HomeMy WebLinkAboutItem 13 - Depository Banking ServicesMEMOTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: MAY 21, 2019
SUBJECT: APPROVAL FOR THE AWARD OF AN ANNUAL CONTRACT FOR RFP
482-2019 FOR DEPOSITORY BANKING SERVICES
RECOMMENDATION: City Council to consider the approval for the award of an annual contract
for RFP 482-2019 for Depository Banking Services with JP Morgan Chase
Bank for the Fiscal Services Department.
FUNDING SOURCE: Funding is not required as expected earnings exceed monthly fees.
BACKGROUND: The purpose of this contract is to establish pricing for depository banking
services.
Bids were taken in accordance with Local Government Code Chapter 252,
Subchapter B, Section 252.021 (a) and Section 252.041 (a). The bid
advertisement was posted in the Fort Worth Star Telegram on March 7,
2019 and March 14, 2019. The Request for Proposal was issued through
the City eBid system with 75 invitations sent out through the eBid
procurement system. Five proposals were received. The proposals were
opened publicly on April 4, 2019 at 2 pm.
The City of Grapevine solicited proposals for banking services to serve
the City with efficient and cost effective banking services. The City
intended for its banking partner to provide state-of-the-art technology to
assure that its current banking needs would be met and be able to
incorporate technological changes and improvements into its operations
over the period of the contract.
The proposals were made by JP Morgan Chase Bank, First Financial
Bank, Frost Bank, Legacy Texas Bank and Southside Bank.All banks can
fulfill the simple basic needs of the City for banking services but material
additional services and technologies are available at JP Morgan Chase
and Frost.
Based on the evaluation of the bid by the Fiscal Services and Purchasing
staff, it was determined the award be made to JP Morgan Chase Bank. An
analysis of the Depository Banking service proposals was conducted by
Patterson & Associates which reviewed and evaluated all five proposals
based on the City's requirements and the services offered and ranked
them accordingly. An evaluation team made up of Finance representatives
reviewed the report submitted by Patterson & Associates and concurred
with the recommendation of the report.
It is recommended that the City award the contract for banking services to
JP Morgan Chase. Due to the very high costs of safekeeping services, it
is recommended that the City award the contract for five years to take
advantage of the free safekeeping services that JP Morgan Chase has
proposed.
Staff recommends approval
JS/LW