Explanation
BACKGROUND:
On June 15, 2018, the City Treasurer’s Office issued a request for statement of qualifications (RFSQ) RFQ009481 for investment advisory services. The city aimed to improve its investment capabilities and operational efficiency by maximizing incremental income and obtaining operational information flow regarding its portfolio. RFQ009481was advertised and statements of qualifications were opened on July 10, 2018, receiving fifteen (15) responses. An evaluation committee, consisting of one representative each from the Department of Finance and Management, the City Auditor’s Office, and the City Treasurer’s Office met on July 20, 2018, and submitted preliminary scores. Three firms were selected (FTN Financial Main Street Advisors, Meeder Public Funds, and PFM Asset Management) to provide technical proposals, cost structures, and in-person presentations. The RFP was distributed on July 27, with a proposal deadline of August 17, 2018. The finalists presented in person during three presentations on August 23 and 24, 2018. The committee met and submitted their scoring for the technical proposals on August 28, 2018.
The initial contract with Meeder Public Funds was for the period of October 15, 2018 through March 31, 2021, with three one-year options for renewal subject to annual appropriations and approval of contracts by Columbus City Council.
The City Treasurer’s Office renewed its contract with Meeder Public Funds to exercise its final option to extend its contract term from April 1, 2023, through March 31, 2024, with passage of Ordinance 0300-2023 on February 6, 2023.
The Treasurer engaged in discussions with the members of the Depository Commission and Treasury Investment Board to gather consensus as to what action should be taken. It was recommended that the Treasurer should explore the possibility of a three-year contract extension with Meeder.
On September 18, 2023, the Columbus City Council approved a one-year extension of the Treasurer’s Office contract with Meeder Public Funds, extending it from April 1, 2024, to March 31, 2025. This extension included two additional one-year options for renewal. Additionally, on March 4, 2024, the Columbus City Council authorized funding of $228,000 for the first extension with the passage of ordinance 0482-2024.
The Columbus City Council authorized the second extension to add funding of $240,000.00, for the period of April 25, 2025, through March 31, 2026.
The Treasurer now requests authorization to renew the third extension of the contract for the period of April 1, 2026, through March 31, 2027, and to add funding of $252,000.00, supporting continued investment management that aligns with the city's financial objectives and operational stability.
Contract Compliance: Meeder Public Funds CC-027014, expiration 1/3/2027.
The company is not debarred according to the Excluded Party Listing System of the Federal Government or prohibited from being awarded a contract based on the Auditor of State Unresolved Findings for Recovery Certified Search.
EMERGENCY DESIGNATION:
This ordinance is submitted as an emergency as the current contract expires on 3/31/26; to ensure continued assistance with investments vital for the daily operation of the City of Columbus.
FISCAL IMPACT:
Funds in the amount of $252,000.00 are available within the Treasurer’s Office general fund 2026 operating budget appropriations.
Title
To authorize the City Treasurer to renew its contract for investment advisory services with Meeder Public Funds, Inc., for the period from April 1, 2026, to March 31, 2027; and to authorize the expenditure of up to 252,000.00 from the general fund: and to declare and emergency. ($252,000.00)
Body
WHEREAS a request for statement of qualifications (RFSQ) RFQ009481 was issued on behalf of the City Treasurer’s Office for investment advisory services on June 15, 2018, with the objectives of maximizing incremental income, operational efficiency and information flow, and improvement of its investment capabilities; and
WHEREAS the evaluation committee made recommendations to the Depository Commission and Treasury Investment Board authorizing negotiations with the highest ranked offeror, Meeder Public Funds, Inc.; and
WHEREAS Columbus City Council authorized expenditures for the last one-year option to renew the Treasurer’s contract with Meeder Public Funds, Inc., by passage of Ordinance No. 0300-2023 on February 6, 2023, covering the period through March 31, 2023; and
WHEREAS Columbus City Council authorized the extension of the Treasurer’s contract with Meeder Public Funds, Inc., for investment advisory services, including two additional one-year renewal periods, through the passage of Ordinance 2293-2023 on September 18, 2023, for the period through March 31, 2025; and
WHEREAS Columbus City Council authorized additional funding of $228,000.00 for its contract with Meeder Public Funds, Inc., by the passage of Ordinance 0482-2024; and
WHEREAS Columbus City Council authorized the renewal of its contract with Meeder Public Funds, Inc., for investment advisory services, with funding of $240,000.00, for the period of April 25, 2025, through March 31, 2026; and
WHEREAS an emergency exists in the usual daily operation of the City Treasurer's Office in that it is immediately necessary to authorize the City Treasurer to renew its contract with Meeder Public Funds, Inc. for investment advisory services, with authorized funding of $252,000.00, for the period of April 1, 2026, through March 31, 2027 to ensure continued assistance with investments vital for the daily operation of the City of Columbus without delay and because the current contract expires March 31, 2026, all for the immediate preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Treasurer is hereby authorized to renew its contract with Meeder Public Funds Inc. for investment advisory services for the period April 1, 2026 through March 31, 2027 and to authorize the expenditure of $252,000.00 or so much thereof as may be necessary in object class 03 contractual services per the accounting codes in the attachment to this ordinance.
SECTION 2. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes, as necessary.
SECTION 3. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.