Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City reports $2,053,691 recovered from Dubuque Bank & Trust; council expands investment and cash-management oversight
Summary
The council received and filed a staff report that Dubuque Bank & Trust paid $2,053,691 in interest earnings owed under a 2007 banking services agreement, and council amended the city code to expand the Investment Oversight Advisory Commission's duties to include cash management and external banking agreements.
The Dubuque City Council on Monday received a staff report that Dubuque Bank & Trust (DB&T) paid $2,053,691 in interest earnings after a review of a 2007 banking services agreement covering city accounts.
City staff said the discrepancy was identified during a recent competitive banking selection process. According to the staff summary, DB&T had previously paid a fixed interest rate during a period of Federal Reserve rate decline but did not adjust the city's rate upward once rates rose. City finance staff and DB&T conducted an analysis and resolved…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
