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  13.       
City Council Regular Meeting
Meeting Date: 04/06/2021  

BACKGROUND
The City solicited proposals for bank depository services on Dec 16, 2021. Proposals were requested to ensure the City is being provided excellent service at a competitive rate with a financial institution that is financially strong.  The depository contract is for a term of three-years with two one-year renewal options for a total of five-years.  The deadline for submitting proposals was 11 a.m. CDST on January 14, 2021. 

Currently Schertz Bank & Trust is the City depository.  The existing depository contract was for a three-year term with two one-year renewal options. 

On January 14, 2021, three banks submitted proposals to the City.  The three banks are Schertz Bank and Trust, Frost Bank, and First United.  The proposals were evaluated based on the following criteria: Customer Service, Financial Cost/Benefit, Banking History & Financial Strength, and Performance. The bank depository proposals were reviewed by a selection committee made up of staff members that have regular contact with the depository. They represented areas including accounts payable, accounts receivable, account reconciliation, special agreement execution between the City and a Customer, and investments.

Based on the evaluation criteria the selection committee unanimously to recommend Schertz Bank & Trust to continue providing depository services to the City. This agreement can be terminated at anytime during the contract period. Upon termination or completion of the contract terms, the City will put another request for proposals to evaluate depositories for a new contract.
 
GOAL
To put in place a new contract for depository services going forward that provides services, great customer service, and accessibility to City funds as needed in normal operations and during crisis. 
COMMUNITY BENEFIT
A depository serves as a safekeeping and safeguarding institution for the community's funds.
SUMMARY OF RECOMMENDED ACTION
Staff recommends approval of Resolution 21-R-19 to engage in a depository contract with Schertz Bank and Trust for a 3 year term with an 2 additional 1 year extension options.
FISCAL IMPACT
There was no proposed changes to the fee structure for the City of Schertz. The rates will remain the same.
RECOMMENDATION
Staff recommends approval of Resolution 21-R-19.
Attachments
Resolution 21-R-19
Agreement
Evaluation Summary

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