Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer - Tax Collector
Subject: Agreement with MUFG / Union Bank, N. A.
RECOMMENDATION:
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Adopt a resolution authorizing the execution of an agreement with MUFG / Union Bank, N.A. to provide depository and full-service bank services, for the term of July 1, 2022, through June 30, 2025, in an amount not to exceed $2,000,000.
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BACKGROUND:
The Treasurer-Tax Collector is charged with managing and protecting the County's financial assets and acts as the banker for the County. The Treasurer-Tax Collector's objective is to obtain enhanced, quality banking services that are efficient and technologically advanced with an institution that provides strength and stability at the most advantageous cost to the County and its taxpayers.
DISCUSSION:
Towards the end of the current banking services contract with MUFG Union Bank, N.A. (Union Bank), the Treasurer-Tax Collector determined that it was in the best interest of the County to issue a Request for Proposals (RFP) for banking depository services to ensure competitive pricing. An RFP was released on the Public Purchase website and published on the Treasurer's public website on November 5, 2021, and closed on January 3, 2022, at the end of business.
At the conclusion of the RFP, a five-person committee was formed which comprised of subject matter experts in fiscal administrative matters from the following departments: Controller's Office, Human Resources Department, San Mateo County Office of Education, and two representatives from the Treasurer-Tax Collector's Office. Upon close evaluation of the submitted materials and evaluations based on the selection criteria, the committee ranked Union Bank most qualified proposer to provide banking depository services. The conclusion of selecting Union Bank was based on Union Bank's submission to the County, which demonstrated the ba...
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