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Quarterly Investment Report Copyright 2014 City of Dubuque Consent Items # 7. ITEM TITLE: Quarterly Investment Report SUMMARY: City Manager transmitting the Quarterly Investment Report for December 21 , 2015. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File ATTACHMENTS: Description Type December 31, 2015 Quarterly Investment Report-MVM City Manager Memo Memo Staff Memo Supporting Documentation 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 Supporting Documentation Interest 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, 2015 Quarterly Investment Report DATE: January 26, 2016 Finance Director Ken TeKippe is transmitting the attached December 31, 2015 Quarterly Investment Report. // 'zj� k�4 Mic ael C. Van Milligen MCVM:jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Kenneth J. TeKippe, Finance Director THE CITY OF Dubuque AII-Ame1 rica City DUB9kE r Masterpiece on the Mississippi 2007.2012.2013 TO: Michael C. Van Milligen, City Manager FROM: Kenneth J. TeKippe, Finance Director RE: December 31, 2015 Quarterly Investment Report DATE: January 26, 2016 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, 2015 through December 31, 2015. The report includes: Cash Investments and Investment Earnings Summary for quarter ended December 31, 2015 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/em I Enclosures CITY OF DUBUQUE Cash, Investments and Investment Earnings Summary For The Quarter Ended December 31, 2015 And Fiscal Year To Date Market Value / Unrealized Carrying Including Gain (Loss) / Description Value Accrued Interest Accrued Interest Change & Petty Cash Funds 14,232 14,232 Checking/Savings Accounts 11 ,618,018 11 ,618,018 High Yield Savings Accounts - 14 14 Unspent Bond Proceeds 40,326,767 40,326,767 - Certificates Of Deposit 12,000,000 12,019,659 19,659 US Treasury Securities 2,015,125 2,725,865.45 710,740 Corporate Stock (EB Lyons Trust) 11 ,514 90,576 79,062 Investment Advisor Accounts 26,520,621 26,504,917 (15,704) Total Funds 92,506,276 93,300,048 793,772 Breakdown City 78,502,704 79,276,817 774,113 Metro 14,003,572 14,023,231 19,659 Total Combined Funds 92,506,276 93,300,048 793,772 Cash Basis Quarter Year-To-Date Gross Earninas: City 49,901 338,228 Metro 3,187 6,971 Combined 53,088 345,199 Investment Fees: City 25,907 49,032 Metro 177 294 Combined 26,084 49,326 Net Earninas: City 23,993 289,195 Metro 3,011 6,678 Combined 27,004 295,873 FV123DATAAFinan ceAInvestmentsAInvestments 16AI nves[men[Report;ACouncil Summary-x2016 1/25/2016 City ,D, S1ded1 AFGt, Finds As o De—d—31, 2015 TOTAL COST CITY FUNDS CITY MANAGED FUNDS BASIS PERCENTAGE CASH: Change and Petty Cash Funds 14,232 Health Fund Deposit 150,000 Prescription Fund Deposit 75,000 Workers Comp Deposit 10,000 Ambulance Deposit 1,000 Total 250,232 0.3% CHECKING/SAVINGS ACCOUNTS: American Trust&Savings Bank(General) 170,220 American Trust&Savings Bank(Housing Rehab&section a) 110,084 Dubuque Bank&Trust(General/Metro/Credit) 10,324,676 Dubuque Bank&Trust(cable Franchise Equipment Fund) 700,287 US Bank (General/Ambulance) 15,054 Premier(ututy) 8,596 Fidelity Bank&Trust(unity) 15,506 Dubuque Bank&Trust Police Forfeiture Funds 37,596 BBVA Compass 0 Total 11,382,018 12.0% UNSPENT BOND PROCEED INVESTMENT ACCOUNTS: AT&S Series 2010A 361,124 AT&S Series 2010B 280,718 DB&T Series 2011A 330,488 DB&T Series 2012B 2,424,589 DB&T Series 2012C 824,031 DB&T Series 2012D 1,031,361 DB&T Series 2012E 1,138,689 AT&S Series 2012F 473,022 DB&T Series 2012H 1,411,715 AT&S Series 2014A 1,432,552 AT&S Series 2014B 9,534,779 AT&S Series 2014C 1,470,514 AT&S DMASWA 1,444,546 AT&S Series 2015A 7,619,931 Fidelity Series 2015A 10,548,710 Total 40,326,767 42.3% CERTIFICATES OF DEPOSIT: AT&S 5,600,000 DB&T 3,600,000 FB&T 900,000 EDSB 1,900,000 Total 12,000,000 12.6% HIGH YIELD SAVINGS ACCOUNTS: East Dubuque Savings Bank(Advantage savings) 0 0 0.0% U.S.TREASURY OBLIGATIONS: Debt Service Reserve Fund Required for Port Ramp 2,015,125 Total 2,015,125 2.1% RESERVES: Sales Tax Increment Rev Bond Reserve(canes 2015A) 2,094,488 Water Debt Bond Reserve(canes 2008D&20/oD) 644,700 Total 2,739,188 2.9% CORPORATE STOCK(Lyons Peony Trust): 11,514 Total 11,514 0.0% TOTAL CITY MANAGED FUNDS 68,724,843 72.2% P...i Gt, ofD, S1ned1AFGt, F-d, As o D--b-31,2015 PORTFOLIO TOTAL COMPOSITION COST CITY FUNDS FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE DANA INVESTMENT ADVISORS,INC: Cash and Equivalents 2.8% 172,310 US Treasury Obligations 0.0% 0 US Agencies 23.6% 1,448,806 Mortgaged Backed Securities 73.6% 4,519,001 Total 100.0% 6,140,117 23.2% DUBUQUE BANK&TRUST: Cash and Equivalents 4.2% 331,409 US Treasury Obligations 95.8% 7,613,498 US Agencies 0.0% 0 Mortgaged Backed Securities 0.0% 0 Total 100.0% 7,944,906 30.0% FIRST COMMUNITY TRUST: Cash and Equivalents 1.6% 80,886 US Treasury Obligations 0.0% 0 US Agencies 92.4% 4,731,553 Mortgaged Backed Securities 6.0% 305,909 Total 100.0% 5,118,348 19.3% US BANK: Cash and Equivalents 30.4% 2,225,869 US Treasury Obligations 0.0% 0 US Agencies 67.9% 4,966,353 Mortgaged Backed Securities 1.7% 125,027 Total 100.0% 7,317,249 27.6% TOTAL FINANCIAL ADVISORS MANAGED FUNDS 26,520,621 27.8% BREAKDOWN BY TYPE OF SECURITY: Cash& Equivalents 10.6% 2,810,473 US Treasury Obligations 28.7% 7,613,498 US Agencies 42.0% 11,146,712 Mortgage Backed Securities 18.7% 4,949,938 Total 100.0% 26,520,621 TOTAL CITY FUNDS 95,245,464 100.0% RECAP OF PORTFOLIO PERCENTAGES Managed City Combined CASH&EQUIVALENTS 295% 026% 321% CHECKING/SAVINGS ACCTS 000% 5429% 5429% MORTGAGE BACKED SECURITIES 520% 0.00% 520% CERTIFICATES OF DEPOSIT 000% 12.60% 12.60% U.S.TREASURY OBLIGATIONS 799% 2.12% 10.11% FEDERAL AGENCIES 1170% 0.00% 11.70% Total 27.84% 69.27% 97.110/, P_2 CITY OF DUBUQUE MONTHLY INVESTMENT SUMMARY Month Ending: 12131/15 First Community Managed Combined Dana DB&T Trust US Bank Accounts City Finance Total COST BASIS ANALYSIS Cost Basis Prior Month 6,137,378 7,947,162 5,108,492 7,316,527 26,509,560 77,860,421 104,369,981 Additions: Interest Earnings 7,460 2 11,941 2,829 22,232 32,972 55,204 Realized Gains(Losses) (1,589) 0 (527) 0 (2,116) (2,116) Total Additions 5,871 2 11,414 2,829 20,116 32,972 53,088 Subtractions: Management Fees (2,590) (1,642) (1,062) (1,519) (6,813) (6,813) Custodian Fees (543) (614) (496) (588) (2,242) (2,242) Bank Charges (547) (547) Total Subtractions (3,133) (2,257) (1,559) (2,107) (9,055) (547) (9,602) Cost Basis Current Month 6,140,117 7,944,906 5,118,348 7,317,249 26,520,621 77,892,846 104,413,467 Net Cash Receipts&(Disbursements) (9,164,103) (9,164,103) Ending Cost Basis Balance 6,140,117 7,944,906 5,118,348 7,317,249 26,520,621 68,728,743 95,249,364 MARKET VALUE ANALYSIS Investment Market Value Prior Month(Adjusted for Accruals) 6,217,378 7,913,651 5,117,311 7,291,143 26,539,483 78,669,903 105,209,386 Investment Market Value Current Month 6,194,204 7,892,053 5,096,673 7,262,652 26,445,583 69,482,160 95,927,742 Accrued Interest Current Month 13,810 12,975 13,748 18,802 59,334 44,202 103,536 Market Value Adjusted for Accruals 6,208,014 7,905,028 5,110,421 7,281,454 26,504,917 69,526,362 96,031,279 Portfolio Returns(computed by Investment Ma rapers) Monthly Return Gross of Fees 0.01% (0.03%) (0.37%) (0.15%) Monthly Return Net of Fees (0.01%) (0.06%) (0.40%) (0.16%) Total Return Calendar Year to Date 2015 Gross 0.69% 0.25% 1.99% 0.76% Effective Duration in Years 0.85 2.33 3.14 2.51 Market Indices Average Last Calendar Last Last Month Year to Date 12 Months 3 Years Barclays 90 Day T-Bills -0.01% 0.04% 0.04% 0.07% Barclays Short Term 1-3 Yr Govt.bonds -0.09% 0.91% 0.82% 0.68% Barclays Intermediate Govt bonds -0.32% 1.71% 1.96% 1.05% Barclays Government Bonds -0.35% 1.43% 2.36% 1.23% 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, 2015 Certificates of Deposit: Certificate Cost Purchase Maturity Interest Daysto Accrued Accrued Number Institution " Basis Date Date Rate Maturity Days Interest 28016 EDSB M 900,000 06/08/15 01/14/16 0.42% 14 206 2,138.45 4214 EDSB M 800,000 07/07/15 02/02/16 0.50% 33 177 1,939.73 28083 EDSB M 1,000,000 08/03/15 03/10/16 0.52% 70 150 2,141.10 4278 DB&T C 2,000,000 09/18/15 03/17/16 0.55% 77 104 3,134.25 5099905126 AT&S M 1,000,000 09/04/15 04/11/16 0.62% 102 118 2,007.62 5354670878 AT&S C 2,000,000 09/16/15 05/27/16 0.60% 148 106 3,484.93 4295 DB&T M 800,000 10/06/15 05/13/16 0.52% 134 86 980.16 5528381790 AT&S M 600,000 11/09/15 05/09/16 0.68% 130 52 576.99 5225367779 AT&S C 2,000,000 11/09/15 05/27/16 0.68% 148 52 1,923.29 124509 FB&T M 900,000 12/03/15 06/02/16 0.53% 154 28 362.47 Totals 12,000,000 18,688.99 High Yield Savings Account Account Ending APR @ Accrued Number Institution " Balance Month End Interest Account CD Balance Accrued Interest 44444116 Fidelity C 0 0.22% 14.21 DMASWA 6,000,000 10,146.52 Totals 0 14.21 City 6,000,000 8,542.47 12,000,000 18,688.99 U.S.Treasury Bond Account Ending Face Value Accrued Number Institution U Balance Interest Rate Interest Weighted Yield: 0.572% 2152-1478 LPL Financial C 2,689,480 4.75% 36,385.52 Weighted Maturity in Days: 95.2 Totals 2,689,480 36,385.52 Unspent Bond Proceed Accounts: rc Ending APR @ Accrued Bond Issue Institution v Balance Month End Interest 2010A AT&S C 361,185 0.20% 61.34 2010B AT&S C 280,766 0.20% 47.68 2011A DB&T C 330,488 0.30% 84.16 2012B DB&T C 2,425,227 0.32% 662.48 2012C DB&T C 824,254 0.33% 230.89 2012D DB&T C 1,031,649 0.34% 304.64 2012E DB&T C 1,138,689 0.17% 175.21 2012F AT&S C 473,142 0.30% 120.52 2012H DB&T C 1,411,715 0.17% 203.77 2014A AT&S C 1,433,283 0.48% 731.55 2014B AT&S C 9,540,814 0.52% 6,751.45 2014C AT&S C 1,471,094 0.48% 896.72 DMASWA AT&S M 1,445,135 0.45% 731.59 2015A AT&S C 7,623,230 0.50% 3,298.47 Institution %of Total Bond Balance 2015A FB&T C 10,557,669 0.68% 8,959.18 AT&S 52.51 22,628,649 2015A FB&T R 2,097,156 1.50% 2,668.32 DB&T 16.62 7,162,023 2008D FB&T R 119,500 0.61% 179.74 FB&T 24.50 10,557,669 2010D FB&T R 525,200 0.61% 789.96 Reserve 6.36 2,741,856 Totals 43,090,197 26,898 100.00% 43,090,197 (C)-CITY FUNDS (M)-DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R)-RESERVE FUNDS PnntDate:125/2016