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File #: 15-11628    Version: 1 Name:
Type: Consent Item Status: Approved
File created: 8/20/2019 In control: City Council Business Meeting
On agenda: 11/25/2019 Final action: 11/25/2019
Title: Long-Term Investment Program Investment Consultant Services

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 Charlotte Business INClusion Policy):

§                     International Minute Press (WBE) ($2,987.50) Printing

§                     Allegra Marketing & Print (SBE) ($6,787.50) Printing

§                     Quality of Life Transport (MBE) ($3,800) Transportation

§                     London D’s Catering (MBE) ($12,500) Catering

§                     Precise Courier and Parcel Delivery Services (MBE) ($3,800) Shipping

 

Fiscal Note

Funding:  Employee Benefit Trust Plan