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-'7 C_ Agenda Section: 8 •E <br /> I REQUEST FOR COUNCIL CONSIDERATION Report Number: 92-371C <br /> STAFF REPORT Report Date: 9-) 0-92 <br /> � Council Action: <br /> ❑ Special Order of Business <br /> CITY COUNCIL MEETING DATE September 14 , 1992 D Public Hearings <br /> . Consent Agenda <br /> ❑ Council Business <br /> Item Description: Banking Services Proposals <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> Proposals have been received from a number of banks to provide banking <br /> services to the City. The exact amount of services and thus the fees <br /> the City would pay would vary each month. In order to evaluate the <br /> proposals an "average month" was chosen. Based upon the "average <br /> month" proposals ranged from $237 to $499 per month. The proposal of <br /> Western Bank was $297 per month. Western Bank is the closest bank to <br /> the City Hall. The additional staff time and travel expense which <br /> would be incurred depositing City funds elsewhere make the proposal of <br /> Western Bank the best value to the City even though their monthly fee <br /> is estimated to be $60 per month greater than the apparent low priced <br /> proposal. <br /> - Don Brager, Fina e Director <br /> RECOMMENDATION; <br /> RECOMMENDATION: Designate Western Bank as the primary depository of <br /> City Funds. <br />