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Quarterly Investment Report as of September 30, 2020 Copyrig hted November 16, 2020 City of Dubuque Consent Items # 10. City Council Meeting IT EM T IT LE: Quarterly I nvestment Report as of September 30, 2020 SUMMARY: City Managertransmitting the September30, 2020 Quarterly Investment Report. SUGGESTED Suggested Disposition: Receive and File DISPOSITION: ATTACHMENTS: Description Type September 30, 2020 Quarterly Investment Report-MVM City Manager Memo Memo September 30, 2020 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 � ui-Aseria cih DuB E , . � . , � II � Maste iece on tj2e 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, 2020 Quarterly Investment Report DATE: November 1, 2020 Director of Finance and Budget Jennifer Larson is transmitting the September 30, 2020 Quarterly Investment Report. � Mic ael C. Van Milligen MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Jennifer Larson, Director of Finance and Budget Dubuque THE CITY OF � All•America Cily Du B E �������k�,��, ' � II ��' Maste iece on the Mississi i Z°°''Z°1Z`z°13 �P pp zoi��zoi9 TO: Michael C. Van Milligen, City Manager FROM: Jennifer Larson, Director of Finance and Budget RE: September 30, 2020 Quarterly Investment Report DATE: October 29, 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 July 31, 2020 through September 30, 2020. The report includes: Cash Investments and Investment Earnings Summary for quarter ended September 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 September 30, 2020 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 348,461 348,461 - Checking/Savings Accounts 42,896,985 42,896,985 - Unspent Bond Proceeds 58,779,047 58,779,047 - Certificates Of Deposit 24,100,005 24,332,896 232,891 US Treasury Securities 2,015,125 3,198,718 1,183,593 Corporate Stock (EB Lyons Trust) 11,514 92,333 80,819 Investment Advisor Accounts 27,957,233 28,285,487 328,254 Reserve Accounts 2,605,200 2,619,917 14,717 Total Funds 158,713,570 160,553,844 1,840,274 Breakdown City 144,598,315 146,326,528 1,728,212 Metro 14,115,254 14,227,316 112,062 Total Combined Funds 158,713,570 160,553,844 1,840,274 Cash Basis Quarter Year-To-Date Gross Earninqs: City 237,666 237,666 Metro 13,426 13,426 Combined 251,092 251,092 Investment Fees: City 18,579 18,579 Metro 184 184 Combined 18,763 18,763 Net Earninqs: City 219,087 219,087 Metro 13,242 13,242 Combined 232,329 232,329 City of Dubuque Schedule of City Funds As of September 30,2020 TOTAL COST CITY FUNDS CITY MANAGED FUNDS BASIS PERCENTAGE CASH: Change and Petty Cash Funds 12,461 Health Fund Deposit 240,000 Prescription Fund Deposit 75,000 Workers Comp Deposit 10,000 Hometown Bank 1,000 Short Term Disability 10,000 Total 348,461 0.33% CHECKING I SAVINGS ACCOUNTS: MidWestOne Bank(General) 2,237,745 MidWestOne Bank(Section 8) 647,268 Dubuque Bank&T�ust(Genera��Metro�credit) 37,290,593 DUbUqU@ B811K$�TfUSt(Cable Franchise Equipment Fund) 927,933 US Bank (Genera�) 11,388 Premier�uerty� 9,154 Fidelity Bank&Trust�ut�rry� 23,349 Dubuque Bank&Trust Police Forfeiture Funds 149,593 Collins Community Credit Union 111,907 Collins Community Credit Union (Metro) 1,488,055 Total 42,896,985 40.54% UNSPENT BOND PROCEED INVESTMENT ACCOUNTS: DB&T Series 2012B 0 DB&T Series 2012C 317,945 DB&T Series 2012D 509,750 MWO Series 2012F 306,211 DB&T Series 2012H 21,524 MWO Series 2014B 1,307,356 MWO Series 2014C 337,145 Fidelity Series 2015A 488,364 MWO 2016 DMASWA 248,643 Fidelity Series 2016C 1,202,483 Collins CCU Series 2019A 885,996 Collins CCU Series 20196 253,629 Total 5,879,047 5.56% CERTIFICATES OF DEPOSIT: . M W O 900,000 DB&T 0 CCCU 0 Dupaco 0 Dutrac 22,200,005 FB&T 1,000,000 Premier 0 US Bank 0 Total 24,100,005 22.78% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 1.90% RESERVES: Sales Tax Increment Rev Bond Reserve�series zo�sn� 2,080,000 Water Debt Bond Reserve �zoioo� 525,200 Total 2,605,200 2.46% CORPORATE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.01% TOTAL CITY MANAGED FUNDS 77,856,337 73.58% Page 1 City of Dubuque Schedule of City Funds As of September 30,2020 Page 2 City of Dubuque Schedule of City Funds As of Septe�kr��g,L7�20 TOTAL COMPOSITION COST CITY FUNDS FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE aasls PERCENTAGE DANA INVESTMENT ADVISORS,INC: Cash and Equivalents S.0% 497,263 US Treasury Obligations 0.0% 0 US Agencies 4.0% 250,000 Mortgaged Backed Securities 87.9% 5,443,197 Total 100.0% 6,190,460 5.85% DUBUQUE BANK&TRUST: Cash and Equivalents 0.8% 63,485 US Treasury Obligations 99.2% 7,952,538 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Unsettled Trades 0.0% 0 Total 100.0% 8,016,024 7.58% FIRST COMMUNITY TRUST: Cash and Equivalents 0.8% 48,145 US Treasury Obligations 0.0% 0 US Agencies 98.8% 6,337,370 Mortgaged Backed Securities 0.5% 31,718 Total 100.0% 6,417,233 6.06°/o US BANK: Cash and Equivalents 3.6% 263,901 US Treasury Obligations 0.0% 0 US Agencies 96.4% 7,069,615 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,333,516 6.93% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 27,957,233 26.42% BREAKDOWN BY TYPE OF SECURITY: Cash&Equivalents 3.1% 872,794 US Treasury Obligations 28.4% 7,952,538 US Agencies 48.8% 13,656,984 Mortgage Backed Securities 19.6% 5,474,916 Unsettled Trades 0.0% 0 Total 100.0% 27,957,233 TOTAL CITYFUNDS 105,813,570 100.00% RECAP OF PORTFOLIO PERCENTAGES Managed City Combined CASH&EQUIVALENTS 0.82% 0.33% 1.15% CHECKING/SAVINGS ACCTS 0.00% 48.56% 48.56% MORTGAGE BACKED SECURITIES 5.17% 0.00% 5.17% CERTIFICATES OF DEPOSIT 0.00% 22.78% 22.78% U.S.TREASURY OBLIGATIONS 7.52% 1.90% 9.42% FEDERAL AGENCIES 12.91% 0.00% 12.91% OTHER 0.00% 0.01% 0.01% Total 26.42% 73.58% 100.00% Page 3 CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: 09/30/20 First Total Community Managed Combined Dana DB&T Trust US Bank Accounts Citv Finance Total COST BAS/S ANALYSIS Cost Basis Prior Month 6,186,296 8,016,619 6,410,554 7,327,323 27,940,792 72,137,546 100,078,338 Additions: Interest Earnings 13,368 26 8,831 8,212 30,437 32.182 62,618 Realized Gains(Losses) (8,659) 0 (229) 105 (8,782) (8,782) Total Additions 4,709 26 8,602 8,317 21,654 32,182 53,836 Subtractions: Management Fees 0 0 (1,366) (1,533) (2,899) (2,899) Custodian Fees (544) (621) (558) (592) (2,314) (2,314) Withdrawal 0 0 0 0 178 178 Total Subtractions (544) (621) (1,924) (2,125) (5,214) 178 (5,035) Cost Basis Current Month 6,190,461 8,016,024 6,417,233 7,333,516 27,957,233 72,169,906 100,127,139 Net Cash Receipts&(Disbursements) 5,686,431 5,686,431 Ending Cost Basis Balance 6,190,461 8,016,024 6,417,233 7,333,516 27,957,233 77,856,337 105,813,570 MARKET VALUE ANALYSIS Investment Market Value Prior Month(Adjusted for Accri 6,245,300 8,078,443 6,576,946 7,381,777 28,282,465 73,621,494 101,903,960 Investment Market Value Current Month 6,229,239 8,057,000 6,557,537 7,364,351 28,208,126 79,120,749 107,328,875 Accrued Interest Current Month 19,388 21,215 19,293 17,466 77,361 259,911 337,272 Market Value Adjusted for Accruals 6,248,626 8,078,215 6,576,830 7,381,817 28,285,487 79,380,660 107,666,147 POI'tf0�10 R2tU1'11S(computed by Investment Managers) Monthly Return Gross of Fees (0.02%) 0.08% 0.03% 0.03% Monthly Return Net of Fees (0.04%) 0.11% 0.00% 0.00% Total Return Calendar Year to Date-Gross 1.87% 1.33% 3.26% 1.34% Effective Duration in Years 0.57 1.29 2.08 1.59 Market Indices Average Last Calendar Last Last Month Year to Date 12 Months 3 Years BBgBarc US Trsy Bellwethers 3Mon TR USD 0.01% 0.64% 1.11% 1.70% BBgBarc US Govt 1-3 Yr TR USD 0.02% 3.09% 3.62% 2.66% BBgBarc US Govt Interm TR USD 0.07% 5.96% 5.98% 4.04% BBgBarc US Govt TR USD 0.14% 8.81% 7.97% 5.47% Current Prime 3.25% City of Dubuque Schedule of Certificates of Deposit,Accrued Interest,High Yield Savings Accounts&Unspent Bond Proceeds As of September 30,2020 Certificates of De osit: Certificate � Cost Purchase Maturity Interest Days to Accrued Accrued Number Institution � Basis Date Date Rate Maturity Days Interest 740570216 MidWestOne M 400,000 10/15/19 10/14/20 1.970°/ 14 351 7,577.75 94 DuTrac M 500,000 11/O5/19 11/04/20 1.870% 35 330 8,453.42 95 DuTrac C 1,000,000 12/02/19 12/01/20 1.850°/ 62 303 15,357.53 96 DuTrac C 1,000,000 12/02/19 12/01/20 1.870% 62 303 15,523.56 97 DuTrac C 1,000,000 12/02/19 12/01/20 1.900°/ 62 303 15,772.60 98 DuTrac M 500,000 12/06/19 12/05/20 1.850% 66 299 7,577.40 99 DuTrac M 500,000 12/20/19 12/21/20 1.900°/ 82 285 7,417.81 3A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 96 271 14,849.32 4A DuTrac C 1,000,000 01/03/20 01/04/21 2.000°/ 96 271 14,849.32 5A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 96 271 14,849.32 6A DuTrac C 1,000,000 01/03/20 01/04/21 2.000°/ 96 271 14,849.32 7A DuTrac C 1,000,000 01/03/20 01/04/21 2.000% 96 271 14,849.32 20A DuTrac M 400,000 01/10/20 01/11/21 2.910°/ 103 264 8,419.07 22A DuTrac M 400,000 01/31/20 01/29/21 1.800% 121 243 4,793.42 23A DuTrac M 400,000 01/31/20 01/29/21 1.820% 121 243 4,846.68 24A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 152 215 9,071.23 25A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 152 215 9,071.23 26A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 152 215 9,071.23 27A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 152 215 9,071.23 28A DuTrac C 1,000,000 02/28/20 03/01/21 1.540% 152 215 9,07123 132219 A Fidelity M 1,000,000 03/13/20 03/13/21 1.000% 164 201 5,506.85 29A DuTrac M 1,000,000 04/08/20 04/12/21 1.150% 194 175 5,513.70 31A DuTrac M 500,000 06/01/20 12/01/20 0.450% 62 121 745.89 32A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 98 86 1,060.27 33A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 98 86 1,060.27 34A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 98 86 1,060.27 35A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 98 86 1,060.27 36A DuTrac C 1,000,000 07/06/20 01/06/21 0.450% 98 86 1,060.27 740593304 MidWestOne M 500,000 07/14/20 07/14/21 0.450% 287 78 480.82 Totals 24,100,000 232,890.60 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 0.60% 4,137.21 DMASWA 6,100,000 61,332.81 2010D DuTrac-CD R 525,200 2.02% 10,579.97 City 18,000,000 171,557.79 Totals 2,605,200 14,717.18 24,100,000 232,890.60 U.S.Treasury Bond - Account � Ending Face Value Accrued Number Institution � Balance Interest Rate Interest 2152-1478 LPL Financial C 3,198,718 4.75% 12,303.02 Weighted Yield: 1.417% Totals 3,198,718 12,303.02 Weighted Maturity in Days: 105.4 Unspent Bond Proceed Accounts: � Ending APR @ Accrued Bond Issue Institution u Balance* Month End Interest" 2012C DB&T C 317,969 0.05% 24.36 2012D DB&T C 509,772 0.05% 21.58 2012F MWO C 306,337 0.75% 125.84 2012H DB&T C 21,534 0.55% 10.03 20146 MWO C 1,307,412 0.90% 55.42 2014C MWO C 337,145 0.60% 196.10 2016 DMASWA MWO M 248,803 0.60% 159.85 2015A FB&T C 488,404 1.51% 40.14 Institution %ofTotal BondBalance 2016C FB&T C 1,202,730 1.28% 247.09 MWO 37.41 2,199,696.13 2019A Collins C 886,035 0.05% 38.79 DB&T 14.44 849,275.66 2019B Collins C 253,640 0.05% 10.39 FB&T 28.76 1,691,134.46 TOt815 5,879,781 929.59 Collins 19.38 1,139,674.65 (C)=CITY FUNDS (M)=DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R)=RESERVE FUNDS 'I00.00% 5,879,781 I I Manager/Custodian Annual Fees Computation Fiscal YTD -Quarter Ending September 30, 2020 Total Market Value Annual Fees Investment Manaqers Manaqerial Fee Schedule (1) (2) Dana 0.25% No Tiers $ 6,248,626 $ 15,622 15,622 Avg 0.25% YTD Actual Fees $ 3,890 Dubuque Bank& Trust 0.25% No Tiers $ 8,078,215 $ 20,196 $ 20,196 Avg 0.25% YTD Actual Fees $ 3,677 First Community Trust 0.25% No Tiers $ 6,576,830 $ 16,442 $ 16,442 Avg 0.25% YTD Actual Fees $ 4,096 U.S. Bank 0.25% No Tiers $ 7,381,817 $ 18,455 $ 18,455 Avg 0.25% YTD Actual Fees $ 4,598 Custodian fee Schedule American Trust& Annual fee of$400 for each account plus... 28,285,487 $ 1,600 Savings 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 8,143 $ 27,743 Avg 0.10% YTD Actual Fees $ 6,941 Combined Avg Mgmt&Custodial 0.35% Note:(1)Total market value includes accrued interest. (2) Fees are listed on an annual basis.