To: Board of Supervisors
Department or Agency Name(s): Economic Development Board
Staff Name and Phone Number: Rebekah Heinze, 565-7152
Vote Requirement: Majority
Supervisorial District(s): Countywide
Title:
Title
Moody’s Analytics, Inc. Agreement
End
Recommended Action:
Recommended action
Authorize the Executive Director of the Economic Development Department, or designee, to execute the proposed one-year agreement, with options to renew for up to 4 one-year terms, with Moody’s Analytics, Inc. for economic and technical research services, for an amount not to exceed $61,350 per year, subject to up to a 6% increase annually.
end
Executive Summary:
The Economic Development Board prepares several publications each year related to Sonoma County’s economic trends and activities that are made available to the public on its website. Moody’s Analytics, Inc. is a core source of economic data for the EDB.
Discussion:
Moody’s Analytics, Inc. (Moody’s) is a leading independent provider of economic, financial and industry research. The Economic Development Board uses research conducted by Moody’s as one of its core sources of economic data. Moody’s national reputation lends credibility to all of the EDB’s reports.
The following reports will be completed within the scope of this agreement:
a. An annual report addressing important economic issues and events impacting the regional economy relating to ten different industry sectors.
b. Quarterly Economic Outlook Reports addressing items such as current economic influences, employment, income growth, population, and housing activity.
c. Six Industry Reports on current and anticipated trends related to Information Technology; Finance; Real Estate and Construction; Agriculture; Manufacturing; and Restaurants and Lodging.
d. An annual Demographics Report concentrating on a number of important economic issues and events and how community members, businesses and organization are impacted along demographic lines.
e. An annual presentation by an economist at one of EDB’s Economic Perspective events.
EDB released a Request of Proposals (RFP) for Economic and Technical Consulting Services in August 2022. Two firms responded - Moody’s Analytics, Inc. and The Research Associates. Moody’s was the only complete proposal, as the competing proposal did not address the requested scope of work.
EDB staff has worked to negotiate an agreement with Moody’s for the needed services. The agreement provides for certain releases and indemnifications of Moody’s relating to intellectual property and County’s use of licensed work product. Said terms are common in the industry and staff recommends approval of the agreement as negotiated.
Strategic Plan:
N/A
Prior Board Actions:
2013-10-22 - Board approved a one-year agreement with 2 one-year renewal options.
Fiscal Summary
|
Expenditures |
FY 22-23 Adopted |
FY23-24 Projected |
FY 24-25 Projected |
|
Budgeted Expenses |
$61,350 |
$65,031 |
$68,933 |
|
Additional Appropriation Requested |
|
|
|
|
Total Expenditures |
$61,350 |
$65,031 |
$68,933 |
|
Funding Sources |
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General Fund/WA GF |
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State/Federal |
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Fees/Other |
$61,350 |
$65,031 |
$68,933 |
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Use of Fund Balance |
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Contingencies |
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|
|
|
Total Sources |
$61,350 |
$65,031 |
$68,933 |
Narrative Explanation of Fiscal Impacts:
The FY 2022-2023 Economic Development Department budget includes expenses for economic and technical research services. Ongoing costs for this agreement will be included in EDB’s requested budget annually, which is funded by the Community Investment Fund (Transient Occupancy Tax).
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Staffing Impacts: |
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Position Title (Payroll Classification) |
Monthly Salary Range (A-I Step) |
Additions (Number) |
Deletions (Number) |
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Narrative Explanation of Staffing Impacts (If Required):
N/A
Attachments:
Agreement with Moody’s Analytics, Inc.
Related Items “On File” with the Clerk of the Board:
None.