HomeMy WebLinkAboutR-2022-061 Investment Management and Advisory Services Ranking of Firms and Negotiate Agreement with Public Trust Advisors, LLC (RFQ 2022-008)RESOLUTION NO 2022-061
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, APPROVING THE RANKING OF QUALIFIED
INVESTMENT ADVISORY FIRMS AND AUTHORIZING THE CITY
ADMINISTRATION TO NEGOTIATE AND EXECUTE AN AGREEMENT
WITH PUBLIC TRUST ADVISORS, LLC FOR INVESTMENT
MANAGEMENT AND ADVISORY SERVICES FOR AN INITIAL TERM OF
THREE (3) YEARS; PROVIDING FOR CONFLICTS; FURTHER, PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the City of Dania Beach has total cash, cash equivalents, and reserves in
excess of $100 million that must be invested in compliance with the City's Investment policy and
Florida Statutes; and
WHEREAS, the City has traditionally relied upon the expertise of its in-house Finance
staff for investing reserves and due to the amount of reserves, it is now necessary to procure the
services of a professional investment advisor to manage the City's portfolio, ensuring that cash
reserves obtain the highest possible return on investment while maintaining the safety of principal;
and
WHEREAS, on February 15, 2022, the City advertised RFQ #2022-008 to solicit
proposals from qualified investment advisory firms; and
WHEREAS, on March 8, 2022, the City received proposals from five (5) qualified firms
and a committee comprised of the City Chief Financial Officer Frank DiPaolo, Deputy Finance
Director Adam Segal, City Financial Advisor Dunlap & Associates, City of Hollywood Financial
Services Director David Keller, and City of Weston Assistant City Manager/Chief Financial
Officer Darrel Thomas, met on March 28, 2022, to discuss the proposals and rank the firms; and
WHEREAS, The firms were ranked as follows, from highest to lowest:
Firm
Score
Public Trust Advisors, LLC
451
Chandler Asset Management
441
PFM Asset Management LLC
431
MetLife Investment Management
411
Garcia Hamilton & Associates, L.P.
401; and
WHEREAS, the Finance Department recommends that the City Commission accept these
rankings and authorize the City Administration to negotiate final terms and execute an agreement
with the highest ranked firm, Public Trust Advisors, LLC, for an initial three-year term;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the above "Whereas" clauses are true and correct, and they are made a
part of and are incorporated into this Resolution by this reference.
Section 2. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 3. That the City Administration is authorized to negotiate final terms and
execute an agreement with Public Trust Advisors, LLC for an initial three-year term.
Section 4. That the management fee is 4 basis points or 0.04% of the total assets under
management; the fee schedule is all inclusive, and there are no additional one-time/setup expenses
and fees will be calculated and deducted from the management account on a monthly basis.
Section 5. That this Resolution shall be in force and take immediately upon its passage
and adoption.
PASSED AND ADOPTED on April 12, 2022.
ATTEST:
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THOMAS SCHNEIDER, CMC
CITY CLERK
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APPROVED AS TO FROM AND CORRECTNESS:
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E A. BOUTSIS
CITY ATTORNEY
2 RESOLUTION #2022-061