BOROUGH OF MOUNTAIN LAKES PUBLIC NOTICE INVITATION TO BIDDERS BANKING SERVICES

Transcription

1 - 400 Boulevard Mountain Lakes, New Jersey Fax: BOROUGH OF MOUNTAIN LAKES PUBLIC NOTICE INVITATION TO BIDDERS TAKE NOTICE that sealed proposals for BANKING SERVICES will be received by the Borough Clerk or her designee, and publicly opened and read in the Council Chambers in the Municipal Building, 400 Boulevard, Mountain Lakes, New Jersey on Wednesday April 8, 2015 at 10:00 A.M. prevailing time. BANKING SERVICES Pursuant to N.J.S.A. 40:23-9, et. seq. the Borough of Mountain Lakes shall pursue a Depository for Monies awarding a contract, and hereby solicit qualifications in the form of a Request for Proposal, which shall be submitted to the Borough Clerk at 400 Boulevard, Mountain Lakes, New Jersey 07046, with documentation and qualifications and compliance with criteria set forth by the Borough and by State Statute. All qualifications shall be submitted in a sealed envelope clearly marked Request for Proposal Banking Services to the Borough Clerk. Interested parties may receive criteria for the services from the office of the Borough Clerk prior to submission of qualifications, x2009 or, mreilly@mtnlakes.org. Michele Reilly, RMC, CMR Borough Clerk *This is a double sided document. 1 of 10

2 PURPOSE: PROPOSAL FOR BANKING SERVICES RFP opening date Wednesday, April 8, 2015 at 10:00 A.M. prevailing time. The Borough of Mountain Lakes is accepting proposals for a money management system for banking services which is to be implemented on or about May 1, The goals the Borough is trying to achieve are as follows: 1. Increase effectiveness and efficiency of the Borough s cash management program. 2. Reduce the operating costs of the Borough. 3. Utilize the newest forms of computer and electronic banking. Note: The successful bidder will provide the Borough with a dedicated computer which will only be used for banking services. 4. Consolidation of all major banking activities with one bank. 5. Offer no cost banking services to all Borough employees. Presently, the Borough has the following accounts: 1. Clearing Account 2. Current Account 3. General Capital Account 4. Water Operating Account 5. Water Capital Account 6. Sewer Operating Account 7. Sewer Capital Account 8. Payroll Agency Account 9. Unemployment Insurance Account 10. Net Payroll Account 11. Animal Trust Account 12. Developer s Escrow Account 13. Municipal Alliance Trust 14. Police Outside (O/S) Detail Trust 15. COAH Trust Account 16. Police Forfeited Assets 17. Shade Tree Certificate 18. Recreation Trust Account 19. Flexible Spending Account 20. Municipal Court Fine Account Currently inactive 21. Municipal Court Bail Account Currently inactive 2 of 10

3 The Borough accepts payments via ACH Process from various County, State and Federal agencies. Note: The Borough accepts debit payments for current fund taxes, as well as water and sewer user fees. The successful bidder will be required to accept these payments. All proposals must show the ability to handle these transactions and be able to provide the platform under which these payments will be made. The Borough uses online banking services to check balances, make transfers, stop payments, and send wires. Under this proposal, one bank would be designated to administer minimally the Current Account, Clearing Account, General Capital Account, Payroll Agency Account, Flexible Spending Account, Net Payroll Account, Water Operating Account, Water Capital Account, Sewer Operating Account and Sewer Capital Account. The other accounts maybe also be transferred to the new institution, given to another bank or remain at the current institution. For the purposes of this proposal, assume that all accounts are to be held by one bank. Checks would be written from these accounts as needed with interest paid on the total cleared balance of all accounts. To be eligible for consideration the following items are requested to be included in the proposals: 1. Deposit tickets, signature stamp, checks and checkbooks printed and supplied for all accounts without charge to the Borough. 2. All Borough accounts to be free of monthly maintenance, return check, and stop payment fees. 3. Wire transfers provided without charge to the Borough. 4. All cash management services. 5. Assistance to the Borough to earn the highest return on all available funds, fees of credits included. 6. Most recent annual report as well as subsequent submissions during term. 7. Service consideration for all Borough employees, including direct deposit. 8. Coverage by the Government Unit Deposit Protection Act. Amount of GUDPA coverage. 3 of 10

4 9. Other state of the art banking and cash management products. 10. Maintenance and training for on-line banking systems. 11. Provide the payment of payroll services to a 3 rd party agency. The 2014 billing for these payroll services was estimated to be $6, Support with the migration from our current bank to the successful bidders financial institution. All proposals should be submitted in clear concise language that will avoid misconception. The interpretation of unclear language shall be made by the Finance Department and will not be subject to further clarification. All proposals must include a Government Unit Depository Act (GUDPA) certificate in order to be considered. Award of banking services to the Borough of Mountain Lakes will be based on the following: 1. GUDPA included 2. Lowest average daily balance required 3. Highest potential earning cash management services 4. Weighted average of questionnaire, as determined by the Borough 5. Payment of all Payroll Services from a third party The Borough reserves the right to: 1. Reject all bids and proposals 2. Terminate the banking relationship at any point in time 3. The Borough anticipates entering into a three (3) year contract for banking services. All banks wishing to propose these services must complete the Banking Services Questionnaire in its entirety, and return the sealed proposal clearly marker BANKING RFP to the attention of: Michele Reilly, Borough Clerk, RMC Borough of Mountain Lakes 400 Boulevard Mountain Lakes, New Jersey The BANKING RFP will be opened Wednesday, April 8, 2015 at 10:00 a.m. prevailing time in the Council Chambers. All BANKING RFP are due before the time above. Faxed and/or proposals will not be accepted. Any questions must be made in writing addressed to the Borough Clerk. 4 of 10

5 Activity Summary The following table summarizes an estimate of the monthly activity in all of the Borough Checking Accounts and is provided for your convenience: See below: All deposits and checking account listed show quarterly average balances for 4 th Quarter Operating Accounts: Average Quarterly Balance Clearing Account new account to be set up Current Account $1,275, General Capital Account $1,197, Water Operating Account $511, Water Capital Account $8, Sewer Operating Account $78, Sewer Capital Account $24, Payroll Accounts: Payroll Agency Account $119, Unemployment Insurance Account $1, Net Payroll Account $24, Flexible Spending Account $3, Trust Funds: Animal Trust Fund $1, Developer's Escrow Account $183, Municipal Alliance Trust $15, Police O/S Detail Trust $179, COAH Trust Account $32, Police Forfeited Assets $5, Shade Tree Certificate $4, Recreation Trust Account $144, Municipal Court Accounts: Municipal Court Fine Account not in use at this time Municipal Court Bail Account not in use at this time 5 of 10

6 VOLUME/COST SUMMARY (JANUARY 2014 TO JANUARY 2015) The following table summarizes an estimate of the annual monthly average of activity and the average of October/November 2014 in all of the Borough s checking accounts and is provided for your convenience. Please complete with per item cost and total compensating balances. Item Average Monthly Volume Average of Oct/Nov 2014 Account Maintenance Deposit Ticket Deposited Item Checks Cleared Overdraft Item Returned Deposited Item 1 1 Stop Payment 1 1 Outgoing Wire (Online 4) 1 1 Incoming Wire Intrabank Transfers On-Line Banking Maintenance/Account 1 1 Miscellaneous On-Line Charges Night Bag Processing Cash Processing ACH Debits/Credits Direct Deposit Maintenance # Files Sent # Credits Payroll Checks Cashed Check Sort Full Reconciliation Maintenance Misc. Rec. Charges Checks Paid and Reconciled Partial Reconciliation Maintenance Miscellaneous Fees Other (payroll processing, armored car) TOTAL: Reserve Requirement FDIC Float GRAND TOTAL BANK FEES: Average Ledger Balances $1,430,590 $3,893,772 Average Collected Balances $1,368,917 $3,660,147 Less Bank Fees INVESTABLE BALANCE: Rate January 2015 TOTAL MONTHLY INTEREST: (January 2015) Fee Cost Compensating Balance 6 of 10

7 BOROUGH OF MOUNTAIN LAKES Banking Services Questionnaire (Response To Request for Proposal) Bank Name: Bank Location: Mailing Address: Telephone Number: Fax Number: Branch Hours: Drive Thru Hours: 1. Monthly Bank Statement: Closing Date: Mail Date: Interest Posting Date: 2. Checks sorted for reconciliation? Yes No Available on CD? Yes No 3. Wire Transfers available by telephone? Yes No by computer? Yes No 4. Limit to number of transfers per month? Yes No If Yes, how many? Yes No 5. Intrabank transfers by telephone? Yes No by computer? Yes No by paper? Yes No 6. Daily account balance available by telephone? Yes No by computer? Yes No 7. Permit redeposit of NSF checks? Yes No 8. Stop payment by telephone? Yes No by computer? Yes No 7 of 10

8 9. Account analysis available monthly? Yes No 10. Availability of Safe Deposit Box? Yes No 11. Compensating balance required? Yes No 12. Annual Report/Financial Condition Yes No available? 13. Locked bags for night deposit available? Yes No 14. Provide overdraft protection? Yes No 15. Are accounts linked for any purposes? Yes No 16. Are you able to provide EDI/Corporate Payment Notification (ACH) Information? Yes No 17. Cost of vendor payroll included? Yes No 18. Hour that deposits must be made by for the same day credit is: 19. Interest rate paid on deposits: How is rate calculated? 20. Account information retention/retrieval process is: 21. Direct deposit of payroll available? Explain procedure: 22. Explain wire transfer procedure from # Explain Stop Payment procedures from # Explain funds availability policies. 25 List charges, if any, for the following services: Monthly account maintenance per account 8 of 10

9 Check sorting for reconciliation Check printing per hundred Deposit slip printing per hundred Payroll service per month Direct deposit per employee Other payroll charges Intrabank transfers per item Outgoing wire transfers per item Incoming wire transfers per item Overdraft per item Returned check per item Stop payment per item Deposit processing per ticket and per item Check processing per item Information retrieval per item/request Safe deposit box Daily telephone calls NO FEE Locked bank bag Night deposit Duplicate bank statement (per statement) 26. Please provide the following formulas and calculations, if they apply: Net Monthly Earnings Calculation: 9 of 10

10 Average Daily Ledger Balance Calculation: Reserve Requirement (%): FDIC Insurance Assessment: $ per $1,000 Average Daily Float Calculation: Average Collected Balance Calculation: Compensating Balance Formula: Earnings Credit Formula: Completed by: Name Title Telephone Number *The individual who signs this document must be an Officer of the financial institution. 10 of 10