Quarterly Investment Reports 3 31 11Masterpiece on the Mississippi
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: March 31, 2011 Quarterly Investment Report
DATE: April 29, 2011
Dubuque
bitil
All- America City
1 1 i r
2007
Finance Director Ken TeKippe is transmitting the attached March 31, 2011 Quarterly
Investment Report.
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
Michael C. Van Milligen
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
RE:
DATE: April 29, 2011
INTRODUCTION
DISCUSSION
REQUESTED ACTION
KT /jg
Enclosures
March 31, 2011 Quarterly Investment Report
This report covers the period from January 1, 2011 through March 31, 2011.
Dubuque
Wail
All- America City
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 March 31, 2011 and fiscal year to date
This report is for your review and filing with the Honorable Mayor and City Council.
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.
City Managed Funds
City of Dubuque
Schedule of City Funds
Mar 11
CASH:
Change and Petty Cash Funds 10,404
Health Fund Deposit 150,000
Prescription & Workers Comp Deposits 85,000
Total 245,404
CHECKING / SAVINGS ACCOUNTS:
American Trust & Savings Bank (General) 52,703
American Trust & Savings Bank (Housing Rehab & Section 8) 86,090
Dubuque Bank &Trust (General /Metro /Leisure) 1,220,709
Dubuque Bank & Trust (Commi/Ind Bldg Rehab & Econ oev) 115,603
Dubuque Bank & Trust (Cable Franchise Equipment Fund) 127,225
US Bank (General /Ambulance) 33,720
Premier (Utility) 12,398
Liberty (Utility) 4,593
East Dubuque Savings Bank (utility) 6,125
State Central (Utility) 517
BBVA Compass
Total 1,659,684
BOND PROCEEDS:
DB &T Project Construction Fund (Port Ramp) 407,375
DB &T Series 2009A 480,772
DB &T Series 2009B 4,081,092
AT &S Series 2010A 1,257,393
AT &S Series 2010B 2,638,396
AT &S Series 2010C 2,267,440
Liberty Bank Series 2010D 2,137,837
US Bank Series 2010F Capital Loan Notes 1,962,789
Total 15, 233, 094
CERTIFICATES OF DEPOSIT:
American Trust & Savings Bank 5,000,000
Dubuque Bank & Trust 5,000,000
Total 10, 000, 000
HIGH YIELD SAVINGS ACCOUNTS:
Dubuque Bank & Trust (Premium Savings) 11,588,319
East Dubuque Savings Bank (Advantage Savings) 1,539,998
13,128,317
U.S TREASURY OBLIGATIONS:
Debt Service Reserve Required for Port Ramp 2,015,125
Total 2,015,125 2.9%
CORPORATE STOCK (Lyons Peony Trust) 11,514
Total 11,514 0.0%
TOTAL OTHER FUNDS 42,293,139 61.4%
Page I
FY11
TOTAL
COST CITY FUNDS
BASIS PERCENTAGE
0.4%
2.4%
22.1%
14.5%
19.1%
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
Mar 11
Total
Total
Total
Total
GRAND TOTAL
Page 2
FY11
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
PERCENTAGE BASIS PERCENTAGE
6.3% 389,896
24.0% 1,492,253
0.0%
69.7% 4,335,524
100.0% 6,217,673 9.0%
1.9% 151,650
98.1% 7,733,466
0.0%
0.0%
100.0% 7,885,116 11.5%
2.5% 127,007
0.0%
96.7% 4,881,494
0.8% 39,185
100.0% 5,047,686 7.3%
4.9% 363,124
0.0%
94.9% 7,050,305
0.2% 15,673
100.0% 7,429,102 10.8%
26,579,577 38.6%
BREAKDOWN BY TYPE OF SECURITY:
Cash 3.9% 1,031,677 1.5%
Mortgage Backed Securities 16.5% 4,390,382 6.4%
US Treasury Obligations 34.7% 9,225,719 13.4%
US Agency Obligations 44.9% 11,931,799 17.3%
TOTAL FINANCIAL ADVISOR MANAGED FUNDS 100.0% 26, 579, 577.. 38.6%
68,872,716 100.0%
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH 1% 0% 2%
CHECKING / SAVINGS ACCTS 0% 44% 44%
MORTGAGE BACKED SECURITIES 6% 0% 6%
CERTIFICATES OF DEPOSIT 0% 15% 15%
U.S TREASURY OBLIGATIONS 13% 3% 16%
FEDERAL AGENCY OBLIGATIONS 17% 0% 17%
Total 39% 61% 100%
Quarter
Year -To -Date
86,835
439,237
14,207
97,459
101,041
536,696
26,885
83,705
132
957
27,017
84,662
59,949
355,532
14,075
96,503
74,025
452,034
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
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 March 31, 2011 & Fiscal 2011 YTD
10,404
30,256,095
10, 000, 000
2,015,125
11,514
26, 579, 577
68, 872, 715
58,333,964
10, 538, 751
68,872,715
10,404
30,264,272
10, 008, 666
2,135, 568
75,316
26, 762,124
69,256,351
58,708,933
10, 547, 418
69,256,351
8,177
8,666
120,443
63,802
182,547
383,635
374,969
8,666
383,635
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 2011
Market Indices
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
First
Community
Dana DB &T Trust
COST BASIS ANALYSIS
Cost Basis Prior Month 6,210,539.09 7,866,179.70 5,050,857.12 7,419,963.82 26,547,539.73 44,068,435.50 70,615,975.23
Additions:
Interest Earnings 10,322.52 21,725.95 2,979.81 11,805.86 46,834.14 68,254.75 115,088.89
Realized Gains (Losses) (2,639.24) (4,217.46) (5.21) (6,861.91) (6,861.91)
Capital Deposits 0.00 0.00
Total Additions 7,683.28 21,725.95 (1,237.65) 11,800.65 39,972.23 68,254.75 108,226.98
Subtractions:
Management Fees (2,174.73) (1,443.39) (2,067.77) (5,685.89) (5,685.89)
Custodian Fees (548.97) (614.72) (490.18) (594.71) (2,248.58) (2,248.58)
Bank Charges (498.88) (498.88)
Capital Withdrawals 0.00 0.00
Total Subtractions (548.97) (2,789.45) (1,933.57) (2,662.48) (7,934.47) (498.88) (8,433.35)
Cost Basis Current Month 6,217,673.40 7,885,116.20 5,047,685.90 7,429,101.99 26,579,577.49 44,136,191.37 70,715,768.86
Net Cash Receipts & (Disbursements) (1,843,052.78) (1,843,052.78)
Ending Cost Basis Balance 6,217,673.40 7,885,116.20 5,047,685.90 7,429,101.99 26,579,577.49 42,293,138.59 68,872,716.08
Investment Market Value Prior Month (Adjusted for Accruals) 6,373,015.47 7,941,015.61 4,973,120.88 7,475,797.18 26,762,949.14 44,362,698.73 71,125,647.87
6,342,876.73 7,916,855.17 4,947,798.94 7,437,601.55 26,645,132.39 42,465,675.19 69,110,807.58
24 871.55 16,890.38 35,224.54 40,005.38 116,991.85 28,552.18 , 145,544.03
6,367,748.28 7,933,745.55 4,983,023.48 7,477,606.93 26,762,124.24 42,494,227.37 69,256,351.61
0.27% (0.06 %)
1.01% 0.23%
Average Last Last Calendar Last
Month 12 Months Year to Date 3 Years
** Returns prior to fees
US Bank
0.24% 0.06%
0.02% 0.08%
90 Day T -Bills
Lehman Aggregate Govt Bonds
Lehman Short Term Govt Bonds
Lehman Intermediate Govt Bonds
Consumer Price Index*
Current Prime Rate
0.03%
(0.03 %)
(0.03 %)
(0.04 %)
0.55%
3.25%
0.16%
4.43%
1.73%
3.83%
2.70%
0.05%
(0.08 %)
0.06%
0.02%
1.50%
0.51%
3.66%
2.48%
3.54%
1.54%
Month Ending: 03/31/11
Managed Combined
Accounts City Finance Total
Certificates of Deposit:
Certificate
Number
Institution
Cost
Basis
Purchase
Date
Maturity
Date
Interest
Rate
Days to
Maturity
Accrued
Days
Accrued
Interest
1168517/8 AT &S M 1,000,000 11/24/10 05/26/11 0.420% 56 127 1,461.37
1168517/9 AT &S M 1,000,000 12/09/10 06/09/11 0.430% 70 112 1,319.45
1959 DB &T M 1,000,000 12/16/10 06/16/11 0.430% 77 105 1,236.99
2004 DB &T M 1,000,000 01/13/11 07/14/11 0.440% 105 77 928.22
2008 DB &T M 1,000,000 01/20/11 07/21/11 0.400% 112 70 767.12
1168517/10 AT &S M 1,000,000 02/03/11 08/04/11 0.420% 126 56 644.38
2057 DB &T M 1,000,000 02/17/11 08/18/11 0.420% 140 42 483.29
2113 DB &T M 1,000,000 03/10/11 09/08/11 0.420% 161 21 241.64
522 AT &S M 1,000,000 03/31/11 09/29/11 0.430% 182 0 0.00
1168517/7 AT &S M 1,000,000 11/10/10 05/12/11 0.410% 42 141 1,583.84
Totals
Weighted Yield: 0.422%
Weighted Maturity in Days: 107.1
High Yield Savings Accounts
671460
44444116
DB &T
EDSB
City of Dubuque
Schedule of Certificates of Deposit and Accrued Interest
As of
March 31, 2011
10,000,000
Account
Number
Institution
Ending
Balance
APR @
Month End
Accrued
Interest
11,588,319
1,539,998
13,128,317
0.750%
1.000%
(M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY
Account CD Balance Accrued Interest
DMASWA 10,000,000 8,666.30
City 0 0.00
10, 000, 000
8,666.30
8,666 30
6,869.31
1,307.95
8,177.26