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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 3. <br /> 'VS <br /> STAFF REPORT Report Number: 92-361WS <br /> ° AGENDA SESSION DATE September 8, 1992 Report Date: 9-3-92 <br /> DISPOSITION <br /> Item Description: BANKING SERVICES PROPOSALS <br /> Administrator's Review/Recommendation: 4:/,5 <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> Pursuant to Council direction given at a recent Work Session I meet <br /> with representatives of Western Bank to negotiate a Banking Services <br /> Proposal. Attached please find a worksheet comparing their revised <br /> proposal with the proposals that were previously submitted. The <br /> revised proposal of Western Bank is $296.60 per month. That is $202 <br /> per month less than their original proposal. In comparison to present <br /> bank charges of $356.97 per month from Firstar Bank the Western Bank <br /> proposal is $60. 37 per month less. The lowest proposal originally <br /> received was $237.35 from the Spring Lake Park State Bank. That <br /> proposal is $59.25 per month less than the proposal of Western Bank. <br /> Western Bank is closer to the City Hall than the Spring Lake Park <br /> State Bank. As such, a case could be made that the difference in the <br /> monthly fee between Spring Lake Park State Bank and Western Bank would <br /> be more than offset by the increased costs the City would incur as a <br /> result of the increased travel time and travel expense of banking at <br /> First State Bank of Spring Lake Park compared to banking at Western <br /> Bank. <br /> One of the General Conditions of the City's Request for Proposals for <br /> Banking Services states, "Selection will be based upon the best value <br /> —tithe Citp. Criteria—includes, but is-not--l- mi-ted-to, services - <br /> offered, their cost, and qualifications of key employees who will <br /> manage the City's relationship with the Bank. " It appears that a <br /> strong case could be made that Western Bank will provide the best <br /> value in banking services to the City of Mounds View. <br /> Staff awaits Council direction in the selection of a bank to provide <br /> banking services to the City. <br /> RECOMMENDATION; c-X"`'s-st--s <br /> Donald Br ger, Fin e Director <br />