Minutes, Invest, Over. 4 19 01CITY OF DUBUQUE, IOWA
MEMORANDUM
TO:
FROM:
SUBJECT:
Members of City of Dubuque investment Oversight Advisory Commission
Kenneth J. TeKippe, Finance Director ~~ ~"'~~
Un-approved Minutes of the Apdl 19, 2001 Meeting of the Investment Oversight Advisory
Commission
DATE: Apd123, 2001
Commission members Paul Lassance, Stephen Reisdorf, Gary Ruden, and Chades Spielman were
present. Ken TeKippe, Finance Director, and Dawn Lang, Assistant Finance Director, were also present.
The meeting was called to order at 3:39 p.m. in Conference Room A in City Hall by Chairperson Paul
Lassance. Finance Director, Ken TeKippe, certified that the meeting was in compliance with the Iowa
open meetings law.
2. Gary Ruden moved that the minutes of the January 18, 2001, meeting be approved as wdtten. The
motion was seconded by Paul Lessance and approved unanimously.
Mr. Klm Keuter, Vice President of Firstar Bank, indicated the bank was in compliance with the City's
Investment Policy. Mr. Keutar presented information and answered questions relative to his bank's
investment management work for the City. The handouts included data on Investment Policy and
Objectives, Ped:ormance Summary, Matudty Distribution, Security Type Distribution, interest Rates,
Bond Market Overview, Treasury Yield Curve, and Detail of Assets. 2000 was a good year for the
City's portfolio (9.2% return) with the matudty schedule being more balanced and a longer average
maturity. The Vanguard GNMA Fund investment was reviewed, with Mr. Keuter indicating he will
continue to monitor for rate changes.
The Commission briefly reviewed the Mamh 2001 quarter-ended investment reports prepared by
Dawn Lang. Ken TeKippe indicated that the City has continued in recent months to invest in
Certificates of Deposit (primarily 6 month) when the U.S. Treasuries mature and additional funds are
available to invest due to higher returns.
Information on earnings arrangements was provided on the two pdmary checking accounts the City
maintains. (American Trust pays 60 points under daily federal funds rate. Dubuque Bank & Trust pays
75 points under previous weeks average federal funds rate.) The bond proceeds account established
with American Trust and Savings Bank pays 6.35% interest monthly.
There was no communication from the public, commission or staff to report according to Ken
TeKippe. Ken TeKippe disclosed that representatives of First Community Trust (FCT) have
approached the City relative to managing a portion of City funds. FCT has been informed that at least
one year of operation is required as well as references, performance information and firm financial
information prior to considering them.
The terms of the current commission members were reviewed. Gary Ruden and Steve Reisdorf
indicated a willingness to reapply for another term after their terms expire on July 1, 2001. Ken
TeKippe provided each a City of Dubuque Board/Commission Application Form. Upon completion the
form can be provided to Jeanne Schneider, City Clerk, for submission to the City Council for their
review and potential reappointment. There have been no other citizens who have indicated an
interest recently in serving on the Commission.
8. The next meeting of the Commission was scheduled for Thursday, July 26, 2001, at 3:30 p.m. in City
Hall. A representative from American Trust & Savings Bank will be invited to the meeting. A handout
with future meeting dates through 2002 was distributed.
9~ Gary Ruden moved that the meeting adjourn. The motion was seconded by Steve Reisdor[ and
approved unanimously. The meeting adjourned at 4:22 p.m.