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City of San Leandro <br />Meeting Date: September 17, 2018 <br />Staff Report <br />Agenda Section:File Number:18-451 CONSENT CALENDAR <br />Agenda Number:8.F. <br />TO:City Council <br />FROM:Jeff Kay <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for a City of San Leandro City Council Resolution Approving <br />Amendment No. 1 of the Agreement between the City of San Leandro and <br />Chandler Asset Management for Investment Services to Increase per Fiscal Year <br />not to Exceed Amount to $75,000 effective July 1, 2018 <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends that the City Council review and approve amendment no. 1 of the agreement <br />between the City of San Leandro and Chandler Asset Management for investment services effective <br />July 1, 2018 to increase the per fiscal year not to exceed amount to $75,000. <br />BACKGROUND <br />On April 12, 2004, City Council approved a consulting services agreement with Chandler Asset <br />Management for investment services of City funds. Chandler was selected based on their ability to <br />assist the City in establishing an investment management program, appropriate duration of investment <br />needs of the City and the investment philosophy aligned with the City’s investment strategy <br />emphasizing Safety, Liquidity and Yield. <br />Originally, Council approved initial investments of $40 million with an estimated annual cost to the City <br />of $40,000 for services provided by Chandler. <br />On October 3, 2016, City Council approved a new agreement with Chandler effective July 1, 2016 <br />through June 30, 2020 for a not to exceed amount of $50,000 per fiscal year. No additional <br />appropriation was necessary since the adopted budget contained sufficient funding to cover the <br />potential increase. <br />Analysis <br />Chandler Asset Management continues to provide excellent investment services to the City of San <br />Leandro including monthly consultation with City staff regarding the City’s cash flow needs, investment <br />opportunities and market conditions, trade executions, to monthly/quarterly reporting and analysis of <br />investment holdings and performance. <br />Page 1 City of San Leandro Printed on 9/11/2018