COMMISSION 
AGENDA MEMORANDUM                        Item No.          6g 
ACTION ITEM                            Date of Meeting        July 28, 2020 
DATE:     June 22, 2020 
TO:        Stephen P. Metruck, Executive Director 
FROM:    Diane Campbell, Treasury Manager 
Dan Thomas, Chief Financial Officer 
SUBJECT:  Banking Services Contract 
Estimated request amount:                                       $750,000 
ACTION REQUESTED 
Request authorization for the Executive Director to extend current Banking Services Contract Term for
up to 12 months, and approve additional funding of up to $750,000, if needed.
EXECUTIVE SUMMARY 
The request to extend the contract is to accommodate a delayed procurement that was paused due to
disruptions to Port businesses and changes in the economy resulting from the COVID-19 pandemic. 
DETAILS 
The Commission authorized a new banking services procurement in June 2019 in anticipation of the
expiration of the current banking services contracts on July 31, 2021. The procurement consists of four
separate contracts and requires a cross-department team from Finance, Accounting, Information
Technology and key businesses. The requests for proposals (RFPs) were drafted and prepared for
release starting in February 2020. In early March, the crisis from the evolving COVID-19 pandemic and
the stay home order resulted in considerable volatility and uncertainty, including the Port' banking 
activities. For example, credit card transactions at the Airport parking garage fell, t he Port's emergency
treasury procedures were implemented, and Port staff work abruptly shifted from on-site to working
remotely. At the same time, banks were overwhelmed with assisting customers adapting to remote
transactions processing.  Members of the Port's banking services procurement team paused the
procurements until more stable conditions returned. This decision was supported in the April 2020
Government Finance Officers Association (GFOA) "Maintaining Treasury Operations During COVID-19"
research publication that outlined "strategies that governments should consider regarding their
treasury operations during the crisis" - one strategy "now is not the time to change banking
relationships." There are multiple reasons, including the disruptions in the banking industry, shifts in
people and services resources, and mitigating risks from working and banking in remote environments. 
In June 2020, the procurement team regrouped, and taking into consideration that the level of
uncertainty for businesses and the economy continued to be high, drafted a revised procurement
schedule to resume in the first quarter of 2021. The basis of the RFPs will remain the same, including
Template revised January 10, 2019.

COMMISSION AGENDA  Action Item No. 6g                                   Page 2 of 2 
Meeting Date: July 28, 2020 
requirements of long-term equitable financial education, literacy and empowerment in the banking
services scope of work. The revised  schedule has several benefits: t he RFPs can include additional
questions staff has learned regarding contingency planning, and banks will no longer be in crisis
management mode and can better respond to the RFPs. However, the revised schedule pushes the
transition period beyond the current banking contract end date, July 31, 2021. T he additional time
needed depends on the outcomes of the procurements and the state of recovery from the COVID-19
situation.  Extending the contract provides flexibility to complete the delayed procurement. T he 
additional funding estimate varies being dependent on the level of banking transactions and fees from
June 2020 over the coming months as the Port's businesses and banking activities recover from the
effects of the COVID-19 pandemic, and the time needed to transition to the selected provider(s). 
FINANCIAL IMPLICATIONS 
Current Contract:                                    Expense                  Total 
Cost Estimate/Authorization Summary 
COST ESTIMATE 
Original authorization                                    $9.7 million              $9.7 million 
AUTHORIZATION 
Additional authorizations                               $5.0 million              $5.0 million 
Current request for authorization                      $0.75 million            $0.75 million 
Total authorizations, including this request            $15.45 million            $15.45 million 
Remaining amount to be authorized                           $0                     $0 
Annual Budget Status and Source of Funds 
Fees are budgeted annually and allocated to operating divisions based on usage.
ATTACHMENTS TO THIS REQUEST 
None 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
Current banking contracts: 
August 6, 2013  Commission authorized the CEO to execute a contract for banking services for five
years with the option to extend for two additional one-year periods at an estimated cost in
banking fees of $9,700,000. 
February 26, 2019  Commission authorized the Executive Director to increase the amount of the 
Port'sexisting banking services contract by an additional $5,000,000 (from $9,700,000 to
$14,700,000) to accommodate higher transactions volume and fees than were estimated in
2013. 
New banking contracts: 
June 25,2019 - Commission authorized the Executive Director to execute new contracts for banking
services for estimated contract amount of $48,200,000 over ten years 
Template revised September 22, 2016; format updates October 19, 2016.