Consultant approved for financial assessment

City Finance Director Christopher Longinetti said the need for the analysis and understanding comes from the Council Workplan and the capital projects in the pipeline. That workplan calls for identifying ways to finance projects. Hood River set aside $45,000 for a bond consultant.

The capital projects in the pipeline will outpace the city’s ability to finance them, Longinetti said.

Under the contract and scope of work, DA Davidson will provide the city with a financial assessment, help determine loan services, and provide fiduciary services if the city issues bonds.

Longinetti said the firm will evaluate the city’s finances. This work will include assessing operating and capital improvement budgets, financial forecast and reporting.

DA Davidson will evaluate the city’s funding and determine its financing capacity. The firm will help identify financing options for the city, according to the Scope of Work provided in the City Council’s Oct. 10 packet. The city of Hood River posted Longinetti’s report at cityofhoodriver.gov/wp-content/uploads/Meetings/CC-Packet-10-10-2023-1.pdf.

It will provide insight on the city’s capacity for debt, Longinetti explained, as well as the avenues to fund projects.

“It is a baseline for future decisions,” he said, adding that it will help city officials understand what debt can be taken on. For Longinetti, the process will provide an educational opportunity for him. Longinetti took the reins as city finance director in April.

The process will also develop best practices, he said, and identify next steps.

As far as the timeline, Longinetti estimates there are three phases. The financial assessment portion is phase 1. He said this phase will take six to nine months.

DA Davidson was one of three firms that responded to the city’s request. City staff opted to go with DA Davidson because of experience, scope of work and cost, according to Longinetti’s report to the City Council. The contract with DA Davidson will not exceed $20,000.