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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Agreement with Chandler Asset Management for Investment Advisory Services
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RECOMMENDATION
recommendation
Approve a three-year agreement in the amount of $260,000 with Chandler Asset Management for investment advisory services with the option of two (2) one-year extensions; and
Authorize the Mayor to execute the agreement.
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PRIOR ACTION/VOTE
On December 19, 2006, the City Council approved a three-year agreement with MBIA Municipal Investment Service Corporation for Investment Management Services (Vote: 4-0).
On January 19, 2010, the City Council approved Resolution 10-2447, authorizing a two-year extension of the Investment Advisory agreement with MBIA Municipal Investors Service Corporation (Vote: 5-0).
On October 2, 2012, the City Council approved Resolution 12-2989, authorizing an agreement with Cutwater Investor Services Corporation (Vote: 4-0).
On December 17, 2019, the City Council approved Resolution 19-4187, authorizing an agreement with Chandler Asset Management for investment advisory services (Vote: 5-0).
On December 17, 2024, the City Council approved Amendment No. 1, authorizing a one-year extension of the agreement with Chandler Asset Management, extending the agreement until December 31, 2025 (Vote: 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
DISCUSSION
The City of Murrieta (City) engages an investment advisory firm to receive comprehensive investment advice and ongoing management of its investment portfolio. An investment advisor must maintain extensive knowledge and mastery of the California Government Code governing public funds, as well as the City's investment policy and investment goals. The City intends to seek investment ...
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