Title
Airport Financial Consulting
Action
Action:
A. Approve a contract for Airport financial consulting services with the following companies for an initial term of five years:
- Newton and Associates, Inc.,
- Frasca and Associates, LLC,
- Transcendis, LLC,
- Unison Consulting, Inc., and
B. Authorize the City Manager to renew the contracts for up to two, one-year terms with possible price adjustments and to amend the contract consistent with the purpose for which the contract was approved.
Body
Staff Resource(s):
Haley Gentry, Aviation
Michael Hill, Aviation
Explanation
§ Aviation has a five-year capital investment plan valued at over $2.1 billion, an annual operating expense budget of over $224M, and over $385M in annual operating and Passenger Facility Charge revenues.
§ The Aviation Department uses a combination of full-time staff and consultants to prepare financial statements, financial models and analysis, and to oversee the Airport’s fiscal and business operations.
§ On April 19, 2022, the City issued a Request for Proposals (RFP); four responses were received.
§ The companies selected best meet the City’s needs in terms of qualifications, experience, cost, and responsiveness to RFP requirements.
§ Annual aggregate expenditures are estimated to be $1,000,000.
Charlotte Business INClusion
Newton & Associates, Inc. is a City-certified SBE.
The City negotiates subcontracting participation after the proposal selection process (Part C: Section 2.1(h) of the Charlotte Business INClusion Policy). The companies selected have identified the following certified firm(s) and will use these firm(s) when their contract is activated:
§ Project Cost Solutions, Inc (SBE) (financial consulting)
§ Charles O. Simmons CPA PLLC (MBE) (financial reporting)
Fiscal Note
Funding: Aviation Operating Budget and Aviation Capital Investment Plan