Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Contract with Estrada Hinojosa & Company, Inc of Dallas, Texas, for Independent Registered Municipal Advisory Services
Summary
COUNCIL GOAL: Financially Sound Government
(4D: Create financial plans for future growth as well as future maintenance)
MEETING DATE: June 4, 2019
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
Kelvin Bryant, Investment and Treasury Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Resolution.
ITEM SUMMARY:
• This Resolution authorizes the City Manager to execute a contract with Estrada Hinojosa & Company, Inc. of Dallas, Texas for Independent Registered Municipal Advisory Services effective immediately for a period of three (3) years with options to renew the contract for two (2) additional one-year periods.
BACKGROUND INFORMATION:
• The City issued a Request for Proposal for Independent Registered Municipal Advisory Services (19-39RFP) on February 17, 2019.
o Advertised in the McKinney Courier Gazette
o Posted on McKinney TV
o 769 of matching eBid supplier notifications
• Purchasing received (3) three responses on March 7, 2019.
o Hilltop Securities
o Estrada Hinojosa & Company Inc.
o PFM Financial Advisors LLC
• An evaluation team of 5 staff members comprised from the City Manager’s office and Financial Services Department reviewed and ranked the proposals based on the following criteria:
o 35%-Total Proposed Price (Municipal Advisory Fee)
o 25%-Firm’s Qualifications/Experience & References
o 25%-Proposed Service Meets the City of McKinney’s Needs and Requirements (Scope of Services)
o 15%-Proposed Methods of Approach (Refer to section III. In the proposal document)
• The evaluation team interviewed all 3 respondents for further evaluation.
FINANCIAL SUMMARY:
• Independent Registered Municipal Advisory fees are programmed in the Capital Improvement Plan as a part of the cost of issuing debt.
BOARD OR COMMISSION RECOMMENDATION:
• N/A
SUPPORTING MATERIAL
• Resolution