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Investment Rep - Qtrly, Finance
MEMORANDUM August 12, 2003 TO: FROM: SUBJECT: The Honorable Mayor and City Council Members Michael C. Van Milligen, City Manager June 30, 2003 Quarterly Investment Report Finance Director Ken TeKippe is transmitting the attached June 30, 2003 Quarterly Investment Report. Michael C. Van Milligen MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager Kenneth J. TeKippe, Finance Director CITY OF DUBUQUE, IOWA MEMORANDUM TO: FROM: RE: DATE: Michael Van Milligen, City Manager Kenneth J. TeKippe, Finance Director ~ June 30, 2003 Quarterly Investment Report July 21, 2003 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 April 1, 2003 through June 30, 2003. The repor~ includes: Cash Investments and Investment Earnings Summary for quarter ended June 30, 2003 and fiscal year to date Schedule of City Funds (2 pages) Monthly investment Summary (2 pages) Schedule of Certificates of Deposit (2 pages) 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. KT/jg Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended June 30, 2003 & Fiscal 2002-05 YTD Description Market Value / Unrealized Carrying Including Gain (Loss) / Value Accrued Interest Accrued Interest Deposits, Change & Petty Cash Funds Checking/Savings Accounts Certificates Of Deposit US Tr~sury Securities Corporate Stock Investment Advisor Accounts Total Funds 89,356 89,356 0 6,822,736 6,822,736 0 26,016,291 26,106,032 89,741 0 0 0 10,391 58,734 48,343 24,219,026 25,180~277 961,251 57,~57,800 58,257,~35 ~,099~35 Breakdown Metro Tetal Combined Funds 46,876,497 47,944,857 1,068,360 10,281,303 10,312,278 30,975 57,157,800 58,257,135 1,099,335 Cash Basis Grass Earnings: City Metro Combined Investment Fees: M~o Combined Net Earnings: cb Metro Combined Quarter 406,181 64,354 470,53... (44,824 (246 (45,0701 361,359 64,10i 425,46! Year-To-Date I 1,760,658 201,650 1,962,308 (161,357) (679) 062,036) 1,599,301 200,971 1,800,272 CITY OF DUBUQUE SCHEDULE OF CrI'Y FUNDS FOR MONTH ENDING JUNE 30, 2003 [ MANAGED FUNI~ ] DANA LNVESTMENT ADVISORS, INC.: Cash Mutual Funds (US Government) Certificates Of Deposit US Treasury Obligations Federal Agency Obligations DUBUQUE BANK & TRUST COMPANY: Cash Mutual Funds (US Government) Certificates Of Deposit US Treasua~y Obligations Federal Agency Obligations FIRST COMMUNITY TRUST: Cash Mutual Funds (US Government) Certificates Of Deposit US Treasury Obligations Federal Agency Obligations US BANK: Cash Mutual Funds (US Government) Certificates Of Deposit US Treasury Obligations Federal Agency Obligations PORTFOLIO COMPOSITION PERCENTAGE COST BASIS TOTAL CITY FUNDS PERCENTAGE Total GRAND TOTAL 0.00o/o 0.00 0.80°/$ 49,982.70 0.00o/o 0.00 0.00o/o 0.00 99.20% 6,230,304.51 Total 100.00% 6,280,287.21 10.99% 0.00% 0.00 8.68% 637,848.07 0.00% 0.00 0.00% 0.00 91.32% 6,714,120.84 Total 100.00% 7,351,968.91 12.86% 0.00o/o 0.00 11.09% 335,574.30 0.00% 0.00 0.00% 0.00 88.91% 2,689,113.40 Total 100.00% 3,024,687.70 5.29% 0.00% 0.00 7.04% 532,526.70 1.32°/o 100,000.00 3.99°/0 302,039.06 87.64% 6,627,516.01 100.00% 7,562,081.77 24,219,025.$9 13.23% 42.37% BREAKDOWN BY TYPE OF SECURITY: Cash Mutual Funds (US Government) Certificates Of t)epo~it US Treasury Obligations Federal Agency Obligations TOTAL MANAGED FUNDS 0.00% 0.00 0.00% 6.42% 1,555,931.77 2.72% 0.41% 100,000.00 0.17% 1.25% 302,039.06 0.53% 91.92% 22,261,054.76 38.95% 100.00% 24,219,025.59 42.37% Page 1 CITY OF DUBUQUE SCHEDULE OF crr~ FUNDS FOR MONTH ENDING JUNE 30, 2003 FUNDS TOTAL COST CITY FUNDS BASIS PERCENTAGE CASH Change Funds and Petty Cash Express Scripts & Workers Comp Deposits 9,355.89 80,000.00 Total 89,355.89 0.16% CHECK1NG / SAVINGS ACCOUNTS: American Trust & Savings Bank (Gerund Amedcan Trust & Savings Bank (Am~a's paver-BoM pro--ts) American Trust & Savings Bank (Arav~a's River-¥gSoa lowa) American Trust & Savings Bank 6-loosing Rehab) Dubuque Bank & Trust (O~ltMe,wo/L~ Dubuque Bank & Trust t'Wa~r Tov~f~r US Bank Liberty (u~l~,) Premier 1,690,454.78 3,083,418.90 11,664.40 57,842.36 494,838.66 1,150,821.46 318,945.06 6,081.08 8,669.01 6,822,735.71 11.94% CERTIFICATES OF DEPOSIT: American Trust & Savings Bank Dupaco Community Credit Union Dubuque Bank & Trust Co. East Dubuque Savings Bank US Bank Liberty Bank Premier Bank Total 0.00 0.00 6,000,000.00 8,500,000.00 3,000,000.00 4,016,29t.68 4,500,000.00 26,016,291.68 45.52% U.S. TREASURY OBLIGATIONS CO]~PO][~ATE STOCK (Lyons paony Trust) TOTAL OTHER FUNDS TOTAL Cfl¥ lq~S 0.00 10,390.71 32,938,773.99 57,157,799.58 0.00% 0.02% 57.63% 100.00% IREcAP OF PORTFOLIO PERCENTAGES CASH CHECKING / SAVINGS ACCTS MUTUAL FUNDS (U.S. GOVERNMENT) CERTIFICATES OF DEPOSIT U.S. TREASURY OBLIGATIONS FEDERAL AGENCY OBLIGATIONS CORPORATE STOCK MANAGED FUNDS 0.00% 0.00% 2.72% 0.17% 0.53% 3&95% 0.00% OTHER FUNDS 0.16% I 1.94% 0.00% 45.52% 0.00% 0.00% 0.02% 42.37% 57.63% COMBINED TOTAL 0.16% 11.94% 2.72% 45.69% 0.53% 38.95% 0.02% 100.00% Page 2 COST BASIS ANALYSIS Cost Basis Prior Month Additions: Interest Earnings Realized Oalns (Losses) Capital Deposits Subtractions: Management Fees Custodian Fees Bank Charges Capital Withdrawals Cost Basis Current Month N~ Cash Receipts & (Disbursements) Ending Cost Basis Balance Total Additions Total Subtractions CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: Jun-30-03 First Community Managed Combined Dana DB&T Trust US Bank Accounts City Finance Total 6,264,177.45 7,334,031,45 3,022,995.16 7,533,263,49 24,154,467.55 41,517,777.54 65,672,245.09 22,991.79 21,909.89 6,499.49 29,584.57 80,985.74 121,143.15 202,128.89 (6,295.54) (3,317.55) (4,355.28) (119.58) (14,087.95) 0.00 (14,087.95) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,696,25 18,592.34 2,144,21 29,464.99 66,897.79 121,143,15 188,040.94 0.00 0.00 0,00 0.00 0,00 0.00 0.00 (586.49) (654.88) (451.67) (646.71) (2,339.75) 0.00 (2,339.75) o. oo o.o0 0.0o 0,00 o.o0 (4,486.65) (4,486.65) 0,00 0.00 0.00 0.00 0.00 0.00 0.00 (586.49) (654.88) (451,67) (646.71) (2,339,75) (4,486.65) (6,826.40) 6,280,287.21 7,351,968.91 3,024,687.70 7,562,081,77 24,219,025,59 41,634,434.04 65,853,459.63 0.00 0,00 0.00 0.00 0,00 (8,695,660.05) (8,695,660,05) 6~280r287.21 7t351t968.91 3t024~687.70 7~562~081.77 24~219~025,59 32~938~773.99 87~1fi77799.58 CHANGE IN COST BASIS ADJUSTED FOR ACCRUALS Cost Basis Current Month Plus: Accrued Interest Current Month Less: Accrued Interest Prior Month Cost Basis Adjusted for Accruals 6,280,287,21 7,351,968.91 3,024,687,70 7,562,081.77 24,219,025.59 41,634,434,04 65,853,459.63 34,603,30 87,088.19 16,120.89 52.288,86 190,101.24 89,740.05 279,841.29 (34,043.78) (72,058,60) (14,652.98) (59,126.45) (179,881.81) (140,823.64) (320,705.45) 6~280~846~73 7~366,998.50 3~026fl55.61 7,555~244.18 24,229t245.02 41,583~350.45 65r812~595.47 M.4RKET VALUE ANALYSI$ lnvestmunt Market Value Prior Month Investmeut Market Value Current Month Accrued Interest Current Month Market Value Adjusted for Aecrnals Nat Cash Receipts & (Disbursements) Ending Investment Market Value Adjusted Portfolio Returns Monthly Return Total Ratum Calundar Year to Date 2003 Dana CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY DB&T First Community Trust US Back Managed Accounts Month Ending: City Finance 6,309~757.33 7~989,082.14 3,054fl52.38 7~780,052,26 25,133~644.11 41,706,753.00 6,302,514.95 7,910,821.63 3,041,458.47 7,735,381.i8 24,990,176.23 41,682,777.44 34,603.30 87,088.19 16,120.89 52,288.86 190,101.24 89,740.05 Jun-30-03 Combined Total 66,672,953.67 279,841.29 6,337,118.25 7,997,909.82 3,057,579.36 7,787,670.04 25,180,277,47 41,772,517.49 66,952,794.96 0.00 0.00 0,00 0.00 0.00 (8,695,660.05) (8,695,660.05) 61337,118,25 7~997~909,82 3~057f579.36 7r787~670,04 25~180~277.47 0.42% (0.07%) 0.11% 0.11% 0.14% 1.04% 1.66% 1.19% 1.48% 1.54% 33~076~857.44 $8t2577134.91 Market Indices Average Last 3 Months Average Last 12 Months 90 Day T-BiLls Lehman Aggregate Govt, Bonds Lehman Short Term Govt, Bonds Lehman Intermediate Govt, Bonds Consumer Price Index Current Prime Rate* 0,28% 2.53% 0.77% 1.69% 0.00% 1.41% 11.33% 4.88% 8,62% 2.21oA Calendar Year to Date 0.59% 3.63% 1.45% 2.63% 0.90% 4.00% *Rate asof 06-30-03 City of Dubuque Schedule of Certificates of Deposit As of June 30, 2003 Certificate Purchased Cost Purchase Maturity Last Interest Interest Days to ,Number From Basis Date Date Payment Rate Maturit~ 362014838 US Bank 1,000,000.00 12/13/02 07/01/03 12/13/02 1.300% 1 51706 Liberty (M) 1,000,000.00 12/20/02 07/09/03 12/20/02 1.470% 9 51720 Liberty 1,000,000.00 12/26/02 07/10/03 12/26/02 1.470% 10 51721 Liberty 1,008,825.75 12/26/02 12/11/03 06/25/03 1.770% 164 51729 Liberty 1,007,465.93 12/27/02 11/26/03 06/25/03 1.500% 149 9193 EDSB 1,000,000.00 01/02/03 11/13/03 01/02/03 1.460% 136 349001675 US Bank 1,000,000.00 01/03/03 08/07/03 01/03/03 1.360% 38 9232 EDSB (M) 1,500,000.00 01/10/03 08/07/03 01/10/03 1.410% 38 9258 EDSB 1,000,000.00 01/14/03 08/07/03 01/14/03 1.400% 38 9300 EDSB 1,000,000.00 01/21/03 08/21/03 01/21/03 1.400% 52 501248 DB&T (M) 1,000,000.00 03/27/03 09/25/03 03/27/03 1.270% 87 406068 Premier (M) 1,000,000.00 04/03/03 10/30/03 04/03/03 1.371% 122 505599 DB&T (M) 1,000,000.00 04/09/03 11/20/03 04/09/03 1.310% 143 505634 DB&T 1,000,000.00 04/11/03 07/01/03 04/11/03 1.270% 1 406106 Premier 1,000,000.00 04/16/03 09/18/03 04/16/03 1.315% 80 9670 EDSB 1,000,000.00 04/16/03 12/26/03 04/16/03 1.336% 179 505636 DB&T 1,000,000.00 04/17/03 10/02/03 04/t7/03 1.270% 94 505637 DB&T 1,000,000.00 04/22/03 09/18/03 04/22/03 1.270% 80 406167 Premier 1,000,000.00 05115/03 12/01/03 05/15/03 1.415% 154 9780 EDSB (M) 500,000.00 05/16/03 12/11/03 05/16/03 1.310% 164 349002183 US Bank 1,000,000.00 05/22/03 09/04/03 05/22/03 1.230% 66 505640 DB&T (M) 1,000,000.00 05/22/03 01/08/04 05/22/03 1.270% 192 9800 EDSB 1,000,000.00 05/30/03 12/26/03 05/30/03 1.290% 179 406211 Premier (M) 1,500,000.00 06/05/03 12/11/03 06/05/03 1.310% 164 9861 EDSB (M) 500,000.00 06/25/03 01/29/04 06/25/03 1.360% 213 9862 EDSB (M) 1,000,000.00 06/25/03 02/05/04 06/25/03 1.290% 220 Totals $26,016,291.68 Weighted Yield: 1.364% Weighted Maturity: Accrued Da~s 199 192 186 5 5 179 178 171 167 160 95 88 82 80 75 75 74 69 46 45 39 39 31 25 5 5 103.32 Days Accrued I Interest , 7,087.67 7,732.60 7,490.96 244.61 207.01 7,160.00 6,632.33 9,908.63 6,405.48 6,136.99 3,305.48 3,305.42 2,943.01 2,783.56 2,702.05 2,745.21 2,574.79 2,400.82 1,783.29 807.53 1,314.25 1,356.99 1,095.62 1,345.89 93.15 176.71 $89,740.05 City of ~ ~buque Schedule of Certificates of Deposit As of June 30, 2003 ICon,cate Oescriptions [ Certificate Purchased Interest Number From Rate Interest Terms 362014838 US Bank 07/01/03 1.300% 51706 Metro Liberty (M) 07/09/03 1.470% 51720 Liberty 07/10/03 1.470% 51721 Liberty 12/11/03 1.770% 51729 Liberty 11/26/03 1.500% 9193 EDSB 11/13/03 1.460% 349001675 US Bank 08/07/03 1.360% 9232 Metro EDSB (M) 08/07/03 1.410% 9258 EDSB 08/07/03 1.400% 9300 EDSB 08/21/03 1.400% 501248 Metro DB&T (M) 09/25/03 1.270% 406068 Metro Premier (M) 10/30/03 1.371% 505599 Metro DB&T (M) 11/20/03 1.310% 505634 DB&T 07/01/03 1.270% 406106 Premier 09/18/03 1.315% 9670 EDSB 12/26/03 1.336% 505636 DB&T 10/02/03 1.270% 505637 DB&T 09/18/03 1.270% 406167 Premier 12/01/03 1.415% 9780 Metro EDSB (M) 12/11/03 1,310% 349002183 US Bank 09104/03 1.230% 505640 Metro DB&T (M) 01/08/04 1.270% 9800 EDSB 12/26/03 1.290% 406211 Metro Pmmicr (M) 1:2/11/03 1.310% 9861 Metro EDSB (M) 01/29/04 1.360% 9862 Metro EDSB (M) 02/05/04 1.290% Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings added to principal semi-annually. Earnings added to principal semi-annually. Earnings credited at maturity, Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings added to principal semi-annually. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Haraings credited at maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity, Earnings added to principal semi-annually. Earnings credited ut maturity. Earnings credited at maturity. Earnings credited at maturity. Earnings credited at maturity.