TRANSMITTAL LETTER FOR BOARD MEETING OF FEBRUARY 1, 2024
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Authority to advertise Contract 24-RFP-02 Commercial Banking and Investment Custody Services for a five-year period, estimated cost $413,000.00, Account 101-11000-612430, Requisitions 1611818, 1611819, and 1611820
Body
Dear Sir:
Request for Proposal for Contract 24-RFP-02 have been prepared for Commercial Banking and Investment Custody Services, at the request of the Treasury Section. The Government Finance Officers Association recommends that state and local governments establish a procurement and review process in the selection of banking service providers. This RFP process will help ensure appropriate and cost-effective services while protecting the interests of the District.
The objective of Contract 24-RFP-02 Commercial Banking and Investment Custody Services is to identify qualified commercial banking institutions as eligible to provide depository and various other financial services for the District for the period February 1, 2025, to January 31, 2030. This RFP process will determine banks eligible to provide general banking services, lockbox and electronic collection services, procurement card services, and investment custody services.
The District will review the qualifications of the proposing firms and select one or more service providers from the responsive bidders to provide one or more of the services sought in the RFP for the period February 1, 2025, to January 31, 2030, with the option to extend for two years at the same rates adjusted for CPI-U.
The estimated net cost for all services is $413,000.00 which includes general banking services, lockbox and electronic collection services, investment custody services, and procurement card services. Estimated expenditures for each year are:
2025 $75,716.67
2026 $82,600.00
2027 $82,600.00
2028 $82,600.00
2029 $82,600.00
2030 $6,883.33
A bid deposit is not required for this RFP.
Appendix A will not be included in this RFP because the scope of work does not provide a practical or cost-effective opportunity for direct or indirect subcontracting.
The tentative schedule for this contract is as follows:
Advertise February 21, 2024
Proposals Received March 22, 2024
Award October 7, 2024
Completion January 31, 2030
Funds for 2025 through 2030 are contingent upon the Board of Commissioners’ approval of the District’s budget for those years.
Requested, Wendy Sin, Acting Treasurer, WNS:eh
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Marcelino Garcia, Chairman Committee on Procurement
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for February 1, 2024
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