The Sabine Parish Police Jury has made a significant decision regarding its fiscal agent bank, opting for Citibank and Trust Company over the Bank of Montgomery during their meeting on November 20, 2024. This choice comes after a thorough evaluation process, where Citibank was the only bank to meet all mandatory requirements outlined in the request for proposals.

The decision stems from the Bank of Montgomery's failure to provide a sworn statement of its financial condition as required by Louisiana law. Instead, it submitted an annual audit report that did not meet the specific criteria needed for consideration. In contrast, Citibank provided the necessary documentation, demonstrating its compliance and suitability for the role.

Additionally, the evaluation highlighted discrepancies in the interest rate proposals. The Bank of Montgomery's offer was criticized for being vague and ambiguous, particularly regarding how its interest rates would be calculated. Citibank, on the other hand, proposed a clear interest rate floor of 1.5%, ensuring a minimum return on deposits, which was viewed as a favorable concession.

The meeting also addressed concerns about the Bank of Montgomery's engagement with the Police Jury. Representatives from Citibank actively participated in discussions and meetings, while the Bank of Montgomery did not attend key evaluation meetings, raising questions about its commitment to serving the parish's needs.

In conclusion, the Sabine Parish Police Jury's decision to select Citibank and Trust Company as its fiscal agent reflects a commitment to transparency, compliance, and the best financial interests of the community. This choice is expected to enhance the management of public funds and ensure better financial returns for the parish moving forward.