44-Group 5-Treasury Services, Scope of Services, GEN2131264P1.pdf
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- Attached to
- Master Banking Services
- Solicitation number
- GEN2131264P1
- Issued by
- Broward County, Florida
About this file
This is a Scope of Services document for Broward County, Florida's Master Banking Services procurement, specifically detailing requirements for Group 5: Treasury Services. Broward County, the 17th most populous county in the United States and second most populous in Florida, is seeking proposals from qualified banks to provide comprehensive banking services including cash concentration, zero-balance account management, wire transfers, ACH transactions, positive pay services, and online banking capabilities. The County operates with significant transaction volume, experiencing potential intraday overdrafts as large as $50 million in its Concentration Account. Vendors must perform all work without subcontracting and submit separate responses for each banking service group being proposed. The County reserves the right to award each service to a single vendor or multiple vendors at its sole discretion.
Qualified vendors must demonstrate at least five years of experience providing treasury services for similarly-sized operations and must be Qualified Public Depositories under Florida Statutes Chapter 280, compliant with federal regulations from the Office of the Comptroller of the Currency and Federal Reserve System, in good standing with NACHA, and compliant with Payment Card Industry Data Security Standards. The Bank must integrate with PeopleSoft, the County's Enterprise Resource Planning software, and provide services including deposit processing, stop payment and reconciliation services, daily BAI2 account reconciliation files, fraud prevention, monthly statements in PDF and Excel formats within eight calendar days of month-end, earnings credits based on average collected balance, and emergency contingency/disaster recovery protocols. Additionally, vendors must provide a dedicated relationship manager and customer service representative during County business hours and develop a comprehensive transition and implementation plan. The County may add additional services of the same general category during the agreement term.
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SCOPE OF SERVICES
Group 5: Treasury Services
1. SUMMARY
Broward County (“County”) is seeking proposals from qualified vendors, also referred to as “Bank”, to provide comprehensive banking services to the County. The County seeks to establish a banking relationship that maximizes cash availability through a concentration and zero-balance account structure. The awarded Bank must demonstrate a commitment to exceptional service, competitive interest rates, stringent security measures, and provide a seamless and cost-effective banking solution tailored to the County's specific needs.
2. BROWARD COUNTY BACKGROUND
Broward County, Florida is a political subdivision of the State of Florida, governed by an elected Board of County Commissioners under the Florida State Statutes and the local County Charter. It is the 17th most populous county in the United States and the second most populous in Florida, with the second-largest gross domestic product (GDP) in the state. The County provides a broad range of services to its communities, and operates the Fort Lauderdale-Hollywood International Airport, Port Everglades Department, Water and Wastewater Services, along with 60 offices, departments, and divisions.
The County was incorporated in 1915 and is located along the southeastern coast of Florida. With a developable area of 428 square miles and a population of approximately 1.9 million people, the County is one of the largest counties in the country. The County is governed by its amended Charter, originally adopted in 1974, and functions as a home rule government under the Florida Constitution and the general laws of the State. The Board of County Commissioners is the legislative and policy-making body of the County. The nine member Board of County Commissioners (the “BOCC”) is the legislative body of the County government. The BOCC appoints the County Administrator to act as the County's chief executive officer.
The Administrator implements policies of the BOCC, provides organizational leadership, and directs business and administrative procedures. In addition, there are five elected Constitutional Officers: The Clerk of the Circuit and County Courts, the Property Appraiser, the Sheriff, the Supervisor of Elections, and Tax Collector. Circuit Court and County Court judges are also elected.
The County and its independently elected Constitutional Officers provide a broad range of services.
These services include law enforcement, fire rescue protection, maintenance of streets, highways, bridges, traffic signals, transportation, environmental protection, urban planning, economic development, human services, parks, libraries, a convention center, property assessments and tax collections.
The BOCC also appoints the County Attorney, advisory board members and authorities to administer certain public services. The County Auditor is nominated by an independent board and is subject to ratification by a majority of the BOCC.
The County’s fiscal year runs from October 1st through September 30th of the following year.
3. GENERAL REQUIREMENTS
3.1. The Bank should have at least five (5) years of experience providing treasury services for operations of similar size to the County.
3.2. The Bank must be a Qualified Public Depository in the State of Florida for the duration of the agreement in accordance with Chapter 280, Florida Statutes.
3.3. The Bank must comply with federal regulations, including those established by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve System.
3.4. The Bank must be in good standing with the National Automated Clearing House Association
(NACHA).
3.5. The Bank must be compliant with all relevant Payment Card Industry Data Security Standards.
3.6. The Bank must have experience integrating electronic files with PeopleSoft, the County’s Enterprise Resource Planning (ERP) software.
The County requires deposit services, reliable stop payment and reconciliation services, daily BAI2 account reconciliation files, fraud prevention services, detailed monthly statements, account analysis, and a transparent fee structure. The Bank must ensure efficient processing of wire transfers and Automated Clearing House (ACH) transactions, and offer robust online banking capabilities that comply with statutory collateralization requirements.
3.7. ACCOUNT STRUCTURE
3.7.1. The County maximizes its cash availability using concentration and zero-balance accounts
(ZBAs). This main account structure is comprised of a Concentration Account with a sweep, and five (5) ZBAs.
3.7.2. The County maintains at least five (5) separate interest-bearing enterprise accounts.
3.7.3. All accounts must be visible through the Bank’s online banking platform with the ability to run consolidated reports. Transfers between the accounts shall not be considered as items deposited and checks paid.
3.8. ONLINE BANKING SERVICES
The Bank shall have electronic access available to designated County individuals to transact business for the County with dual authorization. Due to the complex pattern of cash flows through the bank accounts, the County may experience intraday overdrafts in the Concentration Account as large as $50 million and the Bank must execute transfers against intraday overdrafts.
The Bank must provide the County the ability to:
3.8.1. Process Electronic Payments, wires and ACH files.
3.8.2. Have real time access to account balances and transactions.
3.8.3. Place stop payments, send manual positive pay files and make decisions on positive pay items.
3.8.4. View image copies of cleared checks, deposit tickets, returned checks, and bank adjustments.
https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299/0280/0280ContentsIndex.html
3.8.5. Utilize Account Verification Services that validates bank account numbers, account name, and Employer Identification Number (EIN) against County’s records.
3.8.6. Access a money market fund (MMF) portal to invest in a variety of institutional MMF.
Investments and redemptions must automatically transfer to and from the designated bank account.
3.9. WIRE TRANSFERS
The County processes all wire transactions via the Bank’s online banking platform and requires a two-person approval structure. The online banking platform must have the capability to securely handle wire transfers and allow for the storing of repetitive wire transfer instructions.
3.9.1. Outgoing: The Bank must make timely execution of any orders for outgoing wire transfers.
The County will notify the Bank of any wire transfers via the online banking platform prior to the Bank's cutoff time.
3.9.2. Incoming: The County considers any incoming wire transfers as readily available on the day received by the Bank.
3.10. ACH TRANSACTIONS
The County executes ACH-debit and ACH-credit transactions. The Bank must at a minimum meet the following requirements:
3.10.1. Receive ACH files from the County via PeopleSoft.
3.10.2. Provide ACH tracking numbers for all ACH transactions received into County’s ZBA accounts.
3.10.3. Notify the County’s designated contacts by e-mail when an automated credit return settlement item is posted to the applicable ZBA accounts.
3.10.4. The County requires the ability to grant certain vendors automatic debit of funds based on agreed upon guidelines.
3.11. POSITIVE PAY
The Bank must:
3.11.1. Accept daily transmissions of issued check data, including check number, payee, date, and amount.
3.11.2. Verify all presented checks against the issued data before honoring payment.
3.11.3. Notify the County of mismatched items through both online exception reporting and telephone contact.
3.11.4. Provide exception reports online each business day.
3.12. DEPOSITORY SERVICES
3.12.1. The Bank must accept checks, coins, and currency at centralized depository sites (cash vaults). The deposits must be processed and available for same day credit.
3.13. FOREIGN EXCHANGE SERVICES
3.13.1. The Bank must be able to convert foreign currencies.
3.13.2. Deposits of foreign exchange currencies shall be through the depository services at no extra cost to the County.
3.14. WEB-BASED PAYMENT SERVICE (E-BILL)
3.14.1. The Bank must provide a web-based payment service that allows County customers to view and pay their bills online or by phone using debit card, credit card or ACH.
3.14.2. Notification of customer billing must be deliverable by method of customer’s choosing:
email, text or voice message.
3.14.3. The service must allow for enrolled users and one-time (guest) payments. Information on enrolled users must be kept for future use.
3.14.4. Payments executed on the platform must be available for next day settlement to the
County’s bank account.
3.14.5. Customer payment activity must upload into Peoplesoft by electronic file interface nightly.
3.14.6. The payment service must display the customer account statement and collect late fees known as Overdue Charges in PeopleSoft Enterprise Receivables module.
3.14.7. Payment history must be kept for at least one (1) year. Provide options for longer storage periods.
3.15. REPORTING SERVICES
3.15.1. Provide daily reports for each account structure listed in the Scope of Services, Section 4.1, showing all activity including deposits, ACH transfers, wire transfers, electronic funds transfers, and checks paid. Data must be as of the close of each business day.
3.15.2. Assign a unique sequence number to every entry, including wires, ACH transfers, internal transfers, lockbox adjustments, and deposits.
3.15.3. Include corresponding account numbers for all internal transfers.
3.15.4. Report any unauthorized charges and/or adjustments. Include supporting debit and credit vouchers with all detailed bank statements.
3.16. RECONCILIATION
3.16.1. Receive daily electronic transmissions of issued, voided, and canceled checks.
3.16.2. Provide monthly bank statements in both PDF and Excel formats online immediately after month-end.
3.16.3. Provide daily consolidated reports to the County’s Records, Taxes, and Treasury
Department (RTT) reflecting all checks paid, deposits, and exceptions.
3.16.4. Provide monthly reconciliation reports listing all checks issues, paid, outstanding, deleted, and stopped, with full details.
3.17. MONTHLY STATEMENTS AND ACCOUNT ANALYSIS
3.17.1. The client analysis statement must summarize all service charges and transaction activity for applicable accounts and include at a minimum: AFP codes, service descriptions, quantities, unit prices and total monthly charges.
3.17.2. Monthly bank statements and account analysis for all County accounts must be in both
PDF and Excel formats for the full calendar month and available for download within eight
(8) calendar days after the end of the month.
4. EARNINGS CREDIT RATE (ECR) AND INTEREST
4.1. Pay interest on deposited funds. Interest shall be calculated and posted monthly to the respective account.
4.2. Offer Earnings Credits to the County based on the average deposit of collected balance.
4.3. Provide the ECR and explain the basis for its calculation, including an earnings credit floor.
4.4. Describe any methods offered to accommodate low-interest rate environments.
4.5. Provide an invoice for net account analysis fees due.
5. EMERGENCY CONTINGENCY / DISASTER RECOVERY
5.1 Maintain comprehensive Emergency Contingency protocols to ensure the uninterrupted continuation of essential banking and financial services in the event of a declared or anticipated emergency (e.g., hurricanes, natural disasters, or other events impacting normal operations).
5.2 Assist in the coordination of all cash deliveries securely through the County’s armored car services prior to and during an emergency or disaster event.
5.3 Maintain procedures to continue processing of wire transfers, ACH transfers, payment management transfers, and other essential disbursement and receipt functions during emergency conditions.
5.4 Ensure uninterrupted data transmissions, including alternate secure transmission methods, should primary systems become unavailable.
6. CUSTOMER SERVICE:
6.1 The Vendor must provide the County with a dedicated relationship manager to deliver support, including but not limited to, contract management, performance oversight, escalation resolution, and training. The vendor must provide direct contact information, including a direct phone line and email address, for County communication during the County’s business hours (Monday through Friday, 8:30 AM to 5:00 PM EST).
6.2 The vendor must provide the County with a dedicated customer service representative to deliver day-to-day operational support, including but not limited to, routing assistance and issue resolution. The vendor must provide a direct phone number for the County to obtain assistance during the County’s business hours (Monday through Friday, 8:30 AM to 5:00 PM EST).
7. TRANSITION / IMPLEMENTATION PLAN
The Bank must develop a comprehensive transition and implementation plan that will allow the County to seamlessly continue operations and maintain possession of County funds/accounts upon completion of its previous banking services agreement and implementation of its new agreement. A detailed timeline with full transition and implementation must be provided to the County.
8. ADDITIONAL SERVICES
Additional products and/or services of the same general category that could have been encompassed in the award of this Agreement, and that are not already on the Agreement, may be added during the term of the Agreement.
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