Title
Treasurer-Tax Collector's Office recommending the Board:
1) Find that the provision of Countywide financial services continues to be more economically and feasibly performed by outside independent banks, in accordance with El Dorado County Ordinance Code Section 3.13.030, by El Dorado County Charter, Section 210(b)(6) and Government Code Section 31000; and
2) Approve and authorize the Chair to execute Amendment I to Agreement 5924 with Bank of America, extending the term for two additional years in the estimated amount of $120,000 annually.
FUNDING: General Fund.
Body
DISCUSSION / BACKGROUND
The Treasurer-Tax Collector's Office conducted a competitive selection process in 2021 to ensure the County obtained the best products and services for the lowest possible cost. The Board awarded RFP No. 21-946-032 to Bank of America and executed Agreement 5924 for a three-year period with an option to extend the agreement to a maximum 5-year term.
The Treasurer-Tax Collector's Office recommends the Board find, in accordance with Government Code Section 31000, that the County's economic interests are served by contracting out financial services, and that the Board make findings in accordance with Section 3.13.030.B of the County Ordinance Code that these services can be more economically and feasibly performed by independent contractors than County employees. The County does not have the capacity to perform all the financial services that are available from outside banks.
ALTERNATIVES
If the Board declines to authorize the Chair to sign Amendment I to Agreement 5924, the County will be without banking services.
PRIOR BOARD ACTION
September 28, 2021, Item 10, File 21-1493. Award RFP 21-946-032 and sign Agreement 2021-5924.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
The Amendment was approved as to form by County Counsel.
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
Compensation under the contract will vary based on transaction volume. Estimated compensation is approximately $120,000 annually. Sufficient appropriations are included in the FY 2024-25 Budget.
CLERK OF THE BOARD FOLLOW UP ACTIONS
Upon Board approval and execution, please forward signed amendment to the Treasurer-Tax Collector's Office for execution.
STRATEGIC PLAN COMPONENT
N/A
CONTACT
K. E. Coleman, MBA, Treasurer-Tax Collector