Title
Consider a memorandum/resolution awarding RFQ #22-28, Investment Advisor Services, to Meeder Public Funds, Inc. to provide investment advisory services in the amount of 3 basis points of investable portfolio value.
Summary
DATE: August 16, 2022
TO: Kent Cagle, City Manager
FROM: Judith Tangalin, Interim Executive Director of Finance
SUBJECT: Meeder Public Funds, Inc. Investment Advisory Services Agreement
BACKGROUND AND FINDINGS:
On July 25, 2017, the City Council approved the investment advisory services agreement with Valley View Consulting, LLC. The initial agreement was effective for a two-year term, with the option to extend the agreement for additional one- or two- year periods. The City extended the agreement with Valley View Consulting, LLC, with the most recent renewal ending in June 2022.
On May 22, 2022, the City began advertising a Request for Qualifications (RFQ) in which the City sought responses from qualified firms to provide investment advisory services. The City received 4 responses which were then evaluated by a committee. Meeder Public Funds, Inc. was chosen as the most qualified responder.
Meeder Public Funds, Inc. proposal includes providing advice on market conditions, analyzing risk/return relationships between various investment alternatives, reviewing the City's investment policy and reporting to ensure compliance with changes in 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.
Meeder Public Funds, Inc. is registered with the Securities and Exchange Commission (SEC) to provide investment advisory services.
On August 16, 2022, the investment committee met with city staff to discuss the results of the RFQ. The investment committee supported the recommendation to award RFQ #22-28, Investment Advisor Services, to Meeder Public Funds, Inc. for investment advisory serv...
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