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Update on Proposal for Banking Services <br />Page 2 <br />ALTERNATIVES: <br />It is possible to maintain the status quo, however there are compelling reason, <br />i.e. lower costs, higher investment earnings, reduced staff and time protection of <br />City assets, to go forward with the RFP. In addition, we may determine that <br />continuing our banking relationship with Bank of America is the best business <br />decision. <br />FINANCIAL IMPACT: <br />The financial impact will either be positive or no change. <br />RECOMMENDATION: <br />Staff will make a presentation to the Council after receiving and evaluating the <br />responses from the RFP's. No action is necessary at this time. <br />