HomeMy WebLinkAboutAgenda Report - November 29, 2006 F-02 SMAGENDA ITIEM F" 2
CITY Off' LM1
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AGiENNA TITLE: Identification of Council Members to Serve on a Financial Advisor Selection
Committee.
MEETING DATE: November 29, 2006
PREPAMED BY: Deputy City Manager
RECO11411141111MMID ACTION: Identify Council Members to serve on a financiai
advisor selection committee.
BACKGWOUND INFORMATION: The City of Lodi has worked with the same financial
advisor (Public Financial Management) for the past
several years. Financial advisor services as well
as other professional services should be reviewed from time to time to ensure that the City
receives the best level of service at a competitive price. Financial advisors typically provide
advice related to availability and advisability of the use of various debt instruments, interest rate
modeling, cash flow models and consultations with rating agencies. There are several financing
needs for which financial advisory services will be needed over the course of the next several
months. Some of these include expansion of the Wastewater plant, refinancing of Electric Utility
bonds, Electric Utility bond swaps, water facilities, park facilities and other facilities related to the
continuing development of City infrastructure to serve an expanding city population. Due to the
importance of the decisions to be made related to the financing mechanisms to be used, staff
would like to have City Council participate in the process of selecting a Financial Advisory firm. A
selection committee, which will include staff from Public Works, Community Development and
the City Manager's office, will convene upon the selection of the Councilmember(s) to this
committee.
FISCAL 1NWPACT: Not applesable.
F'UNCOW AVAK.ABLE: Financial Advisors are typically paid with the proceeds from bond
issues and therefore there is no funding needed at this time.
es R. Krueger, Deputy City Manager
APPROVED: n,
it King, City Manager