HomeMy WebLinkAboutRES 14-179RESOLUTION NO. 14 -179
WHEREAS, on April 28, 2009, City Council approved Resolution No. 09 -115
authorizing the City Manager to execute a two -year contract with Valley View Consulting,
L.L.C. for professional services to direct and coordinate all programs of investing as may
be considered and authorized by the City for an annual fee of .04% (4 basis points) of the
average quarterly fund balance for all funds designated as Investable Funds; and,
WHEREAS, on March 8, 2011, City Council approved Resolution No. 11 -087
authorizing the City Manager to exercise an option for a two -year extension of the contract
with Valley View Consulting, L.L.C. for professional services to direct and coordinate all
programs of investing as may be considered and authorized by the City for an annual fee
of .04% (4 basis points) of an average quarterly fund balance for all funds designated as
Investable Funds; and,
WHEREAS, on May 14, 2013, City Council approved Resolution No. 13 -104
authorizing the City Manager to exercise an option for a two -year extension of the contract
with Valley View Consulting, L.L.C. for professional services to direct and coordinate all
programs of investing as may be considered and authorized by the City for an annual fee
of .04% (4 basis points) of the average quarter end book value; and,
WHEREAS, when considering the City's FY 2015 budget and in an effort to reduce
expenditures citywide, the termination of the contract would save approximately $60,000
per year and the investments can be administered by City staff; and,
WHEREAS, City Council is of the opinion that it is in the best interest of the City to
terminate the contract with Valley View Consulting, L.L.C.;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the statements and findings set out in the preamble to this resolution are hereby, in
all things, approved and adopted; and,
THAT the contract with Valley View Consulting, L.L.C. be and it is hereby
terminated effective upon the giving of thirty (30) days notice of termination.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 26th day of
August, 2014. "UnrtoN�h,� 1
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