Town of Redcliff Request for Proposal Banking & Investment Services April 17, 2015

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1 Town of Redcliff Request for Proposal Banking & Investment Services April 17, 2015

2 INTRODUCTION The Town of Redcliff (the Town) is requesting proposals for the supply and delivery of banking and investment services. The Town of Redcliff wishes to enter into a contractual arrangement with a qualified, innovative, and customer service orientated financial institution for the provision of municipal banking services and investment services. The Town of Redcliff desires to provide a broad range of methods for its residents and other third parties to transact, assess, and pay for municipal services, utilizing technology to enhance efficiencies and to maximize the options available to reflect individual preferences. TOWN INFORMATION The Town of Redcliff is a municipality located just west of Medicine Hat and is home to about 5,600 residents and employs approximately 60 full-time, part time, and seasonal employees (paid bi-weekly). The Town of Redcliff operates and manages a diverse organization and budget. The Town s 2015 annual budget is $19.7 million consisting of $17.4 million for operating and $2.3 million for capital. The Town of Redcliff s audited financial statements can be found on the Town s website at The Town currently utilizes one chequing account for deposits and payments, one savings account for payroll, and one T-Bill account for investments. The Town utilizes Microsoft Dynamics Great Plains software. In 2014 approximately 2,200 cheques were issued to 1,000 vendors to pay 3,500 invoices. The Town owns and operates its own recreation services as well as water, sewer and garbage utilities and bills for utilities bi-monthly. REQUIRED SERVICES Bank Accounts & Deposit Books - The Town requires separate deposit books for its multiple accounts to support sufficient record-keeping. The Town also requires the ability to deliver deposits to the bank at the counter, bank machine, or night deposit box. Please provide interest rates to be earned on the Town s accounts. Direct Payroll Deposits - The Town requires submission of payroll transactions via a direct payroll deposit system. Please indicate fees associated with the provision of these services as well as any lead-time required to ensure payroll deposits are in place. Pre-Authorized Payment Plans - The Town requires the ability to offer a tax installment payment plan (TIPP) for the monthly payment of municipal property taxes through the pre-authorized withdrawal of pre-established amounts from the property [1]

3 owner s bank accounts. The Town also requires the ability to offer a utility preauthorized debit plan (PAD) for the monthly payment of utilities through the preauthorized withdrawal of pre-established amounts from the property owner s bank accounts. Please indicate fees associated with the provision of these services as well as any lead-time required to fulfill the pre-authorized payments. Point of Sale Services - The Town requires point of sale services to its customers to be able to accept cash, cheques, debit and credit card payments. Please indicate fees associated with the provision of these services. Bank Statements - The Town requires the issuance of monthly paper bank statements. As well, the Town also requires online access to allow for more timely review. The Town also requires electronic copies of bank statements compatible with GP2015 to help facilitate bank reconciliations. Please indicate fees associated with the provision of these services Line of Credit - The Town may need to secure short-term funding to meet its obligations. Please indicate line of credit options, along with the associated fees and interest rates. Corporate Credit Cards The Town requires credit cards for management and supervisory staff for purchases. Please indicate fees associated with the provision of corporate credit cards as well as credit card options along with any plan options (ie reward points, cash back, etc). Investment Services - The Town requires a financial institution that can provide guaranteed investment facilities that comply with the Municipal Government Act and Regulations as well as the Town of Redcliff s Investment Policy. Please indicate the mechanics of investing or withdrawing funds. This includes lead-time, average return on investment (ROI) and any fees associated with the provision of these services. Foreign Exchange Transactions - The Town requires the ability to issue cheques or credit card transactions against the main bank account without being required to establish a separate US funds account. Other Miscellaneous Services - The Town requires other commonly used banking services. These include, but are not limited to: Account transfers Chequing services In-branch bill payments and debits and credits to and from accounts Electronic funds transferring Wires and drafts Stop payments [2]

4 NSF cheques Chargebacks Inter-account transfers Certified cheques and money orders Account setup and/or closure Bank deposit slips and deposit bags Online Access - The Town requires access to banking information using personal computers. Bank account, credit cards, and investments must have the ability to be accessed from the internet (with the appropriate security and controls in place). The Town requires the ability to perform the following online services: Access to view and print all current (immediately available upon posting) transactions and account information Historical data on all accounts dating back at least one year Complete account transfers Transfer, monitor, and perform online corrections on rejected files related to payroll, utility and tax payments done electronically Pay vendors via electronic fund transfer Complete stop payments Ability to administer the account Please outline the online access and how the Town s requirements will be accommodated. Please indicate fees associated with the provision of these services as well as any safeguards that are required. Designated Liaison Officer - The Town requires the selected financial institution to designate a senior officer as a liaison, through direct contact capability during regular business hours. This officer must be capable of coordination of all Town activities with the financial institution and be able to resolve any problems or issues that may arise. Disaster/Backup Plans - The Town requires financial institution disaster and backup plans and capabilities. The Town must have access to cash, securities, and information at all times. VALUE-ADDED SERVICES The Town of Redcliff requests the proposing financial institutions to offer any optional services or make any recommendations it believes would enhance the cash [3]

5 management capabilities of the Town. All proposing financial institutions are encouraged to make suggestions or add additional information not requested in this proposal. Financial institutions are encouraged to describe factors that distinguish their institution from potential competitors. Indicate any other services that your institution provides that the Town may benefit from and outline the cost of these services. GENERAL INFORMATION Contents of Written Proposal - The following information must be included in the written proposal: Overview of the required banking services the institution will provide, and confirmation of the ability to deliver such services. Overview of the value-added services the institution will provide. Total annual fees of services, quoted in Canadian dollars including any GST, clearly indicating any significant or important charges and payment terms. Interest rates to be earned on all accounts. A list of references of other municipalities and/or other large institutions that have recently been serviced by the financial institution. Any additional information from the Town that will allow you to provide your banking services in an efficient and effective manner. Current geographic location in relation to Town Hall (#1 3 rd St NE, Redcliff, Alberta) and/or a proposed location. A copy of a standard contract that the financial institution enters into with its clients. In order to properly facilitate evaluations, proposals must provide complete, accurate, and comprehensive responses with sufficient detail to enable the Town to fully evaluate the proposal. Request for Proposal (RFP) Clarifications - Respondents shall carefully examine the Request for Proposal documents and report any errors, omissions, discrepancies, clauses requiring clarification or any qualifications. Oral Representations - Respondents shall not rely upon any oral information provided to it by the Town or its representatives. Addenda - Where necessary, the Town shall respond to questions and clarifications by way of Addenda to report any changes to the Request for Proposal documents. Any addenda issued prior to the closing date will form part of the proposal documents. [4]

6 Proposal Information - The respondent is fully responsible for obtaining all information required for the preparation of its proposal. The Town shall not be responsible for any costs, expenses, losses, damages or liability incurred by respondents in responding to this RFP. The Town will not pay for any information herein requested, nor is it liable for any costs incurred by those financial institutions submitting a proposal. Proposal Clarifications - After the closing date, the Town reserves the right, in its sole discretion, to seek further information or clarifications with respect to a proposal from a respondent without becoming obligated to seek further information or clarifications from any or all other respondents. However, respondents are cautioned that any clarifications sought will not be an opportunity either to correct errors or to change their proposals in any substantive manner. Proposal Submissions - Proposals should provide a clear and concise description of the respondent s ability to satisfy the requirements as outlined in this document. Proposal Evaluation While no one criteria will be a principle determining factor, proposals will be evaluated based upon a combination of the following criteria: Required services Value-added services Geographic location Fees Interest rates The Town may, at the Evaluation Committee s sole discretion, invite a respondent for an interview to address any questions or clarifications requested by the Town, without becoming obligated to seek information or clarifications from any or all other respondents. Respondents will be responsible for any costs associated with the preparation for, and attendance of, an interview. Proposal Rejections - The Town shall not be obligated to accept any proposals that are unsigned, incomplete, conditional, illegal, unbalanced, obscure, or contain irregularities of any kind. The proposal is not to be construed as an agreement between the Town of Redcliff and the financial institution. Proposal Returns - Proposals and accompanying documentation submitted by respondents are the property of the Town and will not be returned. The Town may reproduce any of the proponent's proposal and supporting documents for internal use or for any other purpose required by law. All proposals are subject to the Freedom of Information and Protection of Privacy Act. Any information provided to the Town is a [5]

7 "record" under the Act. Please identify any sections that are confidential or proprietary. Proposal Cancellations - The Town reserves the right to cancel this RFP, or parts of this RFP, at any time and acquire the contracting services through an alternative process. Contract Performance - If, after a contract is in place, the successful financial institution makes an administrative or business process change that violate the terms of agreement for service provision, the Town will take action against the financial institution for compensation of costs for the Town to adapt to the change, or for costs to dissolve the agreement and transfer to another institution. SUBMISSION OF PROPOSALS Proposals must be submitted on one of three ways. Mailed to the following address: Request for Proposal Banking & Investment Services Hand delivered in a sealed package to: Attn: Jennifer Kwok PO Box 40 Redcliff, Alberta T0J 2P0 Request for Proposal Banking & Investment Services Jennifer Kwok #1 3 rd St NE Redcliff, Alberta Sent electronically in.pdf format to: jenniferk@redcliff.ca. The submission shall be received no later than 12:00 noon on May 15, Submissions received after this deadline or through a different means than above will not be accepted. For further information, please contact: Jennifer Kwok, Director of Finance and Administration jenniferk@redcliff.ca [6]