The City of Allentown will be getting some financial planning assistance.
The City has been awarded a $120,000 grant from the state to contract with a financial management firm to guide the City in developing and implementing a multi-year financial management program.
The funds are provided through the Pennsylvania Department of Community and Economic Development’s (DCED) Early Intervention Program.
The grant will allow the City to issue an RFP to contract with a financial management firm to guide the City in developing and implementing a multi-year financial plan focused on reducing expenditures, increasing non-tax revenues, implementing long-term economic development strategies, adopting best management practices, and pursue inter-governmental cost-sharing strategies.
The City will provide a $30,000 match for the $120,000 grant.
The successful bidder will be charged with creating a multi-year financial planning process. They will provide strategies to improve the City’s internal capacity to develop, adopt, monitor, and implement multi-year financial management plans and to integrate the multi-year financial management plans into the annual budget process, including ways to better communicate these plans with City Council and the general public.
The successful bidder will review the current in-house long-term financial assessment and analysis to provide suggestions for improvement of the City’s ability to use this tool to project future revenue, expenditure, economic and demographic trends. This will provide the City with an improved ability to understand its future financial position and take immediate steps to counteract any negative trends.
Interested bidders will be required to submit technical and cost proposals.
Among other requirements, the successful firm must be able to demonstrate financial analysis experience, specifically regional and national experience on at least three projects of similar scope and size.