March 31, 2021 Quarterly Investment ReportCity of Dubuque
City Council Meeting
Consent Items # 6.
Copyrighted
May 17, 2021
ITEM TITLE: March 31, 2021 Quarterly Investment Report
SUMMARY: City Manager transmitting the March 31, 2021 Quarterly Investment
Report.
SUGGESTED Suggested Disposition: Receive and File
DISPOSITION:
FIN aL[91:ILyil21zIII l+]
Description Type
March 31, 2021 Quarterly Investment Report-MVM City Manager Memo
Memo
Memo Supporting Documentation
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
Interest
Manager/Custodian Annual Fees Computation Supporting Documentation
THE C
DUUB-.-*.-TE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: March 31, 2021 Quarterly Investment Report
DATE: May 11, 2021
Dubuque
*Awrin Cia
2007-2012.2013
2017*2019
Director of Finance and Budget Jennifer Larson is transmitting the March 31, 2021
Quarterly Investment Report.
v
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
THE CITY OF
DUB E
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
RE: March 31, 2021 Quarterly Investment Report
DATE: May 13, 2021
INTRODUCTION
Dubuque
u�•�redc� ah
2007.2012
2013.2017
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, 2021 through March 31, 2021.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended March 31, 2021 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 March 31, 2021 And Fiscal Year To Date
Market Value /
Carrying
Including
Description
Value
Accrued Interest
Change & Petty Cash Funds
341,911
341,911
Checking/Savings Accounts
68,229,754
68,229,754
Unspent Bond Proceeds
4,297,504
4,297,504
Certificates Of Deposit
21,100,005
21,126,202
US Treasury Securities
2,015,125
3,090,970
Corporate Stock (EB Lyons Trust)
11,514
100,280
Investment Advisor Accounts
28,054,172
28,137,949
Reserve Accounts
2,605,200
2,615,579
Total Funds
Breakdown
City
Metro
Total Combined Funds
Cash Basis
Gross Earnings:
City
Metro
Combined
Investment Fees:
City
Metro
Combined
Net Earnings:
City
Metro
Combined
Unrealized
Gain (Loss) /
Accrued Interest
26,197
1,075,845
88,766
83,777
10,379
126,655,185 127,940,149 1,284,964
113,191,501
13,463,684
114,457,428
13,482,721
1,265,926
19,038
126,655,185
127,940,149
1,284,964
Quarter
Year -To -Date
329,303
32,381
743,536
83,671
361,684
827,207
23,757
250
68,022
702
24,006
68,724
305,547
32,131
675,514
82,969
337,678
758,482
City of Dubuque
Schedule of City Funds
As of
March 31, 2021
CITY MANAGED FUNDS
CASH:
Change and Petty Cash Funds
Health Fund Deposit
Prescription Fund Deposit
Workers Comp Deposit
Hometown Bank
Short Term Disability
Total
CHECKING I SAVINGS ACCOUNTS:
MidWestOne Bank (General)
MidWestOne Bank (Section 8)
Dubuque Bank & Trust (General/Metro/Credit)
Dubuque Bank & Trust (Cable Franchise Equipment Fund)
US Bank (General)
Premier (utility)
Fidelity Bank & Trust (utility)
Dubuque Bank & Trust Police Forfeiture Funds
Collins Community Credit Union
Collins Community Credit Union (Metro)
Total
UNSPENT BOND PROCEED INVESTMENT ACCOUNTS:
DB&T Series 2012B
DB&T Series 2012C
DB&T Series 2012D
MWO Series 2012F
DB&T Series 2012H
MWO Series 2014B
MWO Series 2014C
Fidelity Series 2015A
MWO 2016 DMASWA
Fidelity Series 2016C
Collins CCU Series 2019A
Collins CCU Series 2019E
Total
CERTIFICATES OF DEPOSIT:
MWO
DB&T
CCCU
Dupaco
Dutrac
FB&T
Premier
US Bank
Total
U.S. TREASURY OBLIGATIONS:
Debt Service Reserve Fund Required for Port Ramp
Total
RESERVES:
Sales Tax Increment Rev Bond Reserve (series 2015A)
Water Debt Bond Reserve (2010D)
Total
CORPORATE STOCK (Lyons Peony Trust):
Total
TOTAL CITY MANAGED FUNDS
COST
BASIS
TOTAL
CITY FUNDS
PERCENTAGE
15,911
240,000
75,000
0
1,000
10,000
341,911
0.27%
915,360
648,938
53,614,801
1,029,336
14,646
12,780
29,513
150,133
10,325,825
1,488,423
68,229,754
53.87%
0
117,424
509,879
299,183
21,566
1,097,832
122,670
0
0
1,202,183
673,075
253,692
4,297,504
3.39%
500,000
0
0
0
20,600,005
0
0
0
21,100,005
16.66%
2,015,125
2,015,125
1.59%
2,080,000
525,200
2,605,200
2.06%
11,514
11,514
0.01 %
98,601,013
77.85%
Page 1
City of Dubuque
Schedule of City Funds
As of
March 31, 2021
Page 2
City of Dubuque
Schedule of City Funds
As of
MaMRTFO M
TOTAL
COMPOSITION
COST
CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS
PERCENTAGE
BASIS
PERCENTAGE
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents
9.8%
973,942
US Treasury Obligations
0.0%
0
US Agencies
38.0%
3,796,121
Mortgaged Backed Securities
52.2%
5,212,396
Total
100.0%
9,982,458
7.88%
DUBUQUE BANK & TRUST:
Cash and Equivalents
0.5%
38,975
US Treasury Obligations
99.5%
8,000,950
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Unsettled Trades
0.0%
0
Total
100.0%
8,039,925
6.35%
FIRST COMMUNITY TRUST:
Cash and Equivalents
#DIV/0!
0
US Treasury Obligations
#DIV/0!
0
US Agencies
#DIV/0!
0
Mortgaged Backed Securities
#DIV/0!
0
Total
#DIV/0!
0
0.00%
US BANK:
Cash and Equivalents
100.0%
9,805
US Treasury Obligations
0.0%
0
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Total
100.0%
9,805
0.01 %
BTC CAPITAL:
Cash and Equivalents
5.5%
547,150
US Treasury Obligations
0.0%
0
US Agencies
94.3%
9,452,899
Mortgaged Backed Securities
0.0%
21,936
Total
99.8%
10,021,985
#DIV/O!
TOTAL FINANCIAL ADVISORS MANAGED FUNDS
28,054,172
14.24%
BREAKDOWN BY TYPE OF SECURITY:
Cash & Equivalents
5.6%
1,569,871
US Treasury Obligations
28.5%
8,000,950
US Agencies
47.2%
13,249,020
Mortgage Backed Securities
18.7%
5,234,332
Unsettled Trades
0.0%
0
Total
100.0%
28, 054,172
TOTAL CITY FUNDS
126,655,185 92.09%
RECAP OF PORTFOLIO PERCENTAGES
Managed
City
Combined
CASH & EQUIVALENTS
1.24%
0.27%
1.51 %
CHECKING / SAVINGS ACCTS
0.00 %
59.32 %
59.32 %
MORTGAGE BACKED SECURITIES
4.13 %
0.00 %
4.13 %
CERTIFICATES OF DEPOSIT
0.00 %
16.66 %
16.66 %
U.S. TREASURY OBLIGATIONS
6.32%
1.59 %
7.91
FEDERAL AGENCIES
10.46 %
0.00 %
10.46 %
OTHER
0.00 %
0.01 %
0.01 %
Total 22.15 %
77.85 %
100.00 %
Page 3
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
First
Community
Dana DB&T Trust US Bank BTC Capital
COST BASIS ANALYSIS
Cost Basis Prior Month
6,209,806
8,038,987
6,433,900
7,351,604
0
Additions:
Interest Earnings
10,631
5,067
11,289
4,434
5,100
Capital Addition
3,769,696
0
0
0
10,016,885
NonCash Activity
0
0
0
0
0
Realized Gains (Losses)
(4,525)
0
(106)
0
0
Total Additions
3,775,802
5,067
11,183
4,434
10,021,985
Subtractions:
Management Fees
(2,605)
(3,510)
(2,055)
(1,535)
0
Custodian Fees
(544)
(619)
(556)
(591)
0
Withdrawal
0
0
0
0
0
Capital Withdrawals
0
0
(6,442,473)
(7,344,108)
0
Total Subtractions
(3,149)
(4,129)
(6,445,084)
(7,346,234)
0
Cost Basis Current Month
9,982,459
8,039,925
(0)
9,805
10,021,985
Net Cash Receipts & (Disbursements)
Ending Cost Basis Balance
9,982,459
8,039,925
(0)
9,805
10,021,985
MARKET VALUE ANALYSIS
Investment Market Value Prior Month (Adjusted for Accrl
6,250,557
8,021,780
6,523,872
7,369,206
0
Investment Market Value Current Month
10,022,660
7,988,165
9,805
10,061,825
Accrued Interest Current Month
18,859
11,812
0
0
24,822
Market Value Adjusted for Accruals
10,041,520
7,999,978
0
9,805
10,086,647
Portfolio Returns (computed by Investment Managers)
Monthly Return Gross of Fees
0.26%
(0.16%)
0.00%
0.00%
Monthly Return Net of Fees
0.24%
(0.10%)
0.00%
0.00%
Total Return Calendar Year to Date - Gross
0.55%
(0.90%)
0.00%
0.00%
Effective Duration in Years
1.12
2.17
N/A
2.20
Market Indices
Average Last
Calendar
Last
Last
Month
Year to Date
12 Months
3 Years
BBgBarc US Trsy Bellwethers Won TR USD
0.01 %
0.03 %
0.12 %
1.51 %
BBgBarc US Govt 1-3 Yr TR USD
-0.03 %
-0.05 %
0.36 %
2.80%
BBgBarc US Govt Interm TR USD
-0.67 %
1
-1.72 %
-1.20 %
3.75 %
BBgBarc US Govt TR USD
-1.51 %
-4.14 %
-4.26 %
4.10%
Current Prime
3.25 %
Total
Managed
Accounts
Month Ending: 03/31/21
Combined
City Finance Total
28,034,298 91,790,926
36,521
84,547
13,786,580
(4,631)
13,818,470
84,547
(9,705)
(2,311)
248
(13,786,580)
(13,798,596)
248
28,054,172
91,875,721
6,725,293
28,054,172
98,601,013
28,165,416
92,835,143
28,082,455
99,444,631
55,494
49,834
28,137,949
99,494,465
119,825,223
121,069
13,786,580
(4,631
13,903,018
(9,705)
(2,311)
248
(13,786,580)
113 7QR 3dR1
6,725,293
126,655,186
121,000,559
127,527,086
105,328
127,632,414
City of Dubuque
Schedule of Certificates of Deposit, Accrued Interest, High Yield Savings Accounts & Unspent Bond Proceeds
As of
March 31. 2021
Certificates of Deposit:
Certificate
Cost
Purchase
Maturity
Interest
Days to
Accrued
Accrued
Number
Institution
Basis
Date
Date
Rate
Maturity
Days
Interest
29 A
DuTrac
M
1,000,000
04/08/20
04/12/21
1.150%
12
357
11,247.95
740593304
MidWestOne
M
500,000
07/14/20
07/14/21
0.450%
105
260
1,602.74
38A
DuTrac
M
400,000
10/14/20
04/15/21
0.380%
15
168
699.62
39A
DuTrac
M
500,000
11/04/20
05/05/21
0.380%
35
147
765.21
40A
DuTrac
M
500,000
12/01/20
06/01/21
0.380%
62
120
624.66
41A
DuTrac
M
500,000
12/07/20
06/07/21
0.300%
68
114
468.49
42A
DuTrac
M
500,000
12/21/20
06/21/21
0.360%
82
100
493.15
44A
DuTrac
M
400,000
01/29/21
07/30/21
0.330%
121
61
220.60
45A
DuTrac
M
400,000
01/29/21
07/30/21
0.330%
121
61
220.60
43A
DuTrac
M
400,000
01/11/21
01/11/22
2.910%
286
79
2,519.34
46A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
48A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
49A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
51A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
53A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
54A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
56A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
59A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
60A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
93A
DuTrac
C
1,000,000
02/01/21
08/02/21
0.360%
124
58
572.05
100
DuTrac
C
1,000,000
03/01/21
08/30/21
0.350%
152
30
287.67
101
DuTrac
C
1,000,000
03/01/21
08/30/21
0.350%
152
30
287.67
102
DuTrac
C
1,000,000
03/01/21
08/30/21
0.350%
152
30
287.67
103
DuTrac
C
1,000,000
03/01/21
08/30/21
0.350%
152
30
287.67
104
DuTrac
C
1,000,000
03/01/21
08/30/21
0.350%
152
30
287.67
219056
DuTrac
M
1,000,000
03/15/21
03/15/22
0.400%
349
16
175.34
Totals
21,100,000
26,196.55
Reserve Funds
Account Ending Face Value Accrued
Number Institution Balance I Interest Rate Interest
2010D DuTrac - CD R 525,200 0.50% 1,302.21
Totals 2,605,200 11,662.32
Totals 2,769,977 11,974.73
Bond Proceed Accounts:
Ending
APR @
Accrued
Bond Issue
Institution
U
Balance*
Month End
Interest*
2012C
DB&T
C
117,429
0.05%
4.65
2012D
DB&T
C
509,898
0.05%
19.56
2012F
MWO
C
299,265
0.75%
81.61
2012H
DB&T
C
21,566
0.55%
0.83
2014B
MWO
C
1,097,879
0.05%
47.40
2014C
MWO
C
122,680
0.60%
9.82
2016C
FB&T
C
1,202,438
0.25%
255.39
2019A
Collins
C
673,104
0.05%
28.67
2019B
Collins
C
253,703
0.05%
10.77
Totals
4,297,962
458.70
(C) = CITY FUNDS (M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R) = RESERVE FUNDS
Account CD Balance
Accrued Interest
DMASWA 6,100,000
19,037.70
City 15,000,000
7,158.85
21,100,000
26,196.55
Weighted Yield: 0.055%
Weighted Maturity in Days: 0.6
Institution % of Total Bond Balance
M W O
35.36
1,519,823.53
DB&T
15.10
648,893.57
FB&T
27.98
1,202,438.22
Collins
21.56
926,807.11
100.00 %
4,297,962
Manager/Custodian Annual Fees Computation
Fiscal YTD - Quarter Ending
March 31, 2021
Investment Managers Managerial Fee Schedule
Dana 0.25% No Tiers
Dubuque Bank & Trust 0.25% No Tiers
First Community Trust 0.25% No Tiers
U.S. Bank
BTC Capital
Midwest One
Bank
0.25% No Tiers
0.25% No Tiers
Custodian fee Schedule
Annual fee of $400 for each account plus...
0.2% on first $1,000,000 of assets for each account
0.15% on next $1,000,000 of assets for each account
0.10% on next $1,000,000 of assets for each account
0.05% on remaining assets for each account
Note: (1) Total market value includes accrued interest.
(2) Fees are listed on an annual basis.
Total Market Value Annual Fees
(1) (2)
$ 10,041,520 $ 25,104
25,104
Avg 0.25%
YTD Actual Fees $ 14,306
$ 7,999,978 $ 20,000
HvIJ. U.LU 70
YTD Actual Fees $ 16,380
Avg #DIV/0!
YTD Actual Fees $ 12,983
$ 9,805 $ 25
$ 25
Avg 0.25%
YTD Actual Fees $ 13,804
$ 10,086,647 $ 25,217
$ 25,217
Avg 0.25%
YTD Actual Fees $ -
28,137,949 $ 1,600
8,000
6,000
4,000
8,069
$ 27,669
Avg 0.10%
YTD Actual Fees $ 20,822
Combined Avg Mgmt & Custodial 0.26%