Council accepts staff recommendation on banking services after multi-stage RFP
Following a multi-phase RFP, staff and financial adviser Ricardo Forno recommended a local bank—s proposal and council approved the selection; the recommended terms include waived fees for six months, a $5,000 one-time credit for supplies, and a guaranteed contract term with a three-year length.
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City financial adviser Ricardo Forno told the council that the banking-services selection followed an extensive process: an RFP, a pre-proposal conference, matrix scoring and in-person interviews with seven banks. Based on the matrix and staff—s evaluation of treasury services, government banking expertise and the banking platform, the adviser said staff recommended the Pinnacle proposal for banking services.
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