To: Board of Supervisors
From: Dr. Grant Colfax, Health Services Director
Report Title: Contract Amendment with U.S. Bank
☒Recommendation of the County Administrator ☐ Recommendation of Board Committee
RECOMMENDATIONS:
Acting as the Governing board of the West Contra Costa Healthcare District (WCCHD), APPROVE and AUTHORIZE the County Treasurer, or designee, to execute on behalf of WCCHD, a contract amendment with U.S. Bank National Association, to extend the term through December 18, 2028, for continued investment administration services, in an amount not to exceed $5,000 annually.
FISCAL IMPACT:
Service fees and costs of approximately $5,000 annually will be deducted directly from the monies deposited with U.S. Bank and interest on those monies.
BACKGROUND:
On December 13, 2022, the County Board of Supervisors approved and authorized the County Treasurer, on behalf of WCCHD, to enter into an agreement with U.S. Bank for its investment administration and banking custody services. The current agreement expires on December 18, 2025.
CONSEQUENCE OF NEGATIVE ACTION:
If the agreement is not authorized, WCCHD will lack an agreement with U.S. Bank to administer its operating funds.