Special Finance and Personnel Committee Meeting Unanimously Approves Actuarial and Investment Contracts, Proclaims Girl Scout Week on March 2, 2026
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Special Finance and Personnel Committee Meeting Unanimously Approves Actuarial and Investment Contracts, Proclaims Girl Scout Week on March 2, 2026
The Finance and Personnel Committee of the Rockford City Council held a special meeting on Monday, March 2, 2026, at 5:30 PM. The meeting began with a proclamation recognizing Girl Scout Week, followed by unanimous approval of two contracts for actuarial services and investment management services.
Proclamation: Girl Scout Week
- Mayor Thomas P. MacTemer proclaimed March 8–14, 2026, as Girl Scout Week in Rockford, honoring the 114th anniversary of the Girl Scouts of the USA. Girl Scouts from the Southeast Valley Service Unit were recognized for their contributions to civic engagement and leadership.
Discussion Items
- Award of RFP: Actuarial Services to Nyhart Company – The committee considered a contract for actuarial services. The contract is for one year with three one-year extensions, with a starting cost of $14,200 in year one, escalating to $15,400 in year four. Funding is from the Finance Department Operating Budget.
- Award of RFP: Investment Management Services to PFM Asset Management – A contract for investment management services was considered. The estimated annual amount is $69,500, with a three-year term and two one-year extensions, with ability to terminate for convenience by either party. Alderman Toonberg commented that the fees are "absolutely spectacular" relative to the value gained. Alderman Beach asked whether the $69,500 fee remains constant for five years; staff clarified that fees are based on the amount invested and will increase as the portfolio grows, describing it as "a good problem to have."
Key Outcomes
- Both resolutions were approved unanimously (voice vote, no opposition recorded).
- The proclamation honoring Girl Scout Week was issued.
Note: No public comments were received during this meeting.
Meeting Transcript
Good evening. We will call to order our city council meetings for Monday, March second, twenty twenty six. Council, with your permission, we have a couple of very special guests from the Girl Scouts of Southeast Valley Service Unit. Would you mind if I go just a touch out of order so that we can make sure that they can come on in first? Heavenly Father, we thank you for the many blessings you have given to our community. We thank you for our city. We thank you for our elected officials, the businesses, the churches, the families, and the individuals that make our city a great place that it is. We ask you for guidance, wisdom, and support for our council or members as they make decisions tonight and work to make our community better. Please be with our city and all those who live and work here, we ask these things in your name, Amen. You guys did an amazing job. Thank you so much for being here. So now it's my honor that I get to provide all of you a proclamation. Whereas March twelfth, twenty twenty six marks the one hundred and fourteenth anniversary of Girl Scouts of the United States of America, founded by Juliet Daisy Gordon Lowe in 1912 in Savannah, Georgia. And whereas one of the world's premier youth leadership development organization, Girl Scouts has emphasized public service, civic engagement, and fostering a sense of community for over a century. And whereas Girl Scouts works to champion ambitions, cultivate talents, and develop skills to create leaders in the world. Now therefore, I Thomas P. MacTemer is the mayor of the city of Rockford do hereby proclaim March 8th through March 14th of 2026 to be Girl Scout Week. So thank you so much for all that you do. Continue working really hard and being true to yourself, and also I will just add continue selling those cookies. The contract duration is one year with three one-year extensions. The funding source is the finance department operating budget. Is there a motion to approve? Second. Any questions or comments for staff? Right. Seeing none, all those in favor indicate by aye. Aye. Opposed? Matter passes. Item two is an award of RFP for investment management services to PFM asset management. An estimated annual amount of $69,500. It's a three-year contract with two one-year extensions with the ability to terminate for convenience by either party at any time. The funding source is the finance department operating budget. Is there a motion to approve? Second. Any questions or comments for staff? Alderman Toonberg. Thanks, Chairman. Uh I had a chance to review this, and the fees are uh absolutely spectacular in relation to what we are uh gaining from their money management. Thank you. Yes. All right. Thank you for your professional interest. Seeing no other questions or comments, all those in favor indicate I'm sorry, Alden Beach. Thank you, Mr. Chairman. Uh does this amount 695 stay constant for five years? Correct? The the fees are based on the amount uh invested. So as the uh as the amount grows, obviously the fees that we pay will increase.
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