TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Cynthia Rockwell, Purchasing and Contracts Coordinator
SUBJECT:
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Amendment No. 1 to the Chandler Asset Management Agreement
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RECOMMENDATION
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Approve a one-year extension of the Agreement with Chandler Asset Management for Investment Management and Advisory Services, extending the Agreement until December 31, 2025;
Amend the Fiscal Year 2024/25 Operating Budget to establish an appropriation of $5,500 to supplement the existing budget; and
Authorize the City Manager to execute the First Amendment to the Agreement.
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PRIOR ACTION/VOTE
On December 17, 2019, the City Council approved a three-year Agreement with Chandler Asset Management for Investment Management and Advisory Services, which included two additional one-year terms (Vote: 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
The City of Murrieta (City) requires ongoing investment portfolio advisory services from an investment advisory firm to assist with managing its $149 million investment portfolio, which encompasses funds from all operating and capital funds (non-pension-related funds).
Chandler Asset Management has been investing and managing the City's funds since December 17, 2019. The Agreement expires on December 31, 2024. Due to staffing vacancies, staff is proposing an Amendment to extend the Agreement for one additional year. This extension will allow time for staff to conduct a formal request for proposal (RFP) and select a vendor through equitable and transparent practices in accordance with our Procurement Policy.
RFP Process
When Chandler Asset Management was selected, the RFP was advertised on the City's website and in the local newspaper (Press-Enterprise) and sent to several investment management firms. The City ...
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