ADMINISTRATIVE REPORT
MEETING DATE: March 11, 2026 AGENDA CATEGORY: Agreement TO: Honorable Mayor and City Council
FROM: Randy McKeegan, Finance Director
DATE: February 25, 2026
SUBJECT: Agreement with Chandler Asset Management (not to exceed $100,000.00) for the prudent investment of the City of Bakersfield’s temporary idle cash.
RECOMMENDATION:
Staff recommends approval of the agreement.
BACKGROUND:
The California Government Code, Sections 53600 –53608 and 53635, authorizes local agencies to invest surplus public funds in approved high-quality instruments, emphasizing the prudent management of funds with priority given to safety, liquidity, and a reasonable rate of return.
The City will partner with an investment management team to invest and reinvest all assets under its management through a customized investment plan.
FISCAL IMPACT:
Consistent with the City’s Investment Policy, which pri oritizes safety, liquidity, and yield, staff is recommending diversification of the investment portfolio to optimize returns.
COUNCIL GOAL:
Innovative and Efficient City Government
ATTACHMENTS:
Investment Management Agreement