Investment Oversight Qtrly RepFrom:
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 April 24, 2003. The transactions reviewed through March 31, 2003
appear to be in compliance with the Articles in the Investment Policy.
Chris Manternach, from US Bank made a presentation to the IOC for an annual review of their
portfolio. US Bank has been very conservative in the portfolio as they are anticipating a rise in
interest rates from the present low levels. There was some discussion about proposing a change in
the City investment policy to allow some investment in very high Corporate bonds. US bank was
asked to provide some examples of the Corporate bonds they feel would be appropriate for the
portfolio they are managing for the City. The lOC decided to review this information and discuss
the issue at our next meeting.
Ken TeKippe, City 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
CPa u£ L assa nce
Paul Lassance
Chairman
Investment Oversight Commission