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AGENDA ITEM
June 9, 2015
TO: Honorable Mayor and
Members of the City Council
THRU: Rick Otto
Interim City Manager
FROM: William M. Kolbow
Finance Director mil•
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ReviewedNerified By:
City Manager
Finance Directo
To Be Presented By: Will Kolbow
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1. SUBJECT
Agreement with Willdan Financial Services to perform special district administration,
delinquency management, arbitrage rebate, and municipal disclosure services.
2. SUMMARY
A five year agreement with Willdan Financial Services to perform special district administration,
delinquency management, arbitrage rebate and municipal disclosure services for the City.
3. RECOMMENDED ACTIONS
Staff recommends Council approve and authorize the Mayor and City Clerk to execute the
attached agreement with Willdan Financial Services on behalf of the City.
4. FISCAL IMPACT
The cost for these administrative services is $18,550 in FY 2015 -16. $15,100 is paid directly
from assessments collected in the respective districts and the remaining $3,450, related to RDA
bonds, is reimbursed by the California Department of Finance.
5. STRATEGIC PLAN GOAL(S)
2 a. Expend financial resources responsibly;
b. Effectively manage and develop City assets.
6. DISCUSSION and BACKGROUND
The City's five year contract for special district administration, delinquency management,
arbitrage rebate, and municipal disclosure services with Willdan Financial Services will expire
June 30, 2015.
ITEM 1 6/9/2015
ITEM 3 • OATE OF MEETING'.,.
The cost for these administrative services is as follows:
The fees related to assessment districts and community facilities districts (CFDs) are paid
directly from assessments collected in the respective districts. The fees related to the RDA bonds
are reimbursed by the California Department of Finance. The variation in fees from year to year
is due to arbitrage rebate services only being required every five years for each bond issue. Costs
will differ depending on which bond issues require arbitrage rebates in any given year.
Willdan has provided exceptional service to the City during the past five years. They are familiar
with all of the City's districts and original RDA bond issues and we are confident they will
continue to provide a very high level of service to the City. In addition, due to Willdan's
involvement with two bond refundings in the past fiscal year, they have demonstrated
professional competence. Willdan possesses a high degree of specialized knowledge and history
of the city's bond transactions which makes this administrator's retention of the highest value.
7. ATTACHMENTS
Consultant Services Agreement.
ITEM 2 6/9/2015
Assmt Dists /CFDs
RDA Bonds
Total
FY 2015 -16
$ 15,100
$ 3,450
$ 18,550
FY 2016 -17
$ 12,850
$ 3,250
$ 16,050
FY 2017 -18
$ 16,600
$ 7,200
$ 23,800
FY 2018 -19
$ 12,850
$ 3,200
$ 16,050
FY 2019 -20
$ 14,350
$ 4,700
$ 19,050
The fees related to assessment districts and community facilities districts (CFDs) are paid
directly from assessments collected in the respective districts. The fees related to the RDA bonds
are reimbursed by the California Department of Finance. The variation in fees from year to year
is due to arbitrage rebate services only being required every five years for each bond issue. Costs
will differ depending on which bond issues require arbitrage rebates in any given year.
Willdan has provided exceptional service to the City during the past five years. They are familiar
with all of the City's districts and original RDA bond issues and we are confident they will
continue to provide a very high level of service to the City. In addition, due to Willdan's
involvement with two bond refundings in the past fiscal year, they have demonstrated
professional competence. Willdan possesses a high degree of specialized knowledge and history
of the city's bond transactions which makes this administrator's retention of the highest value.
7. ATTACHMENTS
Consultant Services Agreement.
ITEM 2 6/9/2015