DEPARTMENT: Finance
FILE TYPE: Consent Action
TITLE
title
Recission Of Resolution No. 25-567 And Authorization To Amend Contract With Prudent Man Advisors, LLC dba PMA Asset Management, LLC For Investment Portfolio Management
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PURPOSE/ACTION REQUESTED
Rescind Resolution No. 25-567 and authorize the Deputy County Manager to amend the contract with Prudent Man Advisors, LLC dba PMA Asset Management, LLC.
SUMMARY
Staff requests to rescind Resolution No. 25-567. This resolution was passed on December 2, 2025, to execute a contract extension for investment portfolio management. The prior resolution had the incorrect vendor’s name, with the correct name being Prudent Man Advisors, LLC dba PMA Asset Management, LLC. The prior resolution did not contain authorization to fund services for an additional year.
Therefore this request is for approval of an amendment to the contract to correct the vendor’s name and increase the contract maximum. The contract maximum will be increased by $167,000 to a total maximum of $285,376. The increase of $167,000 is to account for the work the firm will be doing in 2026. The contract amount is higher than the cost in 2025 because they are taking over managing multiple portfolios. In 2025, PMA Asset Management oversaw one of the county’s three portfolios. In 2026 they will be managing all three.
RECOMMENDATION
recommendation
Staff recommends that the Board rescind Resolution No. 25-567 (December 2, 2025), and authorize the Deputy County Manager to amend the contract with Prudent Man Advisors, LLC dba PMA Asset Management, LLC to correct the vendor’s name and to increase the contract maximum to $285,376.
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EXPLANATION OF FISCAL/FTE IMPACTS
This contract extension is included in the Finance’s 2026 adopted budget and is funded by levy.
☐ None ☒ Current budget ☐ Other
☐ Amendment Requested ☐ New FTE(s) requested
RESOLUTION
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WHEREAS, resolution No. 25-567 was passed on December 2, 2025, to execute a contract extension for investment portfolio management; and
WHEREAS, resolution No. 25-567 included the incorrect vendor’s name and contract maximum amount; and
WHEREAS, staff recommends the Dakota County Board of Commissioner rescind Resolution No. 25-567; and
WHEREAS, the contract will be amended to update the vendor’s name to Prudent Man Advisors, LLC dba PMA Asset Management, LLC; and
WHEREAS, the contract maximum will be increased to $285,376.
NOW, THEREFORE, BE IT RESOLVED, That the Dakota County Board of Commissioners hereby rescinds Resolution No. 25-567 (December 2, 2025); and
BE IT FURTHER RESOLVED, That the Dakota County Board of Commissioners hereby authorizes the Deputy County Manager to amend the contract with Prudent Man Advisors, LLC dba PMA Asset Management, LLC to correct the vendor name and increase the contract maximum to $285,376, subject to approval by the County Attorney’s Office as to form.
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PREVIOUS BOARD ACTION
25-567; 12/2/25
ATTACHMENTS
Attachment: None.
BOARD GOALS
☐ Thriving People ☐ A Healthy Environment with Quality Natural Resources
☐ A Successful Place for Business and Jobs ☒ Excellence in Public Service
CONTACT
Department Head: Will Wallo
Author: Kristen Zimmerman