Investment Oversight Qtrly Report
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 45th quarterly report.
The IOC members met on July 27,2005. The transactions reviewed through June 30, 2005 appear
to be in compliance with the Articles in the Investment Policy.
Dale Repass, Chief Executive Officer and John Gonner, Senior Vice President from First
Community Trust made their annual presentation to the IOC of the portfolio they manage for the
City. First Community Trust reported that they have lengthened the duration the portfolio they are
managing for the City. The goal of this strategy is to increase the return now that they believe that
interest rates have bottomed out some time ago. First Community Trust had been using a very
conservative approach in anticipation of interest rate rising from the extremely low levels they
were at prior to the last time they appeared before the IOC. Mr. Gonner did state that he had
reviewed the City investment policy and that First Community Trust was operating within
compliance of the policy.
Ken TeKippe, City Finance Director reviewed the schedule of funds managed by their department.
City funds continue to have a significant amount invested in CDs with various local financial
institutions. We discussed some of the large projects and there funding requirements that are
coming up and recent large expenditures. There was also information supplied and discussion
about the cash flow needs of the City.
The IOC did not receive any communication or questions from the public.