Local Financial Turnaround Services

Background
The Commonwealth of Virginia, through its Division of Purchases & Supply (DPS), is issuing this Request for Proposal (RFP) #81173 to establish a contract with qualified suppliers for Local Financial Turnaround Services. The goal is to provide consultants who can offer hands-on financial support and turnaround services in local government intervention situations where the Governor determines state intervention is necessary due to local fiscal distress. This initiative aligns with the requirements set forth in Code of Virginia 15.2-2512.1, which mandates criteria for assessing localities in fiscal distress and the provision of state assistance.

Work Details
The selected Offeror will provide comprehensive fiscal turnaround services, including:
- Assessment of previous efforts and outcomes related to fiscal distress remediation, along with a fiscal recovery plan to address any incomplete tasks.
- Evaluation of the locality's current financial condition, liquidity, and ability to meet obligations.
- Identification of administrative shortcomings such as cash flow issues, revenue shortfalls, and budget imbalances.
- Consultation with key personnel including local government officials and financial advisors to evaluate financial challenges and resources needed.
- Assistance in evaluating financial operations including budget processes, debt management, and staffing issues.
- Delivery of a report to the Secretary of Finance within 30 days post-service completion detailing findings and an implementation plan for rectifying financial emergencies.
- All work products will be owned by the Commonwealth and may lead to further implementation by another contractor.

Period of Performance
The initial contract period will commence upon award and last for one year, with the possibility of four additional one-year renewal periods.

Place of Performance
The services will be performed within various localities across the Commonwealth of Virginia as determined by the needs identified by the Governor and his Cabinet Secretary.