Agenda 12/12/2023 Item #16F 8 (Approve an Extension of Agreement with PFM Financial Advisors, LLC)12/12/2023
EXECUTIVE SUMMARY
Recommendation to approve an Extension of Agreement No. 12-5957 with PFM Financial Advisors LLC
(“PFM”), extending the agreement with PFM through May 31, 2026, as an exemption to the competitive
process under Section 2-193(14) of the Code of Laws and Ordinances of Collier County, Florida.
OBJECTIVE: To extend the current agreement term for PFM to provide the County with financial advisory
services including but not limited to ongoing services without regard to specific bond issues or ca pital financings;
public offerings of securities; public sale of bonds; and negotiated sale of bonds through May 31, 2026.
CONSIDERATIONS: The County procured its services with the Consultant through a competitive Request for
Proposals process, which culminated with the Board approving the Agreement No. 12-5957 with PFM on May 28,
2013 (the “Agreement”). The Board previously approved an Extension of the Agreement on April 25, 2017,
followed by an Assumption, Assignment, and Extension of the Agreement on April 28, 2020 (to formalize the
assignment of the Agreement to an affiliate), and thereafter approved a further Extension of the Agreement on April
12, 2022. The Agreement is currently scheduled to expire on May 31, 2024, unless further action is taken.
Section 2-193(14) of the Code of Laws and Ordinances of Collier County, Florida (the “Code”) provides an
exemption to the competitive process to procure financial services when in the best interest of the County. The
County Manager has determined and is recommending that it is in the best interest of the County to extend the
Agreement through May 31, 2026, as permitted under the above-referenced Code section. No changes to the
Agreement’s rates and provisions are requested.
PFM is an independent financial advisor. The firm’s substantial experience in public finance and public debt
placement coupled with knowledge of the County’s debt structure and statewide clientele has proved extremely
valuable in assisting with management of the County’s debt portfolio. Over the last 10 years as a member of the
County debt management team, PFM has recommended successfully to the Board refinancing of over $460 million
in outstanding debt with an associated gross interest savings of $55.1 million.
Maintaining the continuity that exists currently between OMB staff, Clerk’s finance staff, bond counsel and the
financial advisor is critical to an effective working relationship one that will continue to benefit the County as debt
restructuring is evaluated and new financing is considered.
FISCAL IMPACT: Funding for these services is budgeted annually by the Office of Corporate Financial
Management Services.
GROWTH MANAGEMENT IMPACT: None
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for Board
approval. -SRT
RECOMMENDATION: To approve an Extension of Agreement No. 12-5957 with PFM Financial Advisors LLC
(“PFM”), extending the agreement with PFM through May 31, 2026, as an exemption to the competitive process
under Section 2-193 of the Code of Laws and Ordinances of Collier County, Florida, and authorizing the Chairman
to sign the attached Extension amendment.
Prepared by: Christopher Johnson, Director - Corporate Financial and Management Services.
ATTACHMENT(S)
1. 12-5957 Extension_PFM_VendorSigned(PDF)
2. 12-5957 PFM_Contract (PDF)
3. FY24 Exemptions - PFM (PDF)
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12/12/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.F.8
Doc ID: 27199
Item Summary: Recommendation to approve an Extension of Agreement No. 12-5957 with PFM Financial
Advisors LLC (“PFM”), extending the agreement with PFM through May 31, 2026, as an exemption to the
competitive process under Section 2-193(14) of the Code of Laws and Ordinances of Collier County, Florida.
Meeting Date: 12/12/2023
Prepared by:
Title: – Office of Management and Budget
Name: Debra Windsor
11/07/2023 3:07 PM
Submitted by:
Title: Accountant, Senior – Office of Management and Budget
Name: Christopher Johnson
11/07/2023 3:07 PM
Approved By:
Review:
Procurement Services Vanessa Miguel Level 1 Purchasing Gatekeeper Completed 11/09/2023 11:59 AM
Procurement Services Sandra Herrera Procurement Director Review Completed 11/13/2023 6:39 AM
County Attorney's Office Scott Teach Level 2 Attorney Review Completed 11/13/2023 10:34 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 11/13/2023 10:35 AM
Office of Management and Budget Christopher Johnson Additional Reviewer Completed 11/14/2023 11:06 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 11/15/2023 3:21 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 12/06/2023 12:31 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 12/12/2023 9:00 AM
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16.F.8.aPacket Pg. 2502Attachment: 12-5957 Extension_PFM_VendorSigned (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2503 Attachment: 12-5957 Extension_PFM_VendorSigned (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2504 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2505 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2506 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2507 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2508 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2509 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2510 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2511 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2512 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2513 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2514 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2515 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2516 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2517 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2518 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2519 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
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Packet Pg. 2520 Attachment: 12-5957 PFM_Contract (27199 : PFM Contract Renewal Extension)
EXEMPTION FROM COMPETITVE PROCESS FORM Page 1 of 2
Revised 9/2023
EXEMPTION FROM COMPETITIVE PROCESS FORM
/ŶƐƚƌƵĐƟŽŶƐ:dŚĞ ĨŽůůŽǁŝŶŐ ƉƌŽĐƵƌĞŵĞŶƚ ĐĂƚĞŐŽƌŝĞƐ ŵĂLJ ďĞ ĞůŝŐŝďůĞ ĨŽƌ ĞdžĞŵƉƟŽŶ ĨƌŽŵ ƚŚĞ ĐŽŵƉĞƟƟǀĞ ƉƌŽĐĞƐƐ ƉĞƌ
Procurement Ordinance 17-Ϭϴ͕ĂƐĂŵĞŶĚĞĚ͕^ĞĐƟŽŶ ŝŐŚƚ͕ džĞŵƉƟŽŶƐƚŽƚŚĞŽŵƉĞƟƟǀĞWƌŽĐĞƐƐ͖ďĂƐĞĚƵƉŽŶƚŚĞ
ĚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞŽƵŶƚLJDĂŶĂŐĞƌŽƌĚĞƐŝŐŶĞĞƚŚĂƚĂƉƉƌŽǀĂůŽĨƐƵĐŚĂŶĞdžĞŵƉƟŽŶŝƐŝŶƚŚĞďĞƐƚŝŶƚĞƌĞƐƚŽĨ
ƚŚĞ ŽƵŶƚLJ͘ WƵƌĐŚĂƐĞƐ ŐƌĞĂƚĞƌ ƚŚĂŶ ΨϱϬ͕ϬϬϬ ǁŝůů ƌĞƋƵŝƌĞ ĮŶĂů ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ŽĂƌĚ ŽĨ ŽƵŶƚLJ ŽŵŵŝƐƐŝŽŶĞƌƐ͘
Complete all ƐĞĐƟŽŶƐ ŽĨ ƚŚŝƐ ĨŽƌŵ ƉƌŝŽƌ ƚŽ ƐƵďŵŝƫŶŐ ŝƚ ƚŽWƌŽĐƵƌĞŵĞŶƚ. Any quotes and/or ĚŽĐƵŵĞŶƚĂƟŽŶ
ƐƵďŵŝƩĞĚŵƵƐƚďĞĚĂƚĞĚǁŝƚŚŝŶƚŚĞůĂƐƚƚŚŝƌƚLJ;ϯϬͿĚĂLJƐ͘/ĨĂƉƉůŝĐĂďůĞ͕ƐƵďŵŝƚǁŝƚŚƚŚĞĨŽƌŵĂƐƐŽĐŝĂƚĞĚtermƐĂŶĚ
ĐŽŶĚŝƟŽŶƐŽƌĂŐƌĞĞŵĞŶƚƐ͘
1. Government Agency/Non-WƌŽĮƚ
2.ZĞŐŝƐƚƌĂƟŽŶͬƵĞƐͬdƌĂŝŶŝŶŐ
3.^ƵďƐĐƌŝƉƟŽŶƐͬWĞƌŝŽĚŝĐĂůƐͬWƌŝŶƚĞĚDĂƚĞƌŝĂůƐ
4.ĚǀĞƌƟƐĞŵĞŶƚƐ
5.hƟůŝƚLJ^ĞƌǀŝĐĞƐ– subject to government control
6. ĚƵĐĂƟŽŶͬĐĂĚĞŵŝĐPrograms/Trainers/Speakers
7. Legal Services
8.WƵƌĐŚĂƐĞƐƌĞƋƵŝƌĞĚďLJŐƌĂŶƚƐͬŐŝŌƐ
ϵ͘ ŽŵƉĂƟďŝůŝƚLJͬProprietary with current systems
10.^ŚŽƉĞƐƟŵĂƚĞƐŽŶĚŝƐĂƐƐĞŵďůĞĚĞƋƵŝƉŵĞŶƚ
11. Personnel/Recruitment Services
12. Works of art for public display
13.ŝƌĞĐƚWƵƌĐŚases
14. Financial Instruments
15. Entertainment Services for County Sponsored Events
16. Management Studies as directed by the County Manager
ϭϳ͘ ZĞƐŽůƵƟŽŶͬŝƌĞĐƟŽŶ;ŝŶĐůƵĚĞƌĞƐŽůƵƟŽŶŶƵŵďĞƌ
ĂŶĚĂƉƉƌŽǀĂůĚĂƚĞͿ
SECTION ONE
Requester: ŝǀŝƐŝŽŶ͗
Requested Item;ƐͿ/Service;ƐͿ:Vendor Name:
SECTION TWO
Historical Countywide Expenditure: Requested Not to Exceed Expenditure Per FY:
ZĞƋƵĞƐƚĞĚĂƚĞZĂŶŐĞ͗ ƵĚŐĞƚ&z͗ One Time Purchase DƵůƟƉůĞWƵƌĐŚĂƐĞƐ
SECTION THREE
Quote/Proposal: Yes No
/ĨLJĞƐ͕ĂƩĂĐŚ͘
ŐƌĞĞŵĞŶƚͬdĞƌŵƐΘŽŶĚŝƟŽŶƐ͗ zĞƐ EŽ
/ĨLJĞƐ͕ĂƩĂĐŚ͘
SECTION FOUR
Detailed ĞƐĐƌŝƉƟŽŶŽĨWƵƌĐŚĂƐĞ.
✔
Jen Reynolds Finance Manager
Financial Advisory Services Public Financial Management, Inc.
$ 86,109 $ 100,000
6/1/2024 - 5/31/2026 2024 to 2026
Financial Advisory Services
16.F.8.c
Packet Pg. 2521 Attachment: FY24 Exemptions - PFM (27199 : PFM Contract Renewal Extension)
EXEMPTION FROM COMPETITVE PROCESS FORM Page 2 of 2
Revised 9/2023
Detailed Public WƵƌƉŽƐĞ. Include why this purchase is ĞƐƐĞŶƟĂůƚŽŽƵŶƚLJŽƉĞƌĂƟŽŶƐ͘
SECTION FIVE
/ŶĨŽƌŵĂƟŽŶdĞĐŚŶŽůŽŐLJ͘^ĞůĞĐƚzĞƐŝĨƚŚĞƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐĂƌĞƌĞůĂƚĞĚƚŽ/ŶĨŽƌŵĂƟŽŶdĞĐŚŶŽůŽŐLJ͘/ĨLJĞƐ͕ƉƌŽǀŝĚĞƚŚĞ
WƵƌĐŚĂƐŝŶŐŽŵƉůŝĂŶĐĞŽĚĞ;WͿŶƵŵďĞƌŽƌĞŵĂŝůĂƉƉƌŽǀĂůĚŽĐƵŵĞŶƚĂƟŽŶ͘
Yes No If yes, provide the PCC number:
SECTION SIX
Requester: Signature:
ŝǀŝƐŝŽŶŝƌĞĐƚŽƌ͗ Signature:
ĞƉĂƌƚŵĞŶƚ,ĞĂĚ;ZĞƋƵŝƌĞĚŝĨŽǀĞƌΨϱϬ͕ϬϬϬͿ͗Signature:
Procurement ŝƌĞĐƚŽƌ;ΨϱϬ͕ϬϬϬĂŶĚƵŶĚĞƌͿ: Signature:
WƌŽĐƵƌĞŵĞŶƚŝƌĞĐƚŽƌ;KǀĞƌΨϱϬ͕ϬϬϬĐŽŶƟŶŐĞŶƚŽŶ
ŽĂƌĚĂƉƉƌŽǀĂůͿ͗
Signature:
WƌŽĐƵƌĞŵĞŶƚhƐĞKŶůLJ
ApprovĞĚ&Žƌ: ƉƉƌŽǀĞĚďLJŽĂƌĚ͗ Contract #:
^ƚĂƌƚĂƚĞĂƚĞ Contract Not Applicable
ŶĚĂƚĞ Agenda # džĞŵƉƟŽŶη͗
To continue County financial advisory services to include, but not limited to the following: Ongoing services without
regard to specific bond or capital financing, public offerings of securities, public sale of bonds, and negotiated sale of
bonds.
Jen Reynolds ReynoldsJennifer Digitally signed by
ReynoldsJennifer
Date: 2023.10.03 10:13:26 -04'00'
Christopher Johnson JohnsonChristopher Digitally signed by
JohnsonChristopher
Date: 2023.10.03 10:15:04 -04'00'
HerreraSandra Digitally signed by HerreraSandra
Date: 2023.10.25 08:44:06 -04'00'
6/1/24
5/31/26
12-5957
38
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Packet Pg. 2522 Attachment: FY24 Exemptions - PFM (27199 : PFM Contract Renewal Extension)