Title
Chief Administrative Office, Procurement and Contracts Division, recommending the Board:
1) Award RFP No. 11-947-044 for Banking Services to Bank of America;
2) Authorize the Treasurer-Tax Collector to negotiate a five year agreement with an estimated annual amount of $60,000; and
3) Authorize the Treasurer-Tax Collector to execute a five year agreement upon approval by County Counsel.
FUNDING: General Fund and Non General Fund.
Body
BUDGET SUMMARY:
Total Estimated Cost $60,000
Funding
Budgeted $60,000
New Funding $
Savings $
Other $
Total Funding Available $60,000
Change To Net County Cost $ 0
Fiscal Impact: Compensation will be a fixed amount, estimated at $60,000 annually
Reason for Recommendation: At the request of the Treasurer-Tax collector, the Procurement and Contracts Division issued a Request for Proposals for banking services. Six (6) proposal responses were received. Responses were received from:
Bank of America
Bank of the West
Union Bank
JP Morgan Chase
US Bank
Wells Fargo
Given the competitive banking market, the Treasurer-Tax Collector considered that it was beneficial to market their business to the banking industry through a competitive selection process, in order to ensure the County obtains the best products and services for the lowest possible cost. A team composed of representatives from the Auditor's Office, Treasurer-Tax Collector, and the Office of Education reviewed all responses. Bank of America was determined to best meet the needs of the County because of the following:
1. Provided the lowest costs overall to the County;
2. Able to provide technologically advanced services at a lower cost;
3. Has branches in all locations described in the RFP;
4. Capability of offering all of the services sought by the County;
5. Provided significant cost savings suggestions for the future;
6. Willingness to provide a fixed fee five year contrac...
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