Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
Approved

Agenda Title:

Council action is recommended to enter into a price agreement (362-17) with United Missouri Bank (UMB) for banking services for one year with the option to be renewed for five (5) additional one-year periods. Expenditures will not exceed budgeted amounts.

Recommendations:

Council action to enter into a price agreement.

Background:

Price agreements establish set prices that remain in effect for a designated period of time. This allows City departments to use the agreements in the performance of their operations without requiring a solicitation process each time a service or commodity is required.

 

There are currently (19) nineteen separate bank accounts to process receipts and payments, contract with UMB:

Accounts

CDBG

Events Center Management Corporation

General Operating

Crackerneck Creek TDD

Finance Local Checks

Payroll

Department Local Check

Flexible Benefits

Police Drug

Depository

Home

Stay Well Health Insurance

Disbursement – A/P

Missouri Gas Energy

Utility Refund

Events Center CID

Municipal Court Bond

Work Comp Settlement

 

Neighborhood Stabilization Program Grant

 

 

The City’s current contract with UMB is expiring and requiring a new RFP for these services.  The Procurement Division issued a Request for Proposals (RFP) for banking services on October 2, 2017.  The RFP was published on Public Purchase, the City’s e-bidding system, with notices sent to 93 potential respondents; 32 accessed the RFP. Four banks responded by the October 23, 2017, deadline: Central Bank of the Midwest, United Missouri Bank (UMB), Commerce Bank, and U.S. Bank.

 

A team comprised of City personnel from the Finance Department, the Power and Light Department, the Water Department, and the Law Department evaluated the proposals. The evaluation criteria were: 1) evidence of experience and references with similar projects, 2) expertise of the bank/personnel, 3) applicable resources, and 4) price. 

 

UMB, the City’s current bank services provider, received the highest score and provided the lowest price.  UMB demonstrated over 100 years of municipal experience to over 200 public entities.  UMB offered a competitive market rates on excess funds, experience in public financing and investing, a local lockbox to receive payments, and three branches local to Independence.  The evaluation team recommends award of a contract to UMB.


Department:          FinanceContact Person:          Brian Watson


REVIEWERS:
DepartmentAction
Purchasing Division (Finance Department)Approved
Finance DepartmentApproved
Finance DepartmentApproved
Law DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved

Council Action:          Council Action:          Accepted

ATTACHMENTS:
DescriptionType
362-17 Scores and Pricing TabulationBackup Material