PIERRE, S.D. (KELO) — The government board that oversees South Dakota’s clean-water and drinking-water loan programs won’t be paying an out-of-state company for any more investment advice.
The South Dakota Board of Water and Natural Resources decided Thursday it would instead use several state employees to select, buy and sell investments for the programs.
The state board let expire a contract with PFM Asset Management.
For its advice the St. Louis, Missouri-based firm had received $225,000 annually starting in 2016, and $175,000 per year from 2013 through 2015, according to state contract documents.
The board chose three state Department of Environment and Natural Resources employees.
They are programs administrator Michael Perkovich and two grant and loan specialists, David Ruhnke and Jonathan Peschong.
The programs provide low-interest public financing for municipal, rural and community water and sewer projects.