Title
A Resolution Authorizing Soliciting RFP's from Banking Institutions in Foley and the Surrounding Area
Summary
Finance is requesting to publish an RFP for banking services to see if there are more desirable interest rates or programs where the City can invest surplus cash.
Budgetary Impact: We are hopeful we can increase interest income
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
WHEREAS, The Financial Services Division is requesting to solicit requests for proposals to Banking Institutions that are Alabama Qualified Public Depositories (QPD's) in Foley and the surrounding area in search of more desirable interest rates.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the Finance department soliciting proposals for banking services and bringing back the results to a future council meeting.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.