Title
An Ordinance approving the Award of RFP No. 2019-062 to U.S. Bank N.A. and UMB Bank N.A. for specific components of banking services and Authorizing the City Manager to execute agreements to secure the same by and on behalf of the City.
(Note: First reading by Council on July 16, 2019. Passed by unanimous vote.)
Body
Issue/Request:
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 under a contract extension through September 30, 2019. Rather then renew the contract for the fifth year, the City extended the contract through September 30, 2019 to allow the City to to review existing services and costs and also consider implementation of new technologies and rebid the banking services.
Request for Proposals ("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 Director/Cash and Debt
Rick Gentry, Procurement and Contract Services Manager
Bette Wordelman, Finance D...
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