Quarterly Investment Report 3 31 10Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: March 31, 2010 Quarterly Investment Report
DATE: April 27, 2010
Dubuque
kiltd
M- Amelcacity
1111 I
1
2007
Finance Director Ken TeKippe is transmitting the attached March 31, 2010 Quarterly
Investment Report.
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Mi ael C. Van Milligen
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
RE: March 31, 2010 Quarterly Investment - Report
DATE: April 27, 2010
INTRODUCTION
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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 January 1, 2010 through March 31, 2010.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended March 31, 2010 and fiscal year to date
KT /jg
Enclosures
REQUESTED ACTION
Dubuque
Al-America City
I
2007
Schedule of City Funds
Monthly Investment Summary
Schedule of Accrued Interest
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.
This report is for your review and filing with the Honorable Mayor and City Council.
I
Quarter
Year -To -Date I
304,031
999,958
15,666
78,368
319,697
1,078,326
35,893
102,781
128
449
36,022
103,230
268,138
897,177
15,538
77,920
283,675
975,096
Description
Carrying
Value
Market Value / Unrealized
Including Gain (Loss) /
Accrued Interest Accrued Interest
Deposits, Change & Petty Cash Funds
Checking /Savings Accounts
Certificates Of Deposit
US Treasury Securities
Corporate Stock
Investment Advisor Accounts
Total Funds
City
Metro
Total Combined Funds
Cash Basis
Gross Earnings:
City
Metro
Combined
Investment Fees:
City
Metro
Combined
Net Earnings:
City
Metro
Combined
CITY OF DUBUQUE
Cash, Investments and Investment Earnings Summary
For The Quarter Ended March 31, 2010 & Fiscal 2010 YTD
Breakdown
F. \123DATA \Finance \Investments \Investments 10 \Council Summary-02010
94,954
21, 899, 934
11, 550, 000
2,015,125
11,514
26,116,481
61,688,008
51,138, 008
10, 550, 000
61,688,008
94,954
21, 903, 737
11, 563, 415
2,068,705
61,301
26,392,763
62,084,874
51, 523, 443
10, 561, 430
62,084,874
3,803
13,415
53,580
49,787
276,282
396,866
385,436
11,430
396,866
4/19/2010
City Managed Funds
City of Dubuque
Schedule of City Funds
Mar '10
CASH
Change and Petty Cash Funds 9,954
Prescriptions & Workers Comp Deposits 85,000
Total 94,954
CHECKING / SAVINGS ACCOUNTS:
American Trust & Savings Bank (General & Health) 313,019
American Trust & Savings Bank (Housing Rehab & Section 8) 302,481
Dubuque Bank & Trust (General /Metro/Leisure) 1,416,734
Dubuque Bank & Trust (Comml /Ind Bldg Rehab & Econ Dev) 105,962
Dubuque Bank & Trust (Cable Franchise Equipment Fund) 241,399
US Bank (General /Ambulance) 9,152
Premier (utility) 1,996
Liberty (utility) 2,617
East Dubuque Savings Bank (utility) 4,397
State Central (utility) 4,017
Total 2,401,773
BOND PROCEEDS:
US Bank series 2007A 307,649
DB &T GO Stormwater Series 2008A 436,513
DB &T Series 2009A 2,632,267
DB &T Series 2009B 8,775,629
Total 12,152, 057
CERTIFICATES OF DEPOSIT:
American Trust & Savings Bank
Dubuque Bank & Trust 4,000,000
East Dubuque Savings Bank 4,000,000
Liberty Bank 2,550,000
Premier Bank 1,000,000
State Central
Total 11, 550, 000
HIGH YIELD SAVINGS ACCOUNTS
Dubuque Bank & Trust (Premium Savings) 4,027,826
East Dubuque Savings Bank (Advantage Savings) 1,010,466
5,038,292
PORT OF DUBUQUE PARKING RAMP
Project Construction Fund US Bank (Bond Proceeds) 1029 1,787,805
Capitalized Interest Fund EDSB (Bond Proceeds) 1028 520,007
Debt Service Reserve u s Treasury obligations (Bond Proceeds) 2,015,125
Total 4,322,938
CORPORATE STOCK (Lyons Peony Trust) 11,514
Page 1
FY1 0
TOTAL
COST CITY FUNDS
BASIS PERCENTAGE
0.2%
3.9%
19.7%
18.7%
8.2%
2.9%
0.8%
3.3%
7.0%
0.0%
TOTAL OTHER FUNDS 35,571,528 57.7%
FINANCIAL ADVISORS MANAGED FUNDS
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
DUBUQUE BANK & TRUST:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
Mutual Funds
FIRST COMMUNITY TRUST:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
US BANK:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
City of Dubuque
Schedule of City Funds
Mar '10
Total
Total
Total
Total
GRAND TOTAL 26,116,481
BREAKDOWN BY TYPE OF SECURITY:
Cash 7.0% 1,824,197 3.0%
Mortgage Backed Securities 15.2% 3,959,065 6.4%
Mutual Funds 0.0% 0 0.0%
US Treasury Obligations 33.8% 8,827,411 14.3%
US Agency Obligations 44.1% 11,505,808 18.7%
TOTAL FINANCIAL ADVISOR MANAGED FUNDS 100.0% 26,116,481 42.3%
TOTAL CITY FUNDS
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH 3% 0 % 3%
CHECKING / SAVINGS ACCTS 0% 27% 27%
MUTUAL FUNDS (U.S. GOVERNMENT) 0% 0% 0%
MORTGAGE BACKED SECURITIES 6% 0% 6%
CERTIFICATES OF DEPOSIT 0% 19% 19%
U.S. TREASURY OBLIGATIONS 14% 3% 18%
FEDERAL AGENCY OBLIGATIONS 19% 0% 19%
Total 42% 49% 92%
Page 2
PORTFOLIO TOTAL
COMPOSITION COST C/TY FUNDS
PERCENTAGE BASIS PERCENTAGE
1.4% 93,452
8.8% 577,034
89.8% 5,921,376
0.0%
100.0% 6,591,862
3.7% 308,532
96.1% 8,049,595
0.3% 21,123
0.0%
0.0% 0
100.0% 8,379,250
4.4% 141,185
0.0%
39.5% 1,266,284
56.1% 1,799,635
100.0% 3,207,104
16.1% 1,281,028
2.5% 200,781
54.1% 4,297,026
27.2% 2,159,430
100.0% 7,938,265
FY10
10.7%
13.6%
5.2%
12.9%
42.3%
61,688,009 100.0%
COST BASIS ANALYSIS
Cost Basis Prior Month 6,577,129.22 8,356,057.05 3,194,708.80 7,931,235.80 26,059,130.87 35,118,865.72 61,177,996.59
Additions:
Interest Earnings 16,065.70 6,241.68 15,037.68 7,650.26 44,995.32 19,414.23 64,409.55
Realized Gains (Losses) (771.87) 20,699.50 (89.06) (5.77) 19,832.80 19,832.80
0.00 0.00
Capital Deposits 0.00 0.00
Total Additions 15,293.83 26,941.18 14,948.62 7,644.49 64,828.12 19,414.23 84,242.35
Subtractions:
Management Fees 0.00 (3,112.28) (2,136.74) (5,249.02) (5,249.02)
Custodian Fees (561.08) (635.59) (416.88) (615.63) (2,229.18) (2,229.18)
Bank Charges 0.00
Capital Withdrawals 0.00 0.00
Total Subtractions (561.08) (3,747.87) (2,553.62) (615.63) (7,478.20) 0.00 (7,478.20)
Cost Basis Current Month 6,591,861.97 8,379,250.36 3,207,103.80 7,938,264.66 26,116,480.79 35,138,279.95 61,254,760.74
Net Cash Receipts & (Disbursements) 433,248.02 433,248.02
Ending Cost Basis Balance 6,591,861.97 8,379,250.36 3,207,103.80 7,938,264.66 26,116,480.79 35,571,527.97 61,688,008.76
MARKET VALUE ANALYSIS
Investment Market Value Prior Month (Adjusted for Accruals) 6,697,460.47 8,474,149.11 3,223,027.58 8,016,806.48 26,411,443.64 35,289,409.53 61,700,853.17
Investment Market Value Current Month
Accrued Interest Current Month
Market Value Adjusted for Accruals
Portfolio Returns** (computed by Investment Managers)
Monthly Return
Total Return Calendar Year to Date 2010
Market Indices
90 Day T -Bills
Lehman Aggregate Govt. Bonds
Lehman Short Term Govt. Bonds
Lehman Intermediate Govt. Bonds
Consumer Price Index`
Current Prime Rate
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
Month Ending: 03/31/10
First
Community Managed Combined
Dana DB &T Trust US Bank Accounts City Finance Total
6,692,349.17 8,416,458.80 3,202,767.65 7,962,599.83 26,274,175.45 35,663,185.59 61,937,361.04
32,448.44 28,098.19 11,509.47 46,531.02 118,587.12 28,926.78 147,513.90
6,724,797.61 8,444,556.99 3,214,277.12 8,009,130.85 26,392,762.57 35,692,112.37 62,084,874.94
0.46% (0.31 %) (0.20 %) 0.16%
0.86% 1.16% 1.95% 0.20%
Average Last Last Calendar Last
Month 12 Months Year to Date 3 Years
0.00%
(0.75 %)
(0.22 %)
0.60%
0.06%
3.25%
0.17%
(0.13 %)
1.81%
0.87%
2.39%
0.01%
1.11%
0.72%
1.12%
0.23%
1.98%
5.98%
4.79%
5.94%
1.97%
** Returns prior to tees
Certificates of Deposit:
Certificate
Number
Institution
Cost
Basis
Purchase
Date
Maturity
Date
Interest
Rate
Days to
Maturity
Accrued
Days
Accrued
Interest
24508
24536
1321
1393
1408
4421745
919
231706
1143
231979
24481
EDSB
EDSB
DB &T
DB &T
DB &T
Liberty
Premier
EDSB
Liberty
DB &T
Liberty
EDSB
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 1,000,000
M 800,000
1,000,000
M 750,000
M 1,000,000
Totals 11,550,000
Weighted Yield: 0.393%
Weighted Maturity in Days: 81.7
Savings Accounts
671460 DB &T 4,027,826
44444116 EDSB 1,010,466
5,038,292
City of Dubuque
Schedule of Accrued Interest
As of
March 31, 2010
11/25/09
12/10/09
12/17/09
01/14/10
01/21/10
02/04/10
02/18/10
03/10/10
10/01/09
10/21/09
10/29/09
11/12/09
05/27/10
06/10/10
06/17/10
07/15/10
07/22/10
08/05/10
08/19/10
09/09/10
04/01/10
04/23/10
04/29/10
05/13/10
0.442%
0.451%
0.440%
0.410%
0.350%
0.250%
0.290%
0.312%
0.450%
0.450%
0.400%
0.483%
1.190%
1.090%
(M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY
57
71
78
106
113
127
141
162
1
23
29
43
126
111
104
76
69
55
41
21
181
161
153
139
1,525.81
1,371.53
1,253.70
853.70
661.64
376.71
325.75
179.51
1,785.21
1,984.93
1,257.53
1,839.37
13,415.39
Account CD Balance Accrued Interest
DMASWA 10,550,000 11,430.46
City 1.000, 000 1.984.93
11,550,000 13,415.39
Account
Number
Institution
Ending
Balance
APR @
Month End
Accrued
Interest
2,864.56
938.21
3,802.77