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The consensus of the Finance Committee was to keep the City's banking within Ramsey. <br />Finance Director Lund explained the difficulty of getting collaterization and advised of banks <br />that could offer that service. <br />Chairperson Elvig asked if staff should meet with bank personnel to describe the type of services <br />for which the City is looking. <br />Finance Director Lund stated the main thing is whether the City is charged for each transaction <br />and/or wires since it conducts many transfers. She felt the RFP outline does a good job of <br />detailing what the City wants for services and fees. <br />Mayor Ramsey asked how much time is expended for staff to go to and from the bank making <br />deposits. <br />Finance Director Lund stated it currently does not take very much time. <br />Mayor Ramsey suggested checking with Anoka County to see which bank and armored car <br />service they use since the City may be able to "piggyback" onto that service. <br />Chairperson Elvig stated it may help if staff met with a banker, told them the services they want, <br />and that the intent is to cut down fees. He noted that investing in a CD at the bank may lower <br />costs further. <br />Finance Director Lund noted it would be difficult to document such a verbal conversation. <br />Mayor Ramsey stated he felt this was a decision for the Finance Director to make and if she <br />wants an RFP, he would support that. <br />Finance Director Lund stated she is looking for a bank that will also offer higher interest on <br />investments than shown on the board. <br />Motion by Mayor Ramsey, seconded by Councilmember Wise, to recommend that the City <br />Council direct staff to solicit proposals for banking services by distributing the "Request for <br />Proposals — Banking Services" to those local banks as detailed in the staff report dated <br />September 11, 2012. <br />Motion carried. Voting Yes: Chairperson Elvig, Mayor Ramsey, and Councilmember Wise. <br />Voting No: None. <br />5. ADJOURNMENT <br />Motion by Mayor Ramsey, seconded by Councilmember Wise, to close the regular meeting of <br />the Finance Committee. <br />Motion carried. <br />Finance Committee / September 11, 2012 <br />Page 2 of 3 <br />