title
P.H. 2023-53: (PUBLIC HEARING 2ND READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A FIRST AMENDMENT TO THE SERVICE CONTRACT BETWEEN THE CITY OF POMPANO BEACH AND PFM FINANCIAL ADVISORS, LLC, TO PROVIDE FINANCIAL ADVISORY SERVICES; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
FIRST READING: MARCH 14, 2023
staffcontact
(Staff Contact: Allison Feurtado)
summary
Summary Explanation/Background:
PFM provides the City with financial advisory services. The existing contract with PFM was competitively bid in 2009 and 2017, where PFM was selected in each case. PFM has served the City well over past years, going above and beyond, and the City is currently involved in ongoing discussions on several potential financings (i.e. Oceanside garage) and would like to continue our relationship with the firm. This would allow the City to capitalize on past momentum with these ongoing discussions. In addition, the firm has agreed to keep their fees the same as in the previous contract. The firm is typically compensated from debt proceeds as part of the cost of issuance. The firm is compensated for closed bond transactions based on between $0.75-$0.85 per $1,000 of bonds issued, with a minimum fee of $18,000 and maximum of $75,000.
The firm is very established and well known within the government industry - servicing Fort Lauderdale, West Palm Beach, Plantation and Sunrise, to name a few. PFM remains the largest and top ranked financial advisor nationally and in Florida, according to municipal data sources such as Refinitiv and Ipreo. PFM also has the largest presence in Florida.
Origin of request for this action: Finance
Fiscal impact and source of funding: N/A
pagebreak1
strategicplan_emblem_field
pagebr
strategicplan_description_field
...
Click here for full text