Item Coversheet

CITY OF RIVIERA BEACH CITY COUNCIL
AGENDA ITEM SUMMARY

Meeting Date: 11/28/2017 
Agenda Category:CONSENT RESOLUTION
Subject: Contract for Consulting and Professional Services for Investment Manager with PFM Asset Management LLC
Recommendation/Motion: The City desires for PFM Asset Management LLC to utilize their efforts to provide investment management and advisory services to the City for an initial three years ending November 30, 2020 with two optional one year renewals, at the City's discretion which would extend this agreement to November 30, 2022.
Originating Dept Finance  Costs 0.00 
User Dept.Finance Funding Source
AdvertisedNo Budget Account Number001-0308-513-0-3106
Date   
Paper   
Affected PartiesNotified   
Background/Summary: 
In accordance to the City's Investment Policy-Delegation of Authority, the City shall employ an Investment Manager to assist in the investing, monitoring, or advising of the City's investments. Originally, Public Trust Advisor LLC operated as the City's Investment Manager. However, their contract is set to expire on December 1, 2017. July 2017, the City issued RFP 907-17-14 seeking proposals from qualified and responsible firms to fulfill the role as an Investment Manager. On September 22, 2017 and Evaluation Committee convene and agreed that the proposal submitted by PFM Asset Management LLC best satisfied the requirements established in the RFP. 
Fiscal Years
Capital Expenditures
Operating Costs
External Revenues
Program Income (city)
In-kind Match (city) 
Net Fiscal Impact
NO. Additional FTE Positions
(cumulative)

III. Review Comments

A. Finance Department Comments:
 
B. Purchasing/Intergovernmental Relations/Grants Comments:
 
C. Department Director Review:
Contract Start Date12/01/2017 
Contract End Date11/30/2020
Renewal Start Date12/01/2020
Renewal End Date11/30/2021
Number of 12 month terms this renewal
Dollar Amount
Contractor Company NamePFM Asset Management LLC
Contractor ContactSteven Alexander
Contractor Address

300 S. Orange Ave

Suite 1170

Orlando, FL 32801

Contractor Phone Number407-406-5750
Contractor Emailalexanders@pfm.com
Type of ContractProfessional services
Describe
ATTACHMENTS:
File NameDescriptionUpload DateType
Resolution-PFM_FY17.docPFM-Resolution11/1/2017Resolution
PFM-_Form_ADV_Brochure.pdfPFM-Form ADV Brochure10/31/2017Backup Material
PFM-Riviera_Beach_Proposal_Submittal.pdfPFM-Proposal11/3/2017Backup Material
New_Investment_Policy_FINAL.pdfCity of Riviera Beach Investment Policy10/31/2017Backup Material
PFM_Investment_Advisor_Contract-final.pdfPFM CONTRACT11/16/2017Cover Memo
PFM-Signature_Page_final.pdfPFM SIGNATURE PAGE11/16/2017Cover Memo
REVIEWERS:
DepartmentReviewerActionDate
Financesherman, randyApproved11/7/2017 - 12:51 PM
PurchasingAnswererApproved11/7/2017 - 4:58 PM
Financesherman, randyApproved11/8/2017 - 12:04 PM
AttorneyAnswererApproved11/9/2017 - 10:22 AM
City ClerkAnswererApproved11/9/2017 - 10:57 AM
City ManagerAnswererApproved11/16/2017 - 3:15 PM