City Council

9I. FIRST AMENDMENT TO THE PROFESSIONAL SERVICES AGREEMENT FOR\nINVESTMENT MANAGEMENT AND ADVISORY SERVICES (CHANDLER ASSET\nMANAGEMENT, INC.)\nOn June 14, 2022, the City entered into an agreement with Chandler Asset Management,\nInc. (“Chandler”) to provide investment management and advisory services to the City.\nThe original term of the agreement was for two years and authorizes the City Manager to\nrenew the agreement annually. Chandler began managing $25 million of the City’s\ninvestment portfolio in September 2022. Staff is requesting the term of the agreement be\nextended for an additional 3 years, resulting in a total term of 5 years, which is consistent\nwith the term the Finance Department has for its other professional services. Therefore,\nstaff requests that the City Council approve the proposed first amendment to extend the\nterm of the agreement (Attachment A).\nRECOMMENDED ACTION:\n1. City Council find that this item is not subject to California Environmental Quality Act\n(“CEQA”) pursuant to Section 15378(b)(5) (Organizational or administrative activities\nof governments that will not result in direct or indirect physical changes in the\nenvironment); and\n2. Authorize the City Manager to execute the first amendment to the agreement with\nChandler Asset Management.