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CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
From: DAVID C. KENNEDY
CITY TREASURER
Subject:
Resolution of the Mayor and
Common Council of the City of San
Bernardino authorizing the execution
of an Agreement between the City of
San Bernardino and Wells Fargo
Bank N.A. for the provision of
banking services and the deposit of
monies
M/CC Date: 07/02/07
Dept: CITY TREASURER
Date: May 30, 2007
Synopsis of Previous Council Action:
July 24, 2000
July 18, 2005
June 19, 2006
Resolution #2000-228 adopted
Resolution #2005-238 adopted
Resolution #2006-234, extended current agreement with Wells
Fargo Bank for 6 months to December 31,2006 and directed staff
to issue an RFP for provision of banking services
Recommended motion:
r
f).';'S( C',~
Signature
Adopt Resolution
Contact person: Phone:
Supporting data attached: Ward:
FUNDING REQUIREMENTS: Amount: $52,100
Source: 772-121-2315
Interest Income
Finance:
Council Notes:
ND. 13
7/;"/07
.
.
tit
CITY OF SAN BERNARDINO. REQUEST FOR COUNCIL ACTION
STAFF REPORT
SUBJECT:
Resolution of the Mayor and Common Council of the City of San Bernardino authorizing
the execution of an Agreement between the City of San Bernardino and Wells Fargo
Bank NA for the provision of banking services and the deposit of monies.
BACKGROUND:
Wells Fargo Bank has provided the City of San Bernardino's banking services since
July 24, 2000. The contract with Wells Fargo was for a 5-year period, with an extension
to June 30, 2006. Council directed staff to go out to bid for banking services and
extended the present contract for six months to December 31, 2006.
On July 21, 2006 Susan M. Cotton, CTP of Money Matters Consulting, submitted her
proposal for the RFP Project. An outside consultant who specializes in cash
management and banking services for public agencies, Money Matters Consulting, was
retained to conduct the Request for Proposals for Banking Services. The Request for
Proposal went out on October 27,2006, with a closing date of November 21,2006. Ten
banks responded with proposals and were considered. These banks were narrowed
down to three: Bank of America, Union Bank, and Wells Fargo Bank. Please see
Exhibit A, attached, for a copy of the comparison matrix presented by Money Matters
Consulting.
Upon review of the proposals, the City Treasurer recommends Wells Fargo Bank NA
to provide banking services.
Unless terminated sooner in accordance with the Service Documentation, the Master .
Agreement and all services will continue in effect for a 5-year period, with options to
renew for two 1-year periods.
FINANCIAL IMPACT:
Estimated annual banking fees in the amount of $52,020, resulting in an annual fee
savings of $40,900 when compared to the annual fees the City is currently paying Wells
Fargo Bank.
Costs are based on per-transaction charges, per the agreement. The actual cost and
savings will vary based on the services we use and the volume. The amount quoted is
an estimate.
RECOMMENDATION:
Adopt Resolution.
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