Title
Continuation of Bloomberg Agreement
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FileID
File ID: 2025-00431
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Location
Location: Citywide
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Recommendation
Recommendation: Adopt a Resolution approving the continuation of Bloomberg Agreement for Fiscal Year 2025-2026.
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Contact
Contact: Patrick Zalasky, Senior Investment Officer, (916) 808-5832, pzalasky@cityofsacramento.org, City Treasurer’s Office
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Presenter
Presenter: Patrick Zalasky, Senior Investment Officer, (916) 808-5832, pzalasky@cityofsacramento.org, City Treasurer’s Office
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Attachments
Attachments:
1-Description/Analysis
2-Staff Report - Bloomberg Agreement
3-AIFM Resolution - Bloomberg Agreement
4-Bloomberg Agreement
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Additional Description/Analysis
IssueDetail
Issue Detail: The Sacramento City Treasurer’s Office utilizes the services, data and equipment of Bloomberg L.P. (“Bloomberg”) to support the investment of City of Sacramento’s pooled funds and the Sacramento City Employees’ Retirement System’s (“SCERS’s”) assets, under Bloomberg Agreement number 36185 (“Bloomberg Agreement”), attached as Exhibit 1 to the accompanying resolution. Effective July 1, 2016, the Bloomberg Agreement was transferred from the City of Sacramento to SCERS pursuant to a Memorandum of Understanding, dated as of May 23, 2016 (“MOU”), that was approved by the Sacramento City Council under City resolution number 2016-0296 and by the Administration, Investment and Fiscal Management Board (the “Board”) under resolution number 2016-005. These resolutions and the MOU provide that the Bloomberg Agreement may continue in effect for each fiscal year provided that, prior to May 31 of each year, (1) the City Treasurer, acting on behalf of the City, does not notify the Board that the City desires to discontinue the agreement and (2) the Board reviews the agreement and determines to continue the agreement. On behalf of the City, the City Treasurer has indicated the City consents to the continuation of the agreement for Fiscal Year
2025-2026.
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PolicyConsiderations
Policy Considerations: Continuation of the Bloomberg Agreement allows the City Treasurer’s Office to execute the SCERS investment program in an efficient and effective manner by utilizing Bloomberg’s services, data and equipment.
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EconomicImpacts
Economic Impacts: None.
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EnvironmentalConsiderations
Environmental Considerations: The proposed action is not subject to the California Environmental Quality Act (CEQA) because it is not a “project” as defined in Section 15378 of the CEQA Guidelines.
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Sustainability
Sustainability: Not Applicable.
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Commission/Committee Action
Commission/Committee Action: None.
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RationaleforRecommendation
Rationale for Recommendation: The effective and efficient execution of the SCERS investment program is promoted by the continuation of the Bloomberg Agreement.
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FinancialConsiderations
Financial Considerations: SCERS is obligated to cover all costs incurred under the Bloomberg Agreement notwithstanding that the Bloomberg services, data and equipment will be used to further both the City and SCERS investment programs. Pursuant to the terms of the MOU, the costs ultimately will be shared between SCERS (70%) and the City (30%). The approximate annual costs incurred under the Bloomberg Agreement is approximately $85,360 for the 2025/2026 fiscal year.
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LocalBusinessEnterprise
Local Business Enterprise (LBE): Not Applicable.
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Background
Background:
A. The City Treasurer’s Office utilizes the services, data and equipment provided by Bloomberg L.P. (“Bloomberg”) pursuant to Bloomberg Agreement No. 36185 (“Bloomberg Agreement”) in the execution of the City of Sacramento (“City”) and Sacramento City Employees’ Retirement System (“SCERS”) investment programs. The Bloomberg Agreement is attached hereto as Exhibit 1.
B. By virtue of a Memorandum of Understanding between City and SCERS (“MOU”) dated May 23, 2016, Sacramento City Council resolution number 2016-0296, and resolution No. 2016-005 adopted by the Administration, Investment and Fiscal Management Board (the “Board”), the Bloomberg Agreement was assigned to SCERS with the City covering a share of the costs of the agreement.
C. The Bloomberg Agreement may continue in effect for each fiscal year provided that prior to May 31 of each year, (1) the City Treasurer, acting on behalf of the City, does not notify the Board that the City desires to discontinue the agreement and (2) the Board reviews the agreement and determines to continue the agreement.
D. The Board has reviewed the Bloomberg Agreement and finds that the services, data and equipment provided under the agreement are necessary and beneficial to the investment and management of the SCERS‘s assets.
E. The City Treasurer, acting on behalf of the City of Sacramento, has provided the
City’s consent to the continuation of the Bloomberg Agreement.
BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE ADMINISTRATION, INVESTMENT, AND FISCAL MANAGEMENT BOARD RESOLVES AS FOLLOWS
1. The Bloomberg Agreement shall continue in effect during Fiscal Year 2025-2026
2. Exhibit 1 is part of this resolution.
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