File #: CONS 19-605   
Section: Consent Status: Agenda Ready
Meeting Body: City Council
Agenda Date: 9/24/2019 Final action:
Subject: Adopt a Resolution Authorizing the City Manager to Execute a Professional Services Agreement Extension for Investment Portfolio Management Services with PFM Asset Management LLC
Attachments: 1. Attachment I Staff Report, 2. Attachment II Resolution

DATE:      September 24, 2019

 

TO:           Mayor and City Council

 

FROM:     Director of Finance

 

SUBJECT                     

 

Title                      

Adopt a Resolution Authorizing the City Manager to Execute a Professional Services Agreement Extension for Investment Portfolio Management Services with PFM Asset Management LLC                                        

                     

End
RECOMMENDATION

Recommendation

 

That Council adopts a resolution (Attachment II) authorizing the City Manager to execute a contract amendment with PFM Asset Management LLC for investment portfolio management services in an annual amount not to exceed $95,000 per year, for a period through March 31, 2020.

End

 

SUMMARY

 

This action will bring the total term of contract services from PFM Asset Management LLC to eight years. The limited contract extension will allow staff the time necessary to complete the already issued request for proposals (RFP) for investment advisory services.

 

ATTACHMENTS

Attachment I                                          Staff Report

Attachment II                                          Resolution