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Council authorizes contract with PFM for financial advisory services to support long-term capital planning
Summary
Sammamish approved a pay-as-you-go contract with PFM Financial Advisory Services, LLC, not to exceed $250,000, to provide financial-advisory assistance for potential debt financing and Metropolitan Park District planning. The contract passed 6–1 at the April 1 council meeting.
The Sammamish City Council authorized the city manager April 1 to execute a contract with PFM Financial Advisory Services, LLC, for financial advisory services covering multiyear financial planning and debt issuance support.
"We do not currently contract with a financial advisor, and it is a best practice to have a financial advisor," Vicki Carlson, Sammamish finance director, told the council. She said the firm was selected through an earlier RFP and interviews and that the city budgeted $20,000 in the current biennium for initial work; the contract is pay-as-you-go and capped at $250,000 through Dec. 31, 2029.
Carlson said the firm will assist the city as it explores financing options for large capital needs, including potential elements of a future Metropolitan Park District (MPD). "By contracting now, we have a partner for when we are interested in exploring debt as a financing tool," Carlson said, adding that PFM serves more than 60 Washington governments and that nearby cities already use the firm.
Council members asked about selection, local expertise, and the scope of services. Carlson said the city received two proposals and completed interviews; staff recommended PFM based on qualifications and the pricing/skillset balance. Councilmember Kent Treen pushed staff for a follow-up meeting to review the proposed team and the staffing plan.
The motion to authorize the contract passed on a roll-call vote recorded in the meeting as "passes 6-1." Meeting minutes and the staff presentation list the contract amount (not to exceed $250,000), the contract end date (Dec. 30, 2029), and the planned initial use (MPD planning and financial modeling). Council discussion emphasized the need to have advisory capacity in place ahead of any future debt issuance or MPD ballot planning.
