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Mount Vernon extends contract with Capital Markets Advisors for multi-year financial planning
Summary
The board authorized an extension with Capital Markets Advisors LLC to support multi‑year financial planning, capital planning and fiscal condition analysis; officials discussed employee costs, potential retirement incentives and health‑plan structure.
The Mount Vernon Board of Estimate and Contract on Aug. 19 authorized an extension of the agreement with Capital Markets Advisors LLC to provide financial strategic planning services, including multi‑year budgeting and capital planning.
City officials said the engagement will allow the consultant to meet with elected officials and department leaders to develop a multi‑year financial plan and supporting documents, conduct fiscal-condition analysis and help prepare the city to reapply for a credit rating. Comptroller Martin and other officials noted that personnel costs make up an estimated 80–81% of the city budget and discussed the possibility of a retirement separation incentive plan as one option to reduce long‑term costs.
Officials also raised the city’s health‑insurance structure. A speaker noted that at least two unions and some employees pay 20% toward health coverage while other groups do not, and that staff will examine whether moving to a cooperative plan or changing contribution levels could improve fiscal outcomes.
The board approved the contract extension by unanimous roll call. Staff said the consultant will provide recommendations for both operating and capital multi‑year planning and will assist in modeling options for benefits and staffing costs.
