DEPARTMENT: Finance
FILE TYPE: Regular Action
TITLE
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Authorization To Execute A Contract With Ehlers, Inc. For Financial Advisory Services
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PURPOSE/ACTION REQUESTED
Authorize the Enterprise Finance and Information Services Director to execute a contract with Ehlers, Inc. for financial advisory services.
SUMMARY
Following strategic planning in 2023, the Dakota County Board of Commissioners established several strategic priorities for 2024. One of those priorities is related to determining future capital finance strategies. Given this priority, Dakota County issued a Request for Proposals (RFP) on January 19, 2024 for financial advisory services. Four proposals were received and reviewed by staff in Enterprise Finance and Services Administration and the Finance Department.
Services and deliverables include capital budgeting and financing strategies; creating a financial plan for the County; advising and managing short and long-term debt programs; multi-year capital budget financing, investment and bonding portfolio strategies; continuing disclosure services; debt issuance consulting; arbitrage-rebate management and other financial advisory services.
The solicitation selection criteria included:
• Understanding of the scope of services as detailed in the RFP.
• Demonstrated experience in capital budgeting and financing strategies; continuing disclosure; debt issuance consulting; and arbitrage-rebate management.
• Team’s qualifications and availability.
• Competitive fee schedule that includes services as described in the RFP.
• Strength and longevity of references from other public-sector clients.
After a thorough review, the review panel recommended awarding a contract to Ehlers, Inc. The decision was based on Ehlers’ history of professional and efficient financial advisory success and their capacity to meet all of the expectations and requirements in the solicitation satisfactorily.
Ehlers is ranked number one in Minnesota for Bond Sales and is dedicated to providing services solely to 700 Minnesota clients. Ehlers demonstrated a clear understanding of the County’s position and service needs in their response and their interview presentation.
RECOMMENDATION
recommendation
Staff recommends that the Board authorize the Enterprise Finance and Information Services Director to execute a contract with Ehlers, Inc. for financial advisory services in an amount not to exceed $200,000 for the period of March 18, 2024 to March 18, 2027.
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EXPLANATION OF FISCAL/FTE IMPACTS
There is sufficient 2024 budget in Finance for this contract.
☐ None ☒ Current budget ☐ Other
☐ Amendment Requested ☐ New FTE(s) requested
RESOLUTION
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WHEREAS, the County has identified a need for financial advisory services; and
WHEREAS, a Request for Proposals was issued January 19, 2024 for financial advisory services; and
WHEREAS, there were four proposal received in response to the RFP; and
WHEREAS, Ehlers, Inc. was selected based on the evaluation criteria as identified in the RFP and proposal interview presentation; and
WHEREAS, staff recommends executing a contract with Ehlers, Inc. for the purpose of financial advisory services; and
WHEREAS, the projected total cost of the contract is $200,000 for the period of March 18, 2024 to March 18, 2027.
NOW, THEREFORE, BE IT RESOLVED, That the Dakota County Board of Commissioners hereby authorizes the Enterprise Finance and Information Services Director, to execute a contract with Ehlers, Inc. for financial advisory services in an amount not to exceed $200,000 from the period of March 18, 2024 to March 18, 2027, subject to approval by the County Attorney’s Office as to form.
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PREVIOUS BOARD ACTION
None.
ATTACHMENTS
Attachment: Request for Proposal
BOARD GOALS
☐ A Great Place to Live ☐ A Healthy Environment
☐ A Successful Place for Business and Jobs ☒ Excellence in Public Service
CONTACT
Department Head: Paul Sikorski
Author: Carla Skog