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Title:
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JOINT CONSENT ITEM - Approval of an Amendment to the Existing Professional Services Agreement with Fieldman Rolapp & Associates, Inc. for General Financial Advisory Services for the City and Redevelopment Agency.
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City of Culver City, California
City Council Agenda Item Report
RECOMMENDATION:
Staff recommends the City Council approve an amendment to the existing
professional services agreement with Fieldman Rolapp & Associates, Inc. for
general financial advisory services for the City and Redevelopment Agency.
BACKGROUND/DISCUSSION:
Fieldman Rolapp is a finance and investment advisory firm with extensive
experience in various municipal finance sectors, including water agencies, cities,
redevelopment agencies, school districts, and utilities. Staff from Fieldman Rolapp
regularly speak and present at workshops, seminars, and conferences for top
professional government finance organizations, including the Government Finance
Officers Association (GFOA) and the California Society of Municipal Finance Officers
(CSMFO).
Fieldman Rolapp has provided general financial advisory services to the Culver City
Redevelopment Agency since February 2006 and the City since April 2007.
Representatives from Fieldman Rolapp have attended and presented at a number of
City Council meetings and City Council Subcommittee meetings on various financial
issues. Some of the projects that Fieldman Rolapp has assisted with in the last few
years include: complex financial analysis associated with a tax exempt bond
refinance and issuance in 2005 and expert advice related to revenue options for the
Comprehensive Financial Plan.
Meeting Date: 08/18/08 Item Number: JC-1
AGENDA ITEM: JOINT CONSENT ITEM - Approval of an Amendment to the
Existing Professional Services Agreement with Fieldman Rolapp & Associates,
Inc. for General Financial Advisory Services for the City and Redevelopment
Agency.
Contact Person/Dept.: Jeff Muir, CFO Phone Number: 310-253-6016
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: [X]
Public Notification:
Master E-Mail Notification List (8/13/08); Fieldman Rolapp via email (8/14/08)
Department Approval:
Jeff Muir (08/07/08)
City Attorney Approval:
Carol Schwab (by H. Baker) (08/13/08)
Chief Financial Officer Approval:
Jeff Muir (08/07/08)
City Manager Approval:
Jerry B. Fulwood (08/13/08) City of Culver City, California
City Council Agenda Item Report
The current agreement with the Redevelopment Agency was executed in February
2006 for an amount not-to-exceed $9,500 and the City in April 2007 for an amount
not-to-exceed $10,000. Both of those contract amounts are nearing the not-to-
exceed amount and require Council action to amend the contract. In addition to the
desire to continue with Fieldman Rolapp’s general financial advisory services as the
need arises, staff would also like to utilize their expertise for special projects such as
a bond capacity analysis for the Redevelopment Agency.
Staff recommends that the existing agreement with the Culver City Redevelopment
Agency be increased by $20,000 from the current amount for a total not-to-exceed
amount of $29,500 and the existing agreement with the City be increased by
$10,000 for a total not-to-exceed amount of $20,000 (for a total, not-to-exceed
aggregate of $49,500).
FISCAL ANALYSIS:
City:
There are sufficient funds in the adopted FY 2008-09 Finance Administration Fiscal
Services budget (10114100.619100) to cover the recommended amendment to the
agreement.
Redevelopment Agency:
There are sufficient funds in the adopted FY 2008-09 Redevelopment Agency
Supplies and Operations Fiscal Services budget (59190100.619100) to cover the
recommended amendment to the agreement.
ATTACHMENTS:
1. Existing City Agreement with Fieldman Rolapp & Associates
2. Existing RDA Agreement with Fieldman Rolapp & Associates
MOTION:
That the City Council:
1. Approve an amendment to the existing professional services agreement with
Fieldman Rolapp & Associates, Inc. to increase the not to exceed amount by
$10,000 to a total not to exceed amount of $20,000; and,
2. Authorize the City Attorney to review/prepare the necessary documents; and
City of Culver City, California
City Council Agenda Item Report
3. Authorize the City Manager to execute such documents on behalf of the City.
That the Redevelopment Agency:
1. Approve an amendment to the existing professional services agreement with
Fieldman Rolapp & Associates, Inc. to increase the not to exceed amount by
$20,000 to a total not to exceed amount of $29,500; and
2. Authorize the Agency General Counsel to review/prepare the necessary
documents; and
3. Authorize the Executive Director to execute such documents on behalf of the
Agency.
MEETING DATE: August 18, 2008
AGENDA ITEM : Approval of an Amendment to the Existing Professional
Services Agreement with Fieldman Rolapp & Associates,
Inc.
ATTACHMENTS
Pages
1. Existing City Agreement with Fieldman Rolapp & Associates 1 – 8
2. Existing RDA Agreement with Fieldman Rolapp & Associates 9 – 17
Page 1 of 17Page 2 of 17Page 3 of 17Page 4 of 17Page 5 of 17Page 6 of 17Page 7 of 17Page 8 of 17Page 9 of 17Page 10 of 17Page 11 of 17Page 12 of 17Page 13 of 17Page 14 of 17Page 15 of 17Page 16 of 17Page 17 of 17