Item N5
2
CM
ounty of onroe
BOARD OF COUNTY COMMISSIONERS
Mayor George Neugent, District 2
Mayor Pro Tem David Rice, District 4
TheFloridaKeys
Danny L. Kolhage, District 1
Heather Carruthers, District 3
Sylvia J. Murphy, District 5
County Commission Meeting
February 15, 2017
Agenda Item Number: N.5
Agenda Item Summary #2616
BULK ITEM: DEPARTMENT:
Yes County Attorney's Office
TIME APPROXIMATE:STAFF CONTACT:
Roman Gastesi (305) 292-4441
N/A
AGENDA ITEM WORDING:
Approval of an agreement with PFM Financial Advisors LLC for
financial advisory services; correcting scrivener's error by adding Exhibit A.
ITEM BACKGROUND:
on financial issues. The scope of services includes assisting the County in the formulation of
financial and debt policies; reviewing debt structure and making recommendations regarding
restructuring in order to minimize costs of borrowing; identification of funding sources for
infrastructure needs; and guidance with debt issuance, including identification and evaluation of
lenders. In October 2015, the BOCC granted approval to Strategic Planning to issue an RFQ for
financial advisory services. The RFQ was issued by Strategic Planning. Numerous responses were
received. A selection committee constituted in accordance with the Monroe County Purchasing
Policy reviewed the responses and ranked the respondents. In February 2016, the BOCC approved
the recommendation of the selection committee, which was to commence negotiations with PFM as
top-ranked respondent. Subsequently, negotiations were conducted with PFM, which advised that it
would continue to perform the services requested in the Scope of Services for the same price as the
previous contract. The fees are: (a) $2,500 per month for general financial planning and policy
development services, (b) $1.00 per $1,000 of debt issued for debt issuances, and (c) an hourly rate
for Special Services as defined in the contract. The contract is now being presented for approval by
the BOCC. The proposed contract has a term of five (5) years.
PREVIOUS RELEVANT BOCC ACTION:
October 21, 2015
(item Q12): Approval to issue Request for Quotations for financial advisory
services.
February 10, 2016
(item N7): Approval of the recommendation of the selection committee that
PFM should be listed as first place among respondents, and authorization for County Staff to
negotiate a contract,
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Exhibit A to the agreement (the proposal submitted by PFM) was not attached to the agenda item.
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION:
Approval.
DOCUMENTATION:
Monroe County Contract for FA services with W-9 redacted
PFM, Response to RFQ -- Exhibit A
FINANCIAL IMPACT:
Effective Date:
January 18, 2017
Expiration Date:
January 17, 2022
Total Dollar Value of Contract:
TBD
Total Cost to County:
TBD
Current Year Portion:
TBD
Budgeted:
Yes
Source of Funds:
CPI:
Indirect Costs: N/A
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: No If yes, amount:
Grant:
N/A
County Match
: N/A
Insurance Required:
Yes
Additional Details:
REVIEWED BY:
Cynthia Hall Completed 01/25/2017 10:05 AM
Bob Shillinger Completed 01/25/2017 11:08 AM
Budget and Finance Completed 01/25/2017 11:25 AM
Maria Slavik Completed 01/25/2017 11:34 AM
Kathy Peters Completed 01/25/2017 1:19 PM
Board of County Commissioners Pending 02/15/2017 9:00 AM
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