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STRATEGIC OUTCOMES |
ACTION |
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Department: |
☐ Safe & Prosperous |
☒ Motion |
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Finance |
☐ Active & Appealing |
☐ Resolution |
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☐ Respected & Responsible |
☐ Ordinance - Introduction |
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Division: |
☒ Connected & Engaged |
☐ Ordinance - Adoption |
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Procurement |
☐ Unique & Creative |
☐ Public Hearing |
TITLE: t
Cooperative Purchase Agreement: Institutional Custody Banking Services
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SUMMARY RECOMMENDATION: Summary Recommendation
Authorize the use of a City of Mesa cooperative purchase agreement for institutional custody services, one-year professional services contract, with the option to renew annually for up to four additional years. Renewals contingent upon funding appropriations and satisfactory performance to U.S. Bank National Association of Cincinnati, Ohio. (Finance-CPA-26-185) (Douglas Allen/Robin R. Wilson)
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STRATEGIC OUTCOME:
This item supports the City Council’s strategic outcome of Respected and Responsible by ensuring prudent management of public funds and using the knowledge of a highly qualified firm to provide the City with a secure, compliant, and cost-effective solution for managing its financial assets, aligning with best practices.
REPORT:
The procurement of institutional custody services will ensure that taxpayer dollars are handled securely, transparently, and in compliance with state and federal legal and regulatory standards. Services provided may include asset safekeeping (ensuring the security of assets), accounting and reporting (providing transparent financial records), securities lending (generating additional income), asset pricing (accurate valuation of assets), securities transaction management (efficient handling of transactions), and coordination with the City’s investment pool managers (ensuring alignment with investment strategies).
US Bank would serve as the custodial bank for the City’s general investment pool. US Bank is also the City’s custodial bank and fiscal agent for all bond payments funds, except for the 2015 Series.
FISCAL REQUIREMENTS:
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CITY FUNDS: |
$ 20,000.00 |
BUDGETED: |
$ 20,000.00 |
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STATE FUNDS: |
$ 0.00 |
AVAILABLE TO TRANSFER: |
$ 0.00 |
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FEDERAL FUNDS: |
$ 0.00 |
IN CONTINGENCY: |
$ 0.00 |
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OTHER SOURCES: |
$ 0.00 |
FUNDING: ACCOUNT/FUND #/CIP |
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TOTAL |
$ 20,000.00 |
Proportionate share of all funds in the City’s investment pool. |
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To total; right click number & choose “Update Field” |
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FISCAL IMPACT STATEMENT:
Like other banking fees, fees for custodial banking services are offset by earnings in the investment pool.
ADDITIONAL INFORMATION:
SUPPORTING DOCUMENTS NOT ATTACHED TO THE CITY COUNCIL ACTION FORM THAT ARE ON FILE IN THE OFFICE OF THE CITY CLERK:
None
IF CITY COUNCIL ACTION INCLUDES A CONTRACT, LEASE OR AGREEMENT, WHO WILL BE RESPONSIBLE FOR ROUTING THE DOCUMENT FOR SIGNATURE AFTER CITY COUNCIL APPROVAL?
☒ Department
☐ City Clerk’s Office
☐ Document to be recorded
☐ Document to be codified
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Acting City Administrator: |
Date: |
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John D. Simonton |
01/23/2026 |
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Reviewed by City Attorney: |
Date: |
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Richard W. Files |
01/23/2026 |