Item Description:
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Neg Agmt PR00008310 with PFM Financial Advisors LLC to provide municipal advisory services, 05/01/26-04/30/31, NTE $1,300,000
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Resolution:
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BE IT RESOLVED, that the County Administrator be authorized to negotiate Agreement PR00008310 with PFM Financial Advisors LLC for the provision of municipal advisory services to Hennepin County during the period May 1, 2026, through April 30, 2031 with a total not to exceed amount $1,300,000, be approved; that following review and approval by the County Attorney's Office, the Chair of the Board be authorized to sign the Agreement on behalf of the County; and that the Controller be authorized to disburse funds as directed.
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Background:
The County currently has a contract with PFM Financial Advisors LLC to provide municipal advisory services, which expires on August 31, 2026. The Hennepin County Debt Management Policy states that it is the practice of the County to retain an independent, registered municipal advisor to provide services related to the structuring, rating and issuance of all debt issues of the County.
Accordingly, the Office of Budget and Finance (OBF), in collaboration with the County Attorney's Office and Purchasing, recently conducted a Request for Proposal (RFP) process for provision of municipal advisory services. The RFP was sent directly to six firms actively engaged in providing municipal advisory services to clients in Minnesota, as well as made publicly available through the County's procurement portal. Two firms responded to the RFP - Baker Tilly Municipal Advisors, and PFM Financial Advisors LLC.
The firms were evaluated by representatives of OBF and the County Attorney's Office with assistance from Purchasing (the Evaluation Panel). The minimum qualifications to be considered required the firms to have served as the primary municipal advisor to local, regional or state governmental issuers within the past five years. In addition, proposals were evaluated ba...
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