File #: 19-461    Version: 1 Name:
Type: Resolution Status: Passed
File created: 10/4/2019 In control: City Council
On agenda: 10/15/2019 Final action: 10/15/2019
Title: Adopt City Council Resolution Authorizing City Manager to Execute Master Services Agreement With US Bank to Provide Banking Services to The City For a Period of Five Years at no Anticipated Cost
Indexes: Shared - Citywide
Attachments: 1. RESO Banking Services, 2. US Bank Master Service Agreement, 3. RFP Banking Services, 4. US Bank Banking and Merchant Services Proposal

Title

Adopt City Council Resolution Authorizing City Manager to Execute Master Services Agreement With US Bank to Provide Banking Services to The City For a Period of Five Years at no Anticipated Cost

Summary

The City issued an RFP for banking services in June of 2019.  Seven banks were invited to submit proposals including two local banks.  Ultimately two proposals were received from Wells Fargo Bank and US Bank.  The US Bank proposal presented a clear advantage in pricing.  The proposed contract will result in $14K savings per year over five years; $70K savings in total.   The proposal has been reviewed by the Finance Director, Government Accountant II and City Manager.  The Contract has been reviewed by the City Attorney.  Staff recommends the City Council authorize the City Manager to execute the contract.