Finance Committee Agenda and Packet 2017 07 21

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City Council Finance Committee Meeting Minutes 06/12/17 Page 6 of 8 The reports and corresponding narrative can be located in the June 12, 2017 packet of the Finance Committee Meeting. AUDITING SERVICES RFP Finance Director Kevin Watson presented a draft of the proposed Request for Proposals (RFP) to the Finance Committee and reviewed the history of last bid awarded to Eide Bailly in 2008. Director Watson asked the Finance Committee Members for direction as to whether or not Eide Bailly should be provided the opportunity to bid for continued services, or whether the Finance Committee would prefer to seek new Professional Auditing Services. Mayor Muckle stated that he was very pleased with the work and reporting provided by Eide Bailly, and that he would be in favor of allowing them to submit a bid proposal for consideration. Finance Committee Member Stolzmann and Maloney agreed. The draft RFP and corresponding narrative can be located in the June 12, 2017 packet of the Finance Committee Meeting. BANKING SERVICES Finance Director Kevin Watson reviewed for the Finance Committee Members, the background of the City's Banking Services agreement with First National Bank (FNB), noting that the FNB General Cash Management Services Agreement executed in August 2010 did not have a specific expiration date. The original RFP however, was made part of the agreement and the term specified five years plus two one-year options to renew. Director Watson stated that staff had scheduled a standard re -bid for later this year, but stated his concern with engaging another bank while still implementing the ERP system. Director Watson asked the Finance Committee to authorize staff to renegotiate an extension with FNB until the ERP implementation is complete. Finance Committee Chairperson Stolzmann stated that she too would be concerned with engaging a new banking institution at this point, specifically when utility billing will be implemented within the next few months. The Finance Committee unanimously agreed that staff should renegotiate the requested 2 -year extension. The narrative can be located in the June 12, 2017 packet of the Finance Committee Meeting. 7