General Government Debt Model Process

Request for Proposals # 274-F-TR2026-2
Title: General Government Debt Model Process
Issue Date: June 18, 2026
Due Date: July 10, 2026 no later than 4:00PM EST
*LATE PROPOSALS WILL NOT BE ACCEPTED*
Issuing Department: Finance
Direct all inquiries concerning this RFP to:
Shelle Boudreau
Sr. Manager of Treasury Services
Email: Shelle.Boudreau@raleighnc.gov
(v.09/15/25)

Table of Contents
1. Introduction .............................................................................................. 2
1.1 Purpose ............................................................................................. 2
1.2 Background .................................................................................................. 2
1.3 RFP Timeline ............................................................................................... 3
1.4 Pre-Proposal Conference .......................................................................... 3
1.5 Proposal Question ....................................................................................... 3
1.6 Proposal Submission Requirements & Contact Information ................ 4
1.7 Business Engagement & Opportunities ................................................... 5
1.8 Rights to Submitted Material ..................................................................... 5
1.9 Communications .......................................................................................... 5
1.10 Lobbying ....................................................................................................... 5
1.11 Conflicts of Interest ..................................................................................... 6
1.12 Proposer Expenses ..................................................................................... 7
1.13 Proposer Acceptance ................................................................................. 7
2. Proposals ................................................................................................. 7
2.1 Request for Proposals Required Document Format ............................. 7
2.2 RFP Documents ........................................................................................ 10
3. Proposal Evaluation ....................................................................................... 10
3.1 Proposal Evaluation Criteria (Stage 1) .................................................. 10
3.2 Interview/Demonstration (Stage 2) ......................................................... 11
3.4 Notice to Proposers Regarding RFP Terms & Conditions ................. 11
3.3 Final Selection ........................................................................................... 11
3.5 Contract Term ............................................................................................ 11
4. Scope of Services .................................................................................. 12
Appendix I - Proposal Cost Form ........................................................................... 14
Appendix II - Proposer Questionnaire ................................................................... 15
Appendix III - Reference Questionnaire (Instructions) ..................................... 16
Appendix III - Reference Questionnaire Form ..................................................... 17
Appendix IV - Sample Contract ............................................................................... 19

1 INTRODUCTION
1.1 Purpose
The City of Raleigh (COR, the City) is solicitating proposals from one or more firm(s)
with which to contract for the following services:
Debt management for primarily tax-supported capital improvements providing modeling,
debt capacity tracking, analysis, projections, stress testing, and innovative solutions
based on related services.
COR will provide relevant budget, debt, general ledger actuals, and capital project
cashflow details as support for the preparation of these computations and model inputs.
A detailed scope of services is provided in Section 4 of this document.
All information related to this solicitation, including any addenda, will be posted to the
North Carolina electronic Vendor Portal (eVP) at https://evp.nc.gov/.
All questions related to this solicitation must be submitted in writing (via email) to the
following individual - questions submitted via telephone will not be answered:
Contact Name Email Address
Shelle Boudreau Shelle.Boudreau@raleighnc.gov
1.2 Background
The City of Raleigh, the Capital City of North Carolina, remains one of the fastest growing
areas in the country. A great economy, top educational institutions, and exceptional health
care facilities are some of the characteristics that attract people to the triangle area. The
mild climate, diverse work force and proximity to Research Triangle Park combine to make
Raleigh a great place to live.
Raleigh is a 21st Century City of Innovation focusing on environmental, cultural, and
economic sustainability. The City conserves and protects our environmental resources
through best practice and cutting-edge conservation and stewardship, land use,
infrastructure and building technologies. The City welcomes growth and diversity through
policies and programs that will protect and enhance Raleigh's existing neighborhoods,
natural amenities, history, and cultural and human resources for future generations. The
City leads to improve quality of life for neighborhoods and standard of living for all citizens.
The City works with universities, colleges, citizens, and local partners to promote new
technology, create new job opportunities, and encourage local businesses and
entrepreneurs. The City enlists and prepares 21st Century staff with the skill sets to carry
out the duties of the City through transparent civic engagement and by providing the very
best customer service to our citizens.
This procurement aims to identify qualified professionals for the services described herein
that are integral to the City's debt management process. The City's has a sizeable general
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government debt portfolio that continues to grow; debt financing is used to support many
capital improvement projects approved through the annual budget process. The City
seeks a qualified firm who can provide debt modeling and expertise to monitor that the
City is maximizing the use of tax revenues and other funding sources to achieve healthy
expansion of capital improvement programs. The City utilizes long-term capital planning
and debt affordability models to enhance fiscal stewardship, and this partnership supports
these initiatives and ensures data integrity for budgetary and fiscal decision making.
1.3 Request for Proposal (RFP) Timeline
Provided below is a list of the anticipated schedule of events related to this solicitation.
The City of Raleigh reserves the right to modify and/or adjust the following schedule to
meet the needs of the service. All times shown are Eastern Time (EST):
RFP Process Date and Time
June 18, 2026
RFP Date
Pre-Proposal Meeting/Site-Visit N/A
(if required)
Deadline for Written Questions June 25, 2026
City Response to Questions
July 2, 2026
(anticipated)
Proposal Due Date and Time July 13, 2026 by 4pm
Evaluation Meeting
July 20, 2026
(anticipated)
Interviews N/A
(if required)
Selection Announced
July 27, 2026
(tentative)
1.4 Pre-Proposal Conference
If the City of Raleigh elects to conduct a Pre-Proposal Conference or Site Visit, attendance
by prospective proposers is strongly encouraged but is not mandatory. Prospective
Proposers are encouraged to submit written questions in advance. Date, time, and
location of pre-proposal conference is shown above in the RFP Timeline (Section 1.3).
1.5 Proposal Questions
Requests for clarification and questions to this RFP must be received by the City not later
than the date shown above in the RFP Timeline (Section 1.3) for the submittal of written
inquires. The firm's failure to request clarification and submit questions by the date in the
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RFP Timeline above shall be considered to constitute the firm's acceptance of all City's
terms and conditions and requirements.
The City shall issue addenda reflecting questions and answers to this RFP, if any, and
shall be posted to North Carolina electronic Vendor Portal (eVP). No information,
instruction or advice provided orally or informally by any City personnel, whether made in
response to a question or otherwise in connection with this RFP, shall be considered
authoritative or binding. Proposers can only rely on written material contained in an
Addendum to this RFP.
It is important that all Proposers submitting to this RFP periodically check eVP for
any Addenda. It is the Proposers responsibility to ensure that all addenda have
been reviewed and, if required signed and returned.
All questions related to this solicitation must be submitted in writing (via email) to the
following individual - questions submitted via telephone will not be answered:
Contact Name Email Address
Shelle Boudreau Shelle.Boudreau@raleighnc.gov
1.6 Proposal Submission Requirements and Contact Information
Proposals must follow the format as defined in Section 2 (PROPOSALS), and be
addressed and submitted as follows:
DELIVERED BY US POSTAL SERVICE DELIVERED BY OTHER DEIVERY
MAIL: SERVICES:
City of Raleigh City of Raleigh
ATTN: Shelle Boudreau ATTN: Shelle Boudreau
PO Box 590, Suite 114 222 West Hargett St., Suite 114
Raleigh, NC 27602-0590 Raleigh, NC 27601-1316
RFP No. 274-F-TR2026-2 RFP No. 274-F-TR2026-2
Proposals must be enclosed in an envelope or package and clearly marked with the name
of the submitting company, the RFP number and the RFP Title.
Proposers must submit:
A. one (1) signed original;
B. one (1) electronic version of the signed proposal and;
C. and three (3) copies of the signed proposal.
The electronic version of the Proposal must be submitted as a viewable and printable
Adobe Portable Document File (PDF) on a USB Flash Drive. Both hard copy and
electronic versions must be received by the City on or before the RFP due date and time
provided in RFP Timeline (Section 1.3). Proposals received after the RFP due date and
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time will not be considered and will be returned unopened to the return address on the
submission envelope or package.
Proposers must respond to the entire Request for Proposals (RFP). Any
incomplete proposal may be eliminated from competition at the discretion of the
City of Raleigh. The City reserves the right to reject any or all proposals for any reason
and to waive any informality it deems in its best interest.
Proposals that arrive after the due date and time will not be accepted or considered for
any reason whatsoever. If the firm elects to mail in its response, the firm must allow
sufficient time to ensure the City's proper receipt of the package by the time specified in
the RFP Timeline (Section 1.3). Regardless of the delivery method, it is the responsibility
of the firm to ensure that their proposal arrives at the designated location specified in this
Section by the due date and time specified in the RFP Timeline (Section 1.3).
1.7 Business Engagement & Opportunities
The City of Raleigh maintains processes to conduct business with all business
enterprises, including small, emerging, growing, under-capitalized, and under-resourced
firms or organizations.
1.8 Rights to Submitted Material
All proposals and supporting materials, as well as correspondence relating to this RFP,
shall become the property of the City. The content of all submittals will be held confidential
until the selection of the firm is made. Proposals will be reviewed by the Evaluation Team,
as well as other City staff and members of the general public who submit public record
requests. Any proprietary data must be clearly marked. In submitting a Proposal, each
Prospective Proposer agrees that the City may reveal any trade secret materials
contained in such response to all City staff and City officials involved in the selection
process and to any outside consultant or other third party who serves on the Evaluation
Team or who is hired by the City to assist in the selection process.
Proposals marked entirely as "confidential", "proprietary", or "trade secret" will be
considered non-responsive and will be removed from the evaluation process.
1.9 Communications
All communications of any nature regarding this RFP with any City staff, elected City
officials, evaluation committee members, are strictly forbidden from the time the
solicitation is publicly posted until award. Questions must be submitted in writing to the
individual designated in Section 1.1 (Purpose), prior to the deadline provided in the RFP
Timeline (Section 1.3). Violation of this provision may result in the firm's proposal being
removed from consideration.
1.10 Lobbying
By responding to this RFP, the firm certifies that is has not and will not pay any person or
firm to influence or attempt to influence an officer or employee of the City or the State of
North Carolina, or any elected official in connection with obtaining a contract as a result
of this RFP.
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1.11 Conflicts of Interest
City of Raleigh contracts are controlled by three conflict of interest provisions.
First, federal procurement standards provide in 2 CFR 200.318 (c)(1),
No employee, officer, or agent may participate in the selection, award, or administration
of a contract supported by a Federal award if he or she has a real or apparent conflict
of interest. Such a conflict of interest would arise when the employee, officer, or agent,
any member of his or her immediate family, his or her partner, or a firm which employs
or is about to employ any of the parties indicated herein, has a financial or other interest
in or a tangible personal benefit from a firm considered for a contract. The officers,
employees, and agents of the non-Federal entity may neither solicit nor accept
gratuities, favors, or anything of monetary value from contractors or parties to
subcontracts.
Similarly, the North Carolina General Statutes provides a criminal statute for conflicts of
interest in public contracting. N.C.G.S. 14-234(a):
(1) No public officer or employee who is involved in making or administering a contract
on behalf of a public agency may derive a direct benefit from the contract except as
provided in this section, or as otherwise allowed by law. (2) A public officer or employee
who will derive a direct benefit from a contract with the public agency he or she serves,
but who is not involved in making or administering the contract, shall not attempt to
influence any other person who is involved in making or administering the contract. (3)
No public officer or employee may solicit or receive any gift, favor, reward, service, or
promise of reward, including a promise of future employment, in exchange for
recommending, influencing, or attempting to influence the award of a contract by the
public agency he or she serves.
City of Raleigh Charter Section 3.9 regulates private transactions between the City and
its officials and employees. The Charter states:
No member of the City Council, official, or employee of the City of Raleigh shall be
financially interested, or have any personal beneficial interest, either directly or
indirectly, as agent, representative, or otherwise, in the purchase of, or contract for, or
in furnishing any materials, equipment or supplies to the City of Raleigh, nor shall any
official or employee of the City of Raleigh accept or receive, or agree to accept or
receive, directly or indirectly, from any person, firm or corporation to whom any contract
may be awarded or from whom any materials, equipment or supplies may be purchased
by the City of Raleigh, by rebate, gift, or otherwise, any money or anything of value
whatsoever, or any promise, obligation or contract for future reward or compensation,
for recommending or procuring the uses of any such materials, equipment or supplies
by the City of Raleigh; no member of the City Council, official or employee of the City of
Raleigh shall for his own personal benefit operate, directly or indirectly, any concession
in any building or on any lands of the City of Raleigh, nor shall any official or employee
of the City of Raleigh bid for or be awarded any contract granting concessionary rights
of any nature or kind from the City of Raleigh; it shall be unlawful for any member of the
City Council, official or employee of the City of Raleigh to bid for or to purchase or to
contract to purchase from the City of Raleigh any real estate, equipment, materials, or
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supplies of any nature or kind whatsoever, either directly or indirectly, at either public or
private sale, either singly, or through or jointly with any other person.
1.12 Proposer Expenses
The City of Raleigh will not be responsible for any expenses incurred by any Proposer in
the development of a response to this Request for Proposal or any other activities
associated with this procurement including but not limited to any onsite (or otherwise)
interviews and/or presentations, and/or supplemental information provided, submitted, or
given to City of Raleigh and/or its representatives. Further, the City of Raleigh shall
reserve the right to cancel the work described herein prior to issuance and acceptance of
any contractual agreement/purchase order by the recommended Proposer even if the
awarding authority for each entity has formally accepted a recommendation.
1.13 Proposer Acceptance
Submission of any proposal indicates a Proposer's acceptance of the conditions
contained in this RFP. Furthermore, the City of Raleigh is not bound to accept a proposal
on the basis of lowest price, and further, the City has the sole discretion and reserves the
right to cancel this RFP, and to reject any and all proposals, to waive any and all
informalities and/or irregularities and reserves the right to re-advertise this RFP with either
the identical or revised scope and specifications if it is deemed to be in the best interests
of the City to do so.
The City of Raleigh reserves the right to accept or reject any or all of the items in the
proposal, and to award the contract in whole or in part and/or negotiate any or all items
with individual Proposers if it is deemed in the best interest of the City to do so. Moreover,
the City reserves the right to make no selection if proposals are deemed to be outside the
fiscal constraint or not in the best interest of the City.
2 PROPOSALS
Submitted proposals must follow the format outlined below. The City may reject as non-
responsive at its sole discretion any proposal that does not provide complete and/or adequate
responses or departs in any substantial way from the required format.
2.1 Request for Proposals Required Document Format
Proposals should be on 8-1/2" x 11" (A4-sized) paper, printed on both sides, bound with
only removable clips or staples (no 3-ring binders), and divided into sections using tabs
to easily identify and separate each section as follows:
2.1.1. Section/Tab 1: Cover Letter
Provide an introduction letter summarizing the unique proposal of your firm to meet the
needs of this service requirement. This letter should be presented on the firm's official
letterhead and signed by an authorized representative who has the authority to enter into
a contract with the City on behalf of the firm. Additionally, include the name, address,
telephone and email address of the individual who serves as the point of contact for this
solicitation.
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2.1.2. Section/Tab 2: Corporate Background and Experience
Include background information on the firm and provide detailed information regarding the
firm's experience with similar projects or services. Provide a list of all similar contracts
performed in the past 5 years, accompanied by at least 3 references (contact persons,
firm, telephone number and email address) per Appendix II, Proposer Questionnaire. Also
see relevant information in Appendix III.
Include the total amount invoiced or applicable fees for each listed project, the length of
the project, and list of those involved in the project who are also proposed for the subject
project named in this solicitation. Failure to provide a list of all similar contracts in the
specified period may result in the rejection of the firm's proposal. The evaluation team
reserves the right to contact any or all listed references, and to contact other public entities
regarding past performance on similar projects.
2.1.3. Section/Tab 3: Financial Information
Review and provide one of the following three (3) financial statement options:
1. Recent audited or reviewed financial statements prepared by an independent certified
public accountant (CPA) that shall include, at a minimum, a balance sheet, income
statement (i.e., profit/loss statement) and cash flow statement and, if the audited or
reviewed financial statements were prepared more than six (6) months prior to the
issuance of this RFP, the Proposer shall submit its most recent internal financial
statements (balance sheet, income statement and cash flow statement or budget with
entries reflecting revenues and expenditures from the date of the audited or reviewed
financial statements to the end of the most recent financial reporting period (i.e., the
quarter or month preceding the issuance date of this RFP)).
OR
2. Recent compiled financial statements prepared by an independent CPA that shall
include, at a minimum, a balance sheet, income statement (i.e., profit/loss statement)
and cash flow statement and, if the compiled financial statements were prepared more
than three (3) months prior to the issuance of this RFP, the Proposer shall submit its
most recent internal financial statements (balance sheet, income statement and cash
flow statement or budget with entries reflecting revenues and expenditures to date),
and other evidence of financial stability such as most recently filed income tax return,
evidence of a line of credit/loans/other type of financing with statement of amount in
use/outstanding balance (e.g., a complete copy commitment letter, loan agreement,
billing statement reflecting the line of credit or statement from lender acknowledging
the commitment to fund the Proposer's stated financing), personal guaranty with
copies of personal income tax filing and statement of net worth or such other evidence
that is accurate, reliable and trustworthy regarding the Proposer's financial stability.
OR
3. Include a certified, signed statement from a licensed CPA regularly engaged in the
review of the firm's financial information verifying the financial viability of the firm.
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All financial information, statements and/or documents provided in response to this
solicitation shall be kept confidential provided that EACH PAGE is marked as follows:
"CONFIDENTIAL - DO NOT DISCLOSE EXCEPT FOR THE EXPRESS PURPOSE OF
PROPOSAL EVALUATION."
"Recent" shall be defined as financial statements that were prepared within the 12
months preceding the issuance date of this RFP.
Consolidated financial statements of the Proposer's parent or related
corporation/business entity shall not be considered, unless: (1) the Proposer's actual
financial performance for the designated period is separately identified in and/or attached
to the consolidated statements, (2) the parent or related corporation/business entity
provides the State with a document wherein the parent or related corporation/business
entity will be financially responsible for the Proposer's performance of the contract and
the consolidated statement demonstrates the parent or related corporation's/business
entity's financial ability to perform the contract, financial stability and/or such other
financial considerations identified in the evaluation criteria; and/or (3) Proposer provides
its own internally prepared financial statements and such other evidence of its own
financial stability identified above.
The firm's failure to provide any of the above-referenced financial statements may result
in the proposal being removed from consideration. Proposers are also encouraged to
explain any negative financial information, and to provide documentation supporting those
explanations and demonstrating the financial strength of the firm.
2.1.4. Section/Tab 4: Project Understanding, Approach and Schedule
Provide a comprehensive narrative, outline, and/or graph demonstrating the firm's
understanding and approach to accomplishing the tasks outlined in the Scope of Work
section of this RFP. A description of each task and deliverable and the schedule for
accomplishing each shall be included. Please also provide detail to emphasize the firm's
familiarity with governing laws impacting the services and deliverables.
2.1.5. Section/Tab 5: Team Firm, Experience and Certifications
This section must include the proposed staffing, deployment and firm of personnel to be
assigned to this project. The Proposer shall provide information as to the Proposals and
experience of all executive, managerial, legal, and professional personnel to be assigned
to this project, including resumes citing experience with similar projects and the
responsibilities to be assigned to each person. A project-specific firm chart which clearly
illustrates the roles, responsibilities, and the reporting relationships of each team member
should be included.
2.1.6. Section/Tab 6: Cost
Clearly identify the proposed costs for the contract. (see Appendix 1 - Proposal Cost
Form.) The City's preference is for vendors to provide an annual flat-rate fee. Identify and
disclose all components or ranges embedded in the fee structure. If any costs will be billed
to the City outside of the proposed fees (licenses, travel expenses, equipment, etc.),
please include a clear outline of those costs in the proposal.
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