Finance, Taxes and Insurance

FINANCE COMMITTEE Village of Waterford Tuesday, July 26, 2016 3:00 p.m. The Finance Committee will meet on Tuesday, July 26, 2016 in the Village Hall, 123 N. River Street, Waterford, WI. Call to Order Approve Minutes Public Appearances Unfinished Business 1. Review and provide direction on banking proposals a. There were a total of 10 banks that were notified of the Village’s RFP, of that 4 proposals were received. Included in your packet is a summary of fees and interest rates from BMO Harris, Associated Bank, Johnson Bank and Community State Bank. b. Within the timeline it provides for interviewing finalists if necessary the week of July 18-22. I will be on vacation that week so if it’s determined that the Finance Committee wants to conduct interviews, they will need to be done during the week of July 25-28. c. The timeline for the banking proposal process is as follows: · Distribution of RFP May 11, 2016 · Proposal Submission June 24, 2016 · Finance Committee Proposal Review July 11, 2016 · Interview Finalists (if needed) July 18-July 22, 2016 · Finance Committee recommendation to Board for Approval of Recommended Services August 8, 2016 · Notification to bidders August 9, 2016 · Implementation September 1, 2016 v The Finance Committee is requested to provide a recommendation the banking proposals. New Business Invoices Treasurer’s Report Such other matters as may be authorized by law. There may be a quorum of Village Trustees present, which would constitute a public meeting of the Village Board. Brian Lauer Chairman Please note that, upon reasonable notice, accommodations can be made for the needs of disabled individuals through appropriate aids and service. For additional information or to request this service contact the Clerk’s Office at 534-3980. Posted 7/18/16, 5:00 p.m. 1  Community State Bank Current Services: FDIC Assessment No Charge Maintenance Charge No Charge Posted Debit No Charge Posted Credit No Charge Account Analysis No Charge Deposits No Charge Cash Deposited No Charge Items Deposited – On-Us No Charge Items Deposited – Local No Charge Items Deposited – RCPC No Charge Items Deposited – Transit No Charge Items Deposited – Rej/Rep No Charge Return Item – Regular $10.00 Checks Paid No Charge ACH Recvd – Debit No Charge ACH Recvd – Credit No Charge Wire/Outgoing No Charge Stop Payment No Charge Overdraft Fee No Charge Online account Base fee No Charge Additional Services Not Currently being provided Positive Pay for check fraud monitoring $25.00 month Remote Capture $60.00 month ACH Files $10.00 month Collateral terms: FDIC up to: $250,000.00 State Fund up to: $400,000.00 Collateral $3,000,000.00 Funds above $3,650,000 Invested in LGIP currently earning .42% Proposes keeping enough funds to cover payroll and payables and have majority of funds in LGIP. Funds are available same day via wire transfer from LGIP if requested by 11:00am. Branch Location and hours: 810 Fox Lane, Waterford Monday - Thursday: 8:00AM - 5:00PM Friday: 8:00AM - 6:00PM Other considerations: All NSF checks will be processed twice, currently only have tax payments presented twice Will become a tax collection center 2  Community State Bank proposed Income/Expense Calculations: Avg Monthly Minimum balance Interest Avg Monthly Fees Checking account $1,000,000.00 $41.67 $70.00 Money Market accounts $2,000,000.00 $416.67 $0.00 LGIP (estimate) Currently earning .42% interest $8,526,674.00 $2,984.34 $0.00 Totals $11,526,674.00 $41,312.16 $840.00 Estimated Annual Profit $40,472.16 Municipal checking accounts 0.05% Municipal Money Market accounts < $24,999 0.10% $25,000-$49,999 0.15% $50,000 > 0.25% BMO Harris current Income/Expense Calculations: Avg Monthly Minimum balance Interest Avg Monthly Fees BMO Accounts $11,526,674.00 $2,752.50 $388.02 Totals $11,526,674.00 $33,030.00 $4,656.24 Estimated Annual Profit $28,373.76 3  Johnson Bank Current Services: FDIC Assessment $0.12 to non-sweep balances Maintenance Charge $5.00 Per Checking Account Posted Debit $0.10 Posted Credit $0.10 Account Analysis No Charge Deposits $0.25 Cash Deposited $0.00 Items Deposited – On-Us $0.08 Items Deposited – Local $0.08 Items Deposited – RCPC $0.08 Items Deposited – Transit $0.08 Items Deposited – Rej/Rep $5.00 Return Item – Regular $5.00 Checks Paid $0.12 ACH Recvd – Debit $0.10 ACH Recvd – Credit $0.10 Wire/Outgoing $9.00 Stop Payment $10.00 Overdraft Fee $10.00 Online account Base fee $80.00 Additional Services Not Currently being provided Positive Pay for check fraud monitoring Did not provide cost Remote Capture Did not provide cost Collateral terms: FDIC up to: $250,000.00 State Fund up to: $400,000.00 Collateral All funds over $650,000 Branch Location and hours: 101 W. Chestnut Dr, Burlington Monday - Friday: 9:00AM - 5:00PM Other considerations: All NSF checks will be processed twice, currently only have tax payments presented twice Will become a tax collection center Proposes checking accounts be Sweep Accounts. 4  Johnson Bank proposed Income/Expense Calculations: Interest will be credited to the Village's accounts on a monthly bases and will be calculated on the daily average balance in the accounts. Any fees due from the previous month's activity will be debited on the 24th of each month. Johnson Bank did not provide annual estimated interest and fee calculations. BMO Harris current Income/Expense Calculations: Avg Monthly Minimum balance Interest Avg Monthly Fees BMO Accounts $11,526,674.00 $2,752.50 $388.02 Totals $11,526,674.00 $33,030.00 $4,656.24 Estimated Annual Profit $28,373.76 5  BMO Harris Current Services: FDIC Assessment No Charge Maintenance Charge $4.00 per account Posted Debit $0.14 Posted Credit $25.00 Account Analysis No Charge Deposits $0.20 Cash Deposited No Charge Items Deposited – On-Us $0.12 Items Deposited – Local $0.12 Items Deposited – RCPC $0.12 Items Deposited – Transit $0.12 Items Deposited – Rej/Rep No Charge Return Item – Regular $5.00 Checks Paid $0.14 ACH Recvd – Debit $0.14 ACH Recvd – Credit $0.14 Wire/Outgoing $5.00 Stop Payment $13.00 Overdraft Fee $35.00 Online account Base fee $10.00 Additional Services Not Currently being provided Positive Pay for check fraud monitoring Did not provide cost ACH Positve Pay Did not provide cost Remote Capture $65.00 month Collateral terms: FDIC up to: $250,000.00 State Fund up to: $400,000.00 Collateral Didn't mention in proposal Branch Location and hours: 300 N. Milwaukee St, Waterford Monday - Friday: 8:00AM - 5:00PM Other considerations: All NSF checks will be processed twice, currently only have tax payments presented twice Will become a tax collection center 6  BMO Harris proposed Income/Expense Calculations: Interest will be credited to the Village's accounts on a monthly bases and will be calculated on the daily average balance in the accounts. Any fees due from the previous month's activity will be debited on the 24th of each month. Will provide interest rate of LGIP + 12 bps. (.42%+.12% =.54%) BMO Harris current Income/Expense Calculations: Avg Monthly Minimum balance Interest Avg Monthly Fees BMO Accounts $11,526,674.00 $2,752.50 $388.02 Totals $11,526,674.00 $33,030.00 $4,656.24 Estimated Annual Profit $28,373.76 7  Associated Bank Current Services: FDIC Assessment No Charge Maintenance Charge $15.00 Posted Debit $0.31 Posted Credit $1.10 Account Analysis $5.00 Deposits $0.50 Cash Deposited $0.00 Items Deposited – On-Us $0.06 Items Deposited – Local $0.06 Items Deposited – RCPC $0.06 Items Deposited – Transit $0.06 Items Deposited – Rej/Rep $0.30 Return Item – Regular $12.00 Checks Paid $0.31 ACH Recvd – Debit $0.31 ACH Recvd – Credit $0.31 Wire/Outgoing $17.00 Stop Payment $21.00 Overdraft Fee $40.00 Online account Base fee $50.00 Additional Services Not Currently being provided Positive Pay for check fraud monitoring Did not provide cost ACH Positve Pay Did not provide cost Remote Capture $25.00 month Remote Capture $50.00 One-time setup fee Collateral terms: FDIC up to: $250,000.00 State Fund up to: $400,000.00 Collateral All funds over $650,000 Branch Location and hours: 217 N. Milwaukee St, Waterford Monday - Thursday: 9:00AM - 5:00PM Friday: 9:00AM - 6:00PM Other considerations: All NSF checks will be processed twice, currently only have tax payments presented twice Will become a tax collection center 8  Associated Bank proposed Income/Expense Calculations: Interest rate on all accounts for first year 0.50% Interest rate on all accounts after first year 0.60% Avg Monthly Interest Avg Monthly Fees Total balance on all accounts $10,000,000.00 $4,371.00 $808.00 Total Annual interest and fees $52,452.00 $9,696.00 Estimated Annual Profit $42,756.00 BMO Harris current Income/Expense Calculations: Avg Monthly Minimum balance Interest Avg Monthly Fees BMO Accounts $11,526,674.00 $2,752.50 $388.02 Total Annual interest and fees $33,030.00 $4,656.24 Estimated Annual Profit $28,373.76 9  REQUEST FOR PROPOSAL OF DEPOSITORY SERVICES MAY 2016 VILLAGE OF WATERFORD 123 N. RIVER ST WATERFORD, WI 53185 (262) 534-3980 (262) 534-5373 Fax www.waterfordwi.org Village of Waterford – RFP for Banking Services 1 10 TABLE OF CONTENTS 1. GENERAL INFORMATION The Village of Waterford seeks proposals from banks located within Racine, Walworth and Waukesha County interested in providing banking services. We ask that each bank determine which location will best be able to serve the Village of Waterford’s banking needs. We encourage banks to submit the most comprehensive proposal possible offering the highest quality of service and enhancement to improve our management of finances. Our banking relationship is currently with BMO Harris. Our overall experience with our current bank has been satisfactory. We are seeking proposals for banking services to ensure that the Village of Waterford has available to it the appropriate spectrum of banking services and will be the recipient of quality service. We encourage you to be creative and educational in your response. Please include information regarding your bank’s dedicated resources for serving the public sector. While your format must be consistent with the requirement of this RFP, if you believe there is additional information that would be beneficial to us, we invite you to include it in your proposal. 2. TERM OF CONTRACT Proposals for a five (5) year agreement are being sought. Upon selection of the Bank, the Village and the Bank will enter into a contract for a period of five (5) years beginning Sept 1, 2016 and ending on August 31, 2021, with an option for an additional two year period. All costs will remain fixed for the term of the initial contract period, but may be renegotiated for the optional two year extension. 3. PROPOSAL PROCESS A. TIMELINE Distribution of RFP May 11, 2016 Proposal Submission June 24, 2016 Finance Committee Proposal Review July 11, 2016 Interview Finalists (if needed) July 18-July 22, 2016 Finance Committee recommendation to Board for Approval of Recommended Services August 8, 2016 Notification to bidders August 9, 2016 Implementation September 1, 2016 Village of Waterford – RFP for Banking Services 2 11 B. PROPOSAL PROCESS DETAIL We have made every effort to include sufficient information with this RFP for a bank to prepare a responsive, comprehensive proposal. Questions for clarification concerning the RFP and submission of proposals must be directed to: Lori Peternell, Village Treasurer Village of Waterford 123 N. River St. Waterford, WI 53185 lpeternell@waterfordwi.org Phone: 262-534-3980 ext. 224 The Village prohibits communication initiated by the respondent to any Village official, representative for another entity or employee evaluating or considering the proposals, prior to the time a decision has been made. Submission: Ten (10) bound originals and 1 electronic (CD or USB flash drive) submission of the proposal to be received on or before 12:00 PM on June 24, 2016. The Village shall not be responsible for late delivery of a proposal under any condition. Late proposals will not be considered. All submitted proposals and information included therein or attached thereto shall become public record upon their delivery to the Village Treasurer. a. Proposal Review: The Village will evaluate each proposal submitted. It is anticipated that the review process will be completed by July 11, 2016. If needed, interviews with potential banks will be done the week of July 18-22, 2016. b. Board Approval of Recommended Services: August 8, 2016 c. Notification: We anticipate sending written notification to all banks regarding the outcome of the review and contract award process by August 9, 2016. Upon written request, we will provide a copy of the winning proposal. d. Conversion Activities: The awarded bank will be required to coordinate with our staff all the activities necessary to ensure a smooth transition. Conversion activities will begin upon notification and are projected to be completed by September 1, 2016. Village of Waterford – RFP for Banking Services 3 12 We will make every effort to administer the proposal process in accordance with the terms and dates discussed in the RFP. However, we reserve the right to modify the proposal process and dates as deemed necessary. 4. GENERAL REQUIREMENTS The proposing banking institution must be a qualified depository for public funds pursuant to Wis. Stats. 34.09. If a banking institution does not execute an agreement within thirty (30) days after being notified of selection, the Village may select the next most qualified proposing bank or call for new proposals, whichever the Village deems appropriate. All submitted proposals and information included therein or attached thereto shall become public records upon opening and subject to public disclosure as it may apply to the Village. Upon opening, all proposals shall become the property of the Village. 5. SAFETY & SECURITY The Village of Waterford from time to time makes deposits or holds existing deposits in excess of the Federal Deposit Insurance Corporation (FDIC) insurance coverage and any State Insurance that may be available pursuant to Wis. Stats. 34.08. Village funds are required to be 100% collateralized at all times. Therefore, the Pledge of Eligible Collateral by the Bank shall be in addition to, and shall in no way eliminate or diminish, any insurance coverage to which the Village of Waterford may be entitled to under the rules and regulations of the FDIC, State Insurance per Wis. Stats. 34.08 or any private insurance carried by the Bank for the purpose of protecting the claims and rights of its depositors. The Village will only accept collateral that is of an investment type listed in Wis. Stats. 66.0603(1m). The Village will under no circumstance accept any mortgage backed securities as collateral. Monthly reports detailing the adequacy of collateral must be supplied to the Village by the bank within (5) business days of the close of each month. 6. PROPOSAL PROVISIONS a.) All banks shall use the attached Proposal Forms or copies thereof in submitting a proposal. It is required that the proposal be completed in its entirety. b.) If a service cannot be met by an institution, then the term “no proposal” shall be entered on the Proposal Form for that specific service. c.) If a service has no cost to the Village, then the term “No Cost” shall be entered on the Proposal Form for that specific service. d.) All banks shall include the full name and principal address of the bank. Indicate whether the institution operates independently as a bank or as a holding Village of Waterford – RFP for Banking Services 4 13  company affiliate. Include the state in which the Bank is incorporated to operate and the date of incorporation. e.) Provide current ratings for the bank and/or holding company from two well recognized rating agencies. f.) Provide details on any mergers or acquisitions that the bank is currently committed to and the expected impact on the services requested in this RFP. g.) Proposals shall be signed and dated by an official authorized to bind the banking institution in legal matters. h.) Upon submission of the proposal, it is understood that the fees and interest rates proposed will be irrevocable until September 1, 2016. i.) The Village requests a minimum of two (2) references be provided (including name and phone number of contact person) of clients who use a similar scope of banking services. 7. ACCOUNT INFORMATION Approximately $7.8 million is deposited into the day to day funds for all Village accounts on an annual basis and $2.5 million through the property tax account on an annual basis. The Village is staffed with 50 employees, including both full-time and part-time employees. We issue payroll bi-weekly in excess of $40,000 and accounts payable checks in the aggregate of $320,000 three times during the month. The total operating budget is $2.9 million. Bank accounts (including checking accounts) shall be interest bearing unless otherwise noted. Our General Account is used for all deposits, disbursements and money transfer activities. For pricing purposes, we have provided the following attachments indicating our estimated monthly transactions: Pro-Forma (Attachment A) Account analysis for all Village bank accounts with 2015 beginning balance, yearly interest and fees and 2015 ending balance (Attachment B) 8. REQUIRED SERVICES AND FORMAT OF PROPOSAL In order for us to adequately compare and evaluate proposals objectively, all proposals must be submitted in accordance with this format: Title Page/Cover: It shall include the name of the proposing bank, its principal business address where the relationship will be managed, and the local branch address that can meet our daily banking needs. Village of Waterford – RFP for Banking Services 5 14 Table of Contents: One printed page maximum. Transmittal Letter: The letter shall address the bank’s willingness and commitment, if selected, to provide the services, and why the bank believes it shall be selected. Section 1 - Bank and Staff Profile: Respond to the following sections: a. Overview: Provide a corporate overview of your bank. b. Experience: Describe the bank’s experience in providing services to the public sector. Include exclusive resources dedicated for the public sector. c. Relationship Manager: Describe the relationship team that will be assigned to service our account. Describe individual roles, their responsibilities and briefly detail credentials and related banking experience. d. Compliance and Exceptions: Include a statement to confirm your bank’s compliance to our minimum qualifications. Also list exceptions to required services. Section 2 – Services Required: a. Interest will be credited monthly based upon the average daily balance on the accounts. b. Deposit discrepancies, shall any occur, will be brought to the attention of the Treasurer on the same day as the discrepancy is found via email with follow-up in writing for any debits/credits made to correct the error. c. Returned checks for property tax deposit items to the account will not be automatically returned by the depository bank. Instead, the check will be presented for payment a second time. If the check is returned a second time, the bank will notify the Village by debiting the account, returning the check to the Village, and providing written notification the same day as the debit is made to the account. d. All charges for services will be outlined on the attached bid form. These costs will be fixed during the (5) five years of the contract. e. The bank shall provide the Village within 15 (fifteen) working days after the end of the calendar month, an account analysis of the Village’s account activity, showing the various types of transactions listed on the proposal cost form, and the costs assigned to each. Any costs shown on the account analysis not specifically listed on the proposal cost form, will not be considered valid under the contract and will not be paid. Village of Waterford – RFP for Banking Services 6 15  f. The banking institution shall provide endorsement stamps as needed at no cost to the Village. g. In order to more efficiently manage its cash flow, the Village requires the capability of on-line/electronic monitoring of its accounts. On-line monitoring shall be accessible via personal computer. The Village requires the capability of initiating internal transfers between Village accounts, initiating outbound wire transfers, downloading cleared check information, printing monthly statements, performing ACH transfers, and placing stop payments electronically. h. The banking institution must have the capability to accommodate a wide range of electronic payments and deposit services. The bank shall accept ACH debits/credits, EFT, and other electronic payments. The Village utilizes direct deposit services for our bi-weekly payroll for all employees. The Village utilizes an outside vendor to process payroll, including payroll taxes. i. The Village wishes to earn maximum value on its funds. Banks shall provide information on its proposed method to ensure the Village earns value on amounts which may be in the Village accounts. Section 3: Exhibits to be included in Proposal: Exhibit A – Contract Samples: Include contracts or agreement samples for banking services that are specific to services represented in the RFP. Exhibit B – Financial Statements and Ratings: Provide the most recent audited financial statements for the bank (or bank holding company). Also include your most current Standards & Poor’s and Moody’s debt ratings and any other independent, recognized financial rating information available. Exhibit C – Account Analysis: Provide a sample of your bank’s account analysis and a user guide for the account analysis. Exhibit D – Conversion Plan: Describe the overall plan your bank would coordinate to ensure a smooth transition from the current provider. The bank must also provide training to our personnel for the operation and use of the bank’s services and automated systems for all areas of service. Exhibit E – Service Enhancements: Based upon information presented in our RFP and your bank’s knowledge of the public sector, describe any enhancements that we shall consider to improve operational or cash management efficiencies. Describe any other information not previously mentioned that the bank believes shall be given consideration. Village of Waterford – RFP for Banking Services 7 16 FINAL COMMENTS We reserve the right to reject any and all proposals, cancel all or part of the RFP, waive any minor irregularities, and to request additional information from proposing banks. By requesting proposals, we are in no way obligated to award a contract or pay expenses of the proposing bank in connection with the preparation or submission of a proposal. Our decision to award a contract will be based upon many factors including, but not limited to, service, cost, financial strength, proven capabilities, completeness of proposal, and innovation. No single factor, such as cost, will determine the final decision to award. We may request interviews of our top rated proposals. Our intent for the optional interviews is to clarify our understanding of the pricing addenda and confirm the perceived benefits of these proposals. Final ratings will be determined after the interviews (if held) are completed. We sincerely appreciate the efforts all the banks and their respective staffs will put forth in responding to the Request for Depository Services and Internet Banking Proposal. ATTACHMENTS TO THIS RFP Attachment A – Pro-Forma Pricing Index Attachment B – List of Current Village Bank Accounts and Types Attachment C – Account Analysis December 2015 – April 2016 Attachment D – Public Deposits Security Agreement Village of Waterford – RFP for Banking Services 8 17  ATTACHMENT A PRO-FORMA PRICING INDEX INSTRUCTIONS 1. All lines must be completed. 2. If the bank cannot provide a service the term “No Proposal” shall be written on the line. 3. If the bank will not charge for a service, then the tern “No Cost” shall be written on the line. 4. If there is no per-item cost for a service an annual fee is charged, then the term “Annual Cost” shall be written on the line behind the amount entered. Direct Fee Proposed Service Unit Price FDIC Assessment $ _______________ Maintenance Charge $ _______________ Posted Debit $ _______________ Posted Credit $ _______________ Account Analysis $ _______________ Deposits $ _______________ Cash Deposited $ _______________ Items Deposited – On-Us $ _______________ Items Deposited – Local $ _______________ Items Deposited – RCPC $ _______________ Items Deposited – Transit $ _______________ Items Deposited – Rej/Rep $ _______________ Return Item – Regular $ _______________ Checks Paid $ _______________ ACH Recvd – Debit $ _______________ ACH Recvd – Credit $ _______________ Wire/Outgoing $ _______________ Stop Payment $ _______________ Overdraft Fee $ _______________ Online account Base fee $ _______________ Other Fees/requirements Reserve requirement calculated on: $ _______________ Ledger Balance Collected Balance Other - specify Village of Waterford – RFP for Banking Services 1 18  Village of Waterford - RFP for Depository Services and Internet Banking Attachment B - List of Current Village Bank Accounts and Types Village Accounts General Sewer Developer Library Special Reserve Flexible General Funds Replacement Sewer Water Account Funds Checking EMS Revenue Spending Deferred Comp Checking Fund Bond P&I Business Business Business Corporate Now- Corporate Now- Corporate Now- Access Advantage Advantage Corporate Now- Corporate Now- Corporate Now- Type of account Public Funds Public Funds Public Funds Checking Checking Checking Public Funds Public Funds Public Funds Charges, Interest & Ending Balances 47262413 42762687 47262402 42762676 42762665 42762654 42762698 42762500 42762610 Dec-15 Total Account Charges $4.00 $6.60 $133.99 $0.00 $0.00 $0.00 $35.07 $4.00 $4.00 Interest Posted $8.51 $3.59 $1,072.09 $0.00 $0.79 $0.00 $67.45 $74.55 $0.01 Ending Balance $45,573.91 $15,136.86 $9,201,030.89 $200.00 $18,597.54 $0.00 $149,118.38 $399,040.79 $119.91 Jan-16 Total Account Charges $4.00 $5.23 $237.42 $0.00 $0.00 $0.00 $33.71 $4.00 $4.00 Interest Posted $8.72 $2.81 $1,615.07 $0.00 $0.61 $0.00 $171.02 $76.34 $1.12 Ending Balance $45,578.63 $14,354.99 $10,523,021.07 $200.00 $11,034.95 $0.00 $73,620.20 $399,113.13 $20,002.53 Feb-16 Total Account Charges $4.00 $5.40 $193.07 $0.00 $0.00 $0.00 $37.78 $4.00 $4.00 Interest Posted $11.46 $3.46 $2,379.49 $0.00 $0.46 $0.00 $205.58 $100.34 $4.68 Ending Balance $45,586.09 $13,494.35 $8,595,972.30 $200.00 $11,555.91 $0.00 $158,143.68 $399,209.47 $39,888.71 Mar-16 Total Account Charges $4.00 $4.66 $160.50 $0.00 $0.00 $0.00 $29.09 $4.00 $4.00 Interest Posted $13.70 $3.99 $2,494.64 $0.00 $0.52 $0.00 $62.54 $121.34 $10.25 Ending Balance $45,595.79 $16,023.64 $8,269,817.56 $200.00 $12,651.86 $0.00 $154,955.45 $408,552.81 $59,780.46 Apr-16 Total Account Charges $4.00 $4.74 $139.94 $0.00 $0.00 $0.00 $27.58 $4.00 $4.00 Interest Posted $14.38 $4.95 $2,457.85 $0.00 $0.52 $0.00 $68.41 $128.84 $14.45 Ending Balance $45,606.17 $15,504.17 $7,854,393.66 $200.00 $13,386.48 $0.00 $210,125.89 $6,704.76 $1,296.41 GRAND TOTAL Total Account Charges $20.00 $26.63 $864.92 $0.00 $0.00 $0.00 $163.23 $20.00 $20.00 Total Interest Posted $56.77 $18.80 $10,019.14 $0.00 $2.90 $0.00 $575.00 $501.41 $30.51 Account Descriptions: Developer Account (47262413) is used as an escrow account for Developers to pay for Village legal and engineering charges. As expenses are incurred, transfers are made to cover costs. Library Special Funds (42762687) is where donations received by the Library are deposited. As donation expenses are incurred, transfers are made to account 42762698 to pay invoices. General Reserve checking (47262402) is main account for deposits, WI DOR EFT payments, wire transfers, transfers are made to account 42762698 to pay invoices and bi-weekly payroll. 1 19  Village of Waterford - RFP for Depository Services and Internet Banking Attachment B - List of Current Village Bank Accounts and Types EMS Revenue account (42762676) is used for the Village's rescue billing company to deposit payments. Payments are automatically transferred to account 47262402 less the $200 min balance. Flexible Spending (42762665) is used for employee's Section 125 payroll deductions and payouts. Employee payouts are processed through Diversified Benefits and deducted from the account. Deferred Compensation (42762654) is used for employee's payroll deductions to plan. Bi-weekly payroll amounts are transferred to this account and withdrawn by Wisconsin Deferred Compensation. General Funds Checking (42762698) is the only checking account that checks are written against. Transfers are made from various accounts to pay bills twice/month and for the bi-weekly payroll. Sewer Replacement Fund (42762500) is an account required as part of a Sewer Utility borrowing. Minimal activity happens in this account. Sewer Bond P&I (4276261) is a required account per the bond covenants. Monthly transfers are made to this account for P&I payments. When bond payment is due it's transferred out of this acct. Sewer Debt Service Reserve (42762598) is a required account per the bond convenants. Must maintain a minimum 10% of total principal amount borrowed. No activity in this account. Water Bond P&I (42762588) is a required account per the bond covenants. Monthly transfers are made to this account for P&I payments. When bond payment is due it's transferred out of this acct. Water Bond Depreciation (42762632) is a required account per the bond covenants. Minimal activity in this account, occassional transfers are made out of this account to pay water utility expenses. Water Debt Service Reserve (42762621) is a required account per the bond convenants. Must maintain a minimum 10% of total principal amount borrowed. No activity in this account. Water Impact Fees (42762522) is a required account per PSC regulations. Minimal activity in this account, deposits are made to this account and transfers are made to pay water utility expenses. W&S General Checking (42762511) is the main account for the Water & Sewer Utility. All customer utility payments are deposited to this account, including payments from our third party payment processor (PSN). Monthly transfers are made from this account to pay utility invoices, bi-weekly payroll and wire transfers for bond payments. Muncipal Court (42762643) is the account used for citation payments including payments from our third party payment processor (PSN). Monthly distributions to County, State and Village are paid out of this account. 2 20  Village of Waterford - RFP for Depository Services and Internet Banking Attachment B - List of Current Village Bank Accounts and Types Water & Sewer Accounts Sewer Debt Water Bond Water & Sewer Service Water Bond Water Bond Debt Service Water Impact General Reserve P&I Depreciation Reserve Fees Checking Muncipal Court Business Corporate Now- Corporate Now- Corporate Now- Corporate Now- Corporate Now- Corporate Now- Advantage Public Funds Public Funds Public Funds Public Funds Public Funds Public Funds Checking 42762599 42762588 42762632 42762621 42762522 42762511 42762643 $4.00 $4.00 $4.00 $4.00 $4.00 $120.72 $0.00 $10.71 $0.10 $34.91 $20.99 $24.30 $286.25 $0.20 $57,348.37 $546.89 $186,862.15 $112,336.55 $130,163.71 $1,533,206.99 $7,609.05 $4.00 $4.00 $4.00 $4.00 $4.00 $126.77 $0.00 $10.97 $3.96 $35.75 $21.49 $24.90 $293.91 $0.15 $57,355.34 $33,260.91 $186,893.90 $112,354.04 $130,184.61 $1,604,313.48 $7,333.67 $4.00 $4.00 $4.00 $4.00 $4.00 $216.98 $0.00 $14.42 $12.42 $46.99 $28.25 $32.73 $384.35 $0.31 $57,365.76 $65,983.39 $186,936.89 $112,378.29 $130,213.34 $1,510,957.61 $6,820.39 $4.00 $4.00 $4.00 $4.00 $4.00 $127.42 $0.00 $17.24 $25.58 $55.52 $33.78 $39.35 $437.65 $0.37 $57,379.00 $98,719.03 $183,188.41 $112,408.07 $131,528.69 $1,453,967.30 $7,069.46 $4.00 $4.00 $4.00 $4.00 $4.00 $133.42 $0.00 $18.09 $37.39 $57.77 $35.45 $41.86 $469.37 $0.51 $57,393.09 $131,466.48 $183,242.18 $112,439.52 $134,126.55 $1,439,055.08 $6,376.10 $20.00 $20.00 $20.00 $20.00 $20.00 $725.31 $0.00 $71.43 $79.45 $230.94 $139.96 $163.14 $1,871.53 $1.54 3 21  Attachment D State of Wisconsin PUBLIC DEPOSITS SECURITY AGREEMENT (Use Only For Collateral Securing Public Deposits Under Ch. 34, Wis. Stats.) Date:________________, ________ 1. COLLATERAL AND OBLIGATIONS. For value received, the undersigned bank (“Bank”) grants to ______________________________________________ (“Public Depositor”) a security interest in the collateral described on the Collateral Register attached hereto, and as in effect from time to time (“Collateral”), and all proceeds of and other rights in connection with the Collateral. The Collateral secures the payment of public deposits deposited in the Bank by the Public Depositor to the extent the amount of such deposits exceeds deposit insurance provided by the Federal Deposit Insurance Corporation plus $400,000 (“Secured Deposits”). The Bank shall be entitled to receive all dividends, interest or other distributions made on or with respect to the Collateral prior to default. 2. WARRANTY OF TITLE. The Bank warrants that it is the owner of the Collateral free from all liens, encumbrances or security interests (other than Public Depositor’s security interest). 3. SUBSTITUTIONS, WITHDRAWALS, AND ADDITIONS. The Bank is authorized to withdraw and substitute other collateral for the Collateral withdrawn, or any part thereof, provided: q The par (face) value of the substituted collateral equals or exceeds the par value of the Collateral withdrawn. q The market value of the substituted collateral equals or exceeds the market value of the Collateral withdrawn. Market value of collateral, if applicable, shall be determined by the Bank in its sole discretion. Withdrawals and substitutions made under this paragraph shall require the prior consent of the Public Depositor unless the Public Depositor’s security interest is terminated in accordance with paragraph 5. Withdrawals without substitution shall require the prior consent of the Public Depositor. Upon consent of the Public Depositor, the Bank shall provide a revised Collateral Register. The Bank is also authorized to withdraw in accordance with paragraph 5. 4. DEFAULT. For purposes of this Agreement, default shall mean the occurrence of a loss as defined in §34.01(2), Wis. Stats. Upon default, the Public Depositor shall have all of the rights and remedies with respect to the Collateral provided by the Wisconsin Uniform Commercial Code, as well as any other applicable law. 22 5. TERMINATION. Prior to default, the Bank is authorized to withdraw all Collateral and terminate the Public Depositor’s security interest in the Collateral at any time following prior written notice of at least 10 days to the Public Depositor provided the Public Depositor is authorized to withdraw the Public Deposits without penalty before expiration of the notice period. 6. INTERPRETATION. The validity, construction and enforcement of this Agreement are governed by the laws of Wisconsin. All terms not otherwise defined have the meanings assigned to them by the Wisconsin Uniform Commercial Code and Ch. 34, Wis. Stats. Invalidity of any provision of this Agreement shall not affect the validity of any other provision. 7. OTHER PROVISIONS. "Government Entity" "Bank" By By Its Its "Custodian" By Its 23