Item - 2022.GL31.8
Tracking Status
- City Council adopted this item on June 15 and 16, 2022 without amendments and without debate.
- This item was considered by the General Government and Licensing Committee on June 7, 2022 and adopted without amendment. It will be considered by City Council on June 15 and 16, 2022.
GL31.8 - Non-Competitive Contract with Bloomberg Finance LP for the Provision of Continued Leasing Proprietary Software and Data Services
- Decision Type:
- ACTION
- Status:
- Adopted on Consent
- Wards:
- All
City Council Decision
City Council on June 15 and 16, 2022, adopted the following:
1. City Council authorize the Chief Financial Officer and Treasurer to renew the non-competitive contract with Bloomberg Finance LP for the continued leasing of proprietary software, data services, and network access / routers at a cost estimated not to exceed $303,367 USD net of Harmonized Sales Tax ($308,706 USD net of Harmonized Sales Tax recoveries) for a four-year period (two consecutive 2-year renewable leasing agreements) from January 8, 2023 to January 7, 2027, on terms and conditions satisfactory to the Chief Financial Officer and Treasurer and in a form satisfactory to the City Solicitor.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2022/gl/bgrd/backgroundfile-226318.pdf
GL31.8 - Non-Competitive Contract with Bloomberg Finance LP for the Provision of Continued Leasing Proprietary Software and Data Services
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Recommendations
The General Government and Licensing Committee recommend that:
1. City Council authorize the Chief Financial Officer and Treasurer to renew the non-competitive contract with Bloomberg Finance LP for the continued leasing of proprietary software, data services, and network access / routers at a cost estimated not to exceed $303,367 USD net of Harmonized Sales Tax ($308,706 USD net of Harmonized Sales Tax recoveries) for a four-year period (two consecutive 2-year renewable leasing agreements) from January 8, 2023 to January 7, 2027, on terms and conditions satisfactory to the Chief Financial Officer and Treasurer and in a form satisfactory to the City Solicitor.
Origin
Summary
The purpose of this report is to request authority to negotiate and enter into a non-competitive contract with Bloomberg Finance LP ("Bloomberg"), for the continued leasing of proprietary software and data services for a four-year period (two consecutive 2-year renewable leasing agreements) from January 8, 2023 to January 7, 2027. The contract is estimated to cost $303,367 USD net of Harmonized Sales Tax ($308,706 USD net of Harmonized Sales Tax recoveries). The software and data subscription system is used to monitor and analyze real-time financial market data, news, real-time bond pricing quotes, and to obtain forecasts and surveys. Since 1996, staff has relied on the functionalities of Bloomberg to issue debentures, make investment decisions, create long-term capital financing plans, and use information obtained from this system to prudently assist with financial matters of the City.
City Council approval is required in accordance with Municipal Code Chapter 195- Purchasing, where the current request exceeds the Chief Procurement Officer's authority of the cumulative five year commitment for each vendor (including previous contracts), under Article 7, Section 7.3 (D) of the Purchasing By-Law, or exceeds the threshold of $500,000 net of Harmonized Sales Tax allowed under staff authority as per the Toronto Municipal Code, Chapter 71- Financial Control, Section 71-11A.
Background Information
https://www.toronto.ca/legdocs/mmis/2022/gl/bgrd/backgroundfile-226318.pdf