Title
Presentation of the planned award of RFP 2019-062 Banking Services.
Body
Issue/Request:
The City Council will be presented with an ordinance for first reading on July 16 to award two contracts in response to RFP 2019-062 for Banking Services. The contracts are currently in review with staff in the Law Department. This presentation is intended to share all pertinent information with the Finance and Budget Committee in advance of the ordinance being submitted for City Council approval.
Key Issues:
The City currently conducts banking business under a contract with UMB Bank that was established with Resolution No. 14-03 in April, 2014. The contract allows for typical financial services such as multiple bank accounts, check writing and clearing, funds transfers, reconciliation, deposit processing, and financial reporting. In addition, the City requires additional specialized services including investment custodial services, merchant card processing, trust services, and lockbox processing. The City is currently operating until September 30 under a contract extension of the fourth renewal year. A decision was made to rebid the banking services rather than continue the fifth renewal year in order to review existing services and costs and also consider implementation of new technologies.
RFP No. 2019-062 was issued to solicit interest in the City’s banking service needs. The RFP was written in a manner that allowed for a split award of services in the event that such a split award was in the best interest of the City. Four banks responded to the RFP. All four banks were interviewed and provided demonstrations of online services to the evaluation committee of seven staff members. The evaluation committee concluded that all four responding banks were well qualified to provide the requested services. Evaluation committee members were:
Sherri Staub, Cash Management Officer
Darlene Pickett, Assistant Finance Director/Controller
Robin Blum, Assistant Finance ...
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