REPORT TO COUNCIL
SUBJECT
Title
Authorize the Issuance of a Consultant Services Agreement with Chandler Asset Management Inc., in an Amount Not-to-Exceed $1,050,000 for Investment Management Services (F26-558)
Report
REPORT IN BRIEF
Approval is requested to issue a three-year contract to Chandler Asset Management Inc., of San Diego, California, in an amount not to exceed $1,050,000 to continue to provide investment management services for the City. Approval is also requested to authorize the City Manager to execute up to two one-year extensions if cost and services remain acceptable to the City.
EXISTING POLICY
Pursuant to Chapter 2.08.040 of the Sunnyvale Municipal Code, City Council approval is required for the procurement of goods and/or services exceeding $250,000 in any one transaction.
Further, Section 2.08.070(b)(3) authorizes the purchase of goods and/or services to be exempted from the competitive bidding requirements when the solicitations of bids or proposals would be impractical, unavailing or impossible.
This contract and the investment services Chandler provide support the City Council's Responsive Government strategic goal by prudently investing idle City funds to maximize yield while preserving safety and liquidity.
ENVIRONMENTAL REVIEW
The proposed actions are exempt from environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15378(b)(4) in that it is a fiscal activity that does not involve commitment to any specific project that may result in a significant impact on the environment.
BACKGROUND
City funds needed for immediate disbursement are maintained in a liquid checking account while funds that are not needed for disbursement are held in the City's pooled investment portfolio. Additionally, the City's Deferred Compensation Plan, the City's Defined Benefit Retirement Plan, Other Post-Employment Benefits (OPEB) Trust, and debt issuance proceeds are managed and held by third-pa...
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