HomeMy WebLinkAboutPFM 2024-2025 Staff Report (3)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.
ATTACHMENTS: PFM original Professional Services Agreement and subsequent
Amendments, for reference.
LEAD STAFF: Lisa Murray, Administrative Supervisor
Kylee Wuesthoff, Finance Officer