TITLE
Recommendation to adopt Specifications No. RFP FM15-019 and award contracts to Barbara A. Lloyd, Municipal Advisory Services, of Los Angeles, CA; Frasca & Associates, LLC, of New York, NY; KNN Public Finance, of Los Angeles, CA; Montague DeRose and Associates, LLC, of Westlake Village, CA; Public Financial Management, Inc., of Los Angeles, CA; and Public Resources Advisory Group, of Los Angeles, CA, to provide financial advisory services on an as-needed basis, in an aggregate amount not to exceed $1,200,000 per year, for a period of two years, with the option to renew for three additional one-year periods, at the discretion of the City Manager. (Citywide)
DISCUSSION
City Council approval is requested to enter into contracts with various professional financial firms to provide the City, including the Airport, Harbor, and Water Departments, with as-needed specialized financial, advisory services. The City has historically used financial experts on an as-needed basis for various on-call projects, with respect to the City’s General Fund, special district, and enterprise debt portfolios. Access to specialized financial and industry expertise is necessary to preserve the City’s ability to address priority issues, and shifting financial, legal and regulatory developments, in a comprehensive and timely manner.
A Request for Proposals (RFP) was conducted to pre-qualify experts for specialized financial advisory services and to refresh the City’s financial advisor pool. City departments engage financial advisor services based upon required technical expertise and financial experience on an as-needed basis. Most of the engagements above $50,000 are for potential bond issuance and are often done on a contingency basis. Contingency basis means that, for a typical bond issuance engagement, regardless of the work done, the City will not incur any obligation to pay unless a bond issuance actually occurs.
An RFP was issued on November 4, 2014, and 3,382 potential...
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