2001-109 Council Resolution - Laserfiche WebLink

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I. INTRODUCTION The purpose of this request for proposal is to generate bids from banking institutions for banking services for the City of Lino Lakes. The City desires increased services while obtaining competitive fees for its banking needs. Background The City of Lino Lakes is a growing community in the southeast corner of Anoka County and is located approximately 20 miles north of Minneapolis. As a part of the seven -county Minneapolis/St. Paul metropolitan area, Lino Lakes is within the jurisdiction of the Metropolitan Council. The City of Lino Lakes is a community of approximately 17,000 residents. The City currently maintains one bank for one account for regular checking and daily deposits. The City uses various brokerage firms and financial institutions for its investments. The City of Lino Lakes generates daily deposits originating from City Hall and includes revenues from utility bills, building permits, recreation services and other city services. The City receives monies transferred into its regular checking account from Anoka County, State of Minnesota and the City's various brokerage firms. The City uses ACH debit system for the deposit of federal and state payroll taxes and Minnesota State sales taxes and the ACH credit system for direct deposit of payroll. There is also the possibility of expanding our use of electronic funds transfer to extend the ability for our utility customers to pay their utility bills via electronic funds transfer. In addition, the City accepts credit card payments for recreation program registration. The City also maintains a major corporate credit card to facilitate transactions and purchases made over the phone, interne or for use during the travel for City employees. Objectives The objective of this competitive bidding process will be primarily to reduce monthly banking fees while increasing interest earnings and obtaining additional banking services. II. FINANCE ACTIVITY STATISTICS 1. Average number of transactions per month: Checks Written 325 Deposits 38 Checks Included in Deposits 1,420 Wire Transfers 2 Returned Checks 2 Average Collected Balance Average Ledger Balance $96,294 $113,964