Created : May 10, 2014 at 10:42 PM
April 15, 2014
Status:
Open Agenda
Approval to renew RFP 10-019V - Banking Services.
It is recommended that the contract with Bank of America, N.A. be renewed for an additional year from June 2, 2014, through June 1, 2015, in accordance with Special Condition 8.1 of the RFP.
This is the second and final renewal of this contract. Bank of America is the District?s depository through which all banking functions including payroll, accounts payable, investments and any other financial transactions are performed. This recommendation to renew this contract is based on a supplier evaluation rating of ?Very Good?. This contract extension will allow the Treasurer?s Office to continue purchasing banking services as required through June 1, 2015.
This Agreement has been reviewed and approved as to form and legal content by the Office of the General Counsel.
The District's banking fees are based on volume of activities. The charge per service has not increased since the contract was awarded five (5) years ago. In the last five years, the district has averaged expenditures of $260,000 per year. For this final renewal period, we are requesting approval of an amount not to exceed $275,000. Funds will be budgeted under the Treasurer's Office.
Requested Action
Approval to renew RFP 10-019V - Banking Services.
Summary
It is recommended that the contract with Bank of America, N.A. be renewed for an additional year from June 2, 2014, through June 1, 2015, in accordance with Special Condition 8.1 of the RFP.
This is the second and final renewal of this contract. Bank of America is the District?s depository through which all banking functions including payroll, accounts payable, investments and any other financial transactions are performed. This recommendation to renew this contract is based on a supplier evaluation rating of ?Very Good?. This contract extension will allow the Treasurer?s Office to continue purchasing banking services as required through June 1, 2015.
This Agreement has been reviewed and approved as to form and legal content by the Office of the General Counsel.
School Board Goals
| Goal 2: Continuous Improvement |
Financial Impact
The District's banking fees are based on volume of activities. The charge per service has not increased since the contract was awarded five (5) years ago. In the last five years, the district has averaged expenditures of $260,000 per year. For this final renewal period, we are requesting approval of an amount not to exceed $275,000. Funds will be budgeted under the Treasurer's Office.
Source of Additional Information
I. Benjamin Leong 754 321-1990 Ivan Perrone 754-321-1980 Ruby Crenshaw 754-321-0501
Associated File Attachments
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EXEC SUMMARY (Files) | |
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Second Amend (Files) | |
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First Amendment (Files) | |
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Approved ARF (Files) | |
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Evaluation (Files) | |
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ExecutedCompleteCopy (Files) |