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Redwood City currently spends annually $75,000 for banking services. The current <br />proposal from Wells Fargo will reduce our annual fee by approximately $7,000. The City <br />continues to be pleased with the service levels provided by Wells Fargo. <br /> <br />ALTERNATIVES <br />The Council may direct staff to stay on a month to month service with Wells Fargo Bank <br />and have staff issue their own Request for Proposals to undertake a new competitive <br />process for the procurement of banking services. It is unlikely that the City will be able <br />to obtain a lower price for services by going through an independent RFP process. <br /> <br />FISCAL IMPACT <br />The cost of the proposed banking agreement is estimated at $68,000 annually and <br />represents a reduction of $7,000 per year compared to current costs for these services. <br />Expenses are included in the adopted budget and are paid through maintaining non- <br />interest bearing deposits (compensating balances) or by direct payment. <br /> <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under CEQA as defined in CEQA Guidelines, section <br />15378, because it has no potential for resulting in either a direct or foreseeable physical <br />change in the environment. <br /> <br /> <br />STARLA JEROME-ROBINSON <br />INTERIM FINANCE DIRECTOR <br /> <br /> <br /> <br />MELISSA STEVENSON DIAZ <br />CITY MANAGER <br /> <br />ATTACHMENTS <br />1. Agreement for Wells Fargo Banking <br /> <br />RELATED DOCUMENTS IN CITY CLERK’S OFFICE <br />None <br /> <br />6.1.H. - Page 2