The City's current depository contract ends on September 30, 2017. According to State Law and the City's Financial Management Policy Statements, the City may approve a depository contract whose term does not exceed five years. There is no requirement for rotation of depository banks. The City will select its official banking institution through a formal process based on best value in order to provide the City the most comprehensive, flexible, and cost-effective banking services available. Depository accounts may only be opened by employees with authority specifically granted in the depository agreements approved by City Council.
On May 18, 2017, the City received 4 responses to a request for proposals for depository bank services (RFP# 2017-29). Respondents included: Wells Fargo Bank, Chase Bank, Cadence Bank and Frost Bank. The proposals were independently evaluated by a team of 3 staff members and ranked based on the following criteria:
| (1) Ability to perform requested services |
40 |
| (2) Lowest cost of banking services |
40 |
| (3) Financial condition and ability to meet collateral requirements |
10 |
|
(4) Conformance to points in the RFP and contract/
Reputation of bidder with governmental client references
|
10 |
Wells Fargo Bank ranked the highest of the four proposals received, and had the lowest annual cost based on historical activity levels.
This recommendation was reviewed with the Finance/Audit Committee on July 27, 2017. Since that time, Finance and Legal staff have been working to finalize the depository agreement and contracts for approval. The evaluators recommended approval of a new agreement with Wells Fargo Bank beginning October 1, 2017.
Approval by City Council authorizes the City Manager or his designee to execute any necessary documents to establish and maintain necessary accounts during the contract period.