Title
Banking Request for Proposal (RFP) Update
Recommended Action
Committee Recommendation:
Not referred to a committee
City Manager Recommendation:
Discuss the Request for Proposal (RFP) for banking services and provide guidance.
Report
Issue:
Whether to provide additional guidance to staff regarding a RFP for banking services.
Staff Contact:
Dean Walz, Fiscal Services Director, 360.753.8465
Presenter(s):
Dean Walz, Fiscal Services Director, Administrative Services Department
Terry McCall, Portfolio Services for Government
Background and Analysis:
US Bank is the service bank for the City. The current service agreement was signed in July 2012 for a two-year period with two-year extensions and an expiration date of June 2024. The City is in the process of preparing a Request for Proposal (RFP) for banking services. The current plan is to issue the RFP in early March 2018 with a recommendation to the Council in May.
Neighborhood/Community Interests (if known):
None identified.
Options:
1) Direct staff to continue with the RFP process as discussed at the meeting.
2) Direct the staff to make changes to the RFP or process.
Financial Impact:
2017 costs of banking services were $50,931.
Attachments:
None