Finance committee recommends three-year banking contract with Bank of America

The Finance and Governance Committee on July 14 recommended that the Oxnard City Council approve a comprehensive banking services agreement with Bank of America for an initial three-year term and options to extend for up to five additional one-year terms.

City purchasing manager Liberty Macias told the committee the request-for-proposal evaluation used 11 factors — including capability, related experience, firm stability, charges for service, contact personnel, information systems, and internal controls — and that Information Technology staff reviewed systems compatibility. Macias said the factors were equally weighted in the committee's analysis.

‘‘We did have a member from the information technology department who did take a look at that factor,’’ Macias said, and confirmed transition planning and internal controls were considered.

City Treasurer Phil Molina summarized the cost comparison the procurement team created, saying it included ‘‘62 columns of information, and there were 95 rows of specific data showing the cost per transaction’’ and the total cost. Molina said the analysis showed some bidders proposed services that were not directly comparable — for example, Bank of America included armored transport in its proposal while other banks did not — and staff adjusted how costs were compared to present a like-for-like view.

‘‘Given the quality of this process, I'm willing to sign the banking services agreement to continue using Bank of America as our bank,’’ Molina said, and asked the committee to recommend approval.

With no public speakers on the item, a committee member moved the recommendation and it was seconded; the committee voted 3-0 to carry the recommendation to the full City Council.

The committee packet and staff analysis will be included with the council agenda when the item goes to a full council meeting for final approval.