Consideration and approval of a contract with Wells Fargo Bank, NA, for bank depository services in the maximum amount of $250,000.00 ($50,000.00 per year) for the period October 1, 2022, to September 30, 2027.

The City's current depository contract ends on September 30, 2022. According to State Law and the City's Financial Management Policy Statements, the City may approve a depository contract whose term does not exceed five years. There is no requirement for the rotation of depository banks. The City will select its official banking institution through a formal process based on the best value in order to provide the City with the most comprehensive, flexible, and cost-effective banking services available. Depository accounts may only be opened by employees with authority specifically granted in the depository agreements approved by City Council.
 
On June 30, 2022, the City received three (3) responses to a request for proposals for depository bank services (RFP# 2022-20). Respondents included Wells Fargo Bank, JP Morgan Chase Bank, and Frost Bank. The proposals were independently evaluated by a team of 3 staff members and ranked based on the following criteria:

Wells Fargo Bank ranked the highest of the three proposals received, and had the lowest annual cost based on historical activity levels.  

This recommendation was reviewed with the Finance/Audit Committee on September 1, 2022.  Finance and Legal staff have been working to finalize the depository agreement and contracts for approval.  The evaluators recommended approval of a new agreement with Wells Fargo Bank beginning October 1, 2022. 

Approval by City Council authorizes the City Manager or his designee to execute any necessary documents to establish and maintain necessary accounts during the contract period.