Minutes Investment Over 7 25 02CITY OF DUBUQUE, IOWA
MEMORANDUM
TO:
FROM:
RE:
Members of City of Dubuque Investment Oversight Advisory Commission
Kenneth J. T eKippe, Finance Director ~'~~
Un-approved Minutes of the July 25, 2002 Meeting of the Investment
Oversight Advisory Commission
DATE: July 31, 2002
Commission members Paul Lassance, Stephen Reisdorf, Charles Spielman, Gary
Ruden, and Hiram Melendez were present. Ken TeKippe, Finance Director, Dawn Lang,
Assistant Finance Director, and Kenny Retzl, Finance Intern were also present.
The meeting was called to order at 3:35 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 May 8, 2002 meeting be approved as
written. The motion was seconded by Paul Lassance and approved unanimously.
Dale Repass, Francis "Chip" Murray, and John Gonner from First Community Trust
(FCT) provided a handout. Information included key personnel data, references,
financial information, directors, management references, and other data. The
representatives answered questions after their presentation and confirmed their
awareness of City investment policies and custodian bank arrangements.
After FCT representatives departed, Ken distributed a handout on fees with current
managers, as well as a potential arrangement utilizing their firm. After discussion
on the issue, Paul Lassance made a motion, which Hiram Melendez seconded that
the City consider allocating $1,000,000 from each of three current managers
($3,000,000 total) to FCT. Motion approved unanimously. Ken will provide
information on commission recommendation to the City Manager.
The Commission briefly reviewed the June 2002 quarterly investment reports
prepared by Dawn Lang. Ken indicated that the City has continued in recent
months to invest in Certificates of Deposit (primarily 6 month) when investments
mature due to slightly higher returns than U.S. Treasuries. There may be a
reduction in City certificates over the next few months as summer construction
projects are completed.
10.
11.
There was a motion by Steve Reisdoff to reappoint Paul Lassance as Chairperson
of the Committee and seconded by Hiram Melendez. Paul's appointment was
approved with a 4-0 vote with one abstention.
The general rules of procedure for the Investment Oversight Commission that were
passed, approved and adopted on June 17, 1993 were distributed for review and
revision. The changes recommended included: adding Advisory to the name of
the commission; allowing meetings to be rescheduled as long as in compliance
with open meeting rules; deleting requirement that meetings be audio taped. Paul
Lassance made a motion to adopt the changes and Steve Riesdorf seconded with
changes approved unanimously. A copy, with the planned changes will be
distributed with the meeting minutes. Final approval is planned at the October
meeting.
Results of a survey of Iowa's largest cities relative to utilizing outside investment
managers were distributed. The results indicated that the cities do not currently
utilize firms.
Ken distributed investment return information through June 30, 2002 from the three
investment managers: Dubuque Bank & Trust, U.S. Bank and Dana Investment
Advisors.
There was no communication from the public, commission or staff to report
according to Ken.
A list of tentative future meeting dates and presenters was distributed. The next
meeting of the Commission was scheduled for Wednesday, October 23, 2002, at
3:30 p.m. in City Hall due to a conflict on Thursday, October 24. Representatives
from Dana will be invited to the meeting.
Ken indicated that the City boards and commissions picnic is scheduled for
Monday, July 30 at Eagle Point Park. Commissioners were invited to attend and
can still sign up. Steve Reisdorf moved that the meeting adjourn. The motion was
seconded by Hiram Melendez and approved unanimously. The meeting adjourned
at 4:35 p.m.