Title
Proposed Change Order No. 3 - Extension of Time Only
SCN-0000189
Investment Advisor Services
PFM Asset Management, LLC contract extension
Body
Agenda of: December 11, 2024
Item No.: 2024-397
Amount:
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: December 11, 2024
RE: Proposed Change Order No. 3
SCN-0000189
Investment Advisor Services
PFM Asset Management, LLC Contract Extension
MOTION
Upon recommendation of Nicolette N. Bateson, Chief Financial Officer & Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approves a contract extension for Contract No. GLWA-SCN-10000189 Proposed Change Order No. 3 "Investment Advisor Services" with PFM Asset Management LLC, for an increased duration of 6 months for a total contract duration of 66 months through June 2025 ; and authorizes the Chief Executive Officer to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The Great Lakes Water Authority (GLWA) has worked with an investment advisor since the stand-up of the organization to assist in the management of its investment portfolio. The use of a registered investment advisor has proven to be a cost effective and efficient approach to portfolio management. The investment advisor allows GLWA to have direct access to financial market data sources, technology and expertise while allowing the treasury team to focus on the development of cash flows, treasury internal controls, and process improvements. Using an investment advisor has helped GLWA to achieve higher portfolio returns, properly manage market risk and diversify portfolio holdings.
The present contract, executed January 1, 2020, was for three years at a cost of $1,320,000 with two one-year renewals at a cost of $440,000 for each renewal. Both renewals were executed resul...
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