Title
Consider and take action on a resolution authorizing a one-year renewal agreement with Meeder Public Fund, Inc. for investment advisory services in an amount not to exceed $50,000 (Director of Finance)
Background:
Approval of this item will authorize a one-year renewal of the agreement with Meeder Public Fund, Inc. for investment advisory services in an amount not to exceed $50,000. The Public Funds Investment Act states that the governing body of an investing entity may contract with an investment management firm registered under the Investment Advisers Act of 1940 (15 U.S.C. Section 80b- l et seq.) to provide for the investment and management of its public funds or other funds under its control. A contract may not be for a term longer than two years. A renewal or extension of the contract must be made by the governing body of the investing entity by order, ordinance, or resolution. Approval of this item will authorize a one-year contract renewal with Meeder Public Fund, Inc., with the option to renew for two, one-year additions.
Cost for Meeder's services will be a flat annual fee of $50,000. While maintaining compliance with the Public Funds Investment Act, implementing a more effective and active strategy of portfolio management and utilizing an investment advisor will position the City to earn more interest income in the future.
The investment advisory fee above is inclusive of all fees associated with the management of the City's account, except for custodial fees, if any. The City selected from RFP 2024-027. There will not be any trading fees or “mark ups” on transactions undertaken on the City's behalf.
ATTACHMENTS:
1. Proposed Resolution
2. Exhibit A - Meeder Contract
FUNDING
{X} Funding in the amount of $50,000 is available from Accounting Professional Services account #1400000-53050.
STRATEGIC PLANNING
{X} Addresses Strategic Planning Critical Success Factor #2 Financially Sustainable