REPORT TO THE CITY COUNCIL
March 4, 2021
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
Approve a Five Year, $250,000 Agreement with Willdan Financial Services for Municipal Securities Administrative Services
Body
RECOMMENDATION
Staff recommends that the Council approve the accompanying administration agreement with Willdan Financial Services to provide required services in connection with City bonds and special districts.
EXECUTIVE SUMMARY
Staff recommends that Council approve a five-year agreement with Willdan Financial Services (Wildan) for administrative services in connection with the City's bonds and special districts. The City of Fresno has contracted with Willdan to provide these services for the last 21 years. The current agreement will expire on April 30, 2021; thus, a new agreement must be entered into so as to prevent delays in the services performed. Willdan was selected to continue the services because, of the two companies who submitted a proposal, they had the lowest cost and were the only proposer to accept the City's proposed contract without modification.
BACKGROUND
There are several special districts encompassing almost 39,000 parcels within the city limits that provide infrastructure and services such as maintenance. All of these districts generate revenue through special taxes or assessments. Each district has its own set of administrative processes that vary from one to the other. In addition to special districts, the City has 12 bond issuances that require annual disclosure reports to be filed on the Electronic Municipal Market Access (EMMA) database and six of which also require annual arbitrage calculations.
Historically, the City has utilized outside companies in order to address these required administrative duties. Utilizing a company that specializes in these services allows City staff t...
Click here for full text