C 140,174 0.60% 88.86
2012C DB&T C 697,749 0.05% 531.49
2012D DB&T C 509,708 0.05% 388.25
2012F MWO C 305,747 0.75% 203.78
2012H DB&T C 21,505 0.55% 10.02
2014B MWO C 1,325,301 0.90% 4,376.35
2014C MWO C 384,624 0.60% 568.19
2016 DMASWA MWO M 346,269 0.60% 477.48 Institution %ofTotal Bond Balance
2015A FB&T C 656,652 1.51% 27721 MWO 34.55 2,361,940.81
2016C FB&T C 1,201,845 128% 493J5 DB&T 20.03 1,369,135.78
2019A Collins C 992,821 0.05% 90.16 FB&T 27.19 1,858,497.04
2019B Collins C 253,589 0.05% 18.71 Collins 18.23 1,246,410.29
Totals 6,835,984 7,52425 100.00% 6,835,984
(C)=qTY FUNDS (M)=DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R)=RESERVE FUNDS
I I
Manager/Custodian Annual Fees Computation
Fiscal YTD -Quarter Ending
June 30, 2020
Total Market Value Annual Fees
Investment Manaqers Manaqerial Fee Schedule (1) (2)
Dana 0.25% No Tiers $ 6,171,765 $ 15,429
15,429
Avg 0.25%
YTD Actual Fees $ 15,268
Dubuque Bank& Trust 0.25% No Tiers $ 8,079,833 $ 20,200
$ 20,200
Avg 0.25%
YTD Actual Fees $ 21,910
First Community Trust 0.25% No Tiers $ 6,566,375 $ 16,416
$ 16,416
Avg 0.25%
YTD Actual Fees $ 15,987
U.S. Bank 0.25% No Tiers $ 7,379,117 $ 18,448
$ 18,448
Avg 0.25%
YTD Actual Fees $ 21,154
Custodian fee Schedule
Midwest One Annual fee of$400 for each account plus... 28,197,090 $ 1,600
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 8,099
$ 27,699
Avg 0.10%
YTD Actual Fees $ 27,551
Combined Avg Mgmt&Custodial 0.35%
Note:(1)Total market value includes accrued interest.
(2) Fees are listed on an annual basis.