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 contract; and
7. Is sufficiently capitalized to accommodate the County's cash/investment management needs.
Action to be Taken Following Approval: Following Board approval, the Treasurer-Tax Collector will negotiate a final contract for banking services.
Contact: C.L. Raffety x5803
Concurrences: N/A