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Weston approves Bloomberg subscription, waives procurement rules for city investment analysis
Summary
The Weston City Commission unanimously approved a resolution to ratify a web-based financial software subscription with Bloomberg Finance LP and waived the city's competitive-bidding requirement after staff said the product is uniquely suited to manage the city's fixed-income portfolio.
The Weston City Commission on a unanimous vote approved a resolution to ratify an agreement with Bloomberg Finance LP for web-based financial software subscription services and waived the city's procurement bidding requirement.
City Manager Decker told the commission staff had used Bloomberg since 2007 and "we have not found a replacement" for the city's needs, and recommended waiving the formal bid process under the city's code. Finance staff described the product as a data analytics and securities database used to manage the city's fixed-income portfolio.
Why it matters: The subscription gives Weston finance staff a proprietary data tool cited as useful for identifying CUSIP numbers, maturities, issuer information and details for mortgage-backed securities. Staff said the tool helps the city objectively analyze and diversify bonds and mortgage-backed…
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