HomeMy WebLinkAboutSummary FormDate: 10/9/2007
AGENDA ITEM SUMMARY FORM
FILE ID: n 7' Q i 1j a v)
Requesting Department: Finance
Commission Meeting Date: 11)9/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Iter.
❑ Other
Subject: A Resolution authorizing the City Manager to extend the current agreement with
Wachovia N.A. for Banking Services -City-wide.
Purpose of Item:
A resolution of the Miami City Commission, with attachment(s), by a four -fifths (4/5ths) affirmative
vote, after an advertised public hearing, ratifying the City Manager's finding, pursuant to section 18-
85 of the Code of the City of Miami, Florida, as amended, waiving the requirements for competitive
bidding procedures for the procurement of services; authorizing the City Manager to execute an
amendment, in substantially attached form, to the agreement with Wachovia Bank, N.A. for Banking
Services -City-wide, effective December 1, 2007, under the same terms, conditions, and Uric es of the
current agreement until issuance of a new Request for Proposals, award of the Request for Proposals
to the successful proposer, execution of an agreement, and system interfaces are completed
Background Information:
rResolution #01-1140, approved by the City Commission on October 25, 2001, authorized the City
'Manager to negotiate and execute a professional service agreement with First Union Bank of Florida
to provide banking services, as required by the City Charter and Florida Statutes. On September 23,
2004, the City Commission adopted Resolution No. R-04-0626, authorizing the assignment of the
professional services agreement from First Union Bank of Florida to Wachovia Corporation. This
agreement is now scheduled to expire on November 30, 2007.
Continued
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No.
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Dept. Director
City Manager
,
If using or receiving capital fiords
Grants
Purchasing,
7
Chief
Background Information, continued
Due to the implementation of the Oracle system on October 1, 2006, which involved
detailed configuration and testing of interfaces, file formats and data extractions on the
part of Wachovia Bank and the City, the Finance Department did not have the
opportunity to issue a new RFP. As part of the selection process, we will need to ensure
that the selected vendor can provide all the necessary electronic data files and interfaces
to ensure compatibility and coordination with the Oracle system for the various services
needed by the City, such as processing approximately 200,000 bills and dunning letters
through a retail and wholesale lockbox services on an annual basis. Additionally, the
electronic format of the bank statement for the monthly reconciliation process is very
cumbersome and has taken months to stabilize.
Therefore, the Finance Department respectfully requests extending the agreement with
Wachovia Bank N.A., effective December 1, 2007, on a month to month basis, under the
same terms, conditions, and prices of the current agreement to have the proper amount of
time necessary to issue and award a new RFP and execute a professional services
agreement with the successful proposer, while allowing sufficient time to develop and
test the interfaces with the selected financial institution without having a lapse in banking
services. The Finance Department intends to issue an RFP for banking services during
the extension time and work with the selected provider to develop the system
requirements and have the new contract in place within the requested extension period.
Based on the amount of time needed to configure the electronic banking services and
interfaces with the Oracle system, the Finance Department is concerned that the provider
selected through the RFP process will need the additional time to configure and test the
services with the City's systems prior to bringing them on-line.
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