City Council

Item 330: Extension of Citywide Banking Services Contract (Bank of America).\nThis item will be heard in the morning session which is scheduled to begin at 10:00\na.m.\nTotal Estimated Cost of Proposed Action and Funding Source:\nThis action is to extend the agreement for up to three years, not to extend beyond April\n30, 2027, and increase the not-to-exceed (NTE) amount of the original 5-year contract by\n$200,000 (to $1,550,000 from $1,350,000). Approximately 77% of costs will be allocated\nto the General Fund, with 23% of costs being allocated to Non-General Funds.\nCouncil District(s) Affected: Citywide.\nProposed Actions:\n(O-2024-67)\nIntroduction of an Ordinance Authorizing the Fourth Amendment to Banking Services\nContract between the City and Bank of America to Extend the Term Beyond Five Years\nand Increase the Not to Exceed Amount.\n6 votes required pursuant to Charter Section 99.\nCommittee Actions Taken: N/A\nOffice of the City Treasurer: Emmanuel Labrinos, (619) 533-6256\nCity Attorney Contact: Bret A. Bartolotta