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Board approves hourly contract with Reedy Financial Group for city financial analysis
Summary
The board authorized an hourly, as-needed engagement with Reedy Financial Group for financial and tax analysis outside the redevelopment commission, to be paid from existing professional-services lines in the city budget.
The Board of Public Works and Safety voted to approve an hourly engagement with Reedy Financial Group to provide financial-advisory and tax-analysis services to Madison City outside of the redevelopment commission contract. Tony Steinhardt, director of economic development and deputy mayor, told the board the agreement is similar to the existing engagement the city has with Reedy for the redevelopment commission but will allow mayoral and staff access to Reedy’s advice without separate agreements.
Steinhardt and other staff said the contract is expected to be used situationally rather than on a recurring weekly basis. Examples cited in the discussion included fiscal analysis for questions about special taxing districts, structural changes to department organization and strategic capital planning. The funding will come from existing “professional services” appropriations in the city budget; staff said they were not requesting additional dollars.
The board approved the contract by voice vote with no recorded opposition. Staff will execute the agreement and route invoices through the Clerk-Treasurer and existing purchasing processes.
No hourly rates or total-not-to-exceed amounts were discussed on the record at the meeting.
