CITY COUNCIL STAFF REPORT
DATE: March 11, 2026 CONSENT CALENDAR
SUBJECT: APPROVE PROFESSIONAL SERVICES AGREEMENT NO. 26P019 WITH CHANDLER ASSET MANAGEMENT, INC., FOR NON-
DISCRETIONARY PORTFOLIO ADVISORY SERVICES
FROM: Scott C. Stiles, City Manager
BY: Department of Finance & Treasury
SUMMARY:
This action will award a professional services agreement with Chandler Asset Management, Inc., a California corporation, to provide Non-Discretionary Advisory professional services.
RECOMMENDATION:
1. Approve Professional Services Agreement No. 26P019 with Chandler Asset Management, Inc. for Non-Discretionary Portfolio Advisory Services in an amount not to exceed $514,200 for the initial three (3) years, with two (2) one-year options to extend at the City’s discretion;
2. Authorize the City Manager or designee to execute all necessary documents.
BUSINESS PRINCIPAL DISCLOSURE:
According to the Public Integrity Disclosure form (Attachment B) submitted on January 6, 2026, Chandler Asset Management, Inc. is registered in the state of California.
BACKGROUND:
The City seeks to engage a firm registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940 to provide non-discretionary portfolio advisory services. The selected advisor will serve in a fiduciary capacity, ensuring all performance reporting adheres to the CFA Institute’s Global Investment Performance Standards (GIPS). The advisor will be responsible for managing the City’s investment portfolio currently valued at approximately $400 million in strict compliance with California State law, the City’s Investment Policy, and all established internal procedures.
City Council Staff Report
March 11, 2026 -- Page 2
Professional Services Agreement NO. 26P019
STAFF ANALYSIS:
Finance and Treasury Department staff worked with the Procurement and Contracting Department to issue a Request for Proposals (RFP) to find a consultant for the services needed. The RFP was advertised in the local newspaper and published on the PlanetBids website. Three proposals were received by the deadline of January 06, 2026, as follows:
Chandler Asset Management, Inc. – San Diego, CA
U.S. Bancorp Asset Management, Inc. – Los Angeles, CA
Meeder Public Funds, Inc. – Dublin, OH (Non-responsive) The evaluation team made up of City staff from the Finance and Treasury Department evaluated the proposals based on the criteria established in the RFP. After reviewing and scoring the written proposals, the evaluation committee conducted on-line interviews with the two highest scoring firms. Following the interviews, the committee unanimously recommended the selection of Chandler Asset Management, Inc. as the most qualified professional firm to provide the services requested for the Project.
Chandler Asset Management, Inc. has been providing investment advisory and management services for municipalities and other local governments in the State of California for over 3 decades, including the City of Palm Springs since 2021. They are a southern California-based investment adviser, and 100% employee-owned California Corporation. Chandler has assisted public agencies in fulfilling their fiduciary duties to their constituents by providing high quality fixed income portfolios in a prudent investment framework and providing personalized client services, meeting their investment objectives for their clients.
ENVIRONMENTAL ASSESSMENT:
The requested City Council action is not a “Project” as defined by the California Environmental Quality Act (CEQA). Pursuant to Section 15378(a), a “Project” means the whole of an action, which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. According to Section 15378+(b), a Project does not include: (5) Organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment.
ALIGNMENT WITH STRATEGIC PLANNING:
This item supports the City Council Strategic Plan Foundation of Financial and Organizational Well-Being.
FISCAL IMPACT:
City Council Staff Report
March 11, 2026 -- Page 3
Professional Services Agreement NO. 26P019
Funds are budgeted in the appropriate Finance Department accounts for FY2025-2026 for these services and will be allocated accordingly in future years of the agreement.
REVIEWED BY:
Department Director: Kristopher J. Mooney
Procurement & Contracting Manager: Tabitha Richards
City Manager: Scott Stiles
ATTACHMENTS:
A. Agreement No. 26P019
B. Public Integrity Disclosure Form