Summary of Specifications:
Scope of Services
The City requests proposals for banking services for an initial five (5) year term commencing April 1, 2016 and ending on March 31, 2021. The depository agreement shall contain a renewal clause for an additional five (5) year term.
The City’s average cash and investment balance is approximately $20 million. The City’s current bank accounts include, but are not limited to the following:
• Checking Account (Operating): This is the main account used by the City for its daily operations. The average monthly ledger balance is $4,800,000. • Savings Account (Money Market): This account is one of the primary savings accounts used by the City. On average, the City will transfer funds from its Checking Account (Operating) to this account once a month. Average monthly ledger balance is $13,000,000. However, the City has just started utilizing its other savings account with ColoTrust due to the higher interest rate, so this account will generally show a lower monthly average balance of approximately $5,000,000. • Payroll Checking Account: This account supports City’s payroll disbursement activities. Every two weeks, the bank will transfer funds from the Checking Account (Operating) to this account to cover all checks presented for payment as well as electronic payroll processing for City employees. Average monthly ledger balance is approximately $200,000. • Red Light Account: This account is used exclusively to process payments received for red light violations. Payments are received from an outside vendor who then remits the receipts to the City’s account. Average monthly ledger balance is $50,000. • Lone Tree Arts Center Operating Account: The City uses this account exclusively for payments related to all activity at the Lone Tree Arts Center. Average monthly ledger balance is $250,000. • Park and Recreation Account: This account is used for tracking purposes of specific funds related to the Debt Service Fund – Park and Recreation Improvements. Average monthly ledger balance is $900,000.
Minimum Requirements for Banking Services Offered:
1. Provide bank statements and bank account analysis on a monthly basis within minimal time after the end of the month. Canceled items should be mailed or sent electronically to the City Municipal Office Building. 2. Provide “Positive Pay” or similar system for verification of City checks to vendors. 3. Provide online services for processing transfers, wires, ACHs, viewing bank statements and transactions, etc.
4. Provide an account representative and back up and who those individuals will be for the City. 5. Provide wire transfer services. 6. Provide EFT transfer services for automatic payments on customer accounts. 7. Provide EFT direct deposit services for City payroll. 8. Provide purchasing cards and online access for cardholders. 9. Provide lock box services for City businesses remitting sales taxes and business licenses. 10. Provide general cash management assistance utilizing performance reporting of all investments in the bank’s safekeeping. Contract applies only to checking account and other short term (less than 30 days) funds. 11. Provide capability for handling investment and trust services for security investments. 12. Provide economical, interest bearing savings accounts for short-term cash requirements and other instruments to invest at higher rates for excess dollars. 13. Provide desktop deposit or similar functionality.
