Minutes_Investment Oversight Advisory Commision 4 25 17 Copyrighted
May 7, 2018
City of Dubuque Consent Items # 1.
ITEM TITLE: Minutes and Reports Submitted
SUMMARY: Cable TV Commission of 5/2; City Council Proceedings of
4/16, 4/23, 4/30; Civil Service Commission of 4/26; Historic
Preservation of 4/19; Investment Oversight Advisory
Commission of 4/25; Library Board of Trustees of 2/22;
Zoning Board of Adjustment of 4/26; Proof of Publication
for City Council Proceedings of 4/2, 4/16, 4/23; Proof of
Publication for List of Claims and Summary of Revenues
for Month Ending 3/31.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description Type
Cable N Commission Minutes of 5/2/18 Supporting Documentation
City Council Proceedings of 4/16/18 Supporting Documentation
City Council Proceedings of 4/23/18 Supporting Documentation
City Council Proceedings of 4/30/18 Supporting Documentation
Civil Service Minutes of 4/26/18 Supporting Documentation
Historic Preservation Commission Minutes of 4/19/18 Supporting Documentation
InvestmentOversightAdvisory Commission Minutesof Supporting Documentation
4/24/18
Library Board of Trustees Minutes of 2/22/18 Supporting Documentation
Zoning Board of Adjustment Minutes of 4/26/18 Supporting Documentation
Proof of Publication for City Council Proceedings Supporting Documentation
4/2/18
Proof of Publication for City Council Proceedings of Supporting Documentation
4/16/18
Proof of Publication for City Council Proceedings of Supporting Documentation
4/23/18
Proof of Publication for List of Claims/Summary of Supporting Documentation
Revenues ME 3/31
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TO: Members of City of Dubuque Investment Oversight Advisory Commission
FROM: Paul Lassance, Investment Oversight Advisory Commission
Jean Nachtman, Finance Director
RE: Un-approved Minutes of the April 25, 2018, Meeting of the Investment
Oversight Advisory Commission and Chairman's Quarterly Report
DATE: April 25, 2018
Commission members; Paul Lassance, Franz Becker, Rachael Ferraro, Gary Ruden,
Steve Reisdorf and City staff, Jean Nachtman, Finance Director; Tami Lansing,
Assistant Finance Director; Arielle Swift, Accountant.; Jenna Hirtz, Accounting Intern
1 . The meeting was called to order at 3:03 p.m. in Conference Room A in City Hall
by Chairperson Paul Lassance. Finance Director Jean Nachtman, certified that
the meeting was in compliance with the lowa open meetings law.
2. Paul Lassance moved that the minutes of the January 24, 2018, meeting be
approved. The motion was seconded by Steve Reisdorf and approved
unanimously.
3. Term expirations were reviewed with Rachal Ferraro and Franz Becker. Unfortunately,
Rachael will not be renewing her term due to scheduling conflicts with work. Franz is
planning on renewing his.
4. Mike Maloney, Senior Porffolio Manager presented for US Bank. A handout was
provided with information on 2017 returns, annual account review and other
information.
Mike reviewed the status of the City's portfolio and noted that the City's
performance for the 1� quarter of 2018 was at -.03, with a projected annual
income of $33,377. The returns for calendar year 2017 was .95%. Current yield
is 1 .57% and effective duration is 2.01 . Cash makes up 3.24% of the portfolio
with the remining 96.76% made up of 22 government backed agencies, and two
certificates of deposits (CDs are at or below the $250,000 FDIC insurance
threshold and are invested in lowa banks). Mike noted that 47% of the portfolio
is due in the next 24 months and he plans on investing it out four years and
under. Will continue to ladder bonds at maturity and reinvest at a higher yield.
Mike is expecting to 3% bonds in the portfolio soon.
Mike is expecting Fed to raise rates another 2 times this year. The US is
currently at full employment. That along with the Tax Cuts and Job Act,
Deregulation, and focus on infrastructure should push wages to increase. US
Bank tracks 300 global economic data points and 64°k of those are positive
suggesting that global economy is strong and largely synchronized. Stocks are
more volatile now because of Fed draining liquidity. Inflation is something that
the Fed wants, but at 2.5°k P/E ratio starts to drop dramatically and can have a
negative impact on the domestic equity market.
Mike confirmed that the investments are in compliance with the City investment
policy.
5. Jean reported on current cash standings. The City continues to ladder CD
maturities to meet operations. Since the last meeting, Collins Community Credit
Union has starting bidding competitively on CD's and we have also moved some
funds into their money market account.
6. The Commission reviewed the March 2018 quarterly investment reports.
7. There was no communication from the public, commission or staff to report
according to Jean.
8. The next meeting of the Commission is scheduled for Wednesday, July 25, 2018
at 3:00 p.m. A representative from First Community Trust will be invited to the
meeting.
9. Franz Becker moved that the meeting adjourn. The motion was seconded by
Paul Lassance and approved unanimously. The meeting adjourned at 326 p.m.