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Page 2 <br />Administrative Policy <br />FINANCIAL IMPACT <br />Staff contacted four local banks on requirements to obtain City credit cards. Those contacted were Bank of <br />America, Redlands Federal, Wells Fargo and Citizens Business Bank. Three of the four banks would only issue <br />individual cards and charge an annual service fee per card. The interest rates varied as well however, there would <br />be not interest charge if the balance was paid within 30 days from the statement date. <br />As previously mentioned, there is one bank the is willing to issue a City of Colton credit cards. This bank is <br />Redlands Federal (Bank). The Bank is willing (per subcommittee direction) to issue five accounts/statement. <br />These statements/cards would be for Council, Administration, Police, Fire and the Utility department. The <br />expense limit on each card will be $2,500. A list of potential users would be provided to the Bank upon application <br />for the credit card. Redlands Federal Bank is also willing to waive the annual card fee. The Bank has also asked <br />for City audited financial reports and a summary of our annual budget. <br />RECOMMENDATION <br />Approve the amended Administrative Policy and Claim for Reimbursement and Expense Report. <br />Direct staff to finalize negotiations with Redlands Federal Bank for the issuance of five credit card with <br />separate account numbers. <br />Attachments: <br />