File #: 22-593    Version: 1 Name:
Type: Request Status: Agenda Ready
File created: 4/29/2022 In control: City Commission
On agenda: 5/17/2022 Final action:
Title: APPROVAL OF RESOLUTION NO. 53-22 TO AWARD AN AGREEMENT TO PFM ASSET MANAGEMENT, LLC. FOR INVESTMENT MANAGEMENT SERVICES UTILIZING THE CITY OF DORAL SOLICITATION NUMBER 2020-26 - $340,000.
Sponsors: Finance Department, Purchasing Department
Attachments: 1. Agenda Cover Report, 2. Doral 2021-05-14 Agreement for Investment Management Services executed, 3. PFM Asset Management LLC Signed Agreement, 4. RESOLUTION NO. 53-22, 5. Legal Review Checklist PFM Asset Management 2022
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: Mayor and Commissioners
FROM: Hugh B. Dunkley, Finance Director
THROUGH: Terrence R. Moore, ICMA-CM
DATE: May 17, 2022

Title
APPROVAL OF RESOLUTION NO. 53-22 TO AWARD AN AGREEMENT TO PFM ASSET MANAGEMENT, LLC. FOR INVESTMENT MANAGEMENT SERVICES UTILIZING THE CITY OF DORAL SOLICITATION NUMBER 2020-26 - $340,000.

Body
Recommended Action:
Recommendation
Motion to approve Resolution Number 53-22 to award a three-year Agreement to PFM Asset Management, LLC for investment management services in a not to exceed amount of $340,000 utilizing the City of Doral's solicitation number 2020-26 and authorizing the City Manager to execute renewals, in the amounts detailed below, contingent on appropriation of funds.

Body
Background:
On March 17, 2021, the City of Doral (Doral) entered into a three-year agreement with PFM Asset Management, LLC (PFM), pursuant to RFP No. 2020-26, to provide investment management services for Doral’s long-term investment portfolio pursuant to the specific stated investment objectives. The contract is valid for a period of three (3) years but may be renewed by Doral for two (2) additional one-year periods for a total of (5) years as agreed upon both parties. The City of Delray Beach has adopted an investment policy to ensure the prudent management of public funds, the availability of operating and capital funds when needed, and investment returns competitive with comparable funds and capital market indices. PFM will manage the City’s long-term investment portfolio pursuant to the investment policy objectives and parameters.

PFM Asset Management Contract Amount
Initial Term (2 years) May 17, 2022 - May 17, 2024 $170,000
Renewal Term 1 May 18, 2024 - May 17, 2025 $ 85,000
Renewal Term 2 May 18, 2025 - May 17, 2026 $ 85,000



Attachments:
1. City of Doral Agreement 2020-026
2. City of Delray Beach MSA 2022-027
3. Resolution 53-22
4. Legal Review Checklist

City Attorney Review:
Approved as to form a...

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