County of Monterey - File #: 15-1000

• File #: 15-1000
• Name: PFM Amendment 2
• Type: General Agenda Item
• Status: Passed
• File created: 9/14/2015
• In control: Board of Supervisors
• On agenda: 9/29/2015
• Final action: 9/29/2015
• Title: a. Approve and authorize the Contract Purchasing Officer or his designee to sign Amendment Number 2 to the Contractual Agreement No. A 13-291 expanding the Scope of Work to include Investment and Financial Advisory Services, and to extend the Agreement for an additional two years between the County of Monterey and PFM Asset Management LLC (PFM), dated December 3, 2013, in an amount not to exceed $300,000 a year under a new pricing methodology for the period October 1, 2015 through October 31, 2017. b. Authorize the Treasurer-Tax Collector to execute all necessary additional institutional standard financial documentation/authorizations with PFM and applicable financial institutions to facilitate performance under the Agreement as amended.

Date	Action By	Action	Result
9/29/2015	Board of Supervisors	approved

Title
a. Approve and authorize the Contract Purchasing Officer or his designee to sign Amendment Number 2 to the Contractual Agreement No. A 13-291 expanding the Scope of Work to include Investment and Financial Advisory Services, and to extend the Agreement for an additional two years between the County of Monterey and PFM Asset Management LLC (PFM), dated December 3, 2013, in an amount not to exceed $300,000 a year under a new pricing methodology for the period October 1, 2015 through October 31, 2017.
b. Authorize the Treasurer-Tax Collector to execute all necessary additional institutional standard financial documentation/authorizations with PFM and applicable financial institutions to facilitate performance under the Agreement as amended.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
1. Approve and Authorize the Contract Purchasing Officer or his designee to sign Amendment Number 2 to the Contractual Agreement No. A 13-291 expanding the Scope of Work to include Investment and Financial Advisory Services, and to extend the Agreement for an additional Two years between the County of Monterey and PFM Asset Management LLC (PFM), dated December 3, 2013, in an amount not to exceed $300,000 a year under a new pricing methodology in FY 15-16 for the period October 1, 2015 through October 31, 2017.
2. Authorize the Treasurer-Tax Collector to execute all necessary additional institutional standard financial documentation/authorizations with PFM and applicable financial institutions to facilitate performance under the Agreement as amended.

SUMMARY:
In December 2013, the Board authorized the County to enter into an agreement with PFM for the provision of Investment Consulting and Advisory Services. The Treasurer-Tax Collector (TTC) now desires to temporarily increase the scope of said services and the related fees for those services.

DISCUSSION:
In 2014, the Board approved Amendment No. 1 which authorized the department to ...