HomeMy WebLinkAbout05/15/2013 7E AGENDA BILL "7C
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Bank of America Banking Study Session Date: May 8, 2013
Service Contract Renewal COUNCIL MEETING Date: May 15, 2013
Department: Finance
Presenter. Becky Hasart
Phone: 360- 473 -5722
SUMMARY: Our most recent contract with Bank of America expired back on June 30, 2011. We
have continued to work with Bank of America on a month to month basis. During the interim, all fees,
including any discounts, have remained at the 2011 levels.
Bank of America would like to have us on contract going forward. In reviewing our banking needs
related to our fees, the attached agreement and fee schedule would be an addendum to the prior
contact that covers a one year period with appropriate adjustments in fees. These adjustments can
realize an estimated $3,500 in annual savings to the City.
ATTACHMENTS: Agreement for Banking Services and Proposed Fee Schedule
FISCAL IMPACTS (Include Budgeted Amount): The 2012 net banking fees were $41,488.50 (gross
fees of $54,543.78 less earning allowance of $13,055.28). Earning allowance is received by the City
for cash balances that remain in our Bank of America accounts. The earning allowance exceeded
what the City would have received in interest earnings if that money had been invested in the Local
Government Investment Pool. The proposed 2013 fees are within the 2013 budget amount for
banking fees.
STUDY SESSION AGENDA: ® No Discussion ❑ Full Presentation
STUDY SESSION ACTION: ® Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to authorize the Mayor to finalize and execute the Service Contract with Bank of America for
Banking Services with substantially the same terns and conditions as presented.
COUNCIL ACTION: [Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Fan updated 11/02112