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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, CFO |
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PRESENTER(S): |
Brian Reeves, Associate CFO |
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Rob Lamph, Comptroller |
TITLE:
title
Change Order: Banking Services Contract Modification 1 - Exercise Option Years (Zions Bank)
end
AGENDA ITEM TYPE:
Procurement Contract/Change Order
RECOMMENDATION:
Approve and authorize Executive Director to execute Modification No. 1 to Zions banking service contract, with associated disbursements, which will exercise an additional 3-year option in the amount of $288,000. .
BACKGROUND:
Since 2017 UTA has had a contact with Zions Bank for banking services. The current contract has a 3-year option that would extend the contract into 2027.
DISCUSSION:
UTA uses Zions for Business banking services. We have multiple accounts including a sweep account and have many of our systems and vendors tied to these accounts. We have been happy with the service we have received as a costumer. They have also offered competitive rate including interest returns.
CONTRACT SUMMARY:
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Contractor Name: |
Zions First National Bank |
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Contract Number: |
17-2107-01 |
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Base Contract Effective Dates: |
January 8, 2018 - June 30, 2024 |
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Extended Contract Dates: |
July 1, 2024 - June 30, 2027 |
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Existing Contract Value: |
$546,000.00 |
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Amendment Amount: |
$288,000.00 |
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New/Total Contract Value: |
$834,000.00 |
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Procurement Method: |
Request for Proposal |
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Budget Authority: |
Approved 2024 Operating Budget |
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ALTERNATIVES:
Not pick up the option and go out for RFP.
FISCAL IMPACT:
The monthly fees are included in the 2024 operating budget (5800.50353.90) and are based on several factors. We do not expect the total 3-year cost to exceed $288,000 or $8,000 per month.
2024 Budgeted Total: $48,000
2025 Budget Request: $96,000
2026 Budget Request: $96,000
2027 Budget Request: $48,000
Expected 3-year Total: $288,000
ATTACHMENTS:
Modification 01
2017 Banking Service Agreement (original)