Banking Services

The Vendor is required to provide basic banking services to the district.
- The banking services provided to the district will be on a contractual basis for a period of three (3) years starting July 1, 2025. Upon mutual consent between the district and the banking institution, the contract may be extended for an additional two-year period.
- The investment activities of the district will in no way be affected by the appointment of a banking institution to handle the district’s regular banking activity.
- All investment activities will be handled in accordance with the district’s investment policy and the laws of state.
- The district reserves the right to reject any or all proposals, to waive any non-material irregularities or informality in any bids or in the bidding, and to accept or reject any item or combination of items.
- The depository (banking services) contract shall provide that either the district or the selected banking institution reserves the right to cancel any agreement at any time upon ninety (90) days written notice of its intent to terminate any agreement.
- A decision to terminate the depository contract during the initial two years of the contract may not be as a result of profitability or non-profitability by either party.
- Debt service account: the district is required to maintain a completely separate account for our debt service account.
- It maintains a balance of approximately $300,000 dollars throughout the year apart from December and January when the largest property tax revenues are received, when it can run up to $5 million dollars.
- Bond projects: the district is required to hold bond funds in a separate account.
- There is currently one bond account for our most current bond issuance.
- This balance fluctuates based on the projects but typically remains under $1 million dollars.
- Flex spending account: the district holds flex spending dollars in a separate account for employee contributions for their flex spending dollars.
- This balance fluctuates based on the time of year but typically remains under $40,000 dollars.
- Payroll account: the district maintains a separate sweep account for payroll transactions.
- While the district’s payroll is outsourced to paycom.
- There are still ach and wire transfers taken from this account related to payroll.
- There are approximately 20 manual payroll checks run through the year in this account.
- All employees conducting work on site at school locations will always maintain professionalism, have identification clearly visible, and minimize all interactions with students in a professional and courteous manner.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: April 16, 2025