Board of Directors Regular Meeting Agenda


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Meeting Date: 05/19/2016  

SUBJECT MATTER:
Receive, consider and act upon a request for proposal for depository, banking and merchant services;
FISCAL IMPACT:
Not applicable
BACKGROUND:
The Township’s depository, banking and merchant services are currently provided by Wells Fargo. 
 
A Request for Proposal (RFP) has been prepared to solicit proposals for depository, banking and merchant services for a five year period beginning October 1, 2016, and is attached for the Board’s review.  Linda Patterson with Patterson & Associates worked with staff to develop the RFP and she will also evaluate the submitted proposals, offer in-depth analysis and recommendations, and assist with the implementation and review of banking agreements.  Ms. Patterson has over 20 years’ experience in public finance and has been involved professionally at the state and national levels improving the field of treasury management.  This involvement included participating in the authorship of the Texas Public Funds Investment Act and the Public Funds Collateral Act.
 
The RFP will be posted on the Township’s website as well as sent electronically to multiple banking institutions within the Township’s jurisdiction.  The RFP seeks proposals only from banks with physical locations within the Township’s boundaries as proximity is an important factor in the provision of depository and other services required by the Township.
 
As outlined in the RFP, the following criteria will be used by the Township as the weighting basis for evaluation of the proposals and the award recommendation:
 
            40%     banking services costs and earnings potential
            30%     responsiveness and ability to provide required services
            15%     customer service and continuity of the bank
            15%     creditworthiness and stability of the bank
 
Please reference Sections 6 and 7 of the RFP related to selection criteria and the Township’s rights regarding acceptance, evaluation, and selection of the proposals.
 
The RFP will be released on May 31 and proposals will be due back to the Township on June 24, 2016.  The award of contract for the depository, banking and merchant services will be placed on the Board’s July 27, 2016 agenda.
 
Please note that Attachment C regarding Merchant Services requires staff to provide certain information under “Program Specifications”.  Staff is compiling the required data and will complete the specifications prior to releasing the RFP.
 
RECOMMENDATION:
Authorize staff to release the Request for Proposal for depository, banking and merchant services.    
 
Attachments
RFP for Depository, Banking and Merchant Services


    

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