Quaterly Investment Report, December 31, 2010Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: December 31, 2010 Quarterly Investment Report
DATE: February 1, 2011
Finance Director Ken TeKippe is transmitting the attached December 31, 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
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Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
RE: December 31, 2010 Quarterly Investment Report
DATE: January 27, 2011
INTRODUCTION
DISCUSSION
REQUESTED ACTION
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Enclosures
This report covers the period from October 1, 2010 through December 31, 2010.
This report is for your review and filing with the Honorable Mayor and City Council.
Dubuque
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2007
The Finance Department is submitting the quarterly investment report as prescribed
within the City of Dubuque Investment Policy Section 17.0 "Reporting."
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended December 31, 2010 and fiscal year to date
Schedule of City Funds
Monthly Investment Summary
Schedule of Certificates of Deposit and 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.
Quarter
Year -To -Date
175,720
352,402
9,351
83,253
185,071
435,655
30,535
56,820
690
825
31,225
57,645
145,185
295,582
8,661
82,428
153,846
378,010
Description
Carrying
Value
Market Value /
Including
Accrued Interest
Unrealized
Gain (Loss) /
Accrued Interest
Deposits, Change & Petty Cash Funds
Checking /Savings Accounts
Certificates Of Deposit
US Treasury Securities
Corporate Stock
Investment Advisor Accounts
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
CITY OF DUBUQUE
Cash, Investments and Investment Earnings Summary
For The Quarter Ended December 31, 2010 & Fiscal 2011 YTD
95,384
28, 585, 948
9,900,000
2,01 5,125
61,985
26, 615, 061
67,273,503
56, 779, 508
10, 493, 995
67,273,503
95,384
28, 590, 660
9,911,986
2,267,212
121,596
26, 710, 254
67, 697, 092
57,191,111
10, 505, 980
67,697,092
4,712
11,986
252,087
59,610
95,194
423,589
411,603
11,986
423,589
City Managed Funds
CASH
Change and Petty Cash Funds
Prescriptions & Workers Comp Deposits
CHECKING / SAVINGS ACCOUNTS:
American Trust & Savings Bank (General & Health)
American Trust & Savings Bank (Housing Rehab & Section 8)
Dubuque Bank & Trust (General /Metro /Leisure)
Dubuque Bank & Trust (CommVlnd Bldg Rehab & Econ Dev)
Dubuque Bank & Trust (Cable Franchise Equipment Fund)
US Bank (GeneraVAmbulance)
Premier (Utility)
Liberty (utility)
East Dubuque Savings Bank (utility)
State Central (Utility)
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
Dec 10
Total
Total
Total
Total
Page 1
TOTAL
COST CITY FUNDS
BASIS PERCENTAGE
10,384
85,000
95,384
337,529
142,378
1,213,373
113,143
162,640
27,584
9,730
13,855
18,092
4,017
2,042,343
480,680
6,386,861
1,673,377
2,633,648
2,398,000
2,738,908
2,233,372
18, 544, 845
5,000,000
2,900,000
2,000,000
9,900,000
6,072,696
1,519,226
7,591,922
PORT OF DUBUQUE PARKING RAMP
Project Construction Fund DB &T (Bond Proceeds) 406,838
Debt Service Reserve U.S. Treasury Obligations (Bond Proceeds) 2,015,125
Total 2,421,963
CORPORATE STOCK (Lyons Peony Trust) 11,514
Grandview /Rockdale Park Stock Donation - sold in Jan 50,471
Total 61,985
TOTAL OTHER FUNDS 40,658,442
FY11
0.1%
3.0%
27.6%
14.7%
11.3%
0.6%
3.0%
3.6%
0.0%
0.1%
60.4%
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
Dec 10
Total
Total
Total
Total
GRAND TOTAL
Page 2
FY11
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
PERCENTAGE BASIS PERCENTAGE
0.4% 27,421
23.7% 1,478,906
0.0%
75.8% 4,729,411
100.0% 6,235,738 9.3%
1.7% 133,950
98.3% 7,800,013
0.0%
0.0%
100.0% 7,933,963 11.8%
18.1% 913,229
0.0%
81.0% 4,074,239
0.9% 44,456
100.0% 5,031,925 7.5%
4.7% 345,719
0.0%
95.1% 7,050,305
0.2% 17,412
100.0% 7,413,435 11.0%
26,615,061 39.6%
BREAKDOWN BY TYPE OF SECURITY:
Cash 5.3% 1,420,319 2.1%
Mortgage Backed Securities 18.0% 4,791,278 7.1%
US Treasury Obligations 34.9% 9,278,919 13.8%
US Agency Obligations 41.8% 11,124,544 16.5%
TOTAL FINANCIAL ADVISOR MANAGED FUNDS 100.0% 26,615,061 39.6%
67,273, 503 100.0%
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH 2% 0% 2%
CHECKING / SAVINGS ACCTS 0% 43% 43%
MORTGAGE BACKED SECURITIES 7% 0% 7%
CERTIFICATES OF DEPOSIT 0% 15% 15%
U.S. TREASURY OBLIGATIONS 14% 3% 17%
FEDERAL AGENCY OBLIGATIONS 17% 0% 17%
Total 40% 60% 100%
COST BASIS ANALYSIS
Cost Basis Prior Month
Additions:
Interest Earnings
Realized Gains (Losses)
Capital Deposits
Subtractions:
Management Fees
Custodian Fees
Bank Charges
Capital Withdrawals
Cost Basis Current Month
Net Cash Receipts & (Disbursements)
Ending Cost Basis Balance
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
Market Indices
Total Additions
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
Month Ending: 12/31/10
First
Community Managed Combined
Dana DB &T Trust US Bank Accounts City Finance Total
6,228,603.36 7,937,032.82 5,018,924.64 7,400,538.40 26,585,099.22 45,907,826.67 72,492,925.89
8,546.63 (245.91) 11,424.40 15,578.79 35,303.91 21,757.72 57,061.63
(865.78) 3,523.64 (5.13) 2,652.73 2,652.73
0.00 0.00
7,680.85 (245.91) 14,948.04 15,573.66 37,956.64 21,757.72 59,714.36
0.00 (2,207.22) (1,456.16) (2,080.01) (5,743.39) (5,743.39)
(546.16) (616.97) (492.02) (596.77) (2,251.92) (2,251.92)
(471.47) (471.47)
0.00 0.00
Total Subtractions (546.16) (2,824.19) (1,948.18) (2,676.78) (7,995.31) (471.47) (8,466.78)
6,235,738.05 7,933,962.72 5,031,924.50 7,413,435.28 26,615,060.55 45,929,112.92 72,544,173.47
(5,270,670.57) (5,270,670.57)
6,235,738.05 7933,962.72 5,031,924.50 7,413,435.28 26,615,060.55 40,658,442.35 67,273,502.90
Investment Market Value Prior Month (Adjusted for Accruals) 6,310,880.22 8,003,267.30 5,022,589.74 7,514,645.58 26,851,382.84 46,269,336.50 73,120,719.34
6,284,845.89 7,875,788.18 4,959,225.14 7,456,496.56 26,576,355.77 40,934,016.32 67,510,372.09
34,128.68 48,139.70 28,611.39 23,018.73 133,898.50 52,821.26 186,719.76
6,318,974.57 7,923,927.88 4,987,836.53 7,479,515.29 26,710,254.27 40,986,837.58 67,697,091.85
0.28% (0.96 %) (0.90 %) (0.43 %)
2.84% 3.03%
1.65% 1.75%
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
0.02%
(1.62 %)
(0.17 %)
(1.34 %)
(0.50 %)
3.25%
0.13%
5.52%
2.40%
4.98%
1.39%
0.13%
5.52%
2.40%
4.98%
1.39%
0.79%
5.07%
3.47%
4.94%
1.37%
" Returns prior to fees
Certificates of Deposit:
Certificate
Number
Institution
Cost
Basis
Purchase
Date
Maturity
Date
Interest
Rate
Days to
Maturity
Accrued
Days
Accrued
Interest
1168517/2 AT &S M 1,000,000 11/24/10 05/26/11 0.420% 146 37 425.75
1168517/2 AT &S M 1,000,000 12/09/10 06/09/11 0.430% 160 22 259.18
1959 DB &T M 1,000,000 12/16/10 06/16/11 0.430% 167 15 176.71
236402 Liberty M 1,000,000 07/15/10 01/13/11 0.550% 13 169 2,546.58
1168517/5 AT &S M 1,000,000 07/22/10 01/20/11 0.390% 20 162 1,730.96
236872 Liberty M 1,000,000 08/05/10 02/03/11 0.520% 34 148 2,108.49
1168517/6 AT &S M 1,000,000 08/19/10 02/17/11 0.540% 48 134 1,982.47
1842 DB &T M 1,000,000 09/09/10 03/10/11 0.390% 69 113 1,207.40
901857 DB &T M 900,000 09/30/10 03/31/11 0.430% 90 92 975.45
1168517/2 AT &S M 1,000,000 11/10/10 05/12/11 0.410% 132 51 572.88
671460
44444116
Totals
Weighted Yield: 0.451%
Weighted Maturity in Days: 87.9
High Yield Savings Accounts
DB &T
EDSB
City of Dubuque
Schedule of Certificates of Deposit and Accrued Interest
As of
December 31, 2010
9,900,000
6,072,696
1,519,226
7,591,922
0.750%
1.000%
(M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY
11,985.87
Account CD Balance Accrued Interest
DMASWA 9,900,000 11,985.87
City 0 0.00
9,900,000 11,985.87
Account
Number
Institution
Ending
Balance
APR
Month End
Accrued
Interest
3,421.34
1,290.30
4,711.64