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6.1D Staff recommends entering into an agreement with Wells Fargo at this time will allow Page 2 the City reasonable savings while being able to continue a successful relationship with Wells Fargo. The Finance Director has discussed this proposal with Finance Committee Chair and Council member Jeff Ira. Mr. Ira is in agreement with this recommendation and recommends that the Council approve staffs recommendation. At. TERNATIVE-S The Council may elect not to accept this recommendation and may direct staff to undertake a competitive process for the procurement of banking services. Doing so will force the staff not to pursue other more critical projects. Ultimately a comprehensive competitive process under which the City would request proposals from qualified banks would provide the City with the confidence that we are receiving the lowest possible price for banking services. However, given Finance staff's involvement with the solid waste collection request for proposals. the ensuing contract negotiations, managing SBWMA's bond issuance, the need to develop a request for proposal and award a contract for trustee and investment services in connection with the funding of retiree medical benefits, along with a need to update the City's cost aJlocatio_n plan does not provide sufficient staff resources to pursue a competitive process for procuring banking service at this time. FISCAL IMPACT The City currently pays about $90,000 annually for banking and cash management services received from Wells Fargo. Entering into the proposed agreement will save the City 10% or $9,000 per year. Further, the rates charged for these services will not in"f!};;:p::rm of the agreement. BrianPonty Peter Ingram Director of Finance City Manager ATTACHMENTS 1. Agreementwith Wells Fargo 2. Wells Fargo Treasury Management Proposal RELATED DOCUMENTS IN CITY CLERK'S OFFICE 1. Well Fargo Banking Agreement Addendums