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Council approves RFP for banking services and allows banks within 10 miles to bid
Summary
Staff recommended, and council approved, releasing an RFP for bank depository services that will accept proposals from banks within 10 miles of city hall to encourage competition; staff aims to return award recommendations by May 28 with a July 1 contract start.
Mr. Powers presented the city's required re-bid for banking depository services and explained that state law limits municipalities to banks with a physical presence in the city unless the governing body allows proposals from outside city limits. Staff recommended accepting proposals from banks within a 10-mile radius of city hall to increase competition.
Powers said the city’s current bank (PNC) has been in the contract relationship since 02/2021 (acquiring BBVA’s contract) and that the RFP timeline will slip one week to meet newspaper notice requirements; staff expects to return recommendations to council on May 28 and aims for the new contract to begin July 1. Council moved and approved the staff recommendation to release the RFP with the 10-mile radius.
Why it matters: Allowing banks within a set radius broadens the bidding pool while staying within a locally defined competitive framework required by state law.
What’s next: Staff will release the RFP with the approved radius, accept proposals, and return with award recommendations at the next scheduled meeting as outlined.
