Investment Over Qtr ReportFrom:
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 (lOC) respectfully submits the 35th quarterly report.
The IOC members met on January 17, 2002. The transactions reviewed through December
31,2001 appear to be in compliance with the Articles in the Investment Policy.
Mel Miller, CFA from Dubuque Bank and Trust ( DB&T ) reviewed the portfolio performance
that is managed by DB&T. Mr. Miller discussed the market conditions over the last year and
DB&T's outlook for this year. Their outlook is for interest rates to rise slowly in the next 12
months. DB&T has reviewed the portfolio to make sure it is in compliance with the policy
statement for investments of the City of Dubuque.
Dawn Lang, Assistant Finance Director reviewed the schedule of funds managed by their
department and presented information on fees charged by the outside portfolio managers. Ken
TeKippe, City Finance Director discussed the lower interest rotes the City is receiving on
Certificates of Deposits that are being rolled over. Mr. TeKippe did report that there continued to
be rather limited interest by local financial institutions on bidding for funds when the City wanted
to roll a maturing CD over recently.
The lOC did not receive any communication or questions from the public.
Respectfully submitted
Paul Lassance
Chairman
Investment Oversight Commission