Minneapolis Public Schools on May 14 issued a Request for Proposal (RFP) for banking services related to the school district’s payroll account and purchase card (p-card) administration. The selected institution may or may not be required to address both aspects of the RFP; two different institutions could be selected to manage the two different aspects.
In early April 2012, Chief Financial Officer Robert Doty presented to the Minneapolis Board of Education a detailed analysis of MPS’ banking relationships, banking services and related fees paid. The analysis indicated a potential opportunity for fee reductions with the school district’s payroll account.
The transparent and open RFP distribution process consisted of emails to eight banks that had specifically inquired and the listing of the RFP on the MPS Purchasing Department website and the appropriate banking industry website. MPS used the consulting services of Public Financial Management (PFM) to assist in drafting the RFP and distributing to all interested banking institutions.
All interested banks will be required to attend a pre-bid conference on May 23 at 10 a.m. to ask any questions regarding the RFP and to informally meet members of the selection committee, which will be comprised of the CFO, the director of financial systems, the manager of purchasing, the executive director of equity and diversity and the general counsel.
Selected finalists will be required to make a full presentation to the selection committee on June 20 at 10 a.m. Based on the results, the selection committee will agree on a recommendation that the CFO will present to the superintendent and chief executive officer on June 25. The results from the RFP process and the recommendation will be presented to the school board at its following meeting.
MPS is committed to honoring its banking policies, which require an RFP at least every five years. After the completion of this RFP, preparation will begin on another RFP for other aspects of the school district’s banking business – specifically, accounts payable and investments.