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ITEM: AUTHORIZATION TO CONTINUE UTILIZING A CITY OF CAPE CORAL CONTRACT AS A BASIS FOR PRICING TO PROVIDE INVESTMENT MANAGEMENT SERVICES
REQUEST: Authorization to continue utilizing a City of Cape Coral contract with Public Trust Advisors, LLC. as a basis for pricing, to provide investment management services in the amount of approximately $60,000.00 annually.
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EXPLANATION: The Village utilizes a contract with Public Trust Advisors, LLC., to provide investment management services.
On August 11, 2020, Council approved authorization to utilize City of Cape Coral contract #RFP-FIN19-102/KS with Public Trust Advisors, LLC, to provide such services. The initial term of the contract is for three years and provides one optional two-year renewal. The City of Cape Coral has exercised the first renewal option through March 31, 2025 with no increases.
The Village’s investment portfolio is approximately $124 million. Public Trust Advisors, LLC has agreed to continue honoring the City of Cape Coral’s contract terms and fees to the Village.
A 2020 analysis (Exhibit A) determined the City of Cape Coral’s fee structure offered better savings compared to the Village’s own contract.
Staff is requesting authorization to continue utilizing a City of Cape Coral contract with Public Trust Advisors, LLC. as a basis for pricing, to provide investment management services in the amount of approximately $60,000 annually.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: Funds are allocated in the FY 2024 OFMB Operating Budget.
WELLINGTON FUNDAMENTAL: Protecting Our Investment
RECOMMENDATION: Authorization to continue utilizing a City of Cape Coral contract with Public Trust Advisors, LLC. as a basis for pricing, to provide investment management services in the amount of approximately $60,000.00 annually.