Agenda - Council - 10/13/1998 - Laserfiche WebLink

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I I I I I I I I I i I I I I ! I I I FC CASE # AUTHORIZE REQUEST FOR PROPOSALS FOR BANKING SERVICES By: Diana Lund, Finance Officer Background: The City of Ramsey is currently undergoing a conversion of its financial computer soft-ware. This includes accounts payable, accounts receivable and payroll. In conjunction with this conversion, the City must purchase all new cheek stock and forms. As all of these changes are proceeding forth (January 1, 1999 is the target date), now is the appropriate time to incorporate any desired changes, need it be bank services, check vendors, etc. Banking services to the City of Rarnsey are currently supplied through several institUtions. These services include, but are not limited to, checking and market accounts, certificates of deposit, and other investment alternatives. The City currently has its banking relationship with Landmark Community Bank, NA. One of two banks that are currently located within the City limits. The City's checking account is through Landmark Community Bank, NA and is "swept" on a daily basis into a money market checking account. Daily deposits are made to this same money market account. Interest is computed on the money market account based on the rates supplied by the 4M Fund. Interest compounds daily, with same day credits on deposits and wires, if received by 2:00 P.M. The only direct fees that the City currently experiences is the cost of printing deposit slips through the bank and the costs of payroll and accounts payable checks fi:om an outside vendor. In addition to the aforementioned accounts, the City maintains money market and jumbo certificates of deposits at the First National Bank of Anoka, First National Bank of Elk River, and Northland Security Bank.. In an attempt to keep the banking activities local, staffhas prepared the attached "Request for Proposal - Banking Services" to be submitted to Landmark Community Bank, NA and Northland Security Bank, both located in the City of Ramsey. The proposals for banking services would need to be returned to the Finance Officer by 2:00 P.M. on Monday, October 26, 1998. Banking services would commence in January of 1999.