RESOLUTION NO. _____
Resolution Of The City Council Of The City Of Emeryville Authorizing The City Manager To Enter Into A Professional Services Contract For Investment Advisory Services With Chandler Asset Management For Fiscal Year 2022-2023, With The Option To Extend For Two Additional Years, For A Total Amount Not To Exceed $260,000
WHEREAS, The City’s investment portfolio is currently managed by the City Treasurer (Finance Director) with oversight from the City Manager in accordance with the City Council’s adopted investment policy; and
WHEREAS, the City Treasurer/Finance Director does not have the tools to properly invest the available portfolio to optimize the investment program to its full potential which requires a great deal of attention, knowledge of available resources, and the ability to regularly monitor changes in the market; and WHEREAS, the City has worked with only one or two brokers. Where an investment advisor may work with over 45 institutional brokers/dealers which will allow the City to achieve more favorable pricing and higher yields by having more competitive options for purchase; and therefore, be it
RESOLVED, that the City Council of the City of Emeryville hereby approves a one-year contract, subject to two one-year extensions at the discretion of the City Manager, with Chandler Asset Management for professional investment advisory services, as shown in Exhibits A and B, with a maximum cost of $260,000, and authorizes the City Manager to execute the contract.
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, July 19, 2022, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
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