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Board approves on‑call agreement with LRB Financial Advisors; staff will use firm for studies, optional municipal adviser services
Summary
The board approved an on‑call agreement with LRB Financial Advisors Inc. following a qualifications‑based procurement. The contract will allow the district to request scopes of work as needed, optionally use municipal‑adviser services for debt placements, and includes a 1% annual rate increase and scope‑level penalties for missed deadlines.
The West Haven Special Service District board approved a contract with LRB Financial Advisors Inc. for financial advisory and consulting services at its Dec. 16 meeting.
City staff explained the district participated in a qualifications‑based procurement; a review committee recommended LRB based on prior work (including an ongoing sewer/rate study). The agreement is structured as an on‑call contract: the district submits written scopes of work, timelines and cost limits for individual assignments rather than an automatic recurring engagement. Staff said that approach streamlines procurement and preserves flexibility.
The contract includes an optional municipal‑adviser role to assist with bond or private placement transactions (staff said the district is not currently planning to issue debt but including the service provides continuity if needed). Staff also noted the contract includes a clause allowing scope‑specific deadlines and penalties if targets are missed and that LRB’s published rates include a 1% annual increase.
Board members who participated in the procurement committee said the firm is already familiar with district capital planning because it is working on the sewer rate study and staff recommended them for the on‑call role. The city council will consider a similar contract; the district’s contract was written separately so the district could terminate independently of the city if required.
The motion to approve (Proposed Resolution 14‑2024) passed on unanimous voice vote.
