HomeMy WebLinkAbout1985-01-22; City Council; 8037; Cash Management Program0
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Cit~· OF CARLSBAD -AGEND~. ~ILL
AB# ?o3 7 I.ITI,.E: DEPT.H
MTG. 1/22/85 CASH MANAGEMENT PROGRAM CITY A TT lll,-¥L-.J...::;
oEP'f._F_I_N __ _ CITY MGR'. ,Jtf.--
RECOMMENDED ACTION:
Adopt Resolution No. 7J>? '/
AND SELLS to assist the City
Cash Management Program.
accepting the proposal of DELOITTE HASKJ:NS
in implementing improvements to the City's
ITEM EXPLANATION
The City of Carlsbad has an operating and capital budget in excess of $32
million for 1984-85. This means that on the average the City receives about
$130,000 per day in revenue. How the City manages that revenue and other
funds held for investment determines how much interest the City will earn
each year. If the City can make even minor improvements in the cash management
process, the City can stand to gain thousands of dollars in additional interest
revenue.
The City Treasurer has reviewed the City's current cash management process
and has determined that improvements could be made in various areas. The
Treasurer has implemented closer control over investment reporting from
the Finance Department to the Treasurer and has beguna systematic move toward
diversifying the City's investment portfolio to avoid over concentration
in one type of investment or another, thereby reducing the exposure of City
funds to changes in the market or the stability of banking institutions.
The Treasurer has also determined that further imp,ovements can be made in
cash management and has requested proposals from several firms who can assist
the treasurer and finance director in improving the procedures for collecting,
investing and disbursing funds.
Proposals were recei"ed as follows:
George Petersen and Company, CPA
Deloitte Haskins and Sells
Arthur Young
Arthur Andersen and Company
Price Waterhouse
Conrad and Associates
Earnst and Whinney
$6,800 to $7,600
15,000
15,000
declined
declined
declined
declined
A review of the proposals by the Assistant City Manager and Finance Director
indicates that George Petersen and Company, CPA has insufficient experience
in the area of cash management systems. ,O--the remaining fi.rms, both Arthur
Young and Deloitte Haskins & Sells have significant experience and satisfied
the clients. The proposal by Deloitte Haskins & Sells was initially priced
at $17,000, while Arthur Young's initial fee was and remains $15,000. Deloitte
Haskins & Sells subsequently lowered its fee to $15,000 to be competitive
with Arthur Young. The review committee recommends the selection of Deloitte
Haskins & Sells for this project due to their close familiarity with the
City's Finance Department gained during the performance of the City's annual
audit.
Page 2 of Agenda Bill No._~
In addition, Deloitte Haskins & Sells is a leader in the cash management
field with their 11 React 11 cash management program. This program has been
implemented in the City of San Diego, and the counties of Ventura, Orange,
Los Angeles, San Bernardino, Alameda and California State University at
Los Angeles.
By implementing the City's collection and control of cash and by implementing
a cash flow model that accurately predicts the City's need for funds, the
City Treasurer can maximize the use of available cash. Also, Deloitte Haskins
& Sells will help the City implement an investment policy which can be
followed to minimize any risk to City funds.
FISCAL IMPACT
The proposed cash management study will cost the City $15,000. This is
not currently a budgeted expense and would require a transfer from the
Contingency Account. This study guarantees the City at least two times
the cost in additional interest revenue to the City through improved cash
management techniques. The guaranteed return is conservative and the City
should expect to receive substantially more than this on an annual basis.
A 0.1% tncrease in the average return on invested funds would give the City
a $30,000 return.
EXHIBITS
1. Proposed letter agreement.
2. Proposal from DeloitteJlaskins & Sells dated June 8, 1984 and
letter dated December 27, 1984.
3. Resolution No.2J::..'/.!d-. accer,ting the proposal of Deloitte Haskins &
Sells to assist the City in implementing improvements to the City's
cash management proposal, and transferring funds.
1200 ELM AVENUE
CARLSBAD, CALIFORNIA 92008-1989 ~~·~;· TELEPHONE:
(619) 438-5599
--~ .. °' ..
q[itp of <!tarlsbab
January 22, 1985
Mr. Gordon M. Johns, Partner
DELOITTE HASKINS & SELLS
701 'B' Street, Suite 1900
San Diego, CA 92101-8198
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Dear Mr. Johns: //
The City of Carlsbad does hereby accept the te7ms of your
proposal to conduct a cash management study u~~ng the DH&S
"React" model. A beginning date for this en9{lgement should
be set by meeting with the City Treasurer, ~llliam Esterline,
and the Finance Director, James Elliott. /
/
The City agrees to pay Deloitte Haskins~ Sells $15,000 under
the terms specified in your letter dat~a December 27, 1984.
The City expects DH&S to conduct the,$tudy including all
aspects indicated in the attached p~oposal.
/
Your work will be directed by thE}/City Treasurer and Finance
Director and a fiscal report wi)l be made to the City Council
by the DH&S staff upop ~omple~ion of the study.
Please indicate your accepta'~·ce of these terms by signing and
returning one copy of th~,s/letter. Thank you for your interest
in serving the City of 9arlsbad.
Sincerely,
MARY H. CA~rLER
Mayor
MHC:mmt
Attachment
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TERMS ACCEPTED:
DELOITTE HASKINS & SELLS
by: --------------
Title: --------------
Date: --------------
3
----Deloa,,e
Haskins+Sells
Mr. Frank Aleshire
City Manager
Ci t.y of Carlsbad
1200 Elm Avenue
Carlsbad, California 92008
Dear Sirs:
Suite 1900
7Q1 "B" Street
San Di.ego. Cahforn1a 92101-8198
(619) 232-6500
TWX 910-335-1573
June 8, 1984
____ .. ·-~ ~
We appreciated the opportunity fo~fi-::nk Panaris; to meet
with you to discuss the City of Ca~.,.J.~_!t~eds in the
increasingly important area of cash management. We
understand your desire to ensure that the City's cash
management program is sufficient to meet toaay's financial
challenges. We have worked with many of our clients to
assist them in significantly increasing revenues and cash
flow 'through better cash management.
This letter summarizes our proposed approach to addressing
your cash management program.
BENEFITS
T~e deregulation of depository institutions. advances in
technology, and continuous changes in our financial markets
have significantly expanded the opportunities for prudently
managed organizations to profit from more effective cash management.
A comprehensive, coordinated cash management program is one
that is tailored to support its particular environment and
serves several interrelated objectives:
• Maximize the availability of cash:
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••
Expedite the collection and consolida~ion-of cash
into usable form.
Control the disbursement of cash based on decision
criteria including credit terms, legal and statutory
considerations, and available return on investments.
£itabliih and maintain bu;iness based r~lations with
banks predicated on a full range of beneficial services
and competitive cost.
Anticipate the availability or shortfall of cash with
reliable forecasting precision as to timing and amount.
Ensure the short-term investment of all available funds
through a continuing and easily manageable investment
program.
Minimize borrowing costs.
Monitor and evaluate performance of the cash management
program.
Ensure that the cash management system is capable of
satisfying future requirements.
Our services are designed to produce specific
recommendations and guidelines to facilitate development of
a coordinated cash management program that will achieve the
objectives outlined above.
OUR APPROACH
Deloitte Haskins & Sells (DH&S) has developed a specialized
approach to public sector cash management studies which is
embodied in our REACT program. Our shorthand acronym,
REACT, describes a Review, Evaluation and Analysis of Cash
Mana,ement Techniguks. We will utilize elements of our REAC program to ma ea comprehensive review of your
investment process. REACT is a structured and efficient
approach to cash management designed to provide
recommendations that are practical and results-oriented.
REACT focuses on the key areas of your system that can
generate the largest monetary benefits for the City of
Carlsbad.
The Deloitt~ Haskins & Sells REACT program is designed to
evaluate all of the critical components of the City's Cash
Management System. We will analyze the City's particular
environment, organization, and systems, making the required
modifications in our program. However, our extensive
experience in public sector cash management permits us to
commit our time and resources where it counts -reviewing,
analyzinf, and identifying opportunities for improvement in
the City s system.
To enhance the orientation process and assure that all key
City employees understand the scope and purpose of this
project, we will present a one-day seminar on modern cash
management. This seminar will ensure that City employees
who interact with the cash management system understand cash
management fundamentals and become aware of modern
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techniques. The seminar provides an open forum for
discussion among different departments, resulting in
impromptu "brainstorming" sessions that provide excellent
observations and suggestions from the participants.regarding
cash management. ·
Our approach to studying the City of Carlsbad's cash
management practices includes:
Evaluate your entire process of collecting and
concentrating cash, including:
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Methods of receiving payments
Processing of cash receipts
Billing for services provided (if applicable)
Applicability of advanced collection and
concentration techniques.
Review policies and evaluate procedures relative to the
purchasing, accounts payable and disbursement functions
Review the process of making investm~nts, including:
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Determination of investable balances
Matching of investment maturity and cash requirements
Bidding process
Consideration of different investment alternatives •
Evaluate your existing banking relationship including:
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The number and purpose of all accounts and
relationships
The method :or compensating the banks for the
services provided
The nature, scope and quality of the current
services received
The benefit to the City of any additional banking
services
The banking proposals being considered by-the City
Review the City's short-term financing arrangements.
Evaluate your present cash flow forecasting system and
procedures.
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In order to effectively evaluate the areas discussed above,
we will utilize the following methodology in studying the
City of Carlsbad's cash management function:
• Review and clarify the ideas generated at the Cash
Management Seminar.
Conduct interviews and data gathering utilizing our
REACT questionnaire and other materials to determine how
the City's cash management process operates.
Observe how key areas of the Cssh Management System
currently function.
Anlayze cash, information, and paper flows.
Evaluate existing practices, procedures and systems
(manual and automated).
Identify areas for improvement.
Develop an implementation plan summarized by key tasks,
to permit the City to initiate approved changes.
Submit observations and recom:nendations for improvements.
Our approach is designed to generate recommendations that
are results-oriented. It is our intent that your personnel
have a high level of involvement in the review process.
Upon completion, the project team will conduct an oral
presentation of our observations and recommendations and
provide sufficient explanations and descriptive material so
that your staff can implement approved recommendations. We
have found this approach to be more useful and cost
effective than writing long reports that are usually never
read or implemented.
OUR EXPERIENCE
We have substantial experience in assisting public sector
clients improve their cash management. This wealth of
experience allows us to immediately get at solving your
problems, rather than wasting time on start-up or
preparatory activities. W~ have the proven methodology that
has been successful for many other local cities, counties
and ~gencies.
Local govetnments and other public entities in Souther~
California which have recently utilized our assistance in
improving their cash management techniques include:
• City of San Diego
• City of L~s Angeles
• City of Irvine
• City of Orange
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San Diego Community College District
County of Ventura
County of Los Angeles
County of Orange
County of San Bernardino
Los Angeles County Transportation Commission
California State University, Los Angeles
No other consulting organization can pbovide this type of
local, up-to-date, relevant government c~sh management
experience to the City of Carlsbad. Additionally, our cash
management expertise has resulted in successtul engagements
across the country for all types of government and
not-for-profit entities.
At Deloitte Haskins & Sells, we do not believe that simply
providing cash management consulting and accounting services
for government entities is sufficient; education and
knowledge transfer is critical to public sector cash
management. Our Firm has taken considerable initiative,
over the past several years, to respond to this critical
need. ln 1977 the Firm developed, at the request of the
Municipal Finance Officers Association (of the U.S. and
Canada),~ manual (book) entitled: ImAlementing Effective
Cash Management in Local Government: Practical Guide, -
~ince that time we have worked closely with a number of
professional associations in developing our Firm's Seminar
on Pt~blic Cash Management. Our public sector cash
management capabilities were recently affirmed by the
Municipal Finance Officers Association, who designated
Deloitte Haskins & Sells as tbqir official provider of cash
m~nagement training and supporting material.
We believe that Deloitte Haskins & Sells has the most
powerful combination of relevant, recent Southern California
government cash manQgement experience and a nationally
recognized expertise to best meet the needs of the City of
Carlsbad.
We have included specific references in Appendix B.
STAFFING
We have assembled a team of experienced consultants with
specialized talents that best meet the needs of this
project. The members of our consultant team are:
• Mr. Frank Panarisi, our Firm's Regional Coordinator for
all DH&S governmental services in Southern California,
will se~ve as project director for the engagement. He
accumulated twenty-seven years of man~~ement experience
with county government prior to joining DH&S. His
public aervice included fift~en yeari with the County of
Los Angeles and twelve years wjth the County of San
Diego. Mr. Panarisi provide~ his knowl~dge of local
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•
•
government and the important part it plays in the
conmunity. He has the direct experience of ccping with
the many challenges faced by local governments. So~e of
Mr. Panarisi's recent cash management experien~e
includes:
.. City of San Diego
.. San Diego Commuliity College District
Mr. Fred Gysi, Manager-in-Charge of our Cash Management
Practice in Southern California, will work closely with
Mr. Panarisi; Mr. Gysi has been project manager on all
of our recent local government cash management
engagements. He has reviewed the cash management
practices of such local entities as:
.. .. .. .. ..
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City of San Diego
City of Los Angeles
City of Orange
City of Irvine
County of Ventura
County of Los Angeles
County of Orange
County of San Bernardino
Los Angeles County Transportation Commission
Califorina State University, Los Angeles
Mr. Keith .Short, a Manager in our Financial Management
group, will provide manager assistance on this project.
He has managed cash management engagements including:
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City of San Ditgo
San Diego Community College District
Children't Hospital -San Diego
Mr. Robin Jensen, a Senior Financial Consultant with
expe~ience in Cash Management and Banking, will serve as
the lead consultant. Mr. Jensen's public sector cash
management experience includes:
.. City of San Deigo
•• San Diego Community College District
Mr. Joel Poladian, a Financial Consultant with
experience in many aspects of financial managem~nt and
systems development, will serve as a primary
consultant. He has experience in both private and
public sector cash management. Some of his recent
experience includes:
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County of Ventura
Hotel Riviera, Inc •
Transcon Lines, Inc •
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In addition to our Project Director, Manager and
Consultants, we have made two of our senior Firm members
available dS consultants to the project team:
Mr. Jack Kiley, our Firm's National Coordinator of
Covernment Cash Management Services, will serve as a
technical advisor for the engagement. Prior to joining
DH&S, Mr. Kiley was the Assistant State Treasurer for
the State of Washington, and managed the state's
investment portfolio. His "hands-on" investment
experience for a major government agency will be
extremely valuable to the City of Carlsbad. He has
worked closely with most of our public se~tor clients in
improving cash management techniques.
Mr. James Robshaw will serve as a technical advisor and
the Administrative Partner for this effort, and will
oversee all work done and reports produced by the
project team. Mr. Robshaw is a partner in our Los
Angeles Management Advisory Services Department and is
responsible for our consulting services to the
government sector for Southern California. He also has
executive respvnsibility for our cash management
practice in Southern California.
Resumes of the members of this Project team are included in
Appendix A.
ill.§.
Our fees for the cash management review will be $17,000. If
our review does not generate recommendations resulting in
annual benefits at least equal to two times our fee
estimate, we will modify our fee accordingly. We believe
that you will find these costs very reasonable when compared
to the benefits that can accrue to the City.
We hope the foregoing provides the information you require.
If you have any questions or comments, please contact Frank
Panarisi or myself at (619) 232-6500. We are looking
forward to being of service to the City.
7~;;:9-L-
Gordon M. Jonns
Partner
cc: James F. Elliott, Finance Director/
William C. Esterline, City Treasurer
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APPENDIX A
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CITY OF CARLSBAD
DELOITTE HASKINS & SELLS
PRQf9.§ED PROJECT QRGANI ZATION
CARLSBAD
STEERING
,COMMITTEE
I
PROJECT DIRECTOR TECHNICAL ADVISORS
• Frank Panarisi . --• James Robshaw
• Jack Kiley
I
PROJECT MANAGER
. Fred A. Gysi
1
STAFF
• Keith Short
• Robin Jensen
• Joel Poladian
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ACADEMIC
BACKGROUND
EXPERIENCE:
FRANK PANARISI
Bachelor of Arts, Occidental College
Master of Public Administration, California
State University, Los Angeles
Mr. Panarisi joined Deloitte Haskins & Sells in
March 1983 after twenty-seven years as a public
administrator. His public service included
fifteen years with the County of Los Angeles
and twelve years with the County of San Diego.
Mr. Panarisi has held a unique variety of
executive positions which have spanned the full
range of government services. He has the
direct experience of coping with the many
challenges faced by local government.
Mr. Panarisi provides his knowledge of local
government and the important part it plays in
the community. His background includes
experience as the Assistant Chief
Administrative pfficer, San Diego County, with
direct responsibility for all appointed
departments including:
Health Services, Probation, Defender Services,
Social Services, EDP, Public Works, Planning,
Purchasing, Animal Controls Parks, Public
Administrator, ~evenue and Recovery, Registrar,
Coroner, General Services, Library, Housing,
and Air ·Pollution Control. Also, he had
coordination responsibility for Rll elected
departments including: Treasurer -Tax
Collector, Assessor, Sheriff, District
Attorney, Superior and Municipal Courts, County
Clerk and Recorder.
Among the many positions he has held are
President of Coµnty Health Care Administrator's
Association of California, Assistant Chief
Probation Officer for Los Angeles County,
Assistant Executive Officer of the Board of
Supervisors in Loa Angeles County, Chairman of
the San Diego County Data Processing Policy
Committee, President and Board member of the
San Diego Criminal Justice Planning Board and
Chairman of the San Diego County Audit
Committee.
Since joining Deloitte Haskins & Sells, Mr.
Panarisi assumed the role of our Firm's
Coordinator of Southern California Consulting
Services to Public Sector clients. During his
tenure with our Firm, he has had the following
relevant cash management experience: )3
Frank Panarisi
San Diego Community College District -
Project Manager on our Cash Management
Operations Review.
City of San Diego -Technical advisor on our
Cash Management Operations Review (3/83 -
5/83).
He also served on various National Association
of Counties committees, the Policy Committee on
Administration of Justice for County
Supervisors Association of California, and
President of the C9unty Health Administrators
Association of California.
For two years, he was a facilitator for the
National Leadership Institute -"Managing
Diminishing. Fiscal Resources in Corrections."
Mr. Panarisi is a member of Cal1fornia
Municipal Treasurers Association, Municipal
Finance Officers Association, San Diego Chamber
of Commerce, San Diego Rotary, Board of
Directors of United Way and is President of Big
Brothers of San Diego.
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FRED A. GYSI. CPA
ACADEMIC Bachelor of Arts 1 Summa Cum Laude. Colorado
BACKGROUND: College
Master of Business Administration, UCLA
EXPERIENCE: Fred Gysi is a Manager in the Los Angeles
office of Deloitte Haskins & Sells and is
responsible for the Firm's Cash Management
services to government in Southern California.
Mr. Gysi has substantial-experience in
financial planning and cash management with
over seven years of experience in consulting
and accounting. He has assisted many of our
Southern California clients in improving their
cash management practices and techniques. He
has been involved in a variety of engagements
in developing Statements of Investment Policy,
evaluating cash management systems, preparing
requests for Proposals (RFPs) for banking
servicer., and designing cash management systems.
Mr. Gysi has been involved with all of our
public sector cash management consulting
engagements in Southern California. Some of
his experience includes:
• County of Ventura -Comprehensive Cash
Management Operations Review, including
Investment Practices. Portfolio Evaluation,
Internal Control, Cash Planning Techniques,
Cash Receipts and Disbursements, Review of
Automated Systems, and Bank Service
Evaluation (2/84 -4/48)
• County of San Bernardino -Comprehensive
Cash Management Operations Review, including
Investment Practices, Portfolio Evaluation,
Internal Control, Cash Planning Techniques,
Cash Receipts and Disbursements, Review of
Automated Systems, and Bank Service
Evaluation; Statement of Investment Policy;
Implementation of Cash Management System
(8/82 -1/84)
County of Orange -Cash Managemen~
Operations Review of Investment Processes
and Policies, Banking Services, and Cash
Flow Forecasting (1/83 -3/83)
Los Angeles County Transportation Commission
-Cash Management operations Review of
Fred A. Gysi, CPA
Investment Processes and Policies; Banking
Services, and Cash Flow Forecasting;
Statement of Investment Policy;
Renegotiation of Banking Relationship (11/82
-3/83)
City of Orange -Cash Management Operations
Review (8/83)
C_alifornia State University, Los Angeles -
Cash Management Operations Review of
Investment Processes ~nd Policies, Banking
Services, and Cash Flow Forecasting (10/82
11/82)
He has worked extensively with our specialized
REACT (Review, Evaluation and Analysis of Cash
Management Techniques) program for government
clients.
Mr. Gysi has made numerous presentations on
current trends in cash management, particularly
regarding "REACT -The DH&S Approach to Cash
Management." He was recently interviewed on
Financial News Network, a national business
television network, on cur.rent trends in cash
management. He is a Certified Public
Accountant in the State of California. He is a
member -of the California Municipal Finance
Officers Association, Southern California Cash
Managers Association, American Institute of
Certified Public Accountants, California
Society -of CPAs and the National Association of
Accountants.
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ACADEMIC Bachelot of Science, Lehigh University
BACKGROUND: Graduate Studies: University of Washington,
Pacific Luthern University
EXPERIENCE: Mr. Kiley is a manager in our Seattle office
and is our Firm's National Coordinator of
Government Cash Management Services. Prior to
joining DH&S, Mr. Kiley was the Assistant State
Treasurer in Washington State. In this
capacity, he was responsible for overseeing an
investment portfolio averaging between $500
million and $1 billion and managing the state's
multi-billion dollar cash flow. Mr. Kiley's
duties included selection of investment
instruments based on yield, safety and
liquidity, establishing investment policies,
implementing modern procedures, and supervising
the investment process.
Mr. Kiley's efforts in cash management made the
state of Washington a model for effectively
maximizing interest earnings. Some of the
techniques pioneered by the state of Washington
under Mr. Kiley's direction include adoption of
lockbox collection systems for all major state
revenues, extension of investment parameters to
include bankers' accept~nces, commercial paper,
and negotiable CD's, the adoption of
competitive bidding_ in bank selections and bank
contracts, initiation of funds' consolidation
using depository transfer checks and electronic
debit entries, and the implementation of direct
deposit systems for retirement payments,
intergovernmental payments, and employee
salaries.
Mr. Kiley has had extensive experienc~ in debt
management and the interrelationship of cash
and debt management. In this regard he
negotiated a ~400 million short-term loan for
the state of Washington utilizing a new
flexible rate instrument which significantly
lowered borrowing costs.
Mr. Kiley has spoken to numerous national and
state organizations including the National
Governors' Association, National Association of
State Treasurers, National Association of State
Auditors, Comptrollers and Treasurers, and
Western Treasurers' Conference. He keynoted
the Second Annual Conference on Governmental \M
Cash Management. \
_, 1.,._
John F. Kiley
Mr. Kiley has also had significant "hands-on"
experience in the areas of governmental
organization, budgeting, accounting systems,
capital project administration, data processing
administration, and legislative activities.
Mr. Kiley's duties for the state of Washington,
involving positions as Senior Fiscal Analyst,
Investment Officer, and Assistant State
Treasurer, were during the period 1971 to
1982. Some of his additional experience
includes:
Co~nty of Ventura -Technical Manager on our
Comprehensive Cash Management Operations
Review, including Investment Practices,
Portfolio Evaluation, Internal Control, Cash
Planning aud Techniques, Cash Receipts and
Disbursements, Review of Automated Systems,
and Banking Service Evaluation (2/84 -4/84)
County of San Bernardino -Technical Manager
on our Comprehensive Cash Management
Operations Review, including Investment
Practices, Portfolio Evaluation, Internal
Control, Cash Planning Techniques, Cash
Receipts and Disbursements, Review of
Automated Systems, and Bank Service
Evaluation; Statement of Investment Policy;
Implementation of Cash Management System
(67 82 -1/ 84)
California State University, Los Angeles -
Technical Managtr on our Comprehensive Cash
Management Operations Review, including
Investment Practices, Portfolio Evaluation,
Internal Control, Cash Planning Techniques,
Cash Receipts and Disbursements, Review of
Automated Systems, and Bank Setvice
Evaluation (10/82 -11/82)
State of Iowa -Technical Manager on out
Comprehensive Cash Management Operations
Review, including !nvestment Practices,
Portfolio Evaluation, Internal Control, Cash
Planning Techniques~ Cash Receipts and
Disbursements, Review of Automated Systems,
and Bank Service Evaluation (8/83 -10/83)
City of San Diego --Technical Manager on
our Comprehensive Cash Management Operations
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John F. Kiley
Review, including Investment Practices,
Portfolio Evaluation, Internal Control, Cash
Planning Techniques, Cash Receipts and
Disbursements, Review of Automated Systems,
and Bank Service Evaluation (3/83 -5/83)
County of Orange -Technical Manager on our
Cash Management Operations Review of
Investment Processes and Policies, Bank
Services, and Cash Flow Forecasting (l/83 -
3/83)
Mr. Kiley has been extremely active on the
national scene in support of upgrading cash
management practices. He has been Chairman of
the Treasury Management Committee of MFOA, a
Board member of the Washington Finance
Officers' Association, and a member of the
Northwest Cash Management Association.
Mr. Kiley has written extensively on cash
manegement. His most recent article, published
in the October 1983 edition of Public Investor,
deals with the safety of public deposits and
investments. He also wrote "A Perspective on
Public Cash Management in the '80s" published
in the December 1981 edition of Governme\1t
Finance. He is a major contributor to a new
training manual by DH&S entitled "Seminar on
Public Cash Management."
JAMES D. ROBSHAW 1 CPA
ACADEMIC Bachelor of Science, University of Iowa
BACKGROUND: Master of Business Administration, University
of Colorado
EXPERIENCE: Mr. Robshaw is the partner responsible for our
financial management consulting practice in our
Los Angeles office and has substantial
experience in accounting systems, auditing, and
data processing operattons. He has been
engaged in the practice of public accounting
for over eleven years encompassing broad
experience in both accounting and business
advisory areas related to integrated financial
syst~ms, operations reviews, cash management,
and accounting and automated data processing
controls for clients in a number of industries
including government, banking, transportation,
and real estate development.
He has extensive experience with automated
financial information systems, having served as
Project Manager for-the implementation of an
integrated financial system for the State of
Arizona and for Maricopa County, Arizona. He
also has experience in cost accounting systems,
having been the project manager on a project
for the Interstate Commerce Commission to
develop a uniform cost center accounting system
for the rail industry. He bas had client
managerial responsibility for the complex data
processing and communications requirements. He
has also assisted these clients in the
refinement of accounting sy$tems (including
conversion to meet changes l~ regulatory
accounting and reporting requirements)
assessment, development, and implementation of
replacement cost accumulation procedures and
the development of industry segment data.
Some of Mr. Robshaw's specific experience
includes:
County of Ventura -Project Partner on our
Comprehensive Cash Manag~ment Operations
Review, including lnv~stment Practices,
Portfolio Evaluation, Internal Control, Cash
Planning and Techniques, Cash Receipts and
Disbursements, Review of Automated Systems,
and Banking Service Evaluation (2/84 -4/84)
County of San BernaLdino -Project Partner
on our work for the County, including a Cash
James D. Robshaw, CPA
Management Opetations Review, Statement of
Investment Policy, and implementaion of a
cash management system (8/82 -1/84)
Los Angeles County Ttanspotation Commission
-Project Partner on out work for the
Commission, including a Cash Management
Operations Review, Statement of Investment
Policy, and Renegotiation of Banking
Relationship (11/82 -3/83)
State of Arizona -Project Manager on our
implementation of an integrated financial
system for the State of Arizona (5/80
9/82)
Maricopa County, Arizona -Project Manager
on our implementation of an integrated
financial system for Maricopa County (8/79 -
9/80)
Mr. Robshaw also bas direct industry experience
and served as Manager of Accounting Systems and
Data Processing for American Crystal Sugar
Company. In this -position, he had complete
responsibility for the redesign and automation
of the Company's accounting and internal
control systems, including performance of an
extensive computer feasibility study, computer
equipment selection, system design,
implementation, and administration of the EDP
system subsequent to installation.
Mr. Robshaw is a Certi-fied Public Accountant
and is a member of the Ametica~ Institute of
Certified Public Accountants. He has conducted
Deloitte Haskins & Sells training sessions on
numerous topics relating to,accounting systems,
accounting and automated data processing
controls, financial reporting, and consttuctive
setvice to clients.
-18-
KEITH SHORT, CPA
ACADEMIC Bachelor of Science with high honors,-San Diego
BACKGROUND: State University
International Program Scholarship sponsored
by California State University and Colleges -
studied at the Univers1ty of Liverpool,
Uni~ed Kingdom
EXPERIENCE: Mr. Short is a financial manager with our San
Diego Management Advisory Services department.
His consulting experience includes many aspects
of financial management and systems
development. The engagements in which Mr.
Short has participated include the following:
Children's Hospital and Health Center
The, Salk Institute
The Hill Companies
Eipper Formance
Ac~ion Instruments Co., Inc.
Pharmavite
Bentley Industries
The City of San Diego
Bumble Bee Seafoods
San Diego Community College District
Mr. Short is a ,Certified Public Accountant ~nd
is a member of Beta Ga~a Sigma, Cash
Management Association of San Diego, National
Association of Accountants, American Institute
of Certified Public Accountants, Microcomputer
Users Gro~p (DH&S) (Chairman) and Girl Scouts
of San Diego and Imperial Counties
Mr. Short also has dir~ct industry experience
and served as Chief Financial Officer and
Controller for Action Instruments. He also has
two years accounting experience with Price
Waterhouse & Co.
-19-
ROBIN JENSEN, CPA
ACADEMIC Bachelor of Science, University of Arfzona
BACKGROUND:
EXPERIENCE: Mr. Jensen is a Senior Consultant with Deloitte
Haskins & Sells. He has over four years of
experience in consulting, and specializes in
the areas of cash management and banking. He
also has extensive experience in reviewing and
evaluating accounting and financial information
systems.
Mr. Jensen is becoming one of our primary cash
management and banking consultants in Southern
California. His experience includes:
City of San Diego -Performed a
Comprehensive Gash Management Operations
Review, including Internal Control, Cash
Planning and Techniques, Cash Receipts and
Disbursements Processing, Review of
Automated Systems, Banki~g Service
Evaluation, Analysis of Investment Policies
and Practices and Cash Flow Forecasting
(3/83 -5/83)
San Diego Community College ·District -
Performed a Comprehensive Cash Management
Operations Review, including Internal
Control, Cash Planning and Techniques, Cash
Receipts and Disbursements Processing,
Review of Automated Systems, Banking Service
Evaluation, Analysis of Investment Policies
and Practices and Cash Flow Forecasting
(In-Progress)
First Interstate Bank -Participated in an
Earnings Improvement Review in which
recommendations for improving bank earnings
and efficiency were rendered.
He is also a member of our specialized Southern
California Bank Consulting Group.
Mr. Jensen is involved in a number of
professional groups, including the N~tional
Corporate Cash Management Association, American
Institute of CPAs, and National Association of
Accountants.
-20-
JOEL H. POLADIAN
ACADEMIC Bachelor of Science, Loyola Marymount-University
BACKGROUND: Graduate Stuaies: Unive~sity of La Verne
EXPERIENCE: Mr. Poladian is a Financial Consultant with
Deloitte H~skins & Sells. He has over three
years of experience in consulting and
accounting. Mr. Poladian specializes in the
areas of Cash Management, Financial
Modelling/Forecasting and the Conceptual Design
of Financial Accounting Systems.
Mr. Poladian has been a consultant on several
of our cash management consulting engagements
in the Southwest Region. Some of his recent
experience includes:
County of Ventura -Reviewed Methods of
Billing, Collecting and Depositing Revenues;
Analyzed Cash Planning and For~casting
Techniques and Evaluated Internal Control
Procedures (2/84 -4/84)
• Hotel Riviera, Inc. -Performed a
Comprehensive Cash Management Operations
Review, including Internal Control, Cash
Receipts and Disbursements Processing,
Review of Automated Systems, Banking Service
Evaluation, Analysis of Investment Policies
and Practices and Cash Flow Forecasting
(12/83 -1/84)
• Transc~n Lines, Inc. -Performed a
Comprehensive Cash Management Operations
Review, including Internal Control, Cash
Receipts and Disbursements Processing,
Review of Billing Techniques and Automated
Systems, Banking Service Evaluation,
Analysis of InvestmP.nt Policies and
Practices and Cash Flow Forecasting (9/83 -
10/83)
He has worked with our specialized REACT
(Review, Evaluation and Analysis of Cash
Management Techniques) program both on private
and public sector clients.
Mr. Poladian is an Associate Member of the
Institute of Management Consultants.
-21-
APPENDIX B
REI;,ERENCES
Our cash management expertis~ has resulted in successful
engagements across the country for all types of govarnment
entities. We are particularly proud of, and want to
emphasize, our experience in serving clients in Southern
California. This breadth of experience demonstrates our
ability to provide the higheRt quality cash management
consulting services on schedule and within estimated cost
parameters. We have only included those engagements ,hat we
believe are directl_y relevant to this project. We have not
included, for reasons of brevity, our extensive government
experience in related areas such as financial information
systems, data processing, general operational reviews, etc.
A partial list of government engagements recently completed
or currently in progress includes:
City of San Diego, California
Performed a comprehensive review, utilizing our REACT
program of all a•pects of the cash management process,
emphasizing cash planning techniques, cash collection
and disbursement techniques, review of automated
systems, float management, bank service evaluation,
investment policies, portfolio evaluation, internal
controls and security procedures.
Contact:
Libby Anderson
Director of Financial Management
City nf San Diego
233 "A" Street
San Diego, California 92101
(619) 236-6070
County of Ventura
Perfotmed a comprehensive review, utilizing our REACT
program, of all aspects of the cash management process,
emphasizing investment policies and procedures,
portfolio evaluation, cash collection and disbursement
techniques, bank service evaluation, review of automated
systems, internal controls and security procedures.
Contact:
Mr. Robert V. Pena
Foreman
Grand Jury
County of Ventura
Ventura, California 93009
(805) 654-2257
-23-
County of Los Angeles
Performed a comprehensive. internal control review of the
County's cash management office. This progress
emphasized review of the County's investment areas,
including confirmation of transactions, fund transfers,
and settlements.
Contact:
H.B. Alvord
Treasurer and Tax Collector
Room 437
500 Wes~ Temple Street
Los Angeles, California 90012
(213) 974-2101
County of Orange
Performed a general cash m~nagement review, utilizing
our REACT program, in th& areas of cash flow
forecasting, banking services, and investment processes
and procedures.
Contact:
Robert L. "Bob" Citron
County Tax Collector -Treasurer
207 Finance Building
630 North Broadway
P. o. Box 4515
Santa Ana~ California 92702
(714) 834-3411
County of San Bernardino, California
Performed a comprehensive r~view, utilizing our REACT
program, of all elements of the cash management system.
Additionally, we provided advice on how planned future
financial systems should incorporate cash management
activities~ We also assisted the County in developing a
statement of investment policy. Finally, we helped the
County implement a county-wide deposit consolidations
system that significantly accelerated cash collections
and increased investment earnings.
Contact:
Errol Mackzum
Auditor -Controller/Recorder
County of San Bernardino
670 Gilbert Street
San Bernardino, California 92415
(714) 383-2320
-24-
County of Alameda, California
Performed a review and analysis of the County's
diversified banking servfce arrangements, and examined
service costs, borrowing costs, and new investment
opportunities such as automatic investment mechanisms.
Contact:
Robert G. Knox
TreasuTer
Alameda County, California
1221 Oak Street
Oakland, California 90
(415) 874-6766
£!.llfornia State University, Los Angeles
Petformed a ~omprehensive review of the University's
cash management system using our REACT program.
Contact:
Patricia McCoy
Vice President for Administration
California ~tate Univ,ersfty, Los Angc·les
Administrative Building
Room 809
5151 State University Drive
Los Angeles, California 90032
(213) 22'4-3375
-25-
Del1t~'te
Haskins+Sells
Mr. William C. Esterline
City Treasurer
City ·of Carlsbad
1200 Elm Avenue
Carlsbad, California 92008
Dear Mr. Esterline:
Suite 1900
701 "B" Street
Sao Diego, California 92101-8198
(619) 232-6500
TWX 910-335-1573
December 27, 1984
This letter confirms our discussion regarding Deloitte Haskins
& Sells performing a cash management study for the City of
Carlsbad for a fee not to exceed $15,000. I can assure you
that the City will receive an outstanding product for this
investment, because of the following factors:
0 We have the most extensive and successful cash
management experience for the public sector.
o We have the unique expertise of Jack Kiley to review
investment practices and develop investment policies.
o We have the unique understanding of the city's
operations because of our experience as the city's
outside auditor.
o We have a demonstrated commitment to the City of
Carlsbad.
We certainly look forward to working with the City on this
project.
Sincerely yours,
Frank Panarisi
Manager
RESOWrION 00. _ _.1'""'s~94.__
A RESOLUl'ION OF THE CITY COONCIL OF 'mE CIT.£ OF CARISBAD
ACCEFl'l~ iliE PRO~ Ofi' DELICT'l'E H.?t..SKW.S AN!:> $EL):.$ 10
PERFOP.M A STUDY AND 'ID MSIST IN IMPLEMOO'I~ IMPIOV~
'10 '!'HE CITY'S CTISH MANAG™8Nr SYSI™.
WHEREAS, the City of Carlsbad is responsible for a large investment
l
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0
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portfolio which is managed by the City Treasurer and which provides interest
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earnings for the City; and
WHERFAS, the City also receives revenue on a daily basis fron the many
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different sources which should be managed in an efficient manner to maximize the
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interest return to the City; and
WHEREAS, the City disburses funds oo a weekly basis which effect the City's
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available cash balances used to eam interest; and
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I WllEREl\S, Deloitte Haski.ns and Sells has had an og,ortunity t:hro09h the audit
)_
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pt:0eess to ~view these aspects of City financial management at the City of
15 Carlsbad; and
~, Deloitte Haskins and Sells can provide expertise based on ?'...St
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reviews of ot.11er city and county cash management systems Mlidl has been proven
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to inf?rove the interest yield on cash .::.vai-lable for investement; and
WHEREAS, funds for this stud~, can be rrade available by transferring $15,000
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fron the Council's contingency Account to the Finance Department's Professional
21 services Account.
N:M, '.mEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad
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2 3 as follc,,,s:
1. '!hat t.he proposal of Deloitte Haskins and Sells is hereby accepted and
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the n-ayor is authorized to execute the attached. agreen-ent between the
26
City and Deloitte Haskins and Sells:
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28 Ill
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2. '.Ihat the above transfer of $15,000 is hereby ~roved. l
2 PASSED, Ai?POOVED A'N'D AOOPT:ED at a regular ·n~cing of ·01e City councH of •h'1e
3 City of carlsbad, California, held on t.he 22nd day of January
4 the following vote, to wit:
, 1985 by
5 AYES: Council M9robers casler, Lewis, Kul.chin, Chick and Pettine
6 NOF.S: None
7 ABSENI': None
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ATI'EST:
14~).~
15 ALF.'I'HA L. RAU'I'ENKRANz,cltycier
16 (SEAL)
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~ d.~
MARY"H.distp.,Meyor .
3'1
January
AGREEMENT BETWEEN THE CITY OF CARLSBAD
AND DELOITTE HASKINS AND SELLS FOR A STUDY
OF THE CITY'S CASH MANAGEMENT PROCEDURES.
THIS AGREEMENT, made and entered into as of the ----
, 19~, by and between the CITY OF CARLSBAD, a
municipal corporation, hereinafter referred to as "City," and
Deloitte Haskins & Sells hereinafter referred to as ~consultant."
RECITALS
day of
City requires the services of Deloitte Haskins and Sells to
provide the necessary consulting services for preparation of a cash
management system for the City of Carlsbad; and
Consultant possesses the necessary skills and qualifications
to provide the servlces required by City;
NOW, THEREFORE, in consideration of these recitals and the
mutua'l covenants contc\ined herein, City and a Consultant agree as
follows:
( 1) CONSULT ANT'S OBLIGATIONS
The Consultant shall perform a review of the City's pre~ent
cash management system using the "REACT" model described in the
attached proposal and shall recommend changes and improvements to
the -existing system where necessary. The Consultant shall provide
the Cl-ty with a final report which details the proposed cash
management program and any changes which must be made to the City's
present systems.
( 2) CITY OBLIGATIOHS
The City agrees to cooperate with the ConsuHa,,t lii aH
aspects of the study and to provide information necessary to the
completion of the study on a timely basis.
(3) PROGRESS AHO COHPLETIO~
The work under this contract .ill begin ~ithin 14 days after
receipt of notification to proceed by the City and be completed
within 90 days of that date. Extensions of ttme may be granted if
requested by the Consultant and agreed to ln writing by the Finance
Director. In consideration of such requests, the City Engineer
will give allowance for documented and substantiated unforeseeable
and unavoidable delays not caused by a lack of foresight on the
part of the Consultant, or delays caused by City inaction or other
agencies' 1ack of timely action.
(4) FEES TO BE PAID TO CONSULTANT
The lump sum fee payable according to paragraph (5) shall be
$15,000. No other compensation for services will be allow~d except
th~se items covered by supplemental agreements per paragraph (7),
Changes in Work.
(5) PAYMENT OF FEES
Payment of fees shall be made within thirty days after
approval of the final report.
(6) FINAL SUBMISSIONS
The Consultant's final report shall include:
Specific recommendations for impovement in the City's cash
management system.
An implementation plan summarized by key task to permit
the City to initiate the racommended changes.
( 7) CHANGES IN WORK
The Consultant or the City may request a change in contract.
Such changes shall be processed by the City in the following
manner: A letter outlining the required changes shall be forwarded
to the City or Consul.ant to inform them of the proposed changes
along with a statement of estimated changes in charges or time
schedule. A~ter reaching mutual agreement on the proposal, a
supplemental agreement shall be prepared by the City and approved
by the City Manager. Such supplemental agreement shall not render
ineffective or invalid~te unaffected portions of the agreeme~ti
(8) REPRESENTATION OF IHDEPENDAHCE
The Consultant warrants that their firm has not employed or
retained any company or person, other than a bona fide employee
working for the Consultant, to solicit or secure this agreement,
and that Consultant has not paid or agreed to pay any company or
person, other than a bona fide employee, any fee, commission,
percentage, brokerage fee, gift, or any other conslderat1on
contingent upon, or resulting from, the award or making this
agreement. For breach or violation of this warranty, the City
shall have the right to annul this agreement without liability, or,
in its discretion, to deduct from the agreement price or
consideration, or otherwise recover, the full amount of such fee,
commission, percentage, brokerage fee, gift or contlngent fee.
(.9) HONOISCRIMINATIOH CLAUSE
The Consultant shall comply with the State and Federal
Ordinances regarding nondiscrimination.
, 1
(10) TERMINATION OF CONTRACT
In the event of the Consultant's failure to pr~secute:
deliver, or perform the work as provided for in this contract, the
City may terminate this contract for nonperformanc~ b~ notifying
the Consultant by certified mall of the termination of the
cont~act. The Consultant, thereupon, has five working days to
deliver said documents owned by the City and all work in progress
to the Finance Director. The Finance Director shall make a
determination of fact based upon the documents dP.livered to City of
the percentage of work which thP, Consultant has performed which is
usable and of worth to the City in having the contract completeq.
Based upon that finding as reported to the City Council, the
Council shall determine the final payment of the contract.
(11) DISPUTES
If a dispute should arise regarding the performance of work
under this agreement, the following procedure shalJ be used to
resolve any question of fact or interpretation not other~ise
settled by agreement between parties. Such questions, if they
become identified as a part of a dispute among persons operating
under the provisions of this contract, shall be reduced to writing
by the principal of the Consultant or the Finance Director. A copy
of such documented dispute shall be forwarded to both parties·
involved along with recommended methods of resolution which would
b~ of benefit to both parties. The Finance Director or principal
receiving the letter shall reply to the letter along with a
recommended method of resolution within ten days. If the
resolution thus obtained ls unsatisfactory to the aggrieved party,
I r
a letter outlining the dispute shall be forwarded to the City
Councp for their resolution through the office of the Clty
Manager. The City Council may then opt to consider the directed
solution to the problem. In such cases, the action of the City
Council shall be binding upon the parties involved, although
nothing in this procedure shall prohibit the parties seeking
remedies available to them at law.
(12) SUSPENSION OR TERMINATIOH OF SERVICES
This agreement may be terminated by either party upon
tendering 30 days written notice to the other party. In the event
of such suspension or termination, upon request of the City, the
Consultant shall assemble the work product and put same in order
for proper filing and closing and deliver said product to City. In
the event of termination, the Consultant shall be paid for work
performed to the termination date; however, the total shall not
exceed the guaranteed total maximum. The City shall make the final
determination as to the portions of tasks completed and the
compensation to be made. Compensation to be made in compliance
with the Code of Federal Regulations.
(13) STATUS OF THE CONSULTANT
The Consultant shall perform the services provided for herein
in Consultant's own way as an independent contractor and in pursuit
of Consultant's independent calling, and not as an employee of the
City. Consultant shall be under control of the City only as to the
result to be accomplished and the personnel assigned to the
project, but shall consult with the City as provided for in the
request for proposal.
, '
{14) CONFORMITY TO LEGAL REQUIREMENTS
The Consultant ls hired to render professional services of
studying the City's cash management system and making
recommendations for improvements thereto and any payments made to
Consultant are compensation solely for such servlces. The
Consultant shall certif> that all recommendations, if Implemented,
will not place the City in vlolatlcn of any Federal or State laws
which govern the management of City funds.
{15) OWNERSHIP OF DOCUMENTS
All studies, reports or other documents as herein required
are the property of the City, whether the work for which they are
made be executed or not. In the event this contract ls terminat~ct,
all documents, reports and studies shall be delivered forthwith to
the City. Consultant shall have the right to make copies of the
plans for his/her records.
(16) HOLD HARMLESS AGREEMENT
The City, its agents, officers and employees shall not be
liable for any claims, liabilities, penalties, fines, or any damage
to goods, properties, or effects of any person whatever, nor for
personal injuries or death caused by, or resulting from, or claimed
to have been caused by, or resulting from, any act or omission of
Consultant or Consultant's agents, employees or representai:hes.
Consult ant agrees to def end, indemnify and save free and harmless
the City and its authorized agents, qfficers, and employees against
any of the foregoing liabilities or claims of any kind and any cost
and expense that is incurred by the City on account of any of the
I'
foregoing liabilities, including liabilities or claims by reason of
arl-egea aeieat-s H, any plans and zpecificat!ons,; unless the
liability or claim is due, or arises out of, solely to the City's
negligence.
(17) ASSIGNMENT Of CONTRACT
The Consu1tant shall not assign this contract or any part
thereof or any monies due thereunder without the prior written
consent of the City.
(18) SUBCONTRACTING
If the Consultant shall subcontract any of the work to be
performed under this contract b) the Consultant, Consultant shall
be fully responsible to the City for the acts and omissions of
Consultant's subcon~ractor and of the persons either directly or
indirectly employed by the subcontractor, as Consultant ls for the
acts and omissions of persons directly employed by Consultant.
Nothing contained in this contract shall create any contractual
relationship between any subcontractor of Consultant and the City.
The Consultant shall bind every subcontractor and every
subcontractor of a subcontractor by the terms 6f this contrac~
applicable to Consultant's work unless specifically noted to the
contrary in the subcontract in question approved in writing by the
City.
(19) PROHIBITED INTEREST
No official of the City who ls authorized in such capacity ?n
behalf of the City to negotiate, make, accept, or approve, or take
part in negotiating, making, accepting, or approving of any
architectural, engineering inspection, construction or material
supply contractor, or any subcontractor in connection with the
interested personally in this contract or in any part thereof. Ho
officer, employee, or attorney, of or for the City who ls
authorized in such capacity and on behalf of the City to exercise
any executive, supervisory, or other similar functions in
connection with the performance of this contract shall become
directly or indirect!~ interested personally in this contract or
any part thereof.
(20) VERBAL AGREEMENT OR CONVERSATION
No verbal agreement or conversation with any officer, agent,
or employee of the City, either before, during, or after the
execution of this contract, shall affect or modify any of the terms
or obligations herein contained nor such verbal agreement or
conversation entitle the Consultant to any additional payment
whatsoever under the terms of this contract.
(21) SUCCESSORS OR ASSIGNS
Subject to the provisions of paragraph (16), Hold Harmless
Agreement, all terms, conditions, and provisions hereof shall
insure to and shall bind each of the parties hereto, and each of
their respective heirs, executors, administrators, successors and
assigns.
(24) EFFECTIVi DATE
lh!:~ ~gr.eement .i;.hal.l b.e eff~cthe on and from the day and
year first abo~e written.
IN WITNESS WHEREOF, we ha~e hereunto set our hands and seals.
CITY OF CARLSBAD
B
Mayor
tltle
ATTEST:
APPROVED AS TO FORM:
City Clerk
As5istant City Attorney
'I