Title
Consider a memorandum/resolution approving the investment advisory services agreement with Valley View Consulting, LLC in an amount not to exceed $50,000.
Summary
DATE: May 18,2021
TO: Kent Cagle, City Manager
FROM: Jonathan Locke, Executive Director of Finance
SUBJECT: Investment Advisory Services Agreement
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 was effective for a two-year term that ended June 30, 2019. The agreement allowed for one or two-year period extensions. On June 25, 2019, City Council approved a two-year extension that ends June 30, 2021. Staff is requesting a one-year extension to the agreement and plans to initiate an RFQ for investment advisory services prior to the end of the extension period. The new agreement will be effective from July 1, 2021 through June 30, 2022.
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 assisting with cash flow projections, 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 A...
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