TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Approve Award of Agreement No. 2020-03, Financial Services Advisor to PFM Financial Advisors, LLC. in the amount of $6,000.00 annual retainer with anything above per the attached fee schedule.
Recommended Action
Approve Award of Agreement No. 2020-03, Financial Advisor Services to PFM Financial Advisors, LLC. in the amount of $6,000.00 annual retainer with anything above per the attached fee schedule.
Background Information
The City by charter is required to go out for general obligation debt by referendum. Various road and infrastructure improvement projects may require a future bond issue.
The Financial Advisor will assist the City in the analysis, structure, issuance and management of debt. The Financial Advisor may also be called upon to provide other financial advisory services.
Request for Proposal No. 2020-03 Financial Advisor Services for the City of North Port was issued July 19, 2019. Three (3) proposals were received on August 29, 2019. Submittals from Hilltop Securities, PFM Financial Advisors, LLC and Public Resources Advisory Group were reviewed and ranked by the Selection Committee on September 16, 2019. PFM Financial Advisors, LLC was the top ranked firm. The Selection Committee and staff recommend that the City move forward with contract negotiations for a three (3) year period and may be extended for two (2) additional one (1) year periods by mutual agreement and within budgetary limitations at the same terms and conditions.
Strategic Plan
Efficient & Effective Government
Financial Impact
The City negotiated with the top-ranked vendor to obtain the same retainer rate ($6,000) as the RFP issued in 2012 (2012-24). Funding in the amount of $6,000.00 is available in the following account number: 001-0401-513-31-05.
Procurement
Financial Advisor Services was procured pursuant to Chapter 2 Administration, Article VIII Proc...
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