Resolution 20-R-27 - Consideration and/or action approving a Resolution by the City Council of the City of Schertz, Texas authorizing the extension for one year of the bank depository agreement with Schertz Bank & Trust, and other matters in connection therewith. (B. James/J. Walters/B. Martin)
BACKGROUND
This agreement is for the last one-year extension with Schertz Bank and Trust for bank depository services. The term of the extension will be from January 31, 2020 to January 31, 2021. The City entered into a Bank Depository Agreement with Schertz Bank and Trust on August 1, 2016, as authorized by resolution 16-R-50. The agreement was for a three-year term with two options for one-year extensions. Staff should have run this extension in January for City Council approval.
As of January 31, 2020, the City has had depository services provided by Schertz Bank & Trust for 10 consecutive years with 2 full contract awards during that time.
Staff has no reservations about the level of service provided by Schertz Bank & Trust and recommends extending the term of the contract. Staff will submit a request for proposals in 2020 to have new contract in place for January 2021.
GOAL
To authorize a one-year extension for bank depository services agreement as per resolution 20-R-27.
COMMUNITY BENEFIT
N/A
SUMMARY OF RECOMMENDED ACTION
Approval of Resolution 20-R-27 authorizing the one year extension.
FISCAL IMPACT
None
RECOMMENDATION
Staff recommends approval of Resolution No. 20-R-27.