DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Authorizing the Execution of Contracts for Depository, and Lockbox Services
SUMMARY:
This Ordinance authorizes the City Manager or her designee to execute a contract with Frost Bank to provide depository banking and lockbox services and related financial services to the City of San Antonio for a period of three (3) years, commencing on July 1, 2017, and ending on June 30, 2020, with an option to renew for one (1) additional two (2) year period; and authorizes other matters incident and related thereto.
BACKGROUND INFORMATION:
State statute and the City Charter govern the City's banking policies. The City's Chief Financial Officer is responsible for implementing these policies under the direction of the City Manager. Accordingly, City funds must be maintained in accounts at qualified financial institutions approved by the City Council.
On February 6, 2017, a Request for Proposals ("RFP") was released soliciting proposals from qualified firms to provide depository banking and lockbox services to the City.
Depository banking services include collecting and disbursing the City's funds, providing timely and reader-friendly reports, implementing security measures to protect and assist the City with its fiduciary responsibilities with respect to financial assets, providing online cash management techniques, as well as other financial services including, but not limited to, custodial, safekeeping, trust, escrow, and commercial services.
Lockbox services include collecting, processing, and depositing the City's receivables directly through a designated post office box. All items collected during the business day are deposited on a same-day basis, with same-day reporting available through electronic transmission.
A total of three (3) firms responded to the RFP and are listed below:
Firm Services Proposed
The Frost Bank. Depository Banking a...
Click here for full text