DATE: June 3, 2025
TO: Mayor and City Council
FROM: Interim Finance Director
SUBJECT
Title
Adopt a Resolution Authorizing the City Manager to Execute a Professional Services Agreement Amendment for Investment Portfolio Management Services with PFM Asset Management LLC for a Period of One Year and Rescind Resolution No. 20-162
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RECOMMENDATION
Recommendation
That the City Council adopts the attached resolution (Attachment II) authorizing the City Manager to execute a contract amendment with PFM Asset Management LLC (PFM) for investment portfolio management services for a period of up to one year and rescind Resolution No. 20-162 to align with current costs of investment advisory services.
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SUMMARY
This amendment will bring the term of services under the current agreement with PFM Asset Management LLC to six years. In April 2025, Finance conducted a Request for Proposal (RFP) for investment portfolio management services with a start date of July 1, 2025. Due to recent department transition, awarding a new portfolio investment firm by July 1, 2025, will require months of preparation that the City needs additional time to potentially arrange for. This limited contract extension will allow staff the appropriate time to thoroughly review the submitted proposals from the April 2025 RFP in making a judicious decision on the award of contract.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution