Agenda 04/25/2017 Item #16F204/25/2017
EXECUTIVE SUMMARY
Recommendation to approve an Amendment extending the current contract with PFM Financial
Advisors, LLC (PFM) through May 31, 2020 under provisions of single source procurement as
defined within the Procurement Services Ordinance.
OBJECTIVE: To continue County financial advisory services to include, but not limited to the
following: ongoing services without regard to specific bond issues or capital financings; public offerings
of securities; public sale of bonds; and negotiated sale of bonds.
CONSIDERATIONS: PFM’s current contract with the County expires in May 2017. This contract was
procured through a competitive “RFP” process and approved by the Board on May 28th 2013. The
Procurement Ordinance under Section Eight provides exemptions to the competitive process when in the
best interest of the County and selection of the County’s Financial Advisor is a listed exemption. The
County Manager has determined that an exemption waiver is warranted and as such procurement of the
desired service under a single source designation is in the County’s best interest. The Amendment
provides for the contract term to be extended to May 31, 2020; all other terms and conditions will remain
the same. A copy of the current contract with PFM is attached. No changes to contract 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. PFM has recommended
successfully to the Board refinancing of general governmental, enterprise and CRA debt in excess of $612
million since October of 2009 at a net present value interest savings in excess of $45.4 million over the
life of the portfolio. General governmental debt restructuring comprised $379.1 million over that period
resulting in a reduced cost of borrowing totaling $1.6 million annually.
Maintaining the continuity which 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 new financing is considered.
FISCAL IMPACT: Historic annual spending on this financial services contract has been approximately
$50,000 and the average annual spend between 2014 and 2016 has totaled $57,800.
GROWTH MANAGEMENT IMPACT: None
LEGAL CONSIDERATIONS: The County Attorney has reviewed and approved this item as to form
and legality. Majority support is required for approval. - JAK
RECOMMENDATION: To approve an Amendment extending the current contract provisions with
PFM Financial Advisors, LLC through May 31, 2020 under single source procurement parameters
defined within the Procurement Services Ordinance.
Prepared by: Mark Isackson, Director of Corporate Finance and Management Services, Office of
Management and Budget
ATTACHMENT(S)
1. 16F Extension of Agreement 12-5957 - JAK_SDM signed (PDF)
04/25/2017
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.F.2
Doc ID: 3009
Item Summary: Recommendation to approve an Amendment extending the current contract with
PFM Financial Advisors, LLC (PFM) through May 31, 2020 under provisions of single source
procurement as defined within the Procurement Services Ordinance.
Meeting Date: 04/25/2017
Prepared by:
Title: Operations Coordinator – Office of Management and Budget
Name: Valerie Fleming
04/04/2017 9:48 AM
Submitted by:
Title: Operations Coordinator – Office of Management and Budget
Name: Valerie Fleming
04/04/2017 9:48 AM
Approved By:
Review:
Procurement Services Lissett DeLaRosa Level 1 Purchasing Gatekeeper Completed 04/04/2017 11:20 AM
Procurement Services Ted Coyman Additional Reviewer Completed 04/05/2017 5:35 PM
Procurement Services Sandra Herrera Additional Reviewer Completed 04/14/2017 11:57 AM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 04/14/2017 11:58 AM
Budget and Management Office Mark Isackson Additional Reviewer Completed 04/14/2017 12:03 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/14/2017 3:47 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 04/17/2017 10:08 AM
Board of County Commissioners MaryJo Brock Meeting Pending 04/25/2017 9:00 AM
Sergio Masvidal, Managing Director