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From the County Treasurer, requesting authorization to enter into a State Contract Participation Agreement to enable Milwaukee County to piggyback onto the State banking services contract for a period ending June 30, 2014.
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In order to effectuate significant savings and cost avoidance, the Office of the Treasurer recommends that Milwaukee County piggyback onto the Wisconsin State Treasury Services (banking) contract by entering into a State Contract Participation Agreement.
I. Background:
On July 1, 2008, following an RFP process, the State of Wisconsin approved banking services contracts with US Bank through June 30, 2014. The State's banking contract leveraged a processing volume that exceeds 28 million payments per year in order to achieve the lowest possible fees. As part of this contract agreement, the State included a contract clause that gave local governments the opportunity to participate under the various State Banking Contracts and take advantage of the discounted pricing they receive from US Bank.
We are proposing herein to participate in the State contract for Treasury Management (banking) services in order to achieve an estimated $24,000/year savings over our current contract by taking advantage of the reduced banking service charges.
Albeit an incomplete listing at this time, we have identified various local governments that are already participating in the State banking contract for the very same reasons.
Dane County Milwaukee Metropolitan Sewerage District
City of Madison Glendale River Hills School District
City of Franklin Maple Dale Indian Hill School District
City of Muskego
II. Window of opportunity.
This is an opportune time to take action on this matter, since the County contract with US Bank is up for review in April 2011. This window of opportunity will allow us to make a change at this time to take advantage of the State Contract terms.
Milwaukee County already participates under the State's US Ban...
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