Title
Online Investment Research Database Subscription - RFA 17-181 - Amendment (Ordinance S-49922)
Description
Request to authorize the City Manager, or his designee, to execute amendment to Contract 145959 with Morningstar, Inc. to extend contract term. Further request to authorize the City Controller to disburse all funds related to this item. The additional expenditures will not exceed $76,000.
Report
Summary
This contract will provide continued online access to the Morningstar Investment Research Center, an internet-based investing reference and research database. This database is available only through Morningstar, Inc. This database provides data on approximately 525,000 investment offerings and real-time global investment market data. The continuation of this subscription service is necessary for the Phoenix Public Library to offer current and accurate materials on investing to City of Phoenix residents. The utilization of the internet-based service reduces the time and cost of maintaining and updating these extensive reference materials in physical form.
This item has been reviewed and approved by the Information Technology Services Department.
Contract Term
Upon approval the contract will be extended through Aug. 31, 2028.
Financial Impact
Upon approval of $76,000 in additional funds, the revised total value of the contract will not exceed $154,054. Funds are available in the Library Department’s operating budget.
Concurrence/Previous Council Action
The City Council previously reviewed this request:
• Online Investment Research Database Subscription - Contract 145959 (Ordinance S-43817-57) on Aug. 30, 2017;
• Online Investment Research Database Subscription - Contract 145959 (Ordinance S-46852-18) on Aug. 26, 2020.
Department
Responsible Department
This item is submitted by Deputy City Manager Inger Erickson and the Library Department.