Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
NOVEMBER 15, 2017
Subject
SUBJECT: CURRENCY PROCESSING SERVICES
Action
ACTION: AWARD CONTRACT
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer to award firm fixed unit price Contract No. OP39497-2000, to Los Angeles Federal Armored Services, for currency processing services for an amount not-to-exceed $457,600 for the one-year base period, and $514,800, $572,000, $629,000, and $686,400 for each of the four, one-year option terms, respectively, for a combined total of $2,859,800, effective January 1, 2018 to December 31, 2022, subject to resolution of protest(s), if any.
Issue
ISSUE
The current bill processing contract is set to expire on December 31, 2017. Metro collects over $104 million in bus farebox revenues, currency and coins, including about 45 million $1 bills annually. Due to the large amount of $1 bills, it is necessary to procure the services of a vendor that will accept weighed bills and deposit them daily.
Discussion
DISCUSSION
The current contract with Los Angeles Federal Armored Services will expire on December 31, 2017. Award of this contract shall ensure that revenue from bus fareboxes is collected daily and processed for deposit. The bills are manually sorted by staff to separate the singles from large denomination bills. The $1 bills are bagged and counted by weight. The vendor keeps or absorbs the minor over/under variances.
Metro's Revenue Department ensures accuracy by calibrating its one dollar bill scale daily and by randomly selecting bags of bills to be stacked and counted. Through this process, staff has maintained an accuracy of 99.62%.
The process for counting bills in TAP (TVM) vending machines differs from farebox bills because the bills come out from the TVMs pre-stacked. The bills are then counted by machine and staff bands the bills by denomination and quantity for deposit.
Determination_Of_Safety_Impact
DETERMINATION OF SAFE...
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