Specifications include, but are not limited to: The City of Valdez is requesting bids from banking institutions to provide a working bank depository and/or related banking services for the City of Valdez for a period of twenty-four (24) months, commencing August 1, 2023 with optional mutual extension(s) of the agreement for up to three years. Banking Services (as currently utilized) • 1 General Checking Demand/Deposit Account o Average Balance: $100-300K • 1 Restricted Access Demand/Deposit Account o Average Balance: $1-5K • 1 Zero-Balance Demand Account (bi-weekly Payroll) • Purchasing Cards • Money Market Account o Average Balance: $20-80M ; Custody Services (as currently utilized) • 1 Central Treasury Account o Average Balance: $50-100M • 1 Additional Treasury Account o Average Balance: $2M • Permanent Fund Portfolio o Current Balance: $250M o 11 separate accounts o Mix of mirrored assets and direct custody mutual funds
