17736_Authority_August

26 The Authority | August 2024 THE RIGHT FIT PLGIT has an investment option to meet your local government’s needs By Matt Conlin, Relationship Manager, Investment Advisor and Administrator to PLGIT, PFM Asset Management LLC Local government officials are responsible for the financial health of their municipalities, and they take that job seriously. There’s a lot to know: managing cash flow, planning for ongoing expenditures (like maintenance) and one- time projects (like major infrastructure repair), understanding investment options, and earning solid yields — all while maintaining an overarching focus of seeking safety for public funds. The Pennsylvania Local Government Investment Trust (PLGIT or the Trust) was formed over 40 years ago expressly to help municipalities manage those difficult tasks. Over the years, PLGIT has designed investment options exclusively to help achieve the goals of these specific investors and continues to improve and update products based on those investors’ needs and feedback. In this article, we’ll take a look at PLGIT’s investment options – leading with its PLGIT/TERM SM product -- and you can consider how they might aid in your municipality’s successful financial planning. A Declaration of Trust PLGIT operates under a Declaration of Trust (the Declaration) that states that PLGIT’s primary purpose will be to offer Pennsylvania’s entities a way to pool temporary cash reserves to gain “greater advantage under the daily supervision of professional investment advisers.” Moreover, the Declaration limits participation in the Trust to “municipal entities of the Commonwealth of Pennsylvania.” Unlike institutions Continued on page 43.