Investment Oversight 50 Qtrly Report
From: 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 (IOC) respectfully submits the 50th quarterly report.
The IOC members met on October 19, 2005. The transactions reviewed through September 30,
2005 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 IOC. Mr. Veranth’s presentation emphasized that we have seen the bottom in
the current interest rate cycle. With higher interest rate in the foreseeable future the total earnings
will be improving on the City’s investment reserves. Mr. Veranth verified that the Dana portfolio
was in compliance with the City of Dubuque Investment Policy. Dana continues to emphasis the
use of government agency bonds in the portfolio they manage for the city. Dana some Floating
Rate government agency bonds to the portfolio as other securities mature or are prepaid. The
advantage of Floating Rate government agency bonds are that they have a short maturity, have a
very liquid market, and have a slightly higher yield than similar fixed and/or adjustable rate
government agency bonds.
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 of the draw down of
City managed funds and funds from the four managed investment accounts. The Committee
members recommended that any withdraw funds from the managed accounts should be based on a
ratio of funds in each account.
The IOC did not receive any communication or questions from the public.
Respectfully submitted
Paul Lassance
Paul Lassance
Chairman
Investment Oversight Commission