Investment Oversight Qtrly RepoFrom:
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 37th
quarterly report.
The lOC members met on July 25, 2002. The transactions reviewed through June 30,
2002 appear to be in compliance with the Articles in the Investment Policy,
Dale Repass, Francis "Chip" Murray, and John Gonner of First Community Trust ( FCT )
made a presentation to the lOC and Finance Department staff. They were providing
information about their business and requesting that the City consider allowing FCT to
manage some funds for the City. The lOC and staff discussed the experience of the FCT
staff and the impact shifting some funds to FCT would have on our costs. After the
discussion the lOC passed a motion that we would endorse a move by staff to reallocate
up to a $1,000,000 from each of the other 3 investment management firms to FCT.
Ken TeKippe, Finance Director reviewed the schedule of funds managed by their
department and presented information on fees charged by the outside portfolio
managers. Mr. TeKippe discussed a survey he did on manager fees for other Iowa cities.
It was interesting that none of the other large cities in Iowa utilize outside investment
managers.
The lOC also discussed some changes to the general rules for the Commission to allow
us to have some more flexibility in scheduling meeting. This would make it easier for
Commission members to schedule around various work conflicts that come up now and
then.
The lOC did not receive any communication or questions from the public.
Respectfully submitted
®au£ £assance
Paul Lassance
Chairman
Investment Oversight Commission