Council action is requested to authorize a contract with Columbia Capital Management, LLC for Financial Advisor Services for one year with four possible one-year extensions.

Council approval to issue a contract.

The City requires financial advisor services to support financial planning and debt management, debt issue development and oversight, investment program and arbitrage rebate management, records requirements, and economic development. Columbia Capital Management, LLC is recommended for a contract following a qualifications-based RFP process.

The Procurement Division issued a Request for Proposals (RFP) for financial advisor services on June 2, 2023. The RFP was published on Public Purchase, the City’s e-bidding system, with notices sent to 222 potential respondents; 37 accessed the RFP. Five responses were received by the June 8, 2018, deadline. Respondents were Columbia Capital Management LLC and PFM Financial Advisors LLC

A team comprised of City personnel from the City Manager’s Office and the Finance Department evaluated the proposals. The evaluation criteria were: 1) expertise and experience of responding firm, 2) professional experience of personnel, 3) responsiveness to RFP, 4) financial knowledge, and 5) fees.

Columbia Capital Management LLC received the highest aggregate score. Attributes of this firm are their expertise and experience that spans across many states with the majority number of issues being in Missouri, main headquarters in the KC metro area; extensive knowledge and experience and continuing education to stay up with the ever changing markets and detailed fee schedules with lower base fees. Staff recommends award of a one-year contract with four possible one-year extensions to Columbia Capital Management LLC.

The fiscal impact to the City is $45,000.00 per year subject to annual budget appropriation.  Financial Advisor Services is in the 2023-2024 proposed budget, on page 137, account number (0954210-5226) Professional Services.