REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, City Controller/Finance Director
SUBJECT
Title
Approve the third amendment to the Bank of America contract for banking services for an additional term to expire on June 30, 2025.
Body
RECOMMENDATION
Staff recommends approval of the third amendment to the Bank of America contract for banking services for a term set to expire on June 30, 2025, for services that are necessary for City business operations.
EXECUTIVE SUMMARY
The City of Fresno currently has previously contracted with Bank of America for banking services. The previous agreement was the result of an award by Council on June 14, 2018, for a five-year contract with two one-year extensions. The approval of the third amendment will continue services with Bank of America through June 30, 2025, while staff conducts a comprehensive Request for Proposal (RFP) process for long-term banking services.
BACKGROUND
On June 14, 2018, the Council awarded a five-year contract with two one-year extensions to Bank of America for banking services. This award came as the result of a Request for Proposal (RFP) that was issued on August 3, 2017. At that time five banks submitted proposals and a review committee recommended awarding the contract to Bank of America.
The City currently maintains approximately fifty bank accounts to facilitate activity needed to manage the significant sum of inflows and outflows for various business processes. Banking services include coin, cash, check, wire, Automated Clearing House (ACH), positive pay, direct deposit and wire transfer transactions. Additionally, there are many complex services and technology the City utilizes to enhance the effectiveness of processes and reduce the exposure to fraudulent activity. The City works closely with its banking partner to optimize performance and service levels.
On April 16, 2024, City staff notified Bank of America of the intention to extend the existing agreement for one...
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