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HomeMy WebLinkAbout2008-09-08 - City Commission Special Workshop Meeting MinutesCITY OF TAMARAC CITY COMMISSION SPECIAL WORKSHOP MEETING MONDAY, SEPTEMBER 08, 2008 CALL TO ORDER: Mayor Flansbaum-Talabisco called the Special Workshop Meeting of the City Commission to order on Monday, September 08, 2008, at 2:00 p.m. in Room 105 of Tamarac City Hall, 7525 NW 88t�' Avenue, Tamarac, Florida. The purpose of this Special Workshop meeting is to interview Commerce Bank and Wachovia Bank, potential candidates for banking services, pursuant to RFP 08-14R PRESENT: Mayor Beth Flansbaum-Talabisco, Vice Mayor Marc L. Sultanof, Commissioner Edward C. Portner, Commissioner Patricia Atkins -Grad, and Commissioner Harry Dressler. ALSO PRESENT: City Manager Jeffrey L. Miller, Assistant City Attorney Julie Klahr, Deputy City Manager Michael C. Cernech, and City Clerk Marion Swenson. Mayor Flansbaum-Talabisco led the pledge of allegiance. Assistant City Attorney Klahr gave an overview of procedures for the meeting In order to determine which firm would make the first presentation, Purchasing/Contracts Manager Glatz flipped a coin. Wachovia Bank called heads; the coin landed tails up; Commerce Bank was the victor of the coin toss and presented first. John Tolomer, Florida Market President, introduced the following members of the Commerce Bank team: Scott D. Kreiger, Manager of Florida Government Banking, Pamela Ramkalawan, Government Banking Relationship Manager, Paolo Casabone, Cash Management Officer, and Marlon Gutierrez, Manager of the Tamarac Store, and gave a background on the bank's history. Controller Cajuste also appeared. Mr. Kreiger spoke of the benefits offered by Commerce Bank and honors the bank has received; Mr. Casabone spoke of comprehensive cash management; Mr. Gutierrez spoke of preferred banking; and Mr. Kreiger spoke of green initiatives. Mr. Kreiger responded to questions from Commissioner Dressler regarding pricing, the amount of the compensating balance, the City paying fees by Visa, the cost for an ATM, basis points, wire fees, sweeps, federal funds, cancelled check charges, the relevancy of free coin counting, the annual charge based on the bid and the remote deposit capture. Commissioner Dressler spoke of the ability to make deposits to Commerce Bank up to 8:00 p.m. with interest on the potential float. There was discussion regarding the technology used. Commissioner Atkins -Grad said she appreciated Commerce Bank getting involved in Tamarac. Commissioner Atkins -Grad spoke of the costs, safeguards and the ability for the City to get emergency money in the event of a September 08, 2008 City Commission Special Workshop Page 1 of 3 hurricane. Mayor Flansbaum-Talabisco said the call center is a positive attribute and spoke in favor of the ATM. Commissioner Portner asked Commerce Bank why they felt they could service the City of Tamarac better than Wachovia and Mr. Tolomer said Commerce Bank offers personalized service, always accessible, and offers an aggressive approach to pricing. Vice Mayor Sultanof questioned the bank's assets, solvency and protection for the City of Tamarac. Mr. Tolomer said the City's deposits are collateralized and spoke of their credit ratings. Mayor Flansbaum-Talabisco called for a recess at 3:35 p.m. and reconvened the Special Workshop meeting at 3:43 p.m. with all present as before. Mike Hanna, Regional Government Banking Director, Robert Wilkins, Treasury Services Officer, and Lance Aylsworth, Relationship Manager appeared on behalf of Wachovia Bank. Mr. Hanna congratulated Commerce Bank on their presentation and discussed the bank's history in Florida. Mr. Wilkins discussed treasury services, internet banking, and remote deposit capture. Mr. Hanna discussed customer service with regard to the City of Tamarac, disaster recovery, services and technology. Mr. Wilkins spoke about volume and costs associated with the lock box. Mr. Aylsworth discussed municipal deposits, transfer costs, customer satisfaction, availability of services for City employees, and money market accounts. Commissioner Portner questioned the availability of coin counting machines and ATM machines, and why Wachovia should be chosen by the City of Tamarac. Mr. Hanna replied Wachovia has a documented record with the City of Tamarac, across South Florida and throughout the County. Issues are handled quickly and disputes resolved quickly. Commissioner Atkins -Grad confirmed the lock box is in Atlanta, and asked if it could be done on line or locally. Mr. Hanna said that service would need to be implemented, and spoke of interest rates. Commissioner Dressier said in addition to debit/credit memo information, he would like staffs opinion on the lock box question, on apples to apples basis. Also, he would like staffs opinion in the interest rate question and who is more cost efficient given compensating balance issues, also on an apples to apples basis, as well as transition costs, should the Mayor and City Commission decide to move to a different vendor, as far as staff time. Commissioner Atkins -Grad asked about safety deposit boxes and free checking and Mr. Hanna said Wachovia has an at work program which it can bring to the employees. Vice Mayor Sultanof said Wachovia is quite diverse, and the bank contributes to the cities and provides grant funding throughout Broward County. Vice Mayor Sultanof questioned the bank's security and the protection offered to Tamarac. Mr. Hanna said for safety and soundness there are two considerations; liquidity and capital. Wachovia has over $150 billion on hand and is not exposed to variances in the short term market. Commissioner Atkins -Grad asked if Wachovia is a member of the Chamber of Commerce and Mr. Hanna said he would get back to the Mayor and City Commission with that information. Mayor Flansbaum-Talabisco said she would also like information, in addition to Commissioner Dressler's requests, regarding disaster recovery plans for both competitors, and the City Manager's analysis of the significance of ATM machines and where they would be put. Deputy City Manager Cemech reviewed the information the Mayor and City Commission requested: Number of September 08, 2008 City Commission Special Workshop Page 2 of 3 1 1 credit/debit memos; lock box expenses; interest rate numbers and compensating balances; transition costs; disaster recovery plans; ATM analysis. Assistant City Attorney Klahr said the City will move forward in the RFP process in accordance with our rules and the Statutes. The Commission is meeting Wednesday and will make certain decisions. In the meantime staff will get the information asked for today in order for the Mayor and City Commission to make their decision. There being no further business to come before the Mayor and City Commission, Mayor Flansbaum-Talabisco adjourned the Special Workshop Meeting at 4:50 p.m. Marion Swenson, CIVIC - City Clerk September 08, 2008 City Commission Special Workshop Page 3of3