COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Jill Olsen, Administrative Services Director
SUBJECT:Title
Action: First Amendment to Cooperative Purchasing Agreement with JPMorgan Chase Bank, N.A., for Banking Services to Extend the Agreement through December 31, 2027 (Jill Olsen)
Body
FUNDING SOURCE:
Various Departments
PURPOSE:
To consider approving First Amendment to extend the Cooperative Purchasing Agreement (Contract #500153) utilizing the City of Mesa’s Banking Services contract with JPMorgan Chase Bank, N.A., in accordance with City Code Section 3.10.010.3(A)(1).
BACKGROUND:
JPMorgan Chase Bank will provide banking services to the City, which includes:
• Checking and depository account services
• Vault services for daily deposits
• Online reporting and research tools
If approved, the contract extension will initiate on January 1, 2025, and continue through December 31, 2027. The City has a long-standing association with JPMorgan Chase, and staff recommends continuing services with this bank. There are no changes to terms or pricing with this extension.
COMMUNITY IMPACT:
N/A
FISCAL IMPACT:
The total cost of the contract is estimated at $240,000 for the entire term. Funds are allocated and available in the Fiscal Year 2024-25 budget for the current year and will be included in future budget requests.
ATTACHMENTS:
First Amendment to Cooperative Purchase Agreement
SUGGESTED MOTION:Recommended Action
I move to approve the First Amendment to the Cooperative Purchasing Agreement with JPMorgan Chase Bank, N.A., for banking services and authorize the City Manager to execute the required documents.