Specifications include, but are not limited to: A. Banking Services 1. Account Structure - SedgwickCounty currently has a total of 16 accounts consisting of onemain operating account, six (6) - zero-balance accounts, and 10other accountsfor various departments. Itis Sedgwick County's preference to have all but one (1) account be interest bearing. i. Main Operating Account - Sedgwick County maintains a main operating account. The county receives many ACH and wire deposits in this account. Itis also the account for all zero-balance transfers. No checks are written on this account. It is the county's intent to minimize the nightly balance by using overnight repurchase agreements. ii. Controlled Disbursement Account ZBA - The county uses a controlled disbursement account to process disbursements for accounts payable items numbering approximately 41,000 checks a year and averaging $5 million each month. The county will not initiate any ACH debits through this account and has no deposits other than the daily transfer. iii. Payroll Account ZBA - The county is currently on a bi-weekly payroll basis, paying approximately 2,500 employees a total of approximately $3 million every other Friday. Approximately 95% of our employees take advantage of direct deposit. The payroll account is used solely to process payroll disbursements to county employees, taxing authorities, and the State retirement system. There will be no deposits into this account other than the daily deposit. iv. District Court ZBA - The l 8th Judicial District Court uses a zero-balance account. This account has a few deposits but mostly has checks written on it. The main deposit is the transfer from the main operating account. v. Other Accounts – The county uses a variety of other accounts for such things as petty cash and custodial needs. Various services will be needed, such as check writing, ACH and positive pay. 2. Collateral - Pursuant to K.S.A. 9-1402, and amendments thereto, the bank is required to collateralize county deposits. The County Investment Policy (CIP) requires that pledged securities have a market value equal to at least 102% of the amount of the total deposits of public funds, including accrued interest earned. Please reference the county's investment policy for investments considered as collateral. 3. Availability of Funds - The county desires to know the collected funds availability schedule for its deposits. These deposits include checks, money orders, cash, ACH credits and wires from local, regional,
