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November 13, 2018Finance Committee Draft Minutes <br />Mayor Cutter asked if staff has compared notes with other cities on their RFPs <br />and responses <br />Mr. Baum stated that he has spoken to the Cities of Hayward, Davis, and South <br />San Francisco to compare the submitted proposals <br />Councilmember Hernandez asked if the City was willing to do a cafeteria of <br />banks or are we looking for one bank? Hayward chose JP Morgan Chase but <br />they are also involved with DAPL. Would COSL consider using different banks <br />for various services? <br />Mr. Baum stated that it is best to wait for proposals and review submissions <br />before answering that question however staff is not opposed to the option JP <br />Morgan Chase provides all services and is a leading lender. He is not aware <br />what Hayward's criteria was for their banking services. Banks want to be the <br />depository for the cities. <br />Mayor Cutter stated that after RFP responses are received and reviewed by <br />staff, Council will have the opportunity to also review and determine what <br />bank best suits the City's needs financially as well as with social issues. <br />Council must consider the cost. <br />City Manager Kay stated there is an opportunity for all banks to respond and <br />the City will have to decide if there is an operational issue by splitting services <br />amongst different banks <br />Mayor Cutter stated that the RFP timeline is a priority as well as community <br />participation. <br />Councilmember Hernandez suggested that January 15, 2019 be the deadline <br />for the RFP responses, staff have at least 21 days to review and go to Council <br />in mid-March or April. Do we include DAPL banks or not? We have a <br />responsibility to the stakeholders in the room and outside of the room as well <br />as the planet. <br />Mayor Cutter stated that all information is necesssary to be able to provide a <br />thoughtful response. <br />City Manager Kay believes that the timeline Councilmember Hernandez stated <br />sounds reasonable. Staff is prepared to move with the sense of purpose. <br />2.B.18-588 Chandler Asset Investment Report <br />Finance Director Baum introduced Bill Dennehy of Chandler Asset Investment <br />to provide a review of the City's investment portfolio. Mr. Baum stated that the <br />portfolio has grown to $65 million as a result of Chandler's investments. In the <br />past, the City's investments have outperformed the investments of the Local <br />Agency Investment Fund (LAIF) however as of recent, interest rates have <br />changed and it is better to be in shorter term investments with maturity of less <br />than a year. <br />Bill Dennehy, presented information on the investments of the City. City should <br />begin to consider their strategy as growth proves to be slowing down over the <br />Page 2City of San Leandro Printed on 12/11/2018