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CONTRACT AWARD FOR OF OFFICIAL CITY DEPOSITORY <br />October 18, 2010 <br />Page 2 <br />Based on this measure, the estimated annual cost of the six respondents is as follows: <br />Bank <br />Estimated Annual Cost <br />J.P. Mor an Chase <br />$ 27,332 <br />Bank of America <br />$ 32,136 <br />Union Bank <br />$ 36,116 <br />Wells Far o Bank <br />$ 37,565 <br />Bank of the West <br />$ 39,343 <br />US Bank <br />$ 53,397 <br />� Evaluation based on normal monthly services. <br />In addition to providing essential banking services, J.P. Morgan Chase has agreed to assist the <br />City with additional banking services such as direct deposit of accounts payables. The <br />recommended total annual amount reflects normal service costs plus an additional cost in the <br />event the City utilizes other service options including the transitioning of check payment services. <br />FISCAL IMPACT <br />Monthly bank charges will be deducted from interest earned on account balances. <br />Francisco Gutierrez <br />Executive Director <br />F�n.�gc� & M.anacaement Services Agency �;! <br />Exhibit 1 Resol��tion l <br />Exhibit 2 Agreement <br />55A -2 <br />