Minutes_Investment Oversight Advisory Commission 4 24 19 Copyrighted
May 6, 2019
City of Dubuque Consent Items # 1.
ITEM TITLE: Minutes and Reports Submitted
SUM MARY: Arts and Cultural Affairs Advisory Commission of 4/23;
Cable N Commission of 5/1; City Council Proceedings of
4/15, 4/29; Civil Service Commission Minutes of 3/7, 4/18;
Historic Preservation Commission of 4/18; Historic
Preservation Fair Committee of 4/18; Housing
Commission of 3/26; Human Rights Commission of 3/11;
Investment OversightAdvisory Commission of 4/24;
Library Board of Trustees Council Update #182 of 4/25;
Long Range Planning Advisory Commission of 4/17; Proof
of publication for City Council Proceedings of 4/1; 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
Arts and Cultural Affairs Commission Minutes of Supporting Documentation
4/23/19
City Council Proceedings of 4/15/19 Supporting Documentation
City Council Proceedings of 4/29/19 Supporting Documentation
Civil Service Commission Minutes of 3/7/19 Supporting Documentation
Civil Service Commission Minutes of 4/18/19 Supporting Documentation
Historic Preservation Commission Minutes of 4/18/19 Supporting Documentation
Historic Preservation Commisson Preservation Fair Supporting Documentation
Committee Minutes of 4/18/19
Housing Commission Minutes of 3/26/19 Supporting Documentation
Human Rights Commission Minutes of 3/11/19 Supporting Documentation
Investment OversightAdvisory Commission Minutes of Supporting Documentation
4/24/19
Library Board ot Trustees Council Update#182 of Supporting Documentation
4/25/19
Long Range Planning Advisory Commission Minutes of Supporting Documentation
4/17/19
Proof of Publication for City Council Proceedings of Supporting Documentation
4/1/19
Proof of Publication for List of Claims and Summary of Supporting Documentation
Revenuesfor ME 3/31/19
THE CITY OF Dubuque
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TO: Members of City of Dubuque Investment Oversight Advisory Commission
FROM: Paul Lassance, Investment Oversight Advisory Commission
Jennifer Larson, Director of Finance and Budget
RE: Un-approved Minutes of the April 24, 2019, Meeting of the Investment
Oversight Advisory Commission and Chairman's Quarterly Report
DATE: April 26, 2019
Commission members; Paul Lassance, Franz Becker, Luke Schiltz, Stephen Reisdorf and
Gary Ruden, as well as City staff, Jennifer Larson, Director of Finance and Budget, Arielle
Swift, Assistant Public Works Director, and Connie Mueller, Finance Confidential Account
Clerk. There were also three Loras College students present from a Political Science class.
1. The meeting was called to order at 3:05 p.m. in Conference Room A in City Hall by
Vice-Chairperson Franz Becker. This is an official meeting as a quorum was present.
2. Director of Finance and Budget Jennifer Larson, certified that the meeting was in
compliance with the lowa open meetings law.
3. The oath of office was administered to Luke Schiltz.
4. Franz Becker moved that the minutes of the October 24, 2018 and January 23, 2019
meetings be approved. The motion was seconded by Gary Ruden and approved
unanimously.
5. The term expiration of Stephen Reidorf and Gary Ruden is on July 1, 2019. Both said
that they would be completing an application to renew their terms.
6. Nick Zimmerman, Wealth Management Trust Advisor, and Jon Cushman, Investment
Porffolio Manager, presented for US Bank. Michael Maloney manages the portfolio;
however, he had a conflict and was unable to attend. A handout was provided with
information on March 31 , 2019 returns and other information.
The City ended March 31 , 2019 with a 2.63% relative return in comparison to
Barclay's 2.74% 1-3-year government index, which is the index that most closely
mirrors the City's portfolio. The City's porffolio with US Bank has an effective
duration of 1.15. This is intentionally short because there is no additional
compensation to go longer.
The portfolio has focused on mostly fixed income government agency debt. They
believe that the bond yields are headed higher. Given the flat yield curve, duration of
maturities has been kept short.
Paul Lassance inquired if US Bank is looking at higher rates down the road. Jon
said he expected 0°k-1°k this year. Paul inquired if US Bank would continue to keep
the duration low. Jon responded that since the discount is low, the duration would be
kept low. Paul inquired if he thought the flat yield curve would continue. Jon
responded that he did not think it would continue because the political winds are
blowing to increase inflation.
Jon confirmed that the investments are in compliance with the City investment policy.
7. Jennifer reported on current cash standings. The City continues to ladder CD
maturities to meet operations. Certificates of Deposit bid at 2.63°k.
8. The Commission reviewed the March 2019 quarterly investment reports.
9. Arielle discussed the Investment Managers Fees. Fees are sometimes not charged
every quarter and some quarters may include fees for multiple quarters.
10.The Commission reported that Franz Becker's last meeting will be July 24, 2019.
There was no communication from the public or staff to report according to Jennifer.
11 .The next meeting of the Commission is scheduled for Wednesday, July 24, 2019 at
3:00 p.m. A representative from First Community Trust will be invited to the meeting.
12. Paul Lassance moved that the meeting adjourn. The motion was seconded by Gary
Ruden. The meeting adjourned at 323 p.m.