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 53rd quarterly report.
The IOC members met on July 26, 2006. The transactions reviewed through June 30, 2006 appear
to be in compliance with the Articles in the Investment Policy.
Dale Repass, Chief Executive Officer and John Gonner, CF A, 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 continued to lengthen the duration the portfolio
they are managing for the City. The goal of this strategy is to increase the return as they believe
that interest rates hikes by the Federal Reserve have ended. First Community Trust does not
foreseen any change in the type of investment they will be utilizing in the portfolio. Mr. Gonner
stated that he had reviewed the City investment policy and that First Community Trust was
operating within compliance ofthe policy.
Mr. Repass gave a report on the financial status and growth of First Community Trust a Dubuque
based financial institution. He was able to report that they have grown to the point where they
have started to turn a profit and foresee that continuing in the future.
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 reviewed the performance ofthe fund manager and the fee they are charging.
The IOC did not receive any communication or questions from the public.
Respectfully submitted
PauC Lassance
Paul Lassance
Chairman
Investment Oversight Commission