Source: Orlando Sentinel
Excerpt:
Orlando International Airport is starting all over in its search for a company offering financial advice
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The airport board had been set to hire PFM, a Philadelphia-based firm that counsels the heaviest-spending governments and agencies in Central Florida, including Orlando, Orange County, the Orlando Utilities Commission and the Orlando Orange County Expressway Authority.
But the board decided Wednesday to back off and rebid the contract, eight days after an article in the Orlando Sentinel quoted Orange County Comptroller Martha Haynie saying she was concerned about PFM possibly having a conflict of interest in representing governments and agencies that sometimes come together to pay for large projects.
That happened last year when Orlando and Orange County were devising finance plans for an $85 million soccer stadium. City and county officials said they saw no conflict because PFM assigned different people to the accounts.
Orlando International board Chairman Frank Kruppenbacher said he wanted a better definition of what might constitute a conflict before looking for a financial adviser again.
“Nobody did anything wrong,” he said, “we’re just getting better [in writing bid requests] every day.”
Haynie said the board was correct in reworking the request, which could take several months to complete. “If they have doubts about the process, to throw it out and start over is a good course of action,” she said.
PFM has been paid more than $6.5 million by area agencies since 2005. It often is paid an annual retainer, as well as a fee each time a client sells bonds to raise money. One of PFM’s main jobs is to figure out the best time and cheapest way to sell bonds to pay for major public works.
Financial-adviser contracts typically are awarded after a series of interviews and document reviews by an agency panel that can be composed of administrators and board members.
Direct URL: http://articles.orlandosentinel.com/2014-02-19/news/os-oia-financial-advisor-new-bid-20140219_1_orlando-international-airport-financial-adviser-airport-board
