PREPARED BY: NORM VELOSO DATE OF MEETING: 08/07/2023
SUBJECT:
TITLE
CONSIDER ADOPTING RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE CONSULTING SERVICES AGREEMENT WITH PFM GROUP CONSULTING LLC FOR A LONG-RANGE FINANCIAL PLAN WITH A TOTAL AUTHORIZATION NOT TO EXCEED $90,000 RETROACTIVELY EFFECTIVE AUGUST 1, 2023.
CEQA: This is not a project subject to CEQA.
Label
RECOMMENDATION
Recommendation
Adopt the Resolution
BODY
COMPLIANCE STATEMENTS
Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency is an adopted City Council Priority contained in the adopted Fiscal Year 2023-2025 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
As part of the City's commitment to fiscal health and sustainability, the City initiated a process to develop a Long-Range Financial Plan (LRFP) and model that will provide an economic outlook to assist in planning for a successful future for the City of San Pablo. This commitment is necessary to develop and stabilize our financial base, not just to develop a balanced budget but a financial plan that is strategic, resilient, and sustainable.
To assist the City with this effort, the City is seeking the assistance of PFM Group Consulting LLC to develop a LRFP and a financial modeling tool that can be used to evaluate the immediate impact of budgetary decisions and the costs of decisions over multiple years. This is a dynamic tool that can be updated based on current revenue and expenditure trends. Though individual variables and assumptions may change over time, the LRFP provides a consistent model to realistically forecast the City's fiscal performance.
The goal is to provide information as the City Council makes strategic decisions affecting the City's fiscal sustainability in the short and long term. This plan will outline recommendations and provide forecasted positions at the onset of the annual budget process.
FISCAL IMPACT
The contract amount with PFM Asset Management LLC, if ...
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