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CONTRACT 6744 Professional Services AgreementAgreement No. 6744 Agreement No. PROFESSIONAL SERVICES AGREEMENT BETWEEN THE CITY OF EL SEGUNDO AND URBAN FUTURES, INC. This AGREEMENT is entered into this 25th day of July 2023, by and between the CITY OF EL SEGUNDO, a municipal corporation and general law city ("CITY") and URBAN FUTURES, INC., a California Corporation("CONSULTANT"). 1. CONSIDERATION. A. As partial consideration, CONSULTANT agrees to perform the work listed in the SCOPE OF SERVICES, below; B. As additional consideration, CONSULTANT and CITY agree to abide by the terms and conditions contained in this Agreement; C. As additional consideration, CITY agrees to pay CONSULTANT a sum not to exceed $12,000 for CONSULTANT's services. CITY may modify this amount as set forth below. Unless otherwise specified by written amendment to this Agreement, CITY will pay this sum as specified in the attached Exhibit 'A" which is incorporated by reference. 2. SCOPE OF SERVICES, A. CONSULTANT will perform services listed in the attached Exhibit "A," which is incorporated by reference. B. CONSULTANT will, in a professional manner, furnish all of the labor, technical, administrative, professional and other personnel, all supplies and materials, equipment, printing, vehicles, transportation, office space and facilities, and all tests, testing and analyses, calculation, and all other means whatsoever, except as herein otherwise expressly specified to be furnished by CITY, necessary or proper to perform and complete the work and provide the professional services required of CONSULTANT by this Agreement. 3. PERFORMANCE STANDARDS. While performing this Agreement, CONSULTANT will use the appropriate generally accepted professional standards of practice existing at the time of performance utilized by persons engaged in providing similar services. CITY will continuously monitor CONSULTANT's services. CITY will notify CONSULTANT of any deficiencies and CONSULTANT will have fifteen (15) days after such notification to cure any shortcomings to CITY's satisfaction. Costs associated with curing the deficiencies will be borne by CONSULTANT. -1- Rev 3/28/23 Agreement No. 6744 Agreement No. 4. PAYMENTS. For CITY to pay CONSULTANT as specified by this Agreement, CONSULTANT must submit a detailed invoice to CITY which lists the hours worked and hourly rates for each personnel category and reimbursable costs (all as set forth in Exhibit "A") the tasks performed, the percentage of the task completed during the billing period, the cumulative percentage completed for each task, the total cost of that work during the preceding billing month and a cumulative cash flow curve showing projected and actual expenditures versus time to date. 5. NON -APPROPRIATION OF FUNDS. Payments due and payable to CONSULTANT for current services are within the current budget and within an available, unexhausted, and unencumbered appropriation of the CITY. In the event the CITY has not appropriated sufficient funds for payment of CONSULTANT services beyond the current fiscal year, this Agreement will cover only those costs incurred up to the conclusion of the current fiscal year. 6. FAMILIARITY WITH WORK. A. By executing this Agreement, CONSULTANT agrees that it has, - Carefully investigated and considered the scope of services to be performed; Carefully considered how the services should be performed; and iii. Understands the facilities, difficulties, and restrictions attending performance of the services under this Agreement. B. If services involve work upon any site, CONSULTANT agrees that CONSULTANT has or will investigate the site and is or will be fully acquainted with the conditions there existing, before commencing the services hereunder. Should CONSULTANT discover any latent or unknown conditions that may materially affect the performance of the services, CONSULTANT will immediately inform CITY of such fact and will not proceed except at CONSULTANT's own risk until written instructions are received from CITY. 7. TERM. The term of this Agreement will be from August 1, 2023, to June 30, 2024. Unless otherwise determined by written amendment between the parties, this Agreement will terminate in the following instances: A. Completion of the work specified in Exhibit "A"; B. Termination as stated in Section 15. -2- Rev 3/28/23 Agreement No. 6744 Agreement No. 8. TIME FOR PERFORMANCE, A. CONSULTANT will not perform any work under this Agreement until: CONSULTANT furnishes proof of insurance as required under Section 23 of this Agreement; and CITY gives CONSULTANT a written notice to proceed. B. Should CONSULTANT begin work on any phase in advance of receiving written authorization to proceed, any such professional services are at CONSULTANT's own risk. 9. TIME EXTENSIONS. Should CONSULTANT be delayed by causes beyond CONSULTANT's control, CITY may grant a time extension for the completion of the contracted services. If delay occurs, CONSULTANT must notify the Manager within forty-eight hours (48 hours), in writing, of the cause and the extent of the delay and how such delay interferes with the Agreement's schedule. The Manager will extend the completion time, when appropriate, for the completion of the contracted services. 10. CONSISTENCY. In interpreting this Agreement and resolving any ambiguities, the main body of this Agreement takes precedence over the attached Exhibits; this Agreement supersedes any conflicting provisions. Any inconsistency between the Exhibits will be resolved in the order in which the Exhibits appear below: A. Exhibit A: Proposal for Services 11. CHANGES. CITY may order changes in the services within the general scope of this Agreement, consisting of additions, deletions, or other revisions, and the contract sum and the contract time will be adjusted accordingly. All such changes must be authorized in writing, executed by CONSULTANT and CITY. The cost or credit to CITY resulting from changes in the services will be determined in accordance with written agreement between the parties. 12.TAXPAYER IDENTIFICATION NUMBER. CONSULTANT will provide CITY with a Taxpayer Identification Number. 13. PERMITS AND LICENSES. CONSULTANT, at its sole expense, will obtain and maintain during the term of this Agreement, all necessary permits, licenses, and certificates that may be required in connection with the performance of services under this Agreement. 14. WAIVER. CITY's review or acceptance of, or payment for, work product prepared by CONSULTANT under this Agreement will not be construed to operate as a waiver of any rights CITY may have under this Agreement or of any cause of action arising from CONSULTANT's performance. A waiver by CITY of any breach of any term, covenant, or condition contained in this Agreement will not be deemed to be a waiver of any -3- Rev 3/28/23 Agreement No. 6744 Agreement No. subsequent breach of the same or any other term, covenant, or condition contained in this Agreement, whether of the same or different character. 15. TERMINATION. A. Except as otherwise provided, CITY may terminate this Agreement at any time with or without cause. B. CONSULTANT may terminate this Agreement at any time with CITY's mutual consent. Notice will be in writing at least thirty (30) days before the effective termination date. C. Upon receiving a termination notice, CONSULTANT will immediately cease performance under this Agreement unless otherwise provided in the termination notice. Except as otherwise provided in the termination notice, any additional work performed by CONSULTANT after receiving a termination notice will be performed at CONSULTANT" own cost; CITY will not be obligated to compensate CONSULTANT for such work. D, Should termination occur, all finished or unfinished documents, data, studies, surveys, drawings, maps, reports and other materials prepared by CONSULTANT will, at CITY's option, become CITY's property, and CONSULTANT will receive just and equitable compensation for any work satisfactorily completed up to the effective date of notice of termination, not to exceed the total costs under Section 1(C). E. Should the Agreement be terminated pursuant to this Section, CITY may procure on its own terms services similar to those terminated. F. By executing this document, CONSULTANT waives any and all claims for damages that might otherwise arise from CITY's termination under this Section. 16.OWNERSHIP OF DOCUMENTS. All documents, data, studies, drawings, maps, models, photographs, and reports prepared by CONSULTANT under this Agreement are CITY's property. CONSULTANT may retain copies of said documents and materials as desired, but will deliver all original materials to CITY upon CITY's written notice. CITY agrees that use of CONSULTANT's completed work product, for purposes other than identified in this Agreement, or use of incomplete work product, is at CITY's own risk. 17. PUBLICATION OF DOCUMENTS. Except as necessary for performance of service under this Agreement, no copies, sketches, or graphs of materials, including graphic art work, prepared pursuant to this Agreement, will be released by CONSULTANT to any other person or public CITY without CITY's prior written approval. All press releases, including graphic display information to be published in newspapers or magazines, will -4- Rev 3/28/23 Agreement No. 6744 Agreement No. be approved, and distributed solely by CITY, unless otherwise provided by written agreement between the parties. 18.INDEMNIFICATION. A. CONSULTANT agrees to the following: I. Indemnification for Professional Services. CONSULTANT will save harmless and indemnify and at CITY's request reimburse defense costs for CITY and all its officers, volunteers, employees and representatives from and against any and all suits, actions, or claims, of any character whatever, brought for, or on account of, any injuries or damages sustained by any person or property resulting or arising from any negligent or wrongful act, error or omission by CONSULTANT or any of CONSULTANT's officers, agents, employees, or representatives, in the performance of this Agreement. ii. Indemnification for other Damages. CONSULTANT indemnifies and holds CITY harmless from and against any claim, action, damages, costs (including, without limitation, attorney's fees), injuries, or liability, arising out of this Agreement, or its performance. Should CITY be named in any suit, or should any claim be brought against it by suit or otherwise, whether the same be groundless or not, arising out of this Agreement, or its performance, CONSULTANT will defend CITY (at CITY's request and with counsel satisfactory to CITY) and will indemnify CITY for any judgment rendered against it or any sums paid out in settlement or otherwise. B. For purposes of this section "CITY" includes CITY's officers, officials, employees, agents, representatives, and certified volunteers. C. It is expressly understood and agreed that the foregoing provisions will survive termination of this Agreement. D. The requirements as to the types and limits of insurance coverage to be maintained by CONSULTANT as required by Section 22, and any approval of said insurance by CITY, are not intended to and will not in any manner limit or qualify the liabilities and obligations otherwise assumed by CONSULTANT pursuant to this Agreement, including, without limitation, to the provisions concerning indemnification. 19.ASSIGNABILITY. This Agreement is for CONSULTANT's professional services. CONSULTANT's attempts to assign the benefits or burdens of this Agreement without CITY's written approval are prohibited and will be null and void. -5- Rev 3/28/23 Agreement No. 6744 Agreement No. 20.INDEPENDENT CONTRACTOR. CITY and CONSULTANT agree that CONSULTANT will act as an independent contractor and will have control of all work and the manner in which is it performed. CONSULTANT will be free to contract for similar service to be performed for other employers while under contract with CITY. CONSULTANT is not an agent or employee of CITY and is not entitled to participate in any pension plan, insurance, bonus, or similar benefits CITY provides for its employees. Any provision in this Agreement that may appear to give CITY the right to direct CONSULTANT as to the details of doing the work or to exercise a measure of control over the work means that CONSULTANT will follow the direction of the CITY as to end results of the work only. 21.AUDIT OF RECORDS. CONSULTANT will maintain full and accurate records with respect to all services and matters covered under this Agreement. CITY will have free access at all reasonable times to such records, and the right to examine and audit the same and to make transcript therefrom, and to inspect all program data, documents, proceedings and activities. CONSULTANT will retain such financial and program service records for at least three (3) years after termination or final payment under this Agreement. 22.INSURANCE. A. Before commencing performance under this Agreement, and at all other times this Agreement is effective, CONSULTANT will procure and maintain the following types of insurance with coverage limits complying, at a minimum, with the limits set forth below: Type of Insurance Commercial general liability: Professional Liability Business automobile liability Workers compensation Limits $1,000,000 $1,000,000 $1,000,000 Statutory requirement B. Commercial general liability insurance will meet or exceed the requirements of ISO-CGL Form No. CG 00 01 11 85 or 88. The amount of insurance set forth above will be a combined single limit per occurrence for bodily injury, personal injury, and property damage for the policy coverage. Liability policies will be endorsed to name CITY, its officials, and employees as "additional insureds" under said insurance coverage and to state that such insurance will be deemed "primary" such that any other insurance that may be carried by CITY will be excess thereto. Such endorsement must be reflected on ISO Form No. CG 20 10 11 85 or 88, or -6- Rev 3/28/23 Agreement No. 6744 Agreement No. equivalent. Such insurance will be on an "occurrence," not a "claims made," basis and will not be cancelable or subject to reduction except upon thirty (30) days prior written notice to CITY. C. Professional liability coverage will be on an "occurrence basis" if such coverage is available, or on a "claims made" basis if not available. When coverage is provided on a "claims made basis," CONSULTANT will continue to renew the insurance for a period of three (3) years after this Agreement expires or is terminated. Such insurance will have the same coverage and limits as the policy that was in effect during the term of this Agreement and will cover CONSULTANT for all claims made by CITY arising out of any errors or omissions of CONSULTANT, or its officers, employees or agents during the time this Agreement was in effect. D. Automobile coverage will be written on ISO Business Auto Coverage Form CA 00 01 06 92, including symbol 1 (Any Auto). E. CONSULTANT will furnish to CITY duly authenticated Certificates of Insurance evidencing maintenance of the insurance required under this Agreement and such other evidence of insurance or copies of policies as may be reasonably required by CITY from time to time. Insurance must be placed with insurers with a current A.M. Best Company Rating equivalent to at least a Rating of "A:VII." F, Should CONSULTANT, for any reason, fail to obtain and maintain the insurance required by this Agreement, CITY may obtain such coverage at CONSULTANT's expense and deduct the cost of such insurance from payments due to CONSULTANT under this Agreement or terminate pursuant to Section 16. 23. USE OF SUBCONTRACTORS. CONSULTANT must obtain CITY's prior written approval to use any consultants while performing any portion of this Agreement. Such approval must approve of the proposed consultant and the terms of compensation. 24.INCIDENTAL TASKS. CONSULTANT will meet with CITY monthly to provide the status on the project, which will include a schedule update and a short narrative description of progress during the past month for each major task, a description of the work remaining and a description of the work to be done before the next schedule update. 25. NOTICES. All communications to either party by the other party will be deemed made when received by such party at its respective name and address as follows: -7- Rev 3128123 Agreement No. 6744 If to CONSULTANT: Attention: James Morris Urban Futures, Inc. 1470 Maria Lane, Suite 31 Walnut Creek, CA 94596 (925) 478-7450 jamesmurbanfuturesinc.com Agreement No. If to CITY: Attention: David Cain/Liz Lydic City of Fi Segundo 350 Main Street FI Segundo, CA 90245 (310) 524-2313 dcaitt�(r�elsellundo.org/elydicC(i�etsel)unelo.0111 Any such written communications by mail will be conclusively deemed to have been received by the addressee upon deposit thereof in the United States Mail, postage prepaid and properly addressed as noted above. In all other instances, notices will be deemed given at the time of actual delivery. Changes may be made in the names or addresses of persons to whom notices are to be given by giving notice in the manner prescribed in this paragraph. 26.CONFLICT OF INTEREST. CONSULTANT will comply with all conflict of interest laws and regulations including, without limitation, CITY's conflict of interest regulations. 27.SOLICITATION. CONSULTANT maintains and warrants that it has not employed nor retained any company or person, other than CONSULTANT's bona fide employee, to solicit or secure this Agreement. Further, CONSULTANT warrants that it has not paid nor has it agreed to pay any company or person, other than CONSULTANT's bona fide employee, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. Should CONSULTANT breach or violate this warranty, CITY may rescind this Agreement without liability. 28.THIRD PARTY BENEFICIARIES. This Agreement and every provision herein is generally for the exclusive benefit of CONSULTANT and CITY and not for the benefit of any other party. There will be no incidental or other beneficiaries of any of CONSULTANT's or CITY's obligations under this Agreement. 29.INTERPRETATION. This Agreement was drafted in, and will be construed in accordance with the laws of the State of California, and exclusive venue for any action involving this agreement will be in Los Angeles County. 30.COMPLIANCE WITH LAW. CONSULTANT agrees to comply with all federal, state, and local laws applicable to this Agreement. 31. ENTIRE AGREEMENT. This Agreement, and its Attachments, sets forth the entire understanding of the parties. There are no other understandings, terms or other agreements expressed or implied, oral or written. This Agreement will bind and inure to the benefit of the parties to this Agreement and any subsequent successors and assigns. -8- Rev 3/28/23 Agreement No. 6744 Agreement No. 32. RULES OF CONSTRUCTION. Each Party had the opportunity to independently review this Agreement with legal counsel. Accordingly, this Agreement will be construed simply, as a whole, and in accordance with its fair meaning; it will not be interpreted strictly for or against either Party. 33.SEVERABILITY. If any portion of this Agreement is declared by a court of competent jurisdiction to be invalid or unenforceable, then such portion will be deemed modified to the extent necessary in the opinion of the court to render such portion enforceable and, as so modified, such portion and the balance of this Agreement will continue in full force and effect. 34.AUTHORITY/MODIFICATION. The Parties represent and warrant that all necessary action has been taken by the Parties to authorize the undersigned to execute this Agreement and to engage in the actions described herein. This Agreement may be modified by written amendment. CITY's executive manager, or designee, may execute any such amendment on behalf of CITY. 35. ELECTRONIC SIGNATURES. This Agreement may be executed by the Parties on any number of separate counterparts, and all such counterparts so executed constitute one Agreement binding on all the Parties notwithstanding that all the Parties are not signatories to the same counterpart. In accordance with Government Code § 16.5, the Parties agree that this Agreement, Agreements ancillary to this Agreement, and related documents to be entered into in connection with this Agreement will be considered signed when the signature of a party is delivered by electronic transmission. Such electronic signature will be treated in all respects as having the same effect as an original signature. 36. CAPTIONS. The captions of the paragraphs of this Agreement are for convenience of reference only and will not affect the interpretation of this Agreement. 37.TIME IS OF ESSENCE. Time is of the essence for each and every provision of this Agreement. 38. FORCE MAJEURE. Should performance of this Agreement be prevented due to fire, flood, explosion, acts of terrorism, war, embargo, government action, civil or military authority, the natural elements, or other similar causes beyond the Parties' reasonable control, then the Agreement will immediately terminate without obligation of either party to the other. 39.STATEMENT OF EXPERIENCE. By executing this Agreement, CONSULTANT represents that it has demonstrated trustworthiness and possesses the quality, fitness and capacity to perform the Agreement in a manner satisfactory to CITY. CONSULTANT represents that its financial resources, surety and insurance experience, service experience, completion ability, personnel, current workload, experience in dealing with private consultants, and experience in dealing with public agencies all -9- Rev 3/28/23 Agreement No. 6744 Agreement No. suggest that CONSULTANT is capable of performing the proposed contract and has a demonstrated capacity to deal fairly and effectively with and to satisfy a public CITY. [Signatures on next page] -1 0- Rev 3/28/23 Agreement No. 6744 Agreement No. IN WITNESS WHEREOF the parties hereto have executed this contract the day and year first hereinabove written. CITY OF EL S O URBAN RES INC. David Cain CFO Title: ATTES w P Taxpayer ID No. 95-2811192 Tracy We ver, City Clerk APPROVED AS TO FORM: MARK D. HENS Y, City Attorney By: Joaquin r , Assistant City Attorney -11- Rev 3128/23 Agreement No. 6744 Exhibit A UF1 ani�urun,ncr�Ui,i MEMO, ray' July 24, 2023 David Cain Interim Finance Director City of El Segundo 350 Main Street El Segundo, CA 90245 RE: Proposal to Update City's Forecast Model Dear David: In 2021, Urban Futures, Inc. (UFI) developed a long-term financial Forecast Model ("Forecast Model") for the City of El Segundo ("City"). Pursuant to our recent discussions, the City would like to update the Forecast Model and has requested UFI to prepare a proposal for this work. FORECAST MODEL UPDATE Since the initial development of the City's Forecast Model in 2021, UFI has continued to make improvements, enhancements and refinements to the architecture, structure and functioning of our municipal forecast platform. Our proposal is to migrate the City's existing Forecast Model to UFI's latest forecasting platform and update the model with the City's current financial data and the econometric data and variables that drive the model. Please note, UFI's Forecast Model is built on the Microsoft/Office 365 version of Excel. The functionality available through this up -do -date version of Excel facilitates certain capacities in the model and streamlines its performance. As such, we will need to confirm that City personnel who will be utilizing the Forecast Model have access to Excel through Microsoft/Office 365. At the conclusion of our work, the City will have a more user-friendly, dynamic, and functional forecast model, with the following enhancements and improvements: a A more robust forecast model and updated Control Panel capable of including multiple funds, with improved customized adjustments to forecasted revenues and expenses that allow the City to evaluate the impact of any range of "what -if" scenarios for all revenues and expenses across multiple funds. Urban Futures, Inc. a 1470 Maria Lane, Suite 315 4 Walnut Creek, CA 94596 Telephone:925.478.7450 a www.urbanfuturesinc.com a Fax:925.478.7697 Agreement No. 6744 City of EI.Segrundo Proposal to Up date CRy'a Forecast Model Parr • An updated Dashboard with new and improved graphical outputs and statistical measurements that help tell the story of the City's current and future fiscal condition in understandable terms to policymakers, stakeholders and the general public. + An improved framework that streamlines the process for updating the forecast model with the City's financial data and current econometric data/variables. Proposed Phases of Work We have reviewed the City's existing Forecast Model to assess the major work components required to update the model and migrate to UFI's latest forecasting platform. Based on these considerations, the phases of our proposed work are as follows: • Update City's Baseline Financial Data. Attached is a data request detailing the updated financial data, documents and policies needed from the City to update the model and migrate to the current platform. In addition, we will separately obtain the City's updated pension reports from CaIPERS. The updated City financial data and information will be reviewed, prepared and integrated into the updated Forecast Model. Expand and Update Econometric Data, Indexes, Variables and Forecasting Algorithms. The latest UFI forecasting platform has a more robust set of financial variables that drive our forecast algorithms for the revenue and expense categories. We will completely reconstruct and expand both the Assumption module and the forecasting algorithms in the City's Forecast Model to include these additional data sets. • Update Crosswalk Between City's General Ledger of Accounts and Forecast Model Revenue and Expense Categories. UFI will update the crosswalk in the City's Forecast Model. The updated crosswalk streamlines and simplifies the process for periodically updating the Forecast Model with the city's financial data. A draft of the revenue and expense crosswalks will be reviewed with city staff to help ensure an accurate mapping of city financial data to the Forecast Model. • Update Fund Balance and Allocation. The latest forecasting platform includes the ability to allocate fund balance to various city policies and/or priorities. The financial documents and information requested from the City in the attachment includes various financial policies that may affect the City's fund balance allocation. We will work with city staff to appropriately incorporate this detail in a reconstructed fund balance "waterfall" allocation within the model. • Enhance Scenario Capacity. We have evolved and enhanced the scenario capabilities of our forecast platform. The base forecast model now includes a recession scenario that allows the City to understand the financial impact of a future recession based on a historic modeling of previous recessions. While not included in this proposal, the forecast architecture also allows full integration of additional custom revenue and/or expense scenarios the City may request UFI to develop. Agreement No. 6744 G:tEy of E l Segundo Proposal o sral to Update City's Forecast ast Allodel Page .3 Update Control Panel and Dashboard. The latest forecasting platform includes an updated universal Control Panel and improved Dashboard that will be connected to the City's Forecast Model. USER ORIENTATION & FUTURE FORECAST MODEL UPDATES As a current user of UFI's forecasting platform, you likely have some foundation in using and manipulating the City's current Forecast Model. However, after migrating the City to UFI's upgraded forecasting platform, we believe it's important to budget for at least one or two online sessions in which we work with city staff on how to utilize the Forecast Model to best meet the City's needs. While the Forecast Model is designed to be owned, manipulated and fully customizable by our clients, there are some components of the model that require at least an intermediate level of skill and familiarity with Excel. As such, some of our clients have found they prefer to keep UFI involved in future updates of the Forecast Model for purposes of efficiency and time -savings.' With the City's transition to UFI's updated forecasting platform, annual or semi-annual updates are both relatively quick to perform (within several weeks) and economical (usually no more than $2,500). At the completion of the user orientation, we can discuss further staff's comfort level with the Forecast Model, the frequency of expected updates, and what level of assistance may be needed from UFI for future updates. SCHEDULE Once we receive the City's full financial data and information (see attachment for details), we believe we can have a draft update of the City's Forecast Model completed within 60 days (the City's data does not require significant manipulation or adjustments for integration with the model). This draft model will be fully functional and migrated to the new platform, but it will likely have some issues and questions that need review, discussion and refinement before final completion. The process for finalizing the updated Forecast Model should not take more than two weeks, depending on staff availability, input provided and the required adjustments. If our proposed timeline needs adjustment due to certain deadlines or potential data issues, please let us know so we can discuss options. COST ESTIMATE We estimate the work to update the City's Forecast Model should not exceed $12,000. This proposal is for updating the City's Forecast Model (the full transition to UFI's updated forecasting platform with update of all financial and econometric data). If the City desires additional customization of the Forecast Model or other related work, or if the City would like UFI to present an updated forecast to the City Council, we are happy to provide you a separate cost estimate for this work based on our standard rates: ' Over the years, we have found most of our clients prefer to use UFI to periodically update their forecast model with new econometric data and city financial data (usually annually or semi-annually). While UFI has simplified the update process as much as possible because each forecast model is customized to fit each client, there are aspects of updating the model that cannot be completely routinized. Additionally, updating the econometric data in the model requires acquiring and incorporating the data, and while UFI can provide the proprietary econometric data to the City, even the publicly available econometric data requires various steps to acquire. �L1 Agreement No. 6744 City of FI Segundo Proposal to Update C:`ity'.s Forecast Model Page 4 UFI Professional Staff Hourly Rates Managing Director $325 Directors $300 Senior Associate $275 Associate $200 These rates will remain constant through June 30, 2024, and are subject to change thereafter. We are excited to bring the City into UFI's current financial forecast platform and we believe you will find the enhancements and improvements greatly improve the usability of the model. If you have any questions, please do not hesitate to contact me. Res ectfu p y�. James P. Morris, Managing Director Urban Futures, Inc. cc: Liz Lydic, Management Analyst, City of El Segundo ���1 UF1. Agreement No. 6744 UFI FORECAST MODEL FINANCIAL DATA AND INFORMATION REQUIREMENTS FINANCIAL DOCUMENTS AND POLICIES Please provide the following financial documents and financial policies, to the extent the City has created or adopted such policies or something similar: Financial Document, Policy or Report Year(s) / Version(s) 1. Current Fiscal Year Budget FY 2024 2. Reserve/Fund Balance Policies (examples include): a. Economic Contingency/Uncertainty Reserve b. Emergency (Disaster) Reserve Most current c. Operating Reserve 3. OPEB Valuation Report from Actuary (GASB 75) Most current 4. Current CalPERS Reports: a. Miscellaneous b. PEPRA Miscellaneous Most current (July 2023 c. Safety Police release date) d. PEPRA Safety Police 5. Debt Payment Schedules for all Debt Obligations (bonds, loans, leases, etc.) of the General Fund Most Current 6. Any forecast or financial projections for the City Most Current [ALREADY PROVIDED] �. .» ... .. ._A M Agreement No. 6744 F i HAM .................................................... wpm""-= milli HISTORICAL TOTAL ANNUAL REVENUES UFI's Forecast Model contains the capacity to run base scenario modeling of potential future recessions and the potential impact on the City's forecasted revenues. This component of the model requires historical revenue data from the City covering the last five to six national recessions. If possible, we prefer to have City revenue data covering the last six national recessions (back to 1978). As such, please provide an Excel spreadsheet with the "Total Annual General Fund Revenues" for the following fiscal years: FY 1983 to FY 2013. To ensure the integrity and consistency of this data set, if possible, for each fiscal year please pull the "Total Annual General Fund Revenues" from the City's ACFR/CAFR/annual audit. If the data cannot be provided for each fiscal year back to 1983, please provide as many consecutive years as possible. Agreement No. 6744 TAX REVENUES — CONSULTANT REPORTS In addition to the above revenue data, we will ask the City to provide the most current annual or quarterly report from any tax consultant (e.g., HdL, Avenu Insights & Analytics, etc.) the City utilizes for sales tax, property tax, transient occupancy tax (TOT), utility user tax (UUT) or other municipal tax revenue. Please include any disaggregation of the consultant's tax data by subcategory. For example, sales tax reports often include a breakout of the City's sales tax revenues by industry sector. If the City's tax consultant provides a separate forecast of the tax revenue, please provide a copy of the forecast. UFI maintains standing relationships with tax consultants serving California municipalities, and all information will be kept confidential and in compliance with the tax consultant's restrictions on use and distribution. After we collect and review the above -requested data, we may have questions or additional information needed from the City, but we will endeavor to minimize the burden on staff from repetitive requests. In addition, we may look to schedule either an in -person meeting or telephonic conference with you and key staff members. The purpose is to help us better understand and clarify any initial questions regarding the City's current and prospective finances, expenditure drivers, revenue streams, long-term liabilities, cost accounting, allocation and recovery processes, key transfers in and out of the General Fund and program delivery models. We look forward to working with you and city staff to prepare a financial forecast model that meets the City's objectives and helps the City to address its financial sustainability and strategic objectives. If you have any questions related to our request for information or other matters, please do not hesitate to contact James Morris at (909) 648-3176 orjamesm@urbanfuturesinc.com. ,%' U .