Request for Proposal for Banking Services
1.0 PURPOSE
The Otonabee Region Conservation Authority (OC) is seeking to minimize banking costs, maximize investment capabilities, and improve operational efficiency while reducing exposure to fraud. The purpose of this request for proposals is to select a financial institution to provide banking services to the OC for a minimum of five (5) years.
2.0 BACKGROUND
The Otonabee Region Conservation Authority was established in 1959 under the authority of the Conservation Authorities Act as a community based environmental conservation agency. The formation of OC was completed on July 9, 1959 at the request of the local community and municipalities. There are eight municipalities within its watershed boundaries. OC is a corporate body established under the Conservation Authorities Act.
OC is part of a large network of 36 Conservation Authorities and is represented by an umbrella organization called Conservation Ontario. Conservation Authorities have clearly defined objects and powers as prescribed under the Conservation Authorities Act.
OC operates a $3 million annual operating and capital budget which is funded by municipal levies, user fees, sales, government and other grants. A Board of Directors made up of elected officials from the watershed municipalities meets on a monthly basis to review the operations and projects of OC and to provide broad policy direction.
3.0 SERVICE REQUIREMENTS
The Otonabee Region Conservation Authority requires the following minimum corporate banking services:
- Minimum of 3 bank accounts
- Operating Line of Credit of $500,000
- Minimum of 6 credit cards
- Electronic banking services (electronic transfers, deposits, transfers between OC accounts, etc.)
3.1 General Operating Account
The majority of OC financial business is conducted through this account. This is the account for all payable cheques, preauthorized payments, EFT payments and revenues other than the accounts it uses for Point-of-Sale transactions.
Corporate deposit slip books are required for this account.
Monthly bank statements with cancelled cheques or digital images are required for this account.
3.2 Other Accounts
Other bank accounts are used to process Point of Sale transactions for campground revenue and other fees and sales. These 2 accounts are cleared on a regular basis with funds moved into the general operating account.
Monthly bank statements are required for these accounts.
3.3 Operating Line of Credit
Otonabee Conservation’s current Operating Line of Credit is $600,000 and has only been accessed under exceptional circumstances. OC is requesting an Operating Line of Credit of $500,000. All fees and the interest rates for the line of credit should be included in the Proposal.
3.4 Credit Cards
Otonabee Conservation currently has 6 credit cards with an aggregate limit of $20,000 but is looking to increase the limit to $30,000.
3.5 Electronic Banking Services
Otonabee Conservation uses on-line banking for a variety of electronic cash management services. Services will include daily balance and transaction reporting, electronic funds transfers for payments (to suppliers and between accounts), online stop payment capabilities, and downloadable bank reconciliation reports.
4.0 THE PROCESS
4.1 Bidder Qualifications
To be considered a candidate for the provision of banking services for the Otonabee Region Conservation Authority bidders must:
- Maintain a branch in the City of Peterborough.
- Provide electronic cash management services.
- Have corporate commercial banking and broader public sector knowledge.
4.2 Questions During Proposal Process
Enquiries regarding this Request for Proposal (RFP) should be directed to Denyse Landry, Manager, Corporate Services at 705-930-5313 by 12:00 noon March 15, 2021.
Bidders finding apparent discrepancies or omissions in the RFP should notify D. Landry as soon as possible and no later than 12:00 noon March 15, 2021. Bidders may, during the bidding period, be advised by addendum, of any additions, clarification, deletions or alterations to these specifications. All such changes should be covered by the bidder’s proposal.
Information used in the preparation of a proposal from sources other than this RFP (including written addendum) will not be considered as valid or official.
4.3 Submission of Proposal
The proposal must:
- Be signed by an official duly authorized by the institution.
- Include contact information of the authorized official.
- Include information on the location of the branch and a general description about the institution’s knowledge about corporate commercial banking and the broader public sector.
- Description of the institution’s electronic cash management services.
- Include a description of services proposed to be provided in response to the requirements listed above.
- Include a Fee Schedule that outlines all pertinent fees for the required services.
- Include a description and the cost of other services, that are in addition to the minimum requirements, that can be offered to benefit OC.
- Include an outline of the assistance your institution is prepared to provide in order to meet the scheduled June 30, 2021 date for full implementation of services.
Submit one copy of the proposal by email marked RFP Response – Banking Services addressed to:
Denyse Landry, Manager, Corporate Services
dlandry@otonabeeconservation.com
Proposals must be received at the Otonabee Region Conservation Authority by 12:00 noon on March 25, 2021. Late submissions will not be accepted.
OC will not be responsible for any costs incurred by bidders associated with the preparation of responses to the RFP.
Proposals will not be opened in public.
All proposals will remain in force and will be irrevocable for ninety (90) days after the proposal closing.
Proposals shall be stipulated sums without escalator clauses or other qualifications.
4.4 Evaluation Criteria
The proposals will be evaluated in the categories of:
- Completeness of Banking Services required.
- Fee schedule for all services including Interest Rate Structure on Operating Line of Credit and General Bank Account Balances, Bank Service Charges (if any).
- The Provision of Additional Services. Consideration will be given to the bidder’s ability to provide information on innovative services and products providing cost efficient alternatives to OC current operations.
4.5 Contract Award
The Otonabee Region Conservation Authority reserves the right to accept any proposal submitted or reject all proposals.
Any proposal submitted that is not in complete compliance with the requirements of the proposal documents may be accepted or disqualified, at the discretion of OC.
The selection of the successful bidder will be made by the Board of Directors in an open meeting. It is anticipated that the successful bidder will be notified by April 30, 2021.
The full implementation of services is expected to occur prior to June 30, 2021.
4.6 Termination of Contract
The Otonabee Region Conservation Authority reserves the right to terminate the agreement with 30 days notice to the bank subject to the following:
- the bank fails to perform in accordance with the specified service requirements as set out in the Request for Proposal.
- the bank fails to provide any product or service as defined under Section 3.0 without written explanation.
- the bank otherwise violates the provisions of the Request for Proposal to a substantial degree.
4.7 Liability
The Otonabee Region Conservation Authority will not be held liable for any action of the bank and/or its employees.