HomeMy WebLinkAboutCOD-014-08
Cl![-Wgron
REPORT
CORPORATE SERVICES DEPARTMENT
Date:
GENERAL PURPOSE AND ADMINISTRATION COMMITTEE
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March 17,2008
Meeting:
Report #: COD-014-08
File#_
By-law #
Subject:
RFP 2007-7, MUNICIPAL BANKING SERVICES
Recommendations:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. THAT Report COD-014-0~be received;
2. THAT the contract for Banking Services (excluding payroll), for the
Municipality of Clarington be awarded to the Toronto Dominion Bank;
3. THAT the contract be awarded for a three (3) year term with an option to
renew for an additional two (2) years;
4. THAT the attached By-law marked Schedule "A" authorizing the Mayor and
Clerk to execute an agreement with the Toronto Dominion Bank be forwarded
to Council for approval; and
5. THAT the Mayor and Clerk and lor Director of Finance as appropriate be
authorized to sign all necessary documentation.
Submitted by:
Reviewed by:
d~-~
Franklin Wu,
Chief Administrative Officer
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CORPORATION OF THE MUNICIPALITY OF CLARINGTON
40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L 1C 3A6 T(905)623-3379 F (905)623-4169
REPORT NO.: COD-014-08
PAGE 2
BACKGROUND AND COMMENT
Request for Proposal RFP2007-7 Banking Services was publicly advertised and invited
for the provision of municipal banking services as required by the Municipality of
Clarington, including the Clarington Public Library and the Clarington Museums and
Archives. The term of the agreement is for a period of three (3) years with an option to
extend for two (2) additional one (1) year terms.
A total of seven (7) banking or credit organizations obtained the bid document and two
bids were received and reviewed by the evaluation team consisting of staff from
Finance, Purchasing, the Library and the Museum and Archives. A summary of
estimated costs on an annualized basis for services required by the municipality for the
two banks submitting a proposal is attached as Schedule "B". As stipulated in the
proposal document, proponents were evaluated based on the following criteria:
1. Previous Bank Experience
2. Total Price
3. Banking Services
4. Bank locations
5. Completeness of Proposal
6. Innovative techniques with respect to Banking Services
7. Information Technology
Each banking establishment submitted comprehensive proposals addressing all issues
contained in the bid document. However, based on the overall high score, the
evaluation committee's recommendation is to award the contract to Toronto Dominion
Bank.
The Toronto Dominion Bank will provide an overall lower monthly fee for the standard
banking services, the lowest merchant visa rate, and the highest interest rate on surplus
funds. The interest rate charged for the Municipality's line of credit is marginally higher
but past experience indicates that this feature has not been used.
REPORT NO.: COO-014-08
PAGE 3
During the past several years the Clarington Public Library and the Clarington Museums
and Archives have also been dealing with the Toronto Dominion Bank. However, some
of the rates and the processes have differed from that enjoyed by the Municipality. With
the introduction of a new agreement the rates, level of service and the contacts for
service and information will be consistent for all three agencies.
It is therefore recommended that the Toronto Dominion Bank be awarded the contract
for Banking Services for the Municipality of Clarington. They have provided satisfactory
service to the Municipality of Clarington for the past five (5) year period.
The contract provides that should services not be carried out satisfactorily, the contract
can be terminated by either party within ninety (90) days written notice.
Attachments:
Attachment 1 - Schedule "A", By-law
Attachment 1 - Schedule "B"
Schedule "A"
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
BY-LAW 2008-
Being a By-law to authorize a contract between the
Corporation of the Municipality of Clarington and Toronto
Dominion Bank,
THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON HEREBY ENACTS AS
FOllOWS:
1. THAT the Mayor and Clerk are hereby authorized to execute, on behalf of the
Corporation of the Municipality of Clarington and seal with the Corporation Seal, a
contract between, Toronto Dominion Bank, Oshawa, Ontario, and said
Corporation; and
2, THAT the contract attached hereto as Schedule "A" form part of this By-law.
By-law read a first and second time this day of
,2008,
By-law read a third time and finally passed this
day of
,2008,
Jim Abernethy, Mayor
Patti l, Barrie, Municipal Clerk
Cl!J!jggtoo
Municipality of Clarington
SCHEDULE "B"
BID SUMMARY
RFP2007-7
MUNICIPAL BANKING SERVICES
TO Commercial Banking Royal Bank of Canada
Monthly Fee: $2,579.65/ month $3,427.75/ month
Standard Account
Activity, Electronic
Funds, Transfers,
Debit Terminal
Fees and Credit
Card Services
Bank Interest Prime Prime
Less 1.70 % Less 1.75 %
Line of Credit Prime Prime
Less 0.50 % Less 0.75 %
Merchant Visa 1.78 % 1.79 %