DATE: December 2, 2025
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Title
Adopt a Resolution Awarding a Professional Services Agreement for Investment Portfolio Management Services to PFM Asset Management LLC for a Period of Three-Years with Two Optional One-Year Extensions
End
RECOMMENDATION
Recommendation
That the City Council adopts the attached resolution (Attachment II) authorizing the City Manager to execute contract with PFM Asset Management LLC for investment portfolio management services, for three years with the option to extend it for two additional one-year periods.
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SUMMARY
In April 2025, the City conducted a competitive Request for Proposal (RFP) process for municipal investment portfolio management services. Staff completed a judicious review of the eight proposals received and recommends the contract be awarded to PFM Asset Management LLC (PFM). PFM scored the highest of all proposals and effectively presented their value to the City. The City is currently under an amended contract with PFM for investment portfolio management services through the end of the fiscal year to allow ample time for the award of a new agreement. A clause in the amendment allows the City to terminate the agreement earlier upon notice to the other party. Staff recommends that the Council authorizes execution of a contract for a three-year term with the option to extend for two one-year periods beginning January 1, 2026, for portfolio management services.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution