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OAKLAND (ALAMEDA COUNTY)local legislationPassed

Passed

Approval of U.S. Bank as City Primary Banking Provider

Original title: Subject: Contracts For Primary Banking Depository And Custodial Services From: Finance Department Recommendation: Adopt The Following Pieces Of Legislation: 1) A Resolution (1) Authorizing The City Administrator To Negotiate And Execute An Agreement With U.S. Bank To Provide Primary Depository Services For The City At An Estimated Annual Cost Of Three Hundred Fifty Thousand Dollars ($350,000) For A Five-Year Period With Three One-Year Options To Renew Commencing January 1, 2025, And Negotiate With U.S. Bank For Such Additional Banking Services As They May From Time To Time Deem Appropriate, At Costs They Deem Reasonable; And (2) Waiving The Requirements Of The Living Wage Ordinance And Of The Linked Banking Services Program Ordinance; And

Record date · December 17, 2024

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What This Bill Does

The City Council has authorized a five-year contract with U.S. Bank to serve as the city's primary depository, with an estimated annual cost of $350,000. The resolution also includes a waiver for the city's Living Wage and Linked Banking Services ordinances for this specific contract.

Why it matters

This resolution establishes the primary financial institution for city funds through 2030 and exempts this specific banking contract from local living wage and linked banking requirements.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

U.S. Bank

The bank is designated as the primary depository for city funds and is authorized to negotiate additional services.

Directly affected

City Administrator

The administrator is tasked with negotiating and executing the contract terms.

Key Facts

The City Administrator is authorized to negotiate and execute a primary depository services agreement with U.S. Bank.
The estimated annual cost for these services is $350,000.
The contract term is five years, beginning January 1, 2025.
The city has the option to renew the contract for three additional one-year periods.

Show all 7 facts

The resolution waives the requirements of the city's Living Wage Ordinance for this contract.
The resolution waives the requirements of the city's Linked Banking Services Program Ordinance for this contract.
The City Administrator is authorized to negotiate additional banking services with U.S. Bank at costs deemed reasonable.

Frequently Asked Questions

How much will the city pay for these banking services?

The estimated annual cost is $350,000.

How long is the contract with U.S. Bank?

The contract is for five years starting January 1, 2025, with the option to renew for three additional one-year terms.

What ordinances were waived for this contract?

The city waived the requirements of the Living Wage Ordinance and the .

What else do you want to know?

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Full breakdown

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Ordinance Waiver

The resolution explicitly waives two major local ordinances (Living Wage and Linked Banking) to facilitate the banking contract.

U.S. Bank

Sources

Open source document

webapi.legistar.com

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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