AGENDA CAPTION:
Title
Consider approval of Resolution 2025-138R, approving a contract with Meeder Public Funds Inc. for investment management services over a period of two years, with fees in the amount of three basis points (0.03%) of assets, to include securities and bonds under management in the custodial account; authorizing the City Manager, or her designee, to execute the contract on behalf of the city; and declaring an effective date.
Body
Meeting date: August 5, 2025
Department: Finance Department
Amount & Source of Funding
Funds Required: Based on Portfolio's Managed Investments
Account Number: Multiple Accounts - 52230
Funds Available: Yes
Account Name: Professional Services
Fiscal Note:
Prior Council Action: No prior Council action; City internal staff has been managing the City's investment portfolio previously.
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Public Safety, Core Services & Fiscal Excellence
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Background Information:
The City contracted with an investment management service firm, Patterson and Associates, through fiscal year 2012. The City chose not to renew the agreement because the low-interest rate environment at the time made it cost prohibitive. Since then, the City has had internal staff manage the investment accounts. Interest rates have changed significantly over the past few years, and the City would benefit from the expertise of an investmen...
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