CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Waive the applicable provisions of the Naperville Procurement Code and approve the award of the 24-month extension to Contract 16-301, Performance Monitoring of Money Managers, to Marquette Associates for an amount not to exceed $60,000
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
The City of Naperville maintains a portfolio of cash and fixed-income investments totaling approximately $205 million (as of Dec 31, 2023). Operating funds are held in cash and funds for which the City has no immediate need, i.e. reserve funds, are invested according to the City's Investment & Cash Management Policy. Because staff does not possess the specialized knowledge or resources to oversee these investments, the City utilizes the services of two professional money management firms. The City also utilizes the services of an investment advisor to monitor and report on the activities and performance of the two money managers.
In 2016, the City Manager approved the award of Contract 16-301 to Marquette Associates to monitor and report on the performance of the two external money managers. Marquette provides the following services to the City:
* Investment decision-making processes and implementation
* Active management of the portfolio
* Portfolio and client communication
* Quarterly reporting to the Financial Advisory Board
* Participation in the procurement process to hire investment managers
The term of the original award was two years from January 1, 2017, through December 31, 2018, with four one-year options to extend. The City Manager approved option year extensions in 2019, 2020, 2021 and 2022.
In 2023, the Marquette contract was extended through a waiver of the procurement code so that the firm could assist staff with developing and evaluating a request for proposals for fixed-income money management services. Marquette was instrumental in that proces...
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