The Cabinet Member for Finance, Revenues and Benefits presented a report on proposals for the procurement of a new contract for the provision of banking services to the Council.
The Cabinet Member advised that although the current contract is operating under its extension clause which could continue up to 31 August 2015, it is felt appropriate to retender at this time because of changes within the banking industry and the way that the Council operates. He outlined the procurement timetable and confirmed that, following on from the above item, discussions will also take place with the London Borough of Havering regarding a possible joint contract.
Agreed, in order to assist the Council to achieve improved value for money, to:-
(i) The retendering of the contract for banking services on the terms set out in the report;
(ii) The extension of the current contract with Barclays Bank PLC up to 30 May 2011 whilst the procurement process takes place; and
(iii) Nominate the Cabinet Member, Councillor Geddes, to be further informed on the progress of the tender process and award of the contract.