Minutes_Investment Oversight Advisory Commission 7 24 19 Copyrighted
August 19, 2019
City of Dubuque Consent Items # 1.
ITEM TITLE: Minutes and Reports Submitted
SUMMARY: City Council Proceedings of 8/5; Building Code Board of
7/16; Community DevelopmentAdvisory Commission of
7/17; Historic Preservation Fair Committee of 7/18; Human
Rights Commission of 7/8; Investment OversightAdvisory
Commission of 7/24; Library Board of Trustees of 6/27;
Resilient Community Advisory Commission of 8/1; Zoning
Advisory Commission of 8/7; Zoning Board of Adjustment
of 7/25.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description Type
City Council Proceeding of 8/5/19 Supporting Documentation
Building Code Board Minutes of 7/16/19 Supporting Documentation
Community De�lopmentAdvisory Commission Minutes Supporting Documentation
of 7/17/19
Historic Preservation Fair Committee Minutes of Supporting Documentation
7/18/19
Human Rights Commission Minutes of 7/8/19 Supporting Documentation
InvestmentOversightAdvisory Commission Minutes of Supporting Documentation
7/24/19
Library Board of Trustees Minutes of 6/27/19 Supporting Documentation
Resilient Community Advisory Commission Minutes of Supporting Documentation
8/1/19
Zoning Advisory Commission Minutes of 8/7/19 Supporting Documentation
Zoning Board of Adjustrnent Minutes of 7/25/19 Supporting Documentation
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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 July 24, 2019, Meeting of the Investment
Oversight Advisory Commission and Chairman's Quarterly Report
DATE: August 2, 2019
Commission members; Paul Lassance, Franz Becker, Stephen Reisdorf and Gary Ruden,
as well as City staff, Jennifer Larson, Director of Finance and Budget, Jennifer Raber,
Finance Manager, and Nathan Kelleher, Finance Accountant.
1. The meeting was called to order at 3:00 p.m. in Conference Room II in City Hall
Annex by Chairperson Paul Lassance. 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 by Paul Lassance to Steve Reisdorf and Gary
Ruden.
4. Gary Ruden moved that the minutes of the April 24, 2019 be approved. The motion
was seconded by Paul Lassance and approved unanimously.
5. Bill Neal, Investment Officer, John Gonner, Executive Vice President, and Paul
Kronlage, Executive Vice President presented for First Community Trust. A handout
was provided with information on June 30, 2019 returns and other information.
The City ended June 30, 2019 with a 0.71% relative return in comparison to
Barclay's 1.32% 1-3-year government index, which is the index that most closely
mirrors the City's portFolio. The City's portFolio with First Community Trust has an
effective duration of 0.92. The short duration has caused some of the
underperformance recently. The long-term view is that rates will move higher, in
which case, the City of Dubuque is set up to do well in that environment. First
Community Trust will look to extend the duration of the portFolio as investments come
due. The portFolio has focused on mostly bullet agencies and callable agencies.
Bill Neal said that globally there has been a little bit of move in the currency. Most
likely the Federal Reserve will cut interest rates at their meeting the week of July 2g�n
due to the inverted yield curve and the value of the dollar becomes too strong which
causes the Federal Reserve to lower the rates.
Paul Lassance inquired how much of the City of Dubuque's portfolio is in mortgage
backed securities. John Gonner responded that very little of the City's portfolio is in
mortgage backed securities.
John Gonner confirmed that the investments are in compliance with the City
investment policy.
6. Jennifer Larson reported on current cash standings. The City has moved
approximately $23 million from maturing certificates of deposit and cash balance to
the Collins Credit Union money market account which earns 2.7°k. Certificates of
Deposit have been bidding at 2.08-2.48°k.
7. The Commission reviewed the June 2019 quarterly investment reports.
8. The Commission reported that this is Franz Becker's last meeting as he will be
attending Law School at the University of lowa starting this Fall.
9. There was no communication from the public. Jennifer Larson reported that she met
with MidWestOne Regional President Mike FitzPatrick on July 18, 2019.
MidWestOne is honoring all American Trust and Savings agreements with the City of
Dubuque. He also expressed interest in having more of the City of Dubuque's
investments, however MidWestOne is the City of Dubuque's investment custodian.
10.The next meeting of the Commission is scheduled for Wednesday, October 23, 2019
at 3:00 p.m. A representative from Dana Investments will be invited to the meeting.
11 . Paul Lassance moved that the meeting adjourn. The motion was seconded by Franz
Becker. The meeting adjourned at 335 p.m.