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
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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
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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
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