City Council:
AN ORDINANCE AUTHORIZING THE EXTENSION
OF THE AGREEMENT WITH CAPITAL MARKETS
ADVISORS, LLC FOR FINANCIAL STRATEGIC
PLANNING SERVICES AND AUTHORIZING A
RELATED BUDGET TRANSFER
Whereas, in correspondence dated August 5, 2025, the Comptroller formally requested authorization for the City Council to adopt the City of Mount Vernon Travel and Expense Policy, attached hereto as Exhibit A, as the official policy governing the incurrence, approval, reimbursement, and documentation of travel and related expenses for all City officials, employees, and authorized individuals; and
Whereas, the City of Mount Vernon has engaged Capital Markets Advisors, LLC as its financial advisor for over a decade, benefiting from their technical expertise and guidance on a wide range of fiscal matters; and
Whereas, ongoing financial challenges, evolving economic conditions, and the recommendations outlined in the recent audit report by the New York State Office of the State Comptroller underscore the urgent need for a comprehensive, strategic approach to long-term financial planning; and
Whereas, the Comptroller recommends extending the City's agreement with Capital Markets Advisors, LLC to provide expanded financial advisory services to include:
1. Preparation of a Fiscal Conditions Analysis, including cost-saving strategies and sustainability benchmarks;
2. Development of a Multi-Year Financial Plan; and
3. Design of a Retirement/Separation Incentive Plan to address structural workforce costs; and
Whereas, these deliverables are essential to improving the City's fiscal health, enabling better forecasting, enhancing budgeting discipline, and supporting informed decision-making; and
Whereas, compensation for these services is proposed in the total amount of Forty-Five Thousand Nine Hundred Dollars ($45,900), payable in three installments of Fifteen Thousand Three Hundred Dollars ($15,300) on September 15, 2025, November 15, 2...
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