Committee approves PFM contract change to allow banking RFP work

The DeKalb County Finance Audit and Budget Committee approved a change order to contract 1310425 to add PFM's newly created subsidiary and extend the term through Dec. 31, 2026, allowing the firm to complete ongoing projects and proceed with a county banking request for proposals.

Director McNabb explained staff needs the change order because PFM now uses a subsidiary for banking‑RFP advisory work; extending the term ensures continuity while the county's procurement process completes a separate financial‑advisor selection. "We are requesting ... that we add the subsidiary to the PFM's newly created subsidiary... and we've extended the term till the end of the year," McNabb said.

On the banking RFP, McNabb described the complexity of comparing banks' pricing and earnings credits and said staff aims to publish the RFP by the end of the third quarter so responses can be evaluated and, if necessary, an award considered in early next year. "A banking RFP is incredibly complex because every bank prices it differently... Being able to compare the pricing is just, you know, you've got to make a lot of assumptions," McNabb said.

Commissioners said they prefer dealing with a single financial adviser where possible but acknowledged some projects begun with the incumbent may need to continue under that vendor through completion. Staff said procurement will present any award to the Board of Commissioners and that any new advisor would assume future projects once hired.

The committee approved the change order by voice vote. Staff said the banking RFP timeline is intended to allow adequate time for banks to craft proposals and for staff to evaluate competing pricing structures; transitioning to a different banking partner could take about a year if the county changes banks.

The committee then moved to other business and adjourned.