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