BOROUGH OF LEBANON
6 High Street
Lebanon, NJ 08833
The Borough of Lebanon is soliciting bids for full banking services to begin August 1, 2017. The successful bidder must be eligible to act as a depository for public funds and have GUDPA certification. All bids are to be delivered to the Municipal Clerk’s office located at 6 High Street, Lebanon, NJ 08833. They are to be received by JUNE 16, 2017 at 2:00 p.m. Please note that the following bid package must be returned completed in order to be considered for the bid. Additional analysis or information may be attached but the bid questions must be answered in entirety to be considered.
The Borough of Lebanon maintains separate checking accounts for the following:
1. Current Account
2. Capital Account
3. Animal Control Account
4. Payroll Account
5. Recreation Account
6. Petty Cash Account
8. Payroll Agency
9. Senior Citizen Account
10. Unemployment Account
The budget for the current year (01/01/17-12/31/17) is approximately $2.0 million.
The Borough’s payroll functions are performed by R&L Data Centers at an annual cost to the Borough of $4,000.00. Annual salary cost for the Borough is approximately $280,000.00.
The Borough requires the following services on their accounts. Any variation from these requirements must be noted on the attached proposal form.
1. All monthly account statements must be mailed by the 5th business day of the month.
2. Interest on accounts.
3. Wiring services.
4. Monthly account analysis to include bank earnings credit, itemized fees, and interest earned to be credited to the Borough.
5. A bank office, at which the Borough can transact business, in a convenient location in the immediate area, or armored car services.
6. Eligibility to act as depository for public funds under the Government Unit Deposit Protection Act.
7. Account information including statements on demand via web site.
8. Direct deposit of employee checks at employee designated bank.
The Borough of Lebanon will award a contract for banking services based on the cost of proposed services and the results of the calculation of interest to be paid to the Borough. The Borough retains the right to decide what services are in its best interest.
Proposals will be evaluated on the following criteria:
1. Financial strength and stability of the financial institution.
2. Reference responses, prior experience and ability to effectively service organizational needs.
3. New product or service proposals.
4. Experience and expertise level of key personnel in either the banking component or account representative.
5. The quality of services performed in the area of investment and maximization of earnings.
6. Geographic location and the ability to provide a convenient location at which the district can transact business.
7. The ability to meet the Borough’s banking needs as outlined in this proposal.
8. Interest rates on borough funds.
9. Fees for wires, transfers, e-checking, payroll services.
10. Fees for safe deposit box.
11. Fees for check printing
12. Fees for merchant services for tax collection and animal licensing; and
13. Pick-up courier services.
If you have any questions regarding this bid, please contact the Chief Financial Officer, Jennifer Mooney or Municipal Administrator/Clerk, Karen Romano at (908)236-2425.