REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, City Controller/Finance Director
Finance Department
BY: KALEB NEUFELD, MBA, Assistant Controller/Assistant Director
Finance Department
SUBJECT
Title
Approve the First Amendment to the Consultant Service Agreement with Willdan Financial Services for municipal securities administrative services, extending the term two additional years and increasing the contract by $134,098 for a revised total amount not to exceed $384,098
Body
RECOMMENDATION
Staff recommends that the City Council approve the First Amendment to the Consultant Service Agreement with Willdan Financial Services for municipal securities administrative services, thereby increasing the total contract amount by $134,098, for a revised total fee amount not to exceed $384,098.
EXECUTIVE SUMMARY
The First Amendment to the Consultant Service Agreement with Willdan Financial Services is intended to support the City’s ongoing need for specialized municipal securities administrative services. This amendment reflects the City’s commitment to maintaining effective management and compliance for its special districts, bond arbitrage, and continuing disclosure obligations, as required by applicable municipal and state regulations.
The amendment will update the agreement’s fee schedule and extend the term of services for two additional years, ensuring uninterrupted access to expert financial administration and reporting for the City’s municipal securities programs and community facility districts (CFDs). These enhancements are designed to strengthen the City’s capacity to meet evolving regulatory requirements and to support the responsible stewardship of public funds.
BACKGROUND
The City of Fresno entered into the last Service Agreement with Willdan Financial Services on May 1, 2021, to provide professional administrative services related to municipal securities, including support for special districts, bond arbitrage, and continuing disclosure activities.
This agreement establishes a comprehensive scope of services, including assessment district bond administration, CFD administration, arbitrage rebate calculations, and municipal disclosure administration. These services are essential for the City’s compliance with federal, state, and local regulations governing municipal securities. Willdan’s responsibilities also include preparing annual reports, managing assessment and special tax levies, monitoring delinquencies, and providing ongoing support for bond compliance and reporting.
Willdan Financial Services currently prepares and disseminates the continuing disclosure reports for 10 City bond issuances and conducts arbitrage calculations for five of those issuances. They also provide disclosure and arbitrage reporting services for CFD Nos. 4, 5, and 7. These CFDs encompass approximately 48,400 parcels and generate revenue through special taxes or assessments to support district operations.
This amendment ensures continued expert support for the City’s municipal securities programs, protecting its financial interests and reinforcing its commitment to transparency, accountability, and regulatory compliance.
ENVIRONMENTAL FINDINGS
By the definition provided in the California Environmental Quality Act Guidelines Section 15378 this item does not qualify as a “project” and is therefore exempt from the California Environmental Quality Act requirements.
LOCAL PREFERENCE
Local preference was not considered because this is an amendment to an existing service agreement.
FISCAL IMPACT
The proposed amendment to the contract with Willdan Financial Services, including the exercise of a two-year extension for financial services, will result in an additional cost of up to $134,098 through Fiscal Year 2027-28, with $66,385 allocated to the first extension year and $67,713 allocated to the second. This amount is already included in the adopted Fiscal Year 2026-27 budget and will increase the total contract amount to a not-to-exceed amount of $384,098. The fees associated with the CFDs are funded through the annual assessments or special taxes deposited into each district’s trust account, which are dedicated exclusively to covering administrative costs.
Attachments:
First Amendment
Original Agreement