The Consultant shall provide expertise in demographic/economic analysis and the use of this analysis in forecasting the City of Cincinnati’s Income Tax Revenue over the period 2023-2028. The Consultant shall work with an internal City team, including staff of the Finance Department’s Accounts and Audits Division, and others (the "City Team"). The selected Consultant shall prepare a comprehensive report for the City of Cincinnati to provide context for the City's long-term financial forecast. An example of the report provided for the last forecasting contract is attached (see Attachment 5). Specific deliverables to be included in the report: Deliverable 1: Economic Trends and Five-Year Outlook Review economic characteristics significant for public policy development. Some examples include economic growth, job and wage growth, employment/unemployment, job type, income, inflation, interest rates, construction, and real estate market, etc. The Consultant shall include an analysis of the national and regional economies and their relation to the local economy. Deliverable 2. Net Profit Analysis The Consultant shall complete a historical analysis of the impact national and regional economies have specifically on local net profit income taxes. Deliverable 3: Comparison to Other Areas Comparisons of the City’s demographic and economic profile to the PMSA, state, and region. Deliverable 4: Analysis and Conclusions Based on the trends and outlooks, an analysis and policy-level summary with conclusions. The Consultant shall prepare a qualitative comparison of economic and demographic indices on the City income tax revenue projections. Deliverable 5: Project Meetings There will be at least two meetings with the City Team to discuss current income tax forecast and economic conditions. There will be a follow up meeting scheduled to review findings and projected income tax information with an optional meeting to finalize the forecast and report. The Consultant will make a formal presentation to the City of Cincinnati’s Budget and Finance Committee during a scheduled meeting in May or June 2023. RFP255X901068 4 The costs for the Deliverables 1-5 should be included in the Consultant’s proposal. B. The Consultant shall provide a separate cost proposal for conducting a five-year review of non-personnel expenditures and providing an annual inflationary increase factor. This factor would be utilized to project non-personnel expenditures, including but not limited to, gas and electricity, material and supplies, expert services, and repair services. C. The Consultant will be required to sign a confidentiality agreement as a condition of award. By submitting a quote to the City of Cincinnati, the offer acknowledges the City’s intention to enter into a confidentiality agreement prior to issuing a contract for services.
