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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET -t 0 <br /> PROJECT TITLE: <br /> An Agreement with Wells Briefing COUNCIL BILL# <br /> Fargo for Custody Services as Proposed Action Originating Department Finance <br /> provided for through the Consent Contact Person Susy Haugen <br /> Washington Statewide Custody Action Phone Number 425-257-8612 <br /> Provider Program. First Reading FOR AGENDA OF June 1, 2016 <br /> Second Reading <br /> Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President (Tr <br /> Location Preceding Action Attachments Department(s)Approval <br /> Agreement Finance <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The Washington State Treasurer's Office conducted a Request for Proposal of custodial services for <br /> investments. Wells Fargo was the successful proposer. The City's current custody provider is the Bank of <br /> New York. The annual fee under the new contract is $4,000. We anticipate that the City will realize a <br /> savings of approximately$200 per year. <br /> RECOMMENDATION: <br /> Authorize the Mayor to sign the Agreement with Wells Fargo for Custody Services as provided for through <br /> the Washington Statewide Custody Provider Program in the amount of$4,000 annually. <br /> 99 <br />