Title
Approval of Resolution Authorizing the City Manager to Extend the Contract with First Texas Bank for Banking Services.
Summary
The end of this fiscal year will complete the fourth year of the City's contract with First Texas Bank for the City's banking services. The original contract with First Texas Bank was a three-year agreement, including provisions to extend the contract for two additional one-year terms. In May 2010, the City Council approved a resolution authorizing the City Manager to extend the contract for the first one-year term.
The City has a final, one-year term option on this agreement. The item was presented to the Finance and Budget Committee at its May 5, 2011 meeting. The Finance and Budget Committee recommends extending the contract for the second, and final, one-year term.
Fiscal Impact
There is no fiscal impact as a result of this action.
Staff Recommendation
Staff recommends approval of this item.
Drafter
Lauri Gillam, Assistant City Manager