Investment Oversight Qtrly RepFrom:
To:
Regarding:
City of Dubuque, Investment Oversight Commission
MEMBERS of the CITY COUNCIL OF DUBUQUE
Quarterly Report
In Accordance with Ordinance No. 50-92 (3) Sec. 2-231, City code, the City of Dubuque
Investment Oversight Commission (lOC) respectfully submits the 42nd quarterly report.
The IOC members met on October 23, 2003. The transactions reviewed through September 30,
2003 appear to be in compliance with the Articles in the Investment Policy.
Joseph Veranth~ CFA, Executive Vice President with Dana Investment Advisors made a
presentation to the lOC. Dana's emphasis is the use of government agency bonds in the portfolio
they manage for the city. Mr. Veranth emphasized how Dana's portfolio should minimize the
impact of rising interest rates on the value of the principle. Mr. Veranth verified that the Dana
portfolio was in compliance with the City of Dubuque Investment Policy. There was also a very
informative discussion of the current interest rate market and the likelihood of increases in short
term interest rate in the coming months. We would also like to note that Mr. Veranth recently was
a guest on the CNBC morning financial news show Squawk Box. He was invited to discuss his
interest rate outlook before their national TV audience.
Ken TeKippe, City Finance Director reviewed the schedule of funds managed by their department.
There was a discussion of the draw down of City managed funds and funds from the four managed
investment accounts. The Committee members concurred with the decision to withdraw funds
t~om the managed accounts based on a ratio of funds in each account. The IOC recommended that
future additions and withdrawals form the managed funds be done on the same basis.
The IOC did not receive any communication or questions from the public.
Respectfully submitted
PaulLassance
Paul Lassance
Chairman
Investment Oversight Commission