Investment Oversight Qtrly Repo
From:
To:
Regarding:
City of Dubuque, Investment Oversight Commission
MEMBERS of the CITY COUNCIL OF DUBUQUE
Quarterly 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 44th quarterly report.
The IOC members met on April 29, 2004. The transactions reviewed through March 31; 2004
appear to be in compliance with the Articles in the Investment Policy.
Mr. Kim Keuter, Trust Officer of U.S. Bank presented information and answered questions
relativi: to his bank's investment management work for the City. Mr. Keuter confirmed that
investments with U.S. Bank are in compliance with the City's investment policy. Mr. Keuter
reviewed the portfolio performance, treasury yield curve comparison, economic situation and
fixed income conditions and outlook. Mr. Keuter discussed the strategy for the portfolio in the
anticipated rising interest rate environment and cash flow experienced recently from the calling of
government agency issues held in the portfolio.
Ken TeKippe, Finance Director reviewed the schedule of funds managed by their department and
presented information on fees charged by the outside portfolio managers. Mr. TeKippe discussed
the interest rates the City is receiving on Certificates of Deposits that are being rolled over. The
City is actually receiving higher interest rate on fund in checking accounts than from CDs. There
is also a new law in Iowa dealing with collateralization for banks when they issue large CDs. This
law seems to be impacting the willingness of smaller banks to bid on the jumbo CDs that the City
deal with.
The IOC did not receive any communication or questions from the public.
Respectfully submitted
Pau[ £assance
Paul Lassance
Chairman
Investment Oversight Commission