Invest Oversight Qtrly ReportFl'on'l:
To:
Regarding:
City of Dubuque, Investment Oversight Commission
MEMBERS of the CITY COUNCIL OF DUBUQUE
Qua~erly Report
In Accordance with Ordinance No. 50-92 (3) Sec. 2-231, City code, the City of Dubuque
Investment Oversight Commission (IOC) respectfully submits the 41 st quarterly report.
The IOC members met on July 24, 2003. The transactions reviewed through June 30, 2003 appear
to be in compliance with the Articles in the Investment Policy.
John Gonner, Senior Vice President fi.om First Community Trust made a presentation to the lOC
for their first annual review of their portfolio. First Community Trust has been very conservative in
the portfolio as they are anticipating a rise in interest rates from the present low levels. First
Community Trust just started managing funds 9 months ago, and interest rate have been at historic
lows during that period.
Ken TeKippe, City Finance Director reviewed the schedule of funds managed by their department.
City funds invested in CDs have been drawn down some with all the investments in new assets
constructed in the community this summer. 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
au££assancc
Paul Lassance
Chairman
Investment Oversight Commission