Item Coversheet

Competitive Bid Reports - C2  C




COMMISSION MEMORANDUM

TO:Honorable Mayor and Members of the City Commission 
FROM:Raul J. Aguila, Interim City Manager 
DATE:February  10, 2021
 



SUBJECT:REQUEST FOR APPROVAL TO ISSUE REQUEST FOR QUALIFICATIONS (RFQ) 2021-090-KB VARIOUS BANKING SERVICES. 

RECOMMENDATION

The Administration recommends that the Mayor and City Commission of the City of Miami Beach, Florida authorize the issuance of Request for Qualifications (RFQ) for various banking services.

BACKGROUND/HISTORY

This Request for Qualification (RFQ) is for various banking services involving several accounts. These services consist of a pool of accounts, which are not limited to, a General Depository Account for funds collected daily; a General Operating Account with ZBA accounts and Disbursing Accounts.

 

On November 14, 2012, the Mayor and City Commission approved the award of an agreement with Truist Bank (formally SunTrust) for five (5) years, with five (5) one (1) year renewal options, for various banking services. The current agreement expires December 2021 therefore this agreement seeks to replace the agreement with SunTrust Bank. The term of the contract to be entered into pursuant to this RFQ is anticipated to begin on January 1, 2022, for a five (5) year initial term, and five (5), one (1) year renewal options, at the sole discretion of the City (through its City Manager).

ANALYSIS

There are several services which are required as part of this RFQ.  All services (except the optional service in subsection II (17) hereof, must be included in the proposal in order for it to be considered.  It is the intent of the City to have one single bank provide the service needs of the City on its major bank accounts, which are the General Depository, General Operating with ZBA accounts, General Disbursing, and Payroll Accounts, as well as any other bank accounts that the City may have or open in the future.  We are requesting that proposers include new value-added services and other advances in banking that the City may consider. 

 

Account Types:

General Depository (with UPIC)

General Operating

Hybrid Accounts (High-interest savings account and checking account in one)

Checking Accounts

Disbursement Accounts

Zero Balance Accounts (Deposit and Disbursement)

 

Services Included, but not limited to:

Computerized Services (Bank Reconciliation)

ACH fraud Control

ACH Control Total

Check Block

Positive Pay

Control Pay

Cash Vault

Demand Deposit

Image Cash Letter

Image Delivery

Online Couriers ( CPR, RPT)

Outstanding check reconciliation (MFT)

Check Sort

File upload (MFT)

EDI

Lock Box

Purchasing Card Program Services and rebates

ATM - City premises

Same day Processing

Automatic Redeposit of deposit items returned

Direct Deposit/ACH payroll checks

Count and Deposit meter Collection

 

Other:

Opportunity for Advertising Partnership

Resiliency Loan Program for residents and Business

Offer employee benefits that include free checking account and other benefits

Other Services that proposer may offer its clients that the City has not otherwise requested

 

Online Banking and Management of Accounts:

Account Transfers

CPR reports

Positive Pay Maintenance

Current/prior day balance

Wire Transfer

Bank Statements

Daily activity report

Purchasing Card Management

Lockbox image browser

Special Reports

Electronic Credit Card transaction detail reports

 

Customer Service:

Designated account Senior Management Level, Treasury Management, Merchant Services, and Technical Support

Local Decision Making at Bank Offices

Training and Communication on Fraud Control Prevention

 

-PURPOSE.  Please Reference, Request for Qualifications (RFQ) 2021-090-KB, Various Banking Services (attached).

 

-SUBMITTAL REQUIREMENTS.  Please Reference Section 0300, Request for Qualifications (RFQ) 2021-090-KB, Various Banking Services (attached).

 

-CRITERIA FOR EVALUATION.  Please Reference Section 0400, Request for Qualifications (RFQ) 2021-090-KB, Various Banking Services (attached).

 

Following the receipt of proposals an Evaluation Committee will review proposals in accordance with the criteria established in the RFQ.

SUPPORTING SURVEY DATA

Not applicable.

FINANCIAL INFORMATION

It is not anticipated that grant funding will be utilized for this project.

CONCLUSION

The City Manager recommends that the Mayor and Commission authorize the issuance of the Request for Qualifications (RFQ) 2021-090-KB, for Various Banking Services.

Applicable Area

Not Applicable
Is this a "Residents Right to Know" item, pursuant to City Code Section 2-14? Does this item utilize G.O. Bond Funds?
No No 
Legislative Tracking
Finance/Procurement

ATTACHMENTS:
Description
RFP