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Quarterly Investment Report June 30, 2011Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: June 30, 2011 Quarterly Investment Report DATE: August 9, 2011 Dubuque kittel NI- America City 1 2007 Finance Director Ken TeKippe is providing the June 30, 2011 Quarterly Investment Report. 2---- 1 ichael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Kenneth J. TeKippe, Finance Director Masterpiece on the Mississippi TO: Michael C. Van Milligen, City Manager FROM: Kenneth J. TeKippe, Finance Director RE: June 30, 2011 Quarterly Investment Report DATE: July 28, 2011 Dubuque kind AO- America City 2007 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, 2011 through June 30, 2011. The report includes: Cash Investments and Investment Earnings Summary for quarter ended June 30, 2011 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. 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, 2011 And Fiscal Year To Date 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 11,726 23,465,805 10, 000, 000 2,015,125 11,514 26,687,890 11,726 23,471, 912 10, 010, 780 2,206,671 76,093 27,063,276 6,107 10,780 191,546 64,579 375,386 62,192,060 62,840,458 648,398 51, 403,137 10, 788, 923 62,192,060 52,040,755 10, 799, 703 62,840,458 637,618 10,780 648,398 Quarter Year -To -Date 92,052 509,378 8,989 41,525 101,041 550,903 26,752 84,069 265 724 27,017 84,793 65,301 425,309 8,724 40,801 74,025 466,110 City of Dubuque Schedule of City Funds June 2011 City Managed Funds CASH: Change and Petty Cash Funds Health Fund Deposit Prescription & Workers Comp Deposits CHECKING / SAVINGS ACCOUNTS: American Trust & Savings Bank (General) American Trust & Savings Bank (Housing Rehab & Section 8) Dubuque Bank & Trust (General /Metro /Leisure) Dubuque Bank & Trust (Comml /Ind Bldg Rehab & Econ Dev) Dubuque Bank & Trust (Cable Franchise Equipment Fund) US Bank (General /Ambulance) 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 US Bank Series 2010F Capital Loan Notes CERTIFICATES OF DEPOSIT: American Trust & Savings Bank Dubuque Bank & Trust HIGH YIELD SAVINGS ACCOUNTS: Dubuque Bank & Trust (Premium Savings) East Dubuque Savings Bank (Advantage Savings) U.S TREASURY OBLIGATIONS: Debt Service Reserve Required for Port Ramp CORPORATE STOCK (Lyons Peony Trust): TOTAL OTHER FUNDS Total Total Total Total FY11 TOTAL COST CITY FUNDS BASIS PERCENTAGE 11,726 253,239 85,000 349,965 84,292 324,301 3,332,564 118,075 179,215 2,803 1,880 1,813 1,202 517 10,331 4,056,994 481,379 2,590,159 1,260,505 2,644,840 1,076,622 1,781,587 668,462 10, 503, 554 3,000,000 7,000,000 10, 000, 000 8,122, 390 444,629 8,567,019 0.6% 6.5% 16.9% 16.1% 13.8% 2,015,125 Total 2,015,125 3.2% 11,514 Total 11,514 0.0% Page 1 35,504,170 57.1% City of Dubuque Schedule of City Funds June 2011 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 Total Total Total GRAND TOTAL FY11 PORTFOLIO TOTAL COMPOSITION COST CITY FUNDS PERCENTAGE BASIS PERCENTAGE 4.8% 301,376 24.0% 1,499,030 0.0% 71.2% 4,441,569 100.0% 6,241,974 10.0% 2.0% 154,796 98.0% 7,761,930 0.0% 0.0% 100.0% 7,916,727 12.7% 13.1% 664,947 0.0% 86.2% 4,376,456 0.7% 33,035 100.0% 5,074,439 8.2% 37.0% 2,760,148 0.0% 62.8% 4,680,691 0.2% 13,912 100.0% 7,454,751 12.0% 26,687,890 42.9% BREAKDOWN BY TYPE OF SECURITY: Cash 14.5% 3,881,267 6.2% Mortgage Backed Securities 16.8% 4,488,516 7.2% US Treasury Obligations 34.7% 9,260,960 14.9% US Agency Obligations 33.9% 9,057,147 14.6% TOTAL FINANCIAL ADVISOR MANAGED FUNDS 100.0% 26,687,890 42.9% TOTAL CITY FUNDS 62,192,060 100.0% RECAP OF PORTFOLIO PERCENTAGES Managed City Combined CASH 6% 1% 7% CHECKING / SAVINGS ACCTS 0% 37% 37% MORTGAGE BACKED SECURITIES 7% 0% 7% CERTIFICATES OF DEPOSIT 0% 16% 16% U.S. TREASURY OBLIGATIONS 15% 3% 18% FEDERAL AGENCY OBLIGATIONS 15% 0% 15% Total 43% 57% 100% Page 2 CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: 06/30/11 First Community Managed Combined Dana DB &T Trust US Bank Accounts City Finance Total COST BASIS ANALYSIS Cost Basis Prior Month 6,237,980.91 7,904,753.01 5,067,821.94 7,451,725.60 26,662,281.46 43,259,801.56 69,922,083.02 Additions: Interest Earnings 8,622.69 2,022.93 6,811.15 25,333.70 42,790.47 37,147.13 79,937.60 Realized Gains (Losses) (507.18) 12,773.44 1,769.70 (19,619.30) (5,583.34) (5,583.34) Capital Deposits 0.00 0.00 Total Additions 8,115.51 14,796.37 8,580.85 5,714.40 37,207.13 37,147.13 74,354.26 Subtractions: Management Fees (3,574.30) (2,202.22) (1,469.98) (2,090.36) (9,336.86) (9,336.86) Custodian Fees (548.35) (620.24) (494.29) (598.51) (2,261.39) (2,261.39) Bank Charges (1,152.59) (1,152.59) Capital Withdrawals 0.00 0.00 Total Subtractions (4,122.65) (2,822.46) (1,964.27) (2,688.87) (11598.25) (1,152.59) (12,750.84) Cost Basis Current Month 6,241,973.77 7,916,726.92 5,074,438.52 7,454,751.13 26,687,890.34 43,295,796.10 69,983,686.44 Net Cash Receipts & (Disbursements) (7,791,626.05) (7,791,626.05) Ending Cost Basis Balance 6,241,973.77 7,916,726.92 5,074,438.52 7,454,751.13 26,687,890.34 35,504,170.05 62,192,060.39 MARKET VALUE ANALYSIS Investment Market Value Prior Month (Adjusted for Accruals) 6,359,166.42 8,080,504.89 5,079,486.37 7,563,286.23 27,082,443.91 43,589,881.61 70,672,325.52 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 6,320,603.82 8,036,937.54 5,035,396.13 8,542,613.97 27,935,551.46 35,724,370.78 63,659,922.24 28,668.95 42,651.72 36,885.82 19,518.25 127,724.74 52,811.17 180,535.91 6,349,272.77 8,079,589.26 5,072,281.95 8,562,132.22 28,063,276.20 35,777,181.95 63,840,458.15 0.00% 0.02% (0.10 %) 0.02% 1.44% 2.18% 0.02% 1.32% 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 Current Prime Rate 0.01% (0.03 %) 0.03% (0.07 %) 3.25% 0.16% 2.26% 1.38% 2.65% 0.80% 2.14% 0.88% 2.10% 0.42% 2.26% 1.38% 2.65% ** Returns prior to fees City of Dubuque Schedule of Certificates of Deposit and Accrued Interest As of June 30, 2011 Certificates of Deposit: Certificate Number Institution Cost Basis Purchase Date Maturity Date Interest Rate Days to Maturity Accrued Days Accrued Interest 1168517/12 AT &S M 1,000,000 05/26/11 11/23/11 0.440% 146 35 421.92 2274 DB &T M 1,000,000 06/09/11 12/08/11 0.430% 161 21 247.40 2282 DB &T M 1,000,000 06/16/11 12/15/11 0.420% 168 14 161.10 2004 DB &T M 1,000,000 01/13/11 07/14/11 0.440% 14 168 2,025.21 2008 DB &T M 1,000,000 01/20/11 07/21/11 0.400% 21 161 1,764.38 1168517/10 AT &S M 1,000,000 02/03/11 08/04/11 0.420% 35 147 1,691.51 2057 DB &T M 1,000,000 02/17/11 08/18/11 0.420% 49 133 1,530.41 2113 DB &T M 1,000,000 03/10/11 09/08/11 0.420% 70 112 1,288.77 522 AT &S M 1,000,000 03/31/11 09/29/11 0.430% 91 91 1,072.05 2239 DB &T M 1,000,000 05/12/11 11/10/11 0.430% 133 49 577.26 Totals 10, 000, 000 10,780.01 Weighted Yield: 0.425% Weighted Maturity in Days: 88.8 Account CD Balance Accrued Interest DMASWA 10,000,000 10,780.01 City 0 0.00 10, 000, 000 10, 780.01 High Yield Savings Accounts Account Ending APR @ Accrued Number Institution Balance Month End Interest 671460 44444116 DB &T EDSB 8,122,390 444,629 0.650% 1.000% 5,344.91 762.08 8,567,019 6,106.99 (M) = DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY