Code of Ordinances Amendment — Title 2 Chapter 3 Investment Oversight Advisory CommissionCity of Dubuque
City Council
ACTION ITEMS # 2.
Copyrighted
January 6, 2025
ITEM TITLE: Code of Ordinances Amendment — Title 2 Chapter 3
Investment Oversight Advisory Commission
SUMMARY: City Manager recommending approval to amend Code of
Ordinances Title 2 Chapter 3 Investment Oversight Advisory
Commission.
ORDINANCE Amending City Of Dubuque Code Of
Ordinances Title 2 Boards And Commissions, Chapter 3
Investment Oversight Advisory Commission
SUGGUESTED Receive and File; Motion B; Motion A
DISPOSITION:
ATTACHMENTS:
1. MVM Memo Ordinance 2-3 Investment Oversight Advisory Commission
Amendment _MVM Memo_2024_12_19
2. Ordinance 2-3 Investment Oversight Advisory Commission Amendment _Staff
Memo_2024_12_19
3. Ordinance
Page 348 of 366
THE CITY OF
Dubuque
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TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Code of Ordinances Amendment —Title 2 Chapter 3 Investment Oversight
Advisory Commission
DATE: December 19, 2024
Chief Financial Officer Jennifer Larson is recommending approval to amend Code of
Ordinances Title 2 Chapter 3 Investment Oversight Advisory Commission. This
amendment would change the title of the commission to the Investment and Cash
Management Advisory Commission, add to review internal cash management practices
and external agreements regarding the banking services agreement, U.S. Treasuries,
and certificates of deposits; and to recommend, as needed, changes in the cash
management practices to the city council to the purposes section 2-3-2, and add to
review the City's internal cash management practices and external agreements
regarding the banking services agreement, U.S. Treasuries, and certificates of deposits
for compliance with agreement terms and conditions to the powers section 2-3-13.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
lliv_4 k_�_
Michael C. Van Milligen
MCVM/jml
Attachment
cc: Crenna Brumwell, City Attorney
Cori Burbach, Assistant City Manager
Jenny Larson, Chief Financial Officer
Brian DeMoss, Finance Manager
Tony Breitbach, Purchasing & Risk Manager
Page 349 of 366
THE CITY OF
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TO: Michael C. Van Milligen, City Manager
FROM: Jennifer Larson, Chief Financial Officer
SUBJECT: Code of Ordinances Amendment — Title 2 Chapter 3 Investment Oversight
Advisory Commission
DATE: December 19, 2024
INTRODUCTION
The purpose of this memorandum is to recommend amending Code of Ordinances Title 2
Chapter 3 Investment Oversight Advisory Commission.
BACKGROUND
The recent discussion regarding the Banking Services award has underlined an opportunity
for the Investment Oversight Advisory Commission to broaden responsibilities to include cash
management oversight.
DISCUSSION
It is recommended to add cash management responsibilities to the Investment Oversight
Advisory Commission. This change would result in the following revisions to the Investment
Oversight Advisory Commission ordinance:
1. Add "and Cash Management" to the title of Title 2, Chapter 3.
2. Add "to review internal cash management practices and external agreements
regarding the banking services agreement, U.S. Treasuries, and certificates of
deposits; to recommend, as needed, changes in the cash management practices to
the city council" to the purpose 2-3-2.
3. Add "To review the City's internal cash management practices and external
agreements regarding the banking services agreement, U.S. Treasuries, and
certificates of deposits for compliance with agreement terms and conditions" to the
powers 2-3-13.
RECOMMENDATION
I respectfully request your approval of the amendment to the Code of Ordinances Title 2
Chapter 3 Investment Oversight Advisory Commission.
cc: Crenna Brumwell, City Attorney
Brian DeMoss, Finance Manager
JML
Page 350 of 366
Prepared by: Crenna M. Brumwell, Esq. 300 Main Street Suite 330 Dubuque IA 52001 563 589-4381
ORDINANCE NO. 1 - 25
AMENDING CITY OF DUBUQUE CODE OF ORDINANCES TITLE 2 BOARDS AND
COMMISSIONS, CHAPTER 3 INVESTMENT OVERSIGHT ADVISORY COMMISSION
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. Title 2, Chapter 3 of the City of Dubuque Code of Ordinances is hereby
amended to read as follows:
CHAPTER 3
INVESTMENT AND CASH MANAGEMENT OVERSIGHT ADVISORY COMMISSION
2-3-1: COMMISSION CREATED:
There is hereby created the investment and cash management oversight advisory
commission.
2-3-2: PURPOSE:
The purpose of the commission is to review the actions and decisions of the city's
investments and all money managers for compliance with the city's investment policy and
to report any noncompliance to the city council; to review internal cash management
practices and external agreements regarding the banking services agreement, U.S.
Treasuries, and certificates of deposits; to review the investment performance of the
City's investments and money managers and to report to the City Council concerning
such investment at least quarterly; and to recommend, as needed, changes in the
investment policy or cash management practices to the city council.
2-3-13: POWERS:
The commission has the following powers, duties, and responsibilities:
A. To review the actions and decisions of the Finance Department and the city's
money managers for compliance with the city's investment policy and report any
noncompliance to the city council;
B. To recommend, as needed, changes in the city's investment policy to the city
manager and the city council;
C. To review the investment performance of the city and the city's money managers
and report to the city council concerning same at least quarterly; and
D. To review the City's internal cash management practices and external agreements
regarding the banking services agreement, U.S. Treasuries, and certificates of deposits
for compliance with agreement terms and conditions.
2-3-14: REPORTS PROVIDED:
The Finance Department must provide the commission with monthly, quarterly, and
annual reports prepared by the Finance Department and the city's financial advisors.
Section 2. This ordinance shall take effect upon publication.
Passed, approved, and adopted this 6th day of January, 2025.
Attest:
Adrienne Breitfelder, City Clerk
EFFECT OF AMENDMENT
CHAPTER 3
INVESTMENT AND CASH MANAGEMENT OVERSIGHT ADVISORY COMMISSION
2-3-1: COMMISSION CREATED:
There is hereby created the investment and cash management oversight advisory
commission.
2-3-2: PURPOSE:
The purpose of the commission is to review the actions and decisions of the city's
investments and all money managers for compliance with the city's investment policy and
to report any noncompliance to the city council; to review internal cash management
practices and external agreements regarding the banking services agreement, U.S.
Treasuries, and certificates of deposits; to review the investment performance of the
City's investments and money managers and to report to the City Council concerning
such investment at least quarterly; and to recommend, as needed, changes in the
investment policy or cash management practices to the city council; and to review the
the city Goy inril ronrernino si Gh investment nerformonGe of least quarter!
2-3-13: POWERS:
The commission has the following powers, duties, and responsibilities:
A. To review the actions and decisions of the Finance DepartmentdireGtor of finonne
and budget and the city's money managers for compliance with the city's investment
policy and report any noncompliance to the city council;
B. To recommend, as needed, changes in the city's investment policy to the city
manager and the city council; -a -PA
C. To review the investment performance of the city and the city's money managers
and report to the city council concerning same at least quarterly; and
D. To review the City's internal cash management practices and external agreements
regarding the banking services agreement, U.S. Treasuries, and certificates of deposits
for compliance with agreement terms and conditions.
Page 353 of 366
2-3-14: REPORTS PROVIDED:
The Finance Departmentd'iro^+^r of fin",^o And- budget must provide the commission with
monthly, quarterly, and annual reports prepared by the Finance Departmentdkea o
fin-anno -and budge and the city's financial advisors.
Page 354 of 366
STATE OF IOWA SS:
DUBUQUE COUNTY
CERTIFICATE OF PUBLICATION
I, Kathy Goetzinger, a Billing Clerk for Woodward
Communications, Inc., an Iowa corporation, publisher
of the Telegraph Herald, a newspaper of general
circulation published in the City of Dubuque, County
of Dubuque and State of Iowa; hereby certify that the
attached notice was published in said newspaper on the
following dates:
01/10/2025
and for which the charge is 39.80
a/7<A '9L-C-
Subscribed to before me, a Notary Public in and for
Dubuque County, Iowa,
this 10th day of January, 2025
~ ,12
NotarjPublic in and for Dubuque County, Iowa.
*Q,IAC 8� JANET K. PAPE
o Y Commission Number 199659
My Commission Expires
12/11 /2025
Ad text :
CITY OF DUBUQUE
OFFICIAL PUBLICATION
ORDINANCE NO. 1 - 25
AMENDING CITY OF DUBUQUE CODE OF ORDINANCES TITLE 2 BOARDS
AND COMMISSIONS, CHAPTER 3 INVESTMENT OVERSIGHT ADVISORY
COMMISSION
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF DUBUQUE, IOWA:
Section 1. Title 2, Chapter 3 of the City of Dubuque Code of
Ordinances is hereby amended to read as follows:
CHAPTER 3
INVESTMENT AND CASH MANAGEMENT OVERSIGHT ADVISORY COMMISSION
2-3-1: COMMISSION CREATED:
There is hereby created the investment and cash management
oversight advisory commission.
2-3-2: PURPOSE:
The purpose of the commission is to review the actions and
decisions of the city's investments and all money managers for
compliance with the city's investment policy and to report any
noncompliance to the city council; to review internal cash
management practices and external agreements regarding the
banking services agreement, U.S. Treasuries, and certificates
of deposits; to review the investment performance of the Citys
investments and money managers and to report to the City
Council concerning such investment at least quarterly; and to
recommend, as needed, changes in the investment policy or cash
management practices to the city council.
2-3-13: POWERS:
The commission has the following powers, duties, and
responsibilities:
A. "To review the actions and decisions of the Finance
Department and the city's money managers for compliance with
the city's investment policy and report any noncompliance to
the city council;
B.-To recommend, as needed, changes in the city's investment
policy to the city manager and the city council;
C. "To review the investment performance of the city and the
city's money managers and report to the city council
concerning same at least quarterly; and
D. "To review the Citys internal cash management practices
and external agreements regarding the banking services
agreement, U.S. Treasuries, and certificates of deposits for
compliance with agreement terms and conditions.
2-3-14: REPORTS PROVIDED:
The Finance Department must provide the commission with
monthly, quarterly, and annual reports prepared by the Finance
Department and the city's financial advisors.
Section 2. This ordinance shall take effect upon
publication.
Passed, approved, and adopted this 6th day of January, 2025.
/s/Brad Cavanagh, Mayor
Attest: /s/Adrienne Breitfelder, City Clerk
Published officially in the Telegraph Herald newspaper on
the loth day of January, 2025.
/s/Adrienne N. Breitfelder, City Clerk.
It 1/10
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