Quarterly Investment Report September 30, 2010Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: September 30, 2010 Quarterly Investment Report
DATE: November 8, 2010
Finance Director Ken TeKippe is transmitting the attached September 30, 2010
Quarterly Investment Report.
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Michel C. Van Milligen
Dubuque
hfrd
Al- AmdicaCityi
1111 f
2007
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
RE: September 30, 2010 Quarterly Investment Report
DATE: October 28, 2010
INTRODUCTION
DISCUSSION
G
Dubuque
M- Amcdca City
2007
The Finance Department is submitting the quarterly investment report as prescribed
within the City of Dubuque Investment Policy Section 17.0 "Reporting."
This report covers the period from July 1, 2010 through September 30, 2010.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended September 30, 2010 and fiscal year to date
Schedule of City Funds
Monthly Investment Summary
Schedule of Accrued Interest
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
Quarter
Year -To -Date
241,605
1,241,563
8,978
87,347
250,584
1,328,910
26,285
129,066
135
584
26,420
129,650
215,320
1,112, 497
8,843
86,763
224,164
1,199, 260
Description
Carrying
Value
Market Value / Unrealized
Including Gain (Loss) /
Accrued Interest Accrued Interest
Deposits, Change & Petty Cash Funds
Checking /Savings Accounts
Certificates Of Deposit
US Treasury Securities
Corporate Stock
Investment Advisor Accounts
Total Funds
City
Metro
Total Combined Funds
Cash Basis
Gross Earnings:
City
Metro
Combined
Investment Fees:
City
Metro
Combined
Net Earnings:
City
Metro
Combined
CITY OF DUBUQUE
Cash, Investments and Investment Earnings Summary
For The Quarter Ended September 30, 2010 & Fiscal 2011 YTD
Breakdown
95,944
30,170, 388
10, 700, 000
2,015,125
11,514
26, 519, 931
69,512,902
58,450,448
11, 062, 454
69,512,902
95,944
30,171, 706
10, 709, 900
2,437,566
67,131
26, 873, 452
70,355,699
59, 283, 345
11, 072, 354
70,355,699
1,318
9,900
422,441
55,617
353,521
842,797
832,897
9,900
842,797
City Managed Funds
CASH
Change and Petty Cash Funds
Prescriptions & Workers Comp Deposits
CHECKING / SAVINGS ACCOUNTS:
American Trust & Savings Bank (General & Health) 288,370
American Trust & Savings Bank (Housing Rehab & Section 8) 183,915
Dubuque Bank & Trust (GeneraVMetro/Leisure) 901,245
Dubuque Bank & Trust (CommVlnd Bldg Rehab & Econ Dev) 110,678
Dubuq Bank & Trust (Cable Franchise Equipment Fund) 153,092
US Bank (GeneraVAmbulance) 21,305
Premier (utility) 7,303
Liberty (utility) 9,951
East Dubuque Savings Bank (utility) 13,425
State Central (utility) 4,017
BBVA Compass
BOND PROCEEDS:
DB &T Series 2009A
DB &T Series 2009B
AT &S Series 2010A
AT &S Series 2010B
AT &S Series 2010C
Liberty Bank Series 2010D
Capital Loan Notes -US Bank Series 2010F
CERTIFICATES OF DEPOSIT:
American Trust & Savings Bank
Dubuque Bank & Trust
Liberty Bank
HIGH YIELD SAVINGS ACCOUNTS
Dubuque Bank & Trust (Premium Savings)
East Dubuque Savings Bank (Advantage savings)
City of Dubuque
Schedule of City Funds
Sept '10
Total
Total
Total
Total
PORT OF DUBUQUE PARKING RAMP
Project Construction Fund DB &T (Bond Proceeds) 557,748
Debt Service Reserve u.s. Treasury obligations (Bond Proceeds) 2,015,125
Total 2,572,873
CORPORATE STOCK (Lyons Peony Trust) 11,514
TOTAL OTHER FUNDS 42,992,971 61.9%
Page 1
TOTAL
COST CITY FUNDS
BASIS PERCENTAGE
10,944
85,000
95,944
523,188
7,915,946
3,775,754
2,648,510
2,811,944
3,515,573
2,850,000
24,040,914
5,800,000
1,900,000
3,000,000
3,361,804
516,623
3,878,427
FY11
0.1 %
1,693,299 2.4%
34.6%
10, 700, 000 15.4%
5.6%
0.8%
2.9%
3.7%
0.0%
FINANCIAL ADVISORS MANAGED FUNDS
DANA INVESTMENT ADVISORS, INC:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
DUBUQUE BANK & TRUST:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
FIRST COMMUNITY TRUST:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
US BANK:
Cash and Equivalents
US Treasury Obligations
US Agencies
Mortgaged Backed Securities
TOTAL CITY FUNDS
City of Dubuque
Schedule of City Funds
Sept. '10
Total
Total
Total
Total
GRAND TOTAL
Page 2
FY11
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
PERCENTAGE BASIS PERCENTAGE
0.6% 38,448
20.5% 1,266,941
0.0%
78.9% 4,884,594
100.0% 6,189, 983 8.9%
40.3% 3,199,902
59.7% 4,744,950
0.0%
0.0%
100.0% 7,944,853 11.4%
29.3% 1,469,108
0.0%
69.7% 3,488,410
1.0% 49,830
100.0% 5,007,347 7.2%
17.3% 1,274,858
0.0%
82.5% 6,083,752
0.3% 19,137
100.0% 7,377,748 10.6%
26,519,931 38.1%
BREAKDOWN BY TYPE OF SECURITY:
Cash 22.6% 5,982,316 8.6%
Mortgage Backed Securities 18.7% 4,953,561 7.1%
US Treasury Obligations 22.7% 6,011,892 8.6%
US Agency Obligations 36.1% 9,572,162 13.8%
TOTAL FINANCIAL ADVISOR MANAGED FUNDS 100.0% 26,519,931 38.2%
69,512,903 100.0%
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH 9% 0% 9%
CHECKING / SAVINGS ACCTS 0% 43% 43%
MORTGAGE BACKED SECURITIES 7% 0% 7%
CERTIFICATES OF DEPOSIT 0% 15% 15%
U.S. TREASURY OBLIGATIONS 9% 3% 12%
FEDERAL AGENCY OBLIGATIONS 14% 0% 14%
Total 38% 62% 100%
Additions:
Interest Earnings
Realized Gains (Losses)
Capital Deposits
Subtractions:
Management Fees
Custodian Fees
Bank Charges
Capital Withdrawals
MARKET VALUE ANALYSIS
Investment Market Value Current Month
Accrued Interest Current Month
Market Value Adjusted for Accruals
Portfolio Returns" (computed by Investment Managers)
Monthly Return
Total Return Calendar Year to Date 2010
Marketlndlce4
Total Subtractions
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
Month Ending: 09/30/10
First
Community Managed Combined
Dana DB &T Trust US Bank Accounts City Finance Total
COST BASIS ANALYSIS
Cost Basis Prior Month 6,692,835.38 7,927,929.04 4,502,482.55 7,370,423.27 26,493,670.24 35,490,737.03 61,984,407.27
13,062.78 20,341.70 (10,686.88) 10,615.23 33,332.83
5,115.51 (217.92) (5.24) 4,892.35
518,000.00 518,000.00
Total Additions 18,178.29 20,341.70 507,095.20 10,609.99 556,225.18
(1,899.02)
(1,131.59)
(518,000.00)
(521,030.61)
(2,184.61) . (1,317.28) (2,070.25) (7,471.16)
(1,233.22) (913.00) (1,215.39) (4,493.20)
(518,000.00)
(3,417.83) (2,230.28) (3,285.64) (529,964.36)
12,100.03 45,432.86
4,892.35
518,000.00
12,100.03 568,325.21
(7,471.16)
(4,493.20)
(585.31) (585.31)
(518,000.00)
(585.31) (530,549.67)
Cost Basis Current Month 6,189,983.06 7,944,852.91 5,007,347.47 7,377,747.62 26,519,931.06 35,502,251.75 62,022,182.81
Net Cash Receipts & (Disbursements) 7,490,719.71 7,490,719.71
Ending Cost Basis Balance 6,189,983.06 7,944,852.91 5,007,347.47 7,377,747.62 26,519,931.06 42,992,971.46 69,512,902.52
Investment Market Value Prior Month (Adjusted for Menials) 6,781,601.91 8,024,144.33 4,526,669.52 7,503,561.17 26,835,976.93 36,033,317.75 62,869,294.68
6,251,977.65 8,015,086.48 5,023,520.25 7,476,391.21 26,766,975.59 43,458,988.20 70,225,963.79
27,428.51 9,868.93 31,052.25 38,126.71 106,476.40 23,259.42 129 735.82
6,279,406.16 8,024,955.41 5,054,572.50 7,514,517.92 26,873,451.99 43,482,247.62 70,355,699.61
0.34% 0.04% 0.24% 0.19%
2.20% 4.26% 3.52% 2.09%
Average Last Last Calendar Last
Month 12 Months Year to Date 3 Years
90 Day T -Bills
Lehman Aggregate Govt. Bonds
Lehman Short Term Govt. Bonds
Lehman Intermediate Govt. Bonds
Consumer Price Index*
Current Prime Rate
0.00%
0.05%
0.18%
0.27%
0.27%
3.25%
0.13%
6.97%
2.62%
6.19%
1.20%
0.09%
8.05%
2.53%
0.07%
0.43%
1.13%
7.20%
4.30%
6.65%
1.65%
" Retums prior to fees
Certificates of Deposit:
Certificate
Number
Institution
Cost
Basis
Purchase
Date
Maturity
Date
Interest
Rate
Days to
Maturity
Accrued
Days _
Accrued
Interest
1168517/3 AT &S M 1,000,000 05/26/10 11/24/10 0.380% 55 127 1,322.19
1168517/4 AT &S M 1,000,000 06/11/10 12/09/10 0.400% 70 111 1,216.44
236032 Liberty M 1,000,000 06/17/10 12/16/10 0.320% 77 105 920.55
236402 Liberty M 1,000,000 07/15/10 01/13/11 0.550% 105 77 1,160.27
1168517/5 AT &S M 1,000,000 07/22/10 01/20/11 0.390% 112 70 747.95
236872 Liberty M 1,000,000 08/05/10 02/03/11 0.520% 126 56 797.81
1168517/6 AT &S M 1,000,000 08/19/10 02/17/11 0.540% 140 42 621.37
1842 DB &T M 1,000,000 09/09/10 03/10/11 0.390% 161 21 224.38
901857 DB &T M 900,000 09/30/10 03/31/11 0.430% 182 0 0.00
231979 AT &S M 800,000 04/29/10 10/28/10 0.390% 28 154 1,316.38
1168517/2 AT &S M 1,000,000 05/13/10 11/10/10 0.410% 41 140 1,572.60
High Yield Savings Accounts
671460
44444116
Totals 10,700,000 9,899.94
Weighted Yield: 0.430%
Weighted Maturity in Days: 100.3
Account
Number
Institution
Ending
Balance
APR @
Month End
Accrued
Interest
DB &T
EDSB
City of Dubuque
Schedule of Certificates of Deposit and Accrued Interest
As of
September 30, 2010
3,361,804
516,623
3,878,427
0.750%
1.070%
(M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY
Account CD Balance Accrued Interest
DMASWA 10,700,000 9,899.94
City 0 0.00
10, 700, 000 9,899.94
1,318.23
0.00
1,318.23