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City of San Leandro <br />City Council <br />Meeting Date: June 16, 2025 <br />Agenda Number: 5.e. <br />Agenda Section: CONSENT CALENDAR <br />File Number: 25-286 <br />File Type: Staff Report <br />Adopt a Resolution to Approve and Authorize the City Manager to Execute a Professional Services <br />Agreement for Investment Portfolio Management Services with PFM Asset Management LLC for a <br />not-to-exceed amount of $110,000 annually <br />SUMMARY <br />In April 2025, Finance conducted a Request for Proposal (RFP) for investment management <br />services with a start date of July 1, 2025. The City received three (3) proposals for review and <br />consideration. Staff recommends engaging with PFM Asset Management for investment <br />management services. <br />RECOMMENDATION <br /> <br />Staff recommends that the City Council approve the consultant services agreement (CSA) <br />between the City of San Leandro and PFM Asset Management for investment services for a term <br />of three-years with two (2) optional one-year extension for a not-to-exceed amount of $110,000 <br />annually. <br /> BACKGROUND & DISCUSSION <br />Since 2016, Chandler Asset Management has provided the following services related to the <br />management of the City’s investment portfolio: <br />·Consulting with staff regarding the City’s cash flow needs, investment opportunities, and <br />market conditions. <br />·Executing, confirming, and settling trades with the City’s safekeeping bank. <br />·Reviewing the City’s investment policy and confirming all regulatory updates. <br />·Monitoring creditworthiness of investments. <br />·Reporting monthly and quarterly and analyzing investment holdings and performance. <br />·Adhering to the City’s approved investment philosophy related to safety, liquidity, and <br />yield. <br />On May 6, 2024, the City Council approved an amendment to the current consulting services <br />agreement with Chandler Asset Management for investment management services of City funds. <br />The current agreement is set to expire on June 30, 2025. <br />Government Finance Officers Association (GFOA) recommends that agencies perform on-going <br />review of investment advisory services and perform regular review processes. In April 2025, the <br />City conducted a competitive RFP for investment management services due to the expiration of <br />Page 1 City of San Leandro Printed on 9/4/2025