STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 11, 2024
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Procurement Services
EXECUTIVE: Donzell Gipson
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SUBJECT
Title
Authorize a five-year service contract, with two one-year renewal options, for banking depository services for the City Controller's Office and Water Utilities Department - JPMorgan Chase Bank, N.A., most advantageous proposer of seven - Not to exceed $1,596,992.11 - Financing: General Fund ($1,277,593.69) and Dallas Water Utilities Fund ($319,398.42) (subject to annual appropriations)
Body
BACKGROUND
This action does not encumber funds; the purpose of a service contract is to establish firm pricing for services, for a specific term, which are ordered on an as needed basis.
This service contract will provide for banking depository services for the City Controller's Office and Water Utilities Department. This service contract will provide banking services in accordance with the Texas Local Government Code, Chapter 105, and the City's Charter. The selected financial institution shall securely keep all public moneys and investments belonging to the City and provide banking products to properly receive funds, and to make payments.
The core banking contract with the selected financial institution will provide the following services:
* deposits
* disbursements
* information reporting
* account reconciliation
* collateral
* securities safekeeping,
* lockbox services
The recommended bank must comply with the City's Responsible Banking Ordinance, and all legal terms and conditions detailed in the Request for Proposal.
A five-member committee from the following departments reviewed and evaluated the qualifications:
* City Controller's Office (1)
* Department of Code Compliance (1)
* Department of Transportation (1)
* Water Utilities Department (1)
* Office of Procurement Se...
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