PFM 2024-2025 Staff Report (3) - Laserfiche WebLink

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KITTITAS COUNTY TREASURER’S OFFICE AGENDA STAFF REPORT AGENDA DATE: December 19th, 2023 ACTION REQUESTED: Request to Acknowledge an Amendment to Extend the Professional Services Agreement between Kittitas County and PFM Financial Advisors LLC for 2024-2025. BACKGROUND: Kittitas County Treasurer’s Office (Treasurer) has had a Professional Services Agreement with PFM Financial Advisors PLLC (PFM) since 2016 in which PFM serves as the financial advisor to assist the Treasurer in developing and implementing strategies to meet our short and long-term operations, financial obligations, capital financing needs, and to render assistance with respect to debt transactions. The purpose of extending this Professional Services Agreement between the Treasurer and PFM is to continue the agreement from January 1, 2024 until December 31, 2025 and thereby retain the services of PFM as financial advisor, for which a quarterly retainage fee of $1,000 is paid, as well as any additional fees billed at a fixed rate for financing projects (e.g., bond issuance) and non-transaction related hourly project fees. The amendment extends the contract term for an additional two years and adjusts the compensation for services as follows: Current contract: Up to $20,000,000 = $1.50 per $1,000 with a $25,000 minimum Over $20,000,000 = $30,000 plus $0.75 per $1,000 over $20,000,000 Amendment: Up to $25,000,000 = $35,000 Between $25,000,000 - $75,000,000 = $35,000 plus $0.75 per $1,000 over $25,000,000 Over $75,000,000 = $75,000 plus $0.45 per $1,000 over $75,000,000 INTERACTION: The Kittitas County Prosecutor’s Office has reviewed and approved. RECOMMENDATION: Request to Acknowledge an Amendment to Extend the Professional Services Agreement between Kittitas County and PFM Financial Advisors LLC for 2024-2025. HANDLING: Please return one copy of the signed Resolution to the Kittitas County Treasurer’s Office for our records.