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Treasurer seeks two-year Wells Fargo extension and sweep option; commissioners approve
Summary
The Board extended Wells Fargo master banking contract through August 2028 and added a $250/month sweep option designed to invest overnight excess cash; Treasurer estimated $8,000 potential annual yield on $3,000,000 balance.
Matt Brady of the Treasurer's Office asked the commission to extend the county's master banking contract with Wells Fargo for an additional two-year term through August 2028 and to approve a sweep option on the general bank account. Brady said monthly banking fees vary with activity and cited a range between $2,800 and $4,000 per month under the existing contract. He estimated that with a $3,000,000 overnight balance the sweep could produce about $8,000 in annual interest while costing $250 per month.
Commissioners asked for clarification about the variable monthly fees and the procurement timeline; Brady said the original RFP was issued in February 2021 and that extending avoids an immediate new RFP process. A motion to approve items 14 and 15 (contract extension and sweep option) passed by unanimous voice vote.
