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CC - Consent Item: Approval of an Amendment to Existing Professional Services Agreement with PFM Financial Advisors LLC for Consulting Services Related to City's Five-Year Financial Plan in an Amount Not-to-Exceed $223,650 for an Aggregate Contract Amount Not-to-Exceed $273,650.
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Meeting Date: August 10, 2026
Contact Person/Dept.: Stephen Agostini/Assistant City Manager
Phone Number: (310) 253-6000
Fiscal Impact: Yes [x] No [] General Fund: Yes [x] No []
Attachments: Yes [] No [x]
Public Notification: (E-Mail) Meetings and Agendas - City Council (08/05/2026)
Department Approval: Stephen Agostini, Assistant City Manager (08/04/2026) _____________________________________________________________________
RECOMMENDATION
Staff recommends the City Council approve an amendment to the existing professional services agreement with PFM Financial Advisors LLC (PFM) for consulting services related to the five-year financial plan in an amount not-to-exceed $223,650 for an aggregate contract amount not-to-exceed $273,650.[MT1]
DISCUSSION
The City is currently developing a long-term financial plan to improve financial flexibility, manage risk, and position the City to respond effectively to future challenges. As part of this process, the City is seeking professional consulting services to conduct a focused, decision-oriented assessment of the Culver City Police Department and the Culver City Fire Department. The purpose of the engagement is to provide the City Council and City staff with practical recommendations regarding staffing, operations, service delivery, and fiscal sustainability.
On March 16, 2026, the City Council approved a professional services agreement with PFM for financial advisory services related to revenue lease bonds in amount not-to-exceed $50,000.[MT2] Based on the City's familiarity with PFM's financial advisory and consulting expertise, staff contacted the firm regarding a proposal for co...
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