Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A Renewal Agreement With Wells Fargo Bank, N.A., Allowing For The Banking Services Agreement To Be Renewed For The Fifth Renewal Term From August 1, 2021 Through July 31, 2022 At An Estimated Annual Cost Of $140,000.00.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City of Hollywood entered into an agreement on April 20, 2015 with Wells Fargo Bank, N.A. for the provision of banking services for the period May 1, 2015 through July 31, 2017 pursuant to the City's Purchasing Ordinance, Section 38.41 (C)(5), and based on a competitive bid that had been conducted by the City of Sunrise.
The banking services agreement with Wells Fargo Bank, N.A. provided for five additional one year renewal terms. Four of the five renewal terms have been exercised and the City's current renewal contract term with Wells Fargo Bank, N.A. expires on July 31, 2021.
The City of Hollywood would like to renew its current contract for a fifth term, securing banking services that are competitive and that best meet the City's needs.
Wells Fargo Bank, N.A. is currently providing full banking services to the City, is among the largest banking services providers in the industry, has been integrated with the City's ERP system and has performed satisfactorily for the City over the past six years.
The cost of these services is paid as a reduction to interest earned credited for compensating bank account balances consistent with current practice and recorded as an allocated expense to the respective fund associated with the services received.
The Department of Financial Services recommends that the City Commission approve the renewal of a fifth and final term of the banking services agreement with Wells Fargo Bank, N.A. to provide banking services to the City of Hollywo...
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