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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />August 24, 2015 <br /> <br />SUBJECT <br />Amendment to Agreement with Management Partners for Financial Consulting Services <br /> <br />RECOMMENDATION <br />Authorize, by motion, the City Manager to execute Amendment No. 1 to an agreement <br />with Management Partners for financial consulting services, extending the term of the <br />agreement to May 31, 2016 and increasing the amount by $60,000 resulting in a total <br />agreement of $120,000. <br /> <br />BACKGROUND <br />In November 2014, the City entered into a professional services agreement with <br />Management Partners to provide additional capacity and expertise to the Finance <br />Department during a period in which the department was understaffed following the <br />retirement of the City’s prior, long-term Finance Director. The term of that agreement <br />was to expire in November 2015 and the agreement amount was $60,000. <br /> <br />ANALYSIS <br />The Management Partners consultant has assisted with a number of projects over the <br />past several months, related primarily to the City’s refunding of the 2006 Water Bonds <br />and the 1999 Port bonds, as well as the City’s participation in an upcoming Silicon <br />Valley Clean Water bond issuance. Some of this project work is expected to continue <br />beyond the limits of the current agreement. In addition, consulting assistance is required <br />for other important projects. These projects may include an assessment of the City’s <br />bond disclosure procedures to ensure that the City is implementing best practices to <br />achieve continued compliance with regulatory requirements and the coordination of a <br />banking services Request for Proposal process. <br /> <br />The recommended amendment will extend the amount and term of the existing <br />agreement with Management Partners to help keep important projects on track while <br />the Finance Department completes its staffing transition and continues to deliver on its <br />critical functions. <br /> <br />ALTERNATIVES <br />The Council could elect not to approve the recommended amendment. <br /> <br /> <br />6.1.E. - Page 1