Local Financial Turnaround Services

The vendor is required to provide consultants to perform hands-on financial support and turn around services with expertise in local government intervention that the governor can use for intervention services in an expeditious manner when he determines that state intervention is warranted in situations of local fiscal distress.
- Offeror shall provide:
• Assessment of the efforts and outcomes of any prior work completed in the locality related to the remediation of the locality’s fiscal distress and provide a fiscal recovery plan to complete any incomplete tasks and objectives.
• Assessment of the locality’s current financial condition, liquidity, ability to meet obligations and provide essential services, and any structural budget imbalances, etc.
• Assessment of the locality’s various administrative shortcomings, cash flow issues, inability to pay expenses, revenue shortfalls, deficit spending, structurally imbalanced budgets, billing and revenue collection inadequacies and discrepancies, debt overload, failure to meet obligations to authorities, school divisions, or political subdivisions of the commonwealth, lack of trained and qualified staff to process administrative and financial transactions, or the inability to timely produce an audited financial report.
• Consultation with key personnel which may include the locality’s chief administrative officer, the elected governing body, treasurer, commissioner of the revenue finance director, component units finance leadership, external auditor, financial advisor, auditor of public accounts, school board, economic development authority, regional authorities and other relevant stakeholders to evaluate financial challenges and resources needed to support the locality’s key financial processes, audit functions, and assessing the organizational financial structure and overall internal control framework.
• Assistance to the locality and related entities as requested, including the school board, the economic development authority, regional authorities, and tax districts with the evaluation and assessment of the locality’s financial operations including budget processes, debt, borrowing, expenses and payables, revenues and receivables, and other areas, including staffing and the identification of external variables contributing to the locality's financial position.
• A report to the secretary of finance or other designated responsible party 30 days after the contracted services have been obtained of the findings.
• An implementation plan to rectify the financial emergency and to assure the fiscal accountability of the locality and the locality's capacity to provide or cause to be provided necessary governmental services essential to the public health, safety, welfare, and amend it as necessary as circumstances progress.
• Successfully carry out the implementation plan as amended.
• All work products provided shall be the property of the commonwealth and may result in another contractor implementing the work products.
• The secretary of finance or other designated responsible party may elect to move forward with implementation of the plan, based upon review of the report.
- The successful offeror will provide, at a minimum, the following deliverables:
• Fiscal recovery plan.
• Documentation of any business process of the locality identified for remediation.
• A completed fraud risk matrix for all identified fraud risks.
• A report outlining findings, results, opportunities for improvement and recommendations for addressing gaps in internal control categorized by time frame and by priority, and overall conclusions.
• All draft copies of the deliverables shall be provided in digital versions.
• Digital files should be provided in their native, editable formats as well as un-editable formats suitable for distribution.
• The successful offeror is required to provide deliverables that fulfill however, it should be noted that the scope of services represents the commonwealth’s preliminary vision for the assignment.
• Proponents are afforded the flexibility in their submissions to outline deliverables that may not be contemplated here but have been successful for other clients undertaking comparable projects.
• Document financial policies and procedures.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: March 17, 2025