Quarterly Investment Report_March 2016 Copyright 2014
City of Dubuque Consent Items # 5.
ITEM TITLE: Quarterly Investment Report
SUMMARY: City Manager transmitting the March 31 , 2016 Quarterly
Investment Report.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description Type
March 31, 2016 Quarterly Investment Report-MVM City Manager Memo
Memo
Staff 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 Supporting Documentation
THE CITY OF Dubuque
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Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: March 31, 2016 Quarterly Investment Report
DATE: May 9, 2016
Finance Director Jean Nachtman is transmitting the March 31, 2016 Quarterly
Investment Report.
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Micliael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Jean Nachtman, Finance Director
THE CITY OF DUkyftbugquue
DUB E
Masterpiece on the Mississippi
TO: Michael C. Van Milligen, City Manager
FROM: Jean Nachtman, Finance Director
RE: March 31, 2016 Quarterly Investment Report
DATE: April 28, 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 January 1, 2016 through March 31, 2016.
The report includes: Cash Investments and Investment Earnings Summary
for quarter ended March 31, 2016 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.
JN/eml
Enclosures
CITY OF DUBUQUE
Cash, Investments and Investment Earnings Summary
For The Quarter Ended March 31, 2016 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 2,836,000 2,836,000
Unspent Bond Proceeds 10,575,031 10,575,031 -
Certificates Of Deposit 10,000,000 12,019,659 2,019,659
US Treasury Securities 2,015,125 2,882,906.09 867,781
Corporate Stock (EB Lyons Trust) - 102,265 102,265
Investment Advisor Accounts 26,553,159 26,730,624 177,465
Total Funds 51,993,547 55,160,717 3,167,170
Breakdown
City 39,785,533 40,933,045 1 ,147,511
Metro 12,208,013 14,227,672 2,019,659
Total Combined Funds 51,993,547 55,160,717 3,167,170
Cash Basis Quarter Year-To-Date
Gross Earnings:
City 177,915 324,099
Metro 10,124 21 ,100
Combined 188,039 345,199
Investment Fees:
City 15,424 57,487
Metro 95 199
Combined 15,330 57,686
Net Earnings:
City 162,491 266,612
Metro 10,218 20,901
Combined 172,709 287,513
City of Dubuque
Schedule of City Funds
As of
March 31,2016
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 0.27%
CHECKING I SAVINGS ACCOUNTS:
American Trust&Savings Bank(General) 177,584
American Trust&Savings Bank(Housing Rehab§ion a) 109,905
Dubuque Bank&Trust(General Metre/Credit) 10,925,807
Dubuque Bank&Trust(cable Franchise equipment Fund) 625,926
US Bank (General/Ambulance) 40,871
Premier(utility) 10,618
Fidelity Bank&Trust(unity) 21,384
Dubuque Bank&Trust Police Forfeiture Funds 37,598
BBVA Compass 0
Dubuque Bank&Trust(Laber Escrow) 2,600,000
Total 14,549,693 15.76%
UNSPENT BOND PROCEED INVESTMENT ACCOUNTS:
AT&S Series 2010A 361,304
AT&S Series 2010B 255,834
DB&T Series 2011A 330,735
DB&T Series 2012B 2,390,262
DB&T Series 2012C 804,101
DB&T Series 2012D 1,024,858
DB&T Series 2012E 188,199
AT&S Series 2012F 459,260
DB&T Series 2012H 1,397,898
AT&S Series 2014A 396,852
AT&S Series 2014B 7,959,148
AT&S Series 2014C 1,208,856
AT&S DMASWA 1,195,865
AT&S Series 2015A 7,629,497
Fidelity Series 2015A 10,575,031
Total 36,177,700 39.19%
CERTIFICATES OF DEPOSIT:
AT&S 7,400,000
DB&T 800,000
FB&T 1,800,000
Total 10,000,000 10.83%
U.S.TREASURY OBLIGATIONS:
Debt Service Reserve Fund Required for Port Ramp 0
Total 2,015,125 2.18%
RESERVES:
Sales Tax Increment Rev Bond Reserve(cedes zoisA) 2,102,330
Water Debt Bond Reserve(cedes 2008D&2010D) 644,700
Total 2,747,030 2.98%
CORPORATE STOCK(Lyons Peony Trust): 11,514
Total 11,514 0.01%
TOTAL CITY MANAGED FUNDS 65,751,294 71.23%
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City of Dubuque
Schedule of City Funds
As of
March 31,2016
PORTFOLIO TOTAL
COMPOSITION COST CITY FUNDS
FINANCIAL ADVISORS MANAGED FUNDS PERCENTAGE BASIS PERCENTAGE
DANA INVESTMENT ADVISORS,INC:
Cash and Equivalents 3.8% 235,139
US Treasury Obligations 0.0% 0
US Agencies 27.3% 1,677,421
Mortgaged Backed Securities 68.9% 4,239,631
Total 100.0% 6,152,190 23.17%
DUBUQUE BANK&TRUST:
Cash and Equivalents 4.1% 324,762
US Treasury Obligations 95.9% 7,613,498
US Agencies 0.0% 0
Mortgaged Backed Securities 0.0% 0
Total 100.0% 7,938,259 29.90%
FIRST COMMUNITY TRUST:
Cash and Equivalents 2.1% 110,162
US Treasury Obligations 0.0% 0
US Agencies 92.3% 4,731,553
Mortgaged Backed Securities 5.6% 284,614
Total 100.0% 5,126,330 19.31%
US BANK:
Cash and Equivalents 30.6% 2,244,999
US Treasury Obligations 0.0% 0
US Agencies 67.7% 4,966,353
Mortgaged Backed Securities 1.7% 125,027
Total 100.0% 7,336,379 27.63%
TOTAL FINANCIAL ADVISORS MANAGED FUNDS 26,553,159 28.77%
BREAKDOWN BY TYPE OF SECURITY:
Cash& Equivalents 11.0% 2,915,062
US Treasury Obligations 28.7% 7,613,498
US Agencies 42.8% 11,375,327
Mortgage Backed Securities 17.5% 4,649,272
Total 100.0% 26,553,159
TOTAL CITY FUNDS 92,304,453 100.00%
RECAP OF PORTFOLIO PERCENTAGES Managed City Combined
CASH&EQUIVALENTS 316% 027% 343%
CHECKING/SAVINGS ACCTS 000% 5496% 5496%
MORTGAGE BACKED SECURITIES 504% 0.00% 5.04%
CERTIFICATES OF DEPOSIT 000% 10.83% 10.83%
U S.TREASURY OBLIGATIONS 825% 2.18% 1043%
FEDERAL AGENCIES 1232% 0.00% 1232%
Total 28.77% 68.24% 97.01%
1,.2
CITY OF DUBUQUE
MONTHLY INVESTMENT SUMMARY
Month Ending: 03/31/16
First
Community Managed Combined
Dana DB&T Trust US Bank Accounts City Finance Total
COST BASIS ANALYSIS
Cost Basis Prior Month 6,147,925 7,940,468 5,122,334 7,327,689 26,538,416 69,678,452 96,216,868
Additions:
Interest Earnings 9,220 55 6,093 10,800 26,168 41,016 67,184
Realized Gains(Losses) (4,257) 0 (521) 0 (4,778) (4,778)
Total Additions 4,963 55 5,572 10,800 21,390 41,016 62,406
Subtractions:
Management Fees (2,529) (1,648) (1,077) (1,521) (6,775) (6,775)
Custodian Fees (543) (616) (499) (589) (2,248) (2,248)
Bank Charges (496) (496)
Total Subtractions (3,072) (2,264) (1,576) (2,110) (9,022) (496) (9,518)
Cost Basis Current Month 6,149,816 7,938,259 5,126,330 7,336,379 26,550,784 69,718,972 96,269,756
Net Cash Receipts&(Disbursements) (3,002,205) (3,002,205)
Ending Cost Basis Balance 6,149,816 7,938,259 5,126,330 7,336,379 26,550,784 66,716,766 93,267,550
MARKET VALUE ANALYSIS
Investment Market Value Prior Month(Adjusted for Accruals) 6,223,829 7,966,222 5,187,928 7,330,229 26,708,208 70,706,404 97,414,611
Investment Market Value Current Month 6,204,094 7,937,627 5,182,470 7,318,128 26,642,318 67,663,125 94,305,443
Accrued Interest Current Month 14,481 34,111 20,356 19,358 88,305 39,449 127,755
Market Value Adjusted for Accruals 6,218,575 7,971,738 5,202,825 7,337,486 26,730,624 67,702,574 94,433,198
Portfolio Returns(computed by Investment Managers)
Monthly Return Gross of Fees (0.07%) 0.10% 0.32% 0.13%
Monthly Return Net of Fees (0.09%) 0.07% 0.29% 0.10%
Total Return Calendar Year to Date 2015 Gross 0.28% 0.29% 1.90% 0.86%
Effective Duration in Years 0.69 1.22 2.85 2.10
Market Indices
Average Last Calendar Last Last
Month Year to Date 12 Months 3 Years
Barclays 90 Day T-Bills 0.05% 0.08% 0.14% 0.08%
Barclays Short Term 1-3 Yr Govt.bonds 0.17% 0.89% 0.93% 0.79%
Barclays Intermediate Govt bonds 0.19% 2.28% 2.21% 1.52%
Barclays Government Bonds 0.16% 3.12% 2.37% 2.11%
Current Prime Rate 3.25%
City of Dubuque
Schedule of Certificates of Deposit,Accrued Interest, High Yield Savings Accounts&Unspent Bond Proceeds
As of
March 31, 2016
Certificates of Deposit,
Certificate Cost Purchase Maturity Interest Days to Accrued Accrued
Number Institution `� Basis Date Date Rate MaturityDa Interest
5099905126 AT&S M 1,000,000 09/04/15 04/11/16 0.62% 11 209 3,555.86
5354670878 AT&S C 2,000,000 09/16/15 05/27/16 0.60% 57 197 6,476.71
4295 DB&T M 800,000 10/06/15 05/13/16 0.52% 43 177 2,017.32
5 528 381 790 AT&S M 600,000 11/09/15 05/09/16 0.68% 39 143 1,586.71
5225367779 AT&S C 2,000,000 11/09/15 05/27/16 0.68% 57 143 5,289.04
124509 FB&T M 900,000 12/03/15 06/02/16 0.53% 63 119 1,540.48
5343932199 FB&T M 900,000 01/14/16 07/14/16 0.63% 105 77 1,186.64
124785 FB&T M 800,000 02/02/16 08/02/16 0.71% 124 58 896.22
124977 FB&T M 1,000,000 03/15/16 09/13/16 0.63% 166 16 273.97
Totals 10,000,000 22,822.95
Reserve Funds
Account rc Ending Face Value Accrued
Number Institution Balance Interest Rate Interest Account CD Balance Accrued Interest
2015A FB&T R 2,102,330 1.50% 2,502.53 DMASWA 6,000,000 11,057.20
2008D FB&T R 119,500 0.61% 361.48 City 4,000,000 11,765.75
2010D FB&T R 525,200 0.61% 1,588.69 10,000,000 22,822.95
Totals 2,747,030 4,452.70
U.S.Treasury Bond
Account Ending Face Value Accrued
Number I Institution Balance Interest Rate Interest Weighted Yield: 0.622%
2152-1478 LPL Financial C 2,870,733 3.36% 12,173.57 Weighted Maturity in Days: 71.3
Totals 2,870,733 12,173.57
Unspent Bond Proceed Accounts:
Ending APR @ Accrued
Bond Issue Institution t7 Balance* Month End Interest*
2010A AT&S C 361,304 0.20% 61.37
2010B AT&S C 270,770 0.20% 45.18
2011A DB&T C 330,656 0.30% 78.59
2012B DB&T C 2,405,349 0.32% 609.88
2012C DB&T C 822,115 0.33% 213.99
2012D DB&T C 1,024,858 0.34% 276.09
2012E DB&T C 1,093,383 0.17% 303.21
2012F AT&S C 464,022 0.30% 117.92
2012H DB&T C 1,397,510 0.17% 387.56
2014A AT&S C 396,852 0.48% 161.78
2014B AT&S C 8,067,283 0.52% 5,305.03
2014C AT&S C 1,210,820 0.48% 534.28 Institution %of Total Bond Balance
DMASWA AT&S M 1,212,874 0.45% 518.21 AT&S 52.62 19,613,421
2015A AT&S C 7,629,497 0.50% 3,239.92 DB&T 18.98 7,073,871
2015A FB&T C 10,584,013 0.68% 8,981.53 FB&T 28.40 10,584,013
Totals 37,271,304 20,834.54 100.00% 37,271,304
(c)=CITY FUNDS IMI-DUBUQUE METROPOLITAN AREA SOLID WASTE AGENCY (R) RESERVE FUNDS
*Ending balances and accrued interests retrieved from bank statement received for month ending March 31 2016.
Print Date:4/222016