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File Number: 19-487 <br />None. <br />2. DISCUSSION ITEMS <br />2.A. 19-268 Staff Report on Results of Banking Request for Proposals (RFP) - <br />continued from April 2, 2019 Finance Committee <br />Mayor Cutter opened by explaining this is a continuation from the April 2, 2019 Finance <br />Committee meeting regarding the Banking RFP <br />City Manager Kay provided a summary of the RFP and the meeting from April 2, 2019. He <br />stated that the Finance Committee had instructed staff to #1 determine if there was any <br />banks with offices in San Leandro that were not given the opportunity to participate in the <br />RFP, and #2 staff was to provide additional analysis on the banking proposals, including <br />implementation costs. City Manager Kay also stated that staff is looking to the Finance <br />Committee for a recommendation and to move forward as it has been over a year that <br />staff and the Finance Committee have been discussing this topic. Staff would like to be <br />able to have ample time for implementation, if that is the direction. <br />The answer to the first question was, no. There were no banks identified with a physical <br />location in San Leandro that reported having missed the opportunity to participate. There <br />were several small banks that stated they were just too small to be able to provide the <br />services that would be required. <br />Finance Director Baum stated that based on the criteria RFP rating criteria approved by <br />the Finance Committee, cost was the primary evaluation factor; Wells Fargo is the bank <br />with the lowest proposed cost. <br />The primary cost would be the implementation as it would require staff time and potentially <br />the hiring of a 3rd party consultant to assist staff. <br />Councilmember Lee does not support staying with Wells Fargo. He would like to see the <br />City working with community banks. Councilmember Lee respects the work of staff. He <br />believe that with change of processes, cost can be cut as well. <br />Councilmember Hernandez stated he would like to see the City move away from Wells <br />Fargo and give Bank of the West a chance. <br />Mayor Cutter would like to be able to show the community that we are working with them <br />however also believes we must be fiscally responsible and therefore it may be in the best <br />interest to stay with Wells Fargo, work with a consultant to update processes and use <br />funds to purchase a new financial software that may assist staff. <br />Upon listening to the public and staff, it was recommended that it would be in the best <br />Page 2 City of San Leandro Printed on 9/11/2019 <br />38