Administrative
Report
H.21., File # 23-5361 Meeting Date: 1/17/2023
To: MAYOR AND CITY COUNCIL
From: STEVEN DIELS, CITY TREASURER
TITLE
APPROVE THE SECOND AMENDMENT TO EXTEND THE AGREEMENT FOR CONSULTING
SERVICES BETWEEN THE CITY OF REDONDO BEACH AND FHN FINANCIAL MAIN STREET ADVISORS, LLC. TO PROVIDE NON-DISCRETIONARY INVESTMENT ADVISORY SERVICES THROUGH FY 2025-2026 FOR A COST OF $18,000 PER YEAR
EXECUTIVE SUMMARY
FHN Financial Main Street Advisors, LLC. (FHN) provides non-discretionary investment advisory services to the City, whereby the firm executes investment decisions on behalf of the City after obtaining approval from the City Treasurer. The proposed contract amendment would extend the services of FHN through Fiscal Year 2025-26.
BACKGROUND
FHN Financial Main Street Advisors, LLC. (FHN) has provided non-discretionary investment advisory services to the City since February 2013. Utilization of FHN has enhanced City Treasury operations with expertise in managing the City’s investment portfolio, through reporting and economic analysis.
From both a cost and performance perspective, the existing contract with FHN has proven to be very successful. The continued success of FHN investment advisory services provides a solid foundation supporting the City Treasurer’s recommendations to extend the services of FHN through FY 2026 at the rate of $1,500 per month or $18,000 per year.
Non-Discretionary investment management services requires that FHN shall be authorized to execute investment decisions on behalf of the City only after having obtained prior written approval of the City Treasurer of each pending investment.
COORDINATION
The Agreement has been approved as to form by the City Attorney’s Office.
FISCAL IMPACT
Funding for these Consulting Services in the amount of $1,500 per month, or $18,000 annually, is available in the City Treasurer’s Office FY 2022-23 Budget for Departmental Contracts and Professional Services.
APPROVED BY:
Mike Witzansky, City Manager
H.21., File # 23-5361 Meeting Date: 1/17/2023
ATTACHMENTS
· Agmt - Second Amendment with FHN Financial Main Street Advisors, LLC. · Agmt - First Amendment with FHN Financial Main Street Advisors, LLC., August 17, 2021 · Agmt - FHN Financial Main Street Advisors, LLC., February 18, 2020