Subject:
Title
First 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 First Amendment to Professional Services Agreement with PFM Financial Advisors LLC for Tourist Development Taxes (TDT) related financial advisor services.
• The First Amendment includes a 365-day extension, $70,000.00 increase, and additional scope.
• 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.
• Funding for this amendment is included in the Fiscal Year (FY) 2024 Adopted Budget and the requested FY25 Proposed Budget in the TDT Fund in the Convention & Visitors Bureau budget. A portion of this contract may be paid by bond procedures in the future. The contract will continue to be paid with TDT funds and managed by OMB.
Contract No. 23-00117-N in the total not-to-exceed amount of $245,000.00, effective through July 16, 2024.
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 extend, increase, and add additional scope of services to agreement for debt and financial advisement associated with TDT revenues and expenses.
Background/Explanation:
On July 18, 2023, this agreement was approved by the County Administrator per code section 2-62(a)(1).
Fiscal Impact:
Previous approved not-to-exceed expenditure: $175,000.00
Increase request: $ 70,000.00
Revised approved not-to-exceed expenditure: $245,000.00
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:
First Amendment