TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Direction Regarding the Economic Development Study and Financial Condition Analysis Prepared by PFM Financial Advisors, LLC.
Recommended Action
Discussion and possible direction regarding the Economic Development Study and Financial Condition Analysis prepared by PFM Financial Advisors, LLC.
Background Information
The following provides a chronological order of events regarding the Economic Development Study and Financial Condition Analysis:
Ø April 23, 2024: During the City Commission Special Meeting, the Commission discussed agenda item no. 24-0599, Discussion and Possible Action Relating to Bonding and Other Financing Options from the City's Special Legal Counsel and Financial Advisor; Recommendations for Charter Amendment Language Related to the City’s Bonding Authority, Including a Permissive Referendum Option; and Recommendations for How to Move Forward with the North Port Police Department Headquarters Project and Funding. At the conclusion of the discussion, the Commission approved the following motions:
ü Motion One: To direct the City Manager to work with staff to complete an Economic Development Study and Financial Condition Analysis by the end of the calendar year.
ü Motion Two: To direct the City Manager to work with staff to prepare a Comprehensive Long-Term Capital Improvement Plan for North Port to encompass all City services including General Government, Fire Rescue District, Road and Drainage District, Solid Waste District, and water and sewer utility services.
Ø July 9, 2024: During the City Commission Regular Meeting, the Commission approved agenda item no. 24-0927, Third Amendment to Agreement No. 2020-03 which provides for Financial Advisor Services with PFM Financial Advisors, LLC to complete an Economic Development Study, Financial Condition Analysis, Economic Impact Analysis, and Long-Term Comprehensive Capital Improvement Plan.
Ø January 6, 2025: During the upcoming City Commission Workshop, PFM Financial Advisors, LLC will be providing presentations of the completed Economic Development Study and Financial Condition Analysis. The City’s Five-Year Capital Improvement Program (CIP) has been included in the Financial Condition Analysis. However, other critical need CIP projects are not included in the Financial Condition Analysis. Please note that staff is currently working on the Long-Term Comprehensive Capital Improvement Plan.
Strategic Plan
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. Third Amendment to Agreement No. 2020-03
2. PFM North Port Fiscal and Economic Impact Analysis
Prepared by: Tiffany Fowler, Accountant III
Department Director: Kim Williams, Finance Director