Title
Consider a resolution authorizing the Mayor to execute Supplement Agreement No. 1 to "City of Round Rock Agreement for Professional Consulting Services Related to Investment Advisory Services with Valley View Consulting, L.L.C."
Body
Consider a resolution authorizing the Mayor to execute an Agreement for Investment Advisory Services with Valley View Consulting, LLC.
The City’s investment program and technical expertise has been greatly enhanced by the use of investment advisory consulting services. The investment advisor has brought additional experience in the monitoring and placement of investments and more diversification of the portfolio while maintaining safety and liquidity of the portfolio as required by the City’s Investment Policy and the Public Funds Invest Act (PFIA), the state law governing local government investments.
The City has been using Valley View Consulting LLC since September 2015, the last time we solicited bids for investment advisory services. We are extremely happy with the services provided and their responsiveness to our needs. We would like to continue our relationship with Valley View. This new Agreement was established through a professional services process and has been exempted from competition as prescribed in Texas Local Government Code 252.022. This is a two-year agreement with one (1), two-year renewal. The annual cost of the contract is $75,000 per year with no increase in pricing since 2015. Under the PFIA, contract terms are limited to two years and will require Council approval for each extension.
The City’s cash and investment portfolio currently averages $560 million, including bond proceeds. Valley View will work as an extension of City staff to manage the daily and long-term needs of that portfolio; provide required reporting; evaluate best practices; make recommended updates to the current investment policy; and assist staff in assessing programs and processes including evaluating proposals for the ...
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