HomeMy WebLinkAboutFS 2009-09-09 Item 2D - Update - Approval of New Bank Account for Municipal Court
City of Tukwila
.
Jim Haggerton, Mayor
INFORMATIONAL MEMORANDUM
TO
Mayor Haggerton
Rhonda Berry
Finance and Safety Committee
FROM
Shawn Hunstock, Finance Director
DATE
September 1, 2009
SUBJECT
Change in bank account for Municipal Court
ISSUE
The Court currently has a bank account with Wells Fargo The Court contracts with an armored
car service for daily pickup and delivery to Wells Fargo This is in addition to the armored car
service Finance has in place with U S Bank for all other City Hall deposits This arrangement
results in additional costs with two different armored car services coming to City Hall each day
BACKGROUND
The Finance Department implemented an armored car service several months ago with daily
pickup and delivery to U S Bank. One of the benefits of doing so was eliminating the need for
Finance staff to have to drive to the bank each day At the same time the Court needed to
either make their own deliveries each day for their Wells Fargo account, or contract for separate
armored car service The Court chose to go with their own armored car service
DISCUSSION
The Municipal Court would like to change banks from Wells Fargo Bank to U S Bank effective
October 1 2009 The primary reason for this change is. to enable the Court to take advantage
of the armored car service currently being provided to Finance If the Court used U S Bank for
its banking services, the Court deposits could be included with other City Hall deposits and be
transported to the bank by the existing armored car service that is in place with U S Bank. This
would eliminate the need for a second armored car service to City Hall, and thereby reduce
costs at the Court,
RECOMMENDATION
The Finance and Safety Committee is being asked to approve a new checking account with
U S Bank for the Court. This type of item does not need to go to Council for approval