8F Consent 2011 0705 - Laserfiche WebLink

Home

CITY OF SAN LEANDRO STAFF REPORT DATE: July 5, 2011 TO: Lianne Marshall, Interim City Manager FROM: Tracy Vesely, Finance Director Finance Department SUBJECT PROJECT /PROJECT DESCRIPTION: APPROVED AND FORWARDED TO CITY COUNCIL Q&�� z LiaMe WshJI Interim City Manager RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A CONSULTING SERVICES AGREEMENT FOR FINANCIAL ADVISING SERVICES WITH PROFESSIONAL FINANCIAL MANAGEMENT, INC. (PFM). SUMMARY AND RECOMMENDATION Staff recommends City Council authorize the City Manager to execute a three -year contract for financial advisor services with the Professional Financial Management, Inc. (PFM) through June 30, 2014, with an option to extend for an additional two fiscal years by written agreement and at the option of the City. A draft of the contract agreement is attached for City Council review. BACKGROUND On April 29, 2011, the City of San Leandro solicited a summary of qualifications from qualified financial advising firms to provide financial advisor services to the City of San Leandro. E. Wagner & Associates, Inc. was the last firm the City contracted with for financial advising services. The City is anticipating the need for a financial advisor to assist with future debt refinancing /issuance. This is a common business practice in local government. Criteria Used for Selection The City received seven proposals for evaluation and staff conducted a thorough review of each proposal to determine the most qualified submittals. A panel consisting of City staff from various departments conducted panel interviews with the top three firms. Each firm brought their project team to the interview. Criteria used in the selection process included; • Established public sector experience with cities comparable to San Leandro. • History and type of bond /debt issuances, including • Redevelopment Agency Reporting financing, • Pension refinancing or obligation bonds, • Equipment lease /purchase financing.