Financial Services

The vendor is required to provide for financial proposals is driven by six key objectives:
1. Cash management: 
• Effective cash management involves overseeing the board’s financial assets to ensure optimal liquidity while minimizing operational and financial risks. 
• This includes, but is not limited to, account management and foreign currency exchange services. 
2. Assess current financial arrangements and services: 
• Review the board’s existing financial service structure and services to identify areas for improvement. 
3. Enhance financial services: 
• Implement improvements to strengthen and streamline the board’s financial services arrangements. 
4. Identify efficiencies: 
• Seek opportunities to optimize the various services offered, encouraging proponents to suggest or propose alternative methods or procedures. 
5. Explore new financial services solutions: 
• Investigate potential new services that proponents could provide to further enhance the board’s financial operations. 
6. Ensure cost-effective financial services: 
• Achieve an efficient and effective financial service that minimizes costs for the greater district.
- the board is requesting a broad range of services to meet our needs including but not limited to:
• Cash management
• Short-term investment
• Short-term borrowing
• Online financial services
• Fraud prevention
• Implementation
• Training
• Customer support
- Out of scope
• Accounts payable processing services
• Capital and operating leases
• Debit and credit card processing services
• Endowment funds
• Long-term borrowing
• Long-term investments
- Current technology environment
• Microsoft office 365
• k212 payroll
• Spark rock financials for general ledger and reporting
• SQL databases
• Desktop environment is windows 10/11
• Server environment - hybrid cloud and on-prem
• The board transfers data from the financial institution multiple times a week via high-speed internet connection
- Mandatory requirements
• A bank listed in schedule i or ii bank under the bank act
• A load corporation or trust corporation registered under the load and trust corporations act
• A credit union or central to which the credit unions and act, 2020 applies
- Electronic fund transfer
• On-line banking for the electronic funds transfer process for payment to participating vendors.
• The estimated monthly volume activity for payment to vendors is 726 and 2 files per month.
• Provide an outline of their institution’s system requirements and the associated costs for this service.
- On line banking – pap account (pre-authorized payment plan)
• Approximately 3,000 payments on a pre-authorized payment plan in 240 files per year that correspond with due dates.
- Payment services
• Approximately 12 wire payments per month currently, the files are submitted via internet.
• The board is a threshold 2 remitter per revenue regulations.
• Remitting is based on CRA schedules. 
• On average there are 4 remittances per month for CPP, EI and tax.
- Estimated monthly volume
• The ability to make secure and confidential deposits (i.e., cash inflows) and payments (i.e. cash outflows) into and out of our bank accounts.
• The proponent is to provide same day credit for deposits made within the cut-off times (where applicable).
• The estimated average monthly volumes of the board’s various services on its general revenue and chequing accounts are outlined.
- Cashiers supplies
• The board requires the bank to provide batch slips for batching checks and paper currency, approximately 4 batch slips per month, approximately 50 deposit slips per year.
- Direct debit service (pre-authorized payment plan)
• The board uses on-line banking to process pre-authorized payment plans for the payment of the following:
o A/R pre-authorized: 35 average payments sent via 2 files per month.
- Direct deposit payroll system
• Provide a direct deposit service to all financial institutions on a biweekly basis as well as on the 15th and 30th day of every month in accordance with the board’s payroll system.
• This will involve approximately 9,400 deposits to various financial institutions and the greater county in 6 files on a monthly basis submitted via EFT.
• The board shall receive notification of deposits 24 hour prior to the pay date with the expectation that employee accounts will be updated as soon as possible thereafter, except where public holidays fall.
- Bank statements, cheques and deposit slips
• Bank statements shall be made available electronically to the board on a monthly basis, showing as a minimum, the daily total of cheques cashed, daily total of deposits made, individual debit and credit memos including all transfers to and from the general account.
• Bank statements and all on-line banking services must apply to each of the board’s account.
- Budget for 2024-2025 is $532,022,414 and the capital budget is $56,531,217.
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: July 9, 2025