HomeMy WebLinkAboutMINUTES - 07082014 - C.103RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Treasurer to enter into a five-year agreement with Wells Fargo Bank, N.A.
(“Wells Fargo”) for general banking and lockbox services, with a total payment limit of $1,400,000 for the entire
term of the agreement.
FISCAL IMPACT:
Service fees and costs will be paid from the interest earned on the monies deposited with Wells Cap Management
and/or on the monies deposited in the Treasury Pool, specifically, General County Revenue Fund.
BACKGROUND:
The County Treasurer manages the funds of the County, as well as various districts and agencies throughout the
County, including 21 special districts, 19 school districts and one community college district. In order to determine if
the County’s incumbent bank is the best qualified and financially secure bank to administer the County’s extensive
banking operations in the most efficient and cost-effective manner available, the County Treasurer conducted a
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 07/08/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Belinda Zhu, 925
957-2807
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board
of Supervisors on the date shown.
ATTESTED: July 8, 2014
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Chris Heck, Deputy
cc:
C.103
To:Board of Supervisors
From:Russell Watts, Treasurer-Tax Collector
Date:July 8, 2014
Contra
Costa
County
Subject:APPROVE and AUTHORIZE the County Treasurer to enter into agreement with Wells Fargo Bank, N.A.
BACKGROUND: (CONT'D)
comprehensive Request for Proposal (“RFP”) search. Upon completion of a thorough review of all RFP responses,
the County Treasurer selected Wells Fargo, the incumbent bank, as the best qualified candidate to provide general
banking and lockbox services for the County. To formalize the banking relationship between Wells Fargo and the
County, the County Treasurer, with assistance of the County Counsel, has negotiated an agreement with Wells Fargo.
Pursuant to the agreement between Wells Fargo and the County, Wells Fargo will provide general banking services,
including, but not limited to, deposit services, automated clearing house, positive pay, online banking, sweep
account, and information reporting. Wells Fargo will also provide lockbox services, including, but not limited to,
lockbox imaging, under the agreement.
The service fees are significantly reduced based on the newly negotiated fee schedule, representing an average annual
savings of approximately 50% of the most recent annual service fees. The cost of these services will be paid by the
interest earned on the monies deposited with Wells Cap Management and/or on the monies deposited in the Treasury
Pool, specifically, General County Revenue Fund. Under the agreement, each party is required to indemnify the other
for its errors and omissions.
CONSEQUENCE OF NEGATIVE ACTION:
The County Treasurer will not retain the general banking services of Wells Fargo.
CHILDREN'S IMPACT STATEMENT:
Not applicable.