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HomeMy WebLinkAbout2001 08 27 Regular D RFP for Banking Services .. COMMISSION AGENDA ITEM D CONSENT INFORMATIONAL PUBLIC HEARING REGULAR X Allellst 27,2001 Meeting MGR V IDEPT Authorization REQUEST: The City Manager requesting the Commission reconsider the Commission's previous direction that the City go out for a RFP for Banking Services in light of its good faith agreement with Bank of America. PURPOSE: The purpose of this Agenda Item is for the Commission to reconsider its previous direction related to a RFP for Banking Services. CONSIDERATIONS: . The City's Investment Policy, adopted in September 1995, requires that the City issue a RFP for banking services every 6 years (3 years plus 3 one year renewals). A RFP has not been issued in the past 6 years. According to the existing Investment Policy the City is due for a RFP September 2001. . A few years ago, the City of Winter Springs agreed to maintain their accounts at Bank of America (then NationsBank) provided they gave us the best possible rates. This agreement resulted in the Bank maintaining their local branch. The accounts were switched to Bank of America during the period the Investment Policy was in place; however, a RFP was not issued. . The City Commission agreed at the 4/23/0 I meeting to hire Steve Alexander from Public Financial Management to serve as our Banking and Treasury Management Consultant. Further the Commission directed staff to review the existing investment policy and issue a RFP if appropriate. The Commission also directed staff to review the existing agreement with Bank of America. Neither the City nor the Bank can locate a "written" agreement. Routine documents that establish accounts and so forth exist but no agreement can be found regarding the City maintaining their accounts with the bank as' long as the bank provides us with the lowest rates around. Additionally, the former Finance Director was called regarding the agreement and he stated he was not aware of one. . The City is in the process of updating its Investment Policy and intends on bringing it to the Commission at the September 10, 2001 meeting. The consultant, Steve Alexander, stated that it was not common to have a discussion regarding requirements for a RFP for Banking Services in an Investment Policy. It is the intention of the staffto bring this policy to the Commission without this verbage. . Given the good faith agreement with Bank of America and the proposed revision to the Investment Policy, staff feels we may be able to honor our agreement with the Bank and ensure that the City is receiving the best possible rates and fees via an alternative to the RFP process such as a benchmarking analysis. ATTACHMENTS: Applicable minutes from the 4/23/01 meeting RECOMMENDATION: The City Manager recommends that the City Commission allow the good faith agreement with Bank of America to take precedence over the existing Investment Policy requirement for a RFP. Additionally, the City Manager recommends that the City Commission redirect Steve Alexander's firm to perform a benchmarking analysis of banking interest rates and fees and enter into negotiations with Bank of America to obtain higher rates and lower fees, if necessary. COMMISSION ACTION: CITY OF WINTER SPRINGS MINUTES CITY COMMISSION REGULAR MEETING - APRIL 23,2001 PAGE 4 OF 25 CONSENT C. Police Department Requesting The Commission To Give Approval To Expend $900.00 From The Special Law Enforcement Trust Fund To The Commission For Florida Law Enforcement Accreditation And Enter Into Contract For The Accreditation Process. CONSENT D. Community Development Department Presenting The Final Engineering For The First Baptist Church Of Winter Springs. (The Agenda Item Has Been Postponed Until May Item Has Been Postponed Until May 14,2001.) CONSENT E. Finance Department Requesting The Commission Approve A "Proposal For Banking And Treasury Consulting Services" Performed By Public Financial Management In An Amount Not To Exceed $9,500.00 As A Supplemental Appropriation From Fund Balance - $4,750.00 From The General Fund Fund Balance And $4,750 From The Enterprise Fund Fund Balance And Give Authority To The City Manager To Enter Into A Contract With Public Financial Management For Said Services. Discussion ensued on RFP's orRFQ's being issued. Manager McLemore stated, "If you want an RFP, we can." Commissioner Michael S. Blake asked, "When did we last choose our banking relationship?" Commissioner Blake further inquired if "Perhaps we should roll that question into this discovery as well." Manager McLemore stated, "I need to go back and read the Agreement for the timeline. I think there was a minimum timeline that we all agreed to." Commissioner Blake added, "My only question was to throw it out there, and let you handle it, but I think we may be to the end of that Agreement, and I think we have to be close to five (5) years, because I know I have not been here when we have done an RFP on banking services, so I think we just ought to take a look at that before we necessarily enter into this Agreement, because we may want to roll that in." Manager McLemore stated, "Are you suggesting that we roll the RFP process into this contract with them?" Commissioner Blake stated, "Yes, potentially, but it depends on that Agreement that we currently have outstanding with Bank of America, which isn't part of our package here." Commissioner Blake further said, "Let's step back, make sure what work we need to do, and let's put it all into one and let's do it the right way." Manager McLemore stated, "No problem." " CITY OF WINTER SPRINGS MINUTES CITY COMMISSION REGULAR MEETING - APRIL 23,2001 PAGE 5 OF 25 Regarding this Agenda Item, Commissioner Blake explained that "What I am going to ask them to do, Mayor, is to have this pulled off the Consent Agenda, and to - hopefully give Staff a different direction to step back, take a look at these other services and bring this back to us with that." CONSENT F.l Utility Department Requesting Approval For A Water Line Easement Agreement For The Southern Water Main Interconnection. CONSENT F.2 Utility Department Requesting Approval For A Water Line Easement Agreement For The Southern Water Main Interconnection. CONSENT F.3 Utility Department Requesting Approval For A Water Line Easement Agreement For The Southern Water Main Interconnection. Commissioner Blake requested that Consent Agenda Item "E" be pulled for separate consideration. "I WOULD LIKE TO MAKE A MOTION TO APPROVE THE CONSENT AGENDA, LESS ITEMS 'E,' 'F.l,' 'F.2,' AND 'F.3.'" MOTION BY COMMISSIONER BLAKE. SECONDED BY COMMISSIONER MARTINEZ. DISCUSSION. VOTE: COMMISSIONER GENNELL: AYE COMMISSIONER MILLER: AYE COMMISSIONER BLAKE: AYE DEPUTY MAYOR McLEOD: AYE COMMISSIONER MARTINEZ: AYE MOTION CARRIED. " CITY OF WINTER SPRINGS MINUTES CITY COMMISSION REGULAR MEETING - APRIL 23,200 I PAGE 6 OF 25 .:..:. AGENDA NOTE: THE FOLLOWING CONSENT AGENDA ITEM WAS NEXT DISCUSSED AS DOCUMENTED. .:. .:. CONSENT E. Finance Department Requesting The Commission Approve A "Proposal For Banking And Treasury Consulting Services" Performed By Public Financial Management In An Amount Not To Exceed $9,500.00 As A Supplemental Appropriation From Fund Balance - $4,750.00 From The General Fund Fund Balance And $4,750 From The Enterprise Fund Fund Balance And Give Authority To The City Manager To Enter Into A Contract With Public Financial Management For Said Services. "I WOULD LIKE TO MAKE A MOTION THAT WE DIRECT THIS BACK TO STAFF TO INVESTIGATE THOSE ITEMS THAT WE HAVE DISCUSSED; THAT BEING THE STATUS OF THE BANKING ARRANGEMENT THAT WE HA VE WITH BANKAMERICA, AS WELL AS THE STATUS OF OUR FIVE (5)- YEAR REQUIRED ANNUAL REVIEW OF OUR BANKING RELATIONSHIP. THEN BRING THE WHOLE PACKAGE BACK TO US, IF WE NEED TO ADD IN THOSE OTHER SERVICES, TO BRING IT BACK AS ONE PACKAGE." MOTION BY COMMISSIONER BLAKE. SECONDED BY COMMISSIONER MARTINEZ. DISCUSSION. Deputy Mayor McLeod asked Manager McLemore for his input. Manager McLemore asked, "Can you give me authority to go both ways, if we find that we need to do that, that we just go ahead and expand this." "I WOULD LIKE TO GO AHEAD AND AMEND THE MOTION - AND DIRECT THE CITY MANAGER TO INCLUDE THOSE ITEMS, AND I UNDERSTAND THAT THE PRICE THAT IS WITH THAT, IS NOT TO EXCEED $15,000.00 AND IF IT IS NOT NECESSARY AT THE PRESENT TIME, THEN WE WOULD TAKE ITEM "E" AS IT STANDS. MOTION BY DEPUTY MAYOR McLEOD. SECONDED BY COMMISSIONER BLAKE. DISCUSSION. Manager McLemore added, "And I will communicate our results to you in writing." VOTE: (ON THE AMENDMENT) COMMISSIONER GENNELL: AYE COMMISSIONER MARTINEZ: AYE COMMISSIONER MILLER: AYE COMMISSIONER BLAKE: AYE DEPUTY MAYOR McLEOD: AYE MOTION CARRIED. "- ,- '," CITY OF WINTER SPRINGS MINUTES CITY COMMISSION REGULAR MEETING - APRIL 23,2001 PAGE 7 OF 25 VOTE: (ON THE MAIN MOTION) COMMISSIONER BLAKE: AYE DEPUTY MAYOR McLEOD: AYE COMMISSIONER MILLER: AYE COMMISSIONER GENNELL: AYE COMMISSIONER MARTINEZ: AYE MOTION CARRIED. .:. .:. AGENDA NOTE: THE FOLLOWING CONSENT AGENDA ITEMS WERE THEN DISCUSSED AND VOTED ON SEPARATELY. .:..:. CONSENT F.l Utility Department Requesting Approval For A Water Line Easement Agreement For The Southern Water Main Interconnection. Brief discussion. Deputy Mayor McLeod commented on this agenda Item and stated, "This is to give us the Southern Connection of the loop as spelled out in our Comp Plan, between the east and west side of the City. It just happens to be that this easement does indeed come across my property. That's one of the reasons that I'm not voting on it. I have issued the City a right of easement to come through there, however, I would like to point out on the Brodfuhrer piece of property, Kip, this thing also should show a line that was agreed on to run down to Tusca Trail." Mr. Kipton D. Lockcuff, P.E., Public Works/Utility Department Director stated, "I was just showing the easement route." Deputy Mayor McLeod then asked, "Isn't that also part of the easement?" Mr. Lockcuff agreed and said, "Yes, the east side." Deputy Mayor McLeod then asked, "Does that not need to be shown on this particular - not necessarily on mine, but it does need to be shown on the alternate deed as what we really planned to do - and to put a hydrant down there, at the base of that." Mr. Lockcuff commented that, "I had hoped that were going to do that. I think that Anthony [Garganese] structured it, as the exhibits of the easement are going to be metes and bounds and the legal description will have it on there." Deputy Mayor McLeod asked, "So what you are doing is showing the basic route of the easement. Well, I do want to make sure that's on the record because that is what was discussed with those property owners."