REPORT TO THE CITY COUNCIL
June 14, 2018
FROM: MICHAEL A. LIMA, Controller/Finance Director/(ex-officio)Treasurer
Finance Department
BY: CORRINA BARBARITE, Treasury Officer
Finance Department
SUBJECT
Title
Award a two-year contract with the option for two one-year extensions for banking services 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 two-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. A Request for Proposal (RFP) was issued for banking services on August 3, 2017. Five banks submitted proposals, which were opened on September 29, 2017. A Review Committee (Committee) was formed to evaluate the proposals and recommended the award of five year contract with two one-year extensions to Bank of America. Council rejected that recommendation on March 8, 2018. On March 22, 2018, Council approved a three-month extension of the current agreement. At the same time, Council provided direction to request from each respondent additional information regarding discrimination settlements, discrimination remediation efforts, and community reinvestment activity. The requested information was received on May 1, 2018. After the Committee reconvened to evaluate the additional information, it concluded that Bank of America produced the strongest response to the additional information request. Upon consideration of the additional information with the original submissions, the Committee recommended that a contract for banking services be awarded to Bank of America. In an effort to address both Council concerns and organizational efficiency, staff is recommending aw...
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