Minutes - May 20, 2013 Reg. Meeting

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BK:00025 PG. stated that NCACC provides comprehensive coverage to counties that is uniquely designed to cover the County's needs and operations. The cost of the renewal is $335,504, with a savings from last year of $11,653. After discussion, Commissioner Smith moved to approve the renewal quote from the North Carolina Association of County Commissioners for Workers' Compensation Insurance, a copy of which is attached to these Minutes and by this reference made a part hereof, and authorize the County Manager to sign required documents. Upon a vote, the results were as follows: Aye: Dalrymple, Frazier, Knecht, Parks, Reives, Smith, and Womack Nay: None The Chairman ruled the motion had been adopted unanimously. The Board considered Budget Amendment #05/20/13/17. Finance Director Lisa Minter presented said amendment which appropriates funds for the following departments: • Other Revenue — insurance refunds in the amount of $7,108 to pay for damages to the Animal Control Shelter due to flooding, and • Drug Seizure Funds - $35,159 appropriated for the purchase of a mobile storage system to be located in the Sheriff's department evidence storage room. Commissioner Dalrymple moved to approve Budget Amendment # 05/20/13/17 as presented, a copy of which is attached to these Minutes and by this reference made a part hereof. Upon a vote, the results were as follows: Aye: Dalrymple, Frazier, Knecht, Parks, Reives, Smith, and Womack Nay: None The Chairman ruled the motion had been adopted unanimously. The Board considered the award of banking services. Finance Director Lisa Minter asked the Board to award banking services to First Citizens Bank for the period July 1, 2013 through June 30, 2018. Ms. Minter stated that on April 4` a banking services request for proposal was forwarded to several local banks, with proposals due on May 3 Two proposals were received from BB &T and First Citizens. Both bids were reviewed and analyzed with clarifications resolved on some issues from both banks. The County has been with First Citizens Bank since July 1, 2006 and have avoided fees since that time by maintaining a non - interest bearing CD with them in the amount of $206,000. With interest rates at an all -time low, a compensating balance is no longer a reasonable option. Ms. Minter stated she asked for projected monthly fees from each bank for a five -year term. First Citizens is willing to honor the quoted fees for five years; however, BB &T is only honoring a portion of their fees for one - year and others will be subject to market changes. BB &T is offering a .33% earnings credit to offset fees where First Citizens is offering a .10% interest payment on our account. Even though BB &T appears to be a lower net cost, Ms. Minter recommended the County stay with First Citizens because of the guaranteed pricing for five years. After discussion, Commissioner Womack moved to approve banking services with First Citizens Bank for the period July 1, 2013 through June 30, 2018 as presented. Upon a vote, the results were as follows: Aye: Dalrymple, Frazier, Knecht, Parks, Reives, Smith, and Womack Nay: None The Chairman ruled the motion had been adopted unanimously. 5