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 Treas...
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