Sammamish City Council Approves Financial Advisory Services Contract

The Sammamish City Council has approved a significant contract with PFM Financial Advisory Services LLC for financial planning services, signaling a proactive approach to the city's fiscal management. The contract, which is capped at $250,000, aims to assist in navigating debt management and infrastructure financing, particularly for the Metropolitan Park District. Chief Financial Officer Vicki Carlson highlighted the necessity of engaging a financial advisor prior to potential debt financing, stating that such advisors provide essential planning and management support. Despite concerns from Councilmember Treen regarding the quality of service from PFM, city staff defended the firm’s reputation and past success with other municipalities. The council ultimately approved the contract with a vote of 6-1, reflecting a strong consensus on the importance of enhancing financial strategies.

With the contract in place, Sammamish aims to better prepare for future financial decisions relating to infrastructure projects. The council will continue to discuss the implications of potential debt issuance and financial modeling for upcoming initiatives. This decision is a crucial step towards improving the city's financial management processes.