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Published byJuliet Robbins Modified over 9 years ago
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VAN CARTER SENIOR VICE PRESIDENT PUBLIC FINANCE SALES MANAGER APRIL 22, 2015 Depository Contracts: Key Aspects for the RFP Process and other Fun Activities
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Discussion Points Approaching the RFP process Sharing, Providing and Collecting Information Timelines Evaluation Process Collateral considerations Communicating with your Bank / Bidders Questions / Comments
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Approaching the RFP Process Identify “Key” Individuals impacted by Depository Contract Identify and Include individuals for evaluation team InternalExternal Purchasing Manager Auditor Treasurer’s Office Attorney Consultant Financial Filing & Recording Judicial Treasurer Auditor Count Clerk District Clerk Sheriff Jail Courts / Judges
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Approaching the RFP Process (continued) Identify WHAT banking functions are currently being performed Deposit preparation Cash handling Transaction initiation / confirmation / releasing File creation / submission / downloading / importing Reconciliation of transactions and accounts Identify WHO is performing banking-impact functions Does everyone who is involved NEED to be Identify WHO interacting with your Bank Centralized vs. Decentralized Determine WHEN and HOW often your bank is contacted Evaluate WHY you are interacting with your bank
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Approaching the RFP Process (continued) Comfort / Tolerance with Technology Currently in use Planned for implementation If using a Consultant Consider level of involvement by County staff Consider role of consultant: Contractor, Advisor or Decision Maker Evaluation Criteria Rates & Fees vs Service & Relationship
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Sharing, Providing and Collecting Information Once RFP is released, contact with potential bidders is restricted Consider a “pre-RFP” meeting with potential bidders RFP Format: PDF vs DOC/DOCX and XLS/XLSX Include information on Balances, Services and Volumes
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Timelines Begin: 3 – 6 mos. before expiration of current contract After RFP Release: 4 weeks for bidders to prepare responses Pre-Bid Meeting: 2-3 weeks prior to submission deadline After submission deadline: 2-4 weeks for bid evaluation and post-bid Q&A After award of Depository Contract Notify bidders of selection <4 weeks to Negotiate and Execute new contract 1 – 3 months to set up accounts, implement services and transition to new contract
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Evaluation Process In-house vs. Consultant Criteria should be for “best” provider not necessarily the “cheapest” Rates & Fees vs Service & Relationship People do business with People; not services, fee schedules or financial statements If unsure of a bidder’s response, submit follow-up question(s) for clarification Have bidder verify & confirm your interpretation and calculations of their bid Consider inviting top candidates in for presentations
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Collateral Considerations FDIC -- $250,000 (x 2) https://www.fdic.gov/deposit/deposits/factsheet.html Chapter 2256 (a.k.a. Public Funds Investment Act; PFIA) Chapter 2257 (a.k.a. Public Funds Collateral Act; PFCA) The relationship between Collateral and Investments How to INCREASE the cost of your banking services Service quality and proposal evaluation Consultants
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Communicating with your Bank / Bidders Once RFP is released, contact with potential bidders is restricted More information provided to potential bidders enables opportunity for more competitive bids Teamwork more than competition Less information provided sets up for more of a “standard” offering (possibly less competitive) Use of pre-formatted spreadsheets sets up for easier comparison of price offerings Consider having Bidders prepare a pro forma Account Analysis or billing statement Bidders will need Balances, Services and Volumes Ask Bidders to include any additional billables services from RFP list
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Communicating with you Bank / Bidders During RFP process, communication should be documented (i.e. in writing; e-mail) through Purchasing / Procurement Coordinator After bids have been submitted, direct questions on proposals to appropriate bidder(s) After award of contract, communication should coordinated between Treasurer’s or Auditor’s office and Bank Relationship Manager Public Information Requests Note notations for confidentiality, confidentiality & copyright Internal tabulations, pricing and rates are considered “public” These items can potentially avoid AG ruling
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Thank you ! ! ! Questions / Comments
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