COUNCIL AGENDA ITEM
SUBJECT:
title
Utility Rate Study Services Agreement - Raftelis Financial Consultants, Inc. - Addendum #1
body
DEPARTMENT:
Finance
SUMMARY:
In 2015, the City broadcast a Request for Proposals (RFP 15-FIN-004) for Utility Rate Study Services. On March 2, 2015, Council awarded the contract for Utility Rate Studies to Public Resources Management Group, Inc. (PRMG) for an initial 5 year term, expiring on March 2, 2020. The Agreement includes five (5) one (1) year renewal options.
On July 1, 2019, Raftelis Financial Consultants, Inc acquired all of PRMG’s assets. The City and Raftelis agreed to an assignment of the PRMG contract including all terms and conditions.
Both parties wish to utilize the option to renew the contract for an additional term of one (1) year. Addendum #1 will extend the current contract from March 2, 2020 until March 1, 2021.
BUDGETED ITEM: ☒ Yes ☐ No ☐ Not Applicable
BUDGET AMENDMENT REQUIRED: ☐ Yes ☒ No ☐ Not Applicable
RECOMMENDED ACTION:
Motion to approve Addendum No. 1 to the Continuing Services Agreement for Utility Rate Study Services with Raftelis Financial Consultants, Inc and authorize the City Manager to execute the document.