Title: 1.  GENERAL BANKING SERVICES

Requested Action:

THAT THE DUVAL COUNTY SCHOOL BOARD APPROVE THE SUPERINTENDENT'S RECOMMENDATION FOR AWARD TO BANK OF AMERICA FOR BANKING SERVICES AND AUTHORIZE THE SUPERINTENDENT AND THE BOARD CHAIRMAN TO EXECUTE THE CONTRACT UPON COMPLETION OF NEGOTIATIONS AND FORM APPROVAL BY THE OFFICE OF GENERAL COUNSEL.  IF NEGOTIATIONS ARE UNSUCCESSFUL, AUTHORIZE SUBSEQUENT NEGOTIATIONS WITH SEQUENTIALLY RANKED RESPONDENTS UNTIL AN AGREEMENT IS REACHED.  THE INITIAL TERM OF THE CONTRACT WILL BE FROM FEBRUARY 1, 2007 THROUGHH JANUARY 31, 2012.

Summary Explanation and Background:

A Request For Proposals (RFP) was issued to select a Certified Public Depository to manage the District's demand accounts, including an Investment Account, a Cash Concentration Account, a Payroll Account, an Accounts Payable Account, a Food Service Account and a Community Education/Extended Day Account.  Additionally, schools have the option of using the Contracted Firm for management of their internal account funds.  Proposals were solicited from seven (7) firms and four (4) positive responses were received.

Financial Impact (Including HR/headcount/Source of Funds):

It is estimated the annual cost for services will be approximately $92,000 and annual revenues generated will be approximately $94,000.

For Additional Information, contact:

Mr. Stephen Bright, Executive Director, Business Services 390-2011

Ms. Thresa Giles, Chief Business Officer  390-2653