Share to Facebook Share to Twitter Bookmark and Share
File #: 21-0568    Version: 1
Type: Consent - Agreements Status: Passed
File created: 10/12/2021 In control: City Council
On agenda: 11/9/2021 Final action: 11/9/2021
Title: Agreement with Chandler Asset Management, Inc. for Investment Services for the City for Fiscal Years 2021-2022 through 2023-2024.
Attachments: 1. Staff Report, 2. Professional Services Agreement, 3. Chandler Presentation to City of Orange Investment Advisory Committee
TO: Honorable Mayor and Members of the City Council

THRU: Thomas R. Hatch, Interim City Manager

FROM: Will Kolbow, Assistant City Manager/Administrative Services Director


1. SUBJECT
title
Agreement with Chandler Asset Management, Inc. for Investment Services for the City for Fiscal Years 2021-2022 through 2023-2024.
body
2. SUMMARY
A Request for Proposal (RFP) for Investment Services resulted in proposals from two firms. A panel reviewed the proposals and interviewed two of the firms. Based on the proposals submitted, the interviews, and the reference checks, Chandler Asset Management, Inc. was the top candidate.
3. RECOMMENDED ACTION
recommendation
1. Approve the three-year agreement, commencing November 15, 2021, with two optional one-year extensions, with Chandler Asset Management, Inc. in the total amount of $270,000 ($90,000 per year); and authorize the Mayor and City Clerk to execute on behalf of the City.
2. Authorize the appropriation of $60,000 from the General Fund unreserved fund balance (for fiscal year 2021-2022) to expenditure account number 100.1201.51670.0000.
end
4. FISCAL IMPACT
The total expenditure for this three-year agreement is $270,000 and will be funded through General Fund (100).
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
d: Effectively manage and develop City assets.
6. DISCUSSION AND BACKGROUND
With the upcoming retirement of the City's Investment/Revenue Officer, the Finance Department is now in the process of restructuring job duties. The decision has been made to outsource the City's investment management to an outside professional firm, as this is the trend for many other jurisdictions. In October, staff prepared and distributed RFP 21-22.17 for Investment Services.
Two proposals were received, and both firms met our criteria to interview: Chandler Asset Management, Inc. and PFM Asset Management, LLC. The interview panel included the City Treasurer,...

Click here for full text