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HomeMy Public PortalAbout19-9712 Wells Fargo/Transfer of Monies to City National BankSponsored by: City Manager RESOLUTION NO.19-9712 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, APPROVING THE CLOSURE OF ALL BANK ACCOUNTS HELD BY WELLS FARGO BANK; APPROVING TRANSFER OF MONIES REMAINING IN ACCOUNTS TO CITY NATIONAL BANK; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, in 2015, the City of Opa-Locka ("City") switched from Wells Fargo Bank as its primary bank to City National Bank; and WHEREAS, the City still has 18 accounts currently open with Wells Fargo Bank and desires to close said accounts; and WHEREAS, of the 18 accounts remaining with Wells Fargo Bank, 15 accounts currently hold a zero balance; and WHEREAS, Wells Fargo currently charges the City fees in excess of approximately Fourteen Thousand Dollars ($14,000.00) per year; and WHEREAS, the City Manager recommends that for the three (3) accounts holding balances, that those funds be transferred into an account(s) at City National Bank; and WHEREAS, closure and transfer of funds from the 18 Wells Fargo Bank accounts is in the best interest of the City NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA: Section 1. Recitals. The recitals to the preamble herein are incorporated by reference. Section 2. Closure of Bank Accounts with Wells Fargo Bank The City Commission of the City of Opa-Locka hereby authorizes the closure of all eighteen (18) Wells Fargo Bank Accounts. Section 3. Transfer of Remaining Funds to City National Bank The City Commission of the City of Opa-Locka hereby directs the City Manager to transfer all remaining funds holding balances from the Wells Fargo Bank accounts to applicable City National Bank account(s). Resolution No.19-9712 Section 4. Effective Date. This Resolution shall take effect immediately upon adoption and is subject to the approval of the Governor or his designee. PASSED and ADOPTED this 30th day of October, 2019. ATTEST: D Joanh Flores, City Clerk ns,„; APPROVED AS TO FORM AND LEGAL SUFFICIENCY: B xrnarc ette Norris, eeks, P.A. City Attorney Moved by: Commissioner Burke Seconded by: Vice Mayor Davis VOTE: 5-0 Commissioner Bass YES Commissioner Burke YES Commissioner Kelley YES Vice -Mayor Davis YES Mayor Pigatt YES Matthew A. Pigatt, Mayor City of Opa-Locka Agenda Cover Memo Department Director: Department Director Signature: cm ., e► t Finance Director: John E. Pate, City Manager (Finance Department Designee) FD Signature: Department C --.r -rE City Manager: John E. Pate CM Signature: rn ,ly =c -- Commission Meeting Date: 10.30.19 Item Type: (EnterXin box) Resolution O dinance Offer X � 0 y P1 " Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Readi X Public Hearing: (Enter X in box) Yes No Yes No Funding Source: Account# : Govemmentwide (Enter Fund & Dept) Ex: General and Proprietary Fund Advertising Requirement: (Enter X in box) Yes No X Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid#: X Strategic Plan Related (Enter X in box) Yes No Strategic Plan Priority Area: Enhance Organizational Bus. & Economic Dev m Public Safety Quality of Education m Qual. of Life & City Image I. Communication Strategic Plan Obj./Strategy: (list the specific objective/strategy this item will address) X Sponsor Name City Manager Department: City Manager i - "7 0 fa rn Short Title: A resolution of the City Commission of the City of Opa-Locka, Florida approving the closure of all bank accounts held with Wells Fargo Bank. Staff Summary: In 2015, the City of Opa-locka switched from Wells Fargo being its primary bank to City National Bank as part of the solicitation for a new banking relationship and approval of the 2015 A&B Bond for the purchase of City Hall building. Exhibit A provides a listing of open and confirmed bank accounts by the auditors for Wells Fargo bank accounts. Back in 2015, the former Finance Director made the decision to keep the 18 bank accounts with Wells Fargo bank open during the transition. Since 2015, these bank accounts continue to be open, 15 hold zero balances while 3 have active balances. Well Fargo bank charges the City fees in excess of $7,000-14,000 annually to maintain these accounts, the closing of these accounts would be a great cost savings and positive impact to the City. The funds being held in the three active bank accounts with balances will be transferred and deposited into the City's bank accounts held at City National Bank. Proposed Action: Staff recommends approval. Attachment: '1 ORIGINAL To be mailed to Financial Institution's Name and Address Standard Form to Confirm Account Balance Information with Financial Institutions Wells Fargo Bank, N.A. P.O. Box 63020 San Francisco, CA 34163 City of Opa Locke We have provided to our accountants the following information as of the close of business on September 30, 2017, regarding our deposit and loan balances. Please confirm the accuracy of the information, noting any exceptions to the information provided. If the balances have been left blank, please complete this form by fumishing the balance in the appropriate space below.* Although we do not request nor expect you to conduct a comprehensive, detailed search of your records, if during the process of completing this confirmation additional information about other deposit and loan accounts we may have with you comes to your attention, please include such Information below. Please use the enclosed envelope to return the form directly to our accountants. 1 } At the close of business on the date listed above, our records indicated the following deposit balance{s}: ACCOUNT NAME ACCOUNT NO. INTEREST RATE BALANCE* CITY OF OPA LOCKA - OPERATING ACCOUNT 0004123525099 CITY OF OPA LOCKA - PAYROLL 0004123525107 CITY OF OPA LOCKA - CAP IMP SER 2011 BONDS 0004123525115 CITY OF OPA LOCKA - FEMA 0004123525123 CITY OF OPA LOCKA - SPECIAL LAW ENFORCEMENT 0004123525131 CITY OF OPA LOCKA - GENERAL FUNDS RESERVE 0004123525149 CITY OF OPA LOCKA - SRLFP LOANS ESCROW 0004123525156 CITY OF OPA LOCKA - SYSTEM CAPITAL IMPROVE 0004123525164 CITY OF OPA LOCKA 0004123525172 CITY OF OPA LOCKA - SER 2011 BDS PRIN & IN 0004123525180 CITY OF OPA LOCKA - SRLFP LOAN RESERVE 0004123525198 CITY OF OPA LOCKA - JAG 0004123525206 CITY OF OPA LOCKA - V./ATER & SEWER RESERVE 0004123525214 CITY OF OPA LOCKA - SYSTEM RENEW AUREPLACEM 0004123525222 CITY OF OPA LOCKA - CUSTOMER DEPOSITS 0004123525230 CITY OF OPA LOCKA - COPS 0004123525248 ' CITY OF OPA LOCKA - POLICE FORFEITURES Q004123525255 CITY OF OPA LOCKA - WEED & SEED 0004123525263 2 2) We were directly liable to the financial institution for loans at the close of business on the date listed above as follows: ACCOUNT NO./ DESCRIPTION BALANCE* DUE DATE INTEREST RATE DATE THROUGH WHICH INTEREST IS PAID DESCRIPTION OF COLLATERAL n4/27 �1 (Date) !!!!!! The information presented above by the customer is in agreement with our records. Although we have not conducted a comprehensive, detailed search of our records, no other deposit or loan accounts have come to our attention except as noted below. (Financial Institution Authorized Signature) (Title) (Date) EXCEPTIONS AND/OR COMMENTS Please return this form directly to our accountants: Anthony, Brunson P.A, 333 Las Olas Way CU4 Fort Lauderdale FL33301 ATTN: Audrey Robinson * Ordinarily, balances are intentionally left blank if they are not available at the time the form is prepared. Commercial Checking Acct Public Funds Account number: 4123525099 ■ January 1, 2018 - January 31, 2018 ■ Page 1 of 1 CITY OF OPA LOCKA-OPERATING ACCOUNT 780 FISHERMAN STREET 4TH FLOOR OPA LOCKA 33054 FL WO Questions? WELLS � AIR,`U 0 Call your Customer Service Officer or Client Services 1-800-AT WELLS (1-800-289-3557) 5:00 AM TO 6:00 PM Pacific Time Monday - Friday Online: wellsfargo. com Write: Wells Fargo Bank, N.A. (182) PO Box 63020 San Francisco, CA 94163 Account summary Commercial Checking Acct Public Funds Account number 4123525099 Beginning balance $161,928.68 Total credits $0.00 Total debits -$7, 702.93 Ending balance $154,225.75 Debits Electronic debits/bank debits Effective Posted date date Amount p i`ransaction detail 01 /11 P 7,702.93 ClieAnalysis Srvc Chrg 180110 Svc Chge 1217 000004123525099 $7,702.93 To electronic debits/bank debits N$Z,702.93- -- Total debits Daily ledger balance summary Date Balance Date Balance 12/31 161,928.68 01/11 154,225.75 Average daily ledger balance $156,710.56 151 IMPORTANT ACCOUNT INFORMATION Important information about legal process fees. The fee for legal order processing, which includes handling levies, writs, garnishments, and any other legal documents that require funds to be attached, remains $125. However, effective 2/16/18, the bank will assess no more than two legal process fees per account, per calendar month. Please note, the calendar month may not coincide with your statement cycle. ©2010 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. (182) Sheet Seq = 0233631 Sheet 00001 of 00001 Commercial Checking Acct Public Funds Account number: 4123525099 ■ July 1, 2018 - July 31, 2018 ■ Page 1 of 1 CITY OF OPA LOCKA-OPERATING ACCOUNT 780 FISHERMAN STREET 4TH FLOOR OPA LOCKA 33054 FL WO Questions? ELLS FRG® Call your Customer Service Officer or Client Services 1-800-AT WELLS (1-800-289-3557) 5:00 AM TO 6:00 PM Pacific Time Monday - Friday Online: wellsfargo.com Write: Wells Fargo Bank, N.A. (182) PO Box 63020 San Francisco, CA 94163 Account summary Commercial Checking Acct Public Funds Account number 4123525099 Beginning balance $154,225.75 Total credits $0.00 Total debits -$7,717.31 Ending balance $146, 508.44 Debits Electronic debits/bank debits Effective Posted date date Amount nsaction detail 07/11 7,717.31 Clie t Analysis Srvc Chrg 180710 Svc Chge 0618 000004123525099 $7,717.31 Total electronic debits/bank debits 0 717:3'1— Total debits Daily ledger balance summary Date Balance Date Balance 06/30 154,225.75 07/11 146,508.44 Average daily ledger balance $148,997.89 ©2010 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. (182) Sheet Seq = 0214552 Sheet 00001 of 00001