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QUESTIONS AND ANSWERS REGARDING  


RFP 2021-03 Banking Services

 ?? =  Questions submitted by any bank
** =  Answer

?? Can a bank submit all electronic copies?
*Attachment 1 and Attachment 2 must be submitted as stated in section 2.01: There must be three (3) signed copies of the proposal and one electronic copy on flash drive.
Section 2.02: Supporting material may be provided to further explain items in the proposal on a separate addendum (clearly index). Large data files containing financial statements and audited information may also be put on the “same” flash drive and clearly referenced as an addition.

?? If not, due to size, can a bank provide its Audited Financial Statements for the most recent year, current call report electronically?
*Section 2.02: Supporting material may be provided to further explain items in the proposal on a separate addendum (clearly index). Large data files containing financial statements and audited information can be put on the “same” flash drive and clearly referenced as an addition.

?? Section 3.05 states that “All collected balances in the Town accounts shall be in an interest-bearing account, which shall be collateralized according to Chapter 280, Florida Statutes” . If a bank were to place certain accounts in its Public Funds Business Analysis whereby its available collected balances would earn “credits” that would be used to offset service fees incurred by the Town. Would placing these accounts in this type of Public Funds account disqualify a bank.
*  No. The proposer is to indicate their rate offer in the Proposal Quotation Form.

Published above 04/14/2021 9:28AM

??Would the Town of Lake Placid consider extending the due date an additional week? This was just received by our team today April 15th. Please kindly advise.
Thank you.

**We are on a timeline and hope to have results to our Town Council on May 10, 2021. At this time we plan to stay on schedule with the published final receipt date of April 28, 2021 at 2 PM.

Published above 04/15/2021 3:50PM

?? Please kindly provide us with 3 months of analysis statements for each of the Towns account groups, inclusive of General Operating Accounts and their Enterprise Accounts.
**The Town’s financial statements are not needed to reply to this RFP and will not be provided. For estimated financial facts, please refer to section 3.02 in the RFP.

?? Are the accounts stated in the RFP as "Restricted Accounts" special accounts associated with a legal instrument known as a DACA, or are they simply designated accounts for the purposes stated within the RFP?
**All Town accounts (as a local government) are designed specially to the generally accepted accounting principles (GAAP) and for the purposes stated within the RFP. The Town has various restricted account, various checking accounts, three certificates on deposits and a few checking accounts used specially as unrestricted reserve accounts. Included in the 25 accounts, there are about 5 restricted accounts and five operating checking accounts. Of the five operating accounts, there are four enterprise accounts. For additional accounts information, please refer to section 3.02 of RFP.
The Town does not currently have any Deposit Account Control Agreements (DACA) but reserve the right to participate at a future date if is later determined to be at the best interest of the Town.

??How many scanners are needed by the Town of Lake Placid?
**A minimum of two check scanners will be need for remote depositing of checks.

?? The City states that the Operating account pays vendors by computerized check. Please kindly define.
**The Town currently pay vendors via e-checks, wire transfers, direct deposits, Automated Clearing House (ACH) payments and the Town reserve the ability to continue doing so.



Published above 4/19/21 @ 10:20 am


?? How many stop payments do you initiate per month?
**Rarely initiate stop payments. On average stop payments items range from 0-3 on a quarterly basis.

??How many return deposited items do you have per month?
**On average returned deposits range from 1-5 items monthly.

??Do you use direct deposit? If so, how many employees participate in direct deposit? How many payroll periods per month? How do you initiate these transactions, via direct send or through your bank's online product?
**The Town has direct deposit payroll participation for about 55 employees. There are three pay cycles: weekly (4), bi-weekly (2) and monthly (1). We would like staff to be capably of uploading their own files to an online platform and submitting.

?? Do you initiate ACH transactions for anything other than direct deposit? If so, what for (ie. Vendor payments). How many files per month and how many items per file? How do you initiate these other ach transactions, via direct send or through your bank’s online product?
**ACH transactions involve payroll (4 files and 4 times per month), vendor payments (4-5 files and 4-5 times per month), auto drafts (2-4 files and 2-4 times per month) and wire transfers (1 file and 4 time semi-annual).

??Do you use Positive Pay? If so, how many accounts? How many files per month? How many items per file?
**Not currently using positive pay, but would like to keep the option open.

??Do you use Reconcilement services? If so, Full Recon or Partial Recon? How many files per month? How many items per month?
**All bank reconciliations are completed in-house.

??Do you use Remote Deposit? If so, how many scanners are needed? How many items per month total?
**Town remote deposit checks daily. Currently has two check scanners.
The number of checks scanned daily depends on when bills are due (twice a month).
Town scan approximately 60 to 150 checks daily. During shut-offs for non-payment and can scan as many as 300 checks in one day.

Published above 04/21/21 9:20AM


?? Pg. 15. Section 39 – Social Security Numbers – Is this standard language in all their RFPs and would not be applicable to us as a bank providing banking service?

**This is standard language. This is a template that is generally revised and used for other bids/contracts and want to make sure the information about social security numbers are communicated. As a financial institution, LLC or Corporation, the employer identification number will serve the same purpose.

??In our prior request, we were kindly asking the Town to provide us with 3 months of analysis statements similar to bank statements for each of the Towns account groups and not FINANCIAL STATEMENTS, inclusive of General Operating Accounts and their Enterprise Accounts.

** The town will throughout this process reserve the right to do what's in the benefit of the town and we may not furnish extensive analysis if we feel it is not needed to arrive at a response.

__________________________________________________
??Greetings:
I utilized the following link and did not find any updated answer to questions. http://www.lakeplacidfl.net/bulletin/bulletin.html Please kindly advise.

** The above email link was delivered to each bank via email below sent on 04/19/21 give or take a day.

"Re: Town of Lake Placid Banking Services RFP# LP2021-03 Questions
There are updated question responses posted on the town's website. We encourage everyone to revisit these questions from time to time since we may not choose to notify everyone each time the page is updated.
http://www.lakeplacidfl.net/bulletin/bulletin.html
then "Question Responses" link."

That link is show by the red arrow in the picture below.

Showing link for questions



EXERTS FROM  RFP 2021-03 Banking Services
Page 4 2.03.
"QUESTIONS REGARDING RFP:
To be equitable, all questions regarding the RFP shall be directed to Phil Williams, Town Administrator in writing via email at lakeplacidinfo@gmail.com. All potential proposers are encouraged to check the website for updated information."

"4. Any addenda determined to be necessary will be in response to written questions or concerns directed to the Town Administrator. Responses will be posted on the Town’s website at http://www.lakeplacidfl.net."

** I'm following up with you with regards to the below questions our company submitted. Our Team would welcome the opportunity to submit our bid however we require your assistance. If the Town has elected not to respond to our request please kindly advise so that we can determine how we may proceed. Thank you for your time.
Question:
Pg. 15. Section 39 – Social Security Numbers – Is this standard language in all their RFPs and would not be applicable to us as a bank providing banking service?
Question:
In our prior request, we were kindly were asking the Town to provide us with 3 months of analysis statements similar to bank statements and not FINANCIAL STATEMENTS. If the Town is not willing to supply 3 months' Account Analysis statements for each of your account groups, inclusive of General Operating Accounts and their Enterprise Accounts, please kindly respond to the following questions:

** Responses already given to these questions.

Published above 04/21/21 10:28AM