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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 21, 2014 <br />TITLE: <br />ESTABLISH A LISTING OF <br />APPROVED QUALIFIED FIRMS <br />TO PROVIDE FINANCIAL SERVICES <br />TO CITY DEPARTMENTS <br />CITY MANAG R <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />F177Z6ITWD, <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Approve the selection of the following firms for providing financial advisory services to the City for <br />two years with the option to extend the listing for one additional year with an initial project cost of <br />$75,000 with future projects to be paid from generated savings upon approval of the City Manager: <br />1. Public Financial Management Group (PFM) <br />2. Fieldman Rolapp & Associates <br />3. First Southwest <br />4. Urban Futures, Inc. (UFI) <br />DISCUSSION <br />Currently the City has approximately $162 million in City related debt and $100 million in Successor <br />Agency debt. The recommended action allows City staff to begin the process of looking at the City's <br />debt to 1) achieve efficiency and savings and 2) manage and improve the City's credit rating. In <br />order to begin the process of evaluating the various debt obligations, the City is recommending <br />creating a list of financial advisors that can be accessed by staff depending on the needs of the City. <br />In addition, the selection of a Financial Services Advisor(s) will ensure the City's compliance with <br />new regulations under the Dodd -Frank Act which clearly delineates responsibilities of financial <br />advisors and underwriters. As such, financial advisors will now assume full fiduciary responsibilities <br />to their clients. <br />On November 21, 2013 the City issued a Request for Qualifications for financial advisory services <br />with eight firms submitting responses. The responses were reviewed by the Finance Director, <br />Assistant Finance Director, and Senior Analyst. Responses were evaluated based on firm <br />background and experience, projected assigned staffing and experience, work plan and approach, <br />and fee structure. <br />29A-1 <br />