Banking Services

The Vendor is required to provide banking services with the highest degree of safety for its financial assets while maintaining sufficient liquidity and protection of all the funds entrusted to the city.
- Must not operate through an intermediary bank for any of its services.
- Financial statements for the past two years, including appropriate notes to the financial statement and an unqualified auditor's opinion, must be submitted with proposals.
- Proposing banks should submit either (a) bank rating information from applicable credit rating or banking industry analysts, or (b) one copy of each of the last four quarterly call reports for the bank.
- All financial institutions acting as a depository for the city must enter a "depository agreement" requiring the depository to pledge collateral to secure all city funds over and above amounts guaranteed by corporation.
- The type of collateral must be satisfactory to the city, and deposits are to be collateralized at 110% of expected monthly depository balances.
- Must have a secure, password-protected, web-based reporting system, which at a minimum includes the following capabilities:
•    Provides a reliable backup plan and proven redundancy in the event of computer system problems or other unexpected events including a disaster recovery plan that included off-site recovery facilities and recovery procedures.
•    Daily “comprehensive” reporting of collected and available balances, total debits and credits, detail debits and credits for all accounts including float and average month to date balance information, with printing and download capabilities.
•    “Previous day” balance and detail reporting for all accounts with historical information online for at least 180 days.
•    Availability of account details for review of transactions including check images and individual deposited items online in electronic format.
•    Concentration and zero balance account daily interaction reporting. 
•    Intraday position reporting for all accounts. 
•    Return item reporting, particularly for ach payroll items. 
•    Presentments of checks for controlled disbursement accounts not later than 10:00 a.m. each day and a minimum of 4 hours for review and determination before payment is returned.
•    City-originated stop payment of checks via secure online site and the reporting of stop payments issued.
•    Capability to import and initiate transmission of "checks issued" files for positive pay and recon purposes, both for bulk check issuance files (weekly runs) and individual check issued files (for manual checks).
- Several key items are included below, but the city looks forward to additional services that you will be able to provide:
•    Establish demand deposit accounts as may be necessary to meet the banking requirements of the city.
•    Post deposits and withdrawals in a timely manner with online access to review both.
•    Provide the city copies of all debit and credit adjustment memos. 
•    We would prefer this come to the city via email or a report that can be accessed through the online system, but mail is also acceptable.
•    Provide the city all the necessary deposit slips. 
•    We routinely only deposit funds into the general fund account.
•    The city requests the banking institution provide secured depository bags to the city.
•    Provide the city all the software and training necessary to access and utilize the proposer’s online systems
•    Provide automated on-line balance reporting services for all city accounts.
•    Provide the ability to place on-line stop payments and cancelation of issues and on-line access to information regarding cleared, canceled and stop payment checks.
•    After minimum concentration account balance requirements are met, if applicable, sweep any excess cash balances into an approved overnight investment vehicle.
•    The city currently utilizes positive pay services for both the general fund account and the payroll account; this is a must for the city due to recent experience.
•    Provide monthly activity statements and reports. 
•    The city currently receives an analysis statement on the master account only.
•    The city requires on-line access to month-end statements for both bank account activity and for analysis statements.
•    Provide the city with the capability to retrieve images online.
•    Ability to deposit checks remotely through an online platform.
•    Provide detailed online reports of wire transfers received by the city.
- Description of accounts:
1. Master account 
•    This account serves as the city's master ZBA holding account. 
•    ZBA transfers are made daily to the general fund and payroll accounts. 
•    Interest in the total account balances of all city held accounts is recorded in this account monthly.
2. General fund account 
•    This account is the city's general depository and disbursement account. 
•    Receipt of city revenues is in the form of deposits (currency, coin, or check), wire transfer credits, ach credits, or credits from electronic draft capture. 
•    The account also handles most of the city expenditures with the exception of payroll-related transactions. 
•    Disbursements are made to vendors in the form of checks, ach debits and wire transfers. 
•    Funds are transferred nightly into the master account by ZBA transfer.
3. Payroll account 
•    This account is used to fund the city's 26 bi-weekly payrolls, 12 monthly payrolls, and other payroll related payments by the city. 
•    City employees are paid through a combination of automatic direct deposit and checks. 
•    Funds are transferred nightly into the master account by ZBA transfer.
4. Water and sewer account 
•    This account holds the city's restricted cash for customers' utility deposits and unrestricted cash for the water and sewer fund. 
•    The city does not issue checks against this account. 
•    Daily deposits are made through lockbox deposits of customer checks and electronic lockbox deposits. 
•    Transfers are made to and from the general fund account to fund operations.
5. 2024 bond project 
•    This account is used to hold funds received from the 2024 series bond for the purchase of property in the city’s downtown. 
•    This account funds the city funded projects related to that bond offering. 
•    Transfers are made to and from the general fund account related to activity.
6. 2021 bond project 
•    This account is used to hold funds received from the 2021 series bond for the purchase of property in the city’s downtown. 
•    This account funds the city funded projects related to that bond offering. 
•    Transfers are made to and from the general fund account related to activity.
7. FSA 
•    This account holds the funds withheld from city employees for the flexible spending account (FSA). 
•    Disbursements are electronically deposited and withdrawn for related plan activity.