Bank Account: The City is planning to open as many as Five (5) bank accounts as stated below. Most of the city’s depository payments will be made through these accounts. The city’s monthly deposits consist of approximately 880 checks, currency and coins. The total monthly average deposited is approximately three (3) million dollars. The majority of all monies collected within the City are physically routed from multiple locations to the City’s Finance Department. The Finance Department processes, prepares, and delivers deposits to the bank on a daily basis. The city has generally 900 checks paid from the General account and 120 payroll payments per month. General account for primary checking account through which the City’s expenditures and revenues are processed, including credit card deposits Zero Balance sweep account for Payroll disbursement, payroll taxes and deductions Zero Balance sweep account used for revenue of City’s Water Utility Zero Balance sweep account used for City’s parking citation account Checking account for issuing refunds that are less than $100 a. Full Account Reconciliation - The City transmits check issued information to the Bank on a weekly basis utilizing a File Transfer Protocol (“FTP”) file. The Bank provides a daily detailed report, by account, of checks paid, and a monthly detailed report of checks outstanding. Paid checks are imaged and transmitted to the City on a monthly basis. b. Electronic Reporting - The Bank must have a comprehensive on-line application to allow the City to receive previous day balance and transaction information for each account. The City currently uses its bank’s on-line service to obtain a balance report each morning for use in connection with its cash management functions. c. Sweep Account - The City uses this service for Payroll, Utility revenue, and Parking Citation. d. Payee Positive Pay - The City currently utilizes Payee and Check Number Positive Pay on all of the City’s disbursements, and plans to continue this practice with the new banking contract. The Bank must be able to provide this service.
