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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 proposals. He said the first-year estimated fee under GPA is about $78,400 compared with roughly $140,000 under the previous contract.
Wood recommended the council authorize the city manager to sign a three-year contract with two optional one-year extensions. Speaker 19 moved to award the contract and authorize the city manager to sign the agreement; the motion was seconded and approved by voice vote with council saying "aye." Diane Woodring of GPA appeared online and greeted the council.
Wood said the adviser would assist staff evaluating investment options within the limits allowed by Oregon statutes, and that typical advisory work includes recommending laddered treasury investments and presenting periodic portfolio performance reports.
The council did not request additional amendments on the motion and approved the contract by voice vote. The council will receive periodic investment updates as described in the contract presentation.
