Coversheet


CITY OF RIVIERA BEACH CITY COUNCIL AGENDA ITEM SUMMARY

Meeting Date:	4/19/2017
Agenda Category:	RESOLUTION

Subject:

RESOLUTION TO EXTEND PUBLIC FINANCIAL MANAGEMENT'S CONTRACT FOR FINANCIAL ADVISOR PROFESSIONAL SERVICES FOR ONE YEAR AS PROVIDED IN THE CURRENT AGREEMENT

Recommendation/Motion:

STAFF RECOMMENDS THIS SECOND EXTENSION OF THE CITY'S CONTRACT WITH PUBLIC FINANCIAL MANAGEMENT, INC.

Originating Dept	FINANCE/TREASURY	Costs
User Dept.	Citywide	Funding Source
Advertised	No	Budget Account Number
Date
Paper
Affected Parties	Not Required

Background/Summary:

On February 7, 2013, the City issued a Request for Proposals (RFP 381-13) seeking proposals from qualified and responsible firms to fulfill the role of the Financial Advisor. Public Financial Management, Inc. was unanimously selected by an Evaluation Committee. The City entered into a three year Contract for Financial Advisor/Professional Services with Public Financial Management, Inc. on June 5, 2013, to provide professional/consultation services in the area of developing financing strategy and consultation, with two optional one year renewals, at the City’s discretion that would extend the agreement to June 4, 2018, unless amended and agreed by the City and Public Financial Management, Inc. On July 6, 2016, the City Council approved the first one year renewal that extended the contract from June 5, 2016 to June 4, 2017. The City and Public Financial Management, Inc. desire to exercise the second one year renewal expiration date thereby extending the contract from June 5, 2017 to June 4, 2018. Though no financings or refundings are contemplated at this time, it is prudent for the City to have a financial advisor in place should an opportunity arise.

The role of an independent financial advisor is to serve as an advocate for the City and to provide the City with the financial market information necessary to make intelligent, informed decisions when issuing municipal debt. The financial advisor should know how to structure a financing to get the best rate for the community. They review and give advice on the bond underwriter’s proposals and reviews documents from underwriter, underwriter’s counsel and bond counsel. They coordinate the bond issuance process including rating agency presentations. A financial advisory should be an independent and objective bond market expert with no financial ties to the underwriting or investment management industry.

PFM is the national leader in providing independent financial services to local and state governments. The firm is well respected, innovative and more importantly independent.

PFM will be compensated at the time of issuance from bond proceedings.

Fiscal Years
Capital Expenditures
Operating Costs
External Revenues
Program Income (city)
In-kind Match (city)
Net Fiscal Impact
NO. Additional FTE Positions (cumulative)


III. Review Comments

A. Finance Department Comments:

B. Purchasing/Intergovernmental Relations/Grants Comments:

C. Department Director Review:

Contract Start Date
Contract End Date
Renewal Start Date
Renewal End Date
Number of 12 month terms this renewal
Dollar Amount
Contractor Company Name
Contractor Contact
Contractor Address
Contractor Phone Number
Contractor Email
Type of Contract
Describe

ATTACHMENTS:
File Name	Description	Upload Date	Type
PFM-Resolution_2nd_extension.doc	Resolution - PFM Extension	4/5/2017	Resolution
PFM-Amendment_to_Contract_2nd_extension.pdf	PFM-Amendment to Contract 2nd extension	4/5/2017	Backup Material
PFM-Extension_to_Contract.pdf	PFM-Amendment to Contract 1st extension	4/5/2017	Cover Memo
PFM-Contract.pdf	PFM June 2013 contract	4/5/2017	Backup Material

REVIEWERS:
Department	Reviewer	Action	Date
Finance	sherman, randy	Approved	4/5/2017 - 3:11 PM
Purchasing	Answerer	Approved	4/7/2017 - 10:26 AM
Finance	Answerer	Approved	4/7/2017 - 2:09 PM
Attorney	Answerer	Approved	4/10/2017 - 11:51 AM
City Clerk	Robinson, Claudene	Approved	4/10/2017 - 12:00 PM
City Manager	Answerer	Approved	4/12/2017 - 5:45 PM