TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary to amend contracts with 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, to extend the contract terms for an additional one-year period through May 31, 2021, and add an additional one-year renewal option, at the discretion of the City Manager. (Citywide)
DISCUSSION
City Council approval is requested to amend the terms of six contracts to add an additional one-year period through May 31, 2021, and add a one-year renewal option, for financial advisory services on an as-needed basis.
On March 24, 2015, the City Council adopted Specifications No. RFP FM15-019 and awarded contracts to Barbara A. Lloyd, Frasca & Associates, LLC, KNN Public Finance, Montague DeRose and Associates, LLC, Public Financial Management, Inc., and Public Resources Advisory Group to provide financial advisory services, in an annual amount not to exceed $1,200,000. The firms are used on an as-needed basis for a variety of projects related to the General Fund, Enterprise funds, and Special Districts Assessments. The firms provide analytical, financial, and industry expertise to the City, including the Airport, Harbor, and Water Departments. Access to financial advisory firms is necessary to preserve the City's ability to address financial, legal, and regulatory developments in a comprehensive and timely manner. The current agreements expired on May 31, 2020.
Following the City’s emergency declaration related to the COVID-19 pandemic on March 4, 2020 and its resurgence, the demand on City resources has been tremendous. Considering the impact and continued demands ...
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