Investment Oversight Advisory Commission 1 22 20 Copyrighted
February 17, 2020
City of Dubuque Consent Items # 1.
ITEM TITLE: Minutes and Reports Submitted
SUM MARY: Arts and Cultural Affairs Advisory Commission and Work
Groups of 1/28; City Council Proceedings of 2/4, 2/10;
Civil Service Commission of 1/30; Five Flags Civic Center
Commission of 1/27; Historic Preservation Commission of
2/6; Housing Commission of 1/28; Investment Oversight
Advisory Commission of 1/22; Zoning Advisory
Commission of 2/5; Zoning Board of Adjustment of 1/23;
Proof of Publication for City Council Proceedings of 1/13,
1/21; Proof of Publication for List of Claims and Summary
of Revenues for Month Ending 12/31/19.
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File
ATTACHMENTS:
Description Type
Arts and Cultural Affiars Advisory Commission Minutes Supporting Documentation
of 1/28/20
Arts and Cultural Affiars Advisory Commission Working Supporting Documentation
Group Udpates of 1/28/20
City Council Proceedings of 2/4/20 Supporting Documentation
City Council Proceedings of 2/10/20 Supporting Documentation
Civil Service Commission Minutes of 1/30/20 Supporting Documentation
Five Flags Civic Center Advisory Commission Minutes Supporting Documentation
of 1/27/20
Historic Preservation Commission Minutes of 2/6/20 Supporting Documentation
Housing Commission Minutes of 1/28/20 Supporting Documentation
Investment OversightAdvisory Commission Minutes Of Supporting Documentation
1/22/20
Zoning Advisory Commission Minutes of 2/5/20 Supporting Documentation
Zoning Board of Adjustment Minutes of 1/23/20 Supporting Documentation
Proof of Publication for City Council Proceedings of Supporting Documentation
1/13/20
Proof of Publication for Special City Council Supporting Documentation
Proceedings of 1/21/20
Proof of Publication for Regular City Council Supporting Documentation
Proceddings of 1/21/20
Proof of Publication for List of Claims and Summary of Supporting Documentation
Revenues for ME 12/31/19
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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 January 22, 2020, Meeting of the Investment
Oversight Advisory Commission and Chairman's Quarterly Report
DATE: February 5, 2020
Commission members present:
Paul Lassance, Stephen ReisdorF, Gary Ruden, and Luke Schiltz.
City staff present:
Jennifer Larson, Director of Finance and Budget
Jennifer Raber, Finance Manager
Nathan Kelleher, Finance Accountant.
1. The meeting was called to order at 3:05 p.m. in Conference Room 2 in City Annex by
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. Paul Lassance moved that the minutes of the October 23, 2019 be approved. The
motion was seconded by Stephen Reisdorf and approved unanimously.
4. Tom Peckosh, Vice President and Sarah Ross, Wealth Advisor, both from Dubuque
Bank & Trust presented. A handout was provided with information on December 31,
2019 returns and other information.
The City ended December 31, 2019 with a 3.02% relative return in comparison to
Barclay's 2.30% 3-month treasury index, Barclay's 3.59% 1-3-year treasury index,
Barclays 5.20% Intermediate index, and Barclays 6.83% Intermediate index. The
City's portfolio with Dubuque Bank & Trust has an effective duration of 1.54. Money
Manager Paul Dickson reports YTD Income at 1.86% and YTD Capital Gain/(Loss)
at 1.16%
Tom Peckosh reported that by the end of 2019, the yield on the US 10-year Treasury
fell from 2.69% to 1.92% and hit a low of 1.46% on September 3, 2019. The yield on
the 5-yer Treasury fell from 2.51% to 1.69% and hit a low of 1.32% on
September 4, 2019. Interest rates are at the lowest rates in 50 years, Inflation is at
2%, the CPI is at 2,285 and the investment strategy is based upon future rises in
interest rates.
Paul Lassance asked how interest rates will be affected by Federal Reserve putting
additional money into the economy sense last Fall. Also the 13 trillion into negative
bonds in Europe. Tom Peckosh responded that it is hard to predict and has
concerns about inflation with low rates, inflation will increase.
Stephen Reisdorf asked about the short duration and if there are concerns. Tom
Peckosh responded that our position is good and that it is hard to predict what
changes to expect in the duration.
Paul Lassance asked about duration of newly issued Bonds. Tom Peckosh
responded that the focus of Bonds is currently a short duration.
Tom Peckosh confirmed that the investments are in compliance with the City
investment policy.
5. Jennifer Larson reported on current cash standings. The City has $14.1 million in
certificates of deposit and $26.7 million in the Collins Credit Union money market
account which earns the feds fund rate plus 20 basis points. Collins Credit Union has
since changed the rate and money is being moved into Dubuque Bank and Trust and
Certificates of Deposit. Certificates of Deposit are bidding at 1.88% for 6 months and
2% for 1 year. Purchases of CD's will take place beginning January 2020.
6. The Commission reviewed the December 31, 2019 quarterly investment reports.
7. The Investment Managers Fees are the same as prior quarters, no change.
8. There was no communication from the public.
9. Paul Lassance asked about appointing a Secretary to the committee. Jenny Larson
responded that a Secretary is not required.
10.Stephen Reisdorf nominated Paul Lassance to be the Chair of the Investment
Oversight Advisory Commission, Gary Ruden seconded the motion.
11.Paul Lassance nominated Stephen ReisdorF to be Vice Chairman of the Investment
Oversight Advisory Commission, Gary Ruden seconded the motion.
12.The next meeting of the Commission is scheduled for Wednesday, April 22, 2020 at
3:00 p.m. A representative from US Bank will be invited to the meeting.
13.Paul Lassance moved that the meeting adjourn. The motion was seconded by Gary
Ruden. The meeting adjourned at 3:37 p.m.