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 �
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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 �
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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.