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Board approves Davenport advisory addendum and appropriates $36,053 for implementation
Summary
The board approved a one‑year Davenport & Company advisory addendum to implement a strategic investment plan and appropriated $36,053 toward the $99,250 contract; staff estimated the work could yield about $600,000 in additional interest income over 12 months.
County staff presented an addendum agreement with Davenport & Company to implement phase‑2 of a strategic investment management plan and to provide banking‑services negotiations. The proposed one‑year contract totaled $99,250; staff requested a county appropriation of $36,053 to fund the county's share of the first‑year services.
Staff said the implementation work could result in approximately $600,000 of additional interest income within a 12‑month period as a result of optimized investment strategy and banking terms. The board moved, seconded and approved the addendum and the requested appropriation by voice vote. "This should result in approximately $600,000 of additional interest income within a 12 month period," staff stated during the presentation.
Supervisors asked for clarity on fees and timing; staff explained the $99,250 total includes a multi‑component engagement and that the $36,053 appropriation covers the county portion to begin the contract. The board also recorded a subsequent motion to appropriate the funds and carried that motion.
