Fort Walton Beach Council agenda — 02-09-2010 Regular — reading text

execute the proposed agreement with Public Financial Management, Inc. ( PFM) for financial advisory services. 5. SIGNATURE BLOCK 5. 1. Submitted by: I 1-20t M) Brandy Finance Director Date 5. 2. Reviewed for agenda: o? l 116 Mearns, City Manager Date Ci Docid: U :IFinancelAgenda120101Financial Advisory Services - PFM 1. 26. 10.doc 68-  Page 1 of a Carole Jones From: Toni Craig [toni @tonicraig.info] Sent: Thursday, February 04, 2010 9:21 AM To: Brandy Wunker Cc: Carole Jones Subject: RE: FA contract Ft Walton Beach Attachments: Contract_ FA_final. docx Brandy I have made the necessary revisions to this contract. The contract is not drafted in plain language but it is sufficient. Thank you. Toni L. Craig Attorney at Law Fla Bar No 115444 850) 243 -6969 www.tonicraig. info From: Brandy Wunker [ mailto:bwunker@fwb.org] Sent: Wednesday, February 03, 2010 5: 06 PM To: Toni Craig Subject: FW: FA contract Ft Walton Beach Importance: High Please find attached PFM' s responses. Please advise if acceptable as soon as possible, as the agenda will be published Friday A.M. Thanks. Brandy L. Wunker Finance Director City of Fort Walton Beach 850) 833 -9512 850) 833 -9640 Fax Original Message---- - From: Marissa Wortman [ mailto: WORTMANM @pfm.com] Sent: Wednesday, February 03, 2010 1: 03 PM To: Brandy Wunker Subject: FW: FA contract Ft Walton Beach Brandy, Please find attached the notes and changes by our legal department, can you please forward to your City Attorney for his response? Thanks, Marissa From: Brandy Wunker [ maiito:bwunker@fwb.org] Sent: Wednesday, February 03, 2010 11: 38 AM To: Marissa Wortman Subject: FW: FA contract Hi Marissa. Our City Attorney has proposed some changes to the contract. Can you please review and advise if these changes are acceptable to PFM? Thanks. Brandy L. Wunker Finance Director City of Fort Walton Beach 850) 833 -9512 850) 833 -9640 Fax Original Message--- - From: Toni Craig [ mailto: toni@tonicraig. info] Sent: Tuesday, February 02, 2010 12: 57 PM To: Brandy Wunker Subject: FW: FA contract Brandy My revised version of the contract is attached. Toni L. Craig Attorney at Law Fla Bar No 115444 850) 243 -6969 www,tonicraig. info w_....______.._..,_ -. -__. ___ ____._ __.._ From: Brandy Wunker [ mailto:bwunker@fwb.org] Sent: Friday, January 29, 2010 10: 15 AM To: Toni Craig Subject: RE: FA contract Hi Toni. I have attached the staff report and the FA contract with PFM for the City Council meeting on February 9, 2010. In the original contract with Mitch Owens, the minimum debt fee was $ 15K, and that was signed in 1998. As such, I don' t believe the minimum debt fee proposed by PFM of $17, 500 is high —I think 2/ 4/ 2010 - 69-  Page 2 of 3 it is competitive. The City of Lake Wales evaluated the proposals they received, and you can see by the attached bid tabulation that the fee schedule of PFM was ranked 10 points higher than First Southwest. I have requested the original proposals from the City of Lake Wales, however I have not received them. When I get them, I will attach them to the agenda items for comparison purposes. I do not propose this as a " piggyback ", simply an exception to the purchasing policies, as approved by City Council. Please review the attached contract and staff report. Let me know if you need any further information. Thanks. Brandy L. Wtuiker Finance Director City of Fort Walton Beach 850) 833 -9512 850) 833 -9640 Fax Original Message---- - From: Toni Craig [ mailto: toni@tonicraig. info] Sent: Wednesday, January 20, 2010 10: 51 AM To: Brandy Wunker Subject: RE: FA contract Brandy My thought exactly. Considering " Exceptions to Competitive Solicitation Requirements, section 3. 1. 1. 2, Contracts for professional services involving a particular skill, ability, experience or expertise, which are in their nature unique," Wortman' s comment about piggy-backing is not accurate. 1 advise that selecting a Financial Advisor is an exception to the City' s competitive solicitation requirements, unless required by statutes. I cannot find a statute that requires competitive solicitation of a financial advisor. That is why I' d like to see their RFPfor any reference to statutory requirements. Nonetheless, it also seems that to justify the expense to the Council you may want comparisons offees and prices. Public Financial Management has a minimum fee of $17,500. That seems awful high. Toni L. Craig Attorney at Law Fla Bar No 115444 850) 243 -6969 www_tonicraig.info From: Brandy Wunker [ mailto: bwunker@ fwb.org] Sent: Tuesday, January 19, 2010 5: 04 PM To: Toni Craig Subject: RE: FA contract I will. I thought we didn' t need that because of the exemption in the purchasing policy? Brandy L. Wunker Finance Director City of Fort Walton Beach 850) 833 -9512 850) 833 -9640 Fax Original Message---- - From: Toni Craig [ mailto:toni@tonicraig. info] Sent: Tuesday, January 19, 2010 4: 26 PM To: Brandy Wunker Subject: RE: FA contract Brandy I am not comfortable saying that the City can " piggy-back" on another City's bid process. Please ask either Wortmann or the City of Lake Wales finance director to send the complete requestfor proposals package via email. Thank you. Toni L. Craig Attorney at Law Fla Bar No 115444 Board Certified, City, County, Local Government Low PO Box 2917 105 Lewis Street Suite 102 Fort Walton Beach FL 32549 850) 243 -6969 Fax: ( 850) 244 -8929 www.tonicraig.info Marital & Family Law Local Government Law CONFIDENTIALITY NOTICE: This email is intended only for the use of the addressee. If you received this email in error, please notify me immediately, delete the email from your computer and do not copy or disclose it to anyone else. Ifyou are not an existing client of Toni L. Craig, Attorney at Law, do not construe anything in this email as legal advice or to make you a client. Do not disclose anything tome in any reply that you expect to be kept confidential. If you area client, you should keep the contents of this email confidential to preserve the attorney -client or work product privilege. From: Brandy Wunker [ mailto: bwunker@fwb.org] Sent: Friday, January 15, 2010 11: 00 AM To: Toni Craig Subject: FW: FA contract Toni, Can you review the attached contract? I would like to take this recommendation to City Council on the 26th. 2/ 4/2010 - 70-  Page 3 of 8 Brandy L. Wunker Finance Director City of Fort Walton Beach 850) 833 -9512 850) 833 -9640 Fax Original Message---- - From: Marissa Wortman [ mailto:WORTMANM @pfm.com] Sent: Friday, December 04, 2009 12: 20 PM To: Brandy Wunker Cc: Mel Hamilton; David Jang Subject: FA contract Good afternoon Brandy, It was great speaking with you all today. I look forward to working with you all. As requested please find attached an executed Financial Advisory Contract which we entered in April of this year with the City of Lake Wales. We were awarded this contract through a RFP process, so you should be able to piggy back off this contract. I have also attached a word version of the contract in which I just change the name of the City to Fort Walton Beach and the date to January 2010. If you have any comments or suggested changes to this contact please let me know. Best. Regards, Marissa Wortman Senior Managing Consultant Public Financial Management 300 S. Orange Avenue, Suite 1170 Orlando, Florida 32801 407 -648 -2208 phone 407 -648 -1323 facsimile wortmanm @publicfm. com email From: Marissa Wortman Sent: Friday, December 04, 2009 9: 54 AM To: ' fwbfindr@fwb.org' Cc: Mel Hamilton Subject: RE: American Recovery Reinvestment Act Brandy, I have also attached a brief overview of PFM' s Financial Advisory practice. Will speak to you all shortly. Regards, Marissa From: Marissa Wortman Sent: Thursday, December 03, 2009 5: 24 PM To: ' fwbfindr@fwb.org' Cc: Mel Hamilton Subject: American Recovery Reinvestment Act Good afternoon Brandy, In preparation for our call tomorrow morning to discuss Build America Bonds, please find attached an overview of the American Recovery and Reinvestment Act. I will be happy to review on the phone and answer any questions you all may have. Regards, Marissa Wortman Senior Managing Consultant Public Financial Management 300 S. Orange Avenue, Suite 1170 Orlando, Florida 32801 407 -648 -2208 phone 407 -648 -1323 facsimile wortmanm @publicfm_com email and any attachments, is complete, a Electronic mail sent through the Internet is not secure. Therefore, we cannot represent that the information in this e- mail, 2/ 4/ 2010 - 71-  AGREEMENT FOR SERVICES OF FINANCIAL ADVISOR BETWEEN CITY OF FORT WALTON BEACH AND PUBLIC FINANCIAL MANAGEMENT, INC. t" THIS AGREEMENT, made and entered into this _ day of February 2010, by and between CITY OF FORT WALTON BEACH, FLORIDA (hereinafter referred to as the " CITY ") and PUBLIC FINANCIAL MANAGEMENT, Inc. ( hereinafter referred to as the " FINANCIAL ADVISOR "). WITNESSETH WHEREAS, the CITY desires to obtain the services of a FINANCIAL ADVISOR to develop and implement strategies to meet the CITY'S current and long -term operations and capital financing needs and render assistance in the preparation and marketing of bond issues by the CITY; and WHEREAS, the FINANCIAL ADVISOR represents it is capable of providing the necessary financial advisory service. NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements set forth herein, the CITY and FINANCIAL ADVISOR agree as follows: I. SCOPE OF SERVICES The CITY hereby engages FINANCIAL ADVISOR to provide advice and recommendations to the CITY concerning band issues and other debt obligations related to the CITY'S capital facilitie-s and to provide other financial advisory services, as