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Recommend Authorizing Award for Banking Services 2 December l7, 2007 <br />Analysis <br />The City circulated a request for proposals for banking services to 16 banking institutions on June 8, <br />2007. Eight responses were received with projected service costs ranging from $630 to $2,5(?0 <br />monthly and based on a fixed level of service stipulated by the RFP. The proposals excluded the <br />cost for armored car services which will be negotiated separately. After reviewing the proposals, <br />six banks were selected to provide an in-depth presentation and demonstrate their ability to support <br />daily City operations in an effective and efficient manner utilizing the bank's service applications. <br />The Evaluation Committee (consisting of six finance staff members) evaluated each banking <br />institution's presentation on the basis of which could provide the City with the best product and <br />customer support service. Based on a 100 point scale, overall ability to provide products and <br />services to City government was weighted 70% and overall cost was weighted 30% of the <br />evaluation. Wells Fargo Bank received the highest ranking and has the lowest negotiated price. <br />Staff's goal, in addition to seeking technological improvements, enhancing customer service and <br />gaining operating efficiencies, is to reduce overall annual cost by 30% to 35%. The proposed <br />general banking services cost will be $776 per month ($9,312 annually) based on the RFP criteria <br />for five years as opposed to the current $1,790 per month ($21,480 annually). The City has an <br />option to extend services for an additional two years at a new negotiated price. <br />Current City Council Policy <br />N/A <br />Previous City Council Action(s) <br />N/A <br />City Council Committee Review and Action <br />City Council Finance Committee reviewed and recommended approval by the City Council on <br />October 16, 2007. <br />Applicable General Plan Policy <br />N/A <br />Permits and/or Variances Granted <br />N/A <br />Environmental Review <br />N/A <br />Code Compliance Review <br />N/A <br />Board/Commission Findings <br />N/A <br />Summary of Public Outreach Efforts <br />N/A <br />