Investment Oversight Qtrly Report
From:
To:
Regarding:
City of Dubuque, Investment Oversight Commission
MEMBERS of the CITY COUNCIL OF DUBUQUE
Quarterly Report
In Accurdancewith-erdinance-No.5D-92 (3) S"". 2-23+;-€ity-code, die City of-Dubuque--
Investment Oversight Commission (IOC) respectfully submits the 54th quarterly report.
The IOC members met on October 25,2006. The transactions reviewed through September 30,
2006 appear to be in compliance with the Articles in the Investment Policy.
Joseph Veranth, CF A, Executive Vice President with Dana Investment Advisors made a
presentation to the IOC. Mr. Veranth's presentation centered around the effect higher interest rate
are having on the total earnings of the City's investments with Dana. 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 is
using variable rate securities for a substantial percentage of the portfolio. Rates are still rising on
these variable rate mortgage backed securities even with the current steady interest rate policy of
the Federal Reserve Board. Dana is maintaining relatively short maturities to limit risk of any
additional rate increases by the Federal Reserve Board. They feel there is some pressure for
modest interest rate increases in the coming year.
Ken TeKippe, City Finance Director reviewed the schedule of funds managed by their department.
With major projects curre:1tly being pla;med there was a discussion ofthe alternative funding
sources for some of the larger projects.
The IOC did not receive any communication or questions from the public.
Respectfully submitted
Pau{ Lassance
Paul Lassance
Chairman
Investment Oversight Commission