RFP2M24-19 Request for Proposal for Banking Services

Background
The City of Alhambra is soliciting proposals from qualified financial institutions to provide depository, cash management, and general banking services. The City aims to consolidate all commercial banking services with a single financial institution to enhance cash flow and reduce administrative costs. However, the City retains the right to outsource certain services if deemed beneficial.

Preference will be given to banks that have a branch within city limits and are recognized as approved depositories for LAIF transactions. The contract award is contingent upon available funding and necessary approvals.

Work Details
The selected bank will provide the following services:
1) Establish up to five bank accounts for various city functions including a general account for expenditures and revenues, zero balance sweep accounts for payroll, utility revenue, parking citations, and a checking account for small refunds.
2) Full account reconciliation with weekly check issuance information transmitted via FTP and daily reports provided by the bank.
3) Electronic reporting capabilities including previous day balance and transaction information accessible through an online application.
4) Cash management services including a daylight overdraft facility of up to $4 million.
5) Armored car services for daily pickups between City Hall and the bank.
6) Corporate credit card services with online access for monitoring activity and statements.
7) Additional services such as disaster recovery plans, audit support, proactive service management, and innovative solutions tailored to enhance treasury operations.

Period of Performance
The contract will be for an initial term of five years with ten one-year renewal options at the discretion of the City based on performance evaluations.

Place of Performance
The banking services will be performed within the geographic limits of the City of Alhambra, California.