TITLE
Consider a memorandum/resolution renewing the investment advisory services agreement with Valley View Consulting, LLC.
SUMMARY
DATE: June 18, 2019
TO: Ronald L. Olson, City Manager
FROM: Jonathan Locke, Executive Director of Finance
SUBJECT: Investment Advisory Services Agreement Renewal
BACKGROUND AND FINDINGS:
On May 18, 2017, the City initiated a Request for Qualifications (RFQ) seeking responses from qualified firms to provide investment advisory services. Two proposals were received and evaluated by a committee consisting of Finance personnel. The committee selected Valley View Consulting as the most qualified respondent.
On July 25, 2017, City Council approved the investment advisory services agreement with Valley View Consulting. The initial agreement is effective for a two-year term that ends June 30, 2019. The agreement may be extended for additional one or two-year periods.
Valley View Consulting has extensive investment advisory experience, and is registered with the Securities and Exchange Commission (SEC) to provide investment advisory services. The scope of the agreement includes the firm providing advice on market conditions, analyzing risk/return relationships between investment alternatives, assisting staff in keeping the City's investment policy in compliance with the Public Funds Investment Act, assisting in the purchase and sale of investment securities, and assisting staff with the Request for Application (RFA) process for the City's primary depository bank.
THE ALTERNATIVES CONSIDERED:
(1) Do not renew the investment advisory services agreement.
(2) Renew the investment advisory services agreement for 1 year.
(3) Renew the investment advisory services agreement for 2 years.
Which alternative is recommended? Why?
Staff recommends option 3, to renew the investment advisory services agreement with Valley View Consulting, LLC for a two-year period expiring June 30, 2021.
CONFORMITY TO CITY POLICY:
The Public Fund...
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