COUNCIL AGENDA ITEM
SUBJECT:
title
Authorization for the City Manager to execute the piggyback on the Brevard County Agreement with Truist Bank for Banking Services.
body
DEPARTMENT:
Finance
SUMMARY:
Brevard County issued RFP P-1-23-01 for Banking Services on October 22, 2022. They received 3 proposals and their evaluation committee unanimously ranked Truist Bank as the number one proposal.
Staff has researched several County and Municipal contracts and has found that the Brevard County Contract is the most favorable to the City of Edgewater and is, in fact, more favorable than the than the current contract. Specifically, mirroring the Brevard County Contract would lock in a 2.400% Interest, whereas the City is currently receiving .750% Interest.
The City of Edgewater has been using Truist for Banking Services since 2016 as a result of their being the top ranked proposer in the City of Edgewater RFP 16-FIN-007 and wishes to continue the relationship.
BUDGETED ITEM: ☐ Yes ☐ No ☒ Not Applicable
BUDGET AMENDMENT REQUIRED: ☐ Yes ☐ No ☒ Not Applicable
RECOMMENDED ACTION:
Approve and authorize the City Manager to enter into and execute an agreement with Truist Bank for Banking Services, piggy-backing the same terms as the Brevard County Contract.