Report_Investment Oversight Advisory Commission 68th QuarterlyFrom: City of Dubuque, Investment Oversight Advisory Commission
To: MEMBERS of the CITY COUNCIL of DUBUQUE, IA.
Regarding: Quarterly Report
In Accordance with Ordinance No. 50 -92 (3), Sec.2 -231, City code, the City of
Dubuque Investment Oversight Advisory Commission (IOC) respectfully submits the
68 quarterly report.
The IOC members met on April 28, 2010. The transactions reviewed through March 31,
2010 appear to be in compliance with the Articles in the Investment Policy as further
noted below. Representatives from U.S. Bank did not come before the IOC for their
usual report on the funds U.S. Bank manages for the City. They experienced an internal
communication problem.
It has now been determined that they will be asked to report at the July 28, 2010 IOC
meeting along with First Community Trust.
The City continues to invest in high interest savings accounts as those interest rates
exceed the rates of C.D.' s. This approach will be continually monitored to assure that
the greatest interest income will be generated consistent with IOC risk policy.
Mr. TeKippe advised that the City's bond ratings will change due to recalibration of
ratings from the major rating agencies. No rate changes will occur as this is only a
move to unify corporate and municipal scales of ratings.
All of our investment managers have agreed to the lower fee schedules proposed by
Mr. TeKippe's department at the IOC direction. Managers will have the option to
bill for fees monthly rather than quarterly.
The IOC has, for some time, considered increasing the amount of funds managed by First
Community Trust. After considerable deliberation, the IOC has decided to increase their
managed funds to $5,000,000.00. Funds will be withdrawn from the other three
managers proportionately and they will be allowed time to accumulate cash to transfer to
First Community Trust.
The IOC continues to discuss alternatives for savings regarding investment and custodial
fees. There was lengthy discussion on this topic.
Respectfully submitted,
Stephen V. Reisdorf
Chairman
Investment Oversight Advisory Commission