Minutes_Investment Oversight Advisory Commission 10.26.21Copyrighted
November 15, 2021
City of Dubuque Consent Items # 1.
City Council Meeting
ITEM TITLE: Minutes and Reports Submitted
SUMMARY: City Council proceedings of 11/1; Arts and Cultural Affairs Commission
of 9/07, 9/28, and 10/19; 1 nvestment Oversight Advisory Commission of
10/26; Library Board of Trustees Update of 10/28; Zoning Advisory
Commission of 11/3; Proof of publication for City Council proceedings of
10/4, 10/18, and 10/20; Proof of publication for List of Claims and
Summary of Revenues for Month Ended September 30, 2021.
SUGGESTED Suggested Disposition: Receive and File
DISPOSITION:
/_1if_Td:I�,I=1kihI'S
Description Type
City Council Proceedings of 11/01/21 Supporting Documentation
Arts and Cultural Affairs Commission Minutes of Supporting Documentation
9/07/21
Arts and Cultural Affairs Commission Minutes of Supporting Documentation
9/28/21
Arts and Cultural Affairs Commission Minutes of
Supporting Documentation
10/ 19/21
Investment Oversight Advisory Commission Minutes of
Supporting Documentation
10/26/21
Library Board of Trustees Update of 10/28/21
Supporting Documentation
Zoning Advisory Commission Minutes of 11/3/21
Supporting Documentation
Proof of Publication for City Council Proceedings of
Supporting Documentation
10/4/21
Proof of Publication for City Council Proceedings of
Supporting Documentation
10/ 18/21
Proof of Publication for City Council Proceedings of
Supporting Documentation
10/20/21
Proof of Publication for List of Claims / Summary of
Supporting Documentation
Revenues for Month Ended 9/30/21
THE CITY OF
DUB FE
Masterpiece on the Mississippi
Dubuque
All -America C14
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2007-2012.2013
2017*2019
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 October 26, 2021, Meeting of the Investment
Oversight Advisory Commission and Chairman's Quarterly Report
DATE: November 5, 2021
Commission members present virtually:
Paul Lassance, Gary Ruden, and Luke Schiltz.
City staff present virtually:
Jennifer Larson, Director of Finance and Budget
Cassie Ross, Finance Manager
Nathan Kelleher, Finance Accountant
Jacob Baltierra, Finance Accountant
The virtual meeting was called to order at 3:01 p.m. virtually 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 Iowa open meetings law.
3. Allen Goody, Senior Managing Director and Senior Relationship Manager at BTC
Capital Management presented. An electronic handout was provided with information
on September 30, 2021 returns and other information.
The City ended September 30, 2021 with a -0.03% relative return in comparison to
Bloomberg's Intermediate US Government .00% 3-month treasury.
Allen Goody reported that the City's portfolio has .7% cash and 99.3% U.S. Treasury
Bonds. As years build out, we will see how the allocations change. There is no
default risk. There is not a lot of history to talk about yet, as BTC is a new investment
manager for the city. The performance of the portfolio is as expected. The equity
benchmark is not relevant to the investments held in the portfolio.
Fixed income characteristics yield to maturity is 77 basis points as compared to 74
basis points. Average quality is AAA, and duration is less than five years.
Paul Lassance asked if the investments in the portfolio followed the City's investment
policy.
Allen Goody reported that the portfolio complied.
Paul Lassance asked given the current thinking that interest rates will be increasing,
what will be BTC's portfolio strategy?
Allen Goody responded that they are still uncertain when rates might rise. There are
no major changes to the City's portfolio planned or to overall investment strategies.
Paul Lassance asked about information that he read in the Wall Street Journal, there
are issues with Chinese firms defaulting on real estate loans, will there be any impact
on interest rate markets?
Allen Goody responded that there could be a blend of effects. If the impact stayed
localized, it would drive up the demand of treasury bonds. Overall, it is a complex
situation.
4. Gary Ruden moved that the minutes of the October 28, 2020 be approved. The
motion was seconded by Paul Lassance and approved unanimously.
5. Jennifer Larson reported on investment results. Dana Investment Advisors monthly
return gross of fees is 0.01 % and Dubuque Bank and Trust is 0.04%. BTC Capital
will only be reporting quarterly rather than monthly because the portfolio is so new.
The City has $21.5 million remaining in certificates of deposit. Certificates of Deposit
are bidding at 0.29% for 6 months. The fee structure for all investment managers
were reduced and the investment custodian fees wee also reduced.
6. The Commission reviewed the September 30, 2020 quarterly investment reports.
7. The Investment Managers Fees are the same as prior quarters, no change. The fees
will change once the new Investment Manager contracts are in place with Dubuque
Bank and Trust, Dana Investment Advisors, and BTC Capital.
8. There was no communication from the public.
9. The next meeting of the Commission is scheduled for Wednesday, January 26, 2022
at 3:00 p.m. A representative from Dubuque Bank and Trust will be invited to
present at the meeting.
10. Gary Ruden moved that the meeting adjourn. The motion was seconded by Paul
Lassance. The meeting adjourned at 3:21 p.m.