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400 Boulevard • Mountain Lakes, New Jersey 07046
973-334-3131 • Fax: 973-402-5595• www.mtnlakes.org
BOROUGH OF MOUNTAIN LAKES
PUBLIC NOTICE
INVITATION TO BIDDERS
TAKE NOTICE that sealed proposals for BANKING SERVICES will be received by
the Borough Clerk or her designee, and publicly opened and read in the Council
Chambers in the Municipal Building, 400 Boulevard, Mountain Lakes, New Jersey on
Wednesday April 8, 2015 at 10:00 A.M. prevailing time.
BANKING SERVICES
Pursuant to N.J.S.A. 40:23-9, et. seq. the Borough of Mountain Lakes shall pursue a
Depository for Monies awarding a contract, and hereby solicit qualifications in the form
of a Request for Proposal, which shall be submitted to the Borough Clerk at 400
Boulevard, Mountain Lakes, New Jersey 07046, with documentation and qualifications
and compliance with criteria set forth by the Borough and by State Statute. All
qualifications shall be submitted in a sealed envelope clearly marked “Request for
Proposal Banking Services” to the Borough Clerk. Interested parties may receive
criteria for the services from the office of the Borough Clerk prior to submission of
qualifications, 973-334-3131 x2009 or, [email protected].
Michele Reilly, RMC, CMR
Borough Clerk
*This is a double sided document.
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PROPOSAL FOR BANKING SERVICES
RFP opening date Wednesday, April 8, 2015 at 10:00 A.M. prevailing time.
PURPOSE:
The Borough of Mountain Lakes is accepting proposals for a money management system
for banking services which is to be implemented on or about May 1, 2015.
The goals the Borough is trying to achieve are as follows:
1.
Increase effectiveness and efficiency of the Borough’s cash management
program.
2.
Reduce the operating costs of the Borough.
3.
Utilize the newest forms of computer and electronic banking.
Note: The successful bidder will provide the Borough with a dedicated computer
which will only be used for banking services.
4.
Consolidation of all major banking activities with one bank.
5.
Offer no cost banking services to all Borough employees.
Presently, the Borough has the following accounts:
1. Clearing Account
2. Current Account
3. General Capital Account
4. Water Operating Account
5. Water Capital Account
6. Sewer Operating Account
7. Sewer Capital Account
8. Payroll Agency Account
9. Unemployment Insurance Account
10. Net Payroll Account
11. Animal Trust Account
12. Developer’s Escrow Account
13. Municipal Alliance Trust
14. Police Outside (O/S) Detail Trust
15. COAH Trust Account
16. Police Forfeited Assets
17. Shade Tree Certificate
18. Recreation Trust Account
19. Flexible Spending Account
20. Municipal Court Fine Account
21. Municipal Court Bail Account
Currently inactive
Currently inactive
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The Borough accepts payments via ACH Process from various County, State and Federal
agencies. Note: The Borough accepts debit payments for current fund taxes, as well as
water and sewer user fees. The successful bidder will be required to accept these
payments.
All proposals must show the ability to handle these transactions and be able to provide
the platform under which these payments will be made.
The Borough uses online banking services to check balances, make transfers, stop
payments, and send wires.
Under this proposal, one bank would be designated to administer minimally the Current
Account, Clearing Account, General Capital Account, Payroll Agency Account,
Flexible Spending Account, Net Payroll Account, Water Operating Account, Water
Capital Account, Sewer Operating Account and Sewer Capital Account. The other
accounts maybe also be transferred to the new institution, given to another bank or
remain at the current institution. For the purposes of this proposal, assume that all
accounts are to be held by one bank.
Checks would be written from these accounts as needed with interest paid on the total
cleared balance of all accounts.
To be eligible for consideration the following items are requested to be included in
the proposals:
1.
Deposit tickets, signature stamp, checks and checkbooks printed and supplied for
all accounts without charge to the Borough.
2.
All Borough accounts to be free of monthly maintenance, return check, and stop
payment fees.
3.
Wire transfers provided without charge to the Borough.
4.
All cash management services.
5.
Assistance to the Borough to earn the highest return on all available funds, fees of
credits included.
6.
Most recent annual report as well as subsequent submissions during term.
7.
Service consideration for all Borough employees, including direct deposit.
8.
Coverage by the Government Unit Deposit Protection Act. Amount of GUDPA
coverage.
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9.
Other state of the art banking and cash management products.
10.
Maintenance and training for on-line banking systems.
11.
Provide the payment of payroll services to a 3rd party agency. The 2014 billing for
these payroll services was estimated to be $6,886.71.
12.
Support with the migration from our current bank to the successful bidders
financial institution.
All proposals should be submitted in clear concise language that will avoid
misconception. The interpretation of unclear language shall be made by the Finance
Department and will not be subject to further clarification. All proposals must include a
Government Unit Depository Act (GUDPA) certificate in order to be considered. Award
of banking services to the Borough of Mountain Lakes will be based on the following:
1.
2.
3.
4.
5.
GUDPA included
Lowest average daily balance required
Highest potential earning cash management services
Weighted average of questionnaire, as determined by the Borough
Payment of all Payroll Services from a third party
The Borough reserves the right to:
1.
2.
3.
Reject all bids and proposals
Terminate the banking relationship at any point in time
The Borough anticipates entering into a three (3) year contract for banking
services.
All banks wishing to propose these services must complete the Banking Services
Questionnaire in its entirety, and return the sealed proposal clearly marker “BANKING
RFP” to the attention of:
Michele Reilly, Borough Clerk, RMC
Borough of Mountain Lakes
400 Boulevard
Mountain Lakes, New Jersey 07046
The “BANKING RFP” will be opened Wednesday, April 8, 2015 at 10:00 a.m.
prevailing time in the Council Chambers. All “BANKING RFP” are due before the
time above.
Faxed and/or email proposals will not be accepted. Any questions must be made in
writing addressed to the Borough Clerk.
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Activity Summary
The following table summarizes an estimate of the monthly activity in all of the Borough
Checking Accounts and is provided for your convenience:
See below: All deposits and checking account listed show quarterly average balances for
4th Quarter 2014.
Operating Accounts:
Clearing Account
Current Account
General Capital Account
Water Operating Account
Water Capital Account
Sewer Operating Account
Sewer Capital Account
Payroll Accounts:
Payroll Agency Account
Unemployment Insurance Account
Net Payroll Account
Flexible Spending Account
Trust Funds:
Animal Trust Fund
Developer's Escrow Account
Municipal Alliance Trust
Police O/S Detail Trust
COAH Trust Account
Police Forfeited Assets
Shade Tree Certificate
Recreation Trust Account
Municipal Court Accounts:
Municipal Court Fine Account
Municipal Court Bail Account
Average Quarterly Balance
new account to be set up
$1,275,304.73
$1,197,334.14
$511,409.64
$8,933.37
$78,846.74
$24,757.73
$119,458.79
$1,416.67
$24,942.90
$3,548.38
$1,778.09
$183,299.10
$15,236.66
$179,480.28
$32,941.55
$5,168.02
$4,090.38
$144,019.25
not in use at this time
not in use at this time
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VOLUME/COST SUMMARY
(JANUARY 2014 TO JANUARY 2015)
The following table summarizes an estimate of the annual monthly average of activity and the average of
October/November 2014 in all of the Borough’s checking accounts and is provided for your convenience.
Please complete with per item cost and total compensating balances.
Item
Account Maintenance
Deposit Ticket
Deposited Item
Checks Cleared
Overdraft Item
Returned Deposited Item
Stop Payment
Outgoing Wire (Online 4)
Incoming Wire
Intrabank Transfers
On-Line Banking Maintenance/Account
Miscellaneous On-Line Charges
Night Bag Processing
Cash Processing
ACH Debits/Credits
Direct Deposit Maintenance
# Files Sent
# Credits
Payroll Checks Cashed
Check Sort
Full Reconciliation Maintenance
Misc. Rec. Charges
Checks Paid and Reconciled
Partial Reconciliation Maintenance
Miscellaneous Fees
Other (payroll processing, armored car)
TOTAL:
Reserve Requirement
FDIC
Float
GRAND TOTAL BANK FEES:
Average Ledger Balances
Average Collected Balances
Less Bank Fees
INVESTABLE BALANCE:
Rate January 2015
TOTAL MONTHLY INTEREST:
(January 2015)
Average
Monthly
Volume
15
70
950
400
Average of
Oct/Nov
2014
16
67
1189
167
1
1
1
1
1
1
30
1
14
1
20
20
25
214
70
35
10
70
35
10
Fee
Cost
Compensating
Balance
$1,430,590 $3,893,772
$1,368,917 $3,660,147
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BOROUGH OF MOUNTAIN LAKES
Banking Services Questionnaire
(Response To Request for Proposal)
Bank Name:
Bank Location:
Mailing Address:
Telephone Number:
Fax Number:
Branch Hours:
Drive Thru Hours:
______
1.
Monthly Bank Statement:
Closing Date:
Mail Date:
Interest Posting Date:
2.
Checks sorted for reconciliation?
Available on CD?
Yes ______
Yes ______
No
No
______
______
3.
Wire Transfers available by telephone?
by computer?
Yes ______
Yes ______
No
No
______
______
4.
Limit to number of transfers per month?
If Yes, how many?
Yes ______
Yes ______
No
No
______
______
5.
Intrabank transfers
by telephone?
by computer?
by paper?
Yes ______
Yes ______
Yes ______
No
No
No
______
______
______
6.
Daily account balance available
by telephone?
by computer?
Yes ______
Yes ______
No
No
______
______
7.
Permit redeposit of NSF checks?
Yes ______
No
______
8.
Stop payment by telephone?
by computer?
Yes ______
Yes ______
No
No
______
______
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9.
Account analysis available monthly?
Yes ______
No
______
10.
Availability of Safe Deposit Box?
Yes ______
No
______
11.
Compensating balance required?
Yes ______
No
______
12.
Annual Report/Financial Condition
available?
Yes ______
No
______
13.
Locked bags for night deposit available?
Yes ______
No
______
14.
Provide overdraft protection?
Yes ______
No
______
15.
Are accounts linked for any purposes?
Yes ______
No
______
16.
Are you able to provide EDI/Corporate
Payment Notification (ACH) Information? Yes ______
No
______
17.
Cost of vendor payroll included?
No
______
18.
Hour that deposits must be made by for the same day credit is:
19.
Interest rate paid on deposits:
How is rate calculated?
20.
Account information retention/retrieval process is:
21.
Direct deposit of payroll available? Explain procedure:
22.
Explain wire transfer procedure from #3.
23.
Explain Stop Payment procedures from #9.
24.
Explain funds availability policies.
25
List charges, if any, for the following services:
Yes ______
Monthly account maintenance per account
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Check sorting for reconciliation
Check printing per hundred
Deposit slip printing per hundred
Payroll service per month
Direct deposit per employee
Other payroll charges
Intrabank transfers per item
Outgoing wire transfers per item
Incoming wire transfers per item
Overdraft per item
Returned check per item
Stop payment per item
Deposit processing per ticket and per item
Check processing per item
Information retrieval per item/request
Safe deposit box
Daily telephone calls
NO FEE
Locked bank bag
Night deposit
Duplicate bank statement (per statement)
26.
Please provide the following formulas and calculations, if they apply:
Net Monthly Earnings Calculation:
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Average Daily Ledger Balance Calculation:
Reserve Requirement (%):
FDIC Insurance Assessment: $
per $1,000
Average Daily Float Calculation:
Average Collected Balance Calculation:
Compensating Balance Formula:
Earnings Credit Formula:
Completed by:
Name
Title
Telephone Number
*The individual who signs this document must be an Officer of the financial institution.
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