1203-RFP-25-4 Solicitation Document.pdf

REQUEST FOR PROPOSAL COVER SHEET

SOLICITATION NUMBER: 1203-RFP-25-4

SOLICITATION TITLE: INVESTMENT MANAGEMENT SERVICES

ISSUE DATE: July 25, 2025

QUESTIONS DEADLINE: August 8, 2025 by 2:00 PM

PROPOSAL DUE DATE: August 21, 2025 – 2:00 PM

The City reserves the right to modify or alter the procurement schedule as needed.

PROCUREMENT DEPARTMENT

CONTACT PERSON

Glendora Williams

EMAIL ADDRESS: Gvwilliams@rivierabeach.org

The City of Riviera Beach reserves the right to cancel this RFP at any time and for any reason before the City Council awards a contract.

Responses must be received electronically ONLY via BidNet

(https://www.bidnetdirect.com/florida/cityofrivierabeach). Responses not received electronically by the deadline will be rejected.

City of Riviera Beach, Florida

Procurement Department

1481 West 15th Street

Riviera Beach, FL 33404

Web: www.rivierabeach.org

Office: (561) 845-4180

Email: purchasing@rivierabeach.org mailto:Gvwilliams@rivierabeach.org http://www.rivierabeach.org/ mailto:purchasing@rivierabeach.org

TABLE OF CONTENTS

TABLE OF CONTENTS

I. ELECTRONIC BID OPENING

II. GENERAL INFORMATION

III. SCOPE OF WORK

IV. PROPOSAL REQUIREMENTS

V. EVALUATION PROCESS

VI. SOLICITATION TERMS AND CONDITIONS

VII. INSURANCE REQUIREMENTS

ADDITIONAL ATTACHMENTS AND REQUIRED FORMS:

ATTACHMENT “A” – Offeror’s Required Forms

1. Offeror’s Checklist

2. Addendum Acknowledgment

3. Authorized Signatories

4. Certificate of Insurance Acknowledgment Form

5. Cone of Silence Acknowledgement Form

6. Conflict of Interest Disclosure Form

7. Drug-Free Workplace Form

8. E-Verify Affirmation Statement

9. Human Trafficking Affidavit

10. Litigation Statement

11. Non-Discrimination Affidavit

12. Non-Collusion Affidavit of Prime Offeror

13. Proposal Certification

14. Public Access Form

15. Public Entity Crimes Affidavit

16. Required References

17. Scrutinized Companies Certification

ATTACHMENT “B” - PRICE PROPOSAL FORM

ATTACHMENT “C” – SAMPLE STANDARD PROFESSIONAL SERVICES CONTRACT

ATTACHMENT “D” – LOCAL VENDOR PREFERENCE PROGRAM AND AFFIDAVIT

The 10 Most Critical Things to Keep in Mind When Responding to an RFP for the City of Riviera Beach

1. _______ Read the entire document. Note critical items such as: mandatory requirements; supplies/services required; submittal dates; funding amount and source; contract requirements (i.e., contract performance security, insurance requirements, performance and/or reporting requirements, etc.).

2. _______ Note the procurement contact’s name, address, phone numbers, and e-mail address. This is the only person you are allowed to communicate with regarding the RFP and is an excellent source of information for any questions you may have.

3. _______ Attend the pre-bid proposal conference if one is offered. These conferences provide an opportunity to ask clarifying questions, obtain a better understanding of the project, or to notify the City of any ambiguities, inconsistencies, or errors in the RFP.

4. _______ Take advantage of the “question and answer” period. Submit your questions online in BidNet by the advertised due date and view the answers given in the formal “addenda” issued for the RFP. All addenda issued for an RFP are available online in BidNet and will include all questions asked and answered concerning the RFP.

5. _______ Follow the format required in the RFP when preparing your response. Provide point-by-point responses to all sections in a clear and concise manner.

6. _______ Provide complete answers/descriptions. Read and answer all questions and requirements. Don’t assume the City or evaluation committee will know what your company’s capabilities are or what items/services you can provide, even if you have previously contracted with the City. The Proposals are evaluated based solely on the information and materials provided in your response.

7. _______ Check for RFP addenda. Before submitting your response, check online in BidNet for any addenda the

City has issued.

8. _______ Technical and Cost/Fee Proposals MUST be submitted separately.

9. _______ Review and read the RFP document again to make sure that you have addressed all requirements.

10. _______ Submit your response on time. Note all the dates and times listed in the RFP and be sure to submit all required items on time.

Late proposal responses are never accepted. Don’t wait until the last minute to upload electronically in BidNet.

This checklist is provided for assistance only and should NOT be submitted with the Offeror’s Response.

I. ELECTRONIC PROPOSAL OPENING

All Request for Proposals solicited by the City of Riviera Beach will be opened electronically via Bidnet at the date and time indicated in the solicitation. This meeting will be conducted virtually via Microsoft Teams and in person at 1481 West 15th Street, Riviera Beach, Florida, 33404. Proposers may attend this meeting in real time on a computer, laptop, cell phone, or any other device with Wi-Fi access. Get the app now and be ready when your first meeting starts.

Teams Meeting:

Meeting ID: 282 480 161 593 9

Passcode: bs2yp6vx

Dial in by phone

+1 872-242-8933,,50163099# United States, Chicago

Phone Conference ID: 501 630 99#

NOTE: LATE SUBMISSIONS AND PAPER SUBMISSIONS WILL NOT BE ACCEPTED. BIDNET DIRECT’S PLATFORM WILL

NOT ACCEPT LATE SUBMISSIONS.

II. GENERAL INFORMATION

A. HISTORY AND BACKGROUND

The City of Riviera Beach (“City”) has a rich history, supported mainly by tourism and the fishing/boating industries.

Historically, the community began as a fishing community, with plentiful fishing year-round. For years, Riviera Beach was a major source for shipping fish on the east coast of Florida.

Celebrating its Centennial in 2022, the City was incorporated in 1922. The settlement was originally called Oak Lawn but was renamed Riviera in 1893. It wasn’t until 1941 that “Beach” was added and in 1959 converted from a “town” to the City. For the first half of the 20th century, its nickname was “Conch Town” after the many Conch people (Bahamians and Bahamian Americans) who resided in the City. The City was named after the French Riviera.

The City, is located in Palm Beach County, between Orlando and Miami. The City covers approximately 9.8 square miles and is easily accessible by major thoroughfares, including Interstate 95, FL Highway 710, and US Highway 1. Riviera Beach is one of the few cities in South Florida that has access to the Intracoastal waterways and the Atlantic Ocean, as well as an island, Singer Island. Because of such access, Riviera Beach is the boating capital of Palm Beach County.

Pristine beaches, stunning scenic views of the ocean, and access to world-class amenities are just a few of the reasons over 38,000 people are proud to call Riviera Beach home.

Adjacent to and north of the county seat in West Palm Beach, FL, the City is known for its aquatic tourism, including diving and snorkeling at Phil Foster Park and its Underwater Snorkel Trail, where one can explore thriving reefs, historic wrecks, sunken sculptures, and a diverse marine life. Nearby Blue Heron Bridge is known for its crystal-clear section of the Intracoastal Waterway and has been named one of the best dive sites in the world.

Strategically located in northern Palm Beach County, the City is home to a bustling seaport and serves as a major hub for international trade and regional commerce for the Gold Coast communities of South Eastern Florida. Riviera Beach and is also home to regional service and distribution operations for numerous Fortune 500 companies including United Parcel Service (UPS), Fed-X, Amazon, Coca-Cola, Pepsi, Sysco Foods, Lockheed Martin, and Florida Power & Light.

The City operates as a Council-Manager form of government and provides the following services: public safety, road and street facilities, community development, recreation and parks, library, general administrative services, municipal marina and water/sewer utility. Riviera Beach is home to the Port of Palm Beach and the U.S. Coast Guard Lake Worth Inlet Station. Our Marina is located on the mainland in a slow-speed zone just to the north of the Port of Palm Beach.

It's only a few minutes from the ocean through the deep-water Lake Worth inlet.

B. PURPOSE

The City of Riviera Beach (City), Utility Special District (USD), and Riviera Beach Community Redevelopment Agency (CRA), have issued this Request for Proposal (RFP) to solicit competitive proposals from highly qualified, experienced, and licensed firm(s), to provide investment management services, in accordance with the terms, conditions, and specification contained in this Request for Proposal (RFP). The Procurement Department is the SOLE point of contact concerning this RFP. The Procurement Department Contact is identified on the Cover Page of this RFP. All questions and communications concerning this solicitation and procurement process MUST be submitted in Bidnet by the deadline identified on the RFP cover page.

The RFP documents, including this solicitation, exhibits, attachments, addendums, and the successful proposal, shall form the terms and conditions of the Agreement.

C. QUESTIONS

Prospective proposers are required to submit any questions related to this solicitation electronically through BidNet by the deadline specified within the solicitation documents. No other forms of submission will be accepted, and only those questions submitted via BidNet will be officially received and addressed. It is the sole responsibility of the proposer to adhere to this procedure when submitting inquiries.

Responses to all questions received within the designated solicitation period will be posted as an addendum on BidNet. Proposers are advised that failure to report any known or suspected issues or failure to seek clarification or correction of any aspect of the solicitation will be done at their own risk.

D. PROPOSAL SUBMISSION

Electronic Proposal responses shall be submitted via BidNet in response to this RFP, prior to the designated proposal due date and time indicated on the RFP Cover Page.

It will be the sole responsibility of the Proposer to become familiar with the scope of services, the City’s requirements, and systems prior to submitting a proposal.

Late submittals and paper bid submittals will not be accepted or considered. BidNet Direct’s platform will not accept late submittals.

E. ADDENDUMS AND INTERPRETATIONS

The City reserves the right to amend this solicitation prior to the due date. Any change(s) to this solicitation will be conveyed through the written addenda process. Only written addenda will be binding. If an addendum is issued, the Proposer must follow the instructions and submit the required information and forms, or acknowledge the addendum, as instructed therein. It is the responsibility of all potential Proposers to monitor the solicitation for any changing information, prior to submitting their response.

No interpretations of the meaning of the plans, specifications, scope of work or other contract documents will be made orally to any Proposer. Proposers must request such interpretation in writing as instructed in the RFP solicitation package. To be considered, such request must be received by the Questions and Answers deadline as indicated on RFP Cover Page and on BidNet. Questions received after this time will NOT be answered.

F. REQUIRED LICENSING

In order to be deemed responsive and responsible to this solicitation, the Proposer must be registered to do business in the State of Florida and possess all required State, Federal, and Local licenses and certifications required to perform the services requested herein.

THE CONTRACTOR MUST POSSESS BUSINESS LICENSES, APPLICABLE GENERAL OR SPECIALIZED LICENSES, AND CERTIFICATION(S) TO BE CONSIDERED RESPONSIVE AND RESPONSIBLE TO THIS SOLICITATION.

Failure to submit proof of all required license(s) and certification(s) with proposal submittal will result in a non-responsive and non-responsible determination.

Required licenses and certifications will consist of the following, but is not limited to:

State:

• Business License

• Certificate of Good Standing

G. SUBMITTAL GUIDELINES FOR BIDNET DIRECT

1. RFP Released This RFP is being conducted through BidNet, an online, electronic tool, which allows a supplier to register, log on, select answers and type text in response to questions, and upload any necessary documents. Each supplier interested in competing to win a contract award must complete and submit a response to this RFP using BidNet

2. RFP Review

Carefully review all information contained in the solicitation, including all documents available as attachments or available through links. Any difficulty accessing the solicitation or documents should be reported immediately to the Procurement Contact and/or the BidNet Help Desk.

3. Uploading Forms

When the proposer is ready to upload electronic files (completed forms or worksheets, product sheets, etc.), please follow the directions within the RFP to upload these documents in the proper location.

4. Reviewing the Response Prior to Submission Each proposer is responsible for ensuring all questions have been answered appropriately and that all necessary documents have been uploaded where applicable.

5. Confirm that pricing/cost is NOT included in the technical proposal

6. Help Desk Support

For technical questions related to the use of BidNet Direct, suppliers have access to phone support at 800- 835-4603, Monday through Friday, 8:00 AM to 8:00 PM EST, excluding Holidays or closings in response to inclement weather. Suppliers can also email questions to: support@bidnet.com

H. CONTRACT PERIOD

The selected proposer(s) will provide services for a three-year period. Two one-year renewal options offered by the City, at the City’s sole discretion, may be included.

I. CONE OF SILENCE

Section 2-166 (Cone of Silence) of the City Code of Ordinances, prohibits any communication, except written correspondence, regarding a particular request for proposal, request for qualification, bid, or any other competitive solicitation between any person’s representative seeking award from such competitive solicitation; and any City Council person or legislative staff, or any City employee authorized to act on behalf of the Council to award a contract under this Bid.

The Cone of Silence shall be in effect as of the deadline to submit the proposal, bids, or other response to this competitive solicitation and shall remain in effect and subject to the terms of this section for any person or person’s representative.

The provisions of this division shall not apply to oral communications at any public proceeding, including pre-bid conference, oral presentations before selection committees, and contract negotiations during any public meetings, presentations made to the Council, and protest hearings. Further, the Cone of Silence shall not apply to contract negotiations between any employee and the intended awardees, any dispute resolution process following the filing of a protest between the person filing the protest and any employee, or any written correspondence at any time with any employee, Council member, or selection committee member, unless specifically prohibited by the applicable competitive solicitation process.

The Cone of Silence shall terminate at the time the Council awards or approves a contract, rejects all bids or responses, or otherwise takes action, which ends the solicitation process.

Any Contract entered into in violation of the Cone of Silence provisions in this section shall render the transaction voidable.

Penalties for violation of the Cone of Silence shall be applied per Section 2- 168 (Penalties) of the City Code of Ordinances.

J. ACCEPTANCE OF PROPOSALS / MINOR IRREGULARITIES

The City reserves the right to accept or reject any and all proposals, parts of proposals, and waive minor mailto:support@bidnet.com https://library.municode.com/fl/riviera_beach/codes/code_of_ordinances?nodeId=PTIICOOR_CH2AD_ARTIVOFEM_DIV1.5LORE_S2-166COSI https://library.municode.com/fl/riviera_beach/codes/code_of_ordinances?nodeId=PTIICOOR_CH2AD_ARTIVOFEM_DIV1.5LORE_S2-168PE irregularities or variances to specifications contained in proposals, which do not make the proposal conditional in nature, and minor irregularities in the solicitation process. A minor irregularity shall be a variation from the solicitation that does not affect the price of the contract or does not give an offeror an advantage or benefit not enjoyed by other offerors, does not adversely impact the interests of other firms, or does not affect the fundamental fairness of the solicitation process. The City also reserves the right to reissue a Request for Proposal.

The City reserves the right to disqualify the Proposer during any phase of the competitive solicitation process and terminate for cause any resulting contract upon evidence of collusion with intent to defraud or other illegal practices on the part of the Proposer.

K. CHANGES AND ALTERATIONS

Proposer may change or withdraw a Proposal at any time prior to Proposal submission deadline; however, no oral modifications will be allowed. Modifications shall not be allowed following the Proposal deadline.

L. MATERIAL MODIFICATIONS / ALTERATIONS

Material modification and/or alterations to the verbiage or documents herein made by the Offeror’s is expressly prohibited and is not enforceable. Modifications and/or alterations may render the proposal submission void and bar the Offeror from consideration in connection with this solicitation.

M. TRANSACTION FEES

The City of Riviera Beach uses BidNet to distribute bids and proposals. There is no charge to register and participate in the solicitation process, nor will any fees be charged to the awarded Proposer.

III. SCOPE OF WORK

A. PURPOSE

The purpose of this RFP is to solicit proposals from qualified and experienced investment management firms to provide comprehensive investment advisory and portfolio management services for the City of Riviera Beach investment assets. The selected firm will serve as a fiduciary, acting in the best interest of the City, and will be responsible for implementing and managing an investment strategy consistent with the organization's objectives, risk tolerance, and Investment Policy Statement (IPS).

B. SCOPE OF SERVICES

The selected investment manager will be required to perform the following core services:

1. Investment Advisory and Strategy Development

• Develop and recommend an investment strategy in alignment with the City of Riviera Beach IPS.

• Provide strategic advice on asset allocation, portfolio structure, and rebalancing protocols.

• Advise on and recommend appropriate benchmarks for performance comparison.

2. Portfolio Management

• Implement the approved investment strategy and manage day-to-day investment decisions within agreed-upon guidelines.

• Execute trades in a timely, cost-effective, and compliant manner.

• Monitor the performance of all portfolio assets on an ongoing basis and make tactical adjustments as appropriate. (The average monthly portfolio size is $105,000,000. The size fluctuates monthly depending on the time of the year, collections, and spending.)

• Portfolio consists of five separate accounts within the portfolio.

3. Performance Reporting and Analysis

• Provide detailed quarterly performance reports, including:

o Total return analysis (gross and net of fees) o Asset class and manager performance o Benchmark comparisons

• Risk metrics (e.g., volatility, Sharpe ratio). Present performance reviews to staff and/or board/investment committee on a regular basis (minimum quarterly or as required).

4. Risk Management and Compliance

• Ensure portfolio management adheres to the IPS and applicable legal and regulatory requirements.

• Identify, monitor, and report risks within the portfolio.

• Assist with the development and refinement of investment guidelines and policies, as requested.

5. Communication and Support

• Maintain proactive and responsive communication with designated organizational representatives.

• Provide timely updates on market developments, economic outlooks, and their potential impact on the portfolio.

• Participate in scheduled meetings (in-person or virtual) with the board, staff, or investment committee.

6. Other Services

• Provide assistance with special projects or reports as requested.

• Support the organization during audits or reviews involving investment assets.

• Coordinate with custodians, consultants, actuaries, or other third parties as necessary.

7. Deliverables The selected firm will be expected to deliver, at minimum:

• An initial investment strategy and transition plan (if applicable)

• Quarterly performance reports

• Annual review of IPS and investment strategy

• Attendance and presentation at regular investment oversight meetings

• Ad hoc reporting and analysis upon request

C. Fees Please describe the fees proposed by your organization for providing investment management services to the City.

1. Using Attachment “B” – Price Proposal, provide a proposed fee schedule that fully itemizes all fees, if any, for the following:

• Advisory fees-percentage of assets of hard dollar

• Investment Manager fees, investment revenue share, directed brokerage, soft dollar fees

• Conversion fees

• Transferring assets from one fund to another

• Miscellaneous fees, such as training, travel, administrative expenses, etc.

IV. PROPOSAL REQUIREMENTS

A. PROPOSAL FORMAT

Each Proposer must submit a complete and thorough response to all items outlined in the Evaluation Criteria and must fully comply with all applicable requirements of this Solicitation. Proposers shall utilize and submit any required or applicable forms provided by the City as part of their proposal. Failure to use the designated forms may result in the proposal being deemed non-responsive and rejected. Misinterpretation of, or failure to follow, any instructions may also result in rejection of the proposal. These instructions carry the same weight as the Scope of Work and Specifications, and strict adherence to all provisions is required.

Each Proposer is solely responsible for ensuring full compliance with all applicable laws, regulations, and rules.

All prices submitted on the Price Proposal Form must be all-inclusive and represent full compensation. Proposers are responsible for properly evaluating all cost factors before submitting a proposal. No additional compensation will be provided for any failure to account for such factors.

The complete proposal, including all required documents and authorized signatures, must be received by the deadline indicated on the RFP Cover Page. Proposals must be submitted in PDF format and uploaded to Bidnet prior to the stated deadline.

B. PROPOSAL INSTRUCTIONS

Electronic proposal responses must be submitted via Bidnet in searchable PDF format prior to the proposal due date and time specified in this Solicitation.

NOTE: If any portion of your response is believed to be exempt from disclosure under public records laws, that portion must be submitted in a separate electronic PDF file. The file must be clearly labeled “PUBLIC RECORDS EXEMPT” in accordance with the City of Riviera Beach Procurement Code. A brief explanation must accompany the file, stating the legal basis for the claimed exemption.

To the extent permitted by law, all documents related to this Solicitation will remain confidential until an award has been made, if any. All proposal submissions become the property of the City and will not be returned.

All responses must be signed by an individual authorized to bind the Proposer to the terms of this Solicitation. Proof of such authorization must be included in the proposal submission in the form of a signed letter or other appropriate documentation. Additionally, all information and documentation required by this Solicitation—or as otherwise requested by the City—must be provided.

C. MISTAKES

The Proposer shall examine this RFP carefully. The submission of a Proposal shall be prima facie evidence that the proposer has full knowledge of the scope, nature, and quality of the work to be performed; the detailed requirements of the specifications; and the conditions under which the work is to be performed. Ignorance of the requirements will not relieve the proposer from liability and obligations under the Contract.

D. RESPONSIBILITY

In order to be considered as a responsible firm, firm shall be fully capable to meet all of the requirements of the solicitation and subsequent contract, must possess the full capability, including financial and technical, to perform as contractually required, and must be able to fully document the ability to provide good faith performance.

E. RESPONSIVENESS

In order to be considered responsive to the solicitation, the firm’s proposal shall fully conform in all material respects to the solicitation and all of its requirements, including all form and substance.

F. REQUIRED ATTACHMENTS

All required attachment provided in Attachment “A” – Offeror’s Required Forms must be complete, signed and included in your proposal submittal.

• Failure to sign and return will result in a non-responsive decision.

By signing its RFP, the Proposer certifies that its proposal is made independently and free from collusion. Proposals must include all of the required documents, each completed, signed, and/or notarized as required. Failure to provide any of the required documents will render the proposal non-responsive.

G. TECHNICAL PROPOSAL

This section contains the detailed technical requirements and related services for this solicitation. All the items described in this section are service levels and/or terms and conditions that the City expects to be satisfied by the selected supplier. Each proposer must indicate its willingness and ability to satisfy these requirements in the appropriate section.

1. EXECUTIVE SUMMARY

Each Proposer must include an Executive Summary as part of their proposal submission. The Executive Summary should provide a concise overview of the Proposer’s qualifications, investment philosophy, and proposed approach to delivering the services outlined in this RFP.

At a minimum, the Executive Summary must address the following:

a. Firm Overview

• Brief history of the firm, including size, ownership structure, and primary business focus.

• Summary of experience providing investment management services to public sector entities, including municipalities or similar government agencies.

b. Understanding of the City’s Objectives

• Demonstrate a clear understanding of the City of Riviera Beach’s investment goals, regulatory requirements, and fiduciary responsibilities.

c. Investment Philosophy and Strategy

• Summarize your overall investment philosophy, risk management practices, and approach to portfolio construction for public funds.

d. Key Differentiators

• Highlight unique strengths, resources, technology, or services that distinguish your firm from other providers.

e. Summary of Proposed Services

• Provide a high-level summary of the services your firm proposes to deliver, consistent with the scope of work in this RFP.

2. FIRM QUALIFICATIONS AND EXPERIENCE REQUIREMENT

Proposers must demonstrate the qualifications, experience, and capacity necessary to provide professional investment management services to the City of Riviera Beach. This section of the proposal must include comprehensive information that addresses the following:

a. Firm Background and History

• Year the firm was established and a brief overview of its evolution and ownership structure.

• Overview of the firm’s core business lines, with emphasis on public sector investment management services.

• Confirmation of registration with the U.S. Securities and Exchange Commission (SEC) as an

Investment Adviser under the Investment Advisers Act of 1940.

b. Public Sector Experience

• Description of the firm’s experience managing funds for municipal governments, special districts, school boards, or other public agencies.

• Number and size of public sector accounts currently under management.

• A representative list of current or recent public sector clients, including client name, type of entity, length of relationship, assets under management, and a brief description of services provided.

c. Compliance, Regulatory, and Legal History

• Description of the firm’s internal compliance program, including any third-party audits or reviews.

d. Assets Under Management (AUM)

• Total assets under management as of the most recent calendar quarter.

• Breakdown of AUM by client type (e.g., public sector, corporate, nonprofit, individual).

• Total assets managed for public sector clients.

3. KEY PERSONNEL AND OPERATIONS INFORMATION

Proposers must identify the key personnel who will be directly responsible for delivering investment management services to the City of Riviera Beach. This section should also describe the firm’s operational capabilities to support efficient, compliant, and responsive service delivery.

At a minimum, the response must include the following:

a. Key Personnel

• Identification of Team Members: Provide the names, titles, and office locations of all key personnel who will be assigned to the City’s account.

• Roles and Responsibilities: Describe each individual’s role in relation to the City’s portfolio, including investment decision-making, client servicing, compliance oversight, and performance reporting.

• Resumes or Biographies: Include resumes or professional bios highlighting relevant experience, certifications (e.g., CFA, CIPM, CTP), and tenure with the firm.

• Availability: Confirm the availability of key personnel and the firm’s ability to maintain continuity of service throughout the term of the agreement.

• Staff Turnover: Provide recent (3-year) turnover rates for client-facing personnel and a succession plan for key roles, if applicable.

b. Operational Structure

• Organizational Overview: Briefly describe the firm’s organizational structure, including relevant departments (e.g., investment management, compliance, client services).

• Trading and Settlement: Describe the firm’s trading platform, execution practices, and settlement procedures.

• Technology and Systems: Identify core systems and platforms used to support investment management, reporting, and compliance.

• Custodial Coordination: Explain how the firm will coordinate with the City’s custodian bank to ensure timely and accurate reporting and reconciliation.

c. Compliance and Internal Controls

• Oversight Framework: Outline the firm’s internal compliance structure, including the roles of the Chief Compliance Officer and compliance staff.

• Policies and Procedures: Describe key policies that govern investment activities, including trading, ethics, and conflict-of-interest management.

• Audit and Controls: Indicate whether the firm undergoes regular third-party audits or SOC reviews, and provide a summary of recent findings if available.

4. INVESTMENT PHILOSOPHY AND STRATEGY

Proposers must clearly articulate their investment philosophy and demonstrate how their strategy aligns with the City’s core objectives: preservation of capital, liquidity, and appropriate yield, in accordance with Florida Statutes and the City’s Investment Policy.

The response must address the following areas:

a. Investment Philosophy

• Describe the firm’s overall investment philosophy, particularly as it relates to managing public funds.

• Explain how the philosophy prioritizes safety, liquidity, and return, and how it supports prudent, long-term investment stewardship.

• State the firm's position on active vs. passive management and its typical portfolio construction methodology.

b. Strategy and Portfolio Management

▪ Outline the firm's strategic approach to public-sector portfolio management, including:

o Security selection and credit quality standards o Diversification guidelines o Maturity structure and duration management

▪ Describe how the strategy aligns with the City’s statutory and policy constraints (e.g., Section 218.415, Florida Statutes).

c. Risk Management

▪ Provide an overview of the firm’s risk management framework, including:

o Monitoring of credit, interest rate, and market risks o Internal controls to ensure policy and regulatory compliance o Stress testing and scenario analysis practices (if applicable)

d. Benchmarking and Performance Evaluation

▪ Identify the performance benchmarks used for similar public-sector clients and explain how they are selected.

▪ Describe how performance is measured, reported, and communicated to clients.

▪ Explain the frequency and format of performance reporting and any tools or dashboards used.

e. Customization and Client-Specific Strategies

▪ Detail the firm’s ability to tailor strategies to client-specific goals, cash flow needs, and policy parameters.

▪ Explain how the firm would develop and implement a customized investment plan for the City.

5. PROJECT APPROACH AND IMPLEMENTATION

Proposers must provide a detailed narrative outlining their approach to delivering investment management services to the City of Riviera Beach. This section should clearly demonstrate the Proposer’s understanding of the City’s objectives and describe how the firm will effectively manage and safeguard public funds in accordance with applicable laws, regulations, and the City’s investment policy.

At a minimum, the Project Approach must address the following elements:

a. Understanding of the City’s Investment Needs

• Summary of the Proposer’s understanding of the City’s goals, investment priorities, and regulatory environment.

• Discussion of how the firm will ensure alignment with the City’s Investment Policy and applicable Florida Statutes.

b. Investment Strategy and Portfolio Management

• Approach to portfolio construction, including asset allocation, liquidity management, and risk mitigation.

• Process for selecting and managing fixed-income securities and other permitted instruments.

c. Performance Monitoring and Reporting

• Description of performance measurement tools, benchmarks, and reporting frequency.

• Sample investment reports and dashboards, including compliance and performance summaries.

• Explanation of how performance will be evaluated and communicated to the City.

d. Risk Management and Compliance

• Overview of the firm’s internal controls, risk monitoring systems, and compliance procedures.

• Strategy for ensuring ongoing compliance with the City’s investment policy and applicable regulations.

• Description of how breaches or exceptions are identified, reported, and resolved.

e. Client Communication and Account Servicing

• Plan for ongoing communication with City staff, including meeting frequency, report delivery, and availability for consultation.

• Description of the account servicing model and how the City will be supported on a day-to-day basis.

6. TECHNOLOGY, REPORTING, AND CLIENT SUPPORT REQUIREMENT

Proposers must demonstrate their ability to provide high-quality reporting, technology tools, and responsive client support to ensure transparency, operational efficiency, and regulatory compliance in managing the City’s investment portfolio.

The response must include the following:

a. Technology Tools and Platforms

• Describe the firm’s portfolio management and reporting systems used to support public-sector clients.

• Identify whether the City will have access to any online platforms or dashboards for real-time portfolio monitoring, transaction history, and reporting downloads.

• Explain the firm’s data security measures and technology infrastructure, including business continuity and disaster recovery protocols.

b. Reporting Capabilities

• Provide samples or descriptions of standard reports offered to clients, including:

o Monthly and quarterly portfolio summaries o Performance reports vs. benchmarks o Compliance reports (e.g., investment policy or statutory compliance) o Transaction reports and portfolio analytics

• Specify the frequency, delivery method (e.g., email, secure portal), and format (e.g., PDF, Excel) of reports.

• State whether reporting can be customized to meet the City’s specific requirements.

c. Operational Support and Client Service

• Describe the structure of the firm’s client service and operations team, including roles and responsibilities.

• Explain how inquiries, reporting requests, or administrative matters are handled, including typical response times.

• Detail the support available during account onboarding, periodic reviews, and policy compliance assessments.

d. Coordination with Custodian

• Outline how the firm will coordinate with the City’s designated custodian bank to ensure:

o Timely reconciliation of holdings and transactions o Accurate data exchange for performance and compliance reporting o Secure and efficient communication channels

7. REFERENCES

Proposers must provide a minimum of three (3) references from public sector clients for whom the firm has provided investment management services within the past five (5) years. These references should demonstrate the firm’s relevant experience, client satisfaction, and ability to manage public funds in compliance with applicable laws and investment policies.

Each reference must include the following information:

1. Client Name

2. Contact Name, Title, Email Address, and Telephone Number

3. Length of Relationship (including start and end dates, if applicable)

4. Description of Services Provided o Scope of investment services o Type of funds managed (e.g., operating, reserve, bond proceeds) o Approximate assets under management for that client

5. Investment Policy Compliance and Performance Summary (if available)

References must be current and verifiable. The City of Riviera Beach reserves the right to contact any reference provided, and to conduct independent reference checks to evaluate the Proposer’s qualifications, responsiveness, and performance history. Proposers are encouraged to notify references in advance that they may be contacted.

8. PRICE PROPOSAL: (SEE ATTACHMENT “B” PRICE PROPOSAL FORM)

Price Proposals shall be submitted “electronically”, uploaded as a separate document, and labeled as “Price Proposal”. will not be the sole or predominant factor. Negotiations may occur with the top-ranked, most qualified firm. Price Proposal shall contain all direct and indirect costs relative to performing the services (i.e., out-of-pocket expenses, miscellaneous office supplies, etc.) for each of the terms of the agreement, including renewal options. Price proposals will not be opened until the scheduled Evaluation Committee Meeting. Only the price proposals of the proposers meeting the seventy (70) points requirement will be opened.

The criteria for price evaluation shall be based upon the following formula: (Low Price / Proposer's Price) x Price Points = Proposer’s Awarded Points.

V. EVALUATION PROCESS

A. EVALUATION PROCESS

The proposal must address all points outlined in the specifications of this RFP. The proposal must provide clear and concise information about the Proposer’s capability to satisfy the requirements of the RFP. The substance of the proposals will carry more weight than their form or manner of presentation.

The procedure for response evaluation and selection is as follows:

1. Preliminary review of the Proposals by the Procurement staff for compliance with the submission requirements of the RFP, including verification that each Response includes all required documents.

2. The Evaluation Committee shall meet to evaluate each responsive proposal in accordance with the requirements of the RFP. At the committee’s option, the Proposers may be required to attend a presentation and/or interview session.

a. Oral presentations are to support what has been provided in the proposals by each Firm and; to exhibit and otherwise demonstrate, clarify, and expand on the information contained therein.

b. The City reserves the right to request additional information and clarification from Proposers.

3. The Evaluation Committee shall make a recommendation.

4. The City Manager may submit a recommended firm or “shortlist” of a combination of firms to the City Council, and may require presentations by the highest ranked firms to the City Council.

5. If the City is unsuccessful in negotiating a Contract with the highest-ranked firm, the City will attempt to negotiate a Contract with the next highest-ranked firm.

In general, the City wishes to avoid the expense to the City and to Proposers of unnecessary oral interviews.

Therefore, the City will make every reasonable effort to achieve the ranking using written submittals alone. If oral presentations/interviews are scheduled with the Firm(s), the oral presentations are exempted from the public meeting requirements of S. 286.011 F.S., however, will be recorded for public record purposes in accordance with Sec. 119.07(1) F.S. as amended.

B. EVALUATION CRITERIA

1. FIRM QUALIFICATIONS AND EXPERIENCE REQUIREMENT 20%

2. KEY PERSONNEL AND OPERATIONS INFORMATION 15%

3. INVESTMENT PHILOSOPHY AND STRATEGY 15%

4. PROJECT APPROACH AND IMPLEMENTATION 15%

5. TECHNOLOGY, REPORTING, AND CLIENT SUPPORT REQUIREMENT 10%

6. PRICE PROPOSAL 20%

7. LOCAL VENDOR PREFERENCE* 5%

*See VI. Solicitation Terms and Conditions, Q. Local Vendor Preference

C. AWARD OF CONTRACT

A Contract may be awarded by the City Council. The City reserves the right to execute or not execute, as applicable, a contract with the Proposer(s) that is determined to be in the City’s best interests. The City reserves the right to award a contract to more than one Proposer, at the sole and absolute discretion of the City.

The Proposer understands that this RFP does not constitute an offer or an Agreement with the Proposer. An offer or Agreement shall not be deemed to exist and is not binding until proposals are reviewed, accepted by appointed staff, the best proposal has been identified, approved by the appropriate level of authority within the City, and executed by all parties.

This RFP and the Proposer’s proposal shall be included and incorporated in the final award. The order of contractual precedence will be the Contract or Agreement document, the original Terms and Conditions, and the Proposer's response. Any and all legal action necessary to enforce the award will be held in Palm Beach County, and the contractual obligations will be interpreted according to the laws of Florida.

VI. SOLICITATION TERMS AND CONDITIONS

A. PROPOSAL GUARANTEE

Proposer guarantees their commitment, compliance, and adherence to all requirements of the RFP by submission of their proposal.

B. MODIFIED PROPOSALS

The proposer may submit a modified proposal to replace all or any portion of a previously submitted proposal until the Deadline for receipt of proposals. The City will only consider the latest proposal submitted.

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299/0286/Sections/0286.011.html http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0119/Sections/0119.07.html

C. AUTHORIZED SIGNATORIES

All associated forms must be signed by one duly authorized to do so. The individual submitting shall be authorized to sign (electronically accept) this solicitation response on the behalf of the Proposer as indicated in the Certificate as to Corporate Principal, designation letter by Director/Corporate Officer, or other business authorization to bind on the behalf of the Proposer. No proposal will be accepted, for any reason whatsoever, which is not submitted to the City as stated above, within the specified time.

D. WITHDRAWLS OF PROPOSALS

Any Proposer may, without prejudice to himself, withdraw his bid, offer, proposal at any time prior to the expiration of the time during which proposal responses may be submitted. Such request for withdrawal must be in writing and signed in the same manner and by the same person who signed the proposal response. After expiration of the period for receiving proposal responses, no proposal response can be withdrawn, modified, or explained.

E. INCONSISTENCIES

Any seeming inconsistency between different provisions of the plans, specifications, bid, or contract, or any point requiring explanation must be inquired into by the Bidder, in writing, at least ten (10) days prior to the date and time set for opening bid responses. After bid responses are opened, the Bidders will abide by the decision of the City as to such interpretation.

F. QUALIFICATIONS OF PROPOSER

The City will only consider solicitation responses from firms normally engaged in providing the types of commodities, services, or construction specified herein. The proposer must have adequate organization, facilities, equipment, and personnel to ensure prompt and efficient service to the City. The City reserves the right to inspect the facilities, equipment, personnel, and organization or to take any other action necessary to determine the ability to perform in accordance with specifications, terms, and conditions. The City will determine whether the evidence of ability to perform is satisfactory and reserves the right to reject responses where evidence or evaluation is determined to indicate inability to perform. The City reserves the right to consider a Proposer’s history of any and all types of citations and/or violations, including those relating to suspensions, debarments, or environmental regulations in determining responsibility. The proposer should submit with its solicitation response a complete history of all citations and/or violation notices and dispositions thereof. Failure of a Proposer to submit such information may be grounds for termination of any contract awarded to the successful Proposer. Proposer shall notify the City immediately of notice of any citations or violations, which they may receive after the opening date and during the time of performance under any contract awarded to them.

G. CITY RESERVED RIGHTS

In connection with this solicitation, the City reserves all rights (which rights shall be exercisable by the City at its sole discretion) available to it under applicable law, including without limitation, with or without cause, and with or without notice, the right to:

1. Cancel this RFP and may re-solicit and re-advertise the RFP.

2. Reject any non-responsive proposal.

3. Waive non-material technical variances or minor irregularities in the proposal(s).

4. Reject any and all proposals in whole or part, at any time prior to the execution of an Agreement, without incurring any cost obligations or liabilities, for good cause when it is in the best interests of the City.

5. Proceed with the project in any manner that the City, at its sole discretion, deems necessary. If the City is unable to agree with the highest ranked Proposer or does not negotiate and execute satisfactory

Agreement with the highest ranked Proposer, the City may negotiate with the next highest ranked Proposer, terminate this procurement and pursue other development or solicitations relating to the project, or exercise such other rights under the provisions of State law as it deems appropriate.

6. Select the Proposal or portions thereof and the Proposer(s) that are determined to be in the best interests of the City.

7. Postpone selection.

8. Issue addenda, supplements, and modifications to this RFP or any subsequent RFP.

9. Seek or obtain data and/or information from any source that has the potential to improve the understanding and evaluation of the responses to this RFP.

10. Request clarification from the Proposer(s) during the evaluation phases.

11. Exercise any other rights reserved or afforded the City under this RFP or subsequent RFP and applicable law, including waiving deficiencies in a Proposal or accepting and reviewing a non-conforming Proposal, provided that such deficiency or non-conformance is not material in nature. The City assumes no obligations, responsibilities, and liabilities, fiscal or otherwise, to reimburse all or part of the costs incurred or alleged to have been incurred by parties considering a response to and/or responding to this RFP, or any subsequent RFP. All such costs shall be borne solely by each Proposer.

12. Obtain best and final offers from each proposer after submission and prior to award.

In no event shall the City be bound by, or liable for, any obligations with respect to the contemplated Agreements until such time (if at all) as the Agreements, in form and substance satisfactory to the City, have been executed by the City and have become effective, and then, only to the extent set forth in the Agreements.

The City may exercise any of the foregoing at any time without notice to any party and without liability to any responding Proposer or to any other party for its costs or expenses incurred in connection with this RFP or otherwise. Submittals and responses to this RFP will be prepared at the sole cost and expense of the Proposer.

Submittals and other materials submitted will not be returned.

H. LOBBYING ACTIVITIES

ALL PROPOSERS PLEASE NOTE: Any Proposer submitting a response to this solicitation must comply, if applicable, with the City’s Lobbying Ordinance, as provided in Chapter 2.164 of the City Code of Ordinance. Copies of the Ordinance may be obtained from the Office of the City Clerk, 600 West Blue Heron Boulevard, Suite #140, Riviera Beach, Florida, 33404. The ordinance may also be viewed on the City’s website at:

https://library.municode.com/fl/riviera_beach/codes/code_of_ordinances.

I. PROPRIETARY/CONFIDENTIAL INFORMATION

All submittals are subject to Florida Public Records Laws. If a submittal includes proprietary information exempt from public disclosure, it should be clearly designated as such so that a claim of exemption may be made in response to a public disclosure request. No assurance can be given, however, that any information so designated would not ultimately be deemed subject to public disclosure.

J. NEGOTIATIONS

The City may award the contract based solely on the initial proposals submitted, without engaging in further discussions. Therefore, each proposal should include the Proposer’s best price and technical offer.

https://library.municode.com/fl/riviera_beach/codes/code_of_ordinances?nodeId=PTIICOOR_CH2AD_ARTIVOFEM_DIV1.5LORE_S2-164REEX https://library.municode.com/fl/riviera_beach/codes/code_of_ordinances

K. RIGHT TO…