DATE: June 1, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator
SUBJECT:
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Review of Contract Number 2009-0013 with Public Financial Management (PFM) for Financial Advisory Services for the City.
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the existing engagement contract with Public Financial Management (PFM) as municipal advisor on financial issues.
Background
Regulation that emanates from adoption of the Dodd-Frank legislation requires that municipal advisory firms have written contracts with their municipal clients. In 2009, the City of Franklin entered such a contract.
Under the Municipal Securities Rulemaking Board statement G-42, there is a June 23 deadline for these advisory firms to have written agreements in place. Because the City has an engagement contract in force, we believe that the City and PFM are in full compliance with the regulations.
Financial Impact
There is no material change in the financial details or the scope of the contract.
Recommendation
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Staff recommends that the City continue with its existing contract at this time.