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Bulverde council rejects current bank proposals, plans to reissue depository RFP
Summary
Council rejected the existing bank depository proposals after receiving only two responses, instructed staff to revise the RFP and to conduct more direct outreach to local banks, and said the city will retain the current depository in the interim.
Bulverde — The City Council voted to reject the current responses to a bank depository request for proposals and directed staff to revise and reissue the solicitation to attract more competitive bidders.
Staff told council that the city sent invitations to 10 banks in October but received only two proposals; First United Bank, the incumbent depository, was among the respondents. "First United Bank is our current depository, and they were also one of the proposers," planning/finance staff said.
Council members said the original RFP language may have been too vague and that additional outreach could help produce more competitive offers. Council moved to reject all current proposals and authorized staff to revise and reissue the RFP after the holidays, targeting a February reissue and in-person outreach to local banks.
Why it matters: Reissuing the RFP could yield more competitive rates or services for city funds; in the meantime, the city will maintain its relationship with the incumbent bank until a new contract is awarded.
The motion to reject and reissue the RFP passed by council voice vote; no roll-call tally was recorded in the transcript.
