Laserfiche WebLink
Finance and Management Services <br />www.santa-ana.org/finance <br />Item # 32 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />December 21, 2021 <br />TOPIC: Depository Banking Services <br />AGENDA TITLE: <br />Resolution Designating J.P. Morgan Chase Bank, N.A. as the Continuing Official <br />Depository for the City of Santa Ana and First Amendment to Agreement with J.P. Morgan <br />Chase Bank, N.A., for Banking-Related Services in the Amount not to exceed $562,500, <br />which Includes a General Contingency of $187,500 (Non-General Fund) <br />RECOMMENDED ACTION <br />1. Adopt a resolution designating J.P. Morgan Chase Bank, N.A. the official depository <br />for the City of Santa Ana for five years, commencing January 1, 2022 through <br />December 31, 2026. <br />2. Authorize the City Manager to execute a First Amendment to Agreement with J.P. <br />Morgan Chase Bank, N.A. for banking-related services for an amount not to $562,500, <br />which includes a general contingency of $187,500. The First Amendment to <br />Agreement shall commence January 1, 2022, and expire December 31, 2026, subject <br />to non-substantive changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />The Treasury & Customer Service Division (“Treasury”) of the Finance and Management <br />Services Agency (“FMSA”) is responsible for maintaining all banking-related services and <br />transactions for the City, Successor Agency, and Housing Authority. Banking-related <br />services include, but are not limited to, the following: daily deposit processing <br />(electronic/physical checks, currency, and coin), check clearing, Automated Clearing <br />House (ACH), gateway services, wire services, and account reconciliation. Having <br />previously released a Request for Proposals (RFP No. 2016-111) in September 2016, <br />JPMorgan Chase Bank, N.A. (“JPMC Bank”)’s proposal was found to be the utmost <br />responsive to the City’s future needs, and substantially offered the peak value both in <br />terms of price and compensating balance interest earnings, which were furthermore the <br />most appropriate and flexible for the depository/banking services currently sought by the <br />City. <br />Because of the continuing and far reaching impacts of the COVID-19 pandemic on the <br />nation’s economy and because the pandemic triggered both health and fiscal responses