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<br />Designation of Official City Depository for <br />Three-Year Period Commencing July 1, 2005 <br />(Spec. No. 005-037) <br />June 20, 2005 <br />Page 2 <br /> <br />Based on this measure, the estimated annual cost of the four respondents <br />is as follows: <br /> <br />BANK ESTIMATED ANNUAL COST~ <br />Bank of America $ 35,196 <br />U S Bank $ 43,630 <br />Wells Fargo Bank $ 44,055 <br />Citizens Business Bank $ 71,936 <br /> <br />I Evaluation based on normal monthly services. <br /> <br />In addition to providing essential banking services, Bank of America has <br />agreed to assist the City with a purchasing card program and the option to <br />transition check processing services. The recommended total annual amount <br />reflects normal service costs plus an additional cost in the event the <br />City utilizes other service options including the transitioning of check <br />processing services. <br /> <br />FISCAL IMPACT <br /> <br />Monthly bank charges will be deducted from interest earned on account <br />balances. <br /> <br />...... . \\- \...\y <br />"\~~t-~J' L'J )~ ~ "~L II ~ <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br /> <br />55C-2 <br />