September 30, 2021 Quarterly Investment ReportCity of Dubuque
City Council Meeting
Consent Items # 4.
Copyrighted
November 15, 2021
ITEM TITLE: September 30, 2021 Quarterly Investment Report
SUMMARY: City Manager transmitting the September 30, 2021 Quarterly Investment
Report.
SUGGESTED Suggested Disposition: Receive and File
DISPOSITION:
ATTACHMENTS:
Description Type
Quarterly Investment Report-MVM Memo City Manager Memo
Memo 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
Interest
Manager/Custodian Annual Fees Computation Supporting Documentation
THE C
DUjIBQTE
Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: September 30, 2021 Quarterly Investment Report
DATE: October 27, 2021
Dubuque
WAWca 914
ii
2007-2012.2013
2017*2019
Director of Finance and Budget Jennifer Larson is transmitting the September 30, 2021
Quarterly Investment Report.
v
Mic ael C. Van Milligen
MCVM:jh
Attachment
CC' Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jenny Larson, Director of Finance and Budget
Dubuque
THE CITY OF
AII•America City
DUB E
13
Masterpiece on the Mississippi Zoo�.o
�P pp 2017*20*2019
TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Director of Finance and Budget
RE: September 30, 2021 Quarterly Investment Report
DATE: October 27, 2021
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, 2021 through September 30, 2021.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended September 30, 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 September 30, 2021 And Fiscal Year To Date
Market Value /
Carrying
Including
Description
Value
Accrued Interest
Change & Petty Cash Funds
342,711
342,711
Checking/Savings Accounts
87,136,985
87,136,985
Unspent Bond Proceeds
8,530,958
8,530,958
Certificates Of Deposit
21,100,005
21,121,506
US Treasury Securities
2,015,125
2,857,751
Corporate Stock (EB Lyons Trust)
11,514
98,645
Investment Advisor Accounts
28,143,582
28,220,343
Reserve Accounts
2,605,200
2,611,956
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
21,501
842,626
87,131
76,761
6,756
149,886,080 150,920,855 1,034,775
135,669,482
14,216,598
136,689,244
14,231,610
1,019,763
15,012
149,886,080
150,920,855
1,034,775
Quarter
Year -To -Date
138,370
3,911
138,370
3,911
142,281
142,281
14,213
274
14,213
274
14,486
14,486
124,158
3,637
124,158
3,637
127,795
127,795
CITY MANAGED FUNDS
CASH:
Change and Petty Cash Funds
Health Fund Deposit
Prescription Fund 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)
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 2012C
DB&T Series 2012D
MWO Series 2012F
DB&T Series 2012H
MWO Series 2014B
MWO Series 2014C
Fidelity Series 2016C
Collins CCU Series 2019A
Collins CCU Series 2019B
MWO Series 2021A
MWO Series 2021B
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
City of Dubuque
Schedule of City Funds
As of
September 30, 2021
COST
BASIS
TOTAL
CITY FUNDS
PERCENTAGE
16,711
240,000
75,000
1,000
10,000
342,711
0.23%
15,506,363
650,734
37,691,652
1,123, 765
19,140
30,639
150,141
30,475,752
1,488, 798
87,136,985
58.14%
590,696
474,232
254,642
21,571
668,638
73,211
1,161,148
529,579
253,756
3,198,493
1,304,991
8,530,958
5.69%
4,080,000
0
0
0
17,020,005
0
0
0
21,100,005
14.08%
2,015,125
2,015,125
1.34%
2,080,000
525,200
2,605,200
1.74%
11,514
11,514
0.01%
121,742,497
81.22%
Page 1
City of Dubuque
Schedule of City Funds
As of
Septep kr4 ?? ,Lf821
TOTAL
COMPOSITION
COST
CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS
PERCENTAGE
BASIS
PERCENTAGE
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents
5.2%
524,041
US Treasury Obligations
0.0%
0
US Agencies
44.4%
4,446,358
Mortgaged Backed Securities
50.4%
5,043,624
Total
100.0%
10,014,024
6.68%
DUBUQUE BANK & TRUST:
Cash and Equivalents
0.4%
34,753
US Treasury Obligations
99.6%
8,020,224
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Unsettled Trades
0.0%
0
Total
100.0%
8,054,977
5.37%
FIRST COMMUNITY TRUST:
Cash and Equivalents
0.0%
0
US Treasury Obligations
0.0%
0
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Total
0.0%
0
0.00%
US BANK:
Cash and Equivalents
0.0%
0
US Treasury Obligations
0.0%
0
US Agencies
0.0%
0
Mortgaged Backed Securities
0.0%
0
Total
0.0%
0
0.00%
BTC CAPITAL:
Cash and Equivalents
0.7%
73,722
US Treasury Obligations
0.0%
0
US Agencies
99.1 %
9,986,167
Mortgaged Backed Securities
0.0%
14,693
Total
99.9%
10,074,582
6.72%
TOTAL FINANCIAL ADVISORS MANAGED FUNDS
28,143,582
12.06%
BREAKDOWN BY TYPE OF SECURITY:
Cash & Equivalents
2.2%
632,516
US Treasury Obligations
28.5%
8,020,224
US Agencies
51.3%
14,432,525
Mortgage Backed Securities
18.0%
5,058,317
Unsettled Trades
0.0%
0
Total
100.0%
28,143, 582
TOTAL CITY FUNDS
149,886,079 93.28%
RECAP OF PORTFOLIO PERCENTAGES
Managed
City
Combined
CASH & EQUIVALENTS
0.42%
0.23%
0.65%
CHECKING / SAVINGS ACCTS
0.00%
65.57 %
65.57%
MORTGAGE BACKED SECURITIES
3.37%
0.00%
3.37%
CERTIFICATES OF DEPOSIT
0.00%
14.08%
14.08%
U.S. TREASURY OBLIGATIONS
5.35%
1.34%
6.70
FEDERAL AGENCIES
9.63%
0.00%
9.63%
OTHER
0.00%
0.01 %
0.01 %
Total 18.78%
81.22%
100.00%
Page 2
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
First
Community
Dana DB&T Trust US Bank BTC Capital
COST BASIS ANALYSIS
Cost Basis Prior Month
10,006,758
8,054,915
(0)
0
10,069,405
Additions:
Interest Earnings
12,098
2,069
0
0
5,864
Capital Addition
0
0
0
0
0
NonCash Activity
0
0
0
0
0
Realized Gains (Losses)
(4,414)
0
0
0
(104)
Total Additions
7,684
2,069
0
0
5,759
Subtractions:
Management Fees
0
(1,672)
0
0
0
Custodian Fees
(419)
(335)
0
0
(423)
Withdrawal
0
0
0
0
0
Capital Withdrawals
0
0
0
0
(159)
Total Subtractions
(419)
(2,008)
0
0
(583)
Cost Basis Current Month
10,014,024
8,054,977
(0)
0
10,074,582
Net Cash Receipts & (Disbursements)
Ending Cost Basis Balance
10,014,024
8,054,977
(0)
0
10,074,582
MARKET VALUE ANALYSIS
Investment Market Value Prior Month (Adjusted for Accrl
10,066,334
8,058,620
0
0
0
Investment Market Value Current Month
10,048,105
8,022,598
0
0
10,096,422
Accrued Interest Current Month
13,885
14,036
0
25,297
Market Value Adjusted for Accruals
10,061,991
8,036,633
0
0
10,121,719
Portfolio Returns (computed by Investment Managers)
Monthly Return Gross of Fees
0.01%
0.04%
0.00%
0.00%
Monthly Return Net of Fees
(0.01%)
0.06%
0.00%
0.00%
Total Return Calendar Year to Date - Gross
0.79%
1.13%
0.00%
0.00%
Effective Duration in Years
1.07
2.38
N/A
N/A
Market Indices
Average Last
Calendar
Last
Last
Month
Year to Date
12 Months
3 Years
BBgBarc US Trsy Bellwethers Won TR USD
0.00%
0.04 %
0.07 %
1.19 %
BBgBarc US Govt 1-3 Yr TR USD
-0.10 %
-0.02 %
0.15%
2.67 %
BBgBarc US Govt Interm TR USD
-0.60%
1
-1.12%
-1.33%
3.98%
BBgBarc US Govt TR USD
-1.06%
-2.42%
-3.20%
4.88%
Current Prime
3.25%
Total
Managed
Accounts
Month Ending: 09/30/21
Combined
City Finance Total
28,131,079 116,959,794
20,031
16,228
0
(4,518)
15,512
16,228
(1,672)
(1,177)
(324)
(159)
(3,009)
(324)
28,143, 582
116, 975, 698
4,766,799
28,143,582
121,742,497
0 28,305,398
28,167,125 122,672,253
53,218 40,560
28, 220, 343 122, 712, 813
145,090,872
36,259
0
(4,518
31,740
(1,672)
(1,177)
(324)
(159)
I� aa�t
4,766,799
149,886,079
0
150,639,378
93,778
150,933,156
City of Dubuque
Schedule of Certificates of Deposit, Accrued Interest, High Yield Savings Accounts & Unspent Bond Proceeds
As of
September 30, 2021
Certificates of Deposit:
Certificate
Cost
Purchase
Maturity
Interest
Days to
Accrued
Accrued
Number
Institution
L)
Basis
Date
Date
Rate
Maturity
Days
Interest
43A
DuTrac
M
400,000
01/11/21
01/11/22
2.910%
103
262
8,355.29
219056
DuTrac
M
1,000,000
03/15/21
03/15/22
0.400%
166
199
2,180.82
106
DuTrac
M
1,000,000
04/12/21
10/11/21
0.300%
11
171
1,405.48
107
DuTrac
M
400,000
04/15/21
10/14/21
0.290%
14
168
533.92
740605232
MidWestOne
M
500,000
05/05/21
11/03/21
0.260%
34
148
527.12
740606040
MidWestOne
M
500,000
06/01/21
11/30/21
0.240%
61
121
397.81
740606304
MidWestOne
M
500,000
06/07/21
12/06/21
0.280%
67
115
441.10
BBBB
DuTrac
M
500,000
06/21/21
12/20/21
0.300%
81
101
415.07
740593304A
MidWestOne
M
500,000
07/14/21
01/12/22
0.300%
104
78
320.55
109
DuTrac
M
400,000
07/30/21
02/02/22
0.320%
125
62
217.42
110
DuTrac
M
400,000
07/30/21
02/02/22
0.320%
125
62
217.42
111
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
112
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
113
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
114
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
115
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
116
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
117
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
118
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
119
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
120
DuTrac
C
1,000,000
08/02/21
02/01/22
0.320%
124
59
517.26
121
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
151
31
263.29
122
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
151
31
263.29
123
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
151
31
263.29
124
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
151
31
263.29
125
DuTrac
C
1,000,000
08/30/21
02/28/22
0.310%
151
31
263.29
Totals
21,100,000
21,501.05
Reserve Funds
Account Ending Face Value Accrued
Number Institution Balance I Interest Rate Interest
201 OD DuTrac - CD R 525,200 0.50% 2,618.81
Totals 2,605,200 6,756.02
Totals 2,857,751 12,303.02
Bond Proceed Accounts:
Ending
APR @
Accrued
Bond Issue
Institution
U
Balance'
Month End
Interest`
2012C
DB&T
C
590,724
0.05%
28.06
2012D
DB&T
C
474,252
0.05%
20.14
2012F
MWO
C
254,706
0.75%
64.18
2012H
DB&T
C
21,572
0.55%
0.92
2014E
MWO
C
668,664
0.05%
30.10
2014C
MWO
C
73,214
0.60%
3.19
2016C
FB&T
C
1,161,148
0.25%
-
2019A
Collins
C
530,352
0.05%
23.26
2019B
Collins
C
253,767
0.05%
10.43
2021A
MWO
C
3,206,096
0.00%
7,602.78
2021B
MWO
C
1,310,364
0.00%
5,373.12
Totals
8,544,859
13,156.18
(C) = CITY FUNDS (M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R) = RESERVE FUNDS
Account CD Balance
Accrued Interest
DMASWA 6,100,000
15,012.00
City 15,000,000
6,489.05
21,100,000
21,501.05
Weighted Yield: 0.364%
Weighted Maturity in Days: 118.1
Institution % of Total Bond Balance
MWO
24.74
996,584.35
DB&T
26.97
1, 086, 547.64
FB&T
28.82
1,161,147.93
Collins
19.46
784,118.38
100.00%
4,028,398
Manager/Custodian Annual Fees Computation
Fiscal YTD - Quarter Ending
September 30, 2021
Investment Managers Managerial Fee Schedule
Dana 0.25% No Tiers
Dubuque Bank & Trust 0.25% No Tiers
BTC Capital
Midwest One
Bank
0.25% No Tiers
Total Market Value Annual Fees
(1) (2)
$ 10,061,991 $ 25,155
25,155
Avg
0.25%
YTD Actual Fees
$
5,221
$ 8,036,633
$
20,092
$
20,092
Avg
0.25%
YTD Actual Fees
$
6,675
$ 10,121,719
$
25,304
$
25,304
Avg
0.25%
YTD Actual Fees
$
1,000
Custodian fee Schedule
Annual fee of $400 for each account plus... 28,220,343 $ 1,600
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 8,110
$ 27,710
Avg 0.10%
YTD Actual Fees $ 3,527
Combined Avg Mgmt & Custodial 0.26%
Note: (1) Total market value includes accrued interest.
(2) Fees are listed on an annual basis.