Minutes Invest. Over. 10 24 01CITY OF DUBUQUE, IOWA
MEMORANDUM
TO:
FROM:
RE:
DATE:
Members of City of Dubuque Investment Oversight Advisory COmmission
Kenneth J. TeKippe, Finance Director
Un-approved Minutes of the October 24, 2001 Meeting of the Investment
Oversight Advisory Commission
October 26, 2001
Commission members Paul Lassance, Stephen Reisdorf, Gary Ruden and Charles
Spielman were present. Ken TeKippe, Finance Director, and Dawn Lang, Assistant
Finance Director, were also present.
The meeting was called to order at 3:35 p.m. in Conference Room A in City Hail 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 July 26, 2001, meeting be approved as
written. The motion was seconded by Steve Reisdorf and approved unanimously.
Mr. J. Joseph Veranth, CFA, of Dana Investment Advisors, Inc. presented
information and answered questions relative to his firm's investment management
work for the City. The report provided the following information: performance,
outlook, asset allocation, and current holdings. Joe confirmed that investments with
Dana are in compliance with the City's investment policy. Joe commented that his
firm provides a good blend with our other managers and a cushion for other
portfolios. When interest rates are declining, they should underperform the others
and when interest rates are rising, they should outperform the others. Dana may
begin investing in SBA loan pools as adjustable rate mortgages mature.
The Commission briefly reviewed the September 2001 quarterly investment reports
prepared by Dawn Lang. Ken indicated that the City has continued in recent months
to invest in Certificates of Deposit (primarily 8 month) when investments mature due
to higher retums than U.S. Treasuries. The significant recent decline in CD rates,
3.5 - 4% lower than one year ago, was reviewed as well as limited interest by
financial institutions at times in bidding on funds. The investment reports include
approximately $8,000,000 of Dubuque Metropolitan Area Solid Waste Agency funds
which the City invests and accounts for. Ken distributed investment return
information through September, 2001 from the three investment managers:
Dubuque Bank & Trust, Firstar and Dana Investment Advisors.
'Phere was nQ ~from_ the public,_ commission or staf~ to report
according to Ken TeKippe.
6. The next meeting of the Commission was scheduled for Thursday, January 24,
2002, at 3:30 p.m. in City Hall. A representative from Dubuque Bank & Trust will be
invited to the meeting.
7. Steve Reisdorf moved that the meeting adjourn. The motion was seconded by Gary
Ruden and approved unanimously. The meeting adjourned at 4:25 p.m.