DATE: June 16, 2026
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Title
Adopt a Resolution Authorizing the City Manager to Execute an Amendment (or Amendments) to the Agreement with JP Morgan Chase, N.A. for Banking and Cash Management Services to Extend the Term for Up to an Additional Three Years
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RECOMMENDATION
Recommendation
That the City Council adopts a resolution (Attachment II) authorizing the City Manager to execute an amendment (or amendments) to the agreement with JP Morgan Chase, N.A. (Chase) for banking and cash management services extending the term for up to an additional three years. The agreement would be effective from July 1, 2026, through June 30, 2029.
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SUMMARY
In January 2018, after a request for proposal (RFP) process, Council authorized the City Manager to execute an agreement with Chase for banking and cash management services. That agreement included a five-year term with an option to continue banking and cash management services for an additional three years. In June 2023, the Council authorized the City Manager to execute an amendment to extend the term for three additional years ending on June 30, 2026. Staff is requesting Council authorize the City Manager to execute an amendment (or amendments) to extend in the term for up to three additional years for Chase to provide banking and cash management services.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution