TITLE
The Mayor and City Council shall discuss and possibly take action on transferring $15,000 in Contingency Funds (10010000-99000) to the City Manager, Professional and Occupational Budget (10011115-53320) and approval to pay for Piper Jaffray invoice for Price Estimates for Water Utility Acquisition relative to the valuation of Global Water assets. Discussion and Action.
AGENDA ITEM DESCRIPTION
Piper Jaffray was retained to perform services in preparing price estimates for Water Utility Acquisition to include to collect, review and analyze publicly available revenue and expense data; estimate range of acquisition prices using common valuation methodologies; and compare findings to similar acquisitions under a professional services agreement with the City on a "project compensation" basis rather than an hourly rate.
The fee includes out of pocket, travel, and miscellaneous fees in addition to the professional services required.
Contingency funding was increased in the FY 16-17 budget to cover the cost of these services.
This item will be presented by Gregory Rose, City Manager.
STAFF RECOMMENDATION
Staff recommends the Mayor and City Council approve transferring $15,000 in Contingency Funds (10010000-99000) to the City Manager, Professional and Occupational Budget (10011115-53320) and approve payment for Piper Jaffray invoice for Price Estimates for Water Utility Acquisition relative to the valuation of Global Water assets.