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THE CITY OF CITY COUNCIL AGENDA REPORT pLEASANTONC January 19, 2016 Finance TITLE: APPROVAL OF 5-YEAR AGREEMENT WITH PUBLIC FINANCIAL MANAGEMENT, INC. (PFM) TO PROVIDE FINANCIAL ADVISORY SERVICES SUMMARY City staff seek the services of a Financial Advisor to conduct various financial analyses including developing bond sizing models, financial and capital plans, as well as assisting the City in issuing debt should the City decide to issue debt at a later date. City staff conducted a competitive solicitation process to select a financial advisor that resulted in the selection of Public Financial Management Inc. (PFM). This item proposes to award a 5-year contract to PFM to provide financial advisory services to the City. RECOMMENDATION Staff recommends that the City Council authorize the City Manager to enter into a 5-year contract with PFM to provide financial advisory services on an as-needed basis that is in a form approved by the City Manager and City Attorney. FINANCIAL STATEMENT PFM's services will be on an as-needed basis and primarily project based. As such, the costs for such services will primarily be charged to specific project budgets. To the extent PFM's services are not related to a specific project, the costs will be charged to the City's operating budget. PFM's hourly rates are between $225 and $350. If the City issues debt, PFM's rates are $33,000 and $69,000 per debt issuance depending on the type and size of the debt to be issued. The total compensation over the 5-years shall not exceed $500,000.