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ITEM: AUTHORIZATION TO RENEW AN EXISTING AGREEMENT WITH PUBLIC FINANCIAL MANAGEMENT, INC. (PFM) TO PROVIDE THE VILLAGE WITH INVESTMENT MANAGEMENT SERVICES
REQUEST: Authorization to renew an existing agreement with PFM, Inc. to provide the Village with investment management services.
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EXPLANATION: In 2010, Council awarded a contract to PFM, Inc., pursuant to an RFP, to provide investment management services to the Village. As part of the RFP process, the Selection Committee evaluated nine proposals and conducted interviews with two short-listed firms.
The initial term of the agreement was for three (3) years expiring on September 30, 2014 with three (3) additional one (1) year renewal options, providing: a) all terms and conditions and specifications remain the same, b) both parties agree to the extension, and c) such extension is approved by the Village Manager.
During the contract period, the Village has maintained an outstanding relationship with PFM and benefited from many services including:
* online access to portfolio balances and activity
* review of portfolio for compliance with applicable Wellington investment policies and State of Florida Statutes
* review and recommendation updates to Wellington's investment policy and written investment procedures as needed
* general resource for information, advice and training on investments
* free investment seminar that complies with Florida Statute requirement
* monthly reports such as:
o asset allocation charts
o market updates
o economic market updates
o cash flow activity forecast reports (upcoming cash flows for the next 45 days)
o quarterly investment performance reports
o annual portfolio performance reports
o review of quarterly investment performance reports (onsite or teleconference)
Additionally, PFM consistently outperforms industry benchmarks (Merrill Lynch 1-3 Year US Treasury Note Index) for example:
o Period ended 3/31/14 Wellington's Inves...
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