HomeMy WebLinkAboutReso 2023-059 DocuSign Envelope ID:86631AA9-C450-40D5-A124-EF43E67741E8
RESOLUTION NO. 2023-059
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AGREEMENT BETWEEN
THE CITY AND CHANDLER ASSET MANAGEMENT, INC TO
PROVIDE NON-DISCRETIONARY INVESTMENT
MANAGEMENT SERVICES
WHEREAS, the investment of City funds is guided by the California Government Code
Section 53600, et seq. and the City's Investment Policy and Guidelines (Policy), last amended
March 7, 2023; and
WHEREAS, the Policy is reviewed and adopted annually by the City Council and is
intended to provide guidelines for prudent investment of City cash balances, and outline policies
to assist in maximizing the efficiency of the City's cash management system, while meeting the
daily cash flow demands of the City; and
WHEREAS, annually, the City Council delegates the responsibility for the investment
program to the Director of Finance/Treasurer; and
WHEREAS, per the Policy, the Director of Finance/Treasurer may delegate day-to-day
investment decision making and execution authority to an investment advisor; and
WHEREAS, the Finance Department currently manages the City's investment portfolio of
$519 mi I lion, as of March 31, 2023; and
WHEREAS, the investment portfolio is currently managed with the objective that all
investments are made under the terms and conditions of California Government Code Section
53600, et seq. and that all investments are selected in the order of safety, liquidity, and return on
investments; and
WHEREAS, the Finance Department is recommending the use of an experienced and
qualified consultant to provide non-discretionary investment management services to manage the
City's investment portfolio; and
WHEREAS,with these services, the City's investment portfolio would transition to being
actively managed by an investment advisory firm, however the City will continue to maintain the
discretion to approve all recommended investment transactions before execution; and
WHEREAS, in order to procure these services the City solicited proposals in accordance
with Chula Vista Municipal Code Section 2.56.080 for contracts exceeding $100,000, received
four(4)proposals; and
DocuSign Envelope ID:86631AA9-C450-40D5-A124-EF43E67741E8
Resolution No. 2023-059
Page No. 2
WHEREAS, after the selection committee reviewed each response, they selected the
Chandler Asset Management, Inc as the most qualified amongst those submitting and
recommended the non-discretionary investment management services agreement be awarded to
Chandler Asset Management, Inc; and
WHEREAS,the proposed agreement with Chandler Asset Management, Inc is a three-year
agreement from May 23, 2023, to June 30, 2026, with up to two (2) one-year renewal options for
a total of five (5) years (potentially through June 30, 2028); and
WHEREAS, the annual cost for this agreement is estimated to be approximately$205,000
and is included in the current fiscal year appropriations.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
that it approves the agreement,between the City and Chandler Asset Management, Inc,in the form
presented, with such minor modifications as may be required or approved by the City Attorney, a
copy of which shall be kept on file in the Office of the City Clerk and authorizes and directs the
Mayor to execute the same.
[SIGNATURES ON THE FOLLOWING PAGE]
DocuSign Envelope ID:86631AA9-C450-40D5-A124-EF43E67741E8
Resolution No. 2023-059
Page No. 3
Presented by Approved as to form
EDocuSigned by: DocuSigned by:
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Sarah Schoen Jill D.S. Maland
Director of Finance/Treasurer Lounsbery Ferguson Altona&Peak
Acting City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 23rd day of May 2023 by the following vote:
AYES: Councilmembers: Cardenas, Chavez, Gonzalez,Preciado, and McCann
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
DocuSigned by:
7804EC23B90B473_.
John McCann, Mayor
ATTEST:
DocuSigned by:
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Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2023-059 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 23rd day of May 2023.
Executed this 23rd day of May 2023.
DocuSigned by:
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30746104EAF342E..
Kerry K. Bigelow, MMC, City Clerk