Approval of a Three Party Professional Services Agreement with Cutwater Asset Management to Provide Investment Advisory and Portfolio Management Services. City of Culver City California Agenda Item Report Meeting Date: 01/24/2011 JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Three Party Professional Services Agreement with Cutwater Asset Management to Provide Investment Advisory and Portfolio Management Services Contact Person/Dept.: Jeff Muir/Finance Department Fiscal Impact: Yes x No Phone Number: (310) 253 5865 General Fund: Yes x No Item Number: J 1 Public Hearing: Action Item: x Attachments: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (01/19/11); (E Mail) Meetings and Agendas Redevelopment Agency (01/19/11); (E Mail) Cutwater Asset Management (01/19/11) Department Approval: Jeff Muir (01/13/11) Chief Financial Officer Approval: Jeff Muir (01/13/11) City Attorney Approval: Carol Schwab (by H. Baker) (01/19/11) City Manager Approval: John M. Nachbar (01/19/11) RECOMMENDATION: Staff recommends the City Council and Agency Board approve a three party professional services agreement with Cutwater Asset Management to provide investment advisory and portfolio management services. BACKGROUND: Pursuant to the authority granted the City Manager by the City Charter the City Manager has appointed the Chief Financial Officer as City Treasurer. Therefore the Chief Financial Officer is responsible for the management of the cash and investment portfolio for the City and Redevelopment Agency. The combined investment portfolios for the City and Agency at the end of Fiscal Year 2009/2010 were approximately $100 million. While the City and Agency have a significant amount of cash and investments at any one time the majority of this is reserved for particular purposes or projects. Cash to cover short term operations is kept highly liquid while the remainder can be invested with ...
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