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Council tables $39,000-per-year investment-advisory contract request for vendor presentation
Summary
A proposed three-year investment-advisory contract at $39,000 per year was tabled to July 13 so council members can get an in-person vendor presentation; finance director said the vendor would help manage roughly $50 million of investable cash and projected at least $100,000 in additional returns.
Goldsboro — Councilors on June 15 voted to table consideration of a three-year contract for investment-advisory services after the finance director outlined the vendor’s scope and pricing and several council members asked for a formal presentation.
Livingston introduced the agenda item and said staff solicited RFQs to find a specialized municipal investment advisor. The finance director (introduced by staff as Catherine) told council the recommended vendor’s fee is $39,000 per year, the contract term is three years and the firm would assist the city with cash-flow forecasting and investment selection for idle cash. "It's for $39,000 per year," she said. She estimated the city has roughly $50 million in additional investable cash beyond day-to-day balances and said a conservative projection of added return was at least $100,000 annually.
Council members asked whether the city’s existing bank could provide similar services and requested a vendor presentation. One council member moved to table the item until the July 13 meeting to permit an in-person presentation; the motion passed unanimously.
What’s next: the item is tabled to the July 13 council meeting. Staff said the money is budgeted and the vendor is willing to present to council and meet with staff before final approval.
