March 23, 2017
FROM: MICHAEL LIMA, Controller/Finance Director
Finance Department
BY: CORRINA BARBARITE, Treasury Officer
Finance Department
SUBJECT
Title
Approve a twelve-month interim contract with Bank of America to continue to provide government banking services to the City of Fresno
Body
RECOMMENDATION
Approve a twelve-month interim contract with Bank of America (Bank), an American multinational banking and financial services corporation, to continue to provide government banking services to the City; and authorize the Controller or his designee to sign and execute the standardized contract, approved as to form by the City Attorney's Office, on behalf of the City.
EXECUTIVE SUMMARY
The Finance Department currently has a contract with Bank to provide government banking services to the City, which expires on March 31, 2017. Bank was initially selected through a competitive selection process in 2009 and has performed satisfactorily under their current contract. An interim contract is necessary to allow Bank to provide uninterrupted government banking services to the City until a new Request for Proposal ("RFP") can be completed.
BACKGROUND
Bank was selected to provide government banking services to the City through an RFP process conducted in 2009. A contract with Bank became effective on March 15, 2010. The contract was amended effective December 7, 2012 and September 1, 2014. Upon their selection, a five-year contract was agreed upon with provisions for two one-year extensions or one consecutive two-year term. The City exercised their option to extend the contract for two years in September 2014, with the contract term ending on March 31, 2017.
Due to City Treasury staffing changes and changes within the banking industry, additional time is needed to conduct a comprehensive RFP for a new banking services contract. Staff reached out to Bank, to see if they were amenable to an interim contract which would allow for uninterrupted ...
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