2012-28055 Resor
RESOLUTION NO. 2012-28055
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE INTERIM CITY
MANAGER PERTAINING TO THE RANKING OF PROPOSALS PURSUANT TO
REQUEST FOR PROPOSALS (RFP) NO. 53-11/12 FOR THE PROVISION OF VARIOUS
BANKING SERVICES TO THE CITY OF MIAMI BEACH FOR A FIVE-YEAR PERIOD
WITH FIVE ONE-YEAR RENEWAL OPTIONS; AUTHORIZING THE ADMINISTRATION
TO ENTER INTO NEGOTIATIONS WITH THE TOP-RANKED PROPOSER, SUNTRUST
BANK; AND SHOULD THE ADMINISTRATION NOT BE SUCCESSFUL IN NEGOTIATING-
AN AGREEMENT WITH THE TOP-RANKED PROPOSER, AUTHORIZING
NEGOTIATIONS WITH THE SECOND-RANKED PROPOSER, TD BANK, N.A.; FURTHER
AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT UPON
CONCLUSION OF SUCCESSFUL NEGOTIATIONS BY THE ADMINISTRATION.
WHEREAS, on July 18, 2012, the Mayor and City Commission approved the
issuance of Request for Proposals (RFP) No. 53-11/12, for the provision of various banking
services to the City of Miami Beach for a five-year period with five one-year renewal options;
and
WHEREAS, the RFP was issued on July 25, 2012, with an opening date of
September 14, 2012; and
WHEREAS, a pre-bid conference was held to provide information to prospective
proposers was held on August 7, 2012; and
WHEREAS, Bidsync sent notices to 13 prospective proposers resulting in the receipt
of five (5) proposals by Bank of America, N.A., Citibank N.A., J.P. Morgan Chase Bank, N.A.,
SunTrust Bank, and TD Bank, N.A.; and
WHEREAS, the Interim City Manager, via a Letter to Commission (LTC) No. 249-
2012, appointed the following individuals as Evaluation Committee (the "Committee")
members:
• Mario Coryell, Resident and Loan Review Committee Member
• Jacqueline Lalonde, Resident and Budget Advisory Committee Member
• Joe Londono, Resident and Leadership Academy Graduate
• Juan Rodriguez, Treasury Manager, Finance Department
• Allison Williams, Chief Accountant, Finance Department
WHEREAS, in addition to those noted in the LT_ C, the following individuals were
proposed as alternates:
• Georgette Daniels, Senior Management and Budget Analyst, OBPI
• Mayra Diaz-Buttacavoli, Resident and Loan Review Committee Member
• John Gardiner, Resident and Budget Advisory Committee Member
• David Lancz, Resident and Budget Advisory Committee Member
• James Sutter, Internal Auditor, OBPI
• Juan Torres, Resident and Loan Review Committee Member
WHEREAS, on October 15, 2012, the Committee convened to review and discuss
the proposals and decided to invite the proposers to provide a presentation detailing their
customer service philosophy and approach, an explanation of their proposed fee structures
regarding services and earning credit rates, available technology, and transition plan; and
WHEREAS, on November 2, 2012, the Committee reconvened to interview each
proposer, and upon completion of the interviews, the Committee discussed their individual
perceptions of each prospective firm's qualifications, experience, and competence and
unanimously ranked SunTrust Bank and TD Bank, N.A. as the top-ranked and second-
ranked proposers respectively; and
WHEREAS, after considering the review and recommendation of the Evaluation
Committee, the Interim City Manager exercised her due diligence and recommends that the
Mayor and the City Commission authorize for the Administration to negotiate an agreement
with the top-ranked proposer SunTrust Bank; and should the Administration not be
successful in negotiating an agreement with the top-ranked proposer, authorizing
negotiations with the second-ranked proposer, TD Bank, N.A.; further authorizing the Mayor
and City Clerk to execute an agreement upon conclusion of successful negotiations by the
Administration.proposer.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby accept the recommendation of the Interim City Manager, pursuant to
Request for Proposals (RFP) No. 53-11/12, for the provision of various banking services to
the City of Miami Beach for a five-year period with five one-year renewal options; and further
authorizing the Administration to enter into negotiations with the top-ranked proposer,
SunTrust Bank; and should the Administration not be successful in negotiating an agreement
with the top-ranked proposer, authorizing negotiations with the second-ranked proposer, TD
Bank, N.A.; further authorizing the Mayor and City Clerk to execute an agreement upon
conclusion of successful negotiations by the Administration.
PASSED AND ADOPTED THIS qA DAY OF WA* 012.
ATTEST:
CITY CLERK ` AYOR
.0
IN,COR° ORATED:
4v
APPROVED AS TO
FORM&LANGUAGE
&FOR EXECUTION
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city Atrome%v, Date
COMMISSION ITEM SUMMARY
Condensed Title:
A Resolution of the Mayor and City Commission of the City of Miami Beach, Florida, Accepting the
Recommendation of the Interim City Manager Pertaining to the Ranking of Proposals Pursuant to Request for
Proposals(RFP) No. 53-11/12 for the Provision of Various Banking Services to the City of Miami Beach for a Five-
Year Period with Five One-Year Renewal Options; Authorizing the Administration to Enter in Negotiations with the
Top-Ranked Proposer, SunTrust Bank; and Should the Administration not Be Successful in Negotiating an
Agreement with the Top-Ranked Proposer, Authorizing Negotiations with the Second-Ranked Proposer, TD Bank,
N.A.; further Authorizing the Mayor and City Clerk to Execute an Agreement upon Conclusion of Successful
Negotiations by the Administration.
Key Intended Outcome Supported:
Ensure well-maintained infrastructure
Supporting Data (Surveys, Environmental Scan, etc.): The City's overall bond rating is Aa2 and AA-
according to Mood 's and Standard and Poor's respectively.
Issue:
Shall the Mayor and City Commission Adopt The Resolution?
Item Summary/Recommendation:
This RFP is for various banking services involving the general operating, general depository, and payroll accounts
(among several others). These services consist of, but are not limited to, a general depository account for funds
collected daily; a general disbursing account, which is strictly a checking account; a payroll disbursing account to
cover bi-weekly payroll; computerized services, including direct deposits, control pay,web pay, debit/credit memos,
ACH deposits, daily and monthly statement, and stop payments; lockbox processing; wire transfers; zero balance
services;and automatic redeposit of items.
The term of the contract to be awarded pursuant to this RFP is anticipated to begin on January 1, 2013, for a five
(5) year initial term, with five (5) one-year renewal options, at the sole discretion of the City (through its City
Manager).
BidNet issued bid notices to 13 prospective proposers which resulted in the receipt of five(5)proposals.
On October 15, 2012, the Committee convened to review and discuss the proposals. The Committee decided to
invite the proposers to provide a presentation detailing their customer service philosophy and approach, an
explanation of their proposed fee structures regarding services and earning credit rates, available technology, and
transition plan.
On November 2, 2012, the Committee reconvened to interview each proposer. Upon completion of the interviews,
the Committee discussed their individual perceptions of each prospective firm's qualifications, experience, and
competence in order to score and rank each accordingly to develop its recommendation to the Interim City Manager
based on their scores and ranking. In determining the most qualified firms, the Committee discussed each firm's
proposal based on the criteria noted in the RFP.
Based on the scores and rankings of the Committee members, SunTrust Bank was selected unanimously as the
top-ranked firm. TD Bank N.A. was second based on the rankings. Therefore, a motion was made and voted
unanimously in favor by the Committee to recommend to the Interim City Manager for the Administration to
negotiate an agreement with the top-ranked proposer, SunTrust Bank, and should the Administration not be
successful in negotiating an agreement with the top-ranked proposer, authorizing negotiations with the second-
ranked proposer, TD Bank N.A.; further authorizing the Mayor and City Clerk to execute an agreement upon
conclusion of successful negotiations by the Administration.
Advisory Board Recommendation:
N/A
Financial Information:
Source of Amount Account
Funds: 1 N/A
OBPI Total
Financial Impact Summary: N/A
City Clerk's Office Legislative Tracking:
Raul A uila, t. 6475
Sign-Offs:
Interim i y
Departmen 'rector Chief Finanvvl O er Mana
PDW==V3,,E KGB
T:\AGENDA 012\11-14-12\RFP 53-11-12—Banking Services—SUMMARY.doc
AGENDA ITEM � 7E
MIAMI B E A'%("W*#H HATE
MIAMI BEACH
City of Miami Beath, 1700 Convention Center Drive,Miami Beach, Florida 33139,www.miamibeachfl.gov
COMMISSION MEMORANDUM
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Kathie G. Brooks, Interim City Manager
DATE: November 14, 2012
SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ACCEPTING THE RECOMMENDATION OF THE
INTERIM CITY MANAGER PERTAINING TO THE RANKING OF PROPOSALS
PURSUANT TO REQUEST FOR PROPOSALS (RFP) NO. 53-11/12 FOR THE
PROVISION OF VARIOUS BANKING SERVICES TO THE CITY OF MIAMI BEACH
FOR A FIVE-YEAR PERIOD WITH FIVE ONE-YEAR RENEWAL OPTIONS;
AUTHORIZING THE ADMINISTRATION TO ENTER INTO NEGOTIATIONS WITH
THE TOP-RANKED PROPOSER, SUNTRUST BANK; AND SHOULD THE
ADMINISTRATION NOT BE SUCCESSFUL IN NEGOTIATING AN AGREEMENT
WITH THE TOP-RANKED PROPOSER, AUTHORIZING NEGOTIATIONS WITH
THE SECOND-RANKED PROPOSER, TD BANK, N.A.; FURTHER AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT UPON
CONCLUSION OF SUCCESSFUL NEGOTIATIONS BY THE ADMINISTRATION.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
KEY INTENDED OUTCOME SUPPORTED
Improve the City's overall financial health and maintain overall bond rating
ANALYSIS
This RFP is for various banking services involving the general operating, general depository,
and payroll accounts (among several others). These services consist of, but are not limited to,
a general depository account for funds collected daily; a general disbursing account, which is
strictly a checking account; a payroll disbursing account to cover bi-weekly payroll;
computerized services, including direct deposits, control pay, web pay, debit/credit memos,
ACH deposits, daily and monthly statement, and stop payments; lockbox processing; wire
transfers; zero balance services; and automatic redeposit of items.
The term of the contract to be awarded pursuant to this RFP is anticipated to begin on January
1, 2013, for a five (5) year initial term, with five (5) one-year renewal options, at the sole
discretion of the City(through its City Manager).
SCOPE OF SERVICES
It is the intent to have one bank provide the City's service needs on its three major bank
accounts which are the General Depository, General Disbursing, and Payroll Accounts, as well
Commission Memorandum — RFP 53-11112 - For the Provision of Various Banking Services to the City
of Miami Beach for a Five-Year Period with Five One-Year Renewal Options
November 14, 2012
Page 2
as, any other bank accounts that the City may have or open in the future. The scope of
services is as follows:
• GENERAL DEPOSITORY ACCOUNT- City funds collected daily will be deposited in
this account the following business day. Checks deposited will be available the day of
deposit in the bank by the time of day the bank normally closes its transactions for that
day. This will also include Automated Clearing House (ACH) transactions generated
by Miami-Dade County, which must be considered available on date of receipt, even if
received after normal closing hours. All transactions must be identified. This account
has to be an interest bearing account. The proposer will need to show the basis and
method of computing such interest earnings.
• GENERAL DISBURSING ACCOUNT- This account will be strictly a checking account.
The bank will transfer the exact amount of funds each day to this account to cover
clearings. Approximately 1,500 checks will be issued monthly, amounting to
approximately $7,000,000. Disbursements will be made by check as well as wire
transfer; each transaction must be shown separately on the bank statement (no netting
permitted).
• PAYROLL DISBURSING ACCOUNT- The City's payroll is currently bi-weekly, paying
every other Friday approximately 2,000 employees; net pay amounts to approximately
$3,000,000 bi-weekly. The bank will transfer the exact amount required each day to
cover clearings
• COMPUTERIZED SERVICES - All demand and time deposit accounts maintained
must be computerized so that reconciliation can be performed. Reconciliation service
to produce an outstanding check list for each account with substantial check activity
must be available to the City by the 15th day of the month following activity, as well as,
a CD with scanned images of the front and back of each check issued for all accounts.
In addition, the bank must provide a separate computer listing of all checks which have
cleared by check (voucher) number and amount with a total dollar amount indicated on
all accounts not designated for automatic reconciliation services.
The City needs the ability to use a form of Control Pay that will allows items that are
transmitted to be verified prior to being paid by the bank. The ability to offer ACH on-
line bill payment, utilizing credit cards, debit cards, and ACH transactions. The City
requires an on-line banking feature to be used to obtain and report on balances and
transactions on a daily basis for each bank account. This feature must also allow for
the initiation of wire transfers and stop payments. The Proposer should have the
capability to upload data (cleared checks)to the City's financial system.
• SAME DAY PROCESSING — All transactions received before the close of business
must be posted on the same day(at no extra charge).
• STATEMENT AND ADVICE FREQUENCY — All advises affecting a debit or credit
memo type transaction must be produced daily and emailed/Fedex to the City.
Statements on all bank accounts will be produced monthly on a calendar month basis
and available to the City no later than the 7th working day of the subsequent month.
• AUTOMATIC REDEPOSIT OF DEPOSIT ITEMS RETURNED — All deposit items
charged back on the City's general operating/depository account will be automatically
re-deposited the following day of the bank. If returned a second time, they will be
forwarded on a daily basis to the City
• DIRECT DEPOSIT/ACH — PAYROLL CHECKS — The Proposer must have the ability
to initiate direct deposit for payroll. It is estimated that 1,850 of the City's 2,000
Commission Memorandum — RFP 53-11112 - For the Provision of Various Banking Services to the City
of Miami Beach for a Five-Year Period with Five One-Year Renewal Options
November 14, 2012
Page 3
employees utilize direct deposit. Additionally, the ability to provide payroll cards for
those employees that are not on direct deposit
• COUNT AND DEPOSIT METER COLLECTIONS —The City's Parking Department, via
an armored car service, will deliver 20-23 bags containing coins (in all denominations)
in the amount of $12,000 to $20,000 daily. The Proposer must have the ability to
count, weigh and deposit coins, or provide an alternative solution for this process.
• LOCK BOX ACCOUNT PROCESSING — The City utilizes a lock box to receive
payments for various types of City fees. The proposer must have the ability to process
transactions and report by type. The estimated volume is $2,500,000 per month.
• AUTOMATED TELLER MACHINE (ATM) — The Proposer must be willing to install a
revenue sharing ATM at City Hall (at no cost to the City), at a location to be determined
by the City.
• LOCAL DECISION MAKING AT BANK OFFICES — The location of a banking office
should be located in Miami Beach preferably located convenient to City Hall. This
banking office should have the ability to make decision and solve problems.
• PERSONAL CONTACT— The Proposer must assign personal contacts at the Senior
Management Level, Branch, Treasury Management, Merchant Services, and Technical
Support areas.
• PURCHASING CARD PRODUCT — The Proposer must provide a Purchasing Card
Product for ease of procurement purchases that can interface with the City's financial
system, and it must also interface with the program, "Card Manager Plus by WORKS",
or other equivalent software.
• ADDITIONAL SERVICES (OPTIONAL) — No charge for non-client check cashing; offer
employee benefits that include free checking account and other employee benefits.
• OTHER OFFERED SERVICES — Any other product/service that the Proposer may
offer its clients that the City has not otherwise requested in the RFP.
RFP PROCESS
On July 18, 2012, the Mayor and City Commission approved the issuance of Request for
Proposals (RFP) No. 53-11/12, for the provision of various banking services to the City for a
five-year period with five (5) annual renewal options. RFP No. 53-11/12 was issued on July
25, 2012, with an opening date of September 14, 2012. A pre-bid conference to provide
information to the proposers submitting a response was held on August 7, 2012.
BidNet issued bid notices to 13 prospective proposers which resulted in the receipt of the
following five (5) proposals:
• Bank of America, N.A.
• Citibank N.A.
• J.P. Morgan Chase Bank, N.A.
• SunTrust Bank
• TD Bank, N.A.
Commission Memorandum — RFP 53-11112 - For the Provision of Various Banking Services to the City
of Miami Beach for a Five-Year Period with Five One-Year Renewal Options
November 14, 2012
Page 4
As a result, the following table provides the proposed pricing submitted:
Less
Waived Earning
Additional Fees 1 st First Year Five-Year Total Credit Rate
Fees Fees Subtotal year Total Fees ECR
0.50%fixed
SunTrust $ 112,426.44 $ - $ 112,426.44 $ - $ 112,426.44 $ 562,132.20 for 3 yrs
0.50%fixed
TD Bank $ 105,319.32 $ 21,750.00 $ 127,069.32 $(42,356.44) $ 84,712.88 $ 592,990.16 for 1 yr
Citibank $ 137,449.92 $ - $ 137,449.92 $ - $ 137,449.92 $ 687,249.60 0.50%
J.P. Morgan $ 165,139.33 $ - $ 165,139.33 $(41,284.83) $ 123,854.50 $ 784,411.82 0.40%
B of A $ 56,007.84 $ 189,175.80 $ 245,183.64 $(25,000.00) $ 220,183.64 $ 1,200,918.20 0.40%
On October 1, 2012, the Interim City Manager via Letter to Commission (LTC) No. 249-2012,
appointed an Evaluation Committee (the "Committee") consisting of the following individuals:
• Mario Coryell, Resident and Loan Review Committee Member
• Jacqueline Lalonde, Resident and Budget Advisory Committee Member
• Joe Londono, Resident and Leadership Academy Graduate
• Juan Rodriguez, Treasury Manager, Finance Department
• Allison Williams, Chief Accountant, Finance Department
In addition to those noted, the following individuals were proposed as alternates:
• Georgette Daniels, Senior Management and Budget Analyst, OBPI
• Mayra Diaz-Buttacavoli, Resident and Loan Review Committee Member
• John Gardiner, Resident and Budget Advisory Committee Member
• David Lancz, Resident and Budget Advisory Committee Member
• James Sutter, Internal Auditor, OBPI
• Juan Torres, Resident and Loan Review Committee Member
On October 15, 2012, the Committee convened to review and discuss the proposals and
nominated Allison Williams as Committee Chair. The Committee decided to invite the
proposers to provide a presentation detailing their customer service philosophy and approach,
an explanation of their proposed fee structures regarding services and earning credit rates,
available technology, and transition plan.
On November 2, 2012, the Committee reconvened to interview each proposer. Upon
completion of the interviews, the Committee discussed their individual perceptions of each
prospective firm's qualifications, experience, and competence in order to score and rank each
accordingly to develop its recommendation to the Interim City Manager based on their scores
and ranking. In determining the most qualified firms, the Committee discussed each firm's
proposal based on the criteria noted in the RFP below:
1 ECR refers mainly to the City's General Depository and RDA's City Center accounts held at SunTrust
Bank. The City's and RDA's investments are held at Fiduciary Trust International, as custodian of the
investments in the City's and RDA's name. These investments are purchased in accordance with the
City's Investment Policy.
Commission Memorandum — RFP 53-11112 - For the Provision of Various Banking Services to the City
of Miami Beach for a Five-Year Period with Five One-Year Renewal Options
November 14, 2012
Page 5
Total
Points Criteria
45 Charges for Services
25 State of the Art Technology—On-line Services
15 Personal Contact Points— Customer Service
15 Interest rate earned
5 Local Preference — The Evaluation Committee will assign an additional five (5)
points to Proposers, which are, or include as part of their proposal team, a Miami
Beach-based vendor as defined in the City's Local Preference Ordinance.
5 Veterans Preference — The Evaluation Committee will assign an additional five (5)
points to Proposers, which are, or include as part of their proposal team, a small
business concern owned and controlled by a veteran(s) or a service-disabled
veteran business enterprise, as defined in the City's Veterans Preference
Ordinance.
In regards to online services, the Committee felt that each proposer demonstrated the
technological capabilities to meet the City's needs. After interviewing each proposer's team,
the Committee believed that each was committed to providing excellent customer service to
the City and ensured that a local representative would be available to address any concerns.
With these factors considered mostly equal, the charges for services and earned interest rate
were the ultimate factors that distinguished one proposer from the other. As a result, the
Committee's final scoring is provided below:
Coryell Londono Rodriguez Williams Total
SunTrust Bank 1 105 1 (90) _ 1 103 1 100 1 398
TD Bank, N.A. 2 98 2 90 2 101 2 95 2 384
Citibank, N.A. 3 90 3 76 3 100 3 88 3 354
J.P. Morgan Chase Bank, N.A. 4 (89) 4 74 4 99 4 85 4 347 j
Bank of America, N.A. 5 82 5 60 5 93 5 80 5 315
Based on the scores and rankings of the Committee members, SunTrust Bank was selected
unanimously as the top-ranked firm. TD Bank N.A. was second based on the rankings.
Therefore, a motion was made by Allison Williams, seconded by Joe Londono, and voted
unanimously in favor by the Committee, to recommend to the Interim City Manager for the
Administration to negotiate an agreement with the top-ranked proposer, SunTrust Bank, and
should the Administration not be successful in negotiating an agreement with the top-ranked
proposer, authorizing negotiations with the second-ranked proposer, TD Bank N.A.; further
authorizing the Mayor and City Clerk to execute an agreement upon conclusion of successful
negotiations by the Administration. For more information on both proposers, their executive
summaries are provided in Attachment A.
INTERIM CITY MANAGER'S DUE DILIGENCE
After considering the review and recommendation of the Evaluation Committee, the Interim
City Manager exercised her due diligence and is recommending that the Mayor and the City
Commission authorize for the Administration to negotiate an agreement with the top-ranked
proposer SunTrust Bank. In addition, the Interim City Manager recommends that the
Administration negotiate an agreement with TD Bank, N.A., the second-ranked proposer, in
the event negotiations are unsuccessful with the top-ranked proposer.
Commission Memorandum — RFP 53-11112 - For the Provision of Various Banking Services to the City
of Miami Beach for a Five-Year Period with Five One-Year Renewal Options
November 14, 2012
Page 6
CONCLUSION
The Administration recommends that the Mayor and City Commission of the City of Miami
Beach, Florida accepts the recommendation of the Interim City Manager pertaining to the
ranking of proposals pursuant to Request for Proposals (RFP) No. 53-11/12, for the provision
of various banking services to the City of Miami Beach for a five-year period with five one-year
renewal options; and further authorizing the Administration to enter into negotiations with the
top-ranked proposer, SunTrust Bank; and should the Administration not be successful in
negotiating an agreement with the top-ranked proposer, authorizing negotiations with the
second-ranked proposer, TD Bank, N.A.; further authorizing the Mayor and City Clerk to
execute an agreement upon conclusion of successful negotiations by the Administration.
KGB/JGG/FV/ME
T:\AGENDA\2012\11-14-12\RFP 53-11-12—Banking Services—MEMO.doc
i
9/14/12 RFP No:53-11/12
City of Miami Beach Banking Services
BANKING SERVICES REQUEST FOR PROPOSAL
CITY OF MIAMI BEACH—RFP NO. 37-06/07
EXECUTIVE SUMMARY
To the City Council Members, Mayor, Management, and Employees of City of Miami Beach ("the City"), we are
pleased to present SunTrust Banks, Inc. response to RFP 53-11/12 for various Banking Services. We understand
the scope and nature of the work to be performed and are committed to meeting the City's needs.
Invest in your community and Lighting the Way to Financial Security. SunTrust invested in the City of Miami
Beach in October 1964 ( 48 years ago) when we opened our branch on Lincoln Road. We have invested in New
World Symphony and many other non-profit organizations and for profit businesses within the City over the decades
as well. The City of Miami Beach invested in SunTrust by establishing a banking relationship three decades later in
1995. SunTrust committed to listen , to discuss new ideas,to deliver consistent service excellence and execution as
we both grew and changed.
Team model approach. Fundamental to our consistent execution over the past 17 years was using a highly skilled
team approach and leveraging our specialty government division's delivery and execution capabilities. Your
SunTrust relationship team,with over 80 years of banking experience,communicates regularly about the City's goals
and objectives to assure coordinated seamless execution of both operational treasury service needs and credit
needs.
Financial security and positive earnings performance: Of the Top 10 banks in Florida 10 years ago, SunTrust
Bank is the only bank to still have the same name. SunTrust is still SunTrust with assets totaling over$178.2 billion
as of 3/31/12, having an A3 Moody's senior debt rating and serving our clients with over 1650 bank branches across
11 states in the Southeast US.As of the second quarter of 2012 the Tier 1 common ratio is approximately 9.5%on a
Basel I basis, or 7.9% based upon the recently issued regulatory proposal regarding Basel III. This ratio is well in
excess of the 2019 Basel 111 7%standard for major banks. Currently, SunTrust's market capitalization exceeds$14
billion and its share price is up over 50%year to date.
Quick review of banking services currently in use:
The City has consistently strived for excellence in execution, wanting to utilize best practices, having excellent
financial controls, increasing fraud prevention, and passing along efficiencies as a savings to its taxpaying citizens.
Today, the City utilizes many of SunTrust's state of the art treasury management services: our Zero Balance
Accounting, Information Reporting Service through our web browser which provides the City the ability to manage
ACH, wire transfer, book transfer and EDI transactions as well as retrieve specialized reports related to ACH and
relevant images. We continue to offer our full complement of ACH services including direct deposit and our
reconciliation service with CD-ROM capability. As it pertains to receivables services, SunTrust will continue to offer
the wholesale lockbox service as it exists today with the enhanced Lockbox Image Browser feature which captures
resident information on deposited items and remittance coupons. SunTrust will continue to provide cash vault
service for deposits and change orders.
Moves designed to go paperless included the 2003 adoption of SunTrust's Purchasing Card-in —Hand program.
SunTrust brought awareness of increase in ACH fraud and in 2007, was so committed that we offered the City free
ACH fraud protection on the City's accounts which continues to this day.
Key next step recommendations for the City contained within this Proposal
Bill Consolidator: Consolidate, accelerate and upload online payments files regardless of originating vendor or
bank. Improve cash flow, reduce operating cost, and increase fraud protection.
5
SUiV'I RUST
9/14/12 RFP No:53-11/12
City of Miami Beach Banking Services
Controlled Payment Reconciliation: Already using this unique and innovative front-end matching system that
automatically reconciles items presented for payment before they post to the account.CPR incorporates our Account
Reconciliation, Fraud Control, and Controlled Disbursement services. We recommend an additional level of fraud
protection for the City by adding Payee Name Verification to current Controlled Payment.
Payroll Card: Helps reduce costs, inefficiencies, reduce exposure to fraud and liabilities involved in managing
payroll checks and at the same time providing enhanced employee benefits—easy access to payroll funds and enjoy
additional benefits typically only available to individuals with bank accounts, including access to banking services
and simplified bill paying.
Online Check Deposit:Accelerates check collection and enhances availability. Improves efficiency with simplifies
processing and flexible reporting options and search feature
Purchasing Card: We are recommending a seamless enhancement using SunTrust's Enterprise Spend Platform
which offers merchant category restrictions and compliance monitoring and adds an e-payables solution to the City's
existing card-in hand program. E-Payables increases spend with potential rebates up to 3 X card-in hand capabilities
and reducing fraud to almost zero.
Key SunTrust competitive P-Card advantages : Your Card Program Officer, Matthew Munafo is a former public
sector program administrator and procurement professional. He understands and has experienced the concerns that
the City has in regards to public scrutiny. His experience allows SunTrust to educate the City on best practices
specifically to municipal sector as well as provide training on-site and locally through workshops(which he has done
for the City). He and his team currently note the City tracks larger procurements with the card in hand program
manually. This process leads to inefficiencies and the potential for error, especially pertaining to asset tracking,
general ledger funding,lack of inventory management, and an increased risk of fraud exposure with high dollar credit
lines open daily.With the payables solution, purchase order processes are kept intact,which eliminates the concern
with manual tracking.
Fraud is decreased by maintaining low limits on cards and only raising limits to the exact dollar amounts owed to
individual suppliers. The access to card numbers is also reduced by maintaining relationships with one contact at
each supplier in their accounts receivable departments.
Our supplier enrollment team can contact your suppliers regarding card acceptance and enroll them into your
payables program. This eliminates the City's time and effort to research potential spend opportunities with large
volume suppliers. In addition to the increased revenues, the payables solution can help automate your vendor
payment process, and reduce the overall number and cost of check processing and check fraud.
With the combination of an experienced public sector account manager, supplier enrollment team, and fraud
prevention techniques, the City is able to automate processes, increase revenue, and efficiently and effectively,
provide a successful card program
Best value of balances : estimated value to City $170,620 annually (3 year ECR 50 bps, one year Muni-Now
rate of 18 bps.,semi-annual account settlement) The bank recommends the City consider a strategy that utilizes
balances to offset banking service charges with remainder to be deposited into Muni-Now interest bearing accounts.
We estimate balances of $23 million in demand deposit accounts with a 50 bps ECR will offset all bank service
charges and the remainder $30.9 million will earn Muni-Now rate of 18 bps. This strategy achieves the greatest
economic benefit for the City.
Employee benefits — Lighting the Way to Financial Security: SunTrust at Work banking service package is
much more than just saving employees money or offering free banking.What distinguishes our program is providing
financial planning education to the employee which provide them the confidence to make better long term financial
decisions and Lighting the Way to Financial Security.
9/14/12 RFP No:53-11/12
City of Miami Beach Banking Services
From all of us at SunTrust Bank,thank you for the opportunity to continue the long and trusted relationship between
our entities. We are proud to have been a member of the City's business community these past 48 years and to
have been your banking services provider these past 17 years.Together,we have experience the growth of the City
of Miami Beach and are looking forward to a long lasting relationship. Please feel to call with any questions.
Respectfully your senior relationship team,
f
Steve T. Leth, Senior Vice President Hilda Irigoyen, Vice President
Relationship Manager Treasury Management Officer
Governmental Banking Group Governmental Banking Group
Miami-Dade County Miami-Dade County
Sun U.ST'
Bank
America's Most Convenient BankO
In
I V M M Pay
"Xv%.UL e %a U ca
TD Bank,N.A. is uniquely qualified to meet the financial service needs of the City of Miami Beach.
Throughout our proposal, TD Bank will demonstrate its unmatched commitment to customer
service, our knowledge and understanding of Government Banking, our state-of-the-art cash
management products and services, our innovative approaches, our commitment to the community
and most importantly our desire to be the City's bank of choice. The following summarizes our
proposal response to the City of Miami Beach.
F OR CE, OF CHANGE,G IN BAJYK VG
TD Bank,N.A. is part of the powerful TD (Toronto Dominion)Bank Financial Group with assets in
excess of$806.3 billion as of July 31, 2012. TD Bank N.A. has the largest branch network of any
bank operating in both the United States and Canada. TD operates subsidiaries such as TD
AN ERITRADE, TD Waterhouse and TD Canada Trust. In Florida, the bank has operated under the
name Commerce Bank until TD Bank Group acquired Commerce Bank on March 31, 2008 and
rebranded as TD Bank, America's Most Convenient Bank. While many banks in the United States
have been adversely affected by recent economic conditions, TDBFG maintains a Aaa rating from
Moody's (one of the few banks in the world to hold this distinction), has no sub-prime mortgage
exposure and was recently ranked #13 on.Bart-on's 500 list of top North American companies. In
addition, Bloomberg just ranked Toronto Dominion as the strongest bank in North America among
the Bloomberg 20 banks based on eight financial ratios equally weighted. Global Finance has
named TD Bank one of North America's strongest financial institutions, Euromoney magazine
named TD North America's Best Bank and most .recently Money Magazine named TD as Best
Regional Bank/East.
TD Bank has developed and successfully implemented a business model that has changed the way
individuals, businesses and governments, bank, throughout our footprint. Our innovations in
banking have made TD Bank the fastest growing bank in America. W'e're excited and confident that
our unique approach to banking will provide numerous benefits to the City of Miami Beach. Our
commitment to customer service requires constant reinvestment to create a truly superior customer
experience. TD Bank grows by operating as a retailer with seven-day banking, extended hours and
a passion for turning our customers into fans of TD Bank.
E ERIENCE WITH GOVERNMENTS
TS
TD Bank realized years ago that public sector entities and higher education institutions have unique
needs and require a higher level of customer service. In addition, TD Bank recognized that many of
these entities had to comply with numerous statutes that dictated how they conducted their financial
affairs. In order to meet these needs, Government Banking was developed. Today, TD Bank
provides banking services to over 5,000 government clients from Maine to Florida and holds over
City of Miami Beach
RFP# 53-11112 Banking Services
$15 billion in public deposits. Our Florida Government Banking team is well-versed in public
finance and how to structure accounts and cash management solutions that provide cost savings,
maximize interest earnings and simplify the way governments conduct business. They are well-
versed on Florida Statutes and how they affect the City of Miami Beach. Careful attention is paid to
the details that matter and our Government Bankers will provide on-going support to City staff
members. Periodic relationship reviews will be conducted to ensure that the City of Miami Beach
has the appropriate products and services and to keep the City abreast of new technologies and
innovations in cash management and other new services offered by the bank.
OUR PROPOSAL
TD Bank has thoroughly examined the City's RFP for Banking Services. We are confident that we
can provide all of the required services and exceed your expectations.
TD Bank offers several advantages that other banks cannot match:
■ TD Bank was the first bank in the United States to offer Seven-Day Banking with
extended hours. TD Bank is open for our customers 361 Days a year!
• Same day credit on deposits until branch closes.
• Next day availability on ALL deposits.
• Next day availability (by 8 A.M.) on merchant credit card deposits that has been
transmitted by 6 P.M. the previous day.
• TD BANK WILL WAIVE, FOUR (4) MONTHS OF SERVICE CHARGES FOR i
THE CITY OF MIAMI BEACH, ONCE SERVICES ARE FULLY
IMPLEMENTED, TO HELP OFFSET ANY TRANSITION COSTS.
•
71`D BANK WILL No rr CHARGE THE CITY OF MIAMI BEACH ANY FDIC,
CHARGES, PROVIDING THE CITY AN ADDI'T'IONAL, COST SAVINGS.
• TD Bank offers a significant discount on bank fees over your current banking services
provider. Please refer to tab D for pricing, interest and ECR information.
• TD Bank will provide to the City of Miami Beach an initial order off, 1,000 deposit
tickets, 1,000 checks, 200 disposable night bags, 1 endorsement stamp per account,
unlimited coin wrappers and unlimited bill straps at NO COST to the City. This will
additionally aid the City with any transition cost.
® TD 'BANIC. WILL NOT C"IGE THE CITY OF MIAMI BEACH ANY
IMPLEM ENTATION/SOFTWARE FEES FOR CASH MANAGEMENT
SERVICES.
City of Miami Beach
RFP #53-11/12 Banking Services ,
CUSTOMER SERVICE
TD Bank promises to the City of Miami Beach that we will provide you with the customer service
and support you deserve. Our Government Bankers, Cash Management Officers, Implementation
Specialists and Customer Care Associates will be available to the City at all times. Should TD Bank
be awarded the City's banking services, we will assign an implementation team that will provide
guidance every step_ of the way. The Cash Management Officer working with the City will provide
in-office training to staff for on-line banking and other technical services. The City will never have
to call an 800 number to install services or receive training. TD Bank will take a measured and
methodical approach to implementation and pledges not to "turn the switch" until the City is
completely satisfied. Unlike other banks, our personnel will continue to support the City of Miami
Beach long after implementation. In addition to local support, TD Bank is proud that all of our
associates are located in the United States. TD Bank does not outsource customer service and back-
office support functions to other countries around the world. Calls to our Customer Care area are
answered within three rings by a live person. The City's staff won't get lost in a maze of menu
selections and voice mail. No other bank can make that claim! GetHuman.com which rates call
centers across various industries gave TD Bank an "A" grade for our call center. TD Bank was the
2Wy bank to receive the highest rating in the nation.
CASH MANAGEMENT ENT EXCELLE1 CE
TD Bank subscribes to market research provided by the highly regarded consulting firm, Greenwich
Associates. Greenwich gathers data directly from Business Banking ($1 to $10 million in sales),
Middle Market commercial ($10 to $500 million in sales) and other segments. The data assesses
customer satisfaction over a range of categories including cash management service, operations
accuracy and market share. TD Bank has been nationally rated 41 for four years in a row by
Greenwich for overall business banking service,#I overall banking service and#I call center.
TE HNOLOGYAND INNOVATION
TD Bank is a vibrant,high growth company that constantly re-invests in the products, services,
technologies and delivery channels used by our customers. TD Bank can offer many innovations to
the City of Miami Beach.
• TD is one of the largest e-payment processors in North America and our head of U.S.
Cash Management is the Chairman of NACHA's Rules and Operations Board.
• TD will spend several hundred million dollars on web banking applications and
enhancements over the next year.
• TD was an early adopter of Check 21 and has received awards from the Federal Reserve
for top digital check processing services. In Florida, TD Bank is a fully-imaged bank for
deposit processing and check clearing.
• TD is the first bank of size to operate on a single platform across our entire branch
footprint.
City of Miami Beach
RFP # 53-11/12 Banking Services 3
• TD has robust capabilities for converting paper documents to digitized images while
applying ICR(Intelligent Character Recognition)to automate accounting and business
analytics such as Positive Pay Payee Name verification.
• TD issues a variety of card products—credit, debit,purchasing and T&E. Provider of
re-loadable card solutions for payroll,benefits and a host of disbursement management
applications.
• TD has the ability to offer straight through processing to establish/maintain data
transmission and data management relationships. Integration of collection and/or
disbursement channels into one to drive efficiency and convenience.
• TD offers innovative product solutions such as image enabled retail and wholesale
lockbox platforms, integrated payables and receivables.
COMMUNITY CONCERNS
Because of our financial strength, TD Bank is able to focus on our customers, expand in the
markets we serve and give back to the communities in which we operate. TD Bank believes that
the City of Miami Beach is an excellent place to do business and to grow. As TD Bank, we will
continue to invest in the City by growing our business,providing donations, sponsorships and
volunteer hours. As we continue to grow in Miami-Dade County,TD Bank looks to expand our
outreach into various sectors of the community.
TD Bank believes there are other ways in which we can support our communities. TD has launched
a very strong "Green"program throughout North America. Some of our new"stores" and many to
be built in Florida will be environmentally friendly (LEED certified) and operate on full or partial
solar power. TD Bank believes that protecting the environment is part of our responsibility to the
community.
Diversity is another area of commitment for TD Bank. Embracing diversity within TD Bank,
anion our an within our communities is the right thin to do and it makes sense for us
g o customers d g g .
as a business organization.
TD Bank looks to develop a long-term, mutually beneficial partnership with the City of Miami
Beach that goes beyond banking products and services. TD Bank pledges to provide the City with a
full range of products and services that meet the current and evolving financial needs of the City.
We also pledge to work with the City to improve the quality of life for its employees and citizens.
One example is our Bank at Work program that can provide numerous benefits to the City of Miami
Beach employees. In addition, TD Bank will work jointly with the City to find ways to make the
City of Miami Beach a stronger community.
TD Bank appreciates the opportunity to provide a proposal for Banking Services to the City of
Miami Beach. We realize that choosing a financial institution that can meet the City's needs under
current economic conditions is an important decision. At TD Bank, we are committed to providing
the City with world-class service from all delivery channels, the latest in cash management services
and technology and the flexibility not found at other financial institutions in Florida.
City of Miami Beach
RFP# 53-11/12 Banking Services
i
TD Bank is large enough to meet all of the City's needs;however,we're small enough to work with
.the City to develop unique approaches to satisfy unmet needs or those that will arise in the future.
TD Bank would welcome the opportunity to make a presentation to the City of Miami Beach to
further support our ability to provide the desired banking and treasury management services.
Sincerely,
Yarneea `&unfia&wan Vice President
Government Banking
5900 N. Andrews Ave.2nd Floor
Ft. Lauderdale FL 33309
TD Bank N.A.America's Most Convenient Bank
TF 800.510.2265 Ph 954.233.2064
Fax 954.233.2037
parnela.ramkalawan td.coni
I
City of Miami Beach
RFP 4 53-11/12 Banking Services