Title
Long-Term Investment Program Investment Consultant Services
Action
Action:
A. Authorize the City Manager to negotiate and approve a unit price contract with Marquette Associates, Inc. for Long-Term Investment Program Consultant Services for an initial term of three years, and
B. Authorize the City Manager to renew the contract for up to two, one-year terms with possible price adjustments and to amend the contract consistent with the purpose for which the contract was approved.
Body
Staff Resource(s):
Kelly Flannery, Finance
Sheila Simpson, Human Resources
Explanation
* Marquette Associates, Inc. will partner with the city to provide investment consulting services for the city's Long-Term Investment Program (LTIP) and assist with fiduciary oversight of the city's existing deferred compensation programs and the investment plan for the retiree health care plan.
* On December 8, 2008, City Council authorized the city's LTIP to invest long-term city capital reserves to further diversify investment assets.
* The principal amount that has been invested in the city's LTIP is approximately $75.7 million, and it currently has a total market value of approximately $99.9 million.
* Investment consultant services through an outside service provider are used to provide objective, third-party advice and counsel to assist the LTIP Board in making well-informed decisions regarding investments.
* On June 3, 2019, the city issued a Request for Proposals (RFP); five responses were received.
* Marquette Associates, Inc. best meets the city's needs in terms of qualifications, experience, cost, and responsiveness to RFP requirements.
* Annual expenditures are estimated to be $120,000.
Charlotte Business INClusion
Established MWSBE Goal: 5.00%
Committed MWSBE Goal: 5.00%
Marquette Associates, Inc. met the established MWSBE subcontracting goal, and has committed 5.00% ($29,875) of the total contract amount to the following certified firms (Part C: Section 2 of the Charlott...
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