Bainbridge Island may seek financial advisor

Bainbridge Island may go on the hunt for a new financial expert to offer advice on possible future bonds and other financial needs.

In a recent memo from Finance Director Ellen Schroer to the city council and Interim City Manager Morgan Smith, Schroer  suggested that the city find an advisor who would work on contract to assist with any possible bonds or financial support in the future.

"While there are no immediate plans for a bond issue, we believe it is in the best interest of the city to have an ongoing relationship with a qualified financial advisor to be prepared for a possible future bond issuance or to provide advice on emerging financial issues, such as short-term investment options open to the city," Schroer said in the June 1 memo.

The Finance and Administrative Services Department will issue a "request for proposal" to find firms that might be interested in a contract with the city.

Department staff hope to complete the selection process in the late summer or early fall. Officials said there is funding in the 2012 budget for the consultant.

The contract offered to the selected firm will be for a three-year period and begin on Sept. 1.

The city council is expected to discuss the proposal at its meeting on June 6.

The council meeting begins with an executive session at 5:30 p.m., with the council convening in an open session at 6 p.m.

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