City Council

(19) 14-0806 COMMUNICATION FROM THE CITY ADMINISTRATIVE OFFICER (CAO) relative to a contract amendment with Wells Fargo Bank, N.A. for general banking services. Recommendation for Council action: AUTHORIZE the Director, Office of Finance, or designee, to execute a 10th Amendment to Contract No. C-114826 with Wells Fargo Bank, N.A. extending the term of the agreement for two years, from July 1, 2024 through June 30, 2026, subject to review of the City Attorney as to form. Fiscal Impact Statement: The CAO reports that there is no impact to the General Fund for the proposed amendment as funding is provided by Los Angeles Department of Water and Power’s proprietary account. Financial Policies Statement: The CAO also reports that the recommendations in this report comply with the City’s Financial Policies in that on-going revenues will be used to fund these on-going expenses including the use of proprietary funds and special funds as appropriate.