REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, Controller/Director/(ex-officio) Treasurer
Finance Department
BY: KALEB NEUFELD, Assistant Controller/Assistant Director
Finance Department
SUBJECT:
Title
Approve banking services agreement with Wells Fargo in the amount of $173,915 per year for five years for a total contract value of $869,575 (Bid File 12500077).
Body
RECOMMENDATION
Staff recommends that City Council authorize the Finance Director or designee(s) to execute a five-year contract, with the option for two one-year extensions, to Wells Fargo Bank in the amount of $173,915 per year to provide banking services to the City of Fresno Finance Department as outlined in the Request for Proposal (RFP) issued by the City (Bid File 12500077).
EXECUTIVE SUMMARY
The City of Fresno (City) currently has an Agreement with Bank of America for banking services, scheduled to expire on June 30, 2025. A Request for Proposal (RFP) was issued for banking services and posted on PlanetBids on July 29, 2024. Five banks submitted Proposals which were opened publicly on August 27, 2024. A Review committee was formed consisting of Finance staff, a staff member from the Department of Public Utilities, and a staff member from the Department of Public Works. 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 cost proposal for providing such services. Staff recommends awarding a five-year contract, with the option for two one-year extensions, in the amount of $173,915 per year to Wells Fargo Bank. The contract has been approved as to form by the City Attorney's Office and the Risk Department.
BACKGROUND
As a large government entity, the City of Fresno (City) has extensive and complex banking service requirements that are essential for ensuring the efficient operation of the City's financial systems and safeguarding its financial assets. The...
Click here for full text