HomeMy WebLinkAbout(0004) IR 21-10712 - Financial Advisor Services ProcurementINFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 21-10712
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To the Mayor and Members of the City Council
December 7, 2021
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SUBJECT: FINANCIAL ADVISOR SERVICES PROCUREMENT
The purpose of this Informal Report is to brief the Mayor and Council on the Financial Management
Services Department ("FMS") recommendation to accept and award the contract for Financial Advisor
("FA") Services. Services provided under this engagement assist the City in the management of its
debt program as well as the design and issuance of debt obligations such as bonds, certificates, tax
notes, and other financial instruments and matters as may be required.
A selection committee, consisting of the Chief Financial Officer, City Treasurer/Assistant Director of
Finance, the Treasury Debt Manager, Senior Assistant City Attorney, Assistant Director - Water Utility,
and Assistant Director of Diversity & Inclusion Business Equity Division, was responsible for reviewing
the two joint and three standalone proposals received and assisted in developing this
recommendation. The proposals were evaluated based on relevant qualifications and experience
(50%), demonstrated understanding of the needs of the City (20%), commitment to business equity
(15%), reasonableness of cost (10%) and soundness of approach (5%).
Finalists were invited to give a presentation and participate in an interview process, with interviews
taking place on November 19, 2021. At the conclusion of the evaluation process, the selection
committee identified the joint proposal submitted by PFM Financial Advisors LLC ("PFM") and Tijerina
Galvan Lawrence LLC ("TGL") as the top rated proposal. The joint PFM and TGL proposal offers a
50/50 arrangement for services to be provided and advisory fees.
PFM is a nation-wide financial advisory firm and will serve as the lead advisor for this engagement.
PFM ranks as the nation's largest municipal financial advisory firm based on par -amount and number
of transactions according to Refinitiv (a global provider of financial market data and infrastructure).
PFM's client base is large and diverse and includes the cities of Austin and Dallas as well as Tarrant
County College. TGL is an award winning minority owned municipal advisory firm and will serve as
the co -advisor. TGL is a certified Historically Underutilized Business with the State of Texas and as a
Minority/Small Business Enterprise with the North Central Texas Regional Certification Agency
among other regional certifications in Texas. TGL's Fort Worth office is located in the Mallick Tower
on Summit Avenue within walking distance to the New City Hall.
Hilltop Securities, Inc. (formerly First Southwest Company) has served the City as its FA continuously
since 1979. In 1997, the City added Estrada Hinojosa & Company, Inc. to serve as the minority
owned co -advisor. The firms share the municipal advisory fee with a 65/35 split with 35% of the fee
paid to Estrada Hinojosa & Company. The City has been very pleased with the services that were
provided by Hilltop Securities and Estrada Hinojosa & Company.
Staff will proceed with a Mayor & Council Communication to be placed on the December 14, 2021
Council agenda for consideration of this recommendation.
If you have any questions, please contact Chief Financial Officer, Reginald Zeno, at 817-392-8500 or
reginald.zeno(a�.fortworthtexas.gov
David Cooke
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS