REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
January 28, 2025
FROM
ENSEN MASON, Auditor-Controller/Treasurer/Tax Collector
SUBJECT
Title
Amendment to Agreement with PFM Asset Management LLC for Investment Advisory Services for the San Bernardino County Flood Control District
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RECOMMENDATION(S)
Recommendation
Approve Amendment No. 2 to Agreement No. 19-12 with PFM Asset Management LLC to assign the Agreement to U.S. Bancorp Asset Management, Inc. and extend investment advisory services for the San Bernardino County Flood Control District, originally scheduled to end on January 28, 2025, for an additional nine months, for the total contract period of January 29, 2019, through October 31, 2025, with no change to the annual fee of eight basis points (0.08%).
(Presenter: Ensen Mason, Auditor-Controller/Treasurer/Tax Collector, 382-7000)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). The annual fee, paid in monthly installments, is based on the daily net asset balances under investment management (which may vary on a year-over-year basis due to deposits and drawdowns) at an annual rate of eight basis points (0.08%). Based on current asset balances, the total annual cost is estimated at $11,500. These costs are funded with property taxes received by the San Bernardino County Flood Control District (District). Adequate appropriation has been included in both the Auditor-Controller/Treasurer/Tax Collector's (ATC) 2024-25 budget and the District's 2024-25 budget, and will be included in future recommended budgets. The District reimburses ATC for the annual costs incurred.
BACKGROUND INFORMATION
As a result of the issuance of Judgment Obligation Bonds in 2007, a portion of the District's funds are held ou...
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