Subject:
Title
Second Amendment to Professional Services Agreement with PFM Financial Advisors LLC for Tourist Development Taxes related financial advisor services
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Second Amendment to Professional Services Agreement with PFM Financial Advisors LLC for Tourist Development Taxes (TDT) and related financial advisor services.
• The Second Amendment includes a 365-day extension until July 16, 2026, and an increase of $60,000.00 ($5,000.00 per month) for a revised total contract expenditure not-to-exceed $305,000.00 and estimated annual expenditure of $101,666.67.
• The Office of Management & Budget utilizes this contract to provide cash-flow, debt calculation, and/or financial advisory services.
• The original agreement was approved by the County Administrator on July 18, 2023. The First Amendment to extend and increase was approved June 13, 2024 by the County Administrator.
Contract No. 23-00117-N for the total not-to-exceed amount of $305,000.00, effective through July 16, 2026. Body
Strategic Plan:
Deliver First Class Services to the Public and Our Customers
5.2 Be responsible stewards of the public’s resources
5.3 Ensure effective and efficient delivery of county services and support
Summary:
Amendment to increase and extend the agreement for an additional 365 days for debt and financial advisement associated with TDT revenues and expenses.
Background/Explanation:
The First Amendment to extend and increase the Agreement was approved by County Administrator on June 13, 2024. The agreement was approved and executed by the County Administrator on July 18, 2023.
Fiscal Impact:
Previous approved not-to-exceed expenditure: $245,000.00
Increase request: $ 60,000.00
Revised approved not-to-exceed expenditure: $305,000.00
Delegated Authority:
Authority for the County Administrator to approve this amendment is granted under code section 2-62 (a)(2).
Staff Member Responsible:
Chris Rose, Director, Office of Management and Budget
Merry Celeste, Purchasing Director, Administrative Services
Joe Lauro, Director, Administrative Services
Partners:
N/A
Attachments:
Second Amendment