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The City of Port Coquitlam
MEMORANDUM

B. Kirk DATE: October 14, 1992
City Administrator

FROM: FIG Committee

SUBJECT: City’s Banking
FIG meeting September 30, 1992

RECOMMENDATION:

That the City transfer our accounts to the Bank of Montreal on December Ist, 1992 and
that Council pass the banking resolution as outlined in the attached memo from the Deputy
Treasurer / Finance.

BACKGROUND & COMMENTS:

Attached is a report received from the Deputy Treasurer / Finance regarding the results of
the recent proposal call from all financial institutions in the city.

In addition to the financial consideration outlined in the report, this change will improve

time spent in making deposits as the Bank of Montreal is adjacent to City Hall as opposed
to the current Bank of Commerce who which is located across town. Additionally, the
Bank of Montreal is open Monday to Friday where our current branch is closed Monday
resulting in longer trips into Coquitlam to make Monday deposits.

The Bank of Montreal has given us a flat fee of $650 per month for all banking services,
with the exception of a two percent fee on all master card transactions and a $30 per
month fee for computer access. Proposals received from the other banks all had very
small fees for individual transactions, but when all transactions were estimated the flat fee
proposed worked out to be the best proposal.

This fee for the banking service will be offset by increased interest revenues as the bank
will pay us prime less 2.25% on funds on deposit, this will increase to prime less 2.125%
if our balance is greater than $250,000.

Further resolutions will be coming forward dealing with receipt and transfer of
investments as well as another banking resolution to open an account at a bank which
accepts Visa accounts as the Bank of Montreal only accepts Master Card credit account
slips. (Credit card purchases are accepted by the Parks and Recreation Department for
program registrations.)

J. Maitlahd, City Treasurer -
Deputy Administrator

JM/ms
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