Title
Approval for the Mayor and/or City Administrator to sign a contract for Banking Services with JP Morgan Chase Bank for a term of three (3) years with an option for two (2) additional one-year terms.
Presented by Keith Lee, Finance Director
Body
Item Summary:
Request for Proposals (RFP) #14-128-S was issued for Banking Services and eight (8) proposals were received. The purpose of the RFP was to solicit proposals from qualified financial institutions to provide full-range banking services for the City while ensuring the highest degree of safety for its financial assets.
The proposals were reviewed by an Evaluation Committee based upon the criteria set forth in the RFP. The banks representing the four proposals receiving the highest scores were invited to provide an oral presentation further outlining information such as customer service, community involvement, implementation strategy, and online banking capabilities. Based upon the technical proposal, oral presentation, and fee proposal, JP Morgan Chase was the most responsive responsible proposer.
Committee or Staff Recommendation:
On August 12, 2014 the Administration, Finance, Recreation & Parks Committee recommended placing this item on the August 25, 2014 Mayor and Council Agenda.
Financial Impact:
Funding for banking services is included in the annual approved budget within the various affected funds. However, as part of the proposal, JP Morgan Chase will waive all fees for the first year of service.
Presented by:
Keith Lee, Finance Director