Banking Services

- The vendor is required to provide banking services for seven (7) interest-bearing or non-interest-bearing demand accounts:
•    Regular account
•    Utility holding account 
•    Water revenue fund 
•    Sewer revenue fund 
•    Storm water revenue
•    Fund golf account
•    Non-interest-bearing grants revenue
- Three (3) controlled disbursement accounts
•    Accounts payable
•    Payroll
•    Income tax refunds
1. Regular account
•    All city collections other than public utility money are deposited to this account. 
•    Credits to this account will include over-the-counter deposits, night deposits, wire transfers, intra-bank transfers from other city accounts, ach transactions and investment transactions. 
•    Debits to this account will be by wire transfers, ach transactions, inter-account transfers (Including funding for the three controlled disbursement accounts) and investment transactions. 
•    No checks are drawn directly against this account.
•    Deposit activity in the regular account will include night deposits. 
•    The bank shall provide night depository services as needed by the city for those departments making deposits after normal banking hours. 
•    Night deposits will be opened and processed by bank personnel. 
•    The city may request that deposit receipts be made available for pickup daily or that bank personnel mail them daily to a designated city address. 
•    The city currently uses single-use plastic night deposit bags provided by the central depository. 
•    The number will vary depending upon seasonal activities. 
•    If the bank intends to charge the city for such bags, a price list should be included in the proposal
•    The city currently has a cash receptacle on site at the city treasury and the designated central depository bank arranges for courier pickups on a pre-arranged basis.
2. Utility holding account
•    Collections for city water and sewer service are deposited to this account. 
•    The department of public utilities currently deposits checks remotely via an image cash letter. 
•    The bank’s proposal must specify the ability to accept such electronic cash letters and all associated fees.
•    The city’s utility administration allows checks to be deposited remotely via an image cash letter. 
•    The bank’s proposal must specify the ability to accept such electronic cash letters and all associated fees.
•    There will be multiple daily ach credits to this account representing water and sewer customer payments. 
•    These ach transactions will originate either from the city itself or from a number of other financial service providers who offer “bill-paying” services to their clients. 
•    The city uses a lockbox program.
•    There are no checks drawn on this account. 
•    Debits to the account will include inter-account transfers, ach transfers, encoding error corrections, checks.
3. Water, sewer and storm water accounts
•    No checks are drawn on these accounts. 
•    Transactions will consist exclusively of investments, wire and ach transfers and inter-account transfers.
4. Non-interest-bearing grants revenue
•    Used for inter-account transfers.
5. Controlled disbursement accounts (3)
•    All city checks will be drawn against three accounts (accounts payable, payroll). 
•    The city will expect notification of the dollar amount of checks clearing these three accounts by approximately 10:30 each morning
•    The expected method and timing of this information. each of these accounts will be funded by transfer from the regular account, preferably as an automated zero balance accounting (zba) arrangement. 
•    These funding transfers would be handled.
- Account maintenance
a.    Monthly statements
•    Monthly statements shall have a cutoff date at the end of each calendar month. statements and images of cancelled checks shall be made available on-line. 
•    The length of time that prior month statements and transaction information (including images) will be available on-line.
b.    Account reconciliation utilizing bai2 information
•    For the seven demand deposit accounts and the three controlled-disbursement accounts, the city requires a means to perform an automated reconciliation. 
•    Transaction detail information from the bank is to be made available for downloading in the bai2 format. 
•    The city may initiate such downloads on either a daily or longer periodic basis. 
•    The account reconciliation function is performed by the city’s accounts division independently of the treasury’s cash management activity, this may require independent transaction reporting by the bank to the accounts division, separate from that provided to the city treasury. 
•    Indicate any options available to facilitate this process.
c.    Account analysis
•    A monthly analysis report for each of the city's seven demand accounts shall be delivered or made available to the city by the 15th day of the following month. 
•    This report shall include a breakdown of service charges, average balances and earnings credit information. 
•    Separate reports may be generated for each of the three controlled disbursement accounts or they may be included with the regular account.

- Contract Period/Term: 1 year
- Questions/Inquires Deadline: August 6, 2025