File #: 2017-023    Version: 1 Name:
Type: Discussion Status: Agenda Ready
File created: 1/9/2017 In control: City Council
On agenda: 1/24/2017 Final action:
Title: CONSIDER APPROVING A CONTRACT SERVICES AGREEMENT WITH FTN FINANCIAL MAIN STREET ADVISORS TO PROVIDE NON-DISCRETIONARY INVESTMENT ADVISORY SERVICES FOR THE CITY AND ITS REPORTING ENTITIES, AND THE CARSON RECLAMATION AUTHORITY
Attachments: 1. Ex 1 Contract, 2. Ex. 2 RFP, 3. Ex. 3 FTN Financial, 4. Ex. 4 Bid Comparison Chart, 5. Ex. 5 Reso 17-010, 6. Ex. 6 GF Budget Summary
Report to Mayor and City Council
Tuesday, January 24, 2017
Discussion


SUBJECT:
Title
CONSIDER APPROVING A CONTRACT SERVICES AGREEMENT WITH FTN FINANCIAL MAIN STREET ADVISORS TO PROVIDE NON-DISCRETIONARY INVESTMENT ADVISORY SERVICES FOR THE CITY AND ITS REPORTING ENTITIES, AND THE CARSON RECLAMATION AUTHORITY

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I. SUMMARY

The City Council directed staff to prepare a Request for Proposals (RFP) for investment advisory services to assist the City Treasurer in managing the City's investments. An RFP was issued, proposals received and evaluated, and a recommendation is being made to the City Council.


II. RECOMMENDATION
Recommendation

TAKE the following actions:
1. APPROVE the Contract Services Agreement with FTN Financial Main Street Advisors in the amount, not to exceed, $48,000 for a period of one year, with four one-year options at the discretion of the City (Exhibit No. 1).
2. ADOPT Resolution No. 17-010. A RESOLUTION OF THE CITY OF CARSON CITY COUNCIL AMENDING THE FISCAL YEAR 2016-17 BUDGET IN THE GENERAL FUND (Exhibit No. 5).


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III. ALTERNATIVES

1. APPROVE a Contract Services Agreement with another proposer.
2. REJECT all proposals and direct staff to either rebid the investment advisory services.
3. REJECT all proposals and cancel the RFP process.
4. TAKE another action the City Council deems appropriate and consistent with the requirements of law.


IV. BACKGROUND

On April 19, 2016, the City Council directed staff to prepare an RFP for investment advisory services. The selected service provider will assist the City Treasurer in managing the investments of the City, the Carson Housing Authority, the Carson Successor Agency, and the Carson Reclamation Authority ("CRA"). City Council also authorized the hiring of a consultant to assist in the preparation of the RFP, evaluation of the proposals, assist in the selection of the investment advisor to interview, and coordinate and participate in the interviews.

There are two types of investm...

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