HomeMy WebLinkAbout03-123DATE SUBMITTED: June 24, 203 BILL # 03 *-/~,~3
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Committee Meeting Date: July 1, 2003
Banking Services Renewal COUNCIL MEETING Date: July 9, 2003
Department: Finance Department
Present~r: Cathy Johnson
Michael Wilson
Phone: 473-5296
SUMMARY: The City Treasurer is required by state statute to select one or more financial
institutions, either on an annual basis or at such other times as may be deemed necessary, for
providing needed banking services for the City. The City of Bremerton currently has an agreement
with Bank of America for comprehensive banking servies. This agreement is scheduled to expire on
June 30, 2003. After review of the City's banking service needs, evaluation of the submitted proposal
from Bank of America and meeting with BolA representatives, it is our recommendation to accept the
proposal for extending banking services with the Bank of America through June 30, 2005.
ATTACHMENTS:
A. Agreement for banking services with Bank of America
B. Proposal from Bank of America for banking services
FISCAL IMPACTS (Include Budgeted Amount):
Increase in the cost of banking services are estimated to by $195 per month.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY: ~
FINANCE DIRECTOR:
MAYOR:
FISCAL/BUDGET: CONSENT AGENDA ~ ]
OPERATIONS:
council PRESIDEm:
RECOMMENDED MOTION:
I move to accept the proposal fi:om Bank of America for banking services and authorize the Mayor to
f'malize and execute the agreement.
COUNCIL ACTION: [~Approve [] Deny [] Table [] Continue [] No Action