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Council authorizes solicitation for banking and purchasing-card services as contracts near expiration
Summary
Finance Director Jennifer Evans told council that the city’s current bank and purchasing-card contracts expire in August; the council authorized soliciting bids and Evans said staff will reach out to local banks and include bidding documents in the packet.
Finance Director Jennifer Evans recommended on June 23 that the city solicit proposals for depository banking and purchasing-card services because the current contracts with Southern Bank and Arvest Bank expire in August.
Evans said bidding documents were included in the council packet and that staff will solicit bids and make particular outreach to banks in Nixa to encourage local participation. Councilmembers discussed vendor outreach and the number of expected proposals; Evans said five to eight responses would have been typical in the past and that staff will invite local banks to bid.
A resident asked whether the city could secure accounts with cash-back features; Evans responded that the city considers multiple criteria when evaluating bids. Following a brief public hearing the council approved the resolution authorizing solicitation of bids.
Staff will publish the bidding documents, solicit proposals, and return with a recommendation for contract awards after evaluation of the responses.
