Invest Over Qtrly ReportFrom:
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 39th quarterly report.
The lOC members met on January 23, 2003. The transactions reviewed through December 31,
2002 appear to be in compliance with the Articles in the Investment Policy.
Mel Miller, Vice President with Dubuque Bank and Trust made a presentation to the IOC. We had
invited Dubuque Bank and Trust for an annual review of their portfolio. Dubuque Bank and
Trust's emphasis is the use of government agency bonds and collateralized mortgage instruments
in the portfolio they manage for the city. Mr. Miller explained how Dubuque Bank and Trust's
portfolio should minimize the impact of rising interest rates on the value of the principle. There
was also a very informative discussion of the current very low interest rate market. The outlook
that Dubuque Bank and Trust is operating under is that we have seen the Bottom for interest rates
and need to prepare for rising rates over the next year.
Ken TeKippo, City Finance Director and Dawn tang, Assistant Finance Director reviewed the
schedule of funds managed by their department. The lower interest rates the City is receiving on
Certificates of Deposits that are being rolled over was not a surprise give the historically lower
interest rates we are seeing. The yield in the CD market is still greater than short term Treasury
Bills. We discussed some of the large projects and there funding requirements that are coming up
and recent large expenditures.
The IOC did not receive any communication or questions from the public.
Respectfully submitted
PaulLassance
Paul Lassance
Chairman
Investment Oversight Commission