TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Cynthia Rockwell, Purchasing and Contracts Coordinator
SUBJECT:
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Agreement for Municipal Financial Advisory Services with Urban Futures, Inc.
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RECOMMENDATION
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Approve a three-year agreement with Urban Futures, Inc., with the option of two one-year extensions for municipal financial advisory services; and
Authorize the City Manager to execute the agreement.
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PRIOR ACTION/VOTE
On April 7, 2009, the City Council adopted Resolution No. 09-2226 approving the Agreement with Magis Advisors for Financial Advisory Services (Vote: 5-0).
On October 21, 2014, the City Council adopted Resolution No. 14-3304 approving the Agreement with First Southwest Company for Financial Advisory Services (Vote: 4-0).
On June 2, 2020, the City Council adopted Resolution No. 20-4258 approving an Agreement with Fieldman Rolapp & Associates for Financial Advisory Services (Vote: 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
DISCUSSION
A municipal financial advisor is a professional consultant who advises and assists the City of Murrieta (City) in formulating and executing its debt financing plans and managing relationships with investors, credit providers, and credit rating agencies.
The City partners with a municipal financial advisor to receive comprehensive financial advice on an as-needed basis. A municipal financial advisor must maintain an expert level of knowledge regarding the City's debt portfolio, business operations, and financial condition. Periodically, the City seeks financial advice on matters including formulating and executing debt financing plans, issuance of bonds, formation and refunding of Community Facilities Districts (CFD), and identifying strategic and alternative debt strategies that are most advant...
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