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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