Quarterly Investment Report 9 30 07THE CITY OF
~~~
-' DUB ~~ ~` E
Masrerpicce c~ti the Mississippi
MEMORANDUM
October 26, 2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: September 30, 2007 Quarterly Investment Report
Finance Director Ken TeKippe is transmitting the attached September 30, 2007
Quarterly Investment Report.
~~~
Mi hael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Kenneth J. TeKippe, Finance Director
THE CITY OF
DUB E
~-~~
MEMORANDUM
TO: Michael C. Van Milligen, City Manager ~~~~,,((~~
FROM: Kenneth J. TeKippe, Finance Director ~~'"~'"-'~ ~~"1"~"`
RE: September 30, 2007 Quarterly Investment Report
DATE: October 25, 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 July 1, 2007 through September 30, 2007.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended September 30, 2007 and fiscal year to date
Schedule of City Funds (2 pages)
Monthly Investment Summary
Schedule of Certificates of Deposit
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 September 30, 2007 & Fiscal 2008YTD
Market Value / Unrealized
Carrying Including Gain (Loss) /
Description Value 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 Earnin4s:
City
Metro
Combined
94,556 94,556 -
10,358,840 10,358,840 -
20,500,000 20,744,258 244,258
11,514 96,195 84,681
23,571,627 23,869,431 297,804
54,536,537 55,163,280 626,743
44,234,246
10, 302,291 44,728,339
10,434,941 494,093
132,650
54,536,537 55,163,280 626,743
Quarter Year-To-Date
711,933 711,933
131,399 131,399
843,332 843,332
(34,311) (34,311)
122) (122
34,433 34,433)
677,622 677,622
131,277 131,277
808,899 808,899
CITY OF DUBUQUE
SCHEDULE OF CITY FUNDS
September 30, 2007
FY08
MANAGED FUNDS
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
PERCENTAGE BASIS PERCENTAGE
DANA INVESTMENT ADVISORS, INC.:
Cash and Equivalents 1.54% 92,276
US Treasury Obligations 0.00%
US Agencies 98.46% 5,893,979
Mortgaged Backed Securities 0.00%
Municipal Bonds 0.00%
Total 100.00% 5,986,255 10.98%
DUBUQUE BANK & TRUST:
Cash and Equivalents 3.34% 245,781
US Treasury Obligations 0.00%
US Agencies 81.87% 6,018,958
Mortgaged Backed Securities 6.78% 498,750
Municipal Bonds 8.00% 588,486
Total 100.00% 7,351,975 13.48%
FIRST COMMUNITY TRUST:
Cash and Equivalents 1.23% 35,558
US Treasury Obligations 0.00%
US Agencies 98.77% 2,865,090
Mortgaged Backed Securities 0.00%
Municipal Bonds 0.00%
Total 100.00% 2,900,648 5.32%
US BANK:
Cash and Equivalents 2.55% 187,098
US Treasury Obligations 2.74% 200,781
US Agencies 69.49% 5,095,232
Mortgaged Backed Securities 25.22% 1,849,638
Municipal Bonds 0.00%
Total 100.00% 7,332,749 13.45%
GRAND TOTAL 23,571,627 43.22%
BREAKDOWN BY TYPE OF SECURITY:
Cash 2.38% 560,713 1.03%
Mutual Funds (US Government) 0.85% 200,781 0.37%
Certificates Of Deposit 84.31% 19,873,259 36.44%
US Treasury Obligations 9.96% 2,348,388 4.31%
Federal Agency Obligations 2.50% 588,486 1.08%
TOTAL MANAGED FUNDS 100.00% 23,571,627 43.22%
Page 1
CITY OF DUBUQUE
SCHEDULE OF CITY FUNDS
September 30, 2007
OTHER FUNDS
FY08
TOTAL
COST C/TY FUNDS
BASIS PERCENTAGE
CASH
Change and Petty Cash Funds 9,556
Prescriptions & Workers Comp Deposits 85,000
Total 94, 556 0.17%
CHECKING /SAVINGS ACCOUNTS:
American Trust & Savings Bank (General & Health) 275,528
American Trust & Savings Bank (America's River Bonds} 218,165
American Trust & Savings Bank (Housing Rehab & Section 8) 112,875
Dubuque Bank & Trust (General/Metro/Leisure) 6,077,196
Dubuque Bank & Trust (DICW Bonds) 795,449
Dubuque Bank & Trust (Comm)/Ind Bldg Rehab & Econ Dev) 97,291
Dubuque Bank & Trust (Cable Franchise Equipment Fund) 167,892
US Bank (General/Ambulance) 6,384
Premier (Utility) 35,528
Liberty (Utility) 21,856
East Dubuque Savings Bank (Stormwater Bonds) 2,191,725
East Dubuque Savings Bank (Parking Bonds) 332,403
East Dubuque Savings Bank (Utility) 23,135
State Central (Utility) 3,413
Total 10, 358, 840
CERTIFICATES OF DEPOSIT:
American Trust & Savings Bank
Dubuque Bank & Trust
East Dubuque Savings Bank
Liberty Bank
Premier Bank
State Central
US Bank
U.S. TREASURY OBLIGATIONS
CORPORATE STOCK (Lyons Peony Trust)
TOTAL OTHER FUNDS
18.99%
6, 500, 000
3, 000, 000
1, 000, 000
1, 000, 000
0
4, 000, 000
5, 000, 000
Total 20, 500, 000 37.59%
0.00%
11, 514 0.02%
30,964,910 56.78%
TOTAL CITY FUNDS 54,536,537 100.00%
RECAP OF PORTFOLIO PERCENTAGES ~ MANAGED FUNDS OTHER FUNDS COMBINED TOTAL
CASH 1.03% 0.17% 1.20%
CHECKING /SAVINGS ACCTS 0.00% 18.99% 18.99%
MUTUAL FUNDS (U.S. GOVERNMENT) 0.37% 0.00% 0.37%
CERTIFICATES OF DEPOSIT 36.44% 37.59% 74.03%
U.S. TREASURY OBLIGATIONS 4.31% 0.00% 4.31%
FEDERAL AGENCY OBLIGATIONS 1.08% 0.00% 1.08%
CORPORATE STOCK 0.00% 0.02% 0.02%
Total 43.22% 56.78% 100.00%
Pape 2
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
Month Ending: 09/30107
First
Community Managed Combined
Dana DB&T Trust US Bank Accounts City Finance Total
COST BASIS ANALYSIS
Cost Basis Prior Month 5,961,532.27 7,332,234.96 2,883,896.68 7,323,111.19 23,500,775.10 30,375,403.02 53,876,178.12
Additions:
Interest Earnings 29,015.81 21,360.92 17,430.87 10,307.22 78,114.82 198,139.50 276,254.32
Realized Gains (Losses) (3,719.97) 1,913.05 (241.26) (40.26) (2,088.44) (2,088.44)
Capital Deposits 0.00 0.00
Total Additions 25,295.84 23,273.97 17,189.61 10,266.96 76,026.38 198,139.50 274,165.88
Subtractions:
Management Fees (2,900.82) (2,900.82) (2,900.82)
Custodian Fees (573.53) (633.41) (438.13) (628.39) (2,273.46) (2,273.46)
Bank Charges (780.29) (780.29)
Capital Withdrawals 0.00 0.00
Total Subtractwns (573.53) (3,534.23) (438.13) (628.39) (5,174.28) (780.29) (5,954.57)
Cost Basis Current Month 5,986,254.58 7,351,974.70 2,900,648.16 7,332,749.76 23,571,627.20 30,572,762.23 54,144,389.43
Net Cash Receipts & (Disbursements) 392,147.86 392,147.86
Ending Cost Basis Balance 5,986,254.58 7,351,974.70 2,900,648.16 7,332,749.76 23,571,627.20 30,964,910.09 54,536,537.29
MARKET VALUE ANALYSIS
Investment Market Value Prior Month
(Adjusted for Accruals) 5,993,666.99 7,464,898.53 2,891,613.64 7,354,911.47 23,705,090.63 30,782,414.62 54,487,505.25
Investment Market Value Current Month 5,991,803.17 7,440,591.23 2,886,421.07 7,313,458.77 23,632,274.24 31,049,591.27 54,681,865.51
Accrued Interest Current Month 28,989.32 90,048.00 26,978.25 91,141.66 237,157.23 244,257.67 481,414.90
Market Value Adjusted for Accruals 6,020,792.49 7,530,639.23 2,913,399.32 7,404,600.43 23,869,431.47 31,293,848.94 55,163,280.41
Portfolio Returns (computed by Investment
Managers)
Monthly Return 0.42% 0.93% 0.80% 0.68%
Total Return Calendar Year to Date 2007 4.19% 4.23% 4.60% 4.50%
Market Indices
Average Last Average Last Calendar
3 Months 12 Months Year to Date
90 Day T-Bills 1.34% 5.22% 3.91%
Lehman Aggregate Govt. Bonds 3.61% 5.63% 4.75%
Lehman Short Term Govt. Bonds 2.50% 5.72% 4.70%
Lehman Intermediate Govt. Bonds" 3.36% 5.88% 4.94%
Consumer Price Index' 0.24% 2.76% 2.71%
Current Prime Rate 7.75%
Rate as of.~ 09-30-07
"' Retums prior to fees
City of Dubuque
Schedule of Certificates of Deposit
As of
September 30, 2007
c:ertiticate
Number
Institution Cost
Basis Purchase
Date Maturity
Date Interest
Rate Days to
Maturit Accrued
Da s Accrued
Interest
120721 AT&S 1,000,000 05/22/07 10/03/07 5.280% 3 131 18,950.14
13678 State Central M 1,000,000 02/08/07 10/04/07 5.284% 238 234 33,875.51
120495 AT&S 1,000,000 04/23/07 10/11/07 5.260% 171 160 23,057.53
510819 DB&T 1,000,000 04/19/07 10/18/07 5.230% 18 164 23,499.18
120228 AT&S M 1,000,000 03/08/07 11/01/07 5.310% 168 14 2,017.53
120534 AT&S 1,000,000 05/10/07 11/08/07 5.260% 39 143 20,607.67
120715 AT&S M 500,000 05/21/07 11/20/07 5.260% 51 132 9,511.23
120443 ATS~S M 1,000,000 04/05/07 11/29/07 5.210% 60 178 25,407.67
120474 AT&S M 1,000,000 05/03/07 12/13/07 5.240% 74 150 21,534.25
204973 Liberty M 1,000,000 06/14/07 12/27/07 5.405% 88 108 15,992.88
14118 State Central M 1,000,000 07/12/07 01 /10/08 5.391 % 102 80 11,815.89
14220 State Central 1,000,000 08/02/07 01 /31 /08 5.391 % 123 59 8,714.22
14238 State Central M 1,000,000 08/09/07 02/07/08 5.381 % 130 52 7,666.08
18257 EDSB 1,000,000 08/23/07 02/21/08 5.383% 144 38 5,604.22
433031263 US Bank M 1,000,000 09/06/07 03/06/08 5.319% 158 24 3,497.42
433031463 US Bank 1,000,000 09/13/07 03/12/08 5.343% 164 17 2,488.52
433031257 US Bank 1,000,000 09/05/07 03/13/08 5.323% 165 25 3,645.89
433031545 US Bank 1,000,000 09/17/07 03/20/08 5.140% 172 13 1,830.68
433031591 US Bank 1,000,000 09/18/07 03/27/08 5.161 % 179 12 1,696.77
510845 DB&T M 1,000,000 09/20/07 04/03/08 4.860% 186 10 1,331.51
510843 DB&T 1,000,000 09/19/07 04/10/08 5.020% 193 11 1,512.88
Totals 20,500,000 244,257.67
Acrued Interest Distribution
Weighted Yield: 5.257% DMASWA 132,649.97
Weighted Maturity in Days: 126.85 General 111,607.70
(M) =DUBUQUE METROPOLITAN AREA SOLID WASTE AGE NCY 244,257.67