STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: February 12, 2025
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller’s Office
EXECUTIVE: Jack Ireland
______________________________________________________________________
SUBJECT
Title
Authorize Supplemental Agreement No. 1 to the professional services contract with Meeder Public Funds, Inc. to exercise the first of two, one-year renewal options for continued investment advisory services for the period April 13, 2025 through April 12, 2026 - Not to exceed $192,000, from $420,000 to $612,000 - Financing: General Fund (subject to annual appropriations)
Body
BACKGROUND
This action will authorize Supplemental Agreement No. 1 to the professional services contract with Meeder Public Funds, Inc. to exercise the first of two, one-year renewal options for continued investment advisory services for the period April 13, 2025, through April 12, 2026.
On April 13, 2022, the City Council authorized an investment advisory services contract with Meeder Public Funds, Inc. (“Meeder”) to assist the City Controller’s Office with the management of the City’s investments which includes review and reporting of investment activity, quantitative analysis, evaluation and presentation of investment options, investment advice, market research and updates, securities valuation, and attendance at the quarterly Investment Committee meetings to review portfolio performance and strategy. The scope of this contract does not include investment advisory services for the assets of the Dallas Police and Fire Pension System, nor the Employee Retirement Fund, which are managed by their respective boards. By providing non-discretionary portfolio management services, Meeder is required to obtain approval from City staff before executing any trade, and all activity must comply with the Texas Public Funds Investment Act (Texas Government Code Chapter 2256), the guidelines of the City’s Investment Policy which was most recently approved by the City Council on November 13, 2024, the City’s investment objectives, and written or oral instructions.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On April 13, 2022, the City Council authorized a consultant contract with Meeder Public Funds, Inc. (VC24212) for investment advisory services for the City Controller’s Office for a term of three years, with two one-year renewal options, in the amount of $420,000, by Resolution No. 22-0567.
The City Council was briefed by memorandum regarding this matter on January 17, 2025. <https://dallascityhall.com/government/citymanager/Documents/FY24-25%20Memos/January%2022%202025%20Upcoming%20Agenda%20Item%20-%2024-3634%20Authorizing%20Supplemental%20Agreement%20No%201%20with%20Meeder%20Public%20Funds.pdf>
FISCAL INFORMATION
|
Fund |
FY 2025 |
FY 2026 |
Future Years |
|
General Fund |
$96,000.00 |
$96,000.00 |
$0.00 |
Original Contract $420,000.00
Supplemental Agreement No. 1 (this action) $192,000.00
Total Funding $612,000.00
OWNER/EXECUTIVE
Meeder Public Funds, Inc.
Bob Meeder Jr, President