Title
Consider a resolution authorizing the Mayor to execute Supplement Agreement No. 2 to Professional Consulting Services agreement with Valley View Consulting, L.L.C. for investment advisory services.
Body
The City solicited bids for investment advisory services in 2021 and awarded the contract to Valley View Consulting. Under the Public Funds Investment Act (PFIA), contract terms are limited to two years and will require Council approval for each extension. The City has been very happy with the services provided by Valley View and would like to continue this relationship for an additional two-year term. The initial term of the agreement was for twenty-four (24) months with two allowable twenty-four (24) month renewal periods. This recommended renewal is the second and final of the renewal terms.
The City’s cash and investment portfolio currently averages $570 million, including bond proceeds. Valley View works as an extension of City staff to manage the daily and long-term needs of our portfolio; provides required reporting; evaluates best practices; makes recommended updates to the current investment policy; and assists staff in assessing programs and processes including evaluating proposals for the City’s depository banking services.
Cost: 150,000
Source of Funds: General Fund