REPORT TO THE CITY COUNCIL
March 8, 2018
FROM: MICHAEL A. LIMA, Controller/Finance Director/(ex-officio)Treasurer
Finance Department
BY: CORRINA BARBARITE, Treasury Officer
Finance Department
SUBJECT
Title
Award a five-year contract with the option for two one-year extensions for banking services for the City of Fresno Finance Department to Bank of America, N.A. (Bid File 9412)
Body
RECOMMENDATION
Staff recommends that City Council authorize the Controller or designee(s) to execute a five-year contract with the option for two one-year extensions to Bank of America, N.A to provide banking services to the City of Fresno as outlined in the Request for Proposal issued by the City (Bid file 9412).
EXECUTIVE SUMMARY
The City of Fresno (City) currently has an agreement with Bank of America for banking services, which is scheduled to expire on March 31, 2018. A Request For Proposal (RFP) was issued for banking services on August 3, 2017. Nine RFPs were distributed to prospective proposers. Five banks submitted proposals, which were opened on September 29, 2017. A Review Committee was formed to evaluate the proposals. Each proposal was examined for conformity with the criteria published in the RFP, consisting primarily of the bank's ability to meet the required services and its charges for those services. The two banks meeting all the service requirements were then contacted for further price negotiations. Based on the service levels to be provided to the City and the pricing that was negotiated, staff recommends the award of a five-year contract with the option for two one-year extensions to Bank of America. The contract has been approved as to form by the City Attorney's Office.
BACKGROUND
The City maintains approximately fifty bank accounts, each essential for a specific purpose, through which hundreds of millions of dollars flow every year. As a large government entity, the City has extensive and complex banking service requirements. ...
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