DATE: December 29, 2014
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator / CFO
Brian Wilcox, Purchasing Manager
SUBJECT:
Consideration Of Contract Award To Government Portfolio Advisors, LLC Of Portland, Oregon In The Annual Amount Of $25,000 For Non-Discretionary Investment Advisory Services For Certain Non-Pension Assets Of The City, For A Term Of Service Of Three (3) Years, With Two (2) Options To Extend The Term Of Service, Each Time For Up To One (1) Additional Year, For A Maximum Possible Term Of Service Of Five (5) Years Total, For The Finance Department (Purchasing Office Procurement Solicitation No. 2015-014; $25,000 Budgeted In 110-85520-41500 For Fiscal Year 2015; Contract No. 2014-0350) (01/08/15 Finance 4-0)
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Purpose
The purpose of this procurement is to purchase non-discretionary investment advisory services for certain non-pension assets of the City, for a term of service of three (3) years, with two (2) options to extend the term of service, each time for up to one (1) additional year, for a maximum possible term of service of five (5) years total, for the Finance Department.
Background
The City published on November 6, 2014 a Notice to Proposers in the Williamson Herald for non-discretionary investment advisory services for certain non-pension assets of the City. In addition, solicitation documents were sent on or about the same date directly to twenty (20) potential proposers known or thought to be interested in this solicitation. Proposals from two (2) vendors were publicly opened at the submittal opening held on December 9, 2014. A tabulation of the proposals received for this solicitation is attached.
Financial Impact
The proposal ranked highest by the proposal evaluation team, from Government Portfolio Advisors, LLC of Portland, Oregon, is in the amount of $25,000 per year for the specified services. The Finance Department budget for fiscal year 2015 allocates $25,000 out of the General Fund for the purchase of the specified services. The proposal amount for the proposal from Government Portfolio Advisors, LLC equals the amount budgeted.
Options
In accordance with the solicitation documents, the City reserves the right to reject any and all proposals.
Recommendation
Staff recommends that the City accept, contingent upon Law Department and City Administrator approval of City Contract No. 2014-0350, the proposal ranked highest by the proposal evaluation team, from Government Portfolio Advisors, LLC of Portland, Oregon, in the amount of $25,000 per year for the specified services. Purchasing Manager Brian Wilcox is of the opinion that the prepared solicitation documents as distributed allowed for competition among multiple vendors, and that the staff recommendation appears to be made in a fair and impartial manner based upon the proposals received.