Title
Investment Custodian and Trustee Services
Action
Action:
A. Approve a contract with U.S Bank for investment custodian and trustee services for a term of three years, and
B. Authorize the City Manager to renew the contract for up to one, two-year term with possible price adjustments and to amend the contract consistent with the purpose for which the contract was approved.
Body
Staff Resource(s):
Matthew Hastedt, Finance
Sandy Ryland, Finance
Mitali Shah, Finance
Explanation
§ Investment Custodian and Trustee services are needed to provide trust custody accounts and safe-keeping services for the city’s Consolidated Investment Pool and debt program.
§ The city manages a $2.8 billion Consolidated Investment Pool as part of its daily operations and is invested in accordance with NC General Statute Section 159-30 and 159-31. Investments in this portfolio are managed with the objectives of safety, liquidity, and return and typically have daily settlement activity.
§ The city also manages a $6.4 billion debt program authorized under NC General Statute 160A-20 and NC General Statute Section Chapter 159, Article 7. Long-term and short-term debt may be used to finance essential capital facilities, projects, and capital equipment purchases.
§ On February 20, 2026, the city issued a Request for Proposals (RFP); four responses were received.
§ U.S. Bank best meets the city’s needs in terms of qualifications, experience, cost, and responsiveness to the RFP requirements.
§ Annual expenditures are estimated to be $193,200.
Charlotte Business INClusion
Contract goals were not established for this contract because the scope of work or goods required does not present viable subcontracting opportunities. U.S Bank will be responsible for 100% of the work or goods, and there are no opportunities to include subcontractors. This assessment was confirmed by CBI and the respective departments after reviewing the project’s scope and potential for division into subcontracting opportunities.
Fiscal Note
Funding: Consolidated Investment Pool and various Debt Service Funds