Minutes_Investment Oversight Advisory Commission 10 22 14 THE CITY OF Dubuque
DUB E iCflv
Masterpiece on the Mississippi
TO: Members of City of Dubuque Investment Oversight Advisory Commission
FROM: Paul Lassance, Investment Oversight Advisory Commission
Ken TeKippe, Finance Director
RE: Un-approved Minutes of the October 22, 2014 Meeting of the Investment
Oversight Advisory Commission and Chairman's Quarterly Report
DATE: October 27, 2014
Commission members Paul Lassance and Gary Ruden were present. Ken TeKippe,
Finance Director, Jean Nachtman, Assistant Finance Director and Tami Lansing,
Accountant were also present. Two commission members had unexpected conflicts arise
shortly before meeting and were unable to attend and one open position exists on
commission. Although no quorum present, continued with normal meeting.
1. The meeting was called to order at 3:05 p.m. in Conference Room A in City Hall by
Paul Lassance. Finance Director Ken TeKippe certified that the meeting was in
compliance with the Iowa open meetings law.
2. Paul Lassance moved that the minutes of the July 23, 2014, meeting be approved.
The motion was seconded by Gary Ruden.
3. Joe Veranth of Dana Investment Advisors provided a handout with information on
the portfolio performance and allocation, compliance information, index total return
comparison, Treasury yield curve, economic update and list of current holdings. Joe
stressed the safety of the fund, low risk and high quality investments with heavy
emphasis in adjustable rate mortgages. The report included information that has
been requested from all managers in their report. Dana now has $5 billion under
management and have finance and performance audits annually. Presently
targeting a 1% net of fees return.
Investment allocations have changed recently: mortgage bonds and TIP's down
slightly and agency bonds increased. Joe indicated that unemployment rate under
6%, number of private sector jobs and auto and housing numbers are all positive,
does not see Feds raising rates in the next few quarters, with 34% growth in GNP,
no reason to raise rates.
Joe confirmed that Dana is in compliance with the City's current investment policy.
4. Ken distributed investment return information for September 30, 2014, from the four
investment managers: Dubuque Bank and Trust(DB&T), U.S. Bank, Dana
Investment Advisors and First Community Trust. Also distributed a recap of
manager/custodian annual fees based on September 30, 2014 market values, all
managers currently use same fee schedule.
Approximately $24.0 million unspent bond proceeds at end of September. City plans
to borrow additional funds ($25 million+) over the next few months for a number of
projects. The City recently changed financial advisor for bond issues to Independent
Public Advisors, LLC (IPA) in Des Moines. The landfill (DMASWA) also is planning
on borrowing for some major projects over the next year.
Receiving reports electronically with hard copies available for the quarterly meeting
seems to be working.
5. There was no communication from the public, commission or staff to report
according to Ken.
6. The next meeting of the Commission is scheduled for Wednesday, January 28 2015,
at 3:00 p.m. in City Hall. A representative from Dubuque Bank and Trust will be
invited to the meeting.
7. Paul Lassance moved that the meeting adjourn. The motion was seconded by Gary
Ruden. The meeting adjourned at 3:45 p.m.