ASSET MANAGEMENT, FINANCIAL ADVICE & CONSULTATION Home. With you all the way. Intelligent financial advice and creative consultation require attention and partnership to flourish. This is why PFM forges a close working relationship with each of our clients, ensuring our efforts to empower, mobilize and educate today help to yield sustainable outcomes tomorrow. Learn More. FUNDAMENTALS OF PUBLIC FINANCE VIRTUAL Register Now. PFM’s Fundamentals of Public Finance Virtual Seminar takes topics from an intensive week-long in-person training and divides them into single sessions offered over several weeks on a virtual basis. The sessions are categorized into Core courses for Asset Management and/or Financial Advisory Tracks, and Elective

courses.

ARBITRAGE REBATE 101 | 1 Arbitrage is earned when the proceeds of a tax-exempt or tax-advantaged bond issue are used to acquire investments that earn a yield in excess of the bond yield (or arbitrage yield), the average

yield

FIXED INCOME APRIL 2021 PFM Asset Management C Spot Prices and Benchmark Rates Index Mar 31, 2020 Feb 28, 2021 Mar 31, 2021 Monthly Change 1-Month LIBOR 0.99%

0.12% 0.11% -0.01%

STATE OF NEW MEXICO TAX STRUCTURE KEY ISSUES AND ALTERNATIVES State of New Mexico Tax Structure: Key Issues and Alternatives . December 2020 . PFM Group Consulting, LLC . BNY Mellon Center . 1735 Market Street . 43rd Floor . Philadelphia, PA 19103 DIVERSITY & INCLUSION AT PFM Diversity & Inclusion at PFM. At PFM, diversity and inclusion are foundational to the firm’s success – in serving our clients; in creating a dynamic and welcoming work environment for our colleagues; in partnering with external stakeholders; and in realizing our overarching purpose of providing advice for people who transform their

world.

PFM AM AUTH

Welcome to EON. The site that gives you the ability to quickly review your account information. To view your accounts, please enter your User Name and Password and select Login. To learn more, we invite you to read about EON, or please call 1-888-693-7274 and you will be provided with the necessary details on how you can become a registered

ALEXANDER GOLDSMITH

Alex Goldsmith is a Senior Managing Consultant in PFM’s Outsourced Chief Investment Officer (OCIO) team who manages public retirement plans throughout Pennsylvania and the north

DAVID EICHENTHAL

David Eichenthal Managing Director PFM Group Consulting LLC David Eichenthal is a Managing Director with PFM’s Management and Budget Consulting practice and leads the firm’s New Orleans

STEPHEN MACERONI

Stephen Maceroni Director PFM Financial Advisors LLC Steve Maceroni has more than 25 years of public finance experience. He joined PFM in September 2011 and has been a ASSET MANAGEMENT, FINANCIAL ADVICE & CONSULTATION Home. With you all the way. Intelligent financial advice and creative consultation require attention and partnership to flourish. This is why PFM forges a close working relationship with each of our clients, ensuring our efforts to empower, mobilize and educate today help to yield sustainable outcomes tomorrow. Learn More. FUNDAMENTALS OF PUBLIC FINANCE VIRTUAL Register Now. PFM’s Fundamentals of Public Finance Virtual Seminar takes topics from an intensive week-long in-person training and divides them into single sessions offered over several weeks on a virtual basis. The sessions are categorized into Core courses for Asset Management and/or Financial Advisory Tracks, and Elective

courses.

ARBITRAGE REBATE 101 | 1 Arbitrage is earned when the proceeds of a tax-exempt or tax-advantaged bond issue are used to acquire investments that earn a yield in excess of the bond yield (or arbitrage yield), the average

yield

FIXED INCOME APRIL 2021 PFM Asset Management C Spot Prices and Benchmark Rates Index Mar 31, 2020 Feb 28, 2021 Mar 31, 2021 Monthly Change 1-Month LIBOR 0.99%

0.12% 0.11% -0.01%

STATE OF NEW MEXICO TAX STRUCTURE KEY ISSUES AND ALTERNATIVES State of New Mexico Tax Structure: Key Issues and Alternatives . December 2020 . PFM Group Consulting, LLC . BNY Mellon Center . 1735 Market Street . 43rd Floor . Philadelphia, PA 19103 DIVERSITY & INCLUSION AT PFM Diversity & Inclusion at PFM. At PFM, diversity and inclusion are foundational to the firm’s success – in serving our clients; in creating a dynamic and welcoming work environment for our colleagues; in partnering with external stakeholders; and in realizing our overarching purpose of providing advice for people who transform their

world.

PFM AM AUTH

Welcome to EON. The site that gives you the ability to quickly review your account information. To view your accounts, please enter your User Name and Password and select Login. To learn more, we invite you to read about EON, or please call 1-888-693-7274 and you will be provided with the necessary details on how you can become a registered

ALEXANDER GOLDSMITH

Alex Goldsmith is a Senior Managing Consultant in PFM’s Outsourced Chief Investment Officer (OCIO) team who manages public retirement plans throughout Pennsylvania and the north

DAVID EICHENTHAL

David Eichenthal Managing Director PFM Group Consulting LLC David Eichenthal is a Managing Director with PFM’s Management and Budget Consulting practice and leads the firm’s New Orleans

STEPHEN MACERONI

Stephen Maceroni Director PFM Financial Advisors LLC Steve Maceroni has more than 25 years of public finance experience. He joined PFM in September 2011 and has been a PFM | SPORTS, LEISURE & CULTURAL FACILITIES Sports, Leisure & Cultural Facilities. High profile facility construction projects that can unite a community also carry serious risks: poorly structured financings can undermine any budget, and success typically depends on the delicate coordinated support of public and private entities. Tailored to the specific needs of each of

our clients in

DAVID EICHENTHAL

Mr. Eichenthal holds a B.A. in Public Policy from the University of Chicago and a J.D. from the New York University School of Law. Contact. 400 Lafayette Street, Suite 304. New Orleans, LA 70130. eichenthald@pfm.com. 504.930.7684 office. Specialties.

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FUND OBJECTIVE: The fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective. FUND STRATEGY: The fund will utilize a "multi-manager" approach, allocating assets to one or more sub-advisers who act independently and in keeping with their distinct investment styles. Assets are primarily invested in common stock of U.S.-based companies. SEAN WAHL | SENIOR MANAGING CONSULTANT Sean joined PFM’s Ann Arbor financial advisory practice in 2015 as an analyst and rejoined the Ann Arbor team in July of 2020 as a senior

managing consul

ALEXANDER GOLDSMITH

Alex Goldsmith is a Senior Managing Consultant in PFM’s Outsourced Chief Investment Officer (OCIO) team who manages public retirement plans throughout Pennsylvania and the north

DUNCAN BROWN

Duncan started his career at PFM in 2006, and is based in PFM’s Portland and Seattle offices. He advises clients on debt transactions under many different structures and securit HANK FISHKIND, PH.D. Dr. Hank Fishkind joined PFM in 2019. Hank leads PFM’s Economics and Real Estate Consulting (ERC) practice, with more than four decades of experience in economic forecasting, im

TRINA SMITH

Trina Smith joined PFM as a consultant in 2010 and is currently located in the Philadelphia office. As a senior managing consultant, she oversees and perfor

DAVID EICHENTHAL

David Eichenthal Managing Director PFM Group Consulting LLC David Eichenthal is a Managing Director with PFM’s Management and Budget Consulting practice and leads the firm’s New Orleans JAY GLOVER - PFM.COM Jay Glover is a Managing Director with PFM. He has more than 20 years of experience providing financial advisory services to cities, counties, school districts and special authori

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WITH YOU ALL THE WAY Intelligent financial advice and creative consultation require attention and partnership to flourish. This is why PFM forges a close working relationship with each of our clients, ensuring our efforts to empower, mobilize and educate today help to yield sustainable outcomes

tomorrow.

Learn More

WITH YOU ALL THE WAY Intelligent financial advice and creative consultation require attention and partnership to flourish. This is why PFM forges a close working relationship with each of our clients, ensuring our efforts to empower, mobilize and educate today help to yield sustainable outcomes

tomorrow.

Learn More

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PFM's Management and Budget Consulting team discusses how government at all levels can help keep local businesses operating and/or solvent during the COVID-19 economic recession.

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The world is changing at a rapid pace, but PFM's commitment to our clients, our colleagues and our communities remains the same. Find out how we are responding and keeping clients informed during the pandemic and prepare for the road to recovery.

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WHAT COMES NEXT FOR STATE AND CITY BUDGETS? AS THE NATIONALLY RECOGNIZED LEADER IN PUBLIC FINANCE, WE WILL WORK WITH YOUR NEEDS TO DIG DEEP AND DEVELOP SOLUTIONS.

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LIFE-CHANGING RESEARCH DOESN’T JUST HAPPEN IN THE LAB. TAP INTO OUR EXPERTISE IN THE HEALTH CARE INDUSTRY.

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