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Council approves banking services agreement with Dubuque Bank and Trust; city notes $300,000 extra interest
Summary
City Council approved a master treasury/banking services agreement with Dubuque Bank & Trust, effective Sept. 1, 2024; the bank chose the earlier effective date and the city received over $300,000 in additional interest, staff said.
DUBUQUE, Iowa — The Dubuque City Council on Monday approved a master banking services agreement negotiated with Dubuque Bank and Trust, with staff noting the bank selected a Sept. 1, 2024 effective date and the city received more than $300,000 in additional interest as a result.
City Attorney Krena Brumwell and finance staff described the agreement and how it incorporates the city’s original RFP and the bank’s response as Exhibit A. Brumwell said the master treasury services agreement references Exhibit A and adopts the terms proposed by Dubuque Bank & Trust, which include the pricing and other parameters the mayor and council approved during the RFP evaluation.
Councilors asked for clarification on where the specific pricing and interest terms appear; Brumwell explained those details are in Exhibit A (the RFP and bank response), which is incorporated into the master agreement. Brumwell also noted a recent affiliation change referenced in the materials: the affiliated institution named in the packet was updated from HTLF to UMB and the agreement will reflect that update.
Staff recommended approval. The council adopted the resolution by roll call (motion passed 7-0). City manager and councilors thanked the bank and staff for collaborative work; a council member emphasized the bank’s decision to recognize the earlier effective date as an act of good faith that yielded the additional interest to the city.
Why it matters: The agreement defines bank services, treasury management and pricing for municipal accounts and affects how city funds are managed and how the city will receive interest and services going forward. The effective-date decision produced immediate, quantifiable benefit to the city in the form of reported additional interest.
