1. Banking RFP & Transition Process NCLGIA Summer 2016 Conference

2. Agenda for Presentation
Why was a Request for Proposal (RFP) necessary?
How did we develop our document?
We have a Winner! Now what?
What were our
outcomes?

3. Why did we need to do RFP? County competition policy;
Increasing banking costs; and
Budget cuts from recession.

4. RFP Document Development
Our priorities: Technology, Services and THEN Price.
Capture all available automation for efficiency.
RFP for initial 5 year award, with two additional 5 year renewals if both parties agree. Possible 15 year contract.
WCPSS combined with Wake in RFP process.
RFP issued in January 2012 with March 8 responses for June 2013 go live date.

5. Services Covered in Banking RFP
Core Banking Services - including investment safekeeping and integrated payables disbursements;
Lockbox and E-box
Services; and
Procurement Card
Services.
Banks could choose to
bid on one or more
requested services.

6. Attachments included with RFP
Excel - Cost Proposal (Form presented
separately on website.)
Excel – Jurisdiction Locations (Form presented separately on website.)
Current Service Providers for Each Service
Current Data Transmission File Formats
Wake County Deposit Ticket - Example

7. Bank Evaluation by Priority
Financial stability of bank.
Robust technical tools to help us work efficiently.
Ability to comply with requirements for services listed in RFP.
Costs of services.
References with entities of similar complexity.
Evaluation team composed of Wake and WCPSS Finance and Info Services staff.

8. Award Time! Three Different Vendors
Core banking – Technical needs were a limitation for Wake. Strength of online banking system was critical for us.
Lockbox and E-box – Related solely to property tax collections. Cost was primary driving factor after technical needs and reporting ability verified.
Procurement card – Cost (rebate) was primary driving award factor after technology needs met. Awarded to incumbent.

9. Implementation Plan – Core Banking
First, online banking system setup and configuration for County users and for EFT and ACH wire transfers templates.
Then, implementing changes in three major phases over 18 months:
Clean up outdated wire/ACH templates from former online banking system and inactive users.
Check setup, design and writing, positive pay, and bank reconciliation processes.
Deposit processes with departmental reporting and training.
EFT and Wire deposits, we used report from former bank to contact users with our updated banking information.
Identify all bank reports or downloads used to make sure there is comparable information in the new system.

10. Core Banking - Continued
Dual banking fees over the two year timeframe to allow for cleared checks and final escheats process.
LOTS of work!!
Don’t underestimate the cost and staff time involved to change core banking.

11. What Tripped Us Up
Controlled Disbursement Account Confusion – Identify clearly how you use current bank accounts and related reports needed.
Deposit Tickets – Had to reorder several times. Unique codes missing and MICR problems with reading unique #s. Reordered with new revised accounts.
Monitor Analysis Statements – Make sure contracted prices are being charged correctly.

12. Implementation Plan – Lockbox/Ebox
Different bank selected from core banking.
Benefit of using separate bank offset any costs of wiring funds periodically.
Implemented with timing of real property tax billing in July 2013.
Two lockbox accounts and dual fees.

13. Outcomes Current bank provides robust technical tools we needed.
Total bank operating costs lower after implementation.
No changes to safekeeping account RFP planned.

14. Questions?