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CITY COMMISSION AGENDA ITEM |
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Department: |
Finance |
Commission Meeting Date: Dec. 18, 2018 |
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Staff Contact: |
Jeremy Willmoth, Finance Director |
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Recommendations/Options/Action Requested: |
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Authorize the City Manager to enter into an agreement with US Bank for banking services for 2019. |
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Executive Summary: |
In 2013 the City issued a Request for Proposal for banking services to begin in 2014. During that process, US Bank was selected to provide those services. The City entered into a one-year contract with up to four one-year extensions. The City has utilized these extensions which will conclude at the end of 2018.
Staff is recommending the City extend banking services for an additional year with US Bank. Initially, staff was planning on issuing a Request for Proposal in 2018 but delayed it to avoid the process coinciding with year-end. Staff does anticipate issuing a Request for Proposal for banking services in 2019 and going through a competitive process at that time. |
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Strategic Plan Critical Success Factor |
Effective Governance/Professional Administration Core Services Sound Fiscal Stewardship Collaborative Solutions |
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Fiscal Impact (Amount/Source): |
The fiscal impact to the City is consistent with current rates. US Bank has a minimum earning credit of .60 basis points. |
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Attachments: |
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Reviewed By: (for CMO use only) |
☐TM ☐DS ☒CT ☐BM |