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Board approves correction to Bloomberg services contract after clerical cap error
Summary
The Board approved a technical correction to a long‑standing Bloomberg terminal services contract used to manage the county’s $15.5 billion portfolio and to allow annual price adjustments as specified in the vendor agreement.
The Board of Supervisors on March 25 approved an amendment to a county contract with Bloomberg LP to remove a clerical cap and confirm the vendor’s biannual price‑increase mechanism.
County financial staff said Bloomberg provides trading terminals, analytics and portfolio management tools that the county has used for 27 years to manage a $15.5 billion portfolio. When the contract was reviewed last year, a clerical error in the bid authorization capped the total contract amount at the one‑year level, which did not reflect the longstanding multi‑year relationship nor Bloomberg’s standard pricing adjustments.
A county chief deputy treasurer presented the item and described the operational reliance on Bloomberg for securities transactions and stress testing. The proposed correction removes the unintended cap and reaffirms the contract language that allows the vendor to apply biannual price adjustments tied to inflation indexes, a practice the county said has been in place since 1999.
The board voted to approve the correction. Supervisor Hagman moved the item and Vice Chair Baca seconded; no members registered opposition or abstention during the recorded vote. County staff said the correction will let the treasurer’s office continue day‑to‑day portfolio management without interruption.
