Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer-Tax Collector
Subject: Amendment to Agreement with MUFG Union Bank, N.A. to Provide Banking Services
RECOMMENDATION:
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Adopt a resolution authorizing an amendment to extend the agreement with MUFG Union Bank N.A. to provide banking services, for the term of July 1, 2021 to June 30, 2022, with no change to the previously authorized amount.
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BACKGROUND:
On July 1, 2013, the San Mateo County Treasurer's Office entered into an agreement with MUFG Union Bank, N.A. to provide banking services. In 2013, the Treasurer-Tax Collector determined that it was in the best interest of the County to issue a Request for Proposal (RFP) for these services to ensure competitive pricing. An RFP was published on the Treasurer's website and sent to five (5) banking institutions on February 27, 2013 and was closed on March 18, 2013. After careful consideration and evaluation, MUFG Union Bank N.A. was selected as the successful proposer.
Union Bank has provided excellent services including, but not limited to, account analysis, account reconciliation, business checking, information reporting, wire transfers, web-based banking solutions, and lockbox. In addition, Union Bank provides a $75 million daylight overdraft line. This is a cushion the Treasurer requires to settle investment activities that fund the investment pool's primary account at Union Bank. Customer Service is provided by Union Bank's specialized Government Services Group, a staff that understands the special needs of government agencies.
DISCUSSION:
The Treasurer-Tax Collector acts as the County's banker and is charged with managing and protecting the County's financial assets. The Treasurer-Tax Collector's objective is to obtain quality banking services that are efficient and technologically advanced with an institution that provides strength and stability at the...
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