TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
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Contract Amendment - Banking Services.
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RECOMMENDATION
Approve a contract amendment with Citizens Business Bank, Inc. to continue providing banking services through August 31, 2026, in the amount of $75,000, for a revised not-to-exceed contract amount of $450,000 and authorize the City Manager to execute all necessary documents on behalf of the City.
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FISCAL IMPACT
The cost of banking services fluctuates based on transaction volume and service utilization. The projected cost for the amendment period is approximately $75,000. Sufficient funds have been appropriated in the Fiscal Year 2025-26 budget and will be incorporated into future budgets.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above furthers the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Financial Stability
* Responsible Long-Range Planning
Revenue: Click or tap here to enter text.
Expenditure: 1003000-43515
Transfer In: Click or tap here to enter text.
Transfer Out: Click or tap here to enter text.
BACKGROUND
The City of Chino has maintained a long-standing banking relationship with Citizens Business Bank (CBB) since 2000 through multiple competitive procurement processes. Most recently, on March 21, 2023, the City Council approved a banking services agreement utilizing competitively bid pricing obtained through a cooperative agreement. The current agreement is scheduled to expire in February 2026.
CBB provides the City's core depository, treasury management, and merchant processing services. The City is satisfied with CBB's performance, service levels, and familiarity with municipal banking requirements. CBB has consistently demonstrated reliability, financial stability, and responsiveness in supporting the City's financial operations.
As the current agreeme...
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