Written materials relating to an item on this agenda that are distributed to the legislative bodies within 72 hours before the item is to be considered at its regularly scheduled meeting will be made available for public inspection at the City Clerk’s Office, 300 West Third Street 4th Floor during customary business hours. Agenda reports are also on the City of Oxnard web site at www.oxnard.org.
In compliance with the Americans with Disabilities Act, if you require special assistance to participate in a meeting, please contact the City Clerk’s Office at 385-7803. Notice at least 72 hours prior to the meeting will enable the City to reasonably arrange for your accessibility to the meeting.
Agenda Item Time Estimates include: (Minutes for Presentation + Council Discussion + Public Comment)
AGENDA
OXNARD CITY COUNCIL
FINANCE AND GOVERNANCE COMMITTEE
Council Chambers, 305 West Third Street
January 10, 2023
Regular Meeting - 5:00 to 6:30 PM
Zoom details to call-in for public comment during a meeting:
1. Dial Phone Number: (888) 475-4499
2. Enter Meeting ID: 862 2551 8081
3. Passcode: 939773
If you wish to speak during public comments or a particular item on the agenda, please sign-on by following the zoom call in steps listed above. Once the presiding officer calls for public speakers, press *9 to raise your hand to inform the City Clerk you would like to speak during the public speaking section for that particular item on the agenda, while in the zoom waiting room. Press *6 when asked to unmute. Listen to the instructions provided virtually by the phone while in the waiting room. Please note that there is a slight time delay when viewing the meeting on television.
IN ACCORDANCE WITH ASSEMBLY BILL 361 AND IN RESPONSE TO THE DECLARED STATE AND LOCAL
EMERGENCIES DUE TO THE NOVEL CORONAVIRUS, THE LEGISLATIVE BODY WILL MEET IN-PERSON AND REMOTELY. TO PARTICIPATE REMOTELY VISIT WWW.OXNARD.ORG.
To find out how you may provide public comment, please refer to the instructions below or at www.https://www.oxnard.org/city-meetings/.
The public may view the meeting from home on Spectrum channel 10, Frontier channel 35, or YouTube at Youtube.com/oxnardnews.
Video recordings of the meeting are typically available online following the meeting at the City’s website at www.oxnard.org/city- meetings.
*Please see the link for the Measure M pre-recorded presentation video for each item listed on this agenda.
YOU MAY PARTICIPATE IN THE MEETING IN THE FOLLOWING WAYS:
1. ATTEND THE MEETING AT THE LOCATION LISTED ABOVE: Submit a speaker card to the City Clerk.
2. EMAIL COMMENTS OR SIGN UP TO SPEAK REMOTELY BEFORE THE MEETING
a. Submit a request to speak remotely by no later than 3 p.m. on the day of the meeting by using the form available at www.oxnard.org/citymeetings.
b. Submit an email to [email protected] no later than 3 p.m. on the day of the meeting (indicate the agenda item number in the subject line). All email correspondence will be forwarded to the legislative body prior to the start of the meeting and made part of the legislative record.
c. Contact the City Clerk’s Office at (805) 385-7803 to submit your request.
1 OXNARD CITY COUNCIL: FINANCE & GOVERNANCE COMMITTEE
January 10, 2023 - Page 2
3. PROVIDING PUBLIC COMMENTS REMOTELY DURING THE MEETING
a. To provide public comment during the meeting dial (888) 475-4499 and enter the Meeting ID and Passcode listed above as the Zoom details for this meeting. When the presiding officer announces the particular item on the agenda you want to speak on, press *9 to raise your hand while in the zoom waiting room. Once called on, press *6 to unmute your phone.
b. Public comments on agenda items will be taken following the announcement of the item. After the item is announced, members of the public may register or otherwise be recognized for the purpose of providing public comment.
Please review the Zoom instructions on the registration page to help ensure there are no technical difficulties during your comments and help you understand public comment procedures using Zoom. Detailed participation instructions can be found at www.oxnard.org/city-meetings.
In the event of a disruption which prevents a legislative body of the City of Oxnard from broadcasting a meeting using a call-in option or internet-based service option, or in the event of a disruption within the City’s control which prevents members of the public from offering public comment using the call-in option or internet-based service option, the legislative body shall take no further action on items appearing on a meeting agenda until public access to the meeting via the call-in option or internet-based service option is restored. However, if any of the broadcast options are disrupted, but any of the other broadcast options is still available to the public, the legislative body may take further action on items appearing on a meeting agenda without waiting for the disrupted broadcast option(s) to be restored.
* The City has filed pre-election and post-election lawsuits regarding the validity of Measure M.
A. ROLL CALL, POSTING OF AGENDA, FLAG SALUTE
B. PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
A person may address the legislative body only on matters not appearing on the agenda and within the subject matter jurisdiction of the legislative body. Speaker requests shall be submitted as set forth on the first page of this agenda. Speakers are limited to three minutes. After 30 minutes, if all speakers have not had the opportunity to speak, the remaining speakers will be given an opportunity to speak prior to adjournment of the meeting. The legislative body cannot enter into a detailed discussion or take action on any items presented during public comments at this time. Such items may only be referred to the City Manager/Executive Director/Secretary for administrative action or scheduled on a subsequent agenda for discussion. Persons wishing to speak on public hearing items should do so at the time of the hearing.
C. CONSENT AGENDA
1. City Clerk Department
SUBJECT: Approval of Minutes.
RECOMMENDATION: That the Finance & Governance Committee approve the minutes of the December 13, 2022 regular meeting as presented.
Contact: Rose Chaparro, (805) 385-7805
D. REPORTS
1. Finance Department
SUBJECT: Discussion of the State Auditor’s 2021 Fiscal Health Ranking of California Cities. (10 minutes)
RECOMMENDATION: That the Finance & Governance Committee recommend that staff proceed to the City Council to present and discuss the State Auditor’s 2021 Fiscal Health Ranking of California Cities.
Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/BTfz1tPiqDE
2 OXNARD CITY COUNCIL: FINANCE & GOVERNANCE COMMITTEE
January 10, 2023 - Page 3
Contact: Betsy George, (805) 200-5400
2. City Treasurer
SUBJECT: General Banking Services Agreement. (10 minutes)
RECOMMENDATION: That the Finance and Governance Committee recommend that the City Council receive and file the agreement with Bank of America in an estimated amount of $500,000 for an initial term of 3 years with an option to renew for 5 one-year periods.
Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/XpjJzvJt5Xk
Contact: Phillip Molina, (805) 385-7808
E. ITEMS FOR FUTURE AGENDAS
F. ADJOURNMENT
3 FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
CONSENT AGENDA
AGENDA ITEM NO. C.1
DATE: January 10, 2023
TO: Finance & Governance Committee
FROM: Rose Chaparro, City Clerk, (805) 385-7805, [email protected]
SUBJECT: Approval of Minutes.
RECOMMENDATION
That the Finance & Governance Committee approve the minutes of the December 13, 2022 regular meeting as presented.
BACKGROUND
Approval of Minutes.
STRATEGIC PRIORITIES
This agenda item is a routine operational item.
FINANCIAL IMPACT
There is no financial impact.
Prepared by: Rose Chaparro, City Clerk
ATTACHMENTS
1. MINUTES 12 13 2022 Finance & Governance
4 MINUTES
OXNARD CITY COUNCIL
FINANCE AND GOVERNANCE COMMITTEE
December 13, 2022
A. ROLL CALL, POSTING OF AGENDA, FLAG SALUTE
At 5:03 p.m., Chair Zaragoza called to order the regular meeting of the Oxnard City Council Finance and Governance Committee in the City Hall Council Chambers at 305 W. Third Street, Oxnard, California. The Assistant City Clerk called the roll and announced the posting of the agenda.
Member Gabriela Basua, Member Gabriel (Gabe) Teran, and Chair John C. Zaragoza were present in person.
Councilmember Basua joined the meeting at 5:09 p.m.
Staff members Alexander Nguyen, City Manager; Shiri Klima, Deputy City Manager; Stephen Fischer, City Attorney; Betsy George, Chief Financial Officer; Helen Miller, Chief Information Officer; Tatiana B. Arnaout, P.E., City Engineer; Dee Lai, Assistant City Clerk and Rose Chaparro, City Clerk were present in person.
Jason Zaragoza, Deputy City Attorney and Eden Alomeri, Revenue & Licensing Director & Assistant City Treasurer participated via videoconference.
Consultant C onnie Huynh Fife , Project Manager, Municipal & District Finance with Harris & Associates also participated via videoconference.
B. PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA (None Received.) Jason Zaragoza, Deputy City Attorney called in remotely via the zoom details provided on the front page of the public meeting agendas and confirmed that the videoconference system (zoom) continues to work efficiently.
C. CONSENT AGENDA
1. City Clerk Department SUBJECT: Approval of Minutes.
RECOMMENDATION: That the Finance & Governance Committee approve the minutes of the November 22, 2022 regular meeting as presented.
It was moved by Member Teran, seconded by Member Zaragoza, to approve the minutes as presented.
VOTE: Basua, Teran, and Zaragoza voted in favor; the motion carried 3-0.
D. REPORTS
1. Finance Department
SUBJECT: Fiscal Year 2021-22 Annual Report on Development Impact Fees (AB1600). (15 minutes)
RECOMMENDATION: That the Finance and Governance Committee recommend that the City Council receive and file the annual development impact fee report (AB1600) for the fiscal year ended June 30, 2022.
(Presentation will be live upon consultant's request).
5 DECEMBER 13, 2022 OXNARD CITY COUNCIL PAGE 2
FINANCE & GOVERNANCE COMMITTEE
Betsy George, Chief Fina ncial Officer introduced Connie Huynh Fife, Project Manager, Municipal and District Finance with Harris & Associates who presented and answered the Committee’s questions. No public comments were received. Discussion ensued among the Committee and staff.
It was moved by Member Teran , seconded by Member Basua, to approve the recommended action as presented. VOTE: Basua, Teran, and Zaragoza voted in favor; the motion carried 3-0.
2. Information Technology Department SUBJECT: City of Oxnard Website and Email Update (change from .org to .gov). (15 minutes)
RECOMMENDATION: That the Finance and Governance Committee recommend that the City Council authorize the Mayor to sign the required federal government authorization letter(s) requesting and maintaining the City of Oxnard's registration of the City's chosen .gov domain name(s) used for City website and online services, including City email.
Helen Miller, Chief Information Officer presented and answered the Committee’s questions. No public comments were received. Discussion ensued among the Committee and staff.
It was moved by Member Basua, seconded by Member Teran , to approve the recommended action as presented. VOTE: Basua, Teran, and Zaragoza voted in favor; the motion carried 3-0.
3. City Manager Department SUBJECT: Appropriation of Bond Proceeds. (15 minutes)
RECOMMENDATION: That the Finance and Governance Committee recommend the City Council:
1. Approve the proposed list of redevelopment bond proceeds projects;
2. Authorize the re-allocation of all remaining 2006 Ormond Beach Tax Allocation Bond (TAB) Proceeds for the purpose of completing the Hueneme Road work related to the Ormond Beach Neighborhood Street Resurfacing project;
3. Authorize a budget appropriation of $30,655 from the General Fund (101) and corresponding Capital Outlay Fund (301) for the Roof Replacement: South Oxnard Center project (# C2010);
4. Authorize the re-allocation of all remaining 2006 HERO TAB Proceeds for the purpose of completing the Roof Replacement: South Oxnard Center project and for paving more alleyways; and
5. Authorize the re-allocation of all remaining 2006 Southwinds TAB Proceeds for the purpose of adding park benches and trash enclosures at Southwinds Park. (Pursuant to the Sections 15061(b)(3) and 15378 of the California Environmental Quality Act (CEQA) Guidelines, this item is not a “project” subject to CEQA.) Shiri Klima, Deputy City Manager introduced Tatiana B. Arnaout, P.E., City Engineer who presented and answered the Comm ittee’s questions. No public comments were received. Discussion ensued among the Committee and staff.
It was moved by Member Basua, seconded by Chair Zaragoza , to approve the recommended action as 6 DECEMBER 13, 2022 OXNARD CITY COUNCIL PAGE 3
FINANCE & GOVERNANCE COMMITTEE
presented. VOTE: Basua, Teran, and Zaragoza voted in favor; the motion carried 3-0.
E. ITEMS FOR FUTURE AGENDAS (No requests were made.)
F. ADJOURNMENT
There being no further business on the agenda, and without objection, Chair Zaragoza adjourned the meeting at 5:37 p.m.
ROSE CHAPARRO JOHN C. ZARAGOZA
City Clerk Chair
7 FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
REPORTS
AGENDA ITEM NO. D.1
DATE: January 10, 2023
TO: Finance & Governance Committee
FROM: Betsy George, Chief Financial Officer, (805) 200-5400, [email protected]
SUBJECT: Discussion of the State Auditor’s 2021 Fiscal Health Ranking of California Cities. (10 minutes)
RECOMMENDATION
That the Finance & Governance Committee recommend that staff proceed to the City Council to present and discuss the State Auditor’s 2021 Fiscal Health Ranking of California Cities.
Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/BTfz1tPiqDE
BACKGROUND
California State Auditor Local Government Financial Risk Scores
The state auditor’s office released its annual list of California’s most financially at-risk cities. The report calculates financial risk scores for 482 cities based on a number of factors including reserves, debt burden, liquidity, revenue trends, pension funds and obligations, and post-employment benefit funds and obligations.
The rankings are not a reflection of where the cities’ finances currently stand, but rather a snapshot of financial health based on an analysis of the prior fiscal year’s audited financial statements – which, in the case of this year’s report, is Fiscal Year 2020-21 (FY21).
Oxnard was ranked #8 most at risk based on the City’s June 30, 2021 Annual Comprehensive Financial Report (ACFR).
DISCUSSION
Ranking Oxnard as 8th most financially at risk city makes a compelling headline but does not reflect a number of very important factors. The scores are calculated for all cities on an annual basis using a number of backward-looking factors using City’s publicly available financial reports. Cities with scores less than 42, are considered to be at high risk of financial distress, and a score of around 72 is where an agency is considered a low risk. Of the 482 cities in California as at June 30, 2021; 5 are high risk, 156 Moderate risk, and 321 at low risk.
This staff report, organized by rating category, explains why the State Auditor has calculated a significant drop in ranking for the City of Oxnard and also describes the methodology used by the State Auditor in their effort to rank nearly five hundred cities of all shapes, sizes, and demographics. 8 The table below presents the California State Auditor’s scoring range and the scores of the City of Oxnard for 2017 through 2021, by financial indicator, as available online at:
https://www.auditor.ca.gov/local_high_risk/dashboard-csa
General Fund Reserves – 30% of the total score
General Fund Reserves reported at the end of FY2021 reflect a $36.5 million reduction in available fund balance due to a court order that the General Fund (including Streets Fund), reimburse Utility Funds (Water, Wastewater, and Environmental Waste) for Infrastructure Use Fees (IUF) collected over many years. This is the largest single factor to the significant reduction in the State’s risk score from 51.78 (49th) in FY2020 to
44.34 (8th) in FY2021.
The City was ordered to transfer this money back over a three-year period, with $5m of the $36.5m was reimbursed in FY21 before the start of the three year period and the remaining transfers of $12.0 million, $10.0 million, and $9.5 million due to occur in FY 22, FY 23, and FY 24 respectively. The total reimbursement order of $36.5m became effective in June 2021. Government Accounting Standards required the City to recognize the full $31.5 million remaining to be paid - as a reduction of available fund balance - in its ACFR as at June 30, 2021.
While this is rightly included in the state auditor report, it has a somewhat misleading negative impact on the financial risk score provided because the amount will be paid over three years compared to the immediate reduction to the general fund reserves resulting from the required accounting entry.
9 *Adjusting for this one-time impact would see Oxnard's score for General Fund reserves increase to approximately 14.38 from the actual FY21 score of 3.93, a significant increase that would see Oxnard move down the risk table approximately 100 places in the General Fund reserves category. Throughout this report - for reference purposes only - the FY21 score has been re-calculated to exude the one-time IUF reimbursement impact.
The estimated change in the General Fund reserves score, excluding the one-time IUF impact, would result in the overall City risk score of #69 (compared to the actual score of #8). This highlights the significance of this important indicator. Carrying sufficient reserves within the General Fund to ensure that vital services are maintained during economic challenges is an important responsibility of the City. Given the makeup of City taxes being more stable than many other agencies, and the new Measure E 1.5% sales tax, there is cause for optimism that the City’s reserves will be sufficient in the coming years.
Debt Burden – 15% of the total score
The debt burden score is a factor of general fund revenues and long-term debt. The City issues debt in order to build and maintain critical infrastructure. Spreading the cost of capital improvements and maintenance over the life of an asset through debt payments is a way to achieve generational equity by attempting to match the costs to taxpayers over the time period the asset will be in use. This score will improve when the City reports its FY22 ACFR including a full year of Measure E tax receipts.
Liquidity – 10% of the total score
10 Liquidity score is a factor of cash and investments compared to liabilities. The IUF liability impacts this score similarly to the General Fund reserves score. Adjusting for the one-time IUF impact the City would gain approximately 4.5 points, reducing the risk score from high risk to low risk. Furthermore, the City has sufficient and growing revenues to cover its debt service. This fact resulted in the improvement to the City’s credit rating on October 26, 2022 from “A” to “AA-“, with rating improvements for lease revenue bonds from “A-“ to “A”, and Gas Tax bonds from “A+” to “AA-“, the fifth upgrade in the last 12 months.
Revenue Trends – 5% of the total score
Revenue trends have been positive for the City representing strong growth in the local area for property and sales tax (the two largest sources of revenue for the General Fund.) the report does not take any regard to Measure E, 1.5% Sales tax increase, approved by the voters in November 2020, with receipts commencing in April 1 2022 (final quarter of FY21). This new revenue source along with continued growth in other major categories is not factored into the FY21 score, and should materially impact the assessment.
The City’s fundamentals are strong; Oxnard does not overly rely upon tax revenue from discretionary-spending driven sources such as Transient Occupancy Tax (TOT or hotel tax), and Oxnard benefits from a robust real estate market resulting in good property values and corresponding property tax revenues.
Pension Obligations and Other Post Employment Benefits – 40% of the total score This category is an amalgamation of several different factors. 11 Long established, full-service cities tend to have larger, more mature pension funds and share the same challenge of unfunded liabilities built over years due to investment returns not keeping pace with actuarial assumptions. Oxnard employees and retirees are members of CalPERS California Public Employees Retirement System). The City was 70% funded as at June 30, 2021, in line with most large CalPERS agencies.
Like those cities, Oxnard is actively exploring a range of options to mitigate the unfunded liability. The City is pre-paying its annual required unfunded liability basis and held several workshops over the past few years to discuss potential strategies.
Summary
The State Auditor ranking of cities based on financial indicators can be a helpful tool as long as it is used in context of its methodology and an appropriate amount of analysis of the many factors affecting current and future financial health of cities.
It can be a challenging task to create a useful and objective comparison of the 482 California cities. Distilling all the various nuances and differences in services provided, and economic differences by location to present an objective and useful comparison. The State Auditor's annual risk categorization and ranking is a useful data point - however - it should not be used as a stand-alone evaluation metric. Users of the ranking must consider other factors such as future projections and consider decisions made that are not included in historic financial results.
Oxnard staff continue to closely monitor all the city's financial indicators and make recommendations to Council when adjustments to budget or financial strategy may be needed. The City is not immune to external economic downturns and the considerable pressure on budgets caused by pension liabilities. The outlook is steadily 12 improving and stabilizing for the City of Oxnard, as evidenced by the continuation of ratings upgrades received from Standards and Poors, including as recently as October 2022. This rating process is trusted by investors all around the world and is the result of careful analysis of audited reports, interviews with City leadership, and discussion of financial strategy and forecasts.
STRATEGIC PRIORITIES
This agenda item is a routine operational item or does not relate to the five strategic priorities adopted by City Council on March 16, 2021.
FINANCIAL IMPACT
There is no financial impact.
Prepared by: Mark Sewell, Assistant Chief Financial Officer
ATTACHMENTS
1. Presentation - State Auditor’s 2021 Fiscal Health Ranking of California Cities
13 STATE AUDITOR’S 2021 FISCAL HEALTH
RANKING OF CALIFORNIA CITIES
Finance and Governance Committee – January 10, 2023
1 Prepared by: Mark Sewell, Assistant Chief Financial Officer 14 OVERVIEW
• State of California Audit Office publishes and annual Risk Assessment of all 482 California Cities.
• The Risk Assessment calculates and ranks the fiscal health of Cities based on a number of publicly available financial indicators. • Cities considered High Risk may be subject to State Audits and corrective action plans to the Joint Legislative Audit Committee.
• City of Oxnard was categorized as at Moderate Risk of Financial Distress in its most recent report (FY21)
• City of Oxnard rank when compared to other California cities dropped to #8 in FY21 (from #49 in FY20)
This Presentation explains the methodology of the State’s scoring system and reassure Council and the public, that while the City has seen its rank increase, the financial fundamentals for the City are strong and improving. 2 15
STATE AUDITOR METHODOLOGY
• Factors that could indicate Financial Distress:
• Financial Reserves
• Does the city have sufficient reserves to cover unexpected costs or shortfalls in revenue?
• Debt Burden
• How is the city’s level of debt compared to its income • Cash Position / Liquidity
• Is the city able to pat its bills in the coming fiscal year? • Revenue Trends
• Is the city’s revenue going down over time?
• Retirement Obligations
• Does the city have the ability to pay for retirement benefits it promised its employees? • The product of an advisory panel made up of members from Public Policy Institute of California, CalPERS, S&P Global Rating Serves, California Society of Municipal Finance Officers, League of California Cities and University of Washington.
• State Auditor focuses on the General Fund, as this is often the largest fund and is responsible for public safety, public works, recreation and parks. 3 16
CITY OF OXNARD: SCORE BY FINANCIAL FACTOR
• City of Oxnard ranked #8 most at risk of Financial Distress. • Ranking based on a number of backward looking factors including:
• General Fund Reserves, Debt, Liquidity, and Pension Obligations. • Oxnard ranking dropped from #49 to #8 in FY21.
• City considered at Moderate Risk FY17 – FY21.
4 Financial Indicators
General
Fund
Reserves
Debt
Burden Liquidity
Revenue
Trends
Pension
Obligation
Pension
Funding
Pension
Costs
Future
Pension
Costs
OPEB
Obligations
OPEB
Funding Total City Rank
Total Available Points / 100 30.00 15.00 10.00 5.00 10.00 5.00 5.00 5.00 10.00 5.00 100.00 Classification
Boundaries
High Risk 6.50 8.33 4.99 2.50 4.00 3.50 2.22 2.22 4.00 3.50 41.76 Moderate Risk 16.00 13.33 7.49 3.75 8.00 4.00 3.33 3.33 8.00 4.00 71.23 Low Risk 30.00 15.00 10.00 5.00 10.00 5.00 5.00 5.00 10.00 5.00 100.00 City of
Oxnard Score
FY17 score 13.42 6.41 10.00 3.00 5. 68 3.60 2.50 1.67 10.00 0.00 56.28 101 FY18 score 6.75 6.58 10.00 2.75 5.60 3.70 2.78 1.67 10.00 0.00 49.83 41 FY19 score 6.55 7.75 10.00 3.13 6.40 3.70 2.50 1.67 10.00 0.00 51.70 42 FY20 score 8.81 7.75 8.55 3.00 6.08 3.70 2.22 1.67 10.00 0.00 51.78 49 FY21 score 3.93 8.58 3.55 3.25 6.56 4.30 2.50 1.67 10.00 0.00 44.34 8
56.28 49.83 51.70 51.78 44.34
59.26 FY17
score
FY18
score
FY19
score
FY20
score
FY21
score
FY21
score*
Risk Score
17 UNDERSTANDING THE CHANGE IN RANK
• City of Oxnard ranked #8 Most Financially at Risk
• FY20: 51.78 #49
• FY21: 44.34 #8
• Important to note that City is not considered at High Risk. • FY21 Financial Factors Impacted by One-time Adjustment:
• General Fund Reserves
• Liquidity
• City recognized Court Ordered IUF liability to the General Fund ($36.5m) in FY21. •
As required by Governmental Accounting Standards
• New, Ongoing Revenue, Measure E (1.5% tax), Not Fully Factored into Analysis.
• Commenced in final quarter (April 2021) of FY21.
• Full benefit not yet seen in financial results used to calculate score. • Will enable City to improve General Fund Reserves, Liquidity, and other factors. 5 18
GENERAL FUND RESERVES
• General Fund Reserves at end of FY21, reported below policy levels due to the required accounting adjustment recognizing full $36.5 million IUF judgement.
• $5.0 million paid in FY21
• $12.0 million paid in FY22
• $10.0 million to be paid in FY23
• $9.5 million to be paid in FY24
• City was required to recognize the full $36.5 million in FY21. The Court order spread the reimbursement over four years
• City is able to utilize future revenues in order to make these payments. • Measure E, 1.5% voter approved tax measure commenced
receipts in April 2021
• Unrestricted revenue source used to fund general government. • Helping the City to provide essential services, deliver capital projects and rebuild general fund reserves.
*Adjusting for the IUF shows an underlying score of 14.38. 6 19
DEBT BURDEN
• Ability for the City to service its debts (excluding Pensions). • Calculated as Long Term Debt divided Revenues
• City debt burden has been improving as revenues have increased. • Matching the costs to taxpayers over the time period the asset will be in use. This score should improve when the City reports its FY22 ACFR including a full year of Measure E tax receipts.
7 20
LIQUIDITY
• Ability for the City to pay its bills in the short term. • Calculated as General Fund Cash divided by General Fund Liabilities • City paid $5.0 million in FY21 (reduced Cash)
• City recognized liability of further $31.5 million ( increased liabilities) • Therefore, Liquidity ratio was impacted significantly by the IUF ruling • Court Order spread the reimbursement over four years and this is not factored into the State Auditor’s calculation. Meaning future revenues - not just existing cash - can be used to make the payments.
*Adjusting for the IUF improves Liquidity ranking from High Risk to Low Risk.
8 21
REVENUE TRENDS
• Extent to which the City’s revenues are increasing or shrinking over time. • Calculated as average annual change over last three years. • The Score of 3.25 out of 5.00 puts the City close to Low Risk • This does not factor in a full year of Measure E revenues. • City of Oxnard has strong fundamental revenues from Sales and Property taxes and does not does not overly rely on discretionary-spending driven sources of revenue such as Transient Occupancy Tax.
9 22
RETIREMENT OBLIGATIONS
• Net Pension Liability, Required annual payments to CalPERS, Value of Pension Assets and Liabilities and Governmental Revenues are all factors in determining the risk of financial distress as determined by the State Auditors. • City of Oxnard is similar to many long established, full service cities with large, mature pension plans administered by CalPERS.
• The City’s funded status of 70% in FY21 is in line with many other agencies, reflecting the challenge of investment returns falling below actuarial assumptions. • The City is actively exploring range of options to mitigate pension risk. 10 23
SUMMARY
• It is a challenging task to compare nearly 500 cities and account for local nuances within each city.
• The State Auditor’s Risk of Financial Distress can be a good tool as long as it is used as one of many tools to evaluate the fin ancial performance and position of a municipality.
• The City’s FY 2021 ranking was heavily impacted by the one-time IUF adjustment and does not include the full impact Measure E revenues.
City Ratings Upgrade
• Standard and Poors (S&P) have access to the same data as the State Auditor and augment this with additional information provided by staff during presentations to better understand financial and operating strategy for the City. • S&P upgraded the City’s credit rating (a widely accepted indicator of financial risk) as recently as October 2022 on the basis of historic and projected financial information.
11 24
THANK YOU
25 FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
REPORTS
AGENDA ITEM NO. D.2
DATE: January 10, 2023
TO: Finance & Governance Committee
FROM: Phillip Molina, City Treasurer, (805) 385-7808, [email protected]
SUBJECT: General Banking Services Agreement. (10 minutes)
RECOMMENDATION
That the Finance and Governance Committee recommend that the City Council receive and file the agreement with Bank of America in an estimated amount of $500,000 for an initial term of 3 years with an option to renew for 5 one-year periods.
Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/XpjJzvJt5Xk
BACKGROUND
The City Treasurer, assisted by City staff from Finance, Information Technology (IT), Human Resources (HR), and Billing and Licensing developed a Request for Proposal (RFP) for Banking Services. Proposals were emailed to multiple banking institutions and solicited on Public Purchase, the City’s solicitation portal. Bids were received from Bank of America and Bank of the West. Through a formal evaluation process with criteria set forth in the RFP, Bank of America was deemed as the best value to the City.
The City Treasurer complied with California Government Code Sections 53630-53686 and the City of Oxnard’s Purchasing policies and wants to inform the Council and the public that best practices were followed.
DISCUSSION
State law authorizes a city treasurer to enter into contracts with depositories for services to be rendered by the depository to the agency. The proposals were written to include services such as banking services, lockbox services, sweep transactions, armored guard pickup services, etc. The question that came to mind was whether each separate activity might be best organized in such a way that a mixture of providers could result in better services with lower costs. With that in mind, the RFP was written so that we could pick from the list of services that would be most advantageous for the City.
Many requests for proposals were issued. The City received two proposals from Bank of America and Bank of the West. The two finalists were very qualified, very competitive and familiar with the government cash management processes. Bank of America was chosen through an evaluation process that included a panel of city staff from various departments. City staff gained knowledge from the analysis and verification of competitive pricing. Should the City change banking institutions, the implementation period is approximately between 30-45 days (or more) and would incur additional costs including staff resources. 26 Bank of America will provide for a continuing Sweep account using a DDA (direct deposit account) 110% collateralized bank account.
STRATEGIC PRIORITIES
This agenda item is a routine operational item or does not relate to the five strategic priorities adopted by the City Council on March 16, 2021.
FINANCIAL IMPACT
The 3-year banking services contract, based on historical bank fees and projected volume, is estimated to cost $500,000. However, there is a possibility for this amount to be higher or lower. An Earned Credit Rate (ECR) of 2% will be applied to balances kept in eligible Bank of America deposit accounts. The resulting Earnings Credit Allowance (ECA) can be used to cover the costs or fees incurred from the bank. The ECA is calculated monthly and depending on the balance kept in these accounts, can reduce the amount paid for services and transaction fees. The ECA was considered when estimating the value of the general banking services agreement.
Prepared by: Phillip Molina, City Treasurer
ATTACHMENTS
1. Agreement for Government Banking Services
27 AGREEMENT FOR GOVERNMENT BANKING SERVICES
This Agreement for Government Banking Services (the “Agreement”) is dated as of January 1, 2023 (the “Effective Date”), by and between Bank of America, N.A., a national banking association (“Bank”) and the City of Oxnard (“City” or “Client”).
WHEREAS, City issued a Solicitation for Banking Services on or about September 27, 2022, more fully identified as RFP #23-22 (the “RFP”) for the procurement of various treasury services as outlined therein (collectively, the “Services”); and
WHEREAS, Bank was the successful and awarded bidder for the Services under the RFP, having submitted its proposal to the City on or before November 9, 2022 (the “Proposal”); and
WHEREAS, the City previously executed that certain Authorization and Agreement for Treasury Services Terms and Conditions Booklet dated as of October 5, 2016 (the “T&C Booklet”) pursuant to which Bank has previously provisioned various treasury services to the City; and
WHEREAS, pursuant to the laws of the State of California, as applicable, the City wishes to procure such Services from Bank on basis of the RFP and the Proposal, subject to and as modified by the terms herein and Exhibit A attached hereto and made a part hereof; and
WHEREAS, the City and Bank wish to enter into this Agreement for the purpose of specifying the final terms and constituent documents of the full agreement regarding the Services.
NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt of which is hereby acknowledged, the City and Bank each hereby agree as follows:
1. Integrated Agreement. The entire and final integrated agreement between the City and Bank related to the Services shall consist of the following documents: (i) this Agreement, including the schedule of fees as provided in Exhibit A; (ii) the T&C Booklet, including Bank’s relevant user documentation and set-up forms in connection with the Services referenced therein, as applicable; (iii) the Bank’s Proposal; and (iv) the City’s RFP. In the event of conflict among the foregoing documents, such conflict shall be resolved by giving precedence first to this Agreement, then to the RFP as modified by the Proposal, and finally to the T&C Booklet. This integrated agreement supersedes all prior negotiations, representations, statements and agreements between Bank and the City, whether written or oral, regarding the Services.
2. Commencement of Performance. Except as may be otherwise agreed, Bank shall continue and/or begin performing the Services upon the City’s execution and delivery of this Agreement and any related set-up forms, as applicable. Bank shall continue to perform the Services during the term of this Agreement in accordance with the terms hereof.
3. Term . The initial term of this Agreement shall begin as of the Effective Date and continue for three (3) years. This Agreement may be further extended or renewed upon mutual consent of the Bank and Client for up to five (5) additional periods of one (1) year each, or for such other period lengths and terms as the Bank and Client may further mutually agree in writing.
4. Failure to Perform/Cure. If Bank materially breaches any requirements of this Agreement, the City may issue a written notice to Bank that outlines the remedial action requested to cure such breach and bring Bank into material conformance with this Agreement. If such remedial action is not completed to the satisfaction of the City within ten (10) business days from Bank’s receipt of such notice, the City may issue a second written notice to Bank of such material breach. If Bank does not take satisfactory action within five (5) business days of the date of Bank’s receipt of the second written notice, then the City may terminate this Agreement effective immediately or upon such future date as the City may determine for such termination. Failure by the City to issue such notices or to Agreement No. 32300213
28 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 2 of 16 terminate this Agreement in a particular instance does not waive any of City’s rights to issue subsequent notices.
5. Mutual Non-Indemnity. Notwithstanding anything to the contrary herein or in any of the constituent documents of the integrated agreement provided in Section 1 above, to the fullest extent permitted by applicable law, the City and Bank agree to a position of mutual non-indemnification of the other.
For avoidance of doubt, the foregoing means that neither the City nor Bank shall bear responsibility to the other under this Agreement for any legal claims brought by third parties other than the City and Bank, or for any costs associated with or resulting from such legal claims.
6. Governing Law. Notwithstanding anything to the contrary herein or in any of the constituent documents of the integrated agreement provided in Section 1 above, the City and Bank agree that the construction and interpretation of this Agreement, and all rights and duties of the City and Bank hereunder, shall be governed by U.S. federal law and then the laws of the State of California, as applicable. Any legal action by the Bank against the City shall be brought in any court of competent jurisdiction with respect to Ventura County, California.
7. Notices. Except as may otherwise be specified in any applicable set-up forms or agreed to in writing by the City and Bank, notices to the City and Bank regarding this Agreement shall be sent to the respective addresses set forth below. Changes in the address set forth below may be made from time to time by either party upon written notice to the other party.
City: City of Oxnard
Attn: City Treasurer
300 Third Street, 2nd Floor
Oxnard, California 93030
Bank: Bank of America, N.A.
Attn: Public Sector Banking
333 South Hope Street, 38th Floor, Suite 3820
Los Angeles, California 90071
8. Authority. The City and Bank each represents and warrants that this Agreement has been duly authorized by all necessary action and is binding on such party in accordance with its terms herein.
9. Counterparts; Electronic Transmission and Signature. The City and Bank agree that this Agreement may be transmitted and signed by electronic or digital means by either/any or both/all parties and that such signatures shall have the same force and effect as original signatures, in accordance with California Government Code Section 16.5 and California Civil Code Section 1633.7. This Agreement may be executed in any number of counterpart copies, each of which shall be deemed an original, but all of which together shall constitute a single instrument.
IN WITNESS WHEREOF, the City and Bank have executed this Agreement for Government Banking Services effective as of the date first written above.
CITY OF OXNARD
BANK OF AMERICA, N.A.
By: By:
Name: Name: David Randolph
Title: Title: SVP; Sr. Client Manager
Date: Date: 12/28/2022
29 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 3 of 16 Client - ATTEST
By:
Name:
Title:
Date:
Client - Approved as to FORM:
By:
Name:
Title:
Date:
Client – Approved as to CONTENT:
By:
Name:
Title:
Date:
Client - Approved as to AMOUNT:
By:
Name:
Title:
Date:
Client - Approved as to INSURANCE
By:
Name:
Title:
Date:
30 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 4 of 16
EXHIBIT A
Earnings Credit Rate (ECR): the Earnings Credit Rate on the City’s applicable balances shall be set at 2.0% as of the Effective Date. This is a Bank-managed rate, not a fixed rate, and as such the ECR is subject to change by the Bank at any time, depending upon market conditions.
Schedule of Fees / Pro-Forma Analysis Statement: See Attached.
31 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 5 of 16 AFP
Code
Service Code
Description Frequency Price Definition
010000 ACCOUNT
MAINTENANCE
PER ACCOUNT / PER
MONTH
5.0000 THE PER ACCOUNT MONTHLY SERVICE
CHARGE FOR MAINTAINING AN
ANALYZED ACCOUNT.
251050 ACH BLOCKS AUTH
ADD-CHANGE
PER ADD/CHANGE 1.0000 THE CHARGE TO ADD OR CHANGE
AUTHORIZED TRADING PARTNER
INFORMATION. APPLICABLE TO
ACCOUNTS ON THE ACH POSITIVE PAY
SERVICE, BLOCKS AND/OR
AUTHORIZATIONS SERVICES.
250150 ACH BLOCKS AUTH
INSTRUCTIONS
PER BLOCK AND PER
FILTER
0.7500 THE CHARGE PER INSTRUCTION ON
FILE TO ALLOW SELECTED ACH
CREDITS AND/OR DEBITS TO POST TO A
CORPORATE ACCOUNT. THIS FEE IS
APPLIED TO EACH BLOCK, WHICH IS AN
INSTRUCTION. THIS FEE IS APPLIED TO
EACH AUTHORIZATION, WHICH IS AN
INSTRUCTION. APPLICABLE TO
ACCOUNTS ON THE ACH POSITIVE PAY
SERVICE, BLOCKS AND/OR
AUTHORIZATIONS SERVICES.
251050 ACH BLOCKS AUTH
MAINTENANCE
PER ACCOUNT 1.0000 THE CHARGE TO MAINTAIN BLOCKS
AND AUTHORIZATION INFORMATION ON
THE ACH SYSTEMS. APPLICABLE TO
ACH BLOCK AND AUTHORIZATION
SERVICE. NOT APPLICABLE TO
ACCOUNTS ON ACH POSITIVE PAY
SERVICE.
250201 ACH CREDIT
RECEIVED ITEM
PER ITEM 0.1000 PER ITEM FEE, CHARGED TO THE
RECEIVER FOR PROCESSING AN ACH
ITEM OR AN ACH SETTLEMENT ENTRY
DESTINED FOR POSTING TO A DDA
ACCOUNT. THIS FEE IS IN ADDITION TO
THE PER ITEM FEE APPLIED BY DDA
FOR POSTING AN ELECTRONIC ITEM TO
A DDA ACCOUNT.
250200 ACH DEBIT RECEIVED
ITEM
PER ITEM 0.0100 PER ITEM FEE, CHARGED TO THE
RECEIVER FOR PROCESSING AN ACH
ITEM OR AN ACH SETTLEMENT ENTRY
DESTINED FOR POSTING TO A DDA
ACCOUNT. THIS FEE IS IN ADDITION TO
THE PER ITEM FEE APPLIED BY DDA
FOR POSTING AN ELECTRONIC ITEM TO
A DDA ACCOUNT.
250640 ACH DELETE-
REVERSAL
PER ITEM 20.0000 PER ITEM CHARGE TO DELETE OR
REVERSE AN ACH ITEM PREVIOUSLY
ORIGINATED BY THE CLIENT.
250501 ACH INPUT-FILE PER FILE 3.0000 PER FILE FEE TO PROCESS ACH ITEMS
THAT ARE DELIVERED TO BANK OF
AMERICA VIA A DATA TRANSMISSION.
250102 ACH LV OFF US
ITEMS
PER ITEM 0.7500 PER ITEM FEE TO ORIGINATE AN ACH
ITEM WHICH IS DESTINED FOR AN
ACCOUNT HOLDER AT ANOTHER
FINANCIAL INSTITUTION.
250102 ACH LV ON US ITEMS PER ITEM 0.7500 PER ITEM FEE TO ORIGINATE AN ACH
ITEM WHICH IS DESTINED FOR
ANOTHER BANK OF AMERICA ACCOUNT
HOLDER.
250000 ACH LV-MONTHLY
MAINTENANCE
PER ACH COMPANY
ID, PER MONTH
4.0000 A MONTHLY FEE TO MAINTAIN ONE ACH
COMPANY ID THE ACH SYSTEM WHEN
THE ACH COMPANY ID HAS BEEN SET
UP ON THE LOW VOLUME PRICE PLAN.
THE LOW VOLUME MONTHLY
MAINTENANCE FEE APPLIES TO
CLIENTS THAT DELIVER A FILE TO THE
BANK VIA CASHPRO ACH OR A PAYROLL
VENDOR.
32 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 6 of 16 250000 ACH MONTHLY
MAINTENANCE
PER ACH COMPANY
ID, PER MONTH
10.0000 MONTHLY FEE TO MAINTAIN A
COMPANY ID ON THE ACH SYSTEM.
251070 ACH NOTIF OF
CHANGE (NOC)
PER ITEM 0.5000 PER ITEM FEE FOR AN ACH
NOTIFICATION OF CHANGE (NOC) ITEM
SENT BY THE RECEIVER'S FINANCIAL
INSTITUTION TO NOTIFY THE
ORIGINATOR THAT THE INFORMATION
ON AN ACH TRANSACTION IS
ERRONEOUS OR HAS BECOME
OUTDATED.
250101 ACH OFF US CREDITS PER ITEM 0.0100 PER ITEM FEE TO ORIGINATE A
FUTURE-DATED ACH ITEM WHICH IS
DESTINED FOR AN ACCOUNT HOLDER
AT ANOTHER FINANCIAL INSTITUTION.
250100 ACH OFF US DEBITS PER ITEM 0.0200 PER ITEM FEE TO ORIGINATE A
FUTURE-DATED ACH ITEM WHICH IS
DESTINED FOR AN ACCOUNT HOLDER
AT ANOTHER FINANCIAL INSTITUTION.
250101 ACH ON US CREDITS PER ITEM 0.0100 PER ITEM FEE TO ORIGINATE A
FUTURE-DATED ACH ITEM WHICH IS
DESTINED FOR ANOTHER BANK OF
AMERICA ACCOUNT HOLDER.
250100 ACH ON US DEBITS PER ITEM 0.0100 PER ITEM FEE TO ORIGINATE A
FUTURE-DATED ACH ITEM WHICH IS
DESTINED FOR ANOTHER BANK OF
AMERICA ACCOUNT HOLDER.
250120 ACH ORIGINATED
ADDENDA
PER ADDENDA
RECORD
0.0200 PER ITEM FEE TO ORIGINATE ADDENDA
RECORDS ACCOMPANYING AN ACH
ITEM. AN ADDENDUM RECORD IS AN
OPTIONAL ACH RECORD TYPE THAT
CARRIES SUPPLEMENTAL DATA
NEEDED TO IDENTIFY AN ACCOUNT
HOLDER OR PROVIDE ADDITIONAL
INFORMATION CONCERNING THE ITEM.
250400 ACH REPORTS-
ELECTRONIC
PER REPORT 1.0000 A PER REPORT CHARGE TO DELIVER AN
OPTIONAL OR STANDARD ACH REPORT
ELECTRONICALLY, INCLUDING VIA
ECHANNEL, TRANSMISSION AND OTHER
ELECTRONIC DELIVERY METHODS.
250302 ACH RETURN ITEM PER ITEM 0.7500 PER ITEM FEE TO PROCESS AN ACH
RETURNED ITEM PREVIOUSLY
ORIGINATED BY THE CLIENT.
251000 ACH SETUP PER COMPANY ID 250.0000 ONE TIME FEE FOR THE INITIAL SET UP
OF A SINGLE COMPANY ID FOR A
CLIENT TO ORIGINATE ACH.
159999 ARP AUTO CHECK
RETURN MAINT
PER MONTH 10.0000 MONTHLY MAINTENANCE CHARGE FOR
ARP AUTO CHECK RETURN SERVICE.
THIS ENABLES CLIENTS WHO HAVE
DEPOSITORY ACCOUNTS OR
ACCOUNTS DEDICATED TO
ELECTRONIC PAYMENTS TO
AUTOMATICALLY RETURN ALL CHECK
TRANSACTIONS POSTED TO THE
CLIENT'S ACCOUNT.
200309 ARP OUTPUT
PROCESSING PER
ITEM
PER ITEM 0.0000 THIS SERVICE IS NO LONGER ACTIVELY
SOLD. PER ITEM CHARGE FOR THE
PROCESSING OF AN OUTPUT FILE FOR
FULL AND PARTIAL RECON SERVICES.
200120 ARP PARTIAL PPAY
ITEM
PER CHECK PAID 0.0150 THE PER PAID ITEM CHARGE FOR
PROVIDING POSITIVE PAY WITH
PARTIAL RECONCILIATION SERVICE.
200020 ARP PARTIAL PPAY
MAINT-SUPP
PER CYCLE/PER
ACCOUNT
15.0000 MONTHLY PER CYCLE/PER ACCOUNT
MAINTENANCE CHARGE FOR THE
PARTIAL RECONCILIATION SERVICE
WITH POSITIVE PAY WHERE THE CLIENT
DOES NOT RECEIVE THE PAPER
REPORTS.
33 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 7 of 16 150322 ARP POSITIVE PAY
RETURN-OTHER
PER ITEM 10.0000 PER ITEM CHARGE FOR THE RETURN
OF PPY EXCEPTION ITEMS FOR A
REASON OTHER THAN FRAUD.
DEFAULT RETURN DECISIONS
INCLUDED.
159999 ARP PPAY INPUT
FILE-TRANS
PER FILE 0.8000 THE PER FILE CHARGE FOR
SUBMITTING CHECK ISSUE
INFORMATION VIA TRANSMISSION FOR
ACCOUNTS WITHOUT ANY
RECONCILIATION SERVICES.(TRACKING
CODE)
150030 ARP PPAY MAINT-NO
RECON
PER MONTH/PER
ACCOUNT
12.0000 THE PER MONTH PER ACCOUNT
CHARGE FOR PROVIDING THE POSITIVE
PAY SERVICE. CUSTOMER PROVIDES
BANK WITH CHECK ISSUE INFORMATION
BUT HAS NO OTHER RECONCILIATION
SERVICE(S).
151099 ARP PPAY NO RECON
INPUT ITEM
PER ISSUE INPUT 0.0200 THE PER ISSUE ITEM CHARGE FOR
PROVIDING POSITIVE PAY SERVICES
WITH NO RECONCILIATION.
200301 ARP RECON OUTPUT
FILE
PER FILE 5.0000 THE PER FILE CHARGE FOR PROVIDING
A RECONCILIATION OUTPUT FILE
WHETHER GENERATED DAILY, END OF
MONTH, OR ANY OTHER FREQUENCY.
200325 ARP REPORTS ADDL
DUP ANCILLARY
PER ACCOUNT/PER
REPORT
7.5000 THE PER ACCOUNT/REPORT CHARGE
FOR ACCOUNTS RECEIVING
ADDITIONAL/DUPLICATE END OF CYCLE
REPORTS AND/OR AR ANCILLARY
REPORTS (AR DAILY ADJUSTMENT AND
AR OUTSTANDING ISSUE REPORT
ONLINE).
200209 ARP VOID CANCEL
ITEMS
PER CANCEL 0.0300 THE PER CANCEL CHARGE FOR
SUBMITTING CANCELS VIA
TRANSMISSION, CASHPRO OR
CASHPRO CHECK ISSUES AND
CANCELS API.
450020 AUTO MUTUAL FUND
INVESTMENT
PER MONTH 75.0000 THE MONTHLY FEE CHARGED TO A
CLIENT USING THE AIS SWEEP MUTUAL
FUND ADVISER M SERVICE. THIS FEE
ALSO APPLIES TO THE MASTER
ACCOUNT IN AN AIS MULTI-ACCOUNT
ADVISER M SWEEP RELATIONSHIP.
100000 BANKING CENTER
DEPOSIT
PER DEPOSIT 5.7500 THE FEE FOR PRESENTING A DEPOSIT
TO A TELLER IN A BANKING CENTER
FOR CREDIT TO THE ACCOUNT AND
IMMEDIATE VERIFICATION OF THE CASH
PORTION OF THE DEPOSIT. THIS FEE IS
APPLIED PER DEPOSIT.
350320 BOOK CREDIT PER ITEM 0.0000 THE RECEIPT OF A TRANSFER TO A
CLIENT'S ACCOUNT FROM ANOTHER
BANK OF AMERICA ACCOUNT NOT IN
THE SAME CLIENT RELATIONSHIP.
350120 CASHPRO ACCOUNT
TRANSFER
PER TRANSACTION 2.0000 CHARGE TO INITIATE A TRANSFER
BETWEEN TWO BANK OF AMERICA
ACCOUNTS FOR THE SAME CLIENT VIA
CASHPRO.
200305 CASHPRO ARP
REPORTS
PER MONTH/PER
ACCOUNT
15.0000 THE PER MONTH PER ACCOUNT
CHARGE FOR ANY/ALL RECONCILIATION
REPORTS PASSED TO CASHPRO,
STANDARD & OPTIONAL RPT WITH A 24
MONTH RETENTION. THIS INCLUDES
ALL STANDARD AND OPTIONAL END OF
CYCLE REPORTS AND THE DAILY PAID
REPORT.
350000 CASHPRO GP ACCTS
ENTITLED
0.0000 A BUNDLED FEE USED FOR BUNDLED
ACCOUNT AND/OR PER ITEM FEES FOR
CUSTOM AND DEFENSIVE PRICING
SCENARIOS. NOT INTENDED FOR
BROAD USE.
34 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 8 of 16 350599 CASHPRO GP CUST
MNT TMPLT STRG
PER ITEM 0.5000 STORAGE OF A CASHPRO ONLINE WIRE
PAYMENT TEMPLATE.
151350 CASHPRO IMAGE
SUBSCRIPTION
PER ACCOUNT / PER
MONTH
0.4500 PER ACCOUNT PER MONTH
MAINTENANCE FEE FOR CASHPRO
IMAGE SUBSCRIPTION.
400055 CASHPRO ONLINE
CDR ACCOUNT
PER ACCOUNT / PER
MONTH
40.0000 MONTHLY MAINTENANCE CHARGE FOR
EACH BOA OR MULTIBANK(DOMESTIC
OR INTERNATIONAL ) REPORTING
ACCOUNT ENTITLED TO CDR THROUGH
CASHPRO ONLINE. PER ACCOUNT, PER
MONTH.
400275 CASHPRO ONLINE
CDR ITEM
PER ITEM 0.1000 PER ITEM CHARGE FOR ONE TIME LOAD
OF CURRENT DAY SUMMARY & DETAIL
ITEMS FOR USE ON CASHPRO ONLINE
REPORTING. 24 MONTH STORAGE.
NOTE: ALL SUMMARY BALANCES WILL
BE CHARGED (ZERO AND NON-ZERO)
(EX.LEDGER BALANCE, COLLECTED
BALANCE, 1 DAY FLOAT ETC) NO
CHARGE FOR ZERO DOLLAR SUMMARY
TOTAL FIELDS (EXAMPLE: TOTAL
DEBITS, TOTAL ACH CREDITS ETC.).
NOTE: ON AVERAGE A CLIENT MIGHT
HAVE 10-15 SUMMARY FIELDS PER
ACCOUNT PER DAY. THIS CHARGE IS
FOR BOTH BOA AND MULTIBANK
ACCOUNTS.
151351 CASHPRO ONLINE
IMAGE RETRIEVAL
PER ITEM 0.0000 CHARGE IF CLIENTS VIEWS A SINGLE
IMAGE OR PRINTING THE IMAGE LIST
VIEW WITHIN CHECK MANAGEMENT.
WHEN PRINTING LIST VIEW FEE
ASSESSED FOR EACH IMAGE PRINTED.
(NO CHARGE WHEN REVIEWING
POSITIVE PAY ITEMS).
400052 CASHPRO ONLINE
PDR ACCOUNT
PER ACCOUNT / PER
MONTH
15.5000 MONTHLY MAINTENANCE CHARGE FOR
EACH BOA OR MULTIBANK(DOMESTIC
OR INTERNATIONAL ) REPORTING
ACCOUNT ENTITLED TO PDR THROUGH
CASHPRO ONLINE. PER ACCOUNT, PER
MONTH.
400272 CASHPRO ONLINE
PDR ITEM
PER ITEM STORED 0.0300 PER ITEM CHARGE FOR ONE TIME LOAD
OF PREVIOUS DAY SUMMARY & DETAIL
ITEMS FOR USE ON CASHPRO ONLINE
REPORTING. 24 MONTH STORAGE.
NOTE: ALL SUMMARY BALANCES WILL
BE CHARGED (ZERO AND NON-ZERO)
(EX.LEDGER BALANCE, COLLECTED
BALANCE, 1 DAY FLOAT ETC) NO
CHARGE FOR ZERO DOLLAR SUMMARY
TOTAL FIELDS (EXAMPLE: TOTAL
DEBITS, TOTAL ACH CREDITS ETC.).
NOTE: ON AVERAGE A CLIENT MIGHT
HAVE 10-15 SUMMARY FIELDS PER
ACCOUNT PER DAY. THIS CHARGE IS
FOR BOTH BOA AND MULTIBANK
ACCOUNTS.
400340 CASHPRO ONLINE
RESEARCH ITEM
PER ITEM 0.0200 CASHPRO PREMIUM PACKAGE.
INFORMATION REPORTING SERVICES.
RESEARCH ITEM. PER ITEM RETRIEVED.
35 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 9 of 16 400299 CASHPRO ONLINE
SUBSCRIPTION
PER ID/ PER MONTH 50.0000 CASHPRO ONLINE PORTAL FEE;
CHARGED FOR HAVING ACCESS TO
CASHPRO ONLINE, IF THE ID HAS ONE
OR MORE TREASURY APPS (ACH, ACH
PPY, BILLPAY, GLOBAL PAYMENTS,
PDR/CDR, RECEIVABLES) AND IS SETUP
WITH COMMERCIAL OR LG. CORPORATE
SEGMENT & STANDARD PRICE PLAN IN
CP TOOL. WITH CASHPRO ONLINE
ACCESS CLIENTS WILL HAVE
COMPLIMENTARY ACCESS TO APIS,
ALERTS, AND THE CASHPRO APP FOR
THE PRODUCTS THEY ARE ENTITLED
TO. NOTE: SERVICE CODE 1720 ALSO
APPLIES IF CLIENT HAS PDR AND/OR
CDR.
400299 CASHPRO REPORT
EMAIL SCHEDULED
PER EMAIL 0.0000 A PER NOTIFICATION CHARGE FOR A
USER SCHEDULED SUMMARY LEVEL
EMAIL NOTIFICATION VIA THE CASHPRO
PREMIUM PACKAGE SERVICE.
400299 CASHPRO
REPORTING
SUBSCRIPTION
PER CO ID / PER
MONTH
20.0000 CASHPRO REPORTING MONTHLY
MAINTENANCE. MONTHLY CHARGED
FOR HAVING ACCESS TO INFORMATION
REPORTING APPLICATION WHEN
COMPANY IS ENTITLED TO PDR AND/OR
CDR. INCLUDES 24 MONTH DATA
RETENTION FOR REPORTS, ACCESS TO
REPORTING APIS AND ALERTS,
CASHPRO FORECASTING AND MORE.
100040 CHANGE ORDER BKG
CTR
PER ORDER 13.1100 THE FEE FOR RECEIVING AND
PROCESSING A REQUEST FOR COIN
AND/OR CURRENCY IN A BANKING
CENTER OR AUTOMATED BUSINESS
CENTER. THE FEE IS APPLIED PER
EACH CHANGE ORDER PROCESSED.
100141 CHANGE ORDER-
AUTO OR STNDG-VLT
PER ORDER 6.0000 THE FEE FOR RECEIVING AND
PROCESSING A REQUEST FOR COIN
AND/OR CURRENCY IN A CASH VAULT
RECEIVED VIA A STANDING ORDER OR
AN AUTOMATED CHANNEL. THIS FEE IS
APPLIED FOR EACH CHANGE ORDER
PROCESSED.
100200 CHECK DEPOSIT-ICL
or RDSO
PER DEPOSIT 0.4500 RECEIPT OF A TRANSMISSION WHICH
CONTAINS A DEPOSIT OF AN IMAGE
CASH LETTER.
10022Z CHECKS DEPOSITED-
BKG CENTER
PER ITEM 0.2000 PAPER CHECK DEPOSITS MADE IN
BANKING CENTER.
10022Z CHECKS DEPOSITED-
CASH VAULT
PER ITEM 0.2000 PAPER CHECK DEPOSITS MADE
THROUGH CASH VAULTS.
10022Z CHECKS DEPOSITED-
LOCKBOX
PER ITEM 0.0800 CHECKS DEPOSITED THROUGH
LOCKBOX.
10022Z CKS DEP UN-
ENCODED ITEMS
PER ITEM 0.1950 TRANSACTIONAL CHARGE FOR
PROCESSING UNENCODED CHECKS.
100111 COIN DEPOSIT-NON
STD BAG-VLT
PER BAG 7.0000 THE FEE TO DEPOSIT BAGS OF LOOSE
COIN IN LESS THAN FEDERAL RESERVE
STANDARD AMOUNTS OR MIXED
DENOMINATION DELIVERED DIRECTLY
TO A CASH VAULT. THIS FEE IS APPLIED
PER BAG.
100199 COIN DEPOSIT-ROLL-
VLT
PER ROLL
DEPOSITED
0.2000 THE FEE TO DEPOSIT ROLLS OF COIN
DELIVERED TO A CASH VAULT. THIS
FEE IS APPLIED PER ROLL. FOR BULK
COIN DEPOSITS THIS FEE IS IN
ADDITION TO THE PER BAG FEE.
100044 COIN SUPP ROLL-
BKG CTR
PER ROLL 0.2500 THE PER ROLL FEE FOR SUPPLYING
ROLLS OF COIN OF ANY DENOMINATION
FROM A BANKING CENTER.
36 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 10 of 16 100146 COIN SUPP ROLL-
BOX-VLT
PER ROLL 0.0800 THE FEE FOR SUPPLYING A STANDARD
BOX OF ROLLED COIN FROM A CASH
VAULT. A STANDARD BOX MAY CONTAIN
25 OR 50 ROLLS, DEPENDING ON
DENOMINATION REQUESTED. THE FEE
IS APPLIED PER ROLL CONTAINED IN
BOX(ES) SUPPLIED.
100144 COIN SUPP ROLL-VLT PER ROLL 0.1200 THE FEE FOR SUPPLYING INDIVIDUAL ROLLS OF COIN FROM A CASH VAULT.
THE FEE IS APPLIED PER ROLL
SUPPLIED.
010101 CREDITS POSTED-
OTHER
PER ITEM 0.0100 PER ITEM FEE CHARGED TO THE
RECEIVER FOR POSTING AN
ELECTRONIC ITEM TO A DDA ACCOUNT.
100102 CURR DEPOSITED-
PER NOTE-VLT
PER NOTE 0.0408 THE FEE FOR PROCESSING THE CASH
PORTION OF A DEPOSIT DELIVERED
DIRECTLY TO A CASH VAULT BY
CLIENT'S ARMORED CARRIER. THE FEE
IS APPLIED TO EACH NOTE DEPOSITED.
100049 CURR SUPP $100-
BKG CTR
PER $100 0.2500 THE FEE FOR PROVIDING CURRENCY
REQUESTED FROM THE BANKING
CENTER OR AUTOMATED BUSINESS
CENTER . THE FEE IS APPLIED TO EACH
$100 REQUESTED.
100148 CURR SUPP-$100-
NONSTD-VLT
PER $100 0.1200 THE FEE FOR SUPPLYING CURRENCY IN
NON-STANDARD STRAP AMOUNTS (I.E.,
LESS THAT 100 NOTES OF THE SAME
DENOMINATION) FROM A CASH VAULT.
THE FEE IS APPLIED TO EACH $100
SUPPLIED (ANY PARTIAL STRAP
RESULTS IN ENTIRE ORDER BEING
TREATED AS NONSTD.
10014A CURR SUPP-$100-
STD-VLT
PER $100 0.0900 THE FEE FOR SUPPLYING CURRENCY IN
STANDARD STRAP AMOUNTS (I.E.,100
NOTES OF THE SAME DENOMINATION)
FROM A CASH VAULT. THE FEE IS
APPLIED TO EACH $100 SUPPLIED.
10001Z CURR-COIN DEP-
$100-BKG CTR
PER $100 0.1800 THE FEE FOR COUNTING THE CASH
PORTION OF A DEPOSIT AT THE TIME
OF PROCESSING THE DEPOSIT FOR
CREDIT TO THE ACCOUNT. THIS FEE IS
APPLIED TO EACH $100 CASH
DEPOSITED AT A BANKING CENTER.
THIS IS ALSO KNOWN AS IMMEDIATE
VERIFICATION.
10001A CURR-COIN DEP-
$100-QBD-ND
PER $100 0.2100 THE FEE FOR COUNTING THE CASH
PORTION OF A POST-VERIFIED DEPOSIT
DELIVERED TO A BANKING CENTER.
CASH IN A POST-VERIFIED DEPOSIT IS
COUNTED AFTER THE DEPOSIT IS
PROCESSED FOR CREDIT TO THE
ACCOUNT. THIS FEE IS APPLIED TO
EACH $100 CASH DEPOSITED.
010100 DEBITS POSTED-
OTHER
PER ITEM 0.0100 PER ITEM FEE CHARGED TO THE
RECEIVER FOR POSTING AN
ELECTRONIC ITEM TO A DDA ACCOUNT.
100106 DEP CONDITIONING-
SURCHG-VAULT
PER DEPOSIT 10.0000 PER DEPOSIT CHG FOR DEPOSITS
DELIVERED TO A VAULT WHICH DO NOT
MEET STD VAULT DEPOSIT
PREPARATION CRITERIA (E.G.,
CURRENCY IS NOT PRESENTED
ORDERLY) THE CHARGE IS APPLIED
FOR EACH DEPOSIT NOT PRESENTED
PER DEPOSIT INSTRUCTIONS.
000230 DEPOSIT BANK
ASSESSMENT
PER $1,000 0.1461 MONTHLY CHARGE FOR DEPOSIT
BALANCES. A FEE BASED ON THE
ACCOUNT’S AVERAGE POSITIVE
LEDGER BALANCES FOR THE MONTH.
37 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 11 of 16 100501 DEPOSIT
CORRECTION-CASH
PER CORRECTION 8.0000 THE FEE FOR A DISCREPANCY FOUND
BETWEEN CLIENT'S DECLARED AMOUNT
OF CASH DEPOSITED AND THE AMOUNT
ACTUALLY VERIFIED BY BANK. CHARGE
APPLIES TO ALL CASH VAULT AND
BANKING CENTER CASH DEPOSITS AND
IS APPLIED PER DEPOSIT REQUIRING
ADJUSTMENT. ALSO APPLIED FOR A
MISSING DEPOSIT TICKET.
100502 DEPOSIT
CORRECTION-
NONCASH-RDS
PER CORRECTION 1.0000 TRANSACTIONAL CHARGE FOR
PROCESSING AN ADJUSTMENT FOR
EACH NON-CASH DEPOSIT
RECONCILIATION DIFFERENCE OR AN
ADJUSTMENT MADE TO AN INCOMING
IMAGE LETTER.
010000 DEPOSITORY+ SUB
ACCT MAINT
PER ACCOUNT 25.0000 THE MONTHLY CHARGE FOR
MAINTAINING THE CUSTOMER-DEFINED
IDENTIFICATION NUMBER FOR A
DEPOSITORY+ SUBSIDIARY ACCOUNT,
ATTACHING THAT NUMBER TO EACH
TRANSACTION PRIOR TO REPORTING IT
AND ROLLING TRANSACTION
INFORMATION TO THE MASTER
ACCOUNT.
350103 ELEC WIRE OUT-
DOMESTIC
PER WIRE 4.0000 OUTGOING, ELECTRONICALLY
INITIATED USD WIRE BEING SENT FROM
OUR CLIENT'S U.S. BANK OF AMERICA
ACCOUNT TO A BENEFICIARY'S
ACCOUNT AT ANOTHER U.S. BANK.
25010B EXPRESS TAX
(EFTPS) ONLINE PMT
PER TRANSACTION 0.7500 THE CHARGE PER TRANSACTION FOR
TAX PAYMENTS SUBMITTED THROUGH
EXPRESS TAX SOFTWARE PRODUCT.
150102 GENERAL DISB CKS
PAID-IMAGE
PER CHECK 0.0800 THE GENERAL DISBURSEMENT PER
ITEM CHECKS PAID CHARGE FOR
RECEIVING FRONT ONLY OR FRONT
AND BACK IMAGES OF PAID CHECKS VIA
IMAGE STATEMENT.
150102 GENERAL DISB CKS
PAID-TRUNC
PER ITEM 0.0600 GENERAL DISBURSEMENT PER ITEM
FEE FOR TRUNCATED PAID CHECKS.
151351 IMAGE ARCHIVE-180
DAY-2 YEAR
PER ITEM 0.0354 THE PER ITEM FEE ASSOCIATED WITH
THE CAPTURE AND STORAGE FOR
ONLINE ACCESS TO PRESENTED
IMAGES ITEMS FOR 180 DAYS TO TWO
YEARS.
151351 IMAGE ARCHIVE-90
DAYS
PER ITEM 0.0000 THE PER ITEM FEE ASSOCIATED WITH
THE CAPTURE AND STORAGE FOR
ONLINE ACCESS TO PRESENTED
IMAGES ITEMS FOR 90 DAYS.
100229 IMAGE DEPOSITED
ITEMS-RDSO
PER ITEM 0.0700 BUNDLED PRICE FOR ITEMS CLEARED
AS IMAGES VIA RDSO
151350 IMAGEDROP FILE
MAINTENANCE
PER MONTH / PER
ACCOUNT
5.4500 IMAGEDROP FILE MONTHLY
MAINTENANCE FILE FEE PER ACCOUNT
FOR SOFTWARE EXPENSE, ONGOING
SUPPORT AND REVISION/UPGRADES.
151353 IMAGEDROP PER
FILE
PER FILE 5.0000 IMAGEDROP FILE FEE ASSESSED ON
THE DESIGNATED "PRIMARY" ACCOUNT.
151353 IMAGEDROP PER
ITEM
PER ITEM 0.0200 PER ITEM FEE IS BASED ON POSTED
CHECKS AND DEBIT ITEMS AND
ASSESSED AT THE ACCOUNT LEVEL.
350300 INCOMING DOMESTIC
WIRE
PER WIRE 4.0000 INCOMING, ELECTRONICALLY INITIATED
USD WIRE BEING SENT FROM A U.S.
BANK TO OUR CLIENT'S BAML ACCOUNT
IN THE U.S.
38 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 12 of 16 101010 MTHLY ARMORED
CARRIER
AMOUNT 2758.4400 A BILL PAYMENT ARRANGEMENT
UNDER WHICH THE BANK PAYS FEES
FOR TRANSPORTATION SERVICES FOR
DELIVERY OF VAULT DEPOSITS
PROVIDED A CLIENT PURSUANT TO A
CONTRACT BETWEEN THE CLIENT AND
A 3RD PARTY VENDOR, AND WHICH
RESULTS IN EXPLICIT (I.E. HARD
DOLLAR) CHARGES OR BALANCE BASED
CHARGES (USING EARNINGS CREDITS)
IN AN AMOUNT AT LEAST EQUAL TO THE
BILL PAYMENT. SUBJECT TO THE NON-
STANDARD REQUEST POLICY AND
APPROVAL BY CONTRACT
MANAGEMENT.
101010 MTHLY ARMORED
CARRIER
AMOUNT 0.0000 A BILL PAYMENT ARRANGEMENT
UNDER WHICH THE BANK PAYS FEES
FOR TRANSPORTATION SERVICES FOR
DELIVERY OF VAULT DEPOSITS
PROVIDED A CLIENT PURSUANT TO A
CONTRACT BETWEEN THE CLIENT AND
A 3RD PARTY VENDOR, AND WHICH
RESULTS IN EXPLICIT (I.E. HARD
DOLLAR) CHARGES OR BALANCE BASED
CHARGES (USING EARNINGS CREDITS)
IN AN AMOUNT AT LEAST EQUAL TO THE
BILL PAYMENT. SUBJECT TO THE NON-
STANDARD REQUEST POLICY AND
APPROVAL BY CONTRACT
MANAGEMENT.
150500 NON-RELATIONSHIP
CK CASHED-CA
PER ITEM 4.5000 NON-RELATIONSHIP CUSTOMER CHECK
CASHING TRANSACTIONS THAT OCCUR
IN CA BANKING CENTER; CLIENT HAS CA
SPECIFIC NRC ARRANGEMENT
010310 PAPER DEPOSIT
STATEMENT MAILED
PER ITEM 25.0000 CHARGE FOR PAPER STATEMENT
WHEN RECEIVING ELECTRONIC.
150210 PAYEE POSITIVE PAY
ISSUE MATCH
PER ISSUE INPUT 0.0300 THE PER ISSUE ITEM CHARGE FOR
MATCHING PAID CHECK PAYEE NAME
INFORMATION AND THE CHECK
ISSUANCE PAYEE INFORMATION.
150122 PAYEE POSITIVE PAY
MAINTENANCE
PER MONTH/PER
ACCOUNT
0.0000 MONTHLY PER ACCOUNT
MAINTENANCE FOR THE PAYEE
POSITIVE PAY SERVICE.
251110 PAYMODE CON
MTHLY LICENSE
PER MONTH 90.0000 MONTHLY FEE FOR USE OF PAYMODE
CONCENTRATOR SERVICE.
250800 PAYMODE CON
TRANSACTION
PER PAYMENT 0.0800 PER ITEM FEE FOR EACH PAYMENT
CONCENTRATED.
010610 PHOTOCOPY-
MANUAL
PER ITEM 7.0000 THE PER ITEM CHARGE FOR
PHOTOCOPYING CHECKS, DEPOSIT
TICKETS, ETC.
010610 PHOTOCOPY-SELF
SERVICE
PER ITEM 3.0000 PER ITEM CHARGE FOR PHOTOCOPIES
REQUESTED THROUGH SELF-SERVICE
CHANNELS (VRU, CPO).
150310 POSITIVE PAY
EXCEPTIONS
PER ITEM 0.0150 THE PER ITEM CHARGE FOR PAID NO
ISSUE, CHECK VOIDED PRIOR TO
PAYMENT AND PAYEE NOT FOUND
POSITIVE PAY EXCEPTION ITEMS
RELEASED TO THE CLIENT FOR
DECISION.
39 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 13 of 16 100007 QBD-NIGHT DROP
DEPOSIT
PER DEPOSIT 5.2700 THE FEE FOR GIVING CONDITIONAL
CREDIT FOR A DEPOSIT DELIVERED TO
A BANKING CENTER. THE DEPOSIT IS
CREDITED UNDER THE CONDITION
THAT THE DECLARED CASH AMOUNT IS
EQUAL TO THE ACTUAL CASH
COUNTED. THE FEE IS APPLIED PER
DEPOSIT. NOTE: CURRENCY DEPOSITS
MADE INTO A REMOTE NIGHT DROP
WILL BE BILLED AS VAULT DEPOSIT AND
CURR DEPOSITED-PER NOTE-VLT.
010000 REMOTE DEPOSIT
ACCOUNT MAINT
PER ACCOUNT 10.0000 THE MONTHLY MAINTENANCE CHARGE
FOR EACH ACCOUNT ENTITLED TO THE
REMOTE DEPOSIT SERVICE.
019999 REMOTE DEPOSIT
CKC IMAGE PROC
PER ITEM 0.0400 THE PER ITEM CHARGE FOR THE
SCANNING, VALIDATION, CORRECTION
AND TRANSMISSION OF REMOTE
DEPOSIT ITEMS.
019999 REMOTE DEPOSIT
ITEM STORAGE
PER ITEM 0.0000 THE ROLLING 45 DAY STORAGE OF
REMOTE DEPOSIT DEPOSITED ITEMS
IMAGES WITHIN THE REMOTE DEPOSIT
APPLICATION WITHIN CASHPRO.
019999 REMOTE DEPOSIT
SUPPLY ORDERS
AMOUNT 72.3000 REMOTE DEPOSIT SUPPLY ORDERS.
100401 RETURNS-
ADDITIONAL ADVICE
PER ITEM 2.0000 A PER ITEM CHARGE FOR A SINGLE,
DUPLICATE OR TRIPLICATE RETURNED
ITEM PER ADVICE.
100401 RETURNS-
ALTERNATE ACCT
PER DAY 0.0500 RETURNED ITEMS ARE DEPOSITED TO
ONE DDA ACCOUNT AND ARE CHARGED
BACK TO A DIFFERENT DDA ACCOUNT.
A DAILY CHARGE ONLY WHEN THERE IS
ACTIVITY.
100400 RETURNS-
CHARGEBACK
PER ITEM 1.5000 PER ITEM CHARGE FOR A DEPOSITED
CHECK WHICH IS RETURNED BY THE
PAYER BANK AND DEBITED BACK TO
THE DEPOSITOR'S ACCOUNT.
100402 RETURNS-RECLEAR PER ITEM 0.7000 THE CHARGE FOR REDEPOSITING AN
ITEM WHICH HAS BEEN RETURNED BY
THE PAYER BANK TO THE DEPOSITOR'S
ACCOUNT. A PER ITEM CHARGE.
010610 STATEMENT COPY PER ITEM 10.0000 THE PER ITEM CHARGE FOR PROVIDING
A PHOTOCOPY OF A CLIENT'S DDA
STATEMENT UPON REQUEST. CLIENT
HAS THE OPTION OF RECEIVING THE
STATEMENT COPY WITH OR WITHOUT
COPIES OF THE ACCOMPANYING
CHECKS. IF CHECK COPIES ARE
REQUESTED, CHECK PHOTOCOPY FEES
APPLY.
150410 STOP PAY
AUTOMATED<=12
MONTHS
PER STOP PLACED
OR RE-ISSUED
3.5000 PER STOP FEE FOR STOP PAYMENTS
PLACED AND REISSUED VIA CASHPRO
FOR DURATIONS OF 12 MONTHS OR
LESS.
101010 TRANS MGMT
MONTHLY MAINT
MONTHLY REPEATER 25.0000 FEE FOR ADMINISTERING VAULT
TRANSPORTATION SERVICES.
100100 VAULT DEPOSIT PER DEPOSIT 1.5000 PER DEPOSIT FEE FOR PROCESSING A DEPOSIT DELIVERED TO A CASH VAULT.
350000 WIRE MONTHLY
SUBSCRIPTION
PER MONTH 10.0000 CASHPRO ONLINE GLOBAL PAYMENTS
SERVICES MONTHLY MAINTENANCE
(PREMIUM SUBSCRIPTION FEE).
050422 WLBX CASHPRO REC
ARCHIVE 6M-1Y
PER IMAGE 0.0150 PER IMAGE FEE TO HAVE LOCKBOX
IMAGES ARCHIVED AND AVAILABLE
ONLINE FOR A PERIOD OF 6 MONTHS
OR 1 YEAR.
050400 WLBX CASHPRO REC
MAINTENANCE
PER MONTH 115.0000 PER MONTH MAINTENANCE FEE TO
ACCESS LOCKBOX IMAGES AND DETAIL
INFORMATION VIA AN ONLINE PORTAL.
40 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 14 of 16 050424 WLBX CASHPRO REC
PER IMAGE
PER IMAGE 0.0100 PER IMAGE FEE FOR ONLINE ACCESS
OF IMAGES OF CHECKS, INVOICES,
SUPPORTING DOCUMENTS, ENVELOPES
AND CORRESPONDENCE RECEIVED IN
LOCKBOX.
05011P WLBX CHECK DATE
REVIEW
PER CHECK 0.1000 PER CHECK FEE TO NEGOTIATE AN
ITEM BASED ON POST/STALE DATED
ELIGIBILITY.
050530 WLBX
CORRESPONDENCE
PER ENVELOPE 0.2500 PER ENVELOPE FEE TO HANDLE
REMITTANCES THAT DO NOT CONTAIN
MONETARY PAYMENT (CHECK, CARD,
CASH.)
050413 WLBX COURIER
DELIVERY OF PKG
AMOUNT BASED 58.9700 PER AMOUNT FEE (BASED ON WEIGHT,
PACKAGE SIZE, FROM / TO ZIP CODES)
TO MAIL A REMITTANCE PACKAGE TO A
CLIENT USING THE BANK'S PREFERRED
COURIER.
050126 WLBX DATA
CAPTURE
PER KEYSTROKE 0.0100 PER KEYSTROKE FEE TO CAPTURE
DATA AS DEFINED BY THE CLIENT FROM
CHECKS, PROCESSED CARD
TRANSACTIONS, REMITTANCE
SUPPORT DOCUMENTS, AND/OR
CORRESPONDENCE RECEIVED IN A
LOCKBOX.
050300 WLBX DEPOSIT PREP
PER DEPOSIT
PER DEPOSIT 1.0000 PER DEPOSIT FEE TO PREPARE AND
DEPOSIT CHECKS RECEIVED IN A
CLIENT'S LOCKBOX.
05011L WLBX DOCUMENT
RETURN PKG PREP
PER MONTH 30.0000 PER MONTH FEE TO PREPARE A
PACKAGE OF ANY OF THE FOLLOWING -
REMITTANCE DOCUMENTS, NON-
DEPOSITABLE ITEMS, IMAGEDROP
FILES, ETC. THIS FEE IS APPLIED TO ALL
LOCKBOXES.
050120 WLBX DUAL SIDED
IMAGE MAINT
PER LOCKBOX PER
MONTH
50.0000 PER MONTH FEE TO PROVIDE IMAGES
OF THE FRONT AND BACK OF
DOCUMENTS RECEIVED WITHIN THE
LOCKBOX.
05011R WLBX IMAGE
DOCUMENTS IMAGED
PER IMAGE 0.0200 PER IMAGE FEE TO CAPTURE IMAGES
OF REMITTANCE DOCUMENTS. THE
BILLABLE VOLUME INCLUDES THE
CHECK, INVOICE, SUPPORTING
DOCUMENTS, ENVELOPE (OPTIONAL)
AND CORRESPONDENCE (OPTIONAL).
IF THE LOCKBOX HAS DUAL-SIDED
IMAGING, THE VOLUME OF BACKSIDE
IMAGES IS ALSO INCLUDED. THE CLIENT
MAY REQUEST THAT ONLY BACKSIDED
IMAGES WITH CONTENT ARE IMAGED.
050401 WLBX IMAGE TRANS
MAINTENANCE
PER MONTH 100.0000 PER MONTH FEE TO GENERATE A
TRANSMISSION OF LOCKBOX IMAGES
OF CHECKS, CARD PAYMENT COUPONS,
INVOICES, SUPPORTING DOCUMENTS,
ENVELOPES (OPTIONAL) AND
CORRESPONDENCE (OPTIONAL) AND
DEPOSIT INFORMATION. USE IN
CONJUNCTION WITH WLBX IMAGE
TRANS PER IMAGE.
050420 WLBX IMAGE TRANS
PER IMAGE
PER IMAGE 0.0100 PER IMAGE FEE TO TRANSMIT IMAGES
OF CHECKS, REMITTANCES,
ENVELOPES AND CORRESPONDENCE IN
AN IMAGE TRANSMISSION. USE IN
CONJUNCTION WITH WLBX IMAGE
TRANS MAINT.
41 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 15 of 16 050000 WLBX LOCKBOX
MAINT PER BOX
PER LOCKBOX PER
MONTH
135.0000 PER MONTH MAINTENANCE FEE FOR
USE OF AN IMAGE LOCKBOX. IF THE
LOCKBOX IS SETUP WITH SCANNABLE
PROCESSING, THIS FEE IS NOT BILLED
AND INSTEAD THE CLIENT WILL BE
BILLED UNDER WLBX SCANNABLE LBX
MAINT.
050100 WLBX LOCKBOX
PROC PER ITEM
PER CHECK 0.1300 PER CHECK FEE TO PROCESS AN ITEM
RECEIVED IN THE LOCKBOX OR AN ITEM
RECEIVED IN A SCANNABLE LOCKBOX
WITHOUT A SCANNABLE OCR COUPON.
050131 WLBX PAYEE
VALIDATION PER
ITEM
PER CHECK 0.0700 PER CHECK FEE TO REVIEW AND
VERIFY PAYEES OF CHECKS RECEIVED
AGAINST THE ESTABLISHED PAYEE LIST
OF PAYEES FOR THE LOCKBOX TO
DETERMINE IF THE ITEM IS
AUTHORIZED FOR DEPOSIT. THE
BILLABLE VOLUME IS CHARGED FOR
ALL CHECK VOLUME RECEIVED IN THE
LOCKBOX REGARDLESS OF THE
NUMBER OF ACCEPTABLE PAYEES OR
ACCEPT ALL PAYEES.
050530 WLBX REJECTED
ITEM
PER ITEM 0.2500 PER TRANSACTION FEE TO REJECT AN
ITEM THAT FAILS TO MEET THE
CLIENT'S SPECIFIED PROCESSING
INSTRUCTIONS. THIS INCLUDES NON-
PROCESSABLE ITEMS (RIPPED, TORN
ITEMS), CARD TRANSACTIONS
DECLINED/FAIL MERCHANT
AUTHORIZATION, AND ITEMS REJECTED
BY THE CLIENT VIA THE ONLINE
CORRECTION SERVICE.
050020 WLBX SCANNABLE
LBX MAINT
PER MONTH 85.0000 PER MONTH MAINTENANCE FEE FOR
USE OF A SCANNABLE LOCKBOX.
50101 WLBX SCANNABLE
PROC MULTIPLES
PER CHECK 0.2500 PER CHECK FEE TO PROCESS ITEMS
WITH SCANNABLE COUPONS RECEIVED
IN A SCANNABLE LOCKBOX. THE FEE IS
BILLED IN INSTANCES WHERE MULTIPLE
CHECKS AND OR INVOICES ARE
RECEIVED IN A SINGLE REMITTANCE
ENVELOPE. USE IN CONJUNCTION WITH
WLBX SCANNABLE PROC PER INV.
050101 WLBX SCANNABLE
PROC PER INV
PER INVOICE 0.0300 PER INVOICE (OR COUPON) FEE TO
PROCESS EACH OCR-READABLE
COUPON WITHIN A SCANNABLE
LOCKBOX. USE IN CONJUNCTION WITH
WLBX SCANNABLE PROC PER ITEM
SINGLE OR WLBX SCANNABLE PROC
PER ITEM MULTI.
050020 WLBX SCANNABLE
PROC SINGLE
PER ITEM 0.1000 PER CHECK FEE TO PROCESS ITEMS
WITH SCANNABLE COUPONS RECEIVED
IN A SCANNABLE BOX. THE FEE IS
BILLED IN INSTANCES WHERE A SINGLE
CHECKS IS RECEIVED WITH A SINGLE
INVOICE IN A SINGLE REMITTANCE
ENVELOPE. USE IN CONJUNCTION WITH
WLBX SCANNABLE PROC PER INV.
050112 WLBX SCANNABLE
SORT MAINT
PER MONTH 100.0000 PER MONTH FEE TO SEPARATE
LOCKBOX TRANSACTIONS INTO
SCANNABLE PROCESSING (WITH
COUPON) AND WHOLESALE
PROCESSING (WITHOUT COUPON) ON A
SCANNABLE LOCKBOX. USE IN
CONJUNCTION WITH WLBX SCANNABLE
SORT PER ITEM.
42 Oxnard CA - Govnt Treas Svcs Agrmt – Dec2022v2 Page 16 of 16 050155 WLBX SCANNABLE
SORT PER ITEM
PER ITEM 0.0200 PER ITEM FEE TO SEPARATE LOCKBOX
TRANSACTIONS INTO SCANNABLE
PROCESSING (WITH COUPON) AND
WHOLESALE PROCESSING (WITHOUT
COUPON) ON A SCANNABLE LOCKBOX.
USE IN CONJUNCTION WITH WLBX
SCANNABLE SORT MAINT.
05011P WLBX SPECIAL
CHECK REVIEW
PER CHECK 0.1000 PER CHECK FEE TO NEGOTIATE AN
ITEM THAT FAILS CRITERIA SPECIFIED
BY A CLIENT. EXAMPLES INCLUDE
REVIEWING THE CHECK FOR MISSING
SIGNATURE, OR LEGAL/COURTESY
AMOUNT DIFFERENCES.
05011P WLBX WALK-IN
COURIER PKG ITEM
PER ITEM 0.7500 PER ITEM FEE FOR EACH ITEM IN A
PACKAGE RECEIVED FROM A SOURCE
OTHER THAN THE STANDARD USPS
LOCKBOX ADDRESS (MAIL PICKED UP
FROM THE POST OFFICE BY A BANK
COURIER MULTIPLE TIMES A DAY.) THE
OTHER SOURCES INCLUDE, BUT ARE
NOT LIMITED TO CLIENT, LOCAL, OR
NATIONAL COURIERS. PRIORITY MAIL,
AND USPS TRACKABLE MAIL.
010020 ZBA-DEPOSITORY+
MASTER MAINT
PER ACCOUNT / PER
MONTH
25.0000 MONTHLY CHARGE ASSOCIATED WITH
MAINTAINING A MASTER ACCOUNT
WHICH IS USED FOR FUNDING OR
COLLECTING FUNDS FROM THE
ZBA/TFR SUBSIDIARY ACCOUNTS. THIS
CHARGE IS IN ADDITION TO STANDARD
ACCOUNT MAINTENANCE.
43