Title
Public Transit Financial Advisory Services Contract PTD23-003 - Request for Award (Ordinance S-50183)
Description
Request to authorize the City Manager, or his designee, to enter into a contract with PFM Financial Advisors LLC to provide financial advisory services for the Public Transit Department. Further request to authorize the City Controller to disburse all funds related to this item. The total value of the contract will not exceed $260,000 over the 10-year life of the contract.
Report
Summary
This contract will provide financial advisory services to periodically update the Transportation 2050 Plan (T2050) financial planning model used by City staff to monitor the financial results of plan activities and forecasting future revenues, expenditures, and fund balances to reflect current financial conditions. The financial planning model is critical to the delivery of T2050 improvements, considering upcoming changes to regional transportation funding. The firm also provides expertise in federal transportation loan and grant programs, as well as advisory services for financing solutions.
Procurement Information
In accordance with Administrative Regulation 3.10, standard competition was waived as a result of an approved Determination Memo based on Special Circumstances Without Competition.
Contract Term
The contract will begin on or about Oct. 1, 2023 for a 10-year term.
Financial Impact
The contract value will not exceed $260,000. Funding is available in the T2050 fund.
Department
Responsible Department
This item is submitted by Deputy City Manager Mario Paniagua and the Public Transit Department.