Title
Recommendation to Authorize the City Manager, or Designee, to Execute a New Agreement with Urban Futures, Inc. (UFI) to Complete a Financial Forecasting Model and Associated Strategies, in an Amount Not to Exceed $80,000, plus $12,500 in Contingencies, which are in Addition to the Existing Pension Strategy and Modeling Agreement between the City and UFI, Previously Executed by the City Manager in March 2020, in an Amount Not to Exceed $45,000. (City Manager)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
Financial stability is critical to the effectiveness of the organization. In an effort to provide greater visibility on the City of Alameda's (City) financial situation and to develop a strategy for addressing operations, capital, and pension and other post-employment benefits (OPEB), staff solicited consultant interest. After reviewing proposals, staff moved forward with pension and OPEB work with UFI earlier this year. Staff is now recommending that Council approve an agreement for forecasting, modeling, and strategy development for the non-pension and OPEB related finances. This work will come together in the form of a forecasting model and strategy that the City can use for budgeting and planning purposes.
BACKGROUND
Alameda is a full-service city with a total budget of approximately $252 million for Fiscal Year (FY) 2019-20, including a General Fund budget of approximately $100 million. Both estimated values were prior to the negative anticipated impacts on the City's revenues. In addition to delivering a variety of programs and services associated with City operations and addressing City priorities, the City is responsible for addressing various unfunded pension and other post-employment benefits (OPEB), as well as a significant amount of deferred infrastructure and facility maintenance.
To assist the City in addressing these needs, in the fall of 2019 the City solicited consultant proposals for developing a financial fo...
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