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Committee authorizes $60,000 citywide financial advisor engagement; annual reporting added
Summary
Committee approved a one-year contract authority (with renewable options) to retain a citywide financial advisory firm to examine debt strategy, revenue forecasting and other fiscal planning; an amendment requires an annual report to council.
CLEVELAND — The committee approved emergency authority for the finance director to engage one or more financial advisory firms to provide citywide financial planning, policy development and implementation support.
The ordinance (No. 615-2025) authorizes a one-year contract with two additional one-year renewal options and a not-to-exceed baseline cost of $60,000. Finance officials said the engagement is intended to provide a deeper bench of advisors to help with debt strategy, revenue analysis and project-level financial advice across departments including finance, economic development and port control.
The finance director told the committee: "Major duty that I want to bring them on, to perform is to look at our debt program. So right now... I think we can structure our debt program borrow, our borrowing program better, and, you know, borrow when we need the funds." Council members who spoke in support cited uncertainty in federal and state revenue flows and welcomed a third-party perspective. Councilwoman Spencer asked about deliverables; the director said firms would provide analysis, workshops for council and ongoing advisory support.
The committee approved an amendment requiring the selected advisor to provide an annual report to all council members; the amendment passed and the ordinance passed as amended. The finance director said she sees this relationship as a potential long-term engagement pending annual evaluation.
Procurement details, the eventual selection process and any recommended debt or revenue changes will be determined by the director through an RFP or cooperative purchasing processes and will be reported back to council as required.
Speakers and amendments were recorded in the May 19 meeting transcript.
