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File #: 2018-1016    Version: 1 Name:
Type: Resolution Status: Passed
File created: 11/16/2018 In control: Board of Directors
On agenda: 11/28/2018 Final action: 11/28/2018
Title: Proposed Change Order No. 3 GLWA CS-022 Investment Services Contract Extension with PFM Asset Management LLC
Sponsors: Nicolette Bateson
Indexes: Finance
Attachments: 1. Investment Strategy and Related Proposed Contract Extension with PFM Asset Management LLC (GLWA Contract No. GLWA CS-022).pdf, 2. Quarterly Investment Report through September 30, 2018 (Unaudited)
Proposed Change Order No. 3
Investment Services
Contract Extension with PFM Asset Management LLC

Agenda of: November 28, 2018
Item No.: 2018-1016
Amount: Original Contract $250,000.00
Change Order No. 1 $350,000.00
Change Order No. 2 $100,000.00
Proposed Change Order No. 3 $370,000.00
Total Revised Contract $1,070,000.00

TO: The Honorable
Board of Directors
Great Lakes Water Authority

FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority

DATE: November 28, 2018

RE: Proposed Change Order No. 3
Contract No. GLWA-CS-022
Investment Services
Vendor: PFM Asset Management LLC


Upon recommendation of Nicolette 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-CS-022 Proposed Change Order No. 3 "Investment Services" with PFM Asset Management LLC, at an increased cost of $370,000.00 for a total not to exceed amount of $1,070,000.00 and for an increased duration of 12 months for a total contract duration of 49 months through December 2019; and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
In November 2015, Great Lakes Water Authority (GLWA) engaged PFM Asset Management LLC (PFM) as a registered investment advisor to assist with 1) identifying portfolio and cash management optimization opportunities, 2) overcome personnel resource constraints during the stand-up of both GLWA and DWSD-Retail, 3) expand the transparency and capacity of investment portfolio reporting, and 4) provide an added level of controls. The original PFM contract amount in 2015 was $250,000. As we have worked through the optimization of the portfolio, identifying cash management opportunities, development of the reporting package, and PFM's management of the portfolio, the contract has been exte...

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