City Council

Item 61: Extension of Citywide Banking Services Contract (Bank of America).\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:\nAdopt the following Ordinance which was introduced on 2/27/2024, Item 330 (Council\nvoted 7-0, Councilmember von Wilpert-not present, District 4-vacant):\n(O-2024-67)\nOrdinance Authorizing the Fourth Amendment to Banking Services Contract between the\nCity and Bank of America to Extend the Term Beyond Five Years and Increase the Not to\nExceed 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