Item C40
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date:
May 20, 2009
Division:
Budget and Finance
Bulk Item: Yes -L No
Department: OMB
Department Contact: Tina Boan x4472
AGENDA ITEM WORDING: Approval to renew a contract for Financial Advisory Services
with Public Financial Management, Inc. (PFM), Financial Advisor to Monroe County for two
additional years.
ITEM BACKGROUND: Extend services for two additional years, beginning April 21, 2009.
Monroe County had completed the RFQ process in 2004 and wishes to continue services with PFM.
PREVIOUS RELEVANT BOCC ACTION: On September 17,2008, the BOCC approved a one year
Contract Renewal with PFM. PFM has been under contract as the Financial Advisor to Monroe
County since 1986.
CONTRACT/AGREEMENT CHANGES: N/A
STAFF RECOMMENDATIONS: Approval
TOT AL COST:
$2,500/month
BUDGETED: Yes ~ No
COST TO COUNTY:
$2,500/month
SOURCE OF FUNDS: General Funds
REVENUE PRODUCING: Yes No X AMOUNT PER MONTH Year
APPROVED BY: County Atty. ~~urchasing ~ Risk Management ~
DOCUMENTATION: Included X To Follow_ NotRequire~
DISPOSITION:
AGENDA ITEM #
Revised 8/06
MONROE COUNTY BOARD OF COUNTY COMMISSIONERS
CONTRACT SUMMARY
Contract #
Contract with:Public Financial Mgmt. Effective Date:4/2112009
Expiration Date:4/20/2011
Contract PurposelDescription :Renew agreement with Public Financial Management. Inc. for
two additional years for Financial Advisory Services to Monroe County.
Contract Manager: Tina Boan
(Name)
4472
(Ext. )
OMB Stop #1
(Department/Stop #)
for BOCC meeting on May 20. 2009
Agenda Deadline: May 5. 2009
CONTRACT COSTS
Total Dollar Value of Contract: $60.000
Budgeted? YesrK] No D Account Codes:
Grant: $_
County Match: $_
Current Year Portion: $12.500.00
001-00101-530310
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ADDITIONAL COSTS
Estimated Ongoing Costs: $_/yr For:
(Not included in dollar value above) (eg. maintenance, utilities, janitorial, salaries, etc.)
CONTRACT REVIEW
Changes~A
~f~ J? Needed~::- Rev' wet". y
Division Director ~i YesD No ~~~~ ~()9
RiskMan1t~~ Lt~J7il7 YesDNo[;(~' ' ~-;;J,7-cft
:o::/=~ymgc\\~~~\ :::~::~ ~- ~
Date Out
Comments:_
OMB Form Revised 2/27/01 MCP #2
Contract Renewal
This renewal is made and entered into this 14th day of April, 2009 between
Monroe County, called the "County", and Public Financial Management,
Inc., called "Financial Advisor", in order to renew the agreement entered
into on April 21, 2004.
Whereas, the current agreement is due to expire and Monroe County desires
to extend the agreement two additional years.
Now, Therefore in consideration of the mutual terms, understandings,
conditions, promises, covenants, and payments hereinafter set for the,
County and Financial Advisor agree as follows:
Section 1. Recitals. The above recitals are true and correct and
incorporated herein.
Section 2. Term. This agreement is hereby extended for two years from the
date of expiration of the current agreement.
Section 3. Notices. The County party shall read:
F or Monroe County
Roman Gastesi, County Administrator
1100 Simonton Street
Key West, FL 33040
Section 4. Financial Advisor's Representatives. The following named
individuals from Financial Advisor's firm shall provide the services set forth
in this agreement:
Mr. Hal Canary, Managing Director
Mr. David Moore, Managing Director
TEAM MEMBERS:
Sergio Masvidal, Senior Managing Consultant
Jay Glover, Senior Managing Consultant
Russell Edghill, Consultant
Jeremy Niedfeldt, Consultant
Section 5. Other Conditions. All other conditions of the Agreement shall
remain in full force effect.
In Witness Whereof, the parties have hereunto set their hands and seal, the
day and year first written above.
(Seal)
Attest Danny L. Kolhage, Clerk
Board of County Commissioners
of Monroe County, Florida
By
Deputy Clerk
Mayor
Public Financial Management, Inc.
By:
!W(!M~
. ~al W. Canary
Title:
Managing Director