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Quarterly Investment Report for December 31, 2014 Copyright 2014 City of Dubuque Consent Items # 5. ITEM TITLE: Quarterly Investment Report for December 31 , 2014 SUMMARY: City Manager transmitting the December 31 , 2014 Quarterly Investment Report SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type ❑ December 31,2014 Quarterly Investment Report-MVM Memo City Manager Memo ❑ December 31,2014 Quarterly Investment Report Memo Staff Memo ❑ Cash Investments and Investment Earnings Summary Supporting Documentation ❑ Schedule of City Funds Supporting Documentation ❑ Monthly Investment Summary Supporting Documentation ❑ Schedule of Certificates of Deposit and Accrued Interest Supporting Documentation THE CITY OF Dubuque UBE I erica .i Masterpiece on the Mississippi 2007-2012-2013 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: December 31, 2014 Quarterly Investment Report DATE: February 9, 2015 Finance Director Ken TeKippe is transmitting the December 31, 2014 Quarterly Investment Report. S4-'6�- Micliael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Ken TeKippe, Finance Director THE MY OF Dubuque DUB E M�II�l Masterpiece on the Mississippi TO: Michael C. Van Milligen, City Manager FROM: Kenneth J. TeKippe, Finance Director RE: December 31, 2014 Quarterly Investment Report DATE: January 30, 2014 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 October 1, 2014 through December 31, 2014. The report includes: Cash Investments and Investment Earnings Summary for quarter ended December 31, 2014 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/eml Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended December 31, 2014 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 12,796 12,796 Checking/Savings Accounts 1 ,267,855 1 ,267,855 - HighYieldSavingsAccounts 10,129,275 10,130,424 1 ,149 Unspent Bond Proceeds 46,066,869 46,066,869 - Certificates Of Deposit 6,000,000 6,004,438 4,438 US Treasury Securities 2,015,125 2,838,038 822,913 Corporate Stock (EB Lyons Trust) 11 ,514 91 ,386 79,872 Investment Advisor Accounts 26,348,075 26,419,657 71 ,582 Total Funds 91,851,509 92,831,463 979,954 Breakdown City 85,453,958 86,429,474 975,516 Metro 6,397,551 6,401 ,989 4,438 Total Combined Funds 91,851,509 92,831,463 979,954 Cash Basis Quarter Year-To-Date Gross Earnings: City 116,745 258,927 Metro 6,999 12,650 Combined 123,744 271,576 Investment Fees: City 49,746 74,368 Metro 170 1 287 Combined 49,916 74,656 Net Earnings: City 66,999 184,558 Metro 6,829 12,362 Combined 73,828 196,921 FV123DATAAFINSEC\l 0 A C\MVM Quarterly Inv.Report;AQuarterly Report;to Council Electronically\2014 DecACouncil Summary G2015 As 1/29/2015 City of Dubuque FY 15 Schedule of City Funds December 2014 TOTAL COST CITYFUNDS City Managed Funds BASIS PERCENTAGE CASH: Change and Petty Cash Funds 12,796 Health Fund Deposit 150,000 Prescription Fund Deposit 75,000 Workers Comp Deposit 10,000 Total 247,796 0.4% CHECKING I SAVINGS ACCOUNTS: American Trust&Savings Bank(General) 393,498 American Trust&Savings Bank(Housing Rehab&Section e) 115,666 Dubuque Bank&Trust(General/Metro/Leisure) (89,235) Dubuque Bank&Trust(cable Franchise Equipment Fund) 547,362 US Bank (General/Ambulance) 12,269 Premier(utility) 6,881 East Dubuque Savings Bank(Lnility) 8,830 Dubuque Bank&Trust Police Forfeiture Funds 37,584 BBVA Compass 0 Total 1,032,855 1.6% UNSPENT BOND PROCEED INVESTMENT ACCOUNTS: DB&T Series 2009A 172,589 AT&S Series 2010A 372,195 AT&S Series 2010B 1,066,083 DB&T Series 2011 A 476,099 DB&T Series 2012A 835,251 DB&T Series 2012B 2,494,688 DB&T Series 2012C 2,246,545 DB&T Series 2012D 2,546,069 DB&T Series 2012E 1,604,639 AT&S Series 2012F 537,891 DB&T Series 2012H 2,019,775 AT&S Series 2014A 5,491,748 AT&S Series 2014B 9,664,444 AT&S Series 2014B 9,000,000 AT&S Series 2014C 7,538,850 Total 46,066,869 70.3% CERTIFICATES OF DEPOSIT: DB&T 2,600,000 ATSB 1,600,000 EDSB 1,800,000 Total 6,000,000 9.2% HIGH YIELD SAVINGS ACCOUNTS: Dubuque Bank&Trust(Premium Savings) 8,614,244 East Dubuque Savings Bank(Advantage Savings) 1,515,030 10,129,275 15.5% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 3.1% CORPORATE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.0% TOTAL CITY MANAGED FUNDS 65,503,434 71.3% vasa 1 City of Dubuque FY 15 Schedule of City Funds December 2014 FINANCIAL ADVISORS MANAGED FUNDS PORTFOLIO TOTAL COMPOSITION COST CITYFUNDS PERCENTAGE BASIS PERCENTAGE DANA INVESTMENT ADVISORS, INC: Cash and Equivalents 3.1% 292,442 US Treasury Obligations 43.0% 2,594,082 US Agencies 0.0% Mortgaged Backed Securities 53.9% 3,218,345 Total 100.0% 6,104,870 8.7% DUBUQUE BANK&TRUST: Cash and Equivalents 3.1% 256,091 US Treasury Obligations 96.9% 7,652,391 US Agencies 0.0% Mortgaged Backed Securities 0.0% Total 100.0% 7,908,481 11.3% FIRST COMMUNITY TRUST: Cash and Equivalents 29.9% 48,043 US Treasury Obligations 0.0% US Agencies 60.3% 4,577,464 Mortgaged Backed Securities 9.8% 417,650 Total 100.0% 5,043,157 7.1% US BANK: Cash and Equivalents 11.1% 2,004,122 US Treasury Obligations 13.8% 500,000 US Agencies 75.1% 4,787,445 Mortgaged Backed Securities 0.0% Total 100.0% 7,291,567 10.4% GRAND TOTAL 26,348,075 37.4% BREAKDOWN BY TYPE OF SECURITY: Cash& Equivalents 10.4% 2,600,698 3.9% US Treasury Obligations 43.0% 10,746,473 16.1% US Agencies 32.3% 9,364,909 12.1% Mortgage Backed Securities 14.4% 3,635,995 5.4% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 100.0% 26,348,075 37.4% TOTAL CITY FUNDS 91,851,509 100.0% RECAP OF PORTFOLIO PERCENTAGES Managed City Combined CASH&EQUIVALENTS 3% 0% 3% CHECKING/SAVINGS ACCTS 0% 62% 62% MORTGAGE BACKED SECURITIES 4% 0% 4% CERTIFICATES OF DEPOSIT 0% 7% 7% U.S.TREASURY OBLIGATIONS 12% 2% 14% FEDERAL AGENCIES 10% 0% 10% Total 29% 71% 100% P,g z CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: 12131/14 First Community Managed Combined Dana DB&T Trust US Bank Accounts City Finance Total COST BASIS ANALYSIS Cost Basis Prior Month 6,103,909 7,910,744 5,021,722 7,284,642 26,321,016 42,821,052 69,142,068 Additions: Interest Earnings 6,003 1 9,335 8,402 23,740 10,498 34,238 Realized Gains(Losses) (1,915) 13,642 620 12,348 12,348 Total Additions 4,088 1 22,977 9,022 36,088 10,498 46,586 Subtractions: Management Fees (2,584) (1,649) (1,048) (1,510) (6,791) (6,791) Custodian Fees (542) (615) (494) (587) (2,238) (2,238) Bank Charges (534) (534) Total Subtractions (3,126) (2,264) (1,542) (2,097) (9,029) (534) (9,563) Cost Basis Current Month 6,104,870 7,908,481 5,043,157 7,291,567 26,348,075 42,831,017 69,179,092 Net Cash Receipts&(Disbursements) 22,672,417 22,672,417 Ending Cost Basis Balance 6,104,870 7,908,481 5,043,157 7,291,567 26,348,075 65,503,434 91,851,509 MARKET VALUE ANALYSIS Investment Market Value Prior Month(Adjusted for Accruals) 6,228,673 7,937,894 5,072,249 7,268,327 26,507,143 43,647,898 70,155,041 Investment Market Value Current Month 6,186,179 7,907,363 5,016,774 7,241,320 26,351,636 66,369,834 92,721,470 Accrued Interest Current Month 20,628 11,222 17,484 18,686 68,020 41,973 109,993 Market Value Adjusted for Accruals 6,206,808 7,918,585 5,034,258 7,260,006 26,419,657 66,411,806 92,831,463 Portfolio Returns(computed by Investment Managers) Monthly Return Gross of Fees (0.14%) (0.12%) (0.32%) (0.10%) Monthly Return Net of Fees (0.17%) (0.15%) (0.35%) (0.13%) Total Return Calendar Year to Date 2014 Gross 0.90% 0.97% 4.02% 0.49% Effective Duration in Years 0.79 1.81 2.55 1.40 Market Indices Average Last Calendar Last Last Month Year to Date 12 Months 3 Years Barclays 90 Day T-Bills (0.12%) 0.05% 0.50% 0.09% Barclays Short Term 1-5 Yr Govt.bonds (0.24%) 0.64% 0.64% 0.51% Barclays Intermediate Govt bonds (0.26%) 2.52% 2.52% 0.99% Barclays Government Bonds 0.13% 4.92% 4.92% 1.40% Current Prime Rate 3.25% City of Dubuque Schedule of Certificates of Deposit,Accrued Interest, High Yield Savings Accounts &Unspent Bond Proceeds As of December 31, 2014 Certificates of Deposit: Certificate CSM Cost Purchase Maturity Interest Days to Accrued Accrued Number Institution Basis Date Date Rate Maturity Das Interest 3913 DB&T M 800,000 10/16/14 04/16/15 0.39% 106 76 649.64 9955 ATSB M 1,000,000 11/10/14 05/11/15 0.40% 131 51 558.90 3109 ATSB M 600,000 08/01/14 01/30/15 0.38% 30 152 949.48 3818 DB&T M 1,000,000 08/15/14 02/13/15 0.40% 44 138 1,512.33 3845 DB&T M 800,000 09/04/14 03/05/15 0.04% 64 118 103.45 27888 EDSB M 1,000,000 11/25/14 06/08/15 0.42% 159 36 415.23 AAAA EDSB M 800,000 12/04/14 07/07/15 0.42% 188 27 249.14 Totals 6,000,000 4,438.17 Account CD Balance Accrued Interest DMASWA 6,000,000 4,438.17 Weighted Yield: 0.355% City 0 0.00 Weighted Maturity in Days: 106.4 6,000,000 4,438.17 High Yield Savings Accounts Account CIM Ending APR @ Accrued Number Institution Balance Month End Interest 671460 DB&T C 8,614,244 0.12% 762.86 44444116 EDSB C 1,515,030 0.30% 385.99 10,129,275 1,148.85 U.S. Treasury Bond Account aM Ending Maturity Face Value Accrued Number Institution Balance Date Interest Rate Interest 2152-1478 LPL Financial C 2,801,652 02/15/37 4.75% 36,385.52 Unspent Bond Proceed Investment Accounts: Ending APR Bond Issue institutior7c7imBalance Month End 2009A DB&T C 172,589 0.50% 2010A AT&S C 372,134 0.30% 2010B AT&S C 1,078,388 0.30% 2011A DB&T C 476,394 0.30% 2012A DB&T C 1,922,769 0.32% 2012B DB&T C 2,525,648 0.32% 2012C DB&T C 2,318,122 0.32% 2012D DB&T C 2,642,842 0.32% 2012E DB&T C 1,604,415 0.17% 2012F DB&T C 537,759 0.35% 2012H DB&T C 2,019,493 0.17% 2014A AT&S C 6,110,057 0.48% 21,780,610 (M)=DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (C)=CITY FUNDS Print Date:1202015