Broward County Commission Regular Meeting

MOTION TO RETROACTIVELY APPROVE extension of the Agreement between Broward County and Bloomberg Finance, L.P. (Bloomberg) for Database Subscription, Contract No. A1165001A1_1, for a sixth year with an effective date of May 31, 2018 through May 30, 2019, on a quarter-to-quarter basis for an estimated annual amount of $45,000 for the Finance and Administrative Services Department.

ACTION:  (T-11:05 AM)  Approved. 

VOTE: 9-0.    

In accordance with the Broward County Procurement Code, Section 21.34, a contract for supplies or services may be entered into for no more than five years without the express consent of the Board.

This action provides for a continuation of Bloomberg database subscription services for the Finance and Administrative Services Department.

None.

THE PURCHASING DIVISION AND THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMEND APPROVAL OF THE ABOVE MOTIONS.

Retroactive approval is requested as the original contract expired on May 30, 2018. The vendor has continued to provide services since contract expiration. The original contract was inadvertently entered in the system with an additional two-year renewal period. The Purchasing Division had recently discovered the inadvertent additional renewal period. Approval of the extension would provide continuation of services that are vital to the County's investment portfolio until a new replacement agreement has been negotiated and established with the vendor.

Bloomberg Finance, L.P. is the sole source provider of Bloomberg database, datafeed, and other financial information subscription services. This contract provides market pricing, inventory, analytics, research, communication with brokers, and transparent trade execution in a broker neutral portal that is used by the Revenue Collection Division investment portfolio.

On July 8, 2013, the Director of Purchasing executed an agreement and addendum with Bloomberg for an initial two-year period with an option to renew the contract for an additional two-year period and one final one-year renewal period for a total estimated five-year amount of $210,000. The final expiration date of the contract was May 30, 2018.

Continuation of these services are vital to the management of Broward County's multi-billion dollar fixed income investment portfolio.

Brenda Billingsley, Director, Purchasing Division, (954) 357-6070