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Redmond awards investment advisory services contract to GPA with lower projected fees
Summary
Council approved a motion authorizing the city manager to sign a three-year contract (with two one-year extensions) with Government Portfolio Advisors after staff said the agreement would reduce advisory costs for the first year to an estimated $78,400 from roughly $140,000.
James Wood, the city—s finance director, asked the council to authorize a contract awarding investment-advisory services to Government Portfolio Advisors (GPA) for up to $300,000. Wood said the city manages roughly $250 million in various funds and that GPA was selected after a solicitation that produced five…
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