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Commission approves one‑year banking extension and orders RFP to test market rates
Summary
After staff explained transition and integration concerns, the commission voted 5–0 to extend the city's banking services agreement for one year and direct staff to issue an RFP to solicit competitive banking proposals and pricing.
The city commission reconsidered a banking services extension with the city’s incumbent bank on March 18 and voted to authorize a one‑year renewal while directing staff to issue a request for proposals (RFP) for banking services.
Ms. Campbell explained that staff had executed a three‑year letter agreement in February but that some commissioners had previously expected an RFP process. Staff described two options provided by the bank (one‑year or three‑year extension) and outlined transition considerations — notably implementing or testing integrations such as CityView, Munis and EMS billing systems and the potential 180‑day timeline associated with stale checks during a transition.
Commission discussion focused on service continuity, historic practice with RFPs for banking relationships, and how the RFP would weigh pricing versus operational capability (for example, whether the bank uses compatible core processors). Commissioners expressed concern that not conducting an RFP earlier reduced transparency; others cautioned that the RFP could delay some staff projects. The city attorney advised that the executed agreement includes termination rights on 90 days’ notice, reducing legal exposure to reconsideration.
The motion that carried (5–0) directed staff to extend the agreement for one year and issue an RFP to solicit proposals and pricing so the city can compare banking options and negotiate improved rates or service terms.
