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Committee to research state contract banks before pursuing local banking RFP
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Summary
Trustees discussed whether to pursue an RFP to support local banks or rely on state-negotiated banking contracts; committee directed staff to compile a list of banks on the state contract as the first step.
Trustee Jan Miller raised the possibility of issuing an RFP for municipal banking services to evaluate whether local banks could be competitive and better support community events. Attorney and trustees noted that many municipalities use state-negotiated contracts for banking services and that the state maintains lists of banks on those contracts.
The attorney said municipalities can split accounts among multiple banks for different functions (for example, tax collection or revolving loan funds) and that the primary cost of pursuing an RFP is staff time to prepare and vet proposals. The committee agreed to ask staff to assemble a list of banks that participate on the state contract and to revisit the question once that list is available.
Next step: staff will report back with a list of state-contract banks for Germantown to consider and advise whether conducting a municipal RFP would be advisable.
