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File #: 15-14035    Version: 1 Name:
Type: Consent Item Status: Agenda Ready
File created: 8/21/2020 In control: City Council Business Meeting
On agenda: 10/26/2020 Final action:
Title: Banking Services
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideoAudio
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Banking Services

A. Authorize the City Manager to negotiate and approve a unit price contract with Bank of America for Banking Services for an initial term of five years,

B. Authorize the City Manager to negotiate and approve a unit price contract with Wells Fargo Bank for Payroll Services for an initial term of five years, and

C. Authorize the City Manager to renew the contracts for up to two, one terms with possible price adjustments and to amend the contracts consistent with the purpose for which the contracts were approved.

Staff Resource(s):
Kelly Flannery, Finance
Sheila Simpson, Human Resources

Explanation -
* The city's Finance Department uses outside Service Providers to provide the city's core banking services and financial management tools in support of daily operations.
* Core banking services include electronic fund transfers, check clearing, payroll direct deposits, receipts of tax revenue, utility payments and other revenues, and reporting.
* On May 8, 2020, the city issued a Request for Proposals (RFP); six responses were received.
* Total annual expenditures are estimated to be $150,000 with several opportunities for offsetting credits in the form of rebates, dividend earnings, and an earned credit rate on certain balances. Offsets may include:
* Rebates through the electronic card solution,
* Dividend earnings through the Bank's automated payment solution depending on volumes, and
* Earned credits based on account balances.
* This solution will reduce the number of checks printed weekly and increase the number of Automated Clearing House payments to vendors while earning the city a percentage dividend that will be applied to directly offset banking fees.

Charlotte Business INClusion
Per Charlotte Business INClusion Policy: Part C: Section 2.1(a) The city shall not establish Subcontracting Goals for Contracts where (a) there are no subcontracting opportunities identified for the Contract; or (b) there are no...

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