Placement: Consent Agenda
Action Requested: Motion / Vote
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Award Contract #20220064 for Investment Advisory Services.
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Submitted By: Nathaniel Rubel, Procurement Division Assistant Director, Office of Management and Budget
Strategic Plan Link: The City's Mission to be financially responsible.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Nathaniel Rubel, Procurement Division Assistant Director, Office of Management and Budget
2. Parties: City of Port St. Lucie and PMA Asset Management, LLC, and Public Trust Advisors, LLC.
3. Purpose: To provide Investment Advisory Services to the City in accordance with Florida Statues and the City's Investment Policy.
4. New/Renewal/Modified: New
5. Duration: The initial term of the Contracts is for three (3) years from the date of execution. The City shall have the option to renew for one (1) additional three (3)-year term.
6. Benefits to Port St. Lucie: Investment Advisors will provide, access to a broader investment pool, better investment diversification, outside investment guidance, yearly Cash Flow Analysis, investment training, and investment policy guidance.
7. Cost to Port St. Lucie (Annual and Potential): Consultants will be compensated per the fee schedule in the Contract based on the amount invested with the Consultant. Consultants will be paid out of the earnings of the invested funds.
Presentation Information: N/A
Staff Recommendation: Move that the Council award Contract #20220064 and enter into contracts with PMA Asset Management, LLC and Public Trust Advisors, LLC for Investment Advisory Services.
Alternate Recommendations:
1. Move that the Council amend the recommendation and award Contract #20220064.
2. Move that the Council not approve the recommendation and provide staff with direction.
Background: Earlier this year, the City decided to incorporate a hybrid approach with our investment portfolio. The Finance Department hired an Investment Manager and also decided to hir...
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