Investment Over Comm Qtrly RepoFrom: City of Dubuque, Investment Oversight Commission
To: MEMBERS of the CITY COUNCIL OF DUBUQUE
Regarding: Quarterly Report
In Accordance with Ordinance No. 50-92 (3) Sec. 2-231, City code, the City of Dubuque
Investment Oversight Commission (laC) respectfully submits the 46th quarterly report.
The laC members met on October 28, 2004. The transactions reviewed through September 30,
2004 appear to be in compliance with the Articles in the Investment Policy.
Joseph Veranth, CFA, Executive Vice President with Dana Investment Advisors made a
presentation to the lac. Dana continues to emphasis the use of government agency bonds in the
portfolio they manage for the city. Mr. Veranth that Dana had not changed the emphasis of the
portfolio to minimize the impact of rising interest rates on the value of the principle. Mr. Veranth
verified that the Dana portfolio was in compliance with the City of Dubuque Investment Policy.
Mr. Veranth is anticipating increase in short term interest rate in the coming months.
Ken TeKippe, City Finance Director reviewed the schedule of funds managed by their department.
With major City building projects currently underway there was a discussion ofthe draw down of
City managed funds and funds ITom the four managed investment accounts. The Committee
members concurred with the decision to withdraw funds ITom the managed accounts based on a
ratio of funds in each account. The lac continues to recommended that future additions and
withdrawals form the managed funds be done on the same basis.
The laC did not receive any communication or questions ITom the public.
Respectfully submitted
Paul Lassance
Paul Lassance
Chairman
Investment Oversight Commission